Summary of Key Points from Conference Call Records Industry Overview - The AI education market is transforming traditional education by breaking geographical and cost barriers, enabling personalized tutoring that meets individual student needs [1][3] - The Chinese online education market is valued at approximately 250 billion yuan, with future growth driven by software functionality iterations and teacher efficiency improvements. The K12 after-school tutoring market is expected to reach 50 billion yuan by 2026 [1][8] Core Insights and Arguments - AI can commercialize education by overcoming the "impossible triangle" of high quality, large scale, and personalization. Traditional education struggles with limited quality teachers, diluted teaching quality at scale, and high costs for personalized learning [3] - The Chinese government is actively supporting AI in education through various policies, including comprehensive education coverage and AI integration in schools [6][7] Company Highlights - **Duolingo**: Utilizes a freemium model with over 100 million MAU and more than 10 million paid users by Q3 2024, demonstrating the success of its C-end business model [1][5] - **Doushen Technology**: Developed vertical language models and launched products like "AI Dual Teacher" and "Super Practice" systems, along with a learning companion robot priced around 2000 yuan [9] - **Kevin Technology**: Collaborated with Zhizhu to focus on G-end after-school autonomous learning, covering 50 key universities in Haidian District [9] - **Kerry International**: Its "He Frog" product is expected to generate over 100 million yuan in revenue this year, with high double-digit growth potential [11][12] Recruitment Sector Insights - AI applications in recruitment include job matching, report delivery, and initial interview processes, significantly enhancing efficiency and reducing costs [11] - Companies like Boss Zhipin and Tongdao Recruitment have improved their MAU by empowering C-end users, with Boss Zhipin focusing on blue-collar jobs and showing notable growth [2][13] - Traditional headhunting costs are high, but AI-driven solutions can reduce these costs significantly while maintaining efficiency, potentially replacing traditional models [14] Additional Important Content - The future growth of the online education market is expected to be robust, with both B-end (private schools) and G-end (public schools) having substantial potential for commercialization and market expansion [8] - The integration of AI in education is supported by a strong data foundation, personalized student needs, and a mature digital infrastructure, facilitating rapid implementation [3]

Core Viewpoint - Tencent Holdings Limited has reduced its stake in BOSS Zhipin (02076) by selling 19.4757 million shares at a price of HKD 79.96 per share, totaling approximately HKD 1.557 billion, resulting in a new holding of about 54.9722 million shares, representing a 6.57% ownership [1] Group 1 - Tencent sold 19.4757 million shares of BOSS Zhipin at HKD 79.96 each [1] - The total amount raised from the sale is approximately HKD 1.557 billion [1] - After the sale, Tencent's remaining shares in BOSS Zhipin are approximately 54.9722 million, equating to a 6.57% ownership stake [1]

Group 1 - Tencent Holdings Limited reduced its stake in BOSS Zhipin (02076) by 19.4757 million shares at a price of HKD 79.96 per share, totaling approximately HKD 1.557 billion [1] - After the reduction, Tencent's remaining shareholding is approximately 54.9722 million shares, representing a holding percentage of 6.57% [1]

Core Viewpoint - BOSS Zhipin (02076) announced the issuance of a total of 14,200 Class A ordinary shares due to the exercise of stock options from January 2 to January 5, 2026, and the conversion of 3.904 million Class B ordinary shares to Class A ordinary shares on January 8, 2026 [1] Summary by Categories - **Share Issuance** - A total of 14,200 Class A ordinary shares will be issued due to stock option exercises between January 2 and January 5, 2026 [1] - **Share Conversion** - On January 8, 2026, 3.904 million Class B ordinary shares will be converted into Class A ordinary shares [1]

FF305 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 A | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02076 | | 說明 A類普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) | 2025年12月31日 | | 832,378,695 | | 0 | | | 832,378,695 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 而發行新股或轉讓庫存股份 - 涉及新股 | | ...

Core Viewpoint - The recent transfer of shares from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities indicates a significant movement in BOSS Zhipin-W's stock ownership, with a market value of HKD 1.691 billion, representing 2.20% of the total shares [1] Group 1 - On January 8, shareholders of BOSS Zhipin-W (02076) transferred shares valued at HKD 1.691 billion from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities [1] - BOSS Zhipin announced plans to issue a total of 114,100 shares due to the exercise of stock options between December 5 and December 16, 2025 [1] - Additionally, the company will issue 1,425,600 shares due to the vesting and settlement of restricted stock units during the same period [1]

Core Viewpoint - The recent transfer of shares from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities indicates a strategic shift in shareholder composition for BOSS Zhipin-W (02076), with a market value of HKD 1.691 billion, representing 2.20% of the total shares [1] Group 1 - On January 8, shareholders of BOSS Zhipin-W transferred shares valued at HKD 1.691 billion from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities [1] - BOSS Zhipin announced the issuance of a total of 114,100 shares due to the exercise of stock options between December 5 and December 16, 2025 [1] - Additionally, the company will issue 1,425,600 shares due to the vesting and settlement of restricted stock units during the same period [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02076 | 說明 | A類普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,800,000,000 | USD | | 0.0001 USD | | 180,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,800,000,000 | USD | | 0.0001 USD | | 180,000 | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 ...

Group 1: Market Performance - The U.S. stock market saw all three major indices rise, with the Dow Jones Industrial Average reaching a new historical high, approaching the 50,000 mark, closing at 49,462.08 points, up 0.99% [3] - The Philadelphia Semiconductor Index increased by 2.75%, setting a new historical high, with notable gains in chip stocks such as Microchip Technology up over 11%, Micron Technology up over 10%, and NXP Semiconductors up over 9% [5][6] Group 2: Federal Reserve Insights - Federal Reserve Governor Milan stated that the Fed should lower interest rates by more than 100 basis points this year, as economic data trends may support further rate cuts [5] - Milan noted that core inflation has returned to around the Fed's 2% target, and he expects strong economic growth in the U.S. this year [5] Group 3: Commodity Prices - Silver prices surged again, with COMEX silver futures breaking the $80 per ounce mark, reflecting a rise of approximately 6% [8] - Gold prices also saw a slight increase, with COMEX gold futures surpassing $4,500 per ounce, up over 1% [8]

Core Insights - Kanzhun Limited operates China's largest online recruitment marketplace, BOSS Zhipin, connecting job seekers with employers and generating revenue through recruitment-related services [5][10] - The company reported trailing twelve months (TTM) revenue of $1.09 billion and net income of $304.08 million through June 30, 2025, indicating strong financial performance [3][10] - As of November 13, 2025, Kanzhun's shares were priced at $20.88, reflecting a 51.4% increase over the past year, significantly outperforming the S&P 500 by 39.93 percentage points [3][4] Institutional Interest - CoreView Capital Management increased its stake in Kanzhun Limited by purchasing an additional 298,584 shares, bringing its total holdings to 9,447,889 shares valued at $220.70 million, which now represents 24.27% of CoreView's reportable U.S. equity assets [2][9] - The increase in stake occurred despite Kanzhun's strong recent performance, suggesting that CoreView views the company as a core holding rather than a short-term investment [9] Market Position - Kanzhun Limited has a market capitalization of $9.73 billion, positioning it as a significant player in the online recruitment industry [4] - The company serves a diverse range of corporate clients, from small and medium-sized enterprises to large organizations, indicating a broad market appeal [6] Future Considerations - The sustainability of Kanzhun's profitability in a potentially volatile hiring environment will be crucial for its long-term valuation, with a focus on enterprise spending behavior and margin stability [11] - Investors are encouraged to monitor Kanzhun's ability to maintain earnings without relying on a hiring boom, which would support its classification as a durable platform business [11]