Founder Securities Co.,Ltd. has issued a research report stating that Kanzhun Limited (BZ.US, 02076) is expected to achieve revenue growth of 13.2% to 15.1% year-over-year in 2026Q2, reaching between 23.8 and 24.2 billion yuan. The firm holds a long-term positive view on the company's innovative model, the resulting network effects and brand pricing power, as well as the monetization potential from increased market penetration and share gains. The bank forecasts adjusted net profits attributable to the parent company of 39, 46, and 53 billion yuan for 2026 to 2028, respectively, and maintains a "Recommended" rating. The key points from Founder Securities are as follows:
The company released its 2026Q1 financial results, reporting revenue of 20.7 billion yuan, an increase of 8% year-over-year. Adjusted operating profit was 815 million yuan, up 18%, and adjusted net profit reached 860 million yuan, a rise of 12%.
By business segment, the online recruitment business continued its solid growth, while revenue from other services experienced some fluctuation due to adjustments in service offerings. Online recruitment revenue for 2026Q1 was 20.6 billion yuan, an 8% increase, primarily driven by growth in paying enterprise users. As of the end of March 2026, the total number of paying enterprise clients over the past 12 months reached 7.1 million, an 11% increase, continuing a strong growth trend. Revenue from other services in 2026Q1 was 11 million yuan, a decrease of 50%, mainly due to the company's proactive optimization and streamlining of certain value-added services since 25Q3. Average monthly active users for 2026Q1 were 60.9 million, a 6% increase.
The company is continuously advancing the integration of AI capabilities with business scenarios. Recently, its open-source model, Nanbeige4.1-3B, was ranked joint first among models below 4B parameters by the internationally recognized AI evaluation organization Artificial Analysis, maintaining a globally advanced level among models of comparable size. Concurrently, the company is actively promoting the practical application of AI in service capabilities and user experience. The AI assistant for job seekers is seeing continuous expansion in coverage, with both the depth and breadth of its services increasing. On the recruiter side, the company has made effective progress in exploring the use of AI to support closed-loop delivery, and the business model based on recruitment effectiveness is steadily releasing commercial value.
Risk warnings include intensifying industry competition, macroeconomic recovery falling short of expectations, and a slower-than-expected recovery in the recruitment market.