Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 2,789,781 thousand, a decrease of 7.7% from RMB 3,021,318 thousand in 2023[5] - Gross profit for 2024 was RMB 1,463,978 thousand, down 6.7% from RMB 1,569,823 thousand in 2023[5] - Adjusted net profit (non-IFRS) for 2024 was RMB 362,532 thousand, a decrease of 18.6% compared to RMB 445,130 thousand in 2023[5] - Operating profit for 2024 increased to RMB 227,211 thousand, up 25.5% from RMB 181,014 thousand in 2023[7] - Net profit for the year was RMB 239,570 thousand, an increase of 27% from RMB 188,566 thousand in 2023[7] - For the fiscal year ending December 31, 2024, the total segment revenue was RMB 2,941,569,000, a decrease from RMB 3,172,421,000 in the previous year, representing a decline of approximately 7.3%[26] - The revenue from external customers for training services was RMB 2,340,790,000, while for book sales it was RMB 448,991,000, totaling RMB 2,789,781,000 for external revenue[26] - The gross profit for the training services segment was RMB 1,311,510,000, down from RMB 1,393,854,000 in the previous year, indicating a decrease of about 5.9%[26] - The company's profit before tax for the year ended December 31, 2024, was RMB 262,039,000, an increase from RMB 204,953,000 in 2023, representing a growth of approximately 28%[53] - The tax expense calculated at the applicable statutory tax rate for 2024 was RMB 71,072,000, compared to RMB 56,992,000 in 2023, reflecting an increase of about 25%[53] - The basic earnings per share for the year ended December 31, 2024, was RMB 0.11, up from RMB 0.09 in 2023, indicating a growth of approximately 22%[56] - The diluted earnings per share for the year ended December 31, 2024, was RMB 0.11, compared to RMB 0.08 in 2023, showing an increase of 37.5%[57] Assets and Liabilities - Total assets decreased to RMB 1,876,914 thousand in 2024 from RMB 2,122,508 thousand in 2023, a decline of 11.5%[9] - Cash and cash equivalents increased to RMB 945,953 thousand in 2024, up from RMB 671,530 thousand in 2023[9] - Total equity attributable to the owners of the company decreased to RMB 1,203,439 thousand in 2024 from RMB 1,267,744 thousand in 2023[10] - Trade receivables as of December 31, 2024, amounted to RMB 20,904,000, down from RMB 31,509,000 in 2023, a decrease of approximately 33.8%[58] - The company's trade payables increased to RMB 34,559,000 as of December 31, 2024, from RMB 30,283,000 in 2023, representing an increase of about 14.1%[63] - Deferred tax assets totaled RMB 58,185 thousand as of December 31, 2024, down from RMB 64,036 thousand in 2023, reflecting a decrease of approximately 9.5%[13] - The net value of deferred tax assets decreased to RMB 38,970 thousand in 2024 from RMB 39,916 thousand in 2023, a decline of about 2.4%[13] - The total deferred tax liabilities increased to RMB (29,127) thousand in 2024 from RMB (24,167) thousand in 2023, representing an increase of approximately 20.5%[13] Employee and Operational Metrics - The company employed 7,177 staff in 2024, a slight decrease from 7,325 in 2023[6] - Employee benefit expenses decreased from RMB 1,657,185 thousand in 2023 to RMB 1,368,102 thousand in 2024, a decline of approximately 17.5%[43] - The total employee costs for the reporting period amounted to approximately RMB 1,368.1 million, covering salaries, bonuses, and other benefits[132] - The company has successfully established itself as a leading provider of vocational examination training services in China, focusing on technology and innovation[69] Revenue Sources and Trends - The group primarily generates revenue from vocational education, training services, and book sales[36] - The company's performance is significantly influenced by the number of paying participants, which is affected by service quality and marketing strategies[121] - Revenue primarily comes from training services, with variations in service product mix impacting overall profit margins[123] - Training services generated revenue of RMB 2,340.8 million in 2024, down 6.9% from RMB 2,514.5 million in 2023, primarily due to intensified competition in the training industry[75] - Book sales revenue decreased by 11.4% to RMB 449.0 million in 2024, down from RMB 506.8 million in 2023, attributed to changes in examination policies[75] Taxation and Financial Management - Current income tax expense decreased from RMB 18,876 thousand in 2023 to RMB 11,656 thousand in 2024, a decline of approximately 38.5%[50] - Total income tax expense increased from RMB 16,387 thousand in 2023 to RMB 22,469 thousand in 2024, an increase of approximately 37.1%[50] - The company confirmed a tax expense of RMB 22,469,000 for the year ended December 31, 2024, compared to RMB 16,387,000 in 2023, indicating an increase of approximately 37.5%[53] - The company has several subsidiaries in China that qualify for reduced corporate income tax rates of 15% and 20% due to their status as high-tech enterprises and small micro-enterprises, respectively[53] Cash Flow and Investments - Net cash generated from operating activities for 2024 was RMB 290.96 million, significantly lower than RMB 587.84 million in 2023[106] - Net cash used in investing activities for 2024 was RMB 469.4 million, primarily due to the redemption of financial assets[108] - Net cash used in financing activities for 2024 was RMB 498.7 million, mainly due to share repurchases of RMB 444 million[109] - Capital expenditures for 2024 amounted to approximately RMB 18.3 million, a decrease from RMB 56.3 million in 2023[111] Corporate Governance and Future Outlook - The company does not recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[67] - The company plans to allocate the net proceeds from its global offering towards enhancing course content and expanding its student base, with HKD 58.9 million earmarked for this purpose[131] - The company aims to continue investing in technology development to create entry barriers and strengthen its market leadership, ensuring sustainable business growth[126] - The board has decided not to declare a final dividend for the reporting period (2023: none)[140] - The annual general meeting is scheduled for June 27, 2025, with a record date for shareholder attendance set for June 27, 2025[141][142] Market and Competitive Landscape - The demand for vocational examination training services in China is increasing, driven by favorable government policies, technological innovations, and service upgrades[119] - Seasonal fluctuations affect the timing of student purchases for training courses, particularly around national civil service exams held in November or December[120] - The company plans to improve teacher utilization rates to enhance operational efficiency and manage costs effectively[125] Research and Development - The company has invested significantly in R&D to enhance its technology infrastructure and expand online learning tools, aiming to improve operational efficiency and student learning experiences[126]

港股公司报告 | 公司点评 粉笔（02469） 证券研究报告 盈利保持稳健，持续深耕"AI+教育"结构性机遇 公司发布 24 年度盈利预告 24 年总体收入 27.7 亿，同比减少不多于 8.3%，净利润不少于 2.25 亿，同 比增长不少于 19.3%，调后净利不少于 3.5 亿，同比减少不多于 21.4%。自 上市以来，粉笔持续保持稳健盈利，净利润均实现两位数以上增长水平， 强劲表现已获得市场充分认可。 深度整合 DeepSeek，实现公考培训赛道商业化新突破 公司宣布，已于 2024 年底全面拥抱 DeepSeek 大模型，推动粉笔自研垂域 大模型性能释放，通过智能技术矩阵重构公职培训产业生态，实现用户体 验智能化升级与运营效能指数级提升，为教育科技行业开辟价值增长新范 式。据了解，目前技术升级已覆盖公务员考试核心场景，在用户练习点评、 面试点评等关键环节构建起技术护城河。 粉笔垂域大模型已经覆盖"教-学-练-测-评"全链路 基于自研垂域大模型，公司推出精品面试 AI 点评产品，于 12 月 13 日正式 上线，用户可以以 1 元/次的价格限时进行体验。精品面试 AI 点评系粉笔 在此赛道推出的第三款 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company is expected to generate total revenue of 2.77 billion RMB in 2024, a year-on-year decrease of no more than 8.3%, while net profit is projected to be at least 225 million RMB, representing a year-on-year growth of at least 19.3% [1]. - The company has embraced the DeepSeek large model by the end of 2024, aiming to enhance the performance of its self-developed domain-specific large model and restructure the public service training industry ecosystem [2]. - The self-developed domain-specific large model covers the entire "teaching-learning-practice-assessment" chain, with the launch of a premium AI interview evaluation product priced at 1 RMB per session [3]. - The company has integrated online and offline resources through an innovative OMO model, achieving economies of scale and synergy effects, which positions it favorably in the competitive job market [4]. Summary by Sections Financial Performance - The company has consistently maintained robust profitability since its listing, with net profits achieving double-digit growth levels [1]. - Adjusted profit forecasts for 2024-2026 indicate revenues of 2.77 billion RMB, 3.09 billion RMB, and 3.56 billion RMB, with net profits of 350 million RMB, 400 million RMB, and 470 million RMB respectively [5]. User Engagement and Market Position - As of December 31, 2024, the company had 72.74 million registered users, reflecting strong market recognition [3]. - The recent AI interview mock exam competition saw a peak registration of over 22,000 participants in a single day, with a total of 94,000 registrations in the past week, indicating a significant increase in user engagement [3]. Business Model and Strategy - The company offers a comprehensive range of training services, including online learning products, large class live courses, and small personalized training classes, catering to public service recruitment and professional qualification exams [4]. - The OMO model allows the company to leverage both online and offline resources effectively, enhancing its competitive edge in the vocational examination training industry [4].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is facing increased competition in the exam training industry, leading to a decline in revenue and adjusted net profit for 2024. The estimated revenue for 2024 is at least 2.77 billion yuan, a year-on-year decrease of no more than 8.3%, while the adjusted net profit is expected to be at least 0.35 billion yuan, a year-on-year decrease of no more than 21.4% [2][6] - The company has launched AI products covering various exam preparation areas, which include features such as question answering, study planning, and intelligent supervision. Although the short-term contribution to performance is limited, these innovations are expected to significantly impact the industry ecosystem in the long run [6] - The financial forecasts for adjusted net profit for 2024 to 2026 are revised to 0.361 billion yuan, 0.372 billion yuan, and 0.412 billion yuan respectively. The current stock price corresponds to valuations of 18x, 17x, and 16x for these years, maintaining a "Buy" rating due to the market's focus on AI applications [6] Financial Summary - Total revenue for 2022 was 2.81 billion yuan, with a year-on-year growth rate of -18%. In 2023, revenue increased to 3.02 billion yuan, showing a growth rate of 7.5%. For 2024, revenue is projected to decrease to 2.79 billion yuan, reflecting a year-on-year decline of 7.7% [4][6] - The net profit attributable to the parent company was 0.19 billion yuan in 2022, increasing to 0.445 billion yuan in 2023, a growth rate of 134.1%. The forecast for 2024 is a net profit of 0.361 billion yuan, indicating a year-on-year decrease of 19% [4][6] - The gross margin is expected to remain stable at around 49% for 2024 to 2026, while the return on equity (ROE) is projected to be 22% in 2024, decreasing to 19% and 17% in the following years [4][6]

FU HHE 粉筆有限公司 Fenbi Ltd. (於開曼群島註冊成立的有限公司 ) 股份代號：2469 ABC 中期 報告 目錄 | --- | --- | |------------------------|-------| | | | | 公司資料 | 2 | | 業績摘要 | 4 | | 管理層討論與分析 | 5 | | 其他資料 | 13 | | 中期財務資料的審閱報告 | 28 | | 中期簡明合併損益表 | 29 | | 中期簡明合併綜合收益表 | 30 | | 中期簡明合併資產負債表 | 31 | | 中期簡明合併權益變動表 | 33 | | 中期簡明合併現金流量表 | 34 | | 中期財務資料附註 | 35 | | 釋義 | 62 | 公司資料 上海浦東發展銀行北京分行 | --- | --- | |---------------------------------|---------------------------------------------| | | | | 董事會 | 核數師 | | 執行董事 | 羅兵咸永道會計師事務所 | | 張小龍先生 （主席兼首席執行官） | 執業 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 2.62 HKD, expecting a relative return of over 20% within the next six months [1]. Core Views - The company reported a revenue of 1.63 billion HKD for the first half of 2024, a decrease of 3.08% year-on-year, while adjusted net profit increased by 21% to 350 million HKD [1]. - The decline in revenue is attributed to a scheduling conflict between the company's examination training and provincial civil service examination, leading to a drop in sales of training materials [1]. - The company has seen a 5% year-on-year increase in employee count, totaling 7,564 employees, while the average monthly active users remained stable at 9.2 million [1]. - The gross margin improved to 54.2%, up by 3.3 percentage points year-on-year, driven by reduced employee welfare expenses and enhanced operational efficiency [1]. - The company is leveraging AI to significantly enhance operational efficiency, with teacher productivity increasing by 275% [1]. Summary by Sections Financial Performance - For the first half of 2024, training service revenue was 1.379 billion HKD, accounting for 84.6% of total revenue, with a year-on-year decline of 3.1% [1]. - Book sales revenue was 252 million HKD, representing 15.4% of total revenue, also down by 3.0% year-on-year [1]. - The company’s net profit margin reached 17.03%, an increase of 12.19 percentage points year-on-year [1]. Operational Efficiency - The company’s management expense ratio decreased to 12.11%, down by 6.90 percentage points year-on-year, while the sales expense ratio increased to 19.65%, up by 1.56 percentage points [1]. - R&D expenses were 108 million HKD, a decrease of 24.4% year-on-year, with an R&D expense ratio of 6.64% [1]. Future Outlook - The company projects revenues of 3.152 billion RMB, 3.501 billion RMB, and 3.901 billion RMB for the years 2024 to 2026, respectively [2]. - Adjusted net profits are expected to be 551 million RMB, 630 million RMB, and 730 million RMB for the same period [2]. - Earnings per share (EPS) are forecasted at 0.25 RMB, 0.28 RMB, and 0.33 RMB, with corresponding price-to-earnings (PE) ratios of 10x, 9x, and 7x [2].

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company reported a revenue of 1.63 billion CNY for the first half of 2024, a year-on-year decrease of 3.1%, while net profit increased by 240.9% to 278 million CNY [1] - Adjusted net profit reached 349 million CNY, reflecting a year-on-year growth of 21.2% [1] - The company is the largest recruitment training institution in China, with a unique online gene [1] - Despite a decrease in industry concentration, the company continues to focus on high-quality teaching services, leading to improved profit margins [1] Revenue Breakdown - The revenue from training services and book sales was 1.379 billion CNY and 252 million CNY, respectively, both down by 3.1% and 3.0% year-on-year [1] - Training services account for 75% of total revenue, with small class courses generating 1.026 billion CNY, representing 63% of total revenue [1] - The company expects an increase in enrollment due to current employment trends, although the decrease in industry concentration may pressure customer pricing [1] Profitability Metrics - The gross margin improved to 54.2%, up 3.3 percentage points year-on-year, with training services and book sales gross margins at 57.9% and 33.6%, respectively [1] - Adjusted net profit margin reached 21.4%, a year-on-year increase of 4.3 percentage points, marking a new high since the company went public [1] Share Buyback Activity - The company repurchased shares worth approximately 154 million HKD, canceling 35.87 million shares, reflecting confidence in long-term business prospects [1] - The total share capital is now approximately 2.239 billion shares [1] Future Profit Projections - The company forecasts net profit attributable to shareholders of 452 million CNY, 478 million CNY, and 519 million CNY for 2024, 2025, and 2026, respectively [1] - Adjusted net profit projections are 553 million CNY, 578 million CNY, and 619 million CNY for the same years [1] - The current stock price corresponds to a price-to-earnings ratio of 11, 11, and 10 times for 2024, 2025, and 2026, respectively [1]

股 票 研 究 证 券 研 究 报 告 考试错期扰动收入，利润率持续修复 粉笔(2469) [Table_Industry] 教育产业 [Table_Invest] 评级： 增持 ——粉笔 2024 年中期业绩点评 [当前价格 Table_CurPrice] (港元)： 2.84 | --- | --- | |---------------------------|-----------| | | | | [Table_Market] 交易数据 | | | 52 周内股价区间（港元） | 2.53-5.45 | | 当前股本（百万股） | 2,239 | | 当前市值（百万港元） | 6,359 | -41% -28% -14% -1% 13% 26% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/7 52周内股价走势图 粉笔 恒生指数 [Table_Report] 相关报告 考试错期扰动收入，小班运营持续发力 2024.07.26 小班模型跑通持续发力，盈利能力提升 2024.03.30 成本结构持续优化 ...

证券研究报告·海外公司点评·支援服务(HS) 粉笔（02469.HK） 2024 年中报点评：收入端承压，经调整净利 润受益于经营效率提升仍实现同比+21% 2024 年 08 月 26 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|------------|--------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2828 | 3021 | 3032 | 3319 | 3634 | | 同比(%) | (17.71) | 6.84 | 0.35 | 9.48 | 9.49 | | 归母净利润（百万元） | (2,087.35) | 188.57 | 451.92 | 550.98 | 664.95 | | 同比(%) | (2.02) | 109.03 | 139.66 | 21.92 | 20.69 | | EPS-最新摊薄（元 ...

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 粉笔（2469.HK）公司半年报点评 2024 年 8 月 26 日 股票数据 8[T月ab23le日_S收t盘oc价k（In港fo元] ） 3.00 52 周股价波动（港元） 2.37-15.04 总股本/流通 H 股（百万股） 22/22 总市值/流通市值（百万港元） 67/67 [《Ta经b调le净_R利e4p.5o亿rtI元nf，o小] 班拓展第二增长曲线》 《线上扩张线下提效，OMO 模式高效协同》 | --- | |------------| | 相关研究 | | 2024.04.03 | 2023.09.24 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M [Table_AuthorInfo] | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | 绝对涨幅（%） | 3.8 | -32.1 | -25.7 | | 相对涨幅（%） | 3.0 | -29.8 | -20.4 | | 资 ...