Kanzhun Limited (BZ US) Buy: Early inning of AI impact

研报英文原文证据摘录

Kanzhun Limited (BZ US) Buy: Early inning of AI impact

y GPM upside

and operating leverage), and solid shareholder returns (6% in 2026e), remain the key 52-WEEK PRICE (USD)

reasons why we maintain our Buy rating. We kept our estimates largely unchanged and 27.00

TP at USD25. Kanzhun has USD2.9bn cash on its balance sheet (over half is in USD), 19.00

i.e. 42% of current market cap.

11.00

Three major directions to capture AI monetization: 1) AI job-seeking assistant for 05/25 11/25 05/26

Target price: 25.00 High: 24.91 Low: 13.05 Current: 14.11

candidates saw rapid user growth sequentially and it could feed useful data back to serve

enterprise customers; 2) AI quick hiring tool for enterprise users began a monetization trial Source: LSEG IBES, HSBC estimates

with solid repeat usage rate and conversion rate. This could pave the way for a results-

Ritchie Sun*, CFA

oriented monetization model in the future, with ARPPU upside; 3) AI closed-loop services Analyst, Internet Research

for in blue-collar (manufacturing, live-streamer), high-end white-collar, and gold-collar The Hongkong and Shanghai Banking Corporation Limited

ritchie.k.h.sun@hsbc.com.hk

recruitment are being explored. These AI products collectively generated over RMB50m +852 2822 4392

of revenue in 1Q26. Also in 1Q26, AI agents boosted the: i) time efficiency for users by Charlene Liu*

60% (from initial chat to a successful mutual consent); ii) user retention rate rose to the Head of Internet and Gaming Research, Asia Pacific

The Hongkong and Shanghai Banking Corporation

highest level since 2020; and iii) mutual achievement (i.e. successful exchange of Limited, Singapore Branch

resumes or contact information between recruiting companies and job seekers on the charlene.r.liu@hsbc.com.sg

+65 6658 0615