Exhibit 99.1

KANZHUN LIMITED Announces Second Quarter 2024 Financial Results

BEIJING, August 28, 2024 – KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended June 30, 2024.

Second Quarter 2024 Highlights

· Revenues for the second quarter of 2024 were RMB1,916.7 million (US$263.8 million), an increase of 28.8% from RMB1,487.6 million for the same quarter of 2023.

· Calculated cash billings¹ for the second quarter of 2024 were RMB1,950.7 million (US$268.4 million), an increase of 20.5% from RMB1,619.5 million for the same quarter of 2023.

· Average monthly active users² for the second quarter of 2024 were 54.6 million, an increase of 25.2% from 43.6 million for the same quarter of 2023.

· Total paid enterprise customers³ in the twelve months ended June 30, 2024 were 5.9 million, an increase of 31.1% from 4.5 million in the twelve months ended June 30, 2023.

· Net income for the second quarter of 2024 was RMB417.3 million (US$57.4 million), an increase of 34.8% from RMB309.6 million for the same quarter of 2023. Adjusted net income⁴ for the second quarter of 2024 was RMB718.7 million (US$98.9 million), an increase of 26.4% from RMB568.5 million for the same quarter of 2023.

Mr. Jonathan Peng Zhao, Founder, Chairman, and Chief Executive Officer of the Company, remarked, “In the second quarter, the Company’s average monthly active users grew by 25.2% year over year to 54.6 million, further solidifying our leading position as the largest online recruitment platform in China. Despite the macro headwinds, the enterprise user growth brought by continued user penetration has been the core driving force for us to achieve steady revenue and profit growth in the second quarter. Meanwhile, we attach great importance to shareholder returns and have begun and will continue to increase share repurchase effort, which also demonstrates our confidence in the Company’s long-term development in the current environment.”

Mr. Phil Yu Zhang, Chief Financial Officer, elaborated, “In this quarter, we delivered healthy and sustainable top-line and bottom-line growth. The Company’s adjusted income from operation increased by 52.1% year over year. The adjusted operating margin achieved historical high in this quarter, up 5 percentage points compared with the same period last year, thanks to the Company’s superior business model and effective cost control. At the same time, we continued to invest in technology research and development. This quarter, research and development expenses accounted for 23.2% of revenues, continuing to maintain an industry-leading level.”

1	Calculated cash billings is a non-GAAP financial measure, derived by adding the change in deferred revenue to revenues. For more information about the non-GAAP financial measures, please see the section of “Non-GAAP Financial Measures.”
2	Monthly active users refer to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our mobile application in a given month at least once.
3	Paid enterprise customers are defined as enterprise users and company accounts from which we recognize revenues for our online recruitment services.
4	Adjusted net income and adjusted basic and diluted net income per ADS attributable to ordinary shareholders are non-GAAP financial measures, excluding the impact of share-based compensation expenses. For more information about the non-GAAP financial measures, please see the section of “Non-GAAP Financial Measures.”

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Second Quarter 2024 Financial Results

Revenues

Revenues were RMB1,916.7 million (US$263.8 million) for the second quarter of 2024, representing an increase of 28.8% from RMB1,487.6 million for the same quarter of 2023.

· Revenues from online recruitment services to enterprise customers were RMB1,892.7 million (US$260.4 million) for the second quarter of 2024, representing an increase of 28.7% from RMB1,470.8 million for the same quarter of 2023. This increase was mainly driven by the enterprise user growth.

· Revenues from other services, which mainly comprise paid value-added services offered to job seekers, were RMB24.0 million (US$3.3 million) for the second quarter of 2024, representing an increase of 42.9% from RMB16.8 million for the same quarter of 2023, mainly benefiting from expanded user base.

Operating cost and expenses

Total operating cost and expenses were RMB1,566.6 million (US$215.6 million) for the second quarter of 2024, representing an increase of 19.5% from RMB1,310.8 million for the same quarter of 2023. Total share-based compensation expenses were RMB301.4 million (US$41.5 million) for the second quarter of 2024, representing an increase of 16.4% from RMB258.9 million for the same quarter of 2023.

· Cost of revenues was RMB316.5 million (US$43.6 million) for the second quarter of 2024, representing an increase of 17.1% from RMB270.3 million for the same quarter of 2023, primarily due to increases in server and bandwidth cost, payment processing cost and employee-related expenses.

· Sales and marketing expenses were RMB545.2 million (US$75.0 million) for the second quarter of 2024, representing an increase of 15.6% from RMB471.6 million for the same quarter of 2023, primarily due to increases in customer acquisition cost and sales employee-related expenses.

· Research and development expenses were RMB443.7 million (US$61.1 million) for the second quarter of 2024, representing an increase of 21.3% from RMB365.9 million for the same quarter of 2023, primarily due to increased investments in technology.

· General and administrative expenses were RMB261.2 million (US$35.9 million) for the second quarter of 2024, representing an increase of 28.7% from RMB203.0 million for the same quarter of 2023, primarily due to increased employee-related expenses.

Income from operations

Income from operations was RMB358.6 million (US$49.3 million) for the second quarter of 2024, representing an increase of 104.9% from RMB175.0 million for the same quarter of 2023.

Net income and adjusted net income

Net income was RMB417.3 million (US$57.4 million) for the second quarter of 2024, representing an increase of 34.8% from RMB309.6 million for the same quarter of 2023.

Adjusted net income was RMB718.7 million (US$98.9 million) for the second quarter of 2024, representing an increase of 26.4% from RMB568.5 million for the same quarter of 2023.

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Net income per ADS and adjusted net income per ADS

Basic and diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2024 were RMB0.95 (US$0.13) and RMB0.91 (US$0.13), respectively, compared to basic and diluted net income per ADS of RMB0.71 and RMB0.69 for the same quarter of 2023.

Adjusted basic and diluted net income per ADS attributable to ordinary shareholders⁴ for the second quarter of 2024 were RMB1.63 (US$0.22) and RMB1.57 (US$0.22), respectively, compared to adjusted basic and diluted net income per ADS of RMB1.31 and RMB1.26 for the same quarter of 2023.

Net cash provided by operating activities

Net cash provided by operating activities was RMB868.6 million (US$119.5 million) for the second quarter of 2024, representing an increase of 13.7% from RMB763.7 million for the same quarter of 2023.

Cash position

Balance of cash and cash equivalents, short-term time deposits and short-term investments was RMB14,281.9 million (US$1,965.3 million) as of June 30, 2024.

Share Repurchase Program

In March 2024, the Company’s board of directors authorized a new share repurchase program effective from March 20, 2024 for a 12-month period, under which the Company may repurchase up to US$200 million of its shares (including in the form of ADSs).

Outlook

For the third quarter of 2024, the Company currently expects its total revenues to be between RMB1.90 billion and RMB1.92 billion, representing a year-on-year increase of 18.2% to 19.5%. This forecast reflects the Company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Conference Call Information

The Company will host a conference call at 8:00AM U.S. Eastern Time on Wednesday, August 28, 2024 (8:00PM Beijing Time on Wednesday, August 28, 2024) to discuss the financial results.

Participants are required to pre-register for the conference call at:

https://register.vevent.com/register/BIf5b5864661284aca82692d09288ae4fb

Upon registration, participants will receive an email containing participant dial-in numbers and unique personal PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhipin.com.

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Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollar (“US$”) amounts at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB7.2672 to US$1.00 on June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as calculated cash billings, adjusted net income, adjusted net income attributable to ordinary shareholders, adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders and adjusted basic and diluted net income per ADS attributable to ordinary shareholders as supplemental measures to review and assess operating performance. The Company derives calculated cash billings by adding the change in deferred revenue to revenues. The Company uses calculated cash billings to measure and monitor sales growth because the Company generally bills its paid enterprise customers at the time of sales, but may recognize a portion of the related revenue ratably over time. The Company believes calculated cash billings provides valuable insights into the cash generated from sales and is a valuable measure for monitoring service demand and financial performance. The Company defines adjusted net income and adjusted net income attributable to ordinary shareholders by excluding the impact of share-based compensation expenses, which are non-cash expenses, from the related GAAP financial measures. The Company believes that these non-GAAP financial measures help identify underlying trends in the business that could otherwise be distorted by the effect of certain expenses and facilitate investors’ assessment of the Company’s operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP, and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for most directly comparable GAAP financial measures. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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About KANZHUN LIMITED

KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.

For investor and media inquiries, please contact:

KANZHUN LIMITED

Investor Relations

Email: ir@kanzhun.com

PIACENTE FINANCIAL COMMUNICATIONS

Email: kanzhun@tpg-ir.com

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KANZHUN LIMITED

Unaudited Condensed Consolidated Statements of Operations

(All amounts in thousands, except for share and per share data)

	For the three months ended June 30,									For the six months ended June 30,
	2023			2024						2023			2024
	RMB			RMB			US$			RMB			RMB			US$
Revenues
Online recruitment services to enterprise customers		1,470,822			1,892,723			260,447			2,730,879			3,576,810			492,185
Others		16,793			24,020			3,305			34,282			43,686			6,011
Total revenues		1,487,615			1,916,743			263,752			2,765,161			3,620,496			498,196
Operating cost and expenses
Cost of revenues(1)		(270,322	)		(316,532	)		(43,556	)		(517,486	)		(611,971	)		(84,210	)
Sales and marketing expenses(1)		(471,593	)		(545,169	)		(75,018	)		(1,100,431	)		(1,124,439	)		(154,728	)
Research and development expenses(1)		(365,907	)		(443,729	)		(61,059	)		(698,975	)		(911,298	)		(125,399	)
General and administrative expenses(1)		(202,986	)		(261,210	)		(35,944	)		(367,572	)		(531,682	)		(73,162	)
Total operating cost and expenses		(1,310,808	)		(1,566,640	)		(215,577	)		(2,684,464	)		(3,179,390	)		(437,499	)
Other operating (expenses)/income, net		(1,776	)		8,506			1,170			17,035			21,096			2,903
Income from operations		175,031			358,609			49,345			97,732			462,202			63,600
Interest and investment income, net		151,278			153,814			21,166			278,671			309,870			42,640
Foreign exchange gain		3,907			63			9			2,808			93			13
Other (expenses)/income, net		(1,113	)		(264	)		(36	)		4,529			(523	)		(72	)
Income before income tax expenses		329,103			512,222			70,484			383,740			771,642			106,181
Income tax expenses		(19,506	)		(94,972	)		(13,069	)		(41,480	)		(112,668	)		(15,504	)
Net income		309,597			417,250			57,415			342,260			658,974			90,677
Net loss attributable to non-controlling interests		-			4,483			617			-			7,710			1,061
Net income attributable to ordinary shareholders of KANZHUN LIMITED		309,597			421,733			58,032			342,260			666,684			91,738
Weighted average number of ordinary shares used in computing net income per share
— Basic		868,643,514			888,934,440			888,934,440			867,314,841			884,833,645			884,833,645
— Diluted		900,111,944			924,052,158			924,052,158			903,757,988			915,678,778			915,678,778
Net income per ordinary share attributable to ordinary shareholders
— Basic		0.36			0.47			0.07			0.39			0.75			0.10
— Diluted		0.34			0.46			0.06			0.38			0.73			0.10
Net income per ADS(2) attributable to ordinary shareholders
— Basic		0.71			0.95			0.13			0.79			1.51			0.21
— Diluted		0.69			0.91			0.13			0.76			1.46			0.20

(1)  Include share-based compensation expenses as follows:

	For the three months ended June 30,						For the six months ended June 30,
	2023		2024				2023		2024
	RMB		RMB		US$		RMB		RMB		US$
Cost of revenues		12,352		11,499		1,582		22,962		22,416		3,085
Sales and marketing expenses		64,067		71,482		9,836		124,530		141,954		19,534
Research and development expenses		105,756		109,980		15,134		196,430		212,673		29,265
General and administrative expenses		76,727		108,482		14,928		127,271		213,377		29,362
		258,902		301,443		41,480		471,193		590,420		81,246

(2)  Each ADS represents two Class A ordinary shares.

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KANZHUN LIMITED

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

	As of
	December 31, 2023		June 30, 2024
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		2,472,959		3,472,390		477,817
Short-term time deposits		6,922,803		5,267,014		724,765
Short-term investments		3,513,885		5,542,508		762,674
Accounts receivable, net		16,727		29,856		4,108
Inventories		-		2,787		384
Amounts due from related parties		3,966		5,625		774
Prepayments and other current assets		442,697		535,488		73,686
Total current assets		13,373,037		14,855,668		2,044,208
Non-current assets
Property, equipment and software, net		1,793,488		1,909,180		262,712
Intangible assets, net		8,093		270,766		37,259
Goodwill		5,690		6,528		898
Right-of-use assets, net		282,612		409,314		56,323
Long-term time deposits		-		726,476		99,966
Long-term investments		2,473,128		986,917		135,804
Other non-current assets		4,000		-		-
Total non-current assets		4,567,011		4,309,181		592,962
Total assets		17,940,048		19,164,849		2,637,170
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		629,216		170,700		23,489
Deferred revenue		2,794,075		3,175,000		436,895
Other payables and accrued liabilities		779,046		614,515		84,560
Operating lease liabilities, current		155,014		185,661		25,548
Total current liabilities		4,357,351		4,145,876		570,492
Non-current liabilities
Operating lease liabilities, non-current		125,079		211,219		29,065
Deferred tax liabilities		28,425		26,403		3,633
Total non-current liabilities		153,504		237,622		32,698
Total liabilities		4,510,855		4,383,498		603,190
Total shareholders’ equity		13,429,193		14,781,351		2,033,980
Total liabilities and shareholders’ equity		17,940,048		19,164,849		2,637,170

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KANZHUN LIMITED

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)

	For the three months ended June 30,									For the six months ended June 30,
	2023			2024						2023			2024
	RMB			RMB			US$			RMB			RMB			US$
Net cash provided by operating activities		763,708			868,556			119,517			1,307,618			1,774,097			244,124
Net cash used in investing activities		(4,427,593	)		(72,309	)		(9,950	)		(8,390,368	)		(595,771	)		(81,981	)
Net cash provided by/(used in) financing activities		23,166			(81,847	)		(11,263	)		68,955			(186,425	)		(25,653	)
Effect of exchange rate changes on cash and cash equivalents		126,916			10,824			1,490			2,740			7,530			1,037
Net (decrease)/increase in cash and cash equivalents		(3,513,803	)		725,224			99,794			(7,011,055	)		999,431			137,527
Cash and cash equivalents at beginning of the period		6,254,572			2,747,166			378,023			9,751,824			2,472,959			340,290
Cash and cash equivalents at end of the period		2,740,769			3,472,390			477,817			2,740,769			3,472,390			477,817

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KANZHUN LIMITED

Unaudited Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except for share and per share data)

	For the three months ended June 30,						For the six months ended June 30,
	2023		2024				2023		2024
	RMB		RMB		US$		RMB		RMB		US$
Revenues		1,487,615		1,916,743		263,752		2,765,161		3,620,496		498,196
Add: Change in deferred revenue		131,874		33,997		4,678		503,885		380,925		52,417
Calculated cash billings		1,619,489		1,950,740		268,430		3,269,046		4,001,421		550,613
Net income		309,597		417,250		57,415		342,260		658,974		90,677
Add: Share-based compensation expenses		258,902		301,443		41,480		471,193		590,420		81,246
Adjusted net income		568,499		718,693		98,895		813,453		1,249,394		171,923
Net income attributable to ordinary shareholders of KANZHUN LIMITED		309,597		421,733		58,032		342,260		666,684		91,738
Add: Share-based compensation expenses		258,902		301,443		41,480		471,193		590,420		81,246
Adjusted net income attributable to ordinary shareholders of KANZHUN LIMITED		568,499		723,176		99,512		813,453		1,257,104		172,984
Weighted average number of ordinary shares used in computing adjusted net income per share (Non-GAAP)
— Basic		868,643,514		888,934,440		888,934,440		867,314,841		884,833,645		884,833,645
— Diluted		900,111,944		924,052,158		924,052,158		903,757,988		915,678,778		915,678,778
Adjusted net income per ordinary share attributable to ordinary shareholders
— Basic		0.65		0.81		0.11		0.94		1.42		0.20
— Diluted		0.63		0.78		0.11		0.90		1.37		0.19
Adjusted net income per ADS attributable to ordinary shareholders
— Basic		1.31		1.63		0.22		1.88		2.84		0.39
— Diluted		1.26		1.57		0.22		1.80		2.75		0.38

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