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 ...

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].