股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 粉筆有限公司 | | | | | | 呈交日期: | 2025年10月6日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02469 | 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | US ...

央广网北京10月2日消息（总台记者韩雪莹 高重 彭照）据中央广播电视总台中国之声《新闻纵横》报道，一支小小的粉笔，是否会勾起你的童年回忆？ 老师用它在黑板上写下知识点，又或是和儿时伙伴在街头巷尾的墙砖上用它留下充满童真的印记……大家记忆中的粉笔，很可能就产自"粉笔之乡"——湖北 孝感应城市黄滩镇刘垸村。应城的纤维石膏储量和品质冠绝全国，以石膏为原料制作粉笔的历史可以追溯至上世纪五十年代。 如今在刘垸村，400多户村民中近半数以生产和销售粉笔为生，他们不再仅仅制作书写粉笔，而是将不起眼的石膏变成创意粉笔，远销200多个国家和地 区，全村粉笔年产量过千万箱、产值过亿元。中国之声特别策划《我们村的"王牌"》，带您去看看生动鲜活、有实效、接地气的乡村产业新场景。本期推 出：《粉笔画出新图景》。 走进刘垸村，家家户户房前屋后的晾晒架上摆放着一排排五颜六色的粉笔，仿佛打翻的调色盘，撞进人们的视野里。村民刘汉银和粉笔打了大半辈子交 道，水与石膏粉怎么配比、打浆时间要多久，无需称重、也不用计时，他的手臂肌肉记忆就已足够精准。 刘汉银说："看起来没有技术，其实有技术含量，什么时候倒浆、刮浆？每一道工序都要掌握其规律。我们习惯了 ...

Core Viewpoint - The company, Fenbi, reported strong financial performance in the first half of 2025, with revenue of 1.492 billion yuan and a net profit of 227 million yuan, indicating a commitment to long-term development through technological innovation and service optimization [1] Group 1: Financial Performance - In the first half of 2025, Fenbi achieved revenue of 1.492 billion yuan and a net profit of 227 million yuan, with an adjusted net profit of 271 million yuan [1] - The company has maintained a stable level of R&D expenditure at 108 million yuan in 2025, consistent with the previous year [2] Group 2: R&D and Technological Innovation - Fenbi's R&D spending has consistently been at the forefront of the industry, with expenditures of 251 million yuan in 2024 and 221 million yuan in 2023 [3] - The company launched its self-developed vertical large model and a series of AI educational products, establishing a significant technological advantage in core teaching areas [2] Group 3: Market Position and Growth Potential - The AI-based courses have seen rapid growth, with approximately 50,000 sales and revenue of about 20 million yuan from the AI question-answering system class by June 30 [3] - Fenbi's AI products have positively influenced user consumption decisions, enhancing overall payment conversion efficiency [3] - The introduction of AI sprint classes aims to meet diverse user needs, potentially enriching revenue sources and driving performance growth in the second half of the year [3] Group 4: Competitive Landscape - The vocational education industry is experiencing short-term fluctuations, with some smaller institutions adopting aggressive pricing strategies, which may pressure overall market profitability [4] - Fenbi emphasizes a long-term development approach, focusing on technological innovation and service quality to maintain strategic stability [5] Group 5: Operational Efficiency and User Engagement - Fenbi has demonstrated strong performance in user retention and operational efficiency, with nearly 1.5 million participants in the newly launched AI interview mock exam competition [5] - The company reported a high willingness (98.43%) among users to recommend the interview mock exam product to peers, indicating significant conversion potential [5] - Technological innovations are expected to reduce marginal costs in teacher training, course development, and service delivery, enhancing cost control and profitability resilience [5]

Core Viewpoint - The company, Fenbi, reported its mid-year results for 2025, showing a revenue of RMB 1.49 billion and a net profit of RMB 227 million, indicating a decline compared to the previous year [2][3]. Financial Performance - For the six months ending June 30, 2025, Fenbi's revenue was RMB 1,491,952,000, down from RMB 1,630,470,000 in 2024, representing a decrease of approximately 8.5% [3]. - Gross profit for the same period was RMB 805,748,000, compared to RMB 883,203,000 in 2024, reflecting a decline of about 8.8% [3]. - The net profit for the period was RMB 226,651,000, down from RMB 277,739,000 in 2024, a decrease of around 18.4% [3]. - Adjusted net profit was RMB 271,459,000, compared to RMB 349,097,000 in 2024, indicating a decline of approximately 22.2% [3]. Research and Development - Fenbi maintained its leading position in R&D investment, spending RMB 108 million in the first half of 2025, consistent with the previous year [6]. - The company has consistently invested in R&D, with expenditures of RMB 251 million in 2024 and RMB 221 million in 2023, maintaining a leading level in the industry [6]. - Fenbi has launched a series of AI educational products, including AI teachers and exam preparation systems, establishing a significant technological advantage in core teaching areas [6]. AI Product Development - The AI question-answering system has sold approximately 50,000 units, generating around RMB 20 million in revenue, reflecting strong user demand for personalized training [6]. - The introduction of AI courses is seen as a new growth point for Fenbi, with the potential to enhance revenue sources and drive performance growth in the second half of the year [6]. Strategic Investments - Fenbi plans to reallocate its unutilized IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with HKD 12 million dedicated to AI model development and commercialization [7]. - The remaining HKD 48.8 million will be invested in high-end talent and infrastructure related to advanced AI [7]. Market Position and Competitive Advantage - Fenbi emphasizes a long-term development strategy, focusing on technological innovation and service quality to maintain its competitive edge [8]. - The company has demonstrated strong performance in user retention and operational efficiency, with a recent AI mock interview competition attracting nearly 1.5 million participants [8]. - The efficiency gains from technological innovation are expected to lower marginal costs in teacher training, course development, and service delivery, enhancing financial stability and long-term value growth [8].

格隆汇9月29日丨粉笔(02469.HK)公告，李忠成已辞联席公司秘书及根据香港法例第622章公司条例第16 部及上市规则第19.05(2)条所规定，代表公司于香港接收法律程序文件及通知授权代表，自2025年9月29 日起生效。梁皑欣将接替李忠成获委任为联席公司秘书及法律程序代理人，自2025年9月29日起生效。 汪陶将继续担任另一位联席公司秘书。 ...

梁皑欣女士将接替李先生获委任为联席公司秘书及法律程序代理人，自2025年9月29日起生效。汪陶女 士将继续担任另一位联席公司秘书。 智通财经APP讯，粉笔(02469)发布公告，李忠成先生已辞任公司联席公司秘书及法律程序代理人，自 2025年9月29日起生效。 ...

變更聯席公司秘書及法律程序代理人 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 全 部 或 任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Fenbi Ltd. 粉筆有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2469） 及 豁免嚴格遵守上市規則第3.28條 及8.17條 粉 筆 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，李 忠 成 先 生（「李 先 生」）已 辭 任 本 公 司 聯 席 公 司 秘 書（「聯席公司秘書」）及 根 據 香 港 法 例 第622章 公 司條例第16部及上市規則第19.05(2)條 所 規 定，代 表 本 公 司 於 香 港 接 收 法 律 程 序 文 件 及 通 知 之 授 權 代 表（「法律程序代理人」），自2025年9月29日起生效。 李 先 生 已 確 認，彼 與 董 事 會 並 無 意 見 分 歧，亦 無 有 關 彼 辭 任 之 事 宜 須 提 請 本 公 司 股 東 ...

Core Insights - The company, Fenbi, reported a revenue of RMB 1.492 billion and a net profit of RMB 227 million for the first half of 2025, maintaining its leading position in the industry through significant R&D investments and a long-term development strategy [1] Group 1: R&D and Technological Advancements - Fenbi's R&D expenditure for 2025 was RMB 108 million, consistent with the previous year, showcasing stable and continuous investment [2] - Since 2023, the acceleration of generative AI industrialization has allowed Fenbi to launch the industry's first self-developed domain-specific large model, leading to the development of various AI educational products [2] - The company plans to reallocate its unused IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with significant investments directed towards AI vertical models and high-end talent [2] Group 2: Growth Potential and Market Position - AI courses have emerged as a significant growth point for Fenbi, particularly targeting civil service and national examination preparation, with the introduction of AI sprint classes to cater to diverse user needs [3] - Despite short-term fluctuations in the vocational education sector, Fenbi emphasizes the importance of teaching quality and service level over aggressive pricing strategies adopted by smaller competitors [4] - The company maintains a long-term development focus, enhancing technological innovation and service quality, which is expected to lead to stable growth in participant numbers and profitability [5] Group 3: Operational Efficiency and User Engagement - Fenbi's AI mock interview competition attracted nearly 1.5 million participants within six months, indicating strong user engagement and a high recommendation rate among users [5] - The efficiency gains from technological innovations are expected to reduce marginal costs in teacher training, course development, and service delivery, thereby optimizing the company's cost structure [5] - The expansion of AI applications is anticipated to enhance Fenbi's cost control capabilities and financial resilience in a complex market environment, supporting long-term value growth [5]

Core Insights - The company, Fenbi, reported a revenue of RMB 1.492 billion and a net profit of RMB 227 million for the first half of 2025, maintaining its leading position in the industry through significant R&D investments and a long-term development strategy [1] Group 1: R&D and Technological Advancements - Fenbi's R&D expenditure for 2025 was RMB 108 million, consistent with the previous year, showcasing stable and continuous investment [2] - Since 2023, the acceleration of generative AI industrialization has allowed Fenbi to launch the industry's first self-developed domain-specific large model, leading to the introduction of various AI educational products [2] - The company plans to reallocate its unused IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with significant investments directed towards AI vertical models and high-end talent [2] Group 2: Growth Potential and Market Position - AI courses have emerged as a significant growth point for Fenbi, particularly targeting civil service and national examination preparation, with the introduction of AI sprint classes to cater to diverse user needs [3] - Despite short-term fluctuations in the vocational education sector, Fenbi emphasizes the importance of teaching quality and service level over aggressive pricing strategies adopted by smaller competitors [4] - Fenbi's commitment to long-term development and technological innovation positions it favorably in the current economic environment, with the AI question-answering system expected to enhance user retention and operational efficiency [5] Group 3: User Engagement and Market Impact - The AI mock interview competition launched in 2025 attracted nearly 1.5 million participants, indicating strong user engagement and a high recommendation rate among users [5] - The efficiency gains from technological innovations are expected to lower marginal costs in teacher training, course development, and service delivery, enhancing the company's cost structure and profitability [5]

2025 中期報告 INTERIM REPORT 2025 中期報告 2025 Interim Report 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 | 14 | | 中期財務資料的審閱報告 | 29 | | 中期簡明合併損益表 | 30 | | 中期簡明合併綜合收益表 | 31 | | 中期簡明合併資產負債表 | 32 | | 中期簡明合併權益變動表 | 34 | | 中期簡明合併現金流量表 | 35 | | 中期財務資料附註 | 36 | | 釋義 | 66 | 公司資料 董事會 執行董事 張小龍先生 （主席兼首席執行官） 魏亮先生 非執行董事 李鑫先生 （於2025年5 月16日辭任） 袁啟堯先生 （主席） 丘東曉先生 袁佳女士 薪酬委員會 丘東曉先生 （主席） 張小龍先生 魏亮先生 袁啟堯先生 袁佳女士 提名委員會 張小龍先生 （主席） 魏亮先生 丘東曉先生 袁啟堯先生 袁佳女士 聯席公司秘書 汪陶女士 李忠成先生 授權代表 獨立非執行董事 丘東曉先生 袁啟堯先生 袁佳女士 審核委員會 魏亮先生 汪陶女士 核 ...