Kanzhun (BZ) Q1 2026 Earnings Call Transcript

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Wed, May 20, 2026 at 12:54 PM EDT 30 min read

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DATE

May 20, 2026 at 8 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Peng Zhao

• Deputy Chief Financial Officer — Wenbei Wang

Full Conference Call Transcript

Peng Zhao: [Interpreted] Hello, everyone. Welcome to our first quarter 2026 earnings conference call. On behalf of the company's employees, management team and Board of Directors, I would like to extend our sincere gratitude to our users and our investors for their continued support. [Interpreted] Today's presentation will cover 4 main parts. First, our growth in the first quarter second, key trends among job seekers and enterprise users on our platform. Third, the company's perspective on AI and strategic approach; and finally, the shareholder return. Let me start with our first quarter growth. As a double-sided platform, we continue to see strong growth from both job seekers and enterprise user sites.

Looking back to January to April this year, we acquired over 15 million newly verified users. Looking ahead, we believe that achieving over 14 million early verified users for the full year should be achievable. . Looking at paid enterprise customers' condition, number of paid enterprise customers reached 7.1 million for the 12 months ended March 31, up 10.9% year-on-year and 4.4% quarter-on-quarter. In the first quarter, the average monthly active users or MAU on the [indiscernible] app reached 16.9 million up 5.7% year-on-year. In March, MAU exceeded 72 million, up 4.6% year-on-year.

The raise in our MAU in March was more than 10 million higher than the first quarter average is that the Chinese New Year occurred later this year, resulting in a later peak improvement season. The 2026 Chinese New Year fell on February 17, while the 2025 New Year was on January 29. Hence, this year, the peak recruitment season only fell within March, whereas the peak recruitment season fell within both February and March in 2025. Let me discuss our revenues. In the first quarter, the company achieved revenue of RMB 2.07 billion, up 7.6% year-on-year.

Please kindly note that this figure also reflects the comparison between 1 month of peak season in 2026 versus 2 months of peak season in 2025. Looking ahead, we are confident that our revenue growth in the second quarter and for the full year will be stronger than what we delivered in the first quarter. On the profit perspective, in the first quarter, the adjusted operating income, excluding share-based compensation expenses, which is over RMB 810 million, up 17.8% year-on-year. The adjusted operating margin was 39.4%, up 3.4 percentage points year-on-year. . Second, key trends among enterprise users and job seekers on our platform.