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） 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。 – 1 – 購買股份 截 至2025年12月31日，已 根 據2023年受限制股份單位計劃向5,301名合資格參與 者授出總計62,875,325份 受 限 制 股 份 單 位，涉 及 總 計62,875,325股 股 份。詳 情 請 參 閱本公司日期為2023年9月4日、2024年1月2日、2024年4月3日、2024年4月17日、 2025年4月1日 及2025年10月15日的公告。 在 符 合 及 遵 守《上 市 規 則》之 規 定 的 前 提 下，董 事 會 將 不 時 檢 討 及 全 權 酌 情 決 定 將根據2023年受限制股份單位計劃授予合資格參與者的附帶董事會認為適合之 歸屬條件的有關股份數目以及進一步從市場購買的有關股份數目。 自願公告 根 ...

国产算力龙头股曝光。 大利好，02469，直线拉升 今日（12月30日）盘中出现利好消息。据上海证券报报道，教育部科学技术与信息化司司长周大旺在新 闻发布会上透露，下一步，教育部将继续深入推进人工智能赋能教育行动，计划在明年出台相关政策文 件，系统部署推进人工智能教育和应用，构建面向未来的教育体系。按照不同教育阶段特点，分类推动 人工智能通识教育，培养胜任智能时代的高素质人才。 据悉，今年教育部启动实施国家教育数字化战略行动2.0，将智能化作为战略方向之一，深化推进人工 智能在教育领域的全方位应用，已经取得阶段性进展。 港股相关标的在此消息影响下有所异动，粉笔（02469.HK）盘中直线拉升，从跌1%左右拉升至一度涨 超2%。 A股市场上豆神教育（维权）、世纪天鸿两只个股12月以来机构研报标题均提及AI教育。其中，东吴证 券表示，豆神教育目前已构建起"AI软件服务+硬件终端"的双轮驱动模式，通过校内外多场景联动形成 学习链路闭环，全时段、全场景覆盖用户需求，有效提升了学习效率与知识留存率，提高产品与服务竞 争力。 中邮证券表示，目前世纪天鸿已将AI+教育确立为第二增长曲线，并围绕教学与作业场景规划推出小鸿 助 ...

Core Viewpoint - The company has entered into a strategic cooperation agreement with Huatu to explore collaboration in various areas related to recruitment exam training, including investment, governance, technology development, distribution channels, industry self-discipline, and customer service [1]. Group 1: Strategic Cooperation Areas - Investment cooperation will focus on exploring equity investment opportunities, including strategic investments and joint ventures [1]. - Governance collaboration will involve mutual recommendations of directors and establishing regular communication mechanisms to share management experiences [1]. - Technology development will see both companies jointly develop AI applications for the recruitment exam training industry, leveraging their respective strengths in AI technology [1]. - Distribution channel cooperation aims to integrate both companies' channels to enhance operational efficiency [1]. - Industry self-discipline efforts will focus on setting industry standards through quality services and teaching standards [1]. - Customer service collaboration will involve analyzing industry trends and user demand changes to optimize the strategic partnership [1]. Group 2: Market Position and Profitability - The partnership between Huatu and the company, both industry leaders, is expected to complement each other's strengths, potentially increasing market share and restoring profitability [2]. Group 3: AI Product Development - The company has been continuously enriching its AI product matrix, with significant sales achievements, such as the AI brushing system class reaching over 14,000 sales in a single day on October 14 [3]. - The company plans to enhance AI research and development investments at an annual growth rate of 30%, aiming to establish an education model laboratory in collaboration with top institutions [3]. Group 4: Financial Projections - The company anticipates revenue growth, projecting operating revenues of 2.67 billion, 2.78 billion, and 2.98 billion yuan for the years 2025 to 2027, with adjusted net profits of 298 million, 375 million, and 445 million yuan respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The strategic partnership with Huatu aims to explore various areas including investment cooperation, corporate governance, technology development, distribution channel collaboration, industry self-regulation, and customer service [1]. - The collaboration is expected to enhance market share and restore profitability due to the complementary strengths of both leading companies in the industry [2]. - The AI product matrix is continuously expanding, with significant sales achievements, including over 14,000 units sold in a single day for the AI question-answering system class [2]. - The company plans to increase its AI R&D investment by 30% annually and collaborate with top institutions to build an educational large model laboratory [2]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 2.67 billion, 2.78 billion, and 2.98 billion RMB respectively, with adjusted net profits of 298 million, 375 million, and 445 million RMB [3][4]. - The adjusted net profit growth rates are expected to be -17.9% in 2025, 25.9% in 2026, and 18.7% in 2027 [4][11]. - The company’s P/E ratios for the next three years are projected to be 15.3x, 12.1x, and 10.2x respectively [4][11].

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，粉笔(02469.HK)、国泰君安国际 (01788.HK)、黑芝麻智能(02533.HK)、金山云(03896.HK/KC.US)、九方智投控股(09636.HK) 5家企业荣 获"年度港股通卓越奖"奖项。（排名不分先后，按公司首部字母顺序排列） 格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角 兽公司排行榜。此次"金格奖"上市公司评选覆盖港交所、上交所、深交所、纽交所、美国证券交易所、 纳斯达克证券交易所挂牌上市的全部上市公司及独角兽公司。 | 2025年度卓越公司评选榜单 | | | --- | --- | | T 天天 出 | B | | GURUCLUB OUTSTANDING COMPANIES I 公司名称 | 公司代码 | | 粉笔 | 02469.HK | | 国泰君安国际 | 01788.HK | | 黑芝麻智能 | 02533.HK | | 金山云 | 03896.HK/KC.US | | 九方 ...

Core Insights - The article discusses the stock buyback activities of various companies, highlighting the total amounts and quantities repurchased, with Tencent Holdings leading the buyback efforts [1][2]. Group 1: Buyback Overview - Tencent Holdings (00700) repurchased 1.051 million shares for a total of 636 million, representing 0.995% of its total share capital [2]. - Xiaomi Group (01810) repurchased 7.2 million shares for 302 million, accounting for 0.430% of its total share capital [2]. - China COSCO Shipping Holdings (01919) repurchased 2.95 million shares for 40.016 million, which is 3.089% of its total share capital [2]. Group 2: Notable Buybacks - Kuaishou Technology (01024) repurchased 462,000 shares for 29.9304 million, representing 0.191% of its total share capital [2]. - Kingsoft Corporation (03888) repurchased 702,800 shares for 19.9994 million, which is 0.580% of its total share capital [2]. - Country Garden Services (06098) repurchased 3 million shares for 18.9615 million, accounting for 1.284% of its total share capital [2]. Group 3: Other Companies - Coolpad Group (02369) repurchased 3.16 million shares for 4.1717 million, representing 7.986% of its total share capital [2]. - China Petroleum & Chemical Corporation (00386) repurchased 764,000 shares for 3.306 million, which is 0.190% of its total share capital [2]. - Mengniu Dairy (02319) repurchased 200,000 shares for 2.9675 million, accounting for 0.762% of its total share capital [2].

Core Viewpoint - The competitive landscape of the civil service exam training market is evolving as two leading companies, Fenbi and Huatu, have announced a strategic partnership to mitigate fierce competition and enhance user experience [2][4][20]. Group 1: Strategic Partnership - Fenbi and Huatu have signed a strategic cooperation agreement to explore collaboration in investment, corporate governance, technology development, and channel cooperation [5][6]. - The partnership aims to leverage each company's strengths, with Huatu's extensive offline presence complementing Fenbi's online capabilities, thereby improving operational efficiency [6][7]. - Both companies will advocate for industry self-regulation and user oversight, aiming to establish industry benchmarks and combat unethical practices [7][8]. Group 2: Market Context - The civil service exam training market has become increasingly competitive, with many institutions employing aggressive pricing strategies, leading to a chaotic market environment [2][19]. - The market for vocational exam training in China is projected to exceed 100 billion yuan by 2026, with civil service exam training alone expected to reach 20 billion yuan [17]. - The increasing number of graduates seeking stable employment has intensified competition in the civil service exam sector, resulting in lower pass rates and a crowded training market [17][18]. Group 3: Company Performance - Fenbi has faced declining revenues, with a projected income of 27.90 billion yuan in 2024, down 7.66% year-on-year, and an 8.50% decline in the first half of the year [17]. - Huatu has shown resilience, with a 15.65% year-on-year revenue growth to 24.64 billion yuan in the first three quarters, surpassing its competitor, Zhonggong Education [19]. - Zhonggong Education, once the market leader, has seen its revenue shrink from a peak of 112 billion yuan in 2020 to 26.27 billion yuan in 2024, indicating a significant market shift [19].

Core Viewpoint - The competitive landscape of the civil service exam training market is intensifying, leading to a strategic partnership between two leading companies, Fenbi and Huatu, aimed at reducing vicious competition and promoting high-quality development in the industry [2][3][4]. Group 1: Market Dynamics - The civil service exam training market has become highly competitive, with a significant number of candidates vying for limited positions, resulting in a booming yet chaotic training market [1]. - The market is characterized by aggressive tactics from training institutions, including low pricing and guarantees of passing, which have led to a lack of quality and increased competition [2]. - The civil service exam training market in China is projected to exceed 100 billion yuan by 2026, with the civil service exam segment alone expected to reach 20 billion yuan [20]. Group 2: Strategic Partnership - On December 12, Fenbi and Huatu announced a strategic cooperation agreement to enhance the competitive environment of the civil service exam training market, improve user experience, and achieve resource complementarity [3][4]. - The partnership will explore collaboration in investment, corporate governance, technology development, and channel cooperation, including potential equity cooperation and joint ventures [4][5]. - Both companies aim to leverage their respective strengths—Huatu's extensive offline presence and Fenbi's online technology and user traffic—to improve operational efficiency and raise industry entry barriers [5][7]. Group 3: Industry Challenges - Despite the strategic partnership, the market reaction was lukewarm, with both companies' stock prices declining following the announcement [8]. - Fenbi has faced challenges in recent years, with revenue declining due to intensified competition and the rise of low-cost individual teachers on social media platforms [17][22]. - Huatu, while experiencing growth, is also dealing with legal issues related to its IPO process, which could impact its control and financial stability [17]. Group 4: Competitive Landscape - The civil service exam training market is fragmented, with many players leading to low concentration; the top five companies only hold a combined market share of 22.1% [22]. - Huatu has seen a revenue increase of 15.65% year-on-year, reaching 24.64 billion yuan, surpassing the struggling market leader, Zhonggong Education, which has seen a significant revenue decline [22]. - The partnership between Fenbi and Huatu may signal the beginning of a new round of industry reshuffling, as both companies seek to consolidate their positions in a challenging market [20][22].

粉笔(02469)发布公告，于2025年12月15日，该公司斥资249.1万港元回购100万股股份，每股回购价格为 2.49-2.5港元。 ...

智通财经APP讯，粉笔(02469)发布公告，于2025年12月15日，该公司斥资249.1万港元回购100万股股 份，每股回购价格为2.49-2.5港元。 ...