Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has entered into a strategic cooperation agreement with Huatu, aiming to enhance overall competitiveness and explore collaboration in examination training business [2] - The partnership includes investment cooperation, governance, AI technology collaboration, distribution channel cooperation, and a commitment to reducing unhealthy competition in the industry [2] - The strategic collaboration is expected to boost market confidence and improve the competitive landscape in the examination training industry, which has been experiencing a price war for over three years [4] Financial Projections - The company anticipates a revenue increase in 2025, with 3.416 million people passing the qualification review, a year-on-year increase of 12.6% [5] - Revenue forecasts for 2025-2027 are projected at 3.061 billion, 3.192 billion, and 3.428 billion yuan respectively, with adjusted net profits of 277.1 million, 401.48 million, and 560.2 million yuan [5][7] - The earnings per share (EPS) are expected to be 0.12, 0.18, and 0.25 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 19, 13, and 9 [5][8] Financial Summary - The company's total revenue for 2023 is reported at 3.021 billion yuan, with a year-on-year growth of 7.5% [7] - The adjusted net profit for 2023 is 188.57 million yuan, reflecting a significant year-on-year increase of 109.03% [7] - The gross margin is projected to improve from 51.96% in 2023 to 54.00% by 2027 [8]

北京商报讯（记者 吴其芸）12月14日，职业教育领域两大头部企业粉笔与华图山鼎（以下简称"华 图"）联合宣布达成深度战略合作，在服务深度、成本结构与业务拓展等方面推动资源整合。 粉笔与华图共同宣布，除在业务领域协同发展外，双方还将在股权层面进行合作，包括但不限于战略投 资或控股、互相参股、共同成立合资公司等措施，同时双方将相互派驻董事，搭建常态化沟通桥梁。 同时，提升就业转化效率与青年职业能力素质，将成为双方合作的战略支点。双方将加强渠道与技术服 务的深度融合，构建覆盖学员全学习周期的服务生态，协同打造从技能培养到岗位匹配的就业通道，重 点优化资源配置效率，共同拓展完善就业服务市场。 据了解，粉笔与华图在AI应用领域发展也有重合，围绕行测、申论、面试等重点教学环节，粉笔与华 图均有产品布局，未来双方将共同推动AI技术与教学产品的深度融合，进一步优化运营效率，实现教 学理念与产品形态的协同进化。 ...

Core Insights - The strategic partnership between Fenbi and Huatu marks a significant milestone in the vocational education sector, aiming to reshape the competitive landscape and promote high-quality development through resource integration [1][4]. Group 1: Strategic Cooperation - Fenbi and Huatu will collaborate not only in business development but also in equity cooperation, including strategic investments, shareholding, and the establishment of joint ventures [1]. - The partnership aims to enhance operational efficiency and create a comprehensive service ecosystem covering the entire learning cycle for students [2][3]. Group 2: Market Impact - This collaboration is expected to accelerate the shift in the vocational education market from a fragmented structure to a more concentrated one, with a focus on refined operations and full-chain services [4][5]. - The alliance will help build higher competitive barriers through deep integration of technology and physical channels, addressing the challenges posed by numerous small and regional institutions [4]. Group 3: Industry Standards - Both companies advocate for a healthy and transparent industry environment, ensuring fair service agreements and resisting false advertising and price competition that compromises educational quality [4]. - The partnership is seen as a proactive response to the industry's evolution, aiming to enhance user experience and employment quality [4][5]. Group 4: Long-term Outlook - The collaboration is anticipated to strengthen the market position of both companies, leading to increased capital market value and a more professional and standardized vocational education sector [5][6].

Core Viewpoint - The company, Fenbi (02469.HK), has entered into a strategic cooperation agreement with Huatu Shanding Design Co., Ltd. to enhance overall competitiveness and explore collaboration in various areas related to examination training business [1] Group 1: Strategic Cooperation Agreement - The agreement was signed on December 12, 2025, during trading hours [1] - Both parties aim to leverage their complementary resources to strengthen their competitive edge [1] Group 2: Areas of Collaboration - The cooperation will focus on several key areas: 1. Investment cooperation 2. Corporate governance 3. Technology development 4. Distribution channel collaboration 5. Industry self-regulation 6. Customer service [1]

Core Viewpoint - The strategic partnership between Fenbi and Huatu marks a significant turning point in the vocational education sector, aiming to reshape the competitive landscape and promote high-quality development through resource integration [1][4]. Group 1: Strategic Cooperation - Fenbi and Huatu will collaborate not only in business development but also in equity cooperation, including strategic investments, shareholding, and the establishment of joint ventures [1]. - The partnership aims to create a new development phase focused on comprehensive solutions and full-chain services in vocational education, moving away from the traditional "tripod" market structure dominated by Fenbi, Huatu, and Zhonggong Education [1][4]. Group 2: Complementary Strengths - Fenbi, with over 70 million registered users, excels in online education, while Huatu has a robust offline presence with over 1,000 delivery bases, providing significant scale advantages [2]. - Both companies have overlapping interests in AI applications, particularly in key teaching areas such as examination preparation and interview training, which will be further integrated to enhance operational efficiency [2][3]. Group 3: Market Impact - The collaboration is expected to accelerate the concentration of the vocational education market, shifting from a multi-player landscape to a focus on leading players [4][5]. - The partnership will address the fragmentation in the market, where many small institutions lack service capacity and resources, by leveraging technology and physical channels to create higher competitive barriers [4]. Group 4: Industry Standards and Ethics - Fenbi and Huatu advocate for a healthy and transparent industry environment, ensuring fair refund policies and accurate disclosure of course effectiveness and employment data [4]. - The companies aim to resist false advertising and price competition that compromises teaching quality, thereby enhancing the overall development environment of the industry [4]. Group 5: Long-term Outlook - The partnership is seen as a critical turning point that will drive the vocational education sector towards greater professionalization and standardization, reinforcing the market position of leading companies [5][6]. - The expected improvements in efficiency and model upgrades from this collaboration are likely to have a positive impact on the capital market value of both companies [6].

Group 1 - The core viewpoint of the announcement is the establishment of a strategic cooperation agreement between Fenbi (02469.HK) and Huatu Shanding (300492.SZ) to enhance their overall competitiveness in the recruitment training industry [1] - Both companies are recognized leaders in the recruitment training sector, with Huatu being a publicly listed company in A-shares and Fenbi being a Hong Kong-listed company with significant user traffic and leading technology [1] - The collaboration aims to explore various areas within the recruitment training business, including the integration of business infrastructure and the application of AI technology to significantly expand revenue bases and improve operational and marketing efficiency [1] Group 2 - The partnership is expected to raise industry entry barriers and further integrate industry development by leveraging the competitive advantages and leadership positions of both companies [1] - Both companies believe that these initiatives will greatly enhance the learning experience for users while solidifying their leadership positions in the industry [1]

此外，本公司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 提升营运与行销效率，而双方均相信此等举借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。 本公司与华图均为在招聘培训行业内具领导地位、信誉昭着的公司。华图作为A股上市公司，拥有广泛 的线下分支机构，而本公司作为香港上市公司，用户流量傲视同侪，在行业内拥有领先技术。本公司及 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。 粉笔(02469)发布公告，于2025年12月12日(交易时段)，本公司与华图山鼎（300492）设计股份有限公司 (华图)订立战略合作协议。根据战略合作协议，双方同意建立战略合作关系，发挥各自资源互补优势， 提升双方整体竞争力。双方旨在共同探索招录类考试培训业务中下列领域的合作：1.投资合作;2.公司治 理;3.技术开发;4.分销渠道合作;5.行业自律;6.客户服务。 ...

本公司与华图均为在招聘培训行业内具领导地位、信誉昭着的公司。华图作为A股上市公司，拥有广泛 的线下分支机构，而本公司作为香港上市公司，用户流量傲视同侪，在行业内拥有领先技术。本公司及 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，本公司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 提升营运与行销效率，而双方均相信此等举借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。 智通财经APP讯，粉笔(02469)发布公告，于2025年12月12日(交易时段)，本公司与华图山鼎设计股份有 限公司(华图)订立战略合作协议。根据战略合作协议，双方同意建立战略合作关系，发挥各自资源互补 优势，提升双方整体竞争力。双方旨在共同探索招录类考试培训业务中下列领域的合作：1.投资合作;2. 公司治理;3.技术开发;4.分销渠道合作;5.行业自律;6.客户服务。 ...

公告表示，公司与华图均为在招聘培训行业内具领导地位、信誉昭着的公司。华图作为A股上市公司， 拥有广泛的线下分支机构，而公司作为香港上市公司，用户流量傲视同侪，在行业内拥有领先技术。公 司及华图将凭藉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。 格隆汇12月14日丨粉笔(02469.HK)发布公告，2025年12月12日，公司与华图山鼎(300492.SZ)订立战略合 作协议。根据战略合作协议，双方同意建立战略合作关系，发挥各自资源互补优势，提升双方整体竞争 力。双方旨在共同探索招录类考试培训业务中下列领域的合作。 此外，公司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 升营运与行销效率，而双方均相信此等举借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。 ...

自願公告 戰略合作協議 本 公 告 乃 由 粉 筆 有 限 公 司（「本公司」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者有關本公司的最新發展。 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） 戰略合作協議 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。 於2025年12月12日（交 易 時 段），本 公 司 與 華 圖 山 鼎 設 計 股 份 有 限 公 司（「華 圖」）訂 立 戰 略 合 作 協 議（「戰略合作協議」）。根 據 戰 略 合 作 協 議，雙 方 同 意 建 立 戰 略 合 作 關係，發揮各自資源互補優勢，提升雙方整體競爭力。雙方旨在共同探索招錄類 考試培訓業務中下列領域的合作。 1. 投資合作 雙 方 將 探 索 並 尋 求 在 股 權 投 資 的 合 作，包 括 但 不 限 於 戰 略 投 資 及 成 立 ...