证券研究报告 | 公司点评 2024年02月28日 粉笔（02469.HK） 盈利水平超预期，品牌力持续加强 具体事件：公司发布2023年业绩盈喜预告，2023年预期实现收入不少于 买入（维持） 30亿元，同比增长不低于6.75%；归母净利润不少于1.66亿元，同比扭 股票信息 亏为盈；经调整净利润不少于4.2亿元，同比增长不低于119.32%。23H2 预计实现收入不少于13.18亿元，同比下降约3.07%，主要是由于2022 行业 教育 年公共卫生事件影响下部分考试推迟至所导致的22H2较高基数；归母净 前次评级 买入 利润不少于0.85亿元，同比增长不低于105.01%；经调整净利润不少于 2月27日收盘价(港元) 4.78 1.32亿元，同比增长超37.65%。 总市值(百万港元) 10,941.83 总股本(百万股) 2,289.09 招录考培需求强劲，公司收入稳步增长。宏观环境就业压力下，招录类考 试报名人次持续增长，2024 年国考过审人数达 303.3 万人，同比增长 其中自由流通股(%) 100.00 16.8%，录取率为1.30%，同比下降0.13pct，人数增长以及竞争加剧拉 30日日均 ...

证券研究报告 | 2024年02月27日 粉笔（02469.HK）-2023 年正面盈利点评 增持 预计 2023 年经调净利润超 4.2 亿元，盈利能力改善明显 核心观点 公司研究·海外公司财报点评 2023年经调净利润预计超4.2亿元，优于我们预期。2023年，预计实现收 社会服务·教育 入超30.00亿元，同比增超6.7%；预计归母净利润超1.66亿元，去年同期 证券分析师：曾光 证券分析师：钟潇 亏损20.87亿元；若剔除股权激励、上市开支及按照公允价值计量且变动计 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 入当期损益的金融负债的公允价值亏损等影响，预计调整后净利润超4.20 S0980511040003 S0980513100003 亿元，同比增119.3%，优于我们前期预期（3.74亿）。2023H2，预计实现 证券分析师：张鲁 收入超13.04亿元，同比-3.3%，系2022年疫情致省考联考考试推迟至7月 010-88005377 zhanglu5@guosen.com.cn 基数较高所 ...

港股公司报告 | 公司点评 粉笔（02469） 证券研究报告 2024年02月27日 投资评级 23年预计高增收官，24 年乐观预期，公职培训启动业绩成长 行业 非必需性消费/支援服 务 23年全年收入不低于30亿人民币，调后净利4.2亿，同比增加119%。 6个月评级 买入（维持评级） 当前价格 4.78港元 业绩增长主要系：①2023年招录培训需求强劲，公司凭借在线小班和线上 目标价格 港元 线下融合小班，带动客单价提升，品牌力及口碑显著增长； ②线上技术辅助的高效优势进一步体现，成本结构持续优化，人工智能等 基本数据 在线技术赋能大幅提升师资授课效率，不断深入的线上下融合授课模式， 港股总股本(百万股) 2,289.09 提升了课程产品标准化，保证了授课质量的统一，同时降低了对线下固定 港股总市值(百万港元) 10,941.83 授课场地的需求；运营效率持续优化，三费支出保持稳定，2023年整体毛 每股净资产(港元) 0.61 利率及净利润率同比提升。 资产负债率(%) 41.15 我们认为，一方面，伴随公职招录培训赛道竞争回归理性，供给有序释放， 一 年内最高/最低(港元) 13.72/2.96 行业 ...

股 票 研 究 [Table_industryInfo] 教育产业 [ Table_Main[粉I Tnaf 笔bol]e （_Ti 2tl 4e] 6 9） [评Tab级le_：Inv est] 增持 当前价格（港元）： 4.99 成本结构持续优化，业绩预告超预期 2024.02.27 海 ——粉笔 2023年报业绩预告点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 苏颖(分析师) 52周内股价区间（港元） 3.18-13.30 当前股本（百万股） 2,289 公 021-38677706 021-38038344 当前市值（百万港元） 11,423 司 liuyuenan@gtjas.com suying@gtjas.com 证书编号 S0880516030003 S0880522110001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 受益成本结构持续优化，2023年业绩预告超预期；公司线上深耕运营转化，精品小班 粉笔 恒生指数 香 模型跑通，运营提效盈利改善，OMO协同成长可期。 7% 摘要： 港 -10% [T abl业e_S绩um超m预 ...

[Table_Title] 证券研究报告 业绩符合预期，盈利能力显著提升 公司研究 [Table_ReportDate] 2024年2月27日 [Table_ReportType] 公司点评 [T事ab件le：_公Su司mm发ar布y]正 面盈利预告，23年，公司预计实现收入不少于30.0亿元、 [T粉ab笔le(_2S4to6c9k.AHnKd)R ank] 同增6.7%，实现经调整净利润不少于4.2亿元、同增119.3%。 投资评级 买入 点评： 上次评级 买入 ➢ 招录类考试需求强劲，驱动公司业绩增长。我国23年5月16-24岁调 查失业率为20.8%，处于相对较高水平，青年群体就业形势较为严峻。 [T范ab欣le悦_A u t h o教r]育 人服行业首席分析师 从国家公务员报考角度来看，24年通过资格审查人数达 303万人、同 执业编号：S1500521080001 增16.7%，而录取率仅为1.3%且呈下降趋势，可见考公竞争日益激烈， 邮 箱：fanxinyue@cindasc.com 有望进一步提升参培意愿和参培率。公司线上小班及OMO小班的授课 方式持续发力，且小班课客单价稳步提升，带动收入稳 ...

PO WHE 粉筆有限公司 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------|-------|-------|-------| | Fenbi Ltd. | | | | | | (於開曼群島註冊成立的有限公司 ) 股份代號：2469 0- B | | | Ga 期 | 報 告 | | | | | | | 000 目錄 | --- | --- | |------------------------|-------| | | | | 公司資料 | 2 | | 業績摘要 | 4 | | 管理層討論與分析 | 5 | | 其他資料 | 14 | | 中期財務資料的審閱報告 | 26 | | 中期簡明合併損益表 | 27 | | 中期簡明合併綜合收益表 | 28 | | 中期簡明合併資產負債表 | 29 | | 中期簡明合併權益變動表 | 31 | | 中期簡明合併現金流量表 | 32 | | 中期財務資料附註 | 33 | | 釋義 | 62 | 公司資料 | --- | --- ...

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） 截至2023年6月30日止六個月之 中期業績公告 粉筆有限公司（「本公司」，連同其子公司及合併聯屬實體，統稱「本集團」）董事 （「董事」）會（「董事會」）欣然宣佈本集團截至2023年6月30日止六個月的未經審 計簡明合併中期業績，連同截至2022年6月30日止六個月的比較數字，有關業 績已由本公司審核委員會（「審核委員會」）審閱。截至2023年6月30日止六個月 的中期業績已由本公司獨立核數師羅兵咸永道會計師事務所根據《國際審閱委 聘準則》第2410號「由實體的獨立核數師執行中期財務資料審閱」進行審閱。 於本公告內，「我們」或「粉筆」指本公司，倘文義另有所指，則指本集團。 – 1 – 業績摘要 財務業績 | --- | --- | --- | |------------------------------------ ...

Financial Performance and Turnaround - The company achieved a turnaround from loss to profit in 2022, despite the challenges of the pandemic and industry-wide losses[3] - Strategic contraction of offline operations and product structure adjustments contributed to the turnaround, reducing financial risks and increasing immediate revenue recognition[3] - Total assets increased to RMB 12,496,441 thousand in 2022, up from RMB 10,376,863 thousand in 2021[5] - Total liabilities decreased to RMB (10,862,925) thousand in 2022 from RMB (8,234,640) thousand in 2021[5] - Revenue decreased by 18.0% to RMB 2,810.4 million in 2022 from RMB 3,428.6 million in 2021[9] - Online training service revenue remained stable at RMB 1,414.9 million in 2022, compared to RMB 1,396.1 million in 2021[10] - Offline training service revenue decreased by 41.9% to RMB 938.9 million in 2022 from RMB 1,617.3 million in 2021[11] - Book sales revenue increased by 10.0% to RMB 456.6 million in 2022 from RMB 415.1 million in 2021[11] - Cost of sales decreased by 44.2% to RMB 1,444.7 million in 2022 from RMB 2,587.7 million in 2021[12] - Online training service cost of sales decreased by 19.3% to RMB 549.0 million in 2022 from RMB 680.5 million in 2021[12] - Offline training service cost of sales decreased by 63.5% to RMB 592.7 million in 2022 from RMB 1,622.2 million in 2021[12] - Book sales cost of sales increased by 6.3% to RMB 303.0 million in 2022 from RMB 285.0 million in 2021[12] - Gross profit increased by 62.4% from RMB 840.9 million in 2021 to RMB 1,365.7 million in 2022, with the gross margin rising from 24.5% to 48.6%[13] - Online training services gross margin increased from 51.3% in 2021 to 61.2% in 2022 due to optimized employee structure and cost control measures[14] - Offline training services gross margin improved from -0.3% in 2021 to 36.9% in 2022, driven by optimized employee structure and reduced refund rates[15] - Administrative expenses decreased by 51.5% from RMB 1,119.9 million in 2021 to RMB 543.7 million in 2022, primarily due to reduced employee benefits and office expenses[16] - Sales and marketing expenses decreased by 26.6% from RMB 704.1 million in 2021 to RMB 516.8 million in 2022, mainly due to reduced promotional activities and optimized employee structure[17] - R&D expenses decreased by 31.5% from RMB 287.0 million in 2021 to RMB 196.6 million in 2022, primarily due to optimized employee structure[18] - Other income increased by 30.3% from RMB 25.0 million in 2021 to RMB 32.6 million in 2022, mainly due to waste paper disposal income from printing business[20] - Net loss for the year increased from RMB 2,046.0 million in 2021 to RMB 2,087.3 million in 2022, with net loss margin rising from 59.7% to 74.3%[24] - Adjusted net profit (non-IFRS measure) improved from a loss of RMB 822.4 million in 2021 to a profit of RMB 191.5 million in 2022, driven by adjustments for share-based payments and fair value changes[26] - Contract assets decreased from RMB 205 million in 2021 to RMB 90 million in 2022 due to a reduction in post-paid agreement classes[27] - Contract liabilities decreased from RMB 1,692 million in 2021 to RMB 1,179 million in 2022 due to delayed sales of courses designed for 2023 exams caused by COVID-19[28] - Refund liabilities decreased from RMB 6,803 million in 2021 to RMB 2,750 million in 2022 due to a reduction in the proportion of refundable courses and a decrease in full-refund exam agreement classes[29] - Net current assets increased from RMB 277 million in 2021 to RMB 5,654 million in 2022, primarily due to a reduction in refund liabilities by RMB 4,053 million[30] - Cash and cash equivalents decreased from RMB 11,599 million in 2021 to RMB 10,474 million in 2022 due to delayed sales of courses for 2023 exams caused by COVID-19[31] - Net cash used in operating activities was RMB 839.92 million in 2022, compared to RMB 9,151.29 million in 2021[32] - The company recorded a net foreign exchange loss of RMB 777 million in 2022, compared to a net gain of RMB 123 million in 2021[33] - Capital expenditures decreased from RMB 2,190 million in 2021 to RMB 360 million in 2022, primarily for property, plant, and equipment[34] - Gross margin improved to 48.6% in 2022 from 24.5% in 2021[38] Technology and Product Development - The company has consistently invested in technology since its inception, with significant long-term investments in systems like the intelligent article recognition and grading system, which began generating scalable revenue in 2020[3] - The company emphasizes a product-centric approach, focusing on the overall quality and development of its teaching staff rather than individual star instructors[3] - The company's user-centric philosophy has led to a focus on improving teaching services and product quality, resulting in natural traffic and user growth through word-of-mouth[4] - The company plans to continue its core business philosophy of being user-centric and technology-driven in 2023, aiming to create more value for shareholders and society[4] Corporate Governance and Leadership - Zhang Xiaolong, aged 40, serves as the Executive Director, CEO, and Chairman of the Board, responsible for the company's overall strategic planning, business development, and operations, as well as technology and course development[41] - Wei Liang, aged 38, serves as the Executive Director, President, and CTO, overseeing the company's online and offline training businesses and technical affairs[41] - Li Yong, aged 48, is a Non-Executive Director providing guidance and advice on the company's business strategy[42] - Li Xin, aged 39, is a Non-Executive Director focusing on brand and marketing strategy for the company[42] - Qiu Dongxiao, aged 61, is an Independent Non-Executive Director responsible for supervising the board and providing independent opinions[43] - Yuan Qiyao, aged 43, is an Independent Non-Executive Director with extensive experience in finance and corporate strategy[44] - Yuan Jia, aged 42, is an Independent Non-Executive Director with a background in education and corporate governance[44] - Sheng Haiyan, aged 38, serves as the Vice President, managing the company's book publishing and sales operations[45] - The company maintains a diversified board with one female and seven male directors, aged between 38 and 61, with diverse educational backgrounds[125] - The company adheres to high standards of corporate governance and has adopted the Corporate Governance Code as per the Listing Rules[119] - The company has appropriate insurance arrangements for legal liabilities faced by its directors and officers[114] - The company's board composition complies with the Listing Rules, including the requirement for at least one-third of the board to be independent non-executive directors[124] - The company emphasizes a culture of integrity and ethical conduct, with regular training for employees on compliance and ethical standards[121] - The company is committed to a user-centric and technology-driven business strategy, aiming to create value for shareholders and society[122] - The company's board is responsible for strategic decisions and has delegated daily management to senior executives, with oversight by three board committees[123] - The company has a board diversity policy in place, focusing on gender, skills, age, professional experience, and educational background[125] - All newly appointed directors receive necessary induction training and materials to ensure they understand the company's operations and regulatory responsibilities[127] - The Chairman and CEO roles are held by the same individual, Zhang Xiaolong, who has extensive experience in the non-academic vocational education and training industry[128] - Executive directors have signed three-year service contracts starting from December 20, 2022[129] - Non-executive directors and independent non-executive directors have signed three-year appointment letters starting from December 20, 2022[129] - The Board of Directors holds at least four meetings annually, with a notice period of no less than 14 days for regular meetings[132] - Meeting agendas and related documents are sent out at least three days before the meeting to ensure directors have sufficient time to review and prepare[132] - Detailed minutes of Board and Committee meetings are maintained and provided to all directors for their reference and records[132] - Attendance records for Board and Committee meetings show full attendance for most directors during the reporting period[133] - The company's board of directors retains decision-making authority over all major matters, including policy approval, overall strategy, budget, internal control, risk management, and significant transactions[135] - The audit committee, composed of three independent non-executive directors, held one meeting post-listing to review the annual financial statements, internal control systems, and risk assessments[137] - The nomination committee, consisting of five directors, held one meeting post-listing to review the independence of non-executive directors and the diversity policy of the board[138] - The remuneration committee, comprising five directors, held one meeting post-listing to review the compensation and performance of directors and senior management[139] - The company's senior management salaries for the year ending December 31, 2022, ranged from HKD 1,500,001 to over HKD 2,000,000, with four individuals earning over HKD 2,000,000[141] - The company has adopted a dividend policy, with dividends to be determined by the board based on financial performance, business conditions, and future operational needs[143] - The company has established an internal control and risk management system to protect shareholder interests and company assets, with an independent internal audit department reviewing the system annually[144] - The company's accounting and financial reporting functions are performed by qualified and experienced staff who have received adequate training and development[145] - The total fees for audit and non-audit services provided by the auditor in 2022 amounted to RMB 5,602 thousand, with audit services costing RMB 4,685 thousand and tax advisory services costing RMB 917 thousand[146] - The company emphasizes effective communication with shareholders and has adopted a shareholder communication policy, including maintaining a website for public access to business updates and financial information[148] ESG and Sustainability - The company's ESG report covers the period from January 1, 2022, to December 31, 2022, and focuses on the ESG performance of its core business operations[155] - The company has established an ESG governance framework to monitor environmental impacts, mitigate climate-related risks, and ensure compliance with environmental regulations[162] - The Board of Directors is responsible for overseeing ESG strategy, risk identification, and performance monitoring, with regular reporting from the ESG task force[162] - The company has implemented ESG measures to manage risks, including climate-related issues, and reviews these measures annually[165] - Independent third-party assessments are conducted to evaluate compliance with environmental protection standards, including wastewater, noise, and air pollution control[165] - The company has developed an ESG policy outlining risk governance, strategy formation, risk management, and KPI identification, reviewed annually for relevance[168] - ESG risks are integrated into the company's risk management framework and internal control systems, with regular reviews to ensure effectiveness[169] - The company prioritizes stakeholder engagement, including government, shareholders, employees, and suppliers, to gather feedback and improve sustainability strategies[161] - Key ESG focus areas include environmental compliance, emissions management, energy consumption, and employee welfare, among others[167] - The company emphasizes transparency in reporting ESG data, ensuring consistency and comparability of environmental and social metrics[159] - ESG-related expenditures and climate policies are tracked and disclosed as part of the company's commitment to sustainable operations[167] - The company's printing paper consumption decreased from 38,880 tons in 2021 to 29,913 tons in 2022, reflecting a reduction in environmental impact[177] - The company aims to achieve carbon neutrality by 2050, with a short-term goal of reducing current carbon emission density by 1% by 2027[179] - The company has implemented measures to reduce paper consumption, including optimizing printing formats and reducing notebook distribution to students[178] - The company's subsidiary has obtained the CEC-7009EL certification, indicating compliance with specific environmental requirements in printing materials and processes[176] - The company has set internal environmental policies to minimize operational impact on the environment, focusing on carbon emissions, waste management, and energy usage[177] - The company plans to further reduce paper consumption by improving printing efficiency and aligning book printing with demand forecasts[178] - The company has not incurred significant environmental compliance costs and expects related expenses to remain low in the foreseeable future[178] - The company has established safety guidelines and conducts regular safety inspections and maintenance of equipment and facilities[178] - The company has not faced any significant environmental claims or penalties during the year[178] - The company is committed to sustainable development, balancing corporate governance, environmental management, and social responsibility[171] - Total electricity consumption decreased from 9,810,098.05 kWh in 2021 to 7,218,868.10 kWh in 2022, a reduction of 26.4%[183] - Greenhouse gas emissions (Scope 2) decreased from 5,699,666.97 tons of CO2 equivalent in 2021 to 4,194,162.36 tons in 2022, a reduction of 26.4%[184] - Greenhouse gas emissions (Scope 3) increased from 10,250.02 tons of CO2 equivalent in 2021 to 20,040.53 tons in 2022, an increase of 95.5%[184] - Packaging box consumption decreased from 7,315,720 units in 2021 to 4,182,000 units in 2022, a reduction of 42.8%[186] - The company encourages remote work and has implemented energy-saving measures, including replacing all workplace lights with energy-efficient ones[185] - The company collaborates with reputable suppliers like Tencent and Alibaba Cloud, which provide green computing capabilities to help build low-carbon digital infrastructure[182] - The company has issued a "Low-Carbon Energy Saving Initiative" to encourage employee participation in energy conservation[185] - The company has reduced the provision of single-use bottled water in classrooms and encourages students to bring their own cups to reduce paper cup consumption[185] - The company has identified climate-related risks, including increased operational costs due to rising electricity consumption and potential disruptions from extreme weather events[188] - The company faces potential reputational and financial risks from changes in environmental regulations, which could increase compliance costs and litigation risks[188] - The company is transitioning towards green, low-carbon, and zero-carbon economy, leveraging better risk management to unlock opportunities and improve energy efficiency in operations[189] - The company implemented internal policies to reduce carbon footprint, including energy-saving measures and waste reduction, with most suppliers located in China to minimize transportation-related emissions[190] - The company has established a compliance culture and ESG policies to ensure adherence to Chinese laws and regulations, providing relevant training to employees[191] - The company has developed anti-fraud and anti-corruption systems, with all directors receiving 1 hour of anti-corruption training in the year, and no violations reported[193] - The company emphasizes intellectual property protection, with no reported cases of IP, patent, or trademark infringement during the year[194] - The company focuses on fair trade and truthful advertising, with no significant marketing-related legal violations reported[195] - The company prioritizes employee health, safety, and diversity, with no major workplace accidents or claims related to health and safety[196] - The company adheres to labor laws and provides equal opportunities in employment and career development regardless of gender or age[197] Employee Statistics and Turnover - The company had 7,440 full-time employees as of December 31, 2022, down from 8,964 in 2021, with total employee costs of RMB 15,693 million[40] - Total number of employees is 7,440, with 71.42% being female and 28.58% male[198] - 64.76% of employees are under 30 years old, while 35.23% are between 31 and 50 years old[198] - 99.77% of employees are frontline and other staff, with only 0.07% being senior management[198] - The overall employee turnover rate for the year is 46.21%, with 3,438 employees leaving the company[199] - Male employee turnover rate is 62.23%, significantly higher than the female turnover rate of 39.80%[200] - Employees under 30 years old have the highest turnover rate at 49.17%[200] - Frontline and other staff have a turnover rate of 46.26%, while senior management turnover is 20.00%[200] - All employees are located in Mainland China, with no geographical diversity in the workforce[198] Related Party Transactions and Contracts - The company's largest supplier accounted for 10.7% of total procurement, and the top five suppliers accounted for 22.1% of total procurement[55] - The company's largest customer accounted for 1.0% of total revenue, and the top five customers accounted for 3.5% of total revenue[55] - The company faced delays in revenue recognition due to the postponement of certain national and provincial recruitment and qualification exams caused by COVID-19[51] - The company incurred fixed costs and expenses related to employee benefits and leased properties for offline training services during the COVID-19 pandemic[51] - The company's functional currency for its Chinese subsidiaries is RMB, while the functional currency for the company and its overseas subsidiaries is USD, leading to foreign exchange risk[52] - The company manages price risk related to financial assets measured at fair value through profit or loss by diversifying its investment portfolio according to internal limits[53] - The company manages credit risk on a group basis, assessing the credit quality of counterparties and monitoring the recoverability of receivables[54] - The company's property, plant, and equipment details are provided in the consolidated financial statements[56] -

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） 截至2022年12月31日止年度之 年度業績公告 粉筆有限公司（「本公司」，連同其子公司及合併聯屬實體，統稱「本集團」）董 事（「董事」）會（「董事會」）欣然宣佈本集團截至2022年12月31日止年度（「報告期 間」）的經審計綜合年度業績連同截至2021年12月31日止年度的比較數字。有關 業績已經本公司審核委員會（「審核委員會」）審閱。 於本公告內，「我們」及「粉筆」指本公司，倘文義另有所指，則指本集團。 財務摘要 | --- | --- | --- | |-----------------------------------------------------------|----------------------|--------------------| | | 2022 年 人民幣千元 | 2021 年 ...