Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| [Foreign Language] Furthermore, excluding other income, such as wealth management income, adjusted operating income for 2023 was RMB1.64 billion, reflecting our remarkable 191% year-on-year increase |
| However, this year, as we just said, enterprises with more than 10,000 companies, employees grow much better compared to those medium-sized enterprises |
| But for the full year of 2024, we would like to see gross margin improvement mainly due to the leverage from personnel costs backed by quick revenue growth |
| So our blue-collar business has experienced continued healthy growth |
| [Foreign Language] Additionally, the manufacturing and the supply chain logistics sectors have shown accelerated year-on-year growth rate |
| Additionally, our Board has repurchased program over the next 12 months and upsized the program to $200 million, demonstrating our strong commitment to shareholder returns |
| Number of paid enterprise customers reached $5.2 million in 2023, up by 44% year-over-year, marking another new high level of paying ratio among active enterprise users and demonstrated our ample space and flexibility in monetization |
| All of which contributing to our cash billings, GAAP revenues and profit levels in the fourth quarter to exceed our expectations |
| We are pleased to deliver a strong set of results for the fourth quarter and the full year 2023 |
| However, the revenue contribution from blue-collars goes up by 66 percentage points from 28% to 34%, which is a very powerful demonstration of the good performance of our blue-collar business |
| [Foreign Language] Another angle is that, for those cities along the sea, which is more externally related economics shows better user growth after the Spring Festival |
| For the fourth quarter, our calculated cash billings reached a historical high of RMB1.8 billion, grew by 61% year-over-year, and notably, 9% quarter-on-quarter, beating our expectations |
| Adjusted net margin for the full year of 2023 reached a record high of 36.2%, up by 18.5 percentage points |
| This year, the number of users we serve has increased by nearly half of 100 million and we are being able to help them with our products, which we are quite deeply proud of |
| So paying ratio increase and ARPU increase, those two parts have good potentials -- will support our long-term growth with our commercialization |
| So we believe there would be still a good room to grow |
| The daily average number of newly added job positions and active job positions across all industries has shown positive growth since this year's spring festival compared with the same period of 2023, among which the blue-collar industry has once again reached a new record high, driven by the continuous expansion of urban service sector |
| We have seen encouraging trend of recovered recruitment demand post-Chinese New Year and we are confident to deliver better than expected results for the current quarter |
| The annual adjusted operating margin improved from 12.5% in 2022 to a record level of 27.5% in 2023, up by 15 percentage points |
| So this is actually a positive sign for me because not only us, but the whole industry is recovering or moving up |
| But at the same time, we will maintain our strong competitive edge in terms of user penetration, in terms of market share and the whole leading position |
| The Company achieved calculated cash billings of RMB6.69 billion, up by 45% year-on-year, and the GAAP revenue of RMB5.95 billion, up by 32% year-on-year |
| [Foreign Language] Regarding whether the enterprises have restored the confidence for the markets and for the future, the data we just mentioned is that both newly posted jobs and online active jobs have reached record new high and very significant year-on-year growth |
| First is about the enterprise side, which we have witnessed year-on-year growth from the enterprise side higher compared to the job seekers side, which result in the ratio between job seekers and enterprise users continued to improve |
| [Foreign Language] All these changes further demonstrated that we are confident that our product can serve different users and also our service can cover different kind of users |
| Adjusted net income increased from RMB59 million in the first quarter of 2022 to RMB629 million and increased from RMB799 million in 2022 full year to RMB2.2 billion for full year 2023, representing a significant year-over-year increase |
| We also noticed continued steady recovery of medium and the large scale enterprises since the third quarter |
| The positions focusing on the development and growth of the enterprise business such as sales guides, human resource services, finance and related positions have experienced a clear rebound in growth rate |
| Within urban service sector, we have been doing well |
| We have good recognition and reputation |
| Statement |
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| And in terms of their ARPU, the blended ARPU in the last quarter looked dropped a little bit |
| So gross margin was affected slightly |
| And the blended effect makes the blended ARPU dropped a little bit |
| So if something can function quite well even without AI then we should be very cautious on the investment |
| However, this year, the larger companies they have postponed a recovery trend |
| So regarding the gross margin trend, in short-term, due to seasonality, Q4 is low quarter |
| Within manufacturing, we are still under very hard exploration, which actually it has been going for a while |
| Excluding share-based compensation expenses, adjusted G&A expenses decreased by 32% year-over-year to RMB122 million in the first quarter and 8% year-over-year to RMB482 million in 2023, mainly due to decreased professional service fees |
| Even excluding the World Cup sponsored fees, adjusted sales and marketing expenses as a percentage of revenue went down by seven percentage points this year compared to 2022 |
| First, we noticed that some of our competitors have increased marketing spending post-Chinese New Year |
| First, we keep track of the cutting-edge technology to avoid generational gaps in knowledge |
| Second, focus on industrial implementation and not make big investments blindly |
| My first question is about this recruitment demand situation after the Chinese New Year |
| And this situation has been started since August last year and continued after the Spring Festival, which shows the continuity of the white-collar recovery |
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