Is Liepin profitable in 2025?

Yes. Liepin (Tongdao Liepin Group, HKEX:6100) reported FY2025 net profit of RMB140.9 million, though this was down from RMB175.4 million in FY2024. Revenue fell 4.6% YoY to RMB1.986 billion, marking a second straight annual decline, per its March 27, 2026 results announcement.

Who owns Liepin and is it publicly traded?

Liepin is publicly listed on the Hong Kong Stock Exchange (6100.HK) since June 29, 2018, under parent Tongdao Liepin Group, incorporated in the Cayman Islands. No controlling shareholder is disclosed; Chairman and CEO is Dai Kebin. Institutional holders include Yiheng Capital (~9.9%) and Fidelity entities, per 2026 filings.

Could AI replace Liepin's recruiting business?

AI is automating exactly the screening and matching work Liepin sells. Liepin itself shipped an AI-upgraded Liepin Pro in March 2025, growing AI cash billings from RMB10 million (2024) to over RMB100 million (2025) and covering 70% of paying customers by H1 2025, yet total revenue still fell 4.6% in FY2025.

Who is Liepin's biggest competitor?

BOSS Zhipin (Kanzhun Limited), which leads China's recruitment market by monthly active users, is backed by a ~9.2% Tencent stake, and is dual-listed on Nasdaq and HKEX since December 2022. It targets broader SME/volume hiring versus Liepin's higher-end professional niche, as of July 2026 comparisons.

Has Liepin had layoffs?

No sharp layoffs are documented. Third-party workforce data (Revelio Labs) shows headcount at approximately 4,080 employees as of December 2025, a modest 0.7% decline from 4,108 in 2024 and down from a 2023 peak of 4,129, describing a flat-to-slightly-declining trend rather than cuts.

How has Liepin's stock performed?

Liepin's market cap was approximately HK$1.02 billion as of July 16, 2026, with shares trading near HK$2.05, well below its 52-week high of HK$4.80 and far below its all-time high of HK$36.00, despite ongoing share buybacks and dividend payouts through 2025 and 2026.

Job boards and HR platforms · China

Liepin

liepin.com ↗

Chinese platform connecting headhunters, job seekers, and employers for white-collar hiring.

Losing its protection

Assessed 26 July 2026 · Evidence as of 26 July 2026

The structural protection is eroding.

On the recordSince 26 July 2026 · Checkable from late August 2026 · Every call on the record Checkpoint: H1 2026 interim results, watch AI cash-billing growth against total revenue trend

The call

Revenue has fallen for two straight years even as users and AI billings grow, leaving Liepin's data advantage untested against a bigger, AI-equipped rival.

Liepin is a job-matching service in China that helps companies find mid-level and senior workers. It has real advantages: ten years of worker data, hundreds of thousands of recruiters on staff, and relationships with 1.47 million companies. But its revenue has shrunk for two years straight even though it has more users, meaning it is making less money per customer. Bigger competitors like BOSS Zhipin are moving into its market, and artificial intelligence tools that any company can use are making Liepin's screening and matching work easier to copy. The one thing that could save the picture: if Liepin's new AI products start bringing in real money fast enough to offset the revenue it is losing elsewhere. If that happens by mid-2026, the company stays standing. If AI money grows but total revenue keeps falling, the pricing pressure is real and the problems are deep.

Why

AI pressure: AI matching and screening tools that let employers and candidates skip headhunters. AI could let firms match candidates directly, cutting out headhunters, but Liepin now sells its own AI add-ons instead of losing to outside AI yet. Could AI do the core job? Only partly.

Bigger players: BOSS Zhipin (Kanzhun Limited). BOSS Zhipin already leads on user volume and is pushing into higher-end hiring, squeezing the pricing space Liepin relies on. Could a giant copy it? Yes, easily.

What protects it. Ten-plus years of verified headhunter and enterprise relationship data covering 1.47 million business users.

What would change this call

Liepin reports FY2026 revenue growth or a third straight annual decline (results due ~March 2027). Shows whether AI billings growth has offset pricing pressure or the erosion continues.
BOSS Zhipin launches or expands an executive/high-end search product. Would show the incumbent directly invading Liepin's core mid-to-high-end niche.
H1 2026 interim results (~August 2026) AI cash-billing figure versus total revenue trend. Tests whether AI monetization is converting into overall revenue stabilization.

Key numbers

FY2025 revenue RMB1.986B, down 4.6% YoY (2026-03-27)
AI product cash billings grew RMB10M to over RMB100M (2026-03-30)
Paying business customers reached 72,000, up 5.3% YoY (2026-03-30)

Named risks

Two consecutive years of revenue decline (RMB2.28B to RMB1.99B) despite user growth signals ARPU compression. Severity: high
AI is commoditizing core screening/matching workflows that form Liepin's paid product. Severity: high
Larger, better-funded BOSS Zhipin could move upmarket into Liepin's professional niche. Severity: medium
Soft China white-collar hiring demand, only 30.85% of firms planned Q1 2025 hiring increases. Severity: medium
Industry-wide regulatory/cybersecurity review risk, as seen with Kanzhun's 2021-2022 CAC review. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
BOSS Zhipin (Kanzhun)	losing to	MAU leader, Tencent-backed, while Liepin revenue fell 2 straight years to RMB1.99B by FY2025
Zhilian Zhaopin	contesting	Long-standing hybrid online/offline recruitment portal competing in same white-collar segment, 2026
Maimai	contesting	Professional social network competing for mid-career professional engagement, per 2026 analysis
LinkedIn	contesting	LinkedIn's reduced China consumer presence leaves executive/cross-border hiring gaps Liepin competes for
51job	contesting	Nasdaq-founded integrated HR services provider overlapping with Liepin's enterprise HR offerings

Questions people ask

Is Liepin profitable in 2025?: Yes. Liepin (Tongdao Liepin Group, HKEX:6100) reported FY2025 net profit of RMB140.9 million, though this was down from RMB175.4 million in FY2024. Revenue fell 4.6% YoY to RMB1.986 billion, marking a second straight annual decline, per its March 27, 2026 results announcement.
Who owns Liepin and is it publicly traded?: Liepin is publicly listed on the Hong Kong Stock Exchange (6100.HK) since June 29, 2018, under parent Tongdao Liepin Group, incorporated in the Cayman Islands. No controlling shareholder is disclosed; Chairman and CEO is Dai Kebin. Institutional holders include Yiheng Capital (~9.9%) and Fidelity entities, per 2026 filings.
Could AI replace Liepin's recruiting business?: AI is automating exactly the screening and matching work Liepin sells. Liepin itself shipped an AI-upgraded Liepin Pro in March 2025, growing AI cash billings from RMB10 million (2024) to over RMB100 million (2025) and covering 70% of paying customers by H1 2025, yet total revenue still fell 4.6% in FY2025.
Who is Liepin's biggest competitor?: BOSS Zhipin (Kanzhun Limited), which leads China's recruitment market by monthly active users, is backed by a ~9.2% Tencent stake, and is dual-listed on Nasdaq and HKEX since December 2022. It targets broader SME/volume hiring versus Liepin's higher-end professional niche, as of July 2026 comparisons.
Has Liepin had layoffs?: No sharp layoffs are documented. Third-party workforce data (Revelio Labs) shows headcount at approximately 4,080 employees as of December 2025, a modest 0.7% decline from 4,108 in 2024 and down from a 2023 peak of 4,129, describing a flat-to-slightly-declining trend rather than cuts.
How has Liepin's stock performed?: Liepin's market cap was approximately HK$1.02 billion as of July 16, 2026, with shares trading near HK$2.05, well below its 52-week high of HK$4.80 and far below its all-time high of HK$36.00, despite ongoing share buybacks and dividend payouts through 2025 and 2026.

Timeline

2026-03-30FY2025 earnings call highlights: AI billings hit RMB100M+, 1.474M business users reported
2026-03-27FY2025 results: revenue RMB1.986B (down 4.6% YoY), net profit RMB140.9M
2025-08-29H1 2025 interim results: revenue RMB937.2M, down 7.6% YoY, net profit RMB102.8M
2025-03-28FY2024 results: revenue RMB2.081B, down 8.8% YoY; Liepin Pro AI upgrade launched
2020-07Company renamed from Wise Talent Information Technology to Tongdao Liepin Group
2018-06-29Listed on Hong Kong Stock Exchange under ticker 6100
2014-01Company renamed from Lietou to Liepin
2011-06Founded in Beijing as Lietou

Revision history

26 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Deel Beisen Holdings Saramin HR