（文章来源：每日经济新闻） 每经AI快讯，10月14日，港股粉笔(02469.HK)涨超6%，截至发稿，涨6.51%，报2.78港元，成交额 6889.78万港元。 ...

Core Viewpoint - The stock of Fenbi (02469) has risen over 6%, currently trading at 2.78 HKD, with a trading volume of 68.9 million HKD, driven by the upcoming civil service examination recruitment announcements and the anticipated growth in AI-based test preparation products [1] Company Summary - Fenbi's AI test preparation system was launched in April this year, priced at 399 RMB, which offers real-time learning data planning and dynamic customization of study plans, significantly enhancing user experience [1] - As of June 30, 2025, Fenbi has sold 50,000 units of its AI test preparation system, generating approximately 20 million RMB in sales [1] - The company plans to introduce more AI large classes in various subjects by the end of the year following the recent upgrade of its AI matrix with the launch of the civil service AI test preparation class [1] Industry Summary - The new civil service examination recruitment announcements are expected to peak in October, with the latest announcement indicating that candidates aged 18 to 38 are eligible, and for 2026 graduates with master's and doctoral degrees, the age limit is extended to under 43 [1] - Huatai Securities predicts that as the national examination approaches, the AI test preparation classes are likely to see accelerated growth, with annual sales expected to reach nearly 200,000 participants [1] - The new AI products are characterized by lower pricing, personalized and efficient learning experiences, and increased resistance to piracy, making them competitive and capable of achieving stable profitability in the current market environment [1]

Core Viewpoint - The stock of Fenbi (02469) has increased by over 6%, currently trading at 2.78 HKD, with a transaction volume of 68.9 million HKD. The upcoming civil service examination is expected to boost the demand for AI-based test preparation courses, with projected sales nearing 200,000 participants for the year [1]. Company Summary - Fenbi launched an AI test preparation system in April, priced at 399 RMB, which enhances user experience by dynamically customizing learning plans based on real-time data [1]. - As of June 30, 2025, Fenbi has sold 50,000 units of its AI product, generating approximately 20 million RMB in sales [1]. - The company plans to introduce more AI courses across various subjects by the end of the year, following the recent upgrade of its AI matrix with the launch of the civil service AI test preparation course [1]. Industry Summary - The civil service examination recruitment is entering a peak announcement period starting in October, with the latest announcement for the 2026 national examination indicating age flexibility for applicants [1]. - Huatai Securities anticipates that the demand for AI test preparation courses will accelerate as the national examination approaches, driven by the competitive advantages of new AI products, including lower pricing and personalized learning experiences [1]. - The industry is expected to see a gradual replacement of traditional products by AI offerings, leading to increased user growth and profitability potential [1].

华泰证券此前指，预计下半年随着国考临近，AI刷题班有望加速放量，预计全年销量有望接近20万人 次。考虑到新的AI产品具备更低的定价、更个性化和高效的学习体验、更难被盗版等特征，在当下市 场环境下具备较强竞争力和更稳健的盈利能力，该行认为中长期AI产品有望逐步替代传统产品形态， 并向更广泛的长尾用户渗透，推升用户增长和盈利天花板。 消息面上，继公考及事业单位AI刷题系统班、自研硬件设备AI智能音箱后，粉笔推出基于大模型的教 资面试AI点评系统，为广大教师资格面试备考的考生带来全新的智能备考体验。此外，据粉笔近期披 露，其事业单位AI刷题班上线不久销量即突破5000份。 粉笔(02469)尾盘涨超5%，截至发稿，涨4.48%，报2.8港元，成交额1.55亿港元。 ...

Core Viewpoint - The company Fenbi (02469) has launched a new AI evaluation system for teacher qualification interviews, enhancing its product offerings in the education technology sector, which has positively impacted its stock performance [1] Group 1: Company Developments - Fenbi's stock rose over 5% towards the end of trading, currently at 2.8 HKD with a trading volume of 155 million HKD [1] - The newly launched AI evaluation system is based on large models, providing a new intelligent preparation experience for candidates [1] - Fenbi's AI question-answering class for civil service exams has seen sales exceed 5,000 shortly after its launch [1] Group 2: Market Outlook - Huatai Securities predicts that with the national exam approaching in the second half of the year, the AI question-answering class is expected to accelerate in sales, potentially reaching 200,000 participants for the year [1] - The new AI products are characterized by lower pricing, personalized and efficient learning experiences, and reduced risk of piracy, making them competitive in the current market [1] - The long-term outlook suggests that AI products may gradually replace traditional product forms, expanding user growth and profitability ceilings [1]

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 ...

Core Viewpoint - The article highlights the transformation of Liu Pan Village in Hubei, known as the "Chalk Village," where traditional chalk production has evolved into a vibrant industry that exports innovative chalk products to over 200 countries, generating an annual output value exceeding 100 million yuan. Group 1: Industry Overview - Liu Pan Village has a rich history in chalk production, dating back to the 1950s, with its gypsum reserves being the best in China [1][6] - Nearly half of the 400 households in Liu Pan Village rely on chalk production and sales, with an annual output exceeding 10 million boxes [1][6] - The village's chalk is now a significant player in the global market, with at least 60% of the world's chalk coming from this village [4][6] Group 2: Innovation and Market Adaptation - The rise of multimedia teaching tools has posed challenges for the traditional chalk industry, prompting local entrepreneurs to innovate [6][7] - Liu Xiaofeng, a local entrepreneur, has leveraged e-commerce to revitalize the chalk business, expanding its customer base beyond schools to individual households [7][8] - The cost of producing a box of chalk is approximately 0.5 to 0.6 yuan, with retail prices reaching 2.5 to 3 yuan online, indicating a significant markup [7] Group 3: Product Diversification - The village has shifted towards producing creative and colorful chalk products, including unique shapes and designs aimed at children, which are increasingly popular in international markets [8][12] - New product lines include functional chalks, such as high-temperature resistant chalk and insect-repelling chalk, showcasing the adaptability of the industry [16][18] - The introduction of innovative designs, like the "Starry Sky Chalk," has allowed the village to enter higher-end markets, with export prices significantly higher than domestic sales [9][12] Group 4: Community and Cultural Development - The establishment of the Huangtan Chalk Industry Association in 2021 has facilitated collaboration among local producers, enhancing the overall competitiveness of the industry [17] - Plans are underway to create a chalk museum and interactive experience center to preserve the cultural heritage of chalk production and engage the younger generation [21][24] - The local government is investing in infrastructure and cultural projects to promote the village as a tourist destination, further integrating the chalk industry with cultural tourism [24]

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].

Core Viewpoint - The company announced the resignation of its co-secretary Li Zhongcheng and the appointment of Liang Aixin as the new co-secretary effective from September 29, 2025 [1] Group 1 - Li Zhongcheng has resigned as co-secretary and legal representative for receiving legal documents in Hong Kong, effective from September 29, 2025 [1] - Liang Aixin will take over the role of co-secretary and legal representative starting from September 29, 2025 [1] - Wang Tao will continue to serve as another co-secretary [1]