Core Insights - The company, Fenbi, reported a revenue of 2.7898 billion yuan for the year ending December 31, 2024, a decrease of 7.7% compared to 2023 [1] - The annual profit for Fenbi was 239.6 million yuan, an increase of 27.0% year-on-year [1] - Adjusted net profit was 363 million yuan, down from 445 million yuan in 2023 [1] Revenue Breakdown - Training services generated revenue of 2.3408 billion yuan, accounting for 83.9% of total revenue, down from 2.5145 billion yuan in the previous year [1] - The decline in training service revenue was attributed to intensified competition in the examination training industry and the impact of individual teachers on social media platforms [1] - The number of paid participants in large class training courses dropped from 1.2 million to 900,000, a decrease of approximately 30% [1] Book Sales and Costs - Book sales revenue was 449 million yuan, contributing 16.1% to total revenue, down from 506.8 million yuan in the previous year [2] - The decline in book sales was primarily due to changes in teacher qualification exam policies and scheduling overlaps with civil service exams [2] - The cost of revenue decreased from 1.451 billion yuan in 2023 to 1.326 billion yuan in 2024, a reduction of 8.7% [2] AI Development - Fenbi is focusing on AI development, with products like "Fenbi Head" and one-on-one interview evaluation systems being introduced [2] - The company plans to launch an "AI Question Practice System Class" in March 2025 and will increase investments in products, technology, and computing power [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2024 is projected to be 2.79 billion, with a net profit of 240 million, reflecting a year-on-year decline of 7.7% in revenue and an increase of 27.0% in net profit [2] - The decline in revenue is attributed to intensified competition and changes in examination schedules affecting enrollment [3] - AI technology is expected to enhance teaching efficiency and operational effectiveness, contributing to a potential increase in profit margins [5] Summary by Sections Revenue and Profitability - The company's revenue for 2024 is expected to be 2.79 billion, with a net profit of 240 million, showing a year-on-year decrease of 7.7% in revenue and an increase of 27.0% in net profit [2] - The adjusted net profit margin for 2024 is projected at 13%, down 1.7 percentage points from the previous year [5] Business Segments - Revenue from training services and book sales for 2024 is expected to be 2.34 billion and 450 million, respectively, representing declines of 6.9% and 11.4% year-on-year [3] - The average monthly active users on the platform for 2024 is projected to remain stable at 9.1 million [3] Financial Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted down to 2.84 billion and 2.98 billion, respectively, with a new revenue forecast for 2027 set at 3.15 billion [6] - The adjusted net profit forecasts for 2025 and 2026 have been revised down to 373 million and 396 million, respectively, with a new forecast for 2027 at 423 million [6] Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 14.24, 13.44, and 12.56, respectively [8] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.17, 0.18, and 0.19, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company reported a revenue of 2.8 billion RMB for 2024, a decrease of 8% year-on-year, while net profit reached 240 million RMB, an increase of 27% year-on-year [1]. - The training services segment generated 2.3 billion RMB (84% of total revenue), down 7% year-on-year, with online learning products contributing 100 million RMB, large class training courses 500 million RMB, and small class training courses 1.7 billion RMB [1]. - The company is increasing its investment in AI, launching products such as AI written exams and AI teacher one-on-one interview reviews, aiming to enhance user experience and maintain industry leadership [4]. Summary by Sections Financial Performance - The company’s gross margin for 2024 was 52.5%, up 0.5 percentage points year-on-year, with training services gross margin at 56% and book sales gross margin at 34% [1]. - Management fee rate was 15%, down 0.8 percentage points year-on-year, while sales fee rate was 23%, up 0.4 percentage points [2]. - The net profit margin for 2024 was 8.6%, an increase of 2.4 percentage points year-on-year [2]. Market Position - Despite facing intense market competition, the company maintains a stable user base, with 7,177 employees at the end of 2024, a decrease of 2% year-on-year, and an average monthly active user count of 9.1 million, roughly unchanged from 2023 [3]. - The company is committed to avoiding low-quality, homogenized products and focuses on improving educational services while maintaining a stable core team [3]. AI Development - The company plans to increase its AI R&D investment by 30% annually, collaborating with top institutions to build an educational model capable of "diagnosis-prediction-evolution" [4]. - The increase in AI R&D personnel has led to an additional expense of 13 million RMB in 2024, reflecting the company's commitment to enhancing its AI capabilities [4].

Core Viewpoint - The company, Fenbi, reported a strong performance for the fiscal year 2024, with revenue of 2.79 billion RMB and a net profit of 240 million RMB, reflecting a year-on-year growth of 27.05% [1] Financial Performance - Fenbi's revenue breakdown includes online learning products (106 million RMB), large classes (508 million RMB), small classes (1.687 billion RMB), and promotional courses (39.4 million RMB), accounting for approximately 3.8%, 18.2%, 60.5%, and 1.4% of total revenue respectively [1] - The company is positioned as a leader in the public examination training market, outperforming competitors such as Zhonggong Education and Huatu Shanding in terms of profit [1] Technological Advancements - Fenbi is recognized for its technological barriers and industry positioning, being the first internet-based training service provider that integrates offline resources [2] - The company has invested 220 million RMB in R&D for 2024, leading the industry in technological investment [2] - Fenbi's proprietary domain-specific large model has shown superior performance in various subjects compared to general models like DeepSeek, indicating its technological leadership in public examination training [3] AI Integration and Future Outlook - The company is actively integrating AI into its services, with plans to launch an AI evaluation product for interviews, expanding its service offerings in the "AI + vocational education" sector [3] - The rapid development of AI technology in China is expected to reshape global industry dynamics, positively impacting the valuation of Chinese assets, including Fenbi [4] - The education sector is anticipated to benefit from AI empowerment, with Fenbi expected to enhance its brand and product strength, leading to increased profitability [4]

Core Insights - In 2025, the company achieved a net profit of 240 million yuan, driven by various factors [1] Business Expansion - The company has expanded its service areas from public examination training to include postgraduate entrance exams and vocational skills, attracting more users by catering to specific needs [2] - The company has penetrated third and fourth-tier cities, capitalizing on the growing demand for vocational education in these regions, which has contributed to revenue growth [2] Teaching Staff - The company focuses on selecting and nurturing outstanding teachers, building a strong faculty team with rich teaching experience [3] - Regular training and exchange meetings for teachers enhance their teaching capabilities, improving overall teaching quality and supporting revenue growth [3] Course Innovation - The company continuously innovates its course design by integrating online and offline teaching methods, accommodating diverse learning preferences and time management needs [4] Marketing Promotion - Effective marketing strategies, including social media and online platforms, have significantly contributed to profitability, with high-quality teaching videos attracting potential students [7] - Collaborations with universities and enterprises for campus lectures and internal training have increased brand awareness and directly driven business expansion [7] Cost Control - The company maintains strict cost management, forming stable partnerships with suppliers to reduce costs and streamlining teaching materials to avoid resource waste [8] - Implementation of a scientific assessment system has improved employee efficiency and reduced labor costs, while rational allocation of office expenses ensures maximum value from expenditures [8]

3月28日，粉笔(02469.HK)发布2024年全年业绩。 粉笔采取"AI+职业教育"战略。2024年粉笔收入27.9亿元；净利润为2.4亿元，同比增长27%；经调整净利润预期为3.6亿元。 2025年度国考，共有341.6万人通过资格审查，平均竞争报录比为86:1，创下近五年国考新高。报告期内，粉笔月平均活跃用 户数914万。 2024年，粉笔持续发力AI领域，2024年的研发支出2.2亿元。2024年底，粉笔引入DeepSeek大模型，预计推动其自研垂域大模 型性能进一步释放。2025年3月，粉笔垂域大模型PRO深度推理能力上线。 | | ◆ 粉笔自研 | | | --- | --- | --- | | 题目答疑跑分 | 粉笔自研垂域大模型 | 通用大模型 | | 平均值 | 4.02 | 3.85 | | 言语 | 3.79 | 3.52 | | 判断推理 | 3.93 | 3.48 | | 常识 | 4.28 | 3.94 | | 资料分析 | 4 | 3.9 | | 科学推理 | 4.24 | 4.16 | | 数量关系 | 4.24 | 4.12 | | 数量点踩难题 | 4.11 | 3.85 ...

智通财经APP获悉，3月28日，粉笔(02469)发布2024年全年业绩，经营稳健发展，AI成果表现亮眼。 2024年，粉笔持续发力AI领域，推出自研垂域大模型，并成功落地粉笔AI老师、精品面试AI点评、AI 刷题系统班产品。上市以来，粉笔连续多份财报净利润增长速度超过两位数，在保持业务稳健发展同 时，加速AI技术落地职业教育各细分场景，聚焦高质量增长，持续领跑行业。 粉笔董事长、CEO、创始人张小龙在公司成立10周年庆典表示，好的AI技术一定要和行业数据经验深 度结合，才能提升服务的针对性。粉笔将持续加大在产品技术算力等方面投入，让公司AI产品保持行 业领先。 1、AI产品矩阵成型，商业化路径清晰 AI正成为教育行业业绩增长的确定性驱动因素。国金证券指出，在相关政策支持背景下，2025 年有望 是 AI+教育应用落地的关键窗口期。随着知识图谱、多模态交互技术等新技术为AI教育应用落地提供必 要基础，结合 AI 教育公司技术研发进展看，2025 年同样有望是产品密集落地的一年。 作为业界领先的教育科技公司，粉笔多年来持续布局人工智能赛道。2024年，粉笔研发支出2.2亿元， 技术投入居于第一梯队。2024年底 ...

大班培训课程。即以系统班为主的全在线的大班直播培训类课程，配备高水准讲师及精心设计的直播课 程，提供系统性的知识讲解辅以相应的练习以帮助学员备考。在线大班培训课程通常的在线授课规模在 1000人以上，通常授课时间持续30至90天，通常定价为每门课程300元至1280 元。在线大班培训课程在 2024年取得收入约5.08亿元。 小班培训课程。小班课程主要以在线或通过线上和线下融合的模式进行。主流笔试班型学员人数通常为 30至60人，通常授课时间持续30至120天，以公职类招录考试培训为例，通常定价为每门课程7000元以 上。主流面试班型学员人数通常为8至12人，通常授课时间持续5至15天，以公职类招录考试培训为例， 通常定价为每门课程8000元以上。小班课程向学员提供个性化的培训服务，通过互联网的方式，集团得 以对师资质量和教学质量进行有效的把控，用稳定的教学质量驱动各个班级之间稳定一致的教学成果， 从而逐步实现课程产品的品牌化。依托自主研发的技术和海量的学习行为数据，集团的在线学习系统可 以实现追踪学生学习轨迹与彼等薄弱点的实时反馈，大幅提高老师授课效率，结合日益累积的相关数据 向每个学生提供个性针对性的整体 ...

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） 截 至2024年12月31日止年度之 年度業績公告 粉筆有限公司（「本公司」，連同其子公司及合併聯屬實體，統稱「本集團」）董事（「董 事」）會（「董事會」）欣 然 宣 佈 本 集 團 截 至2024年12月31日 止 年 度（「報告期間」）的 經 審計綜合年度業績連同截至2023年12月31日止年度的比較數字。 於 本 公 告 內，「我 們」及「粉 筆」指 本 公 司，倘 文 義 另 有 所 指，則 指 本 集 團。 業績摘要 財務業績 | | | | | | | | | | | | | | | | | 2024 | 2023 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

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 ...