BZ

Kanzhun (BOSS Zhipin) is China's leading mobile-first online recruitment platform, and FY2025 marks a decisive inflection to high-margin profitability. Revenue grew 17.3% to $1.18B, the continuation of a steady ramp from $668M (2021) and $838M (2023). More striking is the operating leverage: operating income jumped 119.3% to $352M for a 29.8% operating margin, and net income surged to $391M (net margin 33.1%) with diluted EPS up 75.0% to $0.42. The business converts profit to cash exceptionally well -- operating cash flow of $651M (+34.1%) on just $17.0M of capex (-85.5%) -- the hallmark of an asset-light, scalable software platform.

The balance sheet is pristine and a real source of safety. Total liabilities of $642M against $2.86B of equity give a 0.22x liabilities/equity ratio, with no long-term debt shown, $587M of cash (+67.8%) and $2.91B of current assets dwarfing $625M of current liabilities. Retained earnings turned solidly positive at $175M (+239.3%), confirming the move from an accumulated deficit to genuine retained profitability. Management has begun returning capital, paying $79.1M in dividends and $20.4M in buybacks, though buybacks were cut 91.0%.