港股公司报告 | 公司点评 粉笔（02469） AI 提升运营效率 公司发布置利顾告 公司预计 24H1 收入不低于 16.1 亿人民币，同减不高于 5%；净利不低于 2.6 亿元, 同增不低于 213%, 经调净利不低于 3.3 亿元, 同增不低于 13.5%。 公司 24H1 业绩改善得益于 : ( 1 ) 坚定对技术投入，将人工智能等技术领 先应用于教师授课及课程产品，师资利用效率优势日益体现，师均收入贡 献持续提升；（２）通过技术赋能进一步提升经营效率，员工成本比去年同 期有所降低，预期 24H1 整体毛利率及净利率较去年同期有所增长； ( 3 ) 公司 24H1 根据不同归属服务期确认的股份支付支出有所减少 。 2024 年大微盟及相关技术在飲育顿城应用点龙深入 粉笔加快研发人工智能的脚步，成为第一家在职业教育领域发布自研垂域 大模型的公司，并落地产品粉笔 AI 老师，以人工智能推动教育革新，致力 于让科技成果惠及更多用户，满足用户多样化的学习需求 。 作为业界领先的科技教育公司，粉笔正在不断强化优势地位。 粉笔内部测算数据显示，以题目答疑场景为例, 在 " 粉笔垂域大模型+RAG" 的作用下，粉笔 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 粉笔(2469.HK) 投资评级 买入 上次评级 买入 [Table_A 范欣悦 uthor教育人服 ] 行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 利润稳定增长，考试错期影响收入 [Table_ReportDate] 2024 年 7 月 26 日 [Table_S 事件：公司发布正面盈利预告， ummary] 24H1，实现收入超过 16.1 亿元、同减 4.3% 以内，实现净利润超过 2.55 亿元、同增超过 212.9%，实现经调整净利润超 过 3.27 亿元、同增超过 13.5%。 点评： ➢ 剔除事业单位考试错期影响，估计收入小幅增长。事业单位联考笔试时 间从往年的 5 月提前至 3 月 30 日，根据我们的统计，共 20 个省/地区 参加；而今年公务员省 ...

证券研究报告 | 公司研究 | | |------------|----| | 公司点评 | | | 粉笔 | | | 投资评级 | | | 上次评级 | | [Table_A 范欣悦 uthor教育人服 ] 行业首席分析师 执业编号:S1500521080001 邮 箱: fanxinyue@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区闹市口大街9号院1号楼 邮编:100031 粉笔:着眼基本面,无惧短期扰动 2024 年 07 月 04 日 [Table_S 事件:公司自 ummary]5 月 28 日开始在公开市场回购,截至 7 月 3 日,已回购 3950 万股,回购金额达到 1.68 亿元。 点评: ➢ 积极回购,彰显信心。5 月 13 日,公司宣布计划在 2024 年 5 月 13 日 ~2025 年 5 月 12 日期间在公开市场上回购不超过 3 亿港元的普通股。 自 5 月 28 日开始回购至今,已回购 3950 万股,回购金额达到 1.68 亿 元,均价为 4.26 元/股。公司积极回购,充分展现对公司经营的信心。 ➢ 近期股价 ...

港股公司报告 | 公司点评 粉笔（02469） 证券研究报告 2024年06月 12日 投资评级 AI 赋能效果逐步显现 行业 非必需性消费/支援服 务 粉笔推出自研AI智能老师及智能课时脉络两大AI学习工具 6个月评级 买入（维持评级） 当前价格 4.35港元 本轮升级中，粉笔率先将AI成果赋能国/省考笔试系统班产品，新增“AI智 目标价格 港元 能老师”与“课时脉络”两大亮点功能，以为学员提供全程个性化高效解惑， 提高学员的学习体验，真正实现千人千面的个性化学习。 基本数据 AI技术加持，科技助力高效学习 港股总股本(百万股) 2,292.19 教育领域是人工智能浪潮中实现应用最为直接且逻辑最为清晰的领域之 港股总市值(百万港元) 9,971.02 一。将人工智能技术与教育相结合，是大模型的重要实践方向。基于在大 每股净资产(港元) 0.61 语言模型（LLM）领域的深厚积累，粉笔自主研发了首个专注于公考行业 资产负债率(%) 40.27 的垂直大模型。在此基础上，得益于在教研方面的长期积累，整合RAG（检 一 年内最高/最低(港元) 10.50/2.96 索增强生成）、意图识别和向量数据库技术，粉笔推出 ...

[Table_Title] 证券研究报告 推出 To C 端 AI 产品，系统班升级并提价 公司研究 [Table_ReportDate] 2024年6月6日 [Table_ReportType] 公司点评 [T事ab件le：_S粉um笔ma官ry方]公众号宣布，在系统班产品新增 “AI智能老师”功能，并将 [T粉ab笔le(_2S4to6c9k.AHnKd)Rank] 国/省考笔试系统班进行全面升级，新增系列课程，价格由 980元调整至 投资评级 买入 1280元，自8月1日起正式全面推行。 点评： 上次评级 买入  ToC端AI产品上线，助力提升用户体验。公司自主研发了首个专注于 [T范ab欣le悦_Autho教r]育人服行业首席分析师 公考行业的垂直大模型，基于大语言模型（LLM）和教研方面的长期积 执业编号：S1500521080001 累，整合RAG（检索增强生成）、意图识别和向量数据库技术，推出“AI 邮 箱：fanxinyue@cindasc.com 智能老师”，并率先应用于国/省考笔试系统班产品。AI智能老师具备个 性化学习规划及指导、学习成果检测及辅导、题目答疑及其他做题辅导、 考情答疑及 ...

[Table_Title] 证券研究报告 推出 To C 端 AI 产品，系统班升级并提价 公司研究 [Table_ReportDate] 2024年6月6日 [Table_ReportType] 公司点评 [T事ab件le：_S粉um笔ma官ry方]公众号宣布，在系统班产品新增 “AI智能老师”功能，并将 [T粉ab笔le(_2S4to6c9k.AHnKd)Rank] 国/省考笔试系统班进行全面升级，新增系列课程，价格由 980元调整至 投资评级 买入 1280元，自8月1日起正式全面推行。 点评： 上次评级 买入  ToC端AI产品上线，助力提升用户体验。公司自主研发了首个专注于 [T范ab欣le悦_Autho教r]育人服行业首席分析师 公考行业的垂直大模型，基于大语言模型（LLM）和教研方面的长期积 执业编号：S1500521080001 累，整合RAG（检索增强生成）、意图识别和向量数据库技术，推出“AI 邮 箱：fanxinyue@cindasc.com 智能老师”，并率先应用于国/省考笔试系统班产品。AI智能老师具备个 性化学习规划及指导、学习成果检测及辅导、题目答疑及其他做题辅导、 考情答疑及 ...

时间：20230509 嘉宾：冉总 纪要要点 1.行业趋势和增长率：报名人次增长速度快于经济增长，国考、省考等报名人次去年增长率分别约为20%和11%-12%，全国人次增长大 约13%-14%，落实到行业收入增长10%。但部分报名人次是出于就业压力或者占坑目的，实际参培人次可能没有表面上增长得那么多。 岗位数上面，教师岗位减少，但公务员和事业单位岗位数仍在增长，主要受60年代婴儿潮一代退休影响。 2.竞争格局和发展前景：头部机构的市场份额有所变化，中部和腰部机构数量减少，小机构数量增加。中公占比和收入下降，华图、粉笔 上升，并且预计趋势会延续。 3.公司业绩发展指引：通过平衡通过率、利润和收入（按重要性排序）实现业务增长。具体目标：通过率，维持在10%，行业为5%；利 润率，今年18%，明年20%，目标25%；收入端，维持百分之十几的增长。 4.技术应用和效率提升：公司利用AI辅助老师教学，提高了教学效率和响应速度。通过AI技术和数据积累，提高了教师的工作效率和学员 的满意度，进一步提升利润率。 纪要正文 对于各位来说比较直观的对行业的接触，新闻上经常会说的有报名人次，国考或者省考多少报名人次。报名人次的增长 ...

时间：20230509 嘉宾：冉总 纪要要点 1.行业趋势和增长率：报名人次增长速度快于经济增长，国考、省考等报名人次去年增长率分别约为20% 和11%-12%，全国人次增长大约13%-14%，落实到行业收入增长10%。但部分报名人次是出于就业压力或 者占坑自的，实际参培人次可能没有表面上增长得那么多。岗位数上面，教师岗位减少，但公务员和事业 单位岗位数仍在增长，主要受60年代婴儿潮一代退休影响。 2.竞争格局和发展前景：头部机构的市场份额有所变化，中部和腰部机构数量减少，小机构数量增加。中 公占比和收入下降，华图、粉笔上升，并且预计趋势会延续。 3.公司业绩发展指引：通过平衡通过率、利润和收入（按重要性排序）实现业务增长。具体目标：通过 率，维持在10%，行业为5%；利润率，今年18%，明年20%，目标25%；收入端，维持百分之十几的增 长。 4.技术应用和效率提升：公司利用AI辅助老师教学，提高了教学效率和响应速度。通过AI技术和数据积 累，提高了教师的工作效率和学员的满意度，进一步提升利润率。 纪要正文 对于各位来说比较直观的对行业的接触，新闻上经常会说的有报名人次，国考或者省考多少报名人次。报 名人次 ...

华福证券 司 मे 粉笔（02469.HK） 在线公考龙头，精品小班 OMO 模式提效 投资要点： 从互联网到商业化的公考培训龙头。粉笔脱胎于猿辅导，以线上免费 题库起家，探索商业化过程中曾经历过线下快速扩张抢占份额但拖累业绩 的阶段，后寻求主动变革，缩减协议班占比，拓展 OMO 教学模式，经营 模型逐渐优化，叠加 AI 赋能降本增效，2022 年经调整净利润转正。2023 年营收重回增长+7.5%至 30.2 亿元，经调整净利润同比+134%至 4.5 亿元， 经调净利率大幅提升至 14.7%。目前产品结构依靠优质口碑和线上声量， 向核心小班产品导流转化，2023 年线上产品/大班课/小班课营收占比 4%/ 22%/ 55%，后续重点拓展小班规模增长和探索 OMO 模式盈利能力提升。 招录考培行业仍有增长空间，格局三足鼎立，看好粉笔龙头地位稳固。 根据沙利文预计招录考培行业 2023 年规模 387 亿元，2023-2026 年稳健增 长，CAGR 为 9.3%，驱动主要来源于毕业生人数增长，贡献需求端基数规 模扩大；就业形势倒逼公考需求强劲；60 年代婴儿潮退休释放岗位供给； 保就业下公务员事业编岗位扩招 ...

Revenue and Financial Performance - Revenue growth in 2023 was lower than expected due to increased competition and lower consumer spending enthusiasm, despite a rise in national exam registrations[4] - The company's adjusted net profit for 2023 was RMB 445,130 thousand, a significant turnaround from a loss of RMB 822,357 thousand in 2021[9] - Total revenue increased by 7.5% from RMB 2,810.4 million in 2022 to RMB 3,021.3 million in 2023[17] - Training services revenue increased by 6.8% from RMB 2,353.9 million in 2022 to RMB 2,514.5 million in 2023[19] - Book sales revenue increased by 11.0% from RMB 456.6 million in 2022 to RMB 506.8 million in 2023[19] - Gross profit increased by 14.9% from RMB 1,365.7 million in 2022 to RMB 1,569.8 million in 2023, with the gross margin rising from 48.6% to 52.0%[21] - Training services gross margin increased from 51.5% in 2022 to 55.4% in 2023, driven by cost structure optimization and improved operational efficiency[22] - Book sales gross margin increased from 33.6% in 2022 to 34.7% in 2023, due to lower paper procurement costs and expanded internal printing facilities[22] - The company recorded a net profit of RMB 188.6 million in 2023, compared to a net loss of RMB 2,088.7 million in 2022, with a net profit margin of 6.2%[32] - Gross margin improved to 52.0% in 2023 from 48.6% in 2022[46] - Net profit margin was 6.2% in 2023, a significant improvement from a net loss margin of 74.3% in 2022[46] - Adjusted net profit margin (non-IFRS) increased to 14.7% in 2023 from 6.8% in 2022[46] Cost Management and Efficiency - Training services related cost of revenue decreased by 1.8% from RMB 1,141.7 million in 2022 to RMB 1,120.7 million in 2023[20] - Book sales related cost of revenue increased by 9.2% from RMB 303.0 million in 2022 to RMB 330.8 million in 2023[20] - Administrative expenses decreased by 13.3% from RMB 543.7 million in 2022 to RMB 471.5 million in 2023, primarily due to reduced listing fees and fewer leased premises[23] - Sales and marketing expenses increased by 30.4% from RMB 516.8 million in 2022 to RMB 673.9 million in 2023, driven by higher performance bonuses and increased promotional efforts[24] - R&D expenses increased by 27.9% from RMB 196.6 million in 2022 to RMB 251.4 million in 2023, due to an expanded R&D team and higher average salaries[25] - The company implemented AI technology to reduce costs in teaching and research, with AI now handling some student inquiries, significantly improving efficiency and contributing to profit growth[7] Operational and Strategic Initiatives - The company implemented measures to improve class attendance and completion rates, including agreements on attendance and homework completion, leading to better learning outcomes and pass rates[5] - The company prioritized long-term reputation over short-term profits by enforcing stricter attendance and completion policies, resulting in improved learning environments and student performance[5] - The company's high-priced courses have shown a significant improvement in pass rates, allowing for higher pricing compared to market averages, which also results in better teacher compensation and profit margins[6] - The company has avoided expanding into lower-tier cities due to low efficiency and quality concerns, focusing instead on maintaining high service quality[6] - The company's strategy focuses on high-quality, high-margin products, aiming for long-term brand value and premium pricing rather than short-term market share gains[8] - The company has a dedicated AI team that combines technical expertise with teaching experience, ensuring that advanced technology is effectively integrated into educational services[7] Financial Position and Assets - Total assets grew from RMB 645,894 thousand in 2019 to RMB 2,122,508 thousand in 2023, showing substantial financial growth[12] - The company's total liabilities decreased from RMB 10,863,012 thousand in 2022 to RMB 1,267,744 thousand in 2023, indicating improved financial health[12] - Contract assets increased from RMB 9.0 million in 2022 to RMB 38.9 million in 2023, driven by higher sales of post-paid agreement classes[35] - Contract liabilities increased from RMB 117.9 million in 2022 to RMB 149.5 million in 2023, due to higher prepaid course fees as the business grew[36] - Refund liabilities decreased from RMB 275.0 million in 2022 to RMB 227.1 million in 2023, mainly due to a lower proportion of refunds for agreement classes[37] - Net current assets increased from RMB 565.4 million in 2022 to RMB 1,048.6 million in 2023, primarily due to cash generated from operating activities and net proceeds from global offering[38] - Cash and cash equivalents decreased from RMB 1,047.4 million in 2022 to RMB 671.5 million in 2023, mainly due to investments in fixed deposits and wealth management products with initial terms exceeding three months[39] - Net cash generated from operating activities was RMB 587.8 million in 2023, compared to a net cash used of RMB 84.0 million in 2022[40] - Net foreign exchange loss recognized as financial costs and other losses was RMB 28.1 million in 2023, down from RMB 107.8 million in 2022[41] - Capital expenditures totaled approximately RMB 56.3 million in 2023, up from RMB 36.0 million in 2022, mainly for the purchase of property, plant, and equipment[42] Employee and Organizational Structure - The number of full-time lecturers decreased from 6,552 in 2020 to 3,225 in 2023, reflecting a strategic shift in staffing[10] - Monthly active users increased from 2,924,180 in 2019 to 9,078,177 in 2023, indicating strong user growth[11] - The company had 7,325 full-time employees as of December 31, 2023, compared to approximately 7,440 in 2022[46] - Total employee costs, including social security expenses and other benefits, amounted to approximately RMB 1,657.2 million for the year ended December 31, 2023[46] - The company has a total of 7,325 employees, with males accounting for 29.4% and females accounting for 70.7% as of December 31, 2023[156] - Female senior management represents 40.0% of the total senior management team[156] - The board of directors consists of 7 members, including 1 female and 6 male directors, with ages ranging from 39 to 62 years[155] Corporate Governance and Leadership - Zhang Xiaolong, 41, serves as the Executive Director, CEO, and Chairman of the Board, responsible for the overall strategic planning, business development, and operations of the company[47] - Wei Liang, 39, serves as the Executive Director and President, overseeing the overall management of the company's training business and technical affairs[47] - Li Yong, 49, is a Non-Executive Director providing guidance and advice on the company's business strategy[48] - Li Xin, 40, is a Non-Executive Director responsible for guiding the company's business strategy[48] - Qiu Dongxiao, 62, is an Independent Non-Executive Director, providing independent opinions and supervising the board[49] - Yuan Qiyao, 44, is an Independent Non-Executive Director, responsible for supervising the board and providing independent opinions[50] - Yuan Jia, 43, is an Independent Non-Executive Director, responsible for supervising the board and providing independent opinions[50] - Sheng Haiyan, 39, is the Vice President, responsible for the overall management of the company's book distribution and sales[51] - The company adheres to the Corporate Governance Code under Appendix C1 of the Listing Rules, with full compliance except for Code Provision C.2.1[148] - The board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee to oversee specific areas[152] - The company has adopted a Board Diversity Policy, focusing on gender, skills, age, professional experience, and educational background[155] - Directors receive ongoing professional development, including training on director responsibilities, corporate governance, and Listing Rules updates[157] - The company maintains a high standard of business ethics and governance, with regular training on integrity and anti-corruption policies[150] - The company's core business philosophy is "user-centric and technology-driven," aiming to create value for shareholders and society[151] - The board reviews and adjusts business strategies to adapt to changing market conditions and ensure sustainable growth[151] - Chairman and CEO roles are held by the same individual, Mr. Zhang Xiaolong, to ensure consistent leadership and strategic planning[158] - All executive directors have signed three-year service contracts starting from December 20, 2022[159] - The Board of Directors holds at least four meetings annually, with a minimum notice period of 14 days for regular meetings[162] - Attendance records for Board and committee meetings in 2023 show full participation by most directors[163] - The Board retains decision-making authority over major matters, including strategy, budgets, and significant transactions[165] - The company has adopted a director nomination policy to ensure diversity in skills, experience, and perspectives[160] - The Nomination Committee evaluates candidates based on gender, age, cultural background, and professional experience[161] - The Board is responsible for overseeing compliance with legal and regulatory requirements[166] - Directors are required to step down and be re-elected at least once every three years[159] - The company has adopted the Standard Code for securities transactions by directors since its listing[164] Risk Management and Internal Controls - The company manages price risk related to financial assets measured at fair value through profit or loss by diversifying its investment portfolio according to internal limits[59] - The company manages credit risk on a group basis, assessing the credit quality of counterparties based on financial condition, credit history, forward-looking information, and other factors[60] - The company regularly reviews the recoverability of receivables and ensures adequate impairment losses are recognized for amounts deemed uncollectible[60] - The Board of Directors is responsible for ensuring a safe and effective risk management and internal control system, with management primarily responsible for designing, implementing, and maintaining the internal control system[174] - The company has established an independent internal audit department to review the internal control and risk management systems and support the Board in assessing the effectiveness of these systems annually[174] - The company has implemented a whistleblowing mechanism to address internal reports related to financial, operational, internal control, and fraud matters, with significant internal control deficiencies or whistleblowing issues to be submitted to the Audit Committee[174] - The Board, with the support of the Audit Committee and management, has reviewed management reports and internal audit results, and assessed the risk management and internal control systems, including financial, operational, and compliance controls[174] - The Board believes that the company's risk management and internal control systems were effective and adequate for the year ended December 31, 2023[174] - The company's accounting and financial reporting functions are performed by qualified and experienced staff who have received adequate training and development[175] Shareholder and Investor Relations - The company successfully listed on the Hong Kong Stock Exchange on January 9, 2023, issuing 20,000,000 new shares at a price of HK$9.90 per share, with net proceeds of approximately HK$113.2 million[137] - As of December 31, 2023, the company had utilized HK$24.2 million of the net proceeds, with HK$89.0 million remaining unused[138] - The company allocated HK$58.9 million to enrich course content and expand the student base, of which HK$3.0 million was utilized by the end of 2023[138] - HK$32.2 million was allocated to strengthen content and technology development capabilities, with HK$16.9 million utilized by the end of 2023[138] - HK$13.6 million was allocated for marketing activities for newly developed courses, with none utilized by the end of 2023[138] - HK$8.5 million was allocated for working capital and other general corporate purposes, with HK$4.3 million utilized by the end of 2023[138] - The company did not declare a final dividend for the year ended December 31, 2023[142] - The company emphasizes effective communication with shareholders and has adopted a shareholder communication policy, including maintaining a website for public access to business updates and financial information[178] - Shareholders holding at least one-tenth of the company's paid-up share capital can request a special general meeting, which must be held within two months of the request[180] ESG and Sustainability - The company's ESG report for 2023 covers the period from January 1 to December 31, 2023, and is available in both Chinese and English versions on the company's website[183][184] - The ESG report follows the principles of materiality, quantification, balance, and consistency, with data collected and disclosed in accordance with relevant guidelines[185][186] - The 2023 ESG report was approved by the company's board of directors on March 28, 2024, and the company welcomes feedback from stakeholders[187] - The company has established a three-tier sustainable development governance structure, consisting of the Board of Directors, ESG Working Group, and internal working groups, to integrate sustainability into daily operations[190] - The Board of Directors is responsible for overseeing ESG and climate-related matters, including reviewing and updating sustainability strategies and monitoring ESG risks and opportunities[191] - The ESG Working Group, authorized by the Board, assists in coordinating and supervising ESG work, including policy implementation, risk management, and performance reporting[192] - The company has integrated ESG risks into its risk assessment and management system, with measures outlined in the corresponding sections of the report[194] - The Board approves ESG-related goals and reviews progress, while the ESG Working Group is responsible for setting targets, monitoring implementation, and evaluating effectiveness[195] - The company emphasizes compliance with applicable laws and regulations, with no ESG-related legal violations or corruption lawsuits reported during the period[196] - The company values stakeholder engagement and maintains transparent communication platforms to collect feedback and improve ESG governance and performance[197] - The company has committed to promoting environmental protection by expanding campus initiatives and setting environmental-related goals[195] - The Board has approved the establishment of an ESG task force to enhance the effectiveness of sustainability governance[188] - The company focuses on four strategic pillars of sustainability: environment, employees, customers, and the community, aligning ESG policies with market trends and stakeholder expectations[189] - The company held annual general meetings and extraordinary general meetings to protect shareholder rights and enhance transparency in information disclosure[198] - The company implemented a health and safety management system and provided competitive compensation and benefits to employees[198] - The company strengthened quality management and upgraded information and network security systems to improve customer service and data security[198] - The company conducted supplier training and strengthened cooperation and communication with suppliers to ensure sustainable supply chain management[198] - The company ensured business and legal compliance and implemented workplace safety measures in response to government regulations[199] - The company participated in community construction and organized volunteer activities to create economic benefits and promote employment[199] - The company conducted a materiality assessment to identify 24 ESG issues relevant to its business and prioritized them based on financial and impact importance[200] - The company engaged internal and external stakeholders in an online survey to evaluate the importance of ESG issues and incorporated the results into future strategy adjustments[200] - The company developed an ESG materiality matrix and priority list, which were reviewed and confirmed by the board and senior management[200] - The company focused on strengthening ESG management and integrating it into risk management and strategic planning based on the materiality assessment results[200] Related Party Transactions and Contracts - The company's largest supplier accounted for 5.2% of total procurement in 2023, down from 10.7% in 2022, and the top five suppliers accounted for 18.3% of total procurement, down from 22.1% in 2022[61] - The company's largest customer accounted for 1.6% of total revenue in 2023, up from 1.0% in 2022, and the top five customers accounted for 3.7% of total revenue, up from 3.5% in 2022[61] - Actual transaction amount for cloud and technical services under the framework agreement with Tencent Computer was approximately RMB 11.3 million for the year ended December 31, 2023[73] - Actual transaction amount for payment services under the framework agreement with Tencent Computer was approximately RMB 9.0 million for the year ended December 31, 2023[74] - The total revenue cap for printing services purchased by Beiyuan Education from the company in 2023 was approximately RMB 10.0 million, with actual transaction amount under the printing service framework agreement reaching about RMB 3.6 million[76] - Beiyuan Education is a related party of the company, with 63.568% ownership by Mr. Li Yong, a director and controlling shareholder of the company[76] - The company's consolidated affiliated entities contributed RMB 1,445.3 million in revenue for the year ended December 31, 2023, accounting for approximately 47.8% of the group's total revenue[79] - The printing service framework agreement between the company and Beiyuan Education is valid from the signing date until December 31, 2024[75] - The company's independent non-executive directors and auditors have reviewed and confirmed that the related party transactions are conducted under normal commercial terms and are fair and reasonable[77] - The company's contract arrangements with consolidated affiliated entities ensure control and economic benefits, with significant contributions to the group's financial performance[78] - The business cooperation and service agreement between Fenbi Shang'an and Fenbi Lantian grants Fenbi Shang'an exclusive rights to intellectual property developed by Fenbi Lantian or its subsidiaries[80] - Fenbi Shang'an has exclusive rights to purchase all or any part of the equity and assets of Fenbi Lantian and its subsidiaries from registered shareholders at the minimum price stipulated by Chinese laws[81] - The exclusive purchase right agreement remains effective until Fenbi Shang'an exercises its exclusive purchase right