Core Insights - The company, Fenbi, reported a revenue of 2.7898 billion yuan for the year ending December 31, 2024, a decrease of 7.7% compared to 2023 [1] - The annual profit for Fenbi was 239.6 million yuan, an increase of 27.0% year-on-year [1] - Adjusted net profit was 363 million yuan, down from 445 million yuan in 2023 [1] Revenue Breakdown - Training services generated revenue of 2.3408 billion yuan, accounting for 83.9% of total revenue, down from 2.5145 billion yuan in the previous year [1] - The decline in training service revenue was attributed to intensified competition in the examination training industry and the impact of individual teachers on social media platforms [1] - The number of paid participants in large class training courses dropped from 1.2 million to 900,000, a decrease of approximately 30% [1] Book Sales and Costs - Book sales revenue was 449 million yuan, contributing 16.1% to total revenue, down from 506.8 million yuan in the previous year [2] - The decline in book sales was primarily due to changes in teacher qualification exam policies and scheduling overlaps with civil service exams [2] - The cost of revenue decreased from 1.451 billion yuan in 2023 to 1.326 billion yuan in 2024, a reduction of 8.7% [2] AI Development - Fenbi is focusing on AI development, with products like "Fenbi Head" and one-on-one interview evaluation systems being introduced [2] - The company plans to launch an "AI Question Practice System Class" in March 2025 and will increase investments in products, technology, and computing power [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2024 is projected to be 2.79 billion, with a net profit of 240 million, reflecting a year-on-year decline of 7.7% in revenue and an increase of 27.0% in net profit [2] - The decline in revenue is attributed to intensified competition and changes in examination schedules affecting enrollment [3] - AI technology is expected to enhance teaching efficiency and operational effectiveness, contributing to a potential increase in profit margins [5] Summary by Sections Revenue and Profitability - The company's revenue for 2024 is expected to be 2.79 billion, with a net profit of 240 million, showing a year-on-year decrease of 7.7% in revenue and an increase of 27.0% in net profit [2] - The adjusted net profit margin for 2024 is projected at 13%, down 1.7 percentage points from the previous year [5] Business Segments - Revenue from training services and book sales for 2024 is expected to be 2.34 billion and 450 million, respectively, representing declines of 6.9% and 11.4% year-on-year [3] - The average monthly active users on the platform for 2024 is projected to remain stable at 9.1 million [3] Financial Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted down to 2.84 billion and 2.98 billion, respectively, with a new revenue forecast for 2027 set at 3.15 billion [6] - The adjusted net profit forecasts for 2025 and 2026 have been revised down to 373 million and 396 million, respectively, with a new forecast for 2027 at 423 million [6] Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 14.24, 13.44, and 12.56, respectively [8] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.17, 0.18, and 0.19, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company reported a revenue of 2.8 billion RMB for 2024, a decrease of 8% year-on-year, while net profit reached 240 million RMB, an increase of 27% year-on-year [1]. - The training services segment generated 2.3 billion RMB (84% of total revenue), down 7% year-on-year, with online learning products contributing 100 million RMB, large class training courses 500 million RMB, and small class training courses 1.7 billion RMB [1]. - The company is increasing its investment in AI, launching products such as AI written exams and AI teacher one-on-one interview reviews, aiming to enhance user experience and maintain industry leadership [4]. Summary by Sections Financial Performance - The company’s gross margin for 2024 was 52.5%, up 0.5 percentage points year-on-year, with training services gross margin at 56% and book sales gross margin at 34% [1]. - Management fee rate was 15%, down 0.8 percentage points year-on-year, while sales fee rate was 23%, up 0.4 percentage points [2]. - The net profit margin for 2024 was 8.6%, an increase of 2.4 percentage points year-on-year [2]. Market Position - Despite facing intense market competition, the company maintains a stable user base, with 7,177 employees at the end of 2024, a decrease of 2% year-on-year, and an average monthly active user count of 9.1 million, roughly unchanged from 2023 [3]. - The company is committed to avoiding low-quality, homogenized products and focuses on improving educational services while maintaining a stable core team [3]. AI Development - The company plans to increase its AI R&D investment by 30% annually, collaborating with top institutions to build an educational model capable of "diagnosis-prediction-evolution" [4]. - The increase in AI R&D personnel has led to an additional expense of 13 million RMB in 2024, reflecting the company's commitment to enhancing its AI capabilities [4].

Core Viewpoint - The company, Fenbi, reported a strong performance for the fiscal year 2024, with revenue of 2.79 billion RMB and a net profit of 240 million RMB, reflecting a year-on-year growth of 27.05% [1] Financial Performance - Fenbi's revenue breakdown includes online learning products (106 million RMB), large classes (508 million RMB), small classes (1.687 billion RMB), and promotional courses (39.4 million RMB), accounting for approximately 3.8%, 18.2%, 60.5%, and 1.4% of total revenue respectively [1] - The company is positioned as a leader in the public examination training market, outperforming competitors such as Zhonggong Education and Huatu Shanding in terms of profit [1] Technological Advancements - Fenbi is recognized for its technological barriers and industry positioning, being the first internet-based training service provider that integrates offline resources [2] - The company has invested 220 million RMB in R&D for 2024, leading the industry in technological investment [2] - Fenbi's proprietary domain-specific large model has shown superior performance in various subjects compared to general models like DeepSeek, indicating its technological leadership in public examination training [3] AI Integration and Future Outlook - The company is actively integrating AI into its services, with plans to launch an AI evaluation product for interviews, expanding its service offerings in the "AI + vocational education" sector [3] - The rapid development of AI technology in China is expected to reshape global industry dynamics, positively impacting the valuation of Chinese assets, including Fenbi [4] - The education sector is anticipated to benefit from AI empowerment, with Fenbi expected to enhance its brand and product strength, leading to increased profitability [4]

Core Insights - In 2025, the company achieved a net profit of 240 million yuan, driven by various factors [1] Business Expansion - The company has expanded its service areas from public examination training to include postgraduate entrance exams and vocational skills, attracting more users by catering to specific needs [2] - The company has penetrated third and fourth-tier cities, capitalizing on the growing demand for vocational education in these regions, which has contributed to revenue growth [2] Teaching Staff - The company focuses on selecting and nurturing outstanding teachers, building a strong faculty team with rich teaching experience [3] - Regular training and exchange meetings for teachers enhance their teaching capabilities, improving overall teaching quality and supporting revenue growth [3] Course Innovation - The company continuously innovates its course design by integrating online and offline teaching methods, accommodating diverse learning preferences and time management needs [4] Marketing Promotion - Effective marketing strategies, including social media and online platforms, have significantly contributed to profitability, with high-quality teaching videos attracting potential students [7] - Collaborations with universities and enterprises for campus lectures and internal training have increased brand awareness and directly driven business expansion [7] Cost Control - The company maintains strict cost management, forming stable partnerships with suppliers to reduce costs and streamlining teaching materials to avoid resource waste [8] - Implementation of a scientific assessment system has improved employee efficiency and reduced labor costs, while rational allocation of office expenses ensures maximum value from expenditures [8]

Core Insights - The company, Fenbi, reported a revenue of 2.79 billion yuan and a net profit of 240 million yuan for the fiscal year 2024, marking a 27% year-on-year increase in net profit [2] - Fenbi's strategy focuses on "AI + vocational education," with an average monthly active user count of 9.14 million during the reporting period [2] - The company plans to enhance its AI capabilities, with a research and development expenditure of 220 million yuan in 2024, and the introduction of the DeepSeek large model by the end of 2024 [2] AI Development and Product Performance - Fenbi's self-developed domain-specific large model outperformed general large models in various assessment categories, including language and reasoning [3] - The company has established a comprehensive AI product matrix, including AI teachers and interview evaluation systems, catering to diverse user needs through subscription and pay-per-use models [3] Industry Outlook - According to Guojin Securities, 2025 is expected to be a critical year for the application of AI in education, supported by new technologies such as knowledge graphs and multimodal interaction [4] - Fenbi's CEO emphasized the importance of integrating AI technology with industry data to enhance service relevance, with plans to increase AI R&D investment by 30% annually [4]

Core Viewpoint - The company, Fenbi, has demonstrated robust growth in its 2024 financial performance, driven by its strategic focus on AI in vocational education, achieving a revenue of 2.79 billion yuan and a net profit of 240 million yuan, reflecting a 27% year-on-year increase [1] Group 1: Financial Performance - In 2024, Fenbi's revenue reached 2.79 billion yuan, with a net profit of 240 million yuan, up from 190 million yuan in the previous year [1] - The adjusted net profit expectation for 2024 is set at 360 million yuan [1] Group 2: AI Development and Product Offerings - Fenbi has launched several AI-driven products, including Fenbi AI Teacher, premium interview AI evaluation, and AI question practice system, showcasing its commitment to integrating AI into vocational education [1][4] - The company invested 220 million yuan in R&D in 2024, positioning itself among the top tier in technology investment [2] - Fenbi's proprietary domain-specific large model outperformed general models in various assessment scenarios, indicating its technological leadership in public examination training [2][3] Group 3: User Engagement and Market Position - Fenbi maintains a strong user base with an average of 9.14 million active users per month, reflecting operational resilience [6] - The company has successfully engaged users through events like mock exams, with over 8.78 million participants in the mock exam competition and significant interest in AI interview mock exams [6] - The competitive landscape for public examination training remains intense, with a record 3.416 million candidates passing the qualification review for the 2025 national exam [6] Group 4: ESG and Future Outlook - Fenbi has received an "A" rating from MSCI for its ESG performance, particularly excelling in product safety and quality [7] - 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 [7]

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 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 2,789,781 thousand, a decrease of 7.7% from RMB 3,021,318 thousand in 2023[5] - Gross profit for 2024 was RMB 1,463,978 thousand, down 6.7% from RMB 1,569,823 thousand in 2023[5] - Adjusted net profit (non-IFRS) for 2024 was RMB 362,532 thousand, a decrease of 18.6% compared to RMB 445,130 thousand in 2023[5] - Operating profit for 2024 increased to RMB 227,211 thousand, up 25.5% from RMB 181,014 thousand in 2023[7] - Net profit for the year was RMB 239,570 thousand, an increase of 27% from RMB 188,566 thousand in 2023[7] - For the fiscal year ending December 31, 2024, the total segment revenue was RMB 2,941,569,000, a decrease from RMB 3,172,421,000 in the previous year, representing a decline of approximately 7.3%[26] - The revenue from external customers for training services was RMB 2,340,790,000, while for book sales it was RMB 448,991,000, totaling RMB 2,789,781,000 for external revenue[26] - The gross profit for the training services segment was RMB 1,311,510,000, down from RMB 1,393,854,000 in the previous year, indicating a decrease of about 5.9%[26] - The company's profit before tax for the year ended December 31, 2024, was RMB 262,039,000, an increase from RMB 204,953,000 in 2023, representing a growth of approximately 28%[53] - The tax expense calculated at the applicable statutory tax rate for 2024 was RMB 71,072,000, compared to RMB 56,992,000 in 2023, reflecting an increase of about 25%[53] - The basic earnings per share for the year ended December 31, 2024, was RMB 0.11, up from RMB 0.09 in 2023, indicating a growth of approximately 22%[56] - The diluted earnings per share for the year ended December 31, 2024, was RMB 0.11, compared to RMB 0.08 in 2023, showing an increase of 37.5%[57] Assets and Liabilities - Total assets decreased to RMB 1,876,914 thousand in 2024 from RMB 2,122,508 thousand in 2023, a decline of 11.5%[9] - Cash and cash equivalents increased to RMB 945,953 thousand in 2024, up from RMB 671,530 thousand in 2023[9] - Total equity attributable to the owners of the company decreased to RMB 1,203,439 thousand in 2024 from RMB 1,267,744 thousand in 2023[10] - Trade receivables as of December 31, 2024, amounted to RMB 20,904,000, down from RMB 31,509,000 in 2023, a decrease of approximately 33.8%[58] - The company's trade payables increased to RMB 34,559,000 as of December 31, 2024, from RMB 30,283,000 in 2023, representing an increase of about 14.1%[63] - Deferred tax assets totaled RMB 58,185 thousand as of December 31, 2024, down from RMB 64,036 thousand in 2023, reflecting a decrease of approximately 9.5%[13] - The net value of deferred tax assets decreased to RMB 38,970 thousand in 2024 from RMB 39,916 thousand in 2023, a decline of about 2.4%[13] - The total deferred tax liabilities increased to RMB (29,127) thousand in 2024 from RMB (24,167) thousand in 2023, representing an increase of approximately 20.5%[13] Employee and Operational Metrics - The company employed 7,177 staff in 2024, a slight decrease from 7,325 in 2023[6] - Employee benefit expenses decreased from RMB 1,657,185 thousand in 2023 to RMB 1,368,102 thousand in 2024, a decline of approximately 17.5%[43] - The total employee costs for the reporting period amounted to approximately RMB 1,368.1 million, covering salaries, bonuses, and other benefits[132] - The company has successfully established itself as a leading provider of vocational examination training services in China, focusing on technology and innovation[69] Revenue Sources and Trends - The group primarily generates revenue from vocational education, training services, and book sales[36] - The company's performance is significantly influenced by the number of paying participants, which is affected by service quality and marketing strategies[121] - Revenue primarily comes from training services, with variations in service product mix impacting overall profit margins[123] - Training services generated revenue of RMB 2,340.8 million in 2024, down 6.9% from RMB 2,514.5 million in 2023, primarily due to intensified competition in the training industry[75] - Book sales revenue decreased by 11.4% to RMB 449.0 million in 2024, down from RMB 506.8 million in 2023, attributed to changes in examination policies[75] Taxation and Financial Management - Current income tax expense decreased from RMB 18,876 thousand in 2023 to RMB 11,656 thousand in 2024, a decline of approximately 38.5%[50] - Total income tax expense increased from RMB 16,387 thousand in 2023 to RMB 22,469 thousand in 2024, an increase of approximately 37.1%[50] - The company confirmed a tax expense of RMB 22,469,000 for the year ended December 31, 2024, compared to RMB 16,387,000 in 2023, indicating an increase of approximately 37.5%[53] - The company has several subsidiaries in China that qualify for reduced corporate income tax rates of 15% and 20% due to their status as high-tech enterprises and small micro-enterprises, respectively[53] Cash Flow and Investments - Net cash generated from operating activities for 2024 was RMB 290.96 million, significantly lower than RMB 587.84 million in 2023[106] - Net cash used in investing activities for 2024 was RMB 469.4 million, primarily due to the redemption of financial assets[108] - Net cash used in financing activities for 2024 was RMB 498.7 million, mainly due to share repurchases of RMB 444 million[109] - Capital expenditures for 2024 amounted to approximately RMB 18.3 million, a decrease from RMB 56.3 million in 2023[111] Corporate Governance and Future Outlook - The company does not recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[67] - The company plans to allocate the net proceeds from its global offering towards enhancing course content and expanding its student base, with HKD 58.9 million earmarked for this purpose[131] - The company aims to continue investing in technology development to create entry barriers and strengthen its market leadership, ensuring sustainable business growth[126] - The board has decided not to declare a final dividend for the reporting period (2023: none)[140] - The annual general meeting is scheduled for June 27, 2025, with a record date for shareholder attendance set for June 27, 2025[141][142] Market and Competitive Landscape - The demand for vocational examination training services in China is increasing, driven by favorable government policies, technological innovations, and service upgrades[119] - Seasonal fluctuations affect the timing of student purchases for training courses, particularly around national civil service exams held in November or December[120] - The company plans to improve teacher utilization rates to enhance operational efficiency and manage costs effectively[125] Research and Development - The company has invested significantly in R&D to enhance its technology infrastructure and expand online learning tools, aiming to improve operational efficiency and student learning experiences[126]

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 ...