A：From the user growth perspective, as of April fifteenth, among the newly acquired users in this year, excluding fresh graduates in nearly two thirds, were all color workers.

A：Among other industries, manufacturing, electronics, telecommunication semiconductors, transportation and logistics, urban services and various professional services led in year-over-year growth on our platform. For large enterprises, their recruitment demand showed a notable回暖 trend during this year's spring recruitment season, with companies with one thousand to less than ten thousand employees recording the fastest Young year revenue growth, followed by those with five hundred to less than a thousand employees. This average number of job posting enterprise users also increased modestly.

A：The company believes that the opportunities presented by AI outweigh the risks. From the data point of view, in the past three years, the company's market position has improved, user gains have improved, and it has maintained steady growth in various difficult environments. AI cost reduction has promoted its wide application in the company's internal operations and services. In the first quarter of this year, more than 10 million people on the platform used AI services every month. In addition, the extensive exploration of AI technology has accelerated the growth of young employees, which helps companies reduce entropy and allows young people to be recognized and stand out more quickly.

A：Neither the unilateral agent representing the B- side nor the C- side is sufficient to challenge the company's existing model. However, when the agent is embedded in the bilateral network ecosystem, platform-based user accumulation and long-term data accumulation can play a positive role in helping companies actively respond to market changes.

A：Experiments and data show that the application of AI has significantly improved efficiency. For example, the time from greeting to reaching a two-way intention in the experiment has increased by 60%. At the same time, the retention rate of users across the platform has reached the highest level since 2020, and the per capita output of BOSS across the platform has also achieved double-digit growth.

A：The company's four strategic pillars are to invest firmly in AI technology to facilitate the realization of a closed-loop model. We firmly believe that with the support of the AI, the delivery-oriented business model has the opportunity to be realized on the platform. We are willing to continuously invest resources and cooperate with external enterprises to provide closed-loop services on the premise of protecting the experience of high-end job seekers. Existing data show that after some headhunting consultants use AI at high frequency, 20% of the candidates in the recommended report come from AI jobs, while in another closed-loop experimental project, the comprehensive human efficiency of the agent of the project family quadrupled in the first quarter of this year, exceeding the average skilled headhunting level in the industry.

A：In the first quarter, through the implementation of a closed-loop pilot project, the productivity of the combined human and agent increased fourfold and has exceeded the industry average. The campus recruitment service program provided by the company in the first quarter brought more than 50% year-on-year revenue growth.

A：There are five main reasons: first, the use cost of small-size models is lower; second, continuous self-research helps to enhance business controllability and form long-term technical capabilities for vertical recruitment scenarios; third, small-size models have received more and more attention from the industry, ensuring the sense of honor of the team of scientists; fourth, small models independently developed have been effectively applied in internal search and recommendation services, showing efficiency and effectiveness advantages; fifth, considering the current high cost of ultra-large-scale models, it is difficult to bear. The third point is that the company will continue to make large-scale investment in AI operations, mainly to assess the extent to which AI technology can help the ecology of bilateral job search and recruitment networks.

A：The company believes that the application and exploration of AI technology will adhere to the bilateral ecological theoretical framework and data, and regard it as an effective tool to identify problems and solve existing problems.

A：The company believes that as AI technology improves platform performance, it will drive smooth, low-risk and sustainable user acquisition, user satisfaction and word-of-mouth communication, resulting in continued revenue growth. The fourth point is that AI is a natural and result-oriented process to promote revenue growth. With the improvement of AI technology, it will promote user acquisition, user satisfaction and word-of-mouth, and ultimately lead to sustained revenue growth.

A：The company's business model is based on protecting the bilateral ecology, not relying on advertising or location sales, but through commercial products to give back to users, this model has been fully proven.

A：The company has always been committed to implementing its shareholder return commitments. Since this year, it has repurchased more than US $0.2 billion of shares, accounting for about 3% of the company's total share capital. The amount planned for each of the next three years for share repurchases and dividends is not less than 50% of the previous year's adjusted net profit.

A：The decrease in cost of revenue was primarily due to lower employee rate expenses resulting from enhanced operating function efficiency, partially offset by higher server and benefits costs. The gross margin increased by 1.8 percentage points to 85.6% due in part to the reduction of store commission fees starting in March.

A：Sales and marketing expenses increased by 2% year over year to RMB 524 million, primarily due to an increase in advertising and marketing expenses, which was partially offset by a decrease in sales employee-related compensations as a result of efforts to improve sales efficiency.Excluding sales and marketing employee benefits (SBC) expenses, adjusted sales and marketing expenses increased by 5% year over year to RMB 351 million, primarily due to higher cloud service fees and severe depreciation expenses relating to AI infrastructure.

A：Interest and investment income increased to RMB 781 million for the quarter, up 422% year over year, primarily driven by investment income of RMB 614 million arising from fair value changes of one of our domestic companies that went public in January 26.

A：Income tax expenses were RMB 299 million for the quarter, a significant increase, primarily due to the tax impact from the aforementioned investment income of RMB 154 million, the provision of RMB 16 million for a top-up tax under pillar two tax rules, and the recording of RMB 8 million for higher income from operations.The net income reached RMB 1.1 billion for the quarter, excluding share-based compensation expenses and net gains from the aforementioned investment, adjusted net income increased by 12% to RMB 856 million, with an improved margin to 54.4%, and the adjusted margin increased to 41.4%, up 1.7 percentage points year over year.

A：As of March 31st, 2022, the company's cash position, including cash, cash equivalents, short-term time deposits, and short-term investments (excluding investment in securities), stood at RMB 19.8 billion. The strong cash position and cash generative capabilities will support the company to continue delivering commitments in shareholder returns.

A：The company has purchased a total of over U.S. $200 million worth of shares, representing approximately 3% of its total outstanding shares. The company will continue to maintain a successful return offering, including share buybacks and dividends, based on specific market and operational conditions.

A：For the second quarter of 2022, the company expects total revenues to be between RMB 2.38 billion and RMB 2.42 billion, representing an increase of 13.2% to 15.1% from the same period last year.

A：In the first quarter, the AI-supported闭环业务 experienced the highest growth among all experimental groups, with some增速超过百分之百，有的在50%左右。虽然收入规模相对较小，但公司坚定地将此作为发展方向，一季度在AI辅助闭环探索上的投入规模约为人民币5000万。

A：The company has observed that software development engineer positions have not shown any decline in job postings, on the contrary, there has been a 10.9% growth. Regarding the broader impact of AI on jobs, the company is conducting a rigorous, empirical study to provide a clear interpretation of which roles are being affected and how, and aims to share the results within the next two quarters.

A：These investments should not have much impact on the profit situation planned for the whole company at the beginning of the year. The current core business profit margin is indeed very high, reaching more than 50%, but due to a certain amount of investment, we expect profits to increase slightly, roughly so.

A：This means that approximately one in every 50 office workers in Hong Kong uses our services, providing us with a large and active recruitment supply. Job seekers can also communicate with recruiters through a new and efficient mode, so that more people can get offer. At present, we give priority to the development of Hong Kong business for two core reasons: one is to verify our understanding of the bilateral ecological model to see if it can be verified close to the mainland; the other is to lay the foundation for future international development, hoping to gradually strengthen a team with more international characteristics in Hong Kong.