Boosting employment is a key plan for China's economy in 2023. For now, there is still plenty of potential for online recruitment platforms to grow.
On 20 March, BOSS Zhipin (Chinese: BOSS直聘) announced its unaudited financial results for the fourth quarter and full year ended 31 December 2022.
The figures show that BOSS Zhipin Recruitment's revenue for the fourth quarter of 2022 was flat year on year at CNY 1,082.3 million, with a net loss of CNY184.8 million and a non-GAAP net profit of CNY 59.5 million. For the full year of 2022, revenue increased 5.9% year on year to CNY 4,511.1 million, with a net profit of CNY 107.2 million and a non-GAAP net profit of CNY 799.4 million.
Revenue for the fourth quarter of 2022 was CNY1,082.3 million (USD 156.9 million), unchanged from the same period in 2021. Revenue for the full year 2022 was CNY4,511.1 million (USD 654.0 million), up 5.9% from CNY 4,259.1 million for the full year 2021.
Net loss for the fourth quarter of 2022 was CNY 184.8 million (USD 26.8 million), compared to net income of CNY 233.1 million for the same period in 2021. Adjusted net income for the fourth quarter of 2022 was CNY 59.5 million (USD 8 million). For the full year of 2022, net income was CNY 107.2 million (USD 15.5 million) compared to a net loss of CNY 1,071.1 million for the full year of 2021. CNY (USD 15.5 million), compared to a net loss of CNY 1,071.1 million for the full year 2021. Adjusted net profit for the full year 2022 was CNY 799.4 million (USD 115.9 million), a decrease of 6.2% from RMB 852.6 million for the full year 2021.
Total operating costs and expenses for the full year 2022 were CNY 4,658.2 million (USD 675.4 million), a decrease of 12.3% from CNY 5,310.4 million for the full year 2021. Stock-based compensation expense for the full year 2022 was CNY 692.2 million (USD 100.4 million), a decrease of 64.0% from CNY1,923.6 million for the full year 2021. Cost of sales for the full year 2022 was CNY 754.9 million (USD 109.4 million), an increase of 36.1% from CNY 554.6 million for the full year 2021. Sales and marketing expenses for the full year 2022 were CNY 2.0 billion (USD 290.1 million), an increase of 3.0% from CNY 1,942.7 million for the full year 2021. Research and development expenses for the full year 2022 were CNY 1,182.7 million (USD 171.5 million), an increase of 43.9% from CNY 822.0 million for the full year 2021.
BOSS Zhipin is the world's first online recruitment product in the internet "direct hire" model, founded by Zhao Peng's team in July 2014, with a total of over 100 million users.
The core of BOSS Zhipin is "direct chat + accurate matching". By introducing online chat to the recruitment scene, candidates and employers can communicate directly with each other, bypassing the traditional lengthy application process and improving the efficiency of communication. At the same time, BOSS adopts cutting-edge technologies such as AI and big data to improve the matching between employers and talents, shorten the recruitment time, and thus improve the efficiency of job search and recruitment.
For the first quarter of 2023, the Company currently expects total revenue to be in the range of CNY 1.25 billion to CNY 1.27 billion, an increase of 9.8% to 11.6% year on year.