Founder: Maintain "Recommended" rating for BOSS ZHIPIN-W (02076) with improved profitability in Q1 2026 compared to the same period last year.

Founder released a research report stating that BOSS ZHIPIN-W (BZ.US, 02076) is expected to see a year-on-year revenue growth of 13.2%-15.1% to 23.8-24.2 billion RMB in 2026Q2. The company is optimistic about the innovative business model, network effects, brand bargaining power, potential market penetration, and market share improvement that have been formed. the company predicts the company's adjusted net profit attributable to the motherhood in 2026-2028 to be 39/46/53 billion RMB respectively, and maintains a "recommended" rating. Founder's main points are as follows: Event: The company released its 2026Q1 financial report, with revenue reaching 20.7 billion RMB, an increase of 8%; adjusted operating profit of 8.15 billion RMB, an increase of 18%; and adjusted net profit of 8.6 billion RMB, an increase of 12%. By business segment, online recruitment business continued to grow well, while other service businesses experienced fluctuations due to adjustments in service content. In 2026Q1, online recruitment revenue reached 20.6 billion RMB, an increase of 8%, mainly driven by the growth of paying enterprise users. As of the end of March 2026, the total number of paying enterprise customers in the past 12 months was 7.1 million, an increase of 11%, continuing a strong growth trend. Revenue from other services in 2026Q1 was 0.11 billion RMB, a decrease of 50%, mainly due to the company's proactive optimization of some value-added services since 2025Q3, streamlining related functions. There were 60.9 million average monthly active users in 2026Q1, an increase of 6%. Continued integration of AI capabilities and business scenarios Recently, the company's open-source Nanbeige 4.1-3B model was selected by the internationally renowned AI evaluation agency Artificial Analysis as tied for first place among models under 4B, maintaining a globally advanced level among models of similar sizes. At the same time, the company is actively promoting the practical application of AI in service capabilities and user experience. The coverage of the AI assistant for job seekers continues to deepen, and the depth and breadth of services continue to expand. On the employer side, the company has been effectively exploring the use of AI to support closed-loop delivery, and the business model based on recruitment effectiveness continues to release commercial value. Risk warning: Increased industry competition, slower-than-expected macroeconomic recovery, slower-than-expected recovery in the recruitment market, etc.