Core Points - The company announced the resignation of Mr. Li Zhongcheng as the co-secretary and legal representative, effective from September 29, 2025 [1] - Ms. Liang Aixin will succeed Mr. Li as the co-secretary and legal representative, also effective from September 29, 2025 [1] - Ms. Wang Tao will continue to serve as another co-secretary [1]

變更聯席公司秘書及法律程序代理人 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） 及 豁免嚴格遵守上市規則第3.28條 及8.17條 粉 筆 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，李 忠 成 先 生（「李 先 生」）已 辭 任 本 公 司 聯 席 公 司 秘 書（「聯席公司秘書」）及 根 據 香 港 法 例 第622章 公 司條例第16部及上市規則第19.05(2)條 所 規 定，代 表 本 公 司 於 香 港 接 收 法 律 程 序 文 件 及 通 知 之 授 權 代 表（「法律程序代理人」），自2025年9月29日起生效。 李 先 生 已 確 認，彼 與 董 事 會 並 無 意 見 分 歧，亦 無 有 關 彼 辭 任 之 事 宜 須 提 請 本 公 司 股 東 ...

Core Insights - The company, Fenbi, reported a revenue of RMB 1.492 billion and a net profit of RMB 227 million for the first half of 2025, maintaining its leading position in the industry through significant R&D investments and a long-term development strategy [1] Group 1: R&D and Technological Advancements - Fenbi's R&D expenditure for 2025 was RMB 108 million, consistent with the previous year, showcasing stable and continuous investment [2] - Since 2023, the acceleration of generative AI industrialization has allowed Fenbi to launch the industry's first self-developed domain-specific large model, leading to the development of various AI educational products [2] - The company plans to reallocate its unused IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with significant investments directed towards AI vertical models and high-end talent [2] Group 2: Growth Potential and Market Position - AI courses have emerged as a significant growth point for Fenbi, particularly targeting civil service and national examination preparation, with the introduction of AI sprint classes to cater to diverse user needs [3] - Despite short-term fluctuations in the vocational education sector, Fenbi emphasizes the importance of teaching quality and service level over aggressive pricing strategies adopted by smaller competitors [4] - The company maintains a long-term development focus, enhancing technological innovation and service quality, which is expected to lead to stable growth in participant numbers and profitability [5] Group 3: Operational Efficiency and User Engagement - Fenbi's AI mock interview competition attracted nearly 1.5 million participants within six months, indicating strong user engagement and a high recommendation rate among users [5] - The efficiency gains from technological innovations are expected to reduce marginal costs in teacher training, course development, and service delivery, thereby optimizing the company's cost structure [5] - The expansion of AI applications is anticipated to enhance Fenbi's cost control capabilities and financial resilience in a complex market environment, supporting long-term value growth [5]

Core Insights - The company, Fenbi, reported a revenue of RMB 1.492 billion and a net profit of RMB 227 million for the first half of 2025, maintaining its leading position in the industry through significant R&D investments and a long-term development strategy [1] Group 1: R&D and Technological Advancements - Fenbi's R&D expenditure for 2025 was RMB 108 million, consistent with the previous year, showcasing stable and continuous investment [2] - Since 2023, the acceleration of generative AI industrialization has allowed Fenbi to launch the industry's first self-developed domain-specific large model, leading to the introduction of various AI educational products [2] - The company plans to reallocate its unused IPO funds of HKD 60.8 million to enhance teaching efficiency and service quality, with significant investments directed towards AI vertical models and high-end talent [2] Group 2: Growth Potential and Market Position - AI courses have emerged as a significant growth point for Fenbi, particularly targeting civil service and national examination preparation, with the introduction of AI sprint classes to cater to diverse user needs [3] - Despite short-term fluctuations in the vocational education sector, Fenbi emphasizes the importance of teaching quality and service level over aggressive pricing strategies adopted by smaller competitors [4] - Fenbi's commitment to long-term development and technological innovation positions it favorably in the current economic environment, with the AI question-answering system expected to enhance user retention and operational efficiency [5] Group 3: User Engagement and Market Impact - The AI mock interview competition launched in 2025 attracted nearly 1.5 million participants, indicating strong user engagement and a high recommendation rate among users [5] - The efficiency gains from technological innovations are expected to lower marginal costs in teacher training, course development, and service delivery, enhancing the company's cost structure and profitability [5]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,491,952 thousand, a decrease of 8.5% compared to RMB 1,630,470 thousand in 2024[7]. - Gross profit for the same period was RMB 805,748 thousand, down 8.8% from RMB 883,203 thousand in 2024[7]. - Net profit for the period was RMB 226,651 thousand, a decline of 18.4% compared to RMB 277,739 thousand in 2024[7]. - Adjusted net profit (non-IFRS measure) was RMB 271,459 thousand, down 22.2% from RMB 349,097 thousand in 2024[7]. - Total revenue decreased by 8.5% from RMB 1,630.5 million for the six months ended June 30, 2024, to RMB 1,492.0 million for the six months ended June 30, 2025[14]. - Operating profit decreased to RMB 219,044 thousand from RMB 270,318 thousand, indicating a decline of 18.9% year-over-year[125]. - The company's profit for the six months ended June 30, 2025, was RMB 226,651,000, a decrease of 18.4% compared to RMB 277,739,000 in the same period of 2024[127]. - Total comprehensive income for the period was RMB 222,431,000, down from RMB 286,310,000 year-over-year, reflecting a decline of 22.3%[127]. - Basic earnings per share for the period were RMB 0.11, down from RMB 0.13 in the prior year[125]. - The net profit margin for the six months ended June 30, 2025, was 15.2%, compared to 17.0% in 2024[52]. Revenue Breakdown - The company recorded revenue of approximately RMB 46.9 million from online learning products for the six months ended June 30, 2025[9]. - Traditional large-class training courses generated revenue of approximately RMB 192.8 million for the same period[9]. - Revenue from small class training courses for the six months ended June 30, 2025, was approximately RMB 1,032.5 million[12]. - Training services accounted for 86.8% of total revenue in the six months ended June 30, 2025, compared to 84.6% in the same period of 2024[15]. - Training services revenue decreased by 6.1% from RMB 1,378.8 million for the six months ended June 30, 2024, to RMB 1,294.9 million for the six months ended June 30, 2025, primarily due to intense competition in the Chinese examination training industry[18]. User Engagement - Average monthly active users increased to 9.3 million in 2025 from 9.1 million in 2024[8]. - The number of registered candidates in the examination market has been increasing year by year, driving strong growth in related training demand[10]. Employee and Operational Metrics - The total number of employees decreased to 7,053 in 2025 from 7,177 in 2024[8]. - Employee costs for the six months ended June 30, 2025, totaled RMB 670.3 million, including salaries, bonuses, pensions, and other social security expenses[104]. - The company has 7,053 full-time employees as of June 30, 2025, compared to 7,177 employees as of December 31, 2024[104]. Expenses and Cost Management - Administrative expenses decreased by 7.7% from RMB 197.5 million for the six months ended June 30, 2024, to RMB 182.4 million for the six months ended June 30, 2025, mainly due to a reduction in share-based payments to administrative staff[20]. - Sales and marketing expenses decreased by 4.4% from RMB 320.3 million for the six months ended June 30, 2024, to RMB 306.3 million for the six months ended June 30, 2025, primarily due to reduced advertising expenditures[21]. - R&D expenses remained relatively stable, decreasing slightly by 0.3% from RMB 108.2 million for the six months ended June 30, 2024, to RMB 107.9 million for the six months ended June 30, 2025[22]. Assets and Liabilities - As of June 30, 2025, the company's net current assets increased from approximately RMB 830.1 million to approximately RMB 1,077.7 million, primarily due to profits generated in 2025[37]. - Cash and cash equivalents rose from RMB 946.0 million as of December 31, 2024, to RMB 973.6 million as of June 30, 2025, mainly due to operating cash inflows during the six months ended June 30, 2025[38]. - The company's total liabilities decreased to RMB 592,295,000 from RMB 673,475,000, a decline of 12.0%[130]. - Contract assets increased from RMB 12.8 million as of December 31, 2024, to RMB 62.0 million as of June 30, 2025, due to a higher proportion of deferred payment agreements sold during the exam season[34]. - Contract liabilities rose from RMB 140.4 million as of December 31, 2024, to RMB 227.8 million as of June 30, 2025, driven by increased prepayments for courses ahead of the exam season[35]. Shareholder Information - As of June 30, 2025, the total number of shares issued is 2,233,680,030[59]. - Zhang Xiaolong holds a beneficial interest of 97.20% in Chalk Blue Sky, while Wei Liang holds 2.50%[60]. - The company has implemented a pre-IPO share option plan to attract and retain talent[65]. - A total of 218,792,500 shares may be issued under the pre-IPO share option plan[67]. - The 2023 Restricted Share Unit Plan was adopted on June 14, 2023, with a maximum share issuance limit of 225,365,773 shares, equivalent to 10% of the total shares issued as of the approval date[77]. Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the interim financial results and confirmed compliance with relevant accounting standards[116]. - The company has adopted corporate governance principles and has complied with all applicable code provisions during the reporting period, except for one[109]. - The company emphasizes that forward-looking statements are based on current beliefs and expectations, subject to risks and uncertainties[118].

Group 1 - The core viewpoint of the article highlights the significant growth and innovation of Fenbi (02469), particularly in its AI-driven products, which have led to a notable increase in sales and user engagement [1] - Fenbi's AI exam preparation system launched in April is priced at 399 yuan, with 50,000 units sold by June 30, 2025, generating approximately 20 million yuan in sales [1] - The company has introduced an AI exam preparation class for civil service exams, with plans to expand AI offerings across more subjects by the end of the year [1] Group 2 - The stock price of Fenbi increased by over 5%, reaching 3.06 HKD with a trading volume of 196 million HKD [1] - Guohai Securities views Fenbi as a leading player in the public examination training sector, emphasizing its strong product, research, and technical capabilities, and expects increased revenue from AI product penetration [1] - Huatai Securities anticipates accelerated sales of AI exam preparation classes in the second half of the year, projecting total sales to approach 200,000 participants for the year [1] Group 3 - The new AI products are characterized by lower pricing, personalized and efficient learning experiences, and reduced vulnerability to piracy, making them competitive and potentially more profitable in the current market [1] - The long-term outlook suggests that AI products may gradually replace traditional formats and penetrate a broader user base, enhancing user growth and profitability ceilings [1]

Core Viewpoint - The company, Fenbi (02469), has seen a stock price increase of over 5%, currently trading at 3.06 HKD with a transaction volume of 196 million HKD, driven by the launch of innovative AI products and strong sales performance [1] Group 1: Product Development and Sales Performance - In April, Fenbi launched an AI-based exam preparation system priced at 399 RMB, which has sold 50,000 units by June 30, 2025, generating approximately 20 million RMB in sales [1] - In late August, Fenbi upgraded its AI product offerings with the launch of a civil service AI exam preparation class, with plans to introduce more AI courses by the end of the year [1] - The company’s smart speaker was launched last month and sold out 1,400 units within 24 hours of pre-sale [1] Group 2: Market Position and Future Outlook - Guohai Securities highlights Fenbi as a leading player in the public examination training sector, noting its strong product, research, and technological capabilities, and anticipates increased revenue from AI product penetration [1] - Huatai Securities predicts that as the national examination approaches in the second half of the year, the AI exam preparation classes are expected to see accelerated sales, with annual sales potentially reaching 200,000 participants [1] - The new AI products are characterized by lower pricing, personalized and efficient learning experiences, and reduced risk of piracy, making them competitive and likely to enhance profitability in the current market environment [1]

Core Viewpoint - The company reported a decline in performance for H1 2025 due to intensified market competition, but the newly launched AI question-answering system class may become a new growth engine [1][2] Financial Performance - For H1 2025, the company achieved revenue of 1.492 billion yuan, a year-over-year decrease of 8.5% [1] - The net profit attributable to the parent company was 227 million yuan, down 18.39% year-over-year [1] - Adjusted net profit for H1 2025 was 271 million yuan, reflecting a year-over-year decline of 22.24% [1] - The adjusted net profit margin was 18.19%, a decrease of 3.22 percentage points year-over-year [1] - The gross profit margin remained stable at 54% year-over-year [1] Business Segmentation - Revenue from training services and book sales was 1.295 billion yuan and 260 million yuan, respectively, with year-over-year declines of 6.08% and 22.35% [2] - Within training services, revenue from small classes, large classes, and online learning products was 1.033 billion yuan, 193 million yuan, and 47 million yuan, showing year-over-year changes of +0.64%, -27.44%, and -27.29% respectively [2] - The decline in large class and online product revenue was primarily due to increased competition in the public examination market [2] New Product Launch - The company launched the AI question-answering system class in April 2025, priced at 399 yuan [2] - The AI product can dynamically customize and adjust learning plans, significantly enhancing user experience [2] - As of June 30, 2025, 50,000 units had been sold, generating approximately 20 million yuan in sales, indicating a user penetration rate of less than 1% based on a monthly active user count of 9.3 million [2] - The product has substantial potential for growth and may become a flagship offering [2] Profit Forecast and Investment Rating - The company is a leading player in the public examination training sector, with strong product, research, and technical capabilities [2] - The forecast for revenue from 2025 to 2027 is 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan, respectively [2] - The projected net profit for the same period is 217 million yuan, 286 million yuan, and 331 million yuan, corresponding to price-to-earnings ratios of 29, 22, and 19 times [2] - The company is rated as a "buy" based on the expected increase in AI product penetration and potential revenue growth [2]

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Views - The company has experienced a decline in performance due to intensified market competition, but the newly launched AI question-answering system class is expected to become a new growth engine [6][7]. - The company reported a revenue of 1.492 billion RMB for H1 2025, a year-over-year decrease of 8.5%, and a net profit of 227 million RMB, down 18.39% year-over-year [5][6]. - The adjusted net profit for H1 2025 was 271 million RMB, reflecting a year-over-year decline of 22.24% [5][6]. - The report highlights that the adjusted net profit margin decreased by 3.22 percentage points to 18.19% due to rising sales and management expense ratios [6]. Financial Performance - The company’s revenue breakdown for H1 2025 includes training services and book sales generating 1.295 billion RMB and 260 million RMB, respectively, with year-over-year changes of -6.08% and -22.35% [6]. - The sales from small classes, large classes, and online learning products were 1.033 billion RMB, 193 million RMB, and 47 million RMB, showing year-over-year changes of +0.64%, -27.44%, and -27.29% respectively [6]. - The AI question-answering system class, launched in April 2025, has sold 50,000 units by June 30, 2025, generating approximately 20 million RMB in sales [7]. Profit Forecast and Valuation - The report forecasts the company to achieve revenues of 2.525 billion RMB, 2.618 billion RMB, and 2.793 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 217 million RMB, 286 million RMB, and 331 million RMB [9][10]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 29, 22, and 19 times, respectively [7][10].