Where does BOSS direct employment loss come from?

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Author 丨 Salad sauce

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On June 24, BOSS direct hire (hereinafter referred to as "boss", NASDAQ: BZ) released the first quarter of 2022 financial reports.

The financial report shows that the revenue was 1.138 billion yuan (RMB, the same as the following) was achieved in the first quarter, a year -on -year increase of 44.3%, exceeding market expectations. The net loss was 1.20 million yuan, which was a large loss of losses compared to the previous quarter. Under non -proper accounting standards, the net profit after adjustment in the first quarter was 121 million yuan.

Although new users still cannot register this quarter, BOSS has more than 25 million monthly active users, and has maintained continuous growth, and paid companies have reached 4.5 million. Although the growth rate of the company's payment amount is only 5%, it has slowed down, it has a great relationship with the current market environment. In this year's market environment, companies will inevitably be more cautious in their recruitment.

Unlike the traditional recruitment platform, the main revenue of BOSS comes from enterprise payment. In this quarter, BOSS has also increased investment in R & D, and further optimized the design and user experience.

The demand -side user scale is rising, and the supply -side enterprises are in trouble. Can the future BOSS still achieve sustainable revenue growth through the "boss"?

01 New registered frozen, old users are active

Starting in July last year, the new user registration of BOSS was temporarily frozen. The outside world generally believes that this will greatly affect the user's user activity significantly. However, the fact is that BOSS's active users this quarter exceeded 25 million, an increase of more than 100 million people from the previous quarter.

At the financial report, the company revealed that as of May 31, the number of tried to register for new users had reached 45 million, an increase of 15 million from the 30 million people announced in the previous quarter. If this part of the registered user is successfully registered, it will further increase the active user data of the BOSS as a whole.

Qiao Jingjing, who is engaged in headhunting work in Beijing, said that the repeats of the epidemic in some regions in the first quarter, and the environmental environment of large factories will increase the employment needs of personnel. The BOSS is the post of the posts of medium -sized enterprises and start -ups, which is exactly in line with the increase of job hunting. Therefore, even if new user registration channels are blocked, old users who have registered will still be active.

Not only compare with yourself, the BOSS is also obviously ahead of active users compared with other platforms.

According to data compiled by Changqiao Dolphin and QuestMobile, the BOSS platform active users have gradually led the traditional job search platforms such as the direct recruitment and Zhilian recruitment since 2020, and the leading advantages have continued to increase.

In this regard, product manager Fang Qing said that the main social attributes of BOSS products are very popular with many job seekers. Compared with other recruitment platforms for a long time after submitting resumes, job seekers can communicate with enterprises higher frequency on BOSS, which is why BOSS is more tempting than other job search platforms.

Fifi, an old user of multiple job search software, also said, "Of all the job software I have used, BOSS is the most timely response to me. For example Like the resume of the email, the "Shi Shen Hai" is very insecure. But in BOSS, as long as the company is willing to be willing to you, it will basically reply to you in a short time. As a user, you can always know the "progress bar" of the job search. The experience is very good. The experience is very good. ","

The stable monthly work also promoted the number of registered enterprises. In the quarter, BOSS paid companies increased by 100,000 month -on -month, reaching 4.5 million. Fang Qing said, "Putting into the mentality of job seekers with social pain points, attracting enterprises to settle in by increasing the adhesion of job seekers, and then attracting more users through more job search opportunities. This is the" flywheel "of BOSS."

02 BOSS of the 'Harvest'

Different from the headhunter platform for two -way charges to job seekers and enterprises, almost all the income of BOSS comes from the charges of business owners.

The BOSS achieved a revenue of 1.138 billion yuan in this quarter, an increase of 44%from last year, and the growth rate of the previous quarter also reached 4%, exceeding market expectations.

However, behind the growth revenue, it is also the charging system for enterprises to "rise and high."

Liu Jiajia, a senior personnel recruitment manager in Beijing, recalled, "Before 2016, our industry still had the saying of‘ North Zhilian, South Pullet ’. Because Beijing’ s HR prefers Zhilian, and Shanghai HR prefers the future. ”

In 2016, BOSS broke this situation.

Liu Jiajia told us that in order to quickly seize the market, all the positions of BOSS were released for free. The huge subsidy quickly attracted a large number of small and medium -sized enterprises. Coupled with the sky TV, elevator, and subway advertisements, job seekers also began to trust this job search software that can directly find the boss to chat.

As a result, BOSS began the formal "harvesting" of "BOSS".

"I remember that the first batch of posts with strong liquidity and high demand was labeled with the first batch of" hot jobs ", and BOSS will charge these" hot posts "release." Liu Jiajia introduced "There are two types of charges, one is a job, one is 98 yuan/month. The other is the annual charges, 3600 yuan per year, and can send 5 'hot jobs'."

However, this is the charging standard a few years ago. Liu Jiajia said that at the end of 2019 and early 2020, BOSS had risen once, and the annual fee changed from 3600 yuan to 4,800 yuan. "I still remember that their sales did not notify me in advance, and I discovered it when I renewed. I also sold them with them." Liu Jiajia admitted. Gradually, more and more posts are defined as "hot posts". Product managers and marketing have become "hot posts", and the cost of posting posts has also increased.

Later, BOSS launched other toll products, such as a "resume bomb", which can push the release position to 100 candidates that meet the standards. Or a "chat card" worth 368 yuan allows companies to search for candidates who meet the recruitment requirements and get in touch with them. "A card 368 yuan can be used 40 times, but our company can only send a message to the other party. Whether the other party responds to see their wishes." Liu Jiajia explained.

Fang Qing said, "Such a charging design is evolution from general charges to refined charges."

The charging method like BOSS is very similar to some Volkswagen gyms. You can get a card at 1-2 thousand a year. At a very low charging or a large discount, you can attract traffic, and then increase your revenue through layers of refined additional services.

The more vertical the product is designed, the more diversified the toll items. "In the future, BOSS may design more focused and single -scenario services. For the entire user pool, users with vertical needs will be further 'harvesting'."

03 gross profit is stable, and the investment research is required to win

Since its listing last year, BOSS has maintained a high gross profit margin.

According to the financial report, from the first quarter of last year to the first quarter of this year, the gross profit margin of BOSS was 86.39%, 87.76%, 87.29%, 86.33%, and 84.45%.

However, ultra -high gross profit margins have not been exchanged for sustainable net profit.

In this quarter, BOSS's operating loss reached 0.03 million yuan, and its net loss reached 122 million yuan. Compared with the operating income of 253 million yuan in the previous quarter and net income of 233 million yuan, the loss has expanded by more than 100%.

In the case of high gross profit margin, the reason for business losses and net losses is to increase marketing and R & D expenses.

The financial report shows that the marketing cost of BOSS in this quarter was 522 million yuan, an increase of 40%from the previous quarter. However, compared with the same period last year, it has a decrease of 15%year -on -year.

The increase in the month -on -month increase is mainly due to the seasons of the recruitment season, "Golden Three Silver Four" is the peak season, so BOSS will expand the investment in advertising in the first quarter to increase the use rate of job seekers. The year -on -year decrease means that compared with last year, BOSS already has a stronger brand effect and right to speak. In the future, BOSS may further reduce costs and increase efficiency, and continuously optimize the input and output of advertisements.

The increase in marketing costs at the same time as marketing costs is its research and development costs.

In this quarter, the BOSS research and development costs were 291 million yuan, an increase of 47%from the previous quarter, and an increase of 77.5%year -on -year from last year. The increase in the explanation of the research and development costs in the financial report is mainly invested in the enrollment of personnel in the R & D department.

Liu Jiajia shared her experience from her, saying that the BOSS has gradually improved from the beginning of the mobile terminal to the PC side, and has greatly improved in recent years.

"However, I personally think that there is still room for progress in the interactive design of BOSS. Although the PC is now available parallel with the mobile terminal, the use process of the BOSS is not simple enough, and because it is a newer software, there will be updates on the page to update the page. And optimization. Therefore, my personal use cost will also be improved. "Liu Jiajia said.

Intelligent matching is also the focus of BOSS investment in research and development. Improving the matching degree of recommended candidates and positions and optimizing the smoothness of use is the best solution to save time costs for enterprise users, and it is also where BOSS further enhances competitiveness.

04 Write at the end

Major recruitment platforms have formed a basic market positioning. BOSS, which is good at the Internet industry positions, Hunting and recruitment of high -paying positions, specialized in traditional industries such as sales, and administrative in large demand positions, all of which have gradually cultivated their own companies and job seekers.

The positioning of the recruitment website is further clarified, which is a reduction in costs for enterprises and job seekers -for enterprises, they can reduce the maintenance and cost investment of multiple platforms. For job seekers, they can focus on the information update of one or two platforms to reduce the loss of time and energy.

In the future, in addition to the intelligence and sense of use, the competition of the recruitment platform must also be improved in the brand influence in the vertical field.

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