PRINCIPAL ACTIVITIES AND ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2025

PRINCIPAL ACTIVITIES AND ORGANIZATION

Schedule of principal subsidiaries and consolidated VIE

As of December 31, 2025, the Company’s principal subsidiaries and consolidated VIE are as follows:


Company name		Place of incorporation		Date of incorporation		Equity interest/economic interest held		Principal activities
Principal subsidiaries
Techfish Limited		Hong Kong, China		February 14, 2014		100%		Investment holding
Beijing Highland Wolf Technology Co., Ltd. (the “WFOE”)		Beijing, China		December 6, 2023		100%		Management consultancy and technical services
VIE
Beijing Huapin Borui Network Technology Co., Ltd. (“Huapin”)		Beijing, China		December 25, 2013		100%		Online recruitment services

Schedule of variable interest entities


		As of December 31,
		2024	2025
		RMB	RMB
		(In thousands)
ASSETS
Current assets
Cash and cash equivalents		1,414,184	1,284,631
Short-term time deposits		—	64,098
Short-term investments		4,445,982	7,958,835
Accounts and notes receivable, net		24,988	11,643
Inventories		3,042	2,395
Amounts due from Group companies		379,885	299,254
Amounts due from related parties		6,585	8,723
Prepayments and other current assets		276,936	315,028
Total current assets		6,551,602	9,944,607
Non-current assets
Long-term time deposits		—	51,799
Long-term investments		252,492	188,901
Property, equipment and software, net		1,469,151	1,127,522
Right-of-use assets, net		207,835	106,685
Intangible assets, net		189	102
Total non-current assets		1,929,667	1,475,009
Total assets		8,481,269	11,419,616
LIABILITIES
Current liabilities
Accounts payable		71,692	112,843
Deferred revenue		2,790,780	2,920,916
Other payables and accrued liabilities		493,032	540,787
Amounts due to Group companies		228,135	268,998
Operating lease liabilities, current		143,588	66,527
Total current liabilities		3,727,227	3,910,071
Non-current liabilities
Operating lease liabilities, non-current		61,002	29,938
Deferred tax liabilities		21,861	36,024
Total non-current liabilities		82,863	65,962
Total liabilities		3,810,090	3,976,033


		For the year ended December 31,
		2023	2024	2025
		RMB	RMB	RMB
		(In thousands)
Total revenues		5,867,883	7,051,500	7,785,097
Cost of revenues		(1,057,018)	(1,138,098)	(1,134,165)
Net income		697,038	1,368,323	2,170,984


		For the year ended December 31,
		2023	2024	2025
		RMB	RMB	RMB
		(In thousands)
Net cash provided by operating activities		2,717,909	2,747,052	3,418,058
Net cash used in investing activities		(2,594,184)	(2,476,836)	(3,547,611)
Net cash provided by financing activities		—	—	—
Net increase/(decrease) in cash and cash equivalents		123,725	270,216	(129,553)
Cash and cash equivalents at beginning of the year		1,020,243	1,143,968	1,414,184
Cash and cash equivalents at end of the year		1,143,968	1,414,184	1,284,631

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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