External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew by 34% YoY to RMB992mn, 9%/15% ahead of consensus/our estimate, primarily thanks to effective control in S&amp;M/R&amp;D expenses (-25%/-12% YoY).</li><li>For 4Q25E, the company guided total revenue to increase by 12.4-13.5% YoY to RMB2.05-2.07bn, in line with consensus estimate (RMB2.06bn).</li><li>Management cited several positive signals in 3Q25, such as enhanced recruiterto-job seeker ratio, renewal rate and net dollar retention rate, all of which show improving recruitment demand and will support revenue growth in the coming quarters. Looking ahead to FY26E, management will continue to drive quality revenue growth, targeting over 35mn newly verified users (vs. 40mn in 10M25) and further margin expansion. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew by 34% YoY to RMB992mn, 9%/15% ahead of consensus/our estimate, primarily thanks to effective control in S&amp;M/R&amp;D expenses (-25%/-12% YoY).For 4Q25E, the company guided total revenue to increase by 12.4-13.5% YoY to RMB2.05-2.07bn, in line with consensus estimate (RMB2.06bn).Management cited several positive signals in 3Q25, such as enhanced recruiterto-job seeker ratio, renewal rate and net dollar retention rate, all of which show improving recruitment demand and will support revenue growth in the coming quarters. Looking ahead to FY26E, management will continue to drive quality revenue growth, targeting over 35mn newly verified users (vs. 40mn in 10M25) and further margin expansion. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kanzhun Limited (BZ US) - Driving Quality Revenue Growth on Enhanced Recruitment Demand

<ul><li>Boss Zhipin announced 2Q25 results: total revenue grew by 10% YoY to RMB2.1bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 31% YoY to RMB941mn, 15% ahead of the consensus estimate, mainly thanks to the operating leverage and effective control in S&amp;M expenses (-23% YoY).</li><li>Looking ahead, management guided total revenue to grow by 11.4- 13.0% YoY to RMB2.13-2.16bn in 3Q25E, reaccelerating thanks to the improved supply-demand dynamics.</li><li>We raise our FY25-27 earnings forecast by 5-9% to reflect the better-than-expected operating leverage and opex control. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Boss Zhipin announced 2Q25 results: total revenue grew by 10% YoY to RMB2.1bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 31% YoY to RMB941mn, 15% ahead of the consensus estimate, mainly thanks to the operating leverage and effective control in S&amp;M expenses (-23% YoY).Looking ahead, management guided total revenue to grow by 11.4- 13.0% YoY to RMB2.13-2.16bn in 3Q25E, reaccelerating thanks to the improved supply-demand dynamics.We raise our FY25-27 earnings forecast by 5-9% to reflect the better-than-expected operating leverage and opex control. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kanzhun Limited (BZ US) - 2Q25 Earnings Beat; Improving Recruitment Demand

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kanzhun-ltd" target="_blank" data-smartkarma-citation="entities:33368:1" rel="noopener">Kanzhun (BZ US)</a> plans to raise around US$300m via a public offering for its H-shares.</li>
<li>We have covered the company since its listing, links to our prior notes are below.</li>
<li>In this note, we'll talk about the deal dynamics and structure.</li>
</ul>



Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares.
We have covered the company since its listing, links to our prior notes are below.
In this note, we'll talk about the deal dynamics and structure.


Kanzhun HK Secondary Listing - Re-IPO but Needs to Correct or Offer a Wider Discount

<ul><li>Boss Zhipin reported 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.</li><li>For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).</li><li>Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Boss Zhipin reported 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kanzhun Limited (BZ US) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

China

Kanzhun Limited provides online recruitment services. The Company connects job seekers and enterprise users through its mobile application. Kanzhun offers a mobile-native product that promotes instant direct chats between enterprise users and job seekers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kanzhun (BZ US)

Kanzhun Limited (BZ US) - Driving Quality Revenue Growth on Enhanced Recruitment Demand

Boss Zhipin reported 3Q25 results: total revenue increased by 13% YoY to RMB2.16bn, in line with consensus/our estimate; non-GAAP net income grew...

CMB International

Kanzhun Limited (BZ US) - 2Q25 Earnings Beat; Improving Recruitment Demand

We lift our target price to US$25.5 based on 24x FY25E non-GAAP PE (previous: US$21.0 based on 21x FY25E PE), in view of the enhanced earnings...

CMB International

Kanzhun HK Secondary Listing - Re-IPO but Needs to Correct or Offer a Wider Discount

Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares. In this note, we talk about the deal dynamics.

Sumeet Singh

Kanzhun Limited (BZ US) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged

We fine-tune our target price to US$21.0 based on 21x FY25E non-GAAP PE (previous: US$19.5 based on 20x FY25E PE), which is on par with the sector...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)