董事會會議日期 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） 粉 筆 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 謹 訂 於 2025年8月29日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考 慮 及 批 准 本 公 司 及 其子公司及合併聯屬實體截至2025年6月30日止六個月的中期業績及其刊發，並 考 慮 派 付 中 期 股 息（如 有）。 承董事會命 粉筆有限公司 主 席 張小龍 香港，2025年8月15日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 張 小 龍 先 生 及 魏 亮 先 生；以 及 獨 立 非 執 行 董事丘東曉先生、袁啟堯先生及袁佳女士。 ...

Core Viewpoint - The company Fenbi has launched a new hardware product, the "AI Smart Speaker," which integrates its self-developed domain-specific large model capabilities to provide a 24-hour personalized study assistant through voice interaction [1] Group 1: Product Features - The AI Smart Speaker combines Fenbi's self-developed domain-specific large model with frontline teaching and research experience, offering AI supervision and interactive Q&A functions for instant and professional voice tutoring [1] - It allows users to engage in "dialogue practice" anytime and anywhere, enhancing the learning experience [1] - The speaker is equipped with features such as daily morning reading and intelligent recitation, leveraging Fenbi's professional teaching material library to help users maximize fragmented time for immersive learning [1] Group 2: Market Strategy - The AI Smart Speaker will be available in two versions targeting civil service exam users and public institution users, with a full pre-sale starting on August 25 [1] - As a hardware terminal, it can link with other course products by binding to Fenbi personal account information [1]

北京商报讯（记者 吴其芸）8月13日，粉笔有限公司（以下简称"粉笔"）发布公告，宣布变更全球发售 所得款项用途。公告显示，粉笔获得的所得款项净额约为1.13亿港元。截至2024年12月31日，未动用所 得款项净额约为6080万港元。粉笔将全部100%未动用所得款项净额改用于AI研究、开发、基础设施及 实施，旨在进一步提升技术能力，加快为学生创造最先进的学习解决方案，并通过提高效率、开拓新收 入来源以及在快速发展的市场环境中巩固市场地位，为股东创造长期价值。 ...

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。 ...

Group 1 - XVC has achieved outstanding performance, with a total investment cost of 3.78 billion RMB and a book value of 7.68 billion RMB, resulting in a gross internal rate of return of 25.02% as of September 30, 2024 [1] - XVC's main fund ranks first globally among VC funds established in 2019, according to Preqin [1] - XVC is not solely a consumer fund; it aims to find opportunities that leverage technology and insights to create great products [2][3] Group 2 - XVC was established in 2016, coinciding with a significant wave of independent fund formations in China's venture capital history, known as "VC 2.0" [2] - The firm emphasizes a research-driven approach, conducting thorough industry scans to inform investment decisions [5][6] - XVC's investment strategy includes rapid decision-making, with examples showing that decisions can be made in as little as one day [6][7] Group 3 - The firm has invested in notable companies like Bawang Tea Ji and Leifen, which are seen as exemplary cases of their investment philosophy [1][2] - XVC's founder, Hu Boyu, emphasizes the importance of understanding structural changes in the market, such as the rise of social media and its impact on consumer behavior [8][11] - The firm believes that research and quick decision-making can coexist, allowing them to capitalize on emerging opportunities [6][9] Group 4 - XVC's investment philosophy includes a focus on "sniping," which means targeting the most promising opportunities within a sector rather than spreading investments too thinly [23] - The firm prioritizes understanding the market and the specific conditions that can lead to successful investments [25] - XVC's approach to team dynamics emphasizes maintaining a small team to reduce communication costs and enhance decision-making efficiency [42][47] Group 5 - XVC faces challenges in being perceived primarily as a consumer-focused fund due to its high-profile investments, which can overshadow its other achievements [58][60] - The firm is actively working to diversify its portfolio and demonstrate its interest in technology-driven projects, despite external perceptions [61][62] - XVC's long-term vision includes aiming for significant future successes, comparing its current stage to an early phase in its development [63][67]