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。 ...

FF305 確認 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 粉筆有限公司 呈交日期： 2025年12月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02469 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括 ...

Core Insights - The strategic partnership between Fenbi and Huatu aims to integrate resources in service depth, cost structure, and business expansion, potentially reshaping the competitive landscape in the vocational education sector [1] - The collaboration is expected to enhance the overall market concentration, moving from a fragmented structure to a more consolidated one dominated by leading players [4] Group 1: Company Collaboration - Fenbi, with over 70 million registered users, excels in online education products, while Huatu has a robust offline presence with over 1,000 delivery bases, creating significant scale advantages [2] - Both companies have developed unique AI product systems for key teaching segments, and their collaboration will focus on product innovation and market potential through AI integration [2][3] - The partnership will also involve equity cooperation, including strategic investments and joint ventures, with mutual board member appointments to facilitate ongoing communication [1] Group 2: Market Impact - The collaboration is anticipated to guide the industry away from vicious competition, improving overall gross margins and reducing anxiety among students regarding training costs [4] - The vocational education market is shifting towards refined operations and comprehensive service offerings, emphasizing the long-term career development of students rather than just teaching products [4][6] - The partnership aims to create a healthier industry environment by ensuring transparency, fair service agreements, and resisting false advertising, thereby enhancing the overall development of the sector [5]

Core Viewpoint - The vocational education industry is undergoing a structural change with the strategic merger of Huatu Education and Fenbi Public Examination, two leading companies in the civil service exam training sector, aiming for comprehensive resource integration and strategic collaboration [1][4]. Group 1: Strategic Collaboration - Huatu and Fenbi have announced a deep strategic cooperation that includes equity collaboration, such as strategic investments, cross-shareholding, and the establishment of joint ventures [1]. - The collaboration aims to integrate their respective channels and leverage their strengths to optimize the entire training and employment process, enhancing job quality and stability [1][5]. - Both companies will also share AI technology to reduce R&D costs and improve delivery efficiency, which is expected to positively impact their financial reports [1][6]. Group 2: Industry Impact - The merger is seen as a move to avoid vicious competition in the industry and improve overall gross profit levels, while also reducing student anxiety caused by aggressive marketing tactics from regional institutions [5]. - The partnership is expected to shift the focus of competition from scale expansion to teaching quality and user experience, leading the industry towards a new phase of standardized and high-quality development [4][5]. - The collaboration is viewed as a significant event marking the maturity of the industry, as it combines the strengths of both companies to create a more robust market presence [7][8]. Group 3: AI Integration and Educational Innovation - Huatu and Fenbi have developed unique AI product systems for key teaching areas, and their collaboration will enhance product innovation and market potential through the integration of their respective strengths [6]. - The companies plan to create a comprehensive educational ecosystem that covers the entire learning cycle, utilizing Huatu's extensive offline network and Fenbi's online capabilities [6][7]. - The partnership aims to establish a sustainable vocational development ecosystem that supports high-quality employment and talent cultivation [8].

Core Viewpoint - The strategic partnership between Fenbi (02469) and Huatu Shanding (300492) is expected to significantly improve the competitive landscape of the recruitment training industry, leveraging both companies' strengths in technology, channels, and corporate governance to foster healthy industry development [1][2]. Summary by Categories Strategic Cooperation Details - The partnership will explore investment cooperation, including strategic investments and joint ventures [1]. - Both companies will recommend directors to each other's entities to establish a regular communication mechanism and share advanced management experiences [1]. - They will collaborate on AI technology to develop applications for the recruitment training industry, integrating their strengths in AI development [1]. Distribution Channel Cooperation - The companies will integrate their distribution channels to enhance operational efficiency by leveraging both online and offline sales channels [2]. Industry Improvement - The collaboration aims to reduce unhealthy competition in the industry and promote user service, establishing industry benchmarks through quality service and teaching standards [2]. - Both companies will analyze industry trends and user demand changes to provide data support for strategic cooperation adjustments [2]. Market Outlook - The market demand is expanding, as evidenced by the 341.6 million people passing the qualification review for the national exam in 2025, with an increase of 383,000 applicants year-on-year [4]. - Fenbi's AI written exam product launched in April is expected to become a second growth curve based on its active user base [4]. - Traditional large and small class businesses are likely to benefit from the stabilization of industry price wars [4]. - AI products are anticipated to expand into interviews, national and central enterprise exams, and public institutions next year [4].

Core Viewpoint - Huaxi Securities maintains a "buy" rating for Fenbi (02469) following its strategic partnership with Huatu Shanding, which is expected to significantly improve the competitive landscape of the recruitment training industry [1] Summary by Sections Strategic Cooperation Agreement - The partnership aims to leverage complementary resources to enhance overall competitiveness and explore collaboration in recruitment exam training [1] - Investment cooperation will include exploring strategic investments and establishing joint ventures [1] - Company governance will involve mutual recommendations for board members and establishing regular communication mechanisms [1] - AI technology collaboration will focus on developing AI applications for the recruitment training industry and sharing expertise [1] Distribution Channel Cooperation - Both companies will integrate their distribution channels to enhance operational efficiency [2] - They will advocate for industry self-regulation and user oversight to establish industry benchmarks through quality service and teaching standards [2] Benefits of Strategic Cooperation - The partnership is expected to boost market confidence and stabilize pricing in the recruitment training industry after three years of price wars [3] - As leading companies in the sector, the collaboration is likely to improve the competitive landscape by leveraging online and offline strengths [3] Future Opportunities - The 2025 national exam saw 3.416 million candidates pass the qualification review, with a year-on-year increase of 12.6%, indicating expanding market demand [4] - The launch of AI written exam products in April is anticipated to create a second growth curve based on an established active user base [4] - Traditional large and small class businesses are expected to benefit from stabilizing prices in the industry [4] - AI products are projected to expand into interviews, national and central enterprise exams, and public institution assessments next year [4]

本次签署战略合作协议，旨在通过整合双方在线上与线下渠道的差异化资源，共同构建更健康、规范的 行业生态，提升服务质量与用户体验，携手拓展成人非学历培训市场，推动行业实现可持续的高质量发 展。 智通财经APP讯， 华图山鼎(300492.SZ)发布公告，为了优化招录类考试培训市场的竞争环境，提升用 户体验、实现资源优势互补、共同拓展成人非学历培训市场、共同推动行业规范化、高质量发展，公司 与粉笔有限公司(HK2469，以下简称 "粉笔")于2025年12月12日签订了《战略合作协议》。 ...

在技术开发层面，双方将共同开发招录类考试培训行业的AI应用方案。通过整合双方各自在AI技术开 发领域的优势，粉笔与华图将就AI融入课程与产品进行交流分享，共同探索开发AI主导课程的发展前 景，并促进双方核心研发团队间的专业经验交流。同时，双方将整合各自的渠道，发挥线上与线下分销 渠道的优势，以提升双方营运效率。 此外，双方共同倡导行业自律并接受用户监督，旨在通过优质服务与教学标准，树立行业标杆，抵制行 业内的不良行径。双方将共同分析行业发展趋势及用户需求变化，并为此项战略合作的调整与优化提供 数据支持。 对于订立战略合作协议的理由，粉笔表示，双方均为在招聘培训行业内具领导地位的公司。华图作为A 股上市公司，拥有广泛的线下分支机构，而粉笔作为香港上市公司，用户流量大，在行业内拥有领先技 术。"粉笔及华图将凭借在行业内的竞争优势及领导地位，加快提高行业的进入门槛，进一步整合行业 发展。" 此外，粉笔与华图将共同寻求业务合作，包括整合业务基建及应用AI技术，以大幅扩展收入基础或提 升营运与营销效率，而双方均相信此等举措将大幅改善用户的学习体验，同时巩固双方在行业的领导地 位。 新京报讯(记者徐彦琳)粉笔与华图这两家 ...

Group 1: Automotive Industry - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau jointly issued a notification to boost consumption, including measures to reduce penalties for early loan repayment during vehicle trade-ins and support for service and elderly care sectors [5] - Dongfeng Motor and Leap Motor announced their commitment to comply with the "Automotive Industry Price Behavior Compliance Guidelines," aiming to enhance price compliance management across the entire production and sales chain [14][15] Group 2: Economic Indicators - China's marine economy is projected to exceed 10 trillion yuan in production value in 2024, with a 5.6% year-on-year growth in the first three quarters of this year, highlighting its importance in national economic stability [5] - The Hong Kong government is set to launch public consultations for the upcoming fiscal budget, focusing on expanding economic development and fostering innovation and technology [6] Group 3: Corporate Developments - Yunda Holdings announced a board election, nominating a 24-year-old as a non-independent director candidate, indicating potential changes in corporate governance and strategy [16] - Texas Instruments has entered a strategic partnership with UBTECH Robotics to enhance the application of humanoid robots in semiconductor manufacturing [17] Group 4: Market Trends - The price of Feitian Moutai has seen a significant increase, with prices rising by 40 to 80 yuan per bottle recently, indicating a strong demand in the market [13] - The strategic cooperation between Fenbi and Huatu Shanding aims to explore AI applications in the examination training industry, reflecting a trend towards digital transformation in education [18]