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 ...

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]