The meeting focused on the financial report for the second quarter of 2025 of CASM Limited, emphasizing that future forecasts may be affected by uncertain factors. It also mentioned the discussion of non-GAAP financial indicators, as well as the telephone conference replay service provided on the company's website.

The excellent financial performance of the second quarter of 2025 was reported, including a total revenue of 2.1 billion, a net profit growth of 70.4% year-on-year, reaching 710 million, as well as positive trends in user growth and recovery of the recruitment market. Emphasis was placed on the continuous advancement of AI technology, Hong Kong stock issuance, and future shareholder return plans. The optimization of supply and demand relationships on the platform, an increase in new user conversion rates, a 10% growth in paid enterprise customers, and over 30 million new verified users were highlighted.

The conversation discussed the innovative applications of AI in the recruitment process, enterprise management, and research and development fields. AI-assisted interview training robots have improved job seekers' efficiency, intelligent screening protects job seekers' safety, and AI optimization of job postings has enhanced the precision of enterprise service selection. Additionally, the application of AI in research and development tools and processes has significantly increased product iteration speed, demonstrating the wide potential and value of AI in the industry.

AI plays a key role in customer service, including training new employees, checking service quality, and identifying customer emotions to enhance user satisfaction and employee well-being. The company recently completed a HK$2.2 billion secondary stock offering in Hong Kong, enhancing market liquidity and achieving good results. To reward shareholders, the board has approved an annual dividend policy, planning to pay out $80 million in annual dividends, and has initiated a 12-month, up to $250 million share buyback program, demonstrating the company's commitment to shareholders and sustainable growth sharing.

In the second quarter of 2025, the company achieved high-quality financial performance, with revenue increasing year-on-year mainly due to the expansion of the user base, particularly the increasing willingness of small and medium-sized enterprise customers to pay. Operating costs were effectively controlled, and both net profit and adjusted net profit increased significantly, reaching a historical high. The cash position is strong, and the recent completion of a stock issuance has further strengthened the funding capability, supporting long-term growth plans and shareholder returns. Looking ahead, it is expected that revenue will continue to accelerate in the third quarter.

The revival of recruitment demand was discussed, pointing out that the decrease in costs in the Internet industry and the growth of small businesses are key factors, especially the significant contribution of companies with fewer than 20 employees. At the same time, the impact of AI in the recruitment field, especially in programmer recruitment, was explored, emphasizing the role of AI in improving efficiency and changing recruitment trends.

Discussed companies with less than 100 employees, their new job posting annual growth rate significantly exceeds the platform average level. Regarding the impact of food delivery competition, observational results show that the proportion of job postings related to food delivery riders is small, and no above-average income growth from these positions has been observed, therefore the impact of food delivery competition on the company is considered minimal or negative.

The conversation discussed the situation of the job market recovery, pointing out that since November last year, the ratio of job seekers to recruiters has significantly improved, and in the second quarter, a clear recovery trend has emerged. Based on this, it is expected that the business growth rate in the third quarter will accelerate compared to the second quarter, demonstrating a positive attitude towards market recovery and growth confidence.

The reasons for the continuous improvement of the company's profit margin were discussed, emphasizing the importance of economies of scale in the business model and cost control, and pointing out that margin improvement is a long-term process. The utilization of healthy cash flow was mentioned, including talent development, overseas expansion, and shareholder return plans. At the same time, the impact of increased advertising investment by start-up companies on the company's market competitiveness, especially in the blue-collar recruitment market, was analyzed.

In the current marketing environment, despite the continuous decrease in marketing expenses as a percentage of revenue, the company still maintains the highest absolute marketing investment in the industry. Thanks to the strong network effects, user acquisition costs remain low and user retention rates are high, leading to efficient market expansion. In summary, it is pointed out that at the current stage, the significance of marketing efforts is relatively low, but through efficient investment and user management, the company has maintained strong market performance.

Discussed the impact of AI technological advancements on the reduction of recruitment for junior programmers, pointing out that technology companies are now turning to seek talent with greater potential and more comprehensive thinking, despite the increase in recruitment costs. At the same time, AI is driving job structures from multiple junior programmers to fewer senior technical talents collaborating with AI, but with limited impact on overall white-collar employment.

Discussed the application scenarios of AI in the enterprise market and products with commercial potential, while also sharing the plans for financing activities, enhancing liquidity, and future dividend policies in the Hong Kong market.

Discussed were the progress of two AI products in the field of recruitment. The first introduced is a recruitment agent called Hammer, which can assist recruiters in completing most tasks through conversation, including exchanging resumes or contact information with job seekers, and has received positive feedback. Secondly, a customized digital interview system designed for large state-owned enterprises was mentioned, which supports AI-driven follow-up questions, multi-modal candidate emotion recognition, and has been successfully implemented in over 10 state-owned enterprises, attracting nearly 30,000 participants with good feedback.

The discussion pointed out that the application of AI technology to existing products in technology management and daily operations is still in the early stages. It emphasized that revolutionary products combining new technology with old business will bring about significant changes. It was also noted that more core applications will gradually emerge through patient waiting and asset accumulation, highlighting the importance of attention to AI technology and its fundamental principles.

The company has a healthy cash reserve and strong cash flow, eliminating the need for market financing. To address the issue of insufficient liquidity in the Hong Kong stock market, the company adopted a public stock offering approach, which successfully improved the liquidity of Hong Kong stocks while also bringing profit to investors.

The dialogue discussed the importance of treating shareholders as partners, emphasizing the key role of shareholder returns. In the past, the company has mainly returned cash to shareholders through stock buyback programs, which have been successfully implemented multiple times, reflecting a focus on shareholder interests.

The company announced a dividend of $18 million in 2025, along with a $25 million stock repurchase plan, totaling over the proceeds of the previous public offering of $220 million Hong Kong dollars. At the same time, the company stated that shareholder returns are a priority and promised to continue to execute in the future, including controlling stock-based compensation expenses, which have been consistently decreasing in recent quarters, reflecting the company's commitment to and reward for shareholders.

The meeting host summarized the discussions of the day and ended the meeting within the time limits. The host thanked the participants and provided a way to directly contact the company for further questions. The meeting was then officially adjourned and the participants were invited to hang up the call.