Fenbi Ltd. 粉筆有限公司 （於開曼群島註冊成立的有限公司） 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。 – 1 – 下 表 載 列 截 至 所 示 日 期 最 初 籌 集 的 所 得 款 項 淨 額、已 動 用 及 未 動 用 的 所 得 款 項 淨額以及重新分配的所得款項淨額詳情： | | | | | | 截 至 | | --- | --- | --- | --- | --- | --- | | | | | | | 2025年 | | | | | 截 至 | 截 至 | 8月13日 | | | | | 2024年 | 2024年 | 重新分配後 | | | 所得款項 | 最初籌集 | 12月31日 | 12月31日 | 未動用所得 | | | 淨額之 | 所得款項 | 已動用所得 | 未動用所得 | 款項淨額 | | | 擬定用途 | 淨 額 | 款項淨額 | 款項淨額 | 結 餘 ...

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].

Core Viewpoint - The article discusses the success of XVC, a venture capital firm, highlighting its impressive performance and unique investment philosophy, particularly in the context of the Chinese venture capital landscape [5][6][7]. Group 1: XVC's Performance - As of September 30, 2024, XVC reported a total investment cost of 3.78 billion RMB and a book value of 7.68 billion RMB, achieving a gross internal rate of return of 25.02% [5]. - XVC's main fund ranks first globally among VC funds established in 2019 within the 250-499 million USD category according to Preqin [6]. Group 2: Investment Philosophy - XVC does not position itself solely as a consumer fund; instead, it aims to find opportunities that leverage technology and insights to create great products [6][7]. - The firm emphasizes a "research-driven" approach, combining thorough industry research with rapid decision-making, allowing them to act quickly on promising opportunities [12][14]. Group 3: Notable Investments - XVC's early investments in standout consumer brands like Bawang Tea Princess and Laifen have been pivotal, showcasing their ability to identify and support high-growth companies [6][7]. - The investment in Bawang Tea Princess was completed within a week, demonstrating the firm's capacity for swift decision-making in a fast-paced market [12]. Group 4: Market Positioning - XVC was established in 2016 during a significant wave of new fund formations in China, coinciding with the rapid growth of the Chinese economy, which has shaped its investment strategies and opportunities [7]. - The firm faces challenges in being perceived primarily as a consumer-focused fund, which can limit its engagement with tech-oriented entrepreneurs [80]. Group 5: Future Outlook - XVC views its current stage as early, with aspirations to invest in future giants akin to Alibaba and Tencent, indicating a long-term vision for growth and impact in the venture capital space [83].

本文源自智通财经网 消息面上，粉笔近日发布2025年半年度业绩预告，预计上半年营收不少于人民币14.72亿元，净利润不 少于2.15亿元，经调整净利润不少于2.60亿元。粉笔在公告中表示，鉴于近期粉笔AI产品的业务表现， 管理层对公司的发展前景持乐观态度，计划不断升级和完善AI类课程产品矩阵，以深度挖掘增长潜 力，加速拓展市场、提升收入并改善利润空间。 信达证券研报指出，粉笔25年4月基于自研AI垂类模型推出AI刷题系统班，定价为399元人民币，截至6 月末，销售约5万人次，收款约2000万元。该行认为，AI刷题系统班销售数据表现优异，且吸引大量之 前未付费的用户，说明提升付费转化初具效果，随着其他科目陆续推出AI大班课，公司有望凭借AI应 用实现非线性增长。该行看好公司AI应用的表现以及未来推出新AI产品的节奏，维持"买入"评级。 粉笔(02469)涨超5%，截至发稿，涨5.11%，报3.5港元，成交额2.23亿港元。 ...

粉笔(02469)涨超5%，截至发稿，涨5.11%，报3.5港元，成交额2.23亿港元。 消息面上，粉笔近日发布2025年半年度业绩预告，预计上半年营收不少于人民币14.72亿元，净利润不 少于2.15亿元，经调整净利润不少于2.60亿元。粉笔在公告中表示，鉴于近期粉笔AI产品的业务表现， 管理层对公司的发展前景持乐观态度，计划不断升级和完善AI类课程产品矩阵，以深度挖掘增长潜 力，加速拓展市场、提升收入并改善利润空间。 信达证券（601059）研报指出，粉笔25年4月基于自研AI垂类模型推出AI刷题系统班，定价为399元人 民币，截至6月末，销售约5万人次，收款约2000万元。该行认为，AI刷题系统班销售数据表现优异， 且吸引大量之前未付费的用户，说明提升付费转化初具效果，随着其他科目陆续推出AI大班课，公司 有望凭借AI应用实现非线性增长。该行看好公司AI应用的表现以及未来推出新AI产品的节奏，维持"买 入"评级。 ...

如果要复盘近几年的中国风险投资，XVC是一个关键但很容易"误读"的样本。 关键是因为他们的业绩真的很出色：根据XVC发布的《致投资人的信2024》所公布的数据显示，截至 2024年9月30日，XVC的总投资成本为37.8亿人民币，账面价值为76.8亿人民币，毛内部收益率为 25.02%——同期，全球知名的基金数据库Preqin做了一个横向统计，发现XVC的主基金在2019年设立的 VC基金中业绩排名全球第一（在2.5-4.99亿美元规模的类别）。 容易"误读"是因为他们的案例实在是太过耀眼：他们是霸王茶姬、徕芬这两个现象级消费品牌的早期投 资人，几乎完整了经历了这两家消费企业的成长曲线。尤其是投资霸王茶姬的时候，当时所有的门店均 位于云南、广西和贵州，而创始人张俊杰也是一个有些不知所措的"创业新兵蛋子"，第一次和XVC创始 人胡博予见面的两个小时里，大部分都在讲他自己的故事。 这样的经历放在这样的业绩里，太适合被解读为：一家消费投资基金，如何在下沉市场里，通过不可名 状的"看人哲学"押注到了一家创造增长神话的独角兽公司。 但实际上，XVC从来没有将自己定位为一个"消费基金"，他们的投资范围在主页写的很明白，希 ...

新京报讯(记者杨菲菲)8月4日，教育培训企业粉笔发布2025年半年度业绩预告，预计上半年营收不少于 人民币14.72亿元，同比去年下滑。粉笔在公告中表示，业绩承压源于中国招录类考试培训行业短期内 依然保持激烈的竞争态势。 据悉，粉笔已开发出首个专注于招录类考试的AI垂域模型，并投入商业应用；并在2025年4月推出行业 内首个创新的AI类大班课程AI刷题系统班。截至2025年6月30日，AI刷题系统班已销售约5万人次，收 款约2000万元。其中90%的学员为2025年前已在公司APP注册并活跃但是没有课程付费意愿的用户。粉 笔表示，目前AI大班课只在公务员科目开放，计划于2025年内在更多科目推出AI大班课。 粉笔在公告中提到，2025年上半年，公司预计实现营收不少于14.72亿元，较2024年同期的16.30亿元减 少不超过9.7%；净利润不少于2.15亿元，较去年同期的2.78亿元减少不超过22.6%；经调整净利润(剔除 股份支付)不少于2.60亿元，较去年同期的3.49亿元减少不超过25.5%。对于收入及利润下滑的原因，粉 笔表示是因为中国招录类考试培训行业竞争激烈，导致培训业务销量下降。 在面试领域，粉 ...

据了解，中证港股通行业综合指数系列在中证港股通综合指数样本中，按中证行业分类标准进行分类， 以进入各一、二、三级行业的全部证券作为样本编制指数，形成中证港股通行业综合指数系列，以反映 港股通公司中不同行业证券的整体表现。该指数以2021年12月31日为基日，以3000.0点为基点。 金融界8月5日消息，上证指数高开高走，中证港股通教育服务综合指数 (港股通教育，931963)报 2545.41点。 本文源自：金融界 作者：行情君 从中证港股通教育服务综合指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通教育服务综合指数持仓样本的行业来看，学历教育占比51.58%、培训教育及其他占比 48.42%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证港股通综合指数调整样本时，样本随之进行 相应调整。若中证港股通综合指数样本有特殊事件发生，导致其行业归属发生变化，指数样本进行相应 调整。当样本退市时，将其从 ...

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7月31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8月5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 | | | | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.1.1 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 USD 0 本月底結存 5,000,000,000 USD 0.00001 USD 50,000 FF301 II. 已發行股份及/或 ...