Kanzhun is the operator of BOSS Zhipin, China's largest direct-to-direct online recruitment platform, and the company is in the middle of the most favorable phase of its operating history: revenue is growing at a high single-digit pace, paid enterprise customers have crossed the seven-million threshold, and operating margin has reached a record high for any comparable quarter. The print that produced this read is the most recent one, the first quarter of fiscal 2026, with a reporting lag because the company files as a foreign private issuer on a six-K cadence that places the second-quarter print later in the calendar. The equity has the distinctive feature of being dual-listed on Nasdaq and the Hong Kong Exchange, and the buyback program the company has been running through 2026 is the most concrete signal that management believes the current price is below intrinsic value.
The first-quarter numbers tell the story with the kind of clean simplicity that is rare in Chinese consumer-internet names. Revenue of RMB 2,068.8 million, or $299.9 million at the period-end exchange rate, was 7.6 percent above the first quarter of 2025, with revenue from online recruitment services to enterprise customers growing 8.2 percent and driving the entire expansion. Total paid enterprise customers in the trailing twelve months reached 7.1 million, up 10.9 percent from 6.4 million a year earlier, and monthly active users in the quarter averaged 60.9 million, up 5.7 percent. Income from operations of RMB 623.6 million, or $90.4 million, was 41.8 percent above the prior-year quarter, and adjusted income from operations of RMB 814.6 million, or $118.1 million, was 17.8 percent above the prior year. Net income of RMB 1,125.8 million, or $163.2 million, was 119.8 percent above the prior-year quarter.
The question for the next four quarters is whether the company can sustain the high single-digit revenue growth and the record-high operating margin in a Chinese hiring market that is showing signs of stabilization but has not yet returned to the pace of the 2022-2023 recovery. A second-half print that continues the high single-digit growth and the margin expansion would confirm that the operating-leverage thesis is durable. A second-half print that shows revenue growth decelerating below the mid-single-digit range, or a margin contraction driven by an investment cycle, would force the market to reprice the equity for a more modest terminal growth profile.