Core Viewpoint - The company, Fenbi, anticipates a strong performance in the first half of 2025, projecting revenue of at least RMB 1.472 billion and a net profit of no less than RMB 215 million, despite facing intense competition in the exam training industry [2] Group 1: Financial Performance - Fenbi expects revenue for the first half of 2025 to be no less than RMB 1.472 billion and net profit to be at least RMB 215 million, with adjusted net profit projected to be no less than RMB 260 million [2] - The company acknowledges that its performance is under pressure due to the competitive landscape of the exam training industry in China [2] Group 2: Market Demand and Growth Potential - The demand for exam training remains strong, with the number of applicants for the national exam in 2025 reaching 3.416 million, a 12.6% increase from 2024 [2] - The ratio of qualified applicants to recruitment plans is approximately 86:1, indicating a rising willingness among users to participate in training [2] Group 3: AI Product Development - Fenbi has developed the first AI domain model focused on exam training, leveraging its AI technology and over a decade of industry-specific online data [2] - The company has launched several AI-driven educational products, including the AI Brush Question System Class, which has sold approximately 50,000 sessions and generated around RMB 20 million in revenue by June 30 [3] - The AI Brush Question System Class is expected to achieve annual sales exceeding RMB 100 million [3] Group 4: User Engagement and Market Strategy - 90% of the students enrolled in the AI Brush Question System Class were previously registered and active users on the Fenbi app but had not shown willingness to pay for courses until the new product was introduced [3] - The AI interview mock exam competition launched in the first half of 2025 attracted nearly 1.5 million participants, with 98.43% of surveyed users willing to recommend the product to friends [3] - Fenbi plans to accelerate the development of AI course products for written exams and aims to launch more AI large classes in various subjects within the year [3]

Summary of Conference Call Records Industry or Company Involved - A-shares market and various sectors including semiconductor, AI, OLED materials, biopharmaceuticals, and consumer goods Key Points and Arguments A-shares Market Outlook - The current downward risk in the A-shares market is considered low, supported by favorable statements from the political bureau meeting [1] - Historical price-performance ratio indicates a good position for investment despite recent gains in equity [1] Semiconductor Industry - Domestic chip manufacturing capabilities are improving, with significant advancements in AI-related chips [2] - The demand for domestic supply chains is increasing, leading to high processing rates for local manufacturers [2][3] OLED Materials - The penetration rate of OLED materials is increasing due to performance advantages over LCDs and new technologies addressing previous lifespan issues [9] - Domestic manufacturers are gaining market share as global OLED production capacity shifts to China [10] - Future growth is expected from domestic panel manufacturers expanding production and the introduction of new consumer electronics [11][12] Biopharmaceuticals - China National Pharmaceutical has made strategic acquisitions to enhance its pipeline, including a significant collaboration with a major pharmaceutical company [16][17] - Expected revenue growth from 2025 to 2027 is projected at 32.4 billion to 43.8 billion RMB, with substantial profit increases [18] Consumer Goods - The company "粉笔" (Fenbi) is positioned well in the online education sector, with plans to introduce AI-driven products to boost revenue [31][32] - "若与诚" (Ruoyucheng) is expanding its product lines in health and wellness, with expected revenue growth driven by new brand launches [33][34] Investment Recommendations - Various companies have been highlighted as "gold stocks" for August, including 中芯国际 (SMIC), 莱特光电 (Lite-On), and others, based on their growth potential and market positioning [3][8][12][29] Other Important but Possibly Overlooked Content - The overall economic environment is showing signs of recovery, which may positively impact various sectors [1] - The potential for new product launches in consumer electronics and the healthcare sector is significant, with expected high demand in the coming years [11][27] - The impact of geopolitical factors, such as tariffs, on market dynamics is acknowledged, particularly in the context of the U.S.-China trade relationship [25] This summary encapsulates the key insights from the conference call records, highlighting the optimistic outlook across various sectors and the strategic positioning of recommended companies.

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is facing pressure on performance due to intense competition in the recruitment training industry, leading to a decline in training business sales and revenue [3] - The launch of the AI-based question practice system class aims to establish a leading position in educational AI applications, with approximately 50,000 sales and revenue of about 20 million RMB by the end of June [3] - The AI question practice system class has shown initial success in improving conversion rates, attracting many previously non-paying users, and the company plans to expand this offering to more subjects in the future [3] - Despite the competitive challenges, the company is expected to achieve non-linear growth through AI applications, with adjusted net profit forecasts for 2025-2027 being 263 million, 295 million, and 358 million RMB respectively [3] Financial Summary - Total revenue for 2023 is projected at 3,034 million RMB, with a year-on-year growth rate of 7.5%, but is expected to decline to 2,625 million RMB in 2025, reflecting a decrease of 5.9% [4] - The net profit attributable to the parent company is forecasted to grow from 189 million RMB in 2023 to 263 million RMB in 2025, with a year-on-year growth rate of 9.7% [4] - The company's gross margin is expected to be around 50% in 2025, with a return on equity (ROE) of 17.8% [4] - The price-to-earnings (P/E) ratio is projected to decrease from 37 in 2023 to 28 in 2025, indicating a more attractive valuation over time [4]

Core Viewpoint - The company, Fenbi, anticipates a revenue of at least 1.472 billion yuan and a net profit of at least 215 million yuan for the first half of 2025, despite facing intense competition in the exam training industry [1] Group 1: Financial Performance - Fenbi expects adjusted net profit to be no less than 260 million yuan for the first half of 2025 [1] - The company is optimistic about its future growth prospects due to the performance of its AI products [1] Group 2: AI Product Development - Fenbi has developed the first AI domain model focused on exam training, leveraging its mature AI technology and extensive online data [2] - The AI brush question system class, launched in April, has sold approximately 50,000 sessions and generated about 20 million yuan in revenue by June 30, indicating a potential annual sales exceeding 100 million yuan [2] - The AI interview mock exam competition attracted nearly 1.5 million participants, with 98.43% of surveyed users willing to recommend the product [3] Group 3: Market Position and Strategy - The exam training market is experiencing a shift from scale competition to value competition, focusing on product effectiveness and user experience [4] - Fenbi plans to increase AI R&D investment by 30% annually and collaborate with top institutions to build educational AI models [4] - The company believes its technological foundation, data barriers, and loyal user base provide a competitive edge in the AI application field [4]

北京商报讯（记者 吴其芸）8月4日，粉笔有限公司（以下简称"粉笔"）发布2025年上半年业绩预报， 报告期内，粉笔预计实现收入不少于14.72亿元；实现净利润不少于2.15亿元，同比减少不超过22.6%。 业绩预报显示，截至2025年6月30日，粉笔推出的AI刷题系统班已销售约5万人次，收款约2000万元。 据统计，其中90%的学员为2025年前已在公司App注册但未付费的用户，直到推出定价399元的AI大班 课后完成付费转化。目前，粉笔的AI大班课只在公务员科目开放，计划于2025年内推出覆盖更多科目 的AI大班课。 ...

为强化长期竞争力，粉笔持续投入AI技术研发、高门槛教研体系建设及全域服务优化。据了解，AI已 全面应用于粉笔内部运营、教研等各环节，有望进一步提升运营效率，优化资源利用率，聚焦高价值核 心业务建设。AI助力下，粉笔持续优化师资培养流程，构建高壁垒的教研教学能力；用户体验显著提 升，用户满意度保持高位。 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。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。 8月4日，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，净利润不少于2.15 亿元，经调整净利润不少于2.60亿元。 ...

8月4日，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，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，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。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。 浙商证券在近期研报里指出，考编培训领域市场规模尽管相对小于K12, 但赛道内具备互联网或AI驱动 思维和基因公司目前仅粉笔一家，竞争格局远远优于 K12，公司有望在AI产品的驱动下快速扩张市场 份额。 以AI驱动价值竞争新周期 公考培训行业整体面临短期结构性调整压力，行业核心矛盾从规模竞争转向价值竞争，更加聚焦于产品 实际效果、用户体验及综合解决方案能力，这一转型期导致市场投入效率面临阶段性挑战。 AI深度挖掘业绩增长潜力 粉笔表示，招录类考试培训需求仍然势头强劲，报考学生人数逐年上涨。2025年国考报名人数为341.6 万人，较2024年增长12.6%，通过资格审查人数与录用计划数之比约为86:1，用户参培意愿处在上 ...

8月4日，粉笔(02469)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。 AI教学产品有望为粉笔创造第二增长曲线，释放存量业务潜力。粉笔统计，上述课程中，有90%的学员 为2025年前已在粉笔APP注册并活跃但是没有课程付费意愿的用户，直到定价399元的AI刷题系统班推 出后完成付费转化。而截至2024年底，粉笔有超过7274万注册用户，且仍在持续增长。 此外，2025年上半年新推出的AI面试模考大赛有近150万人次参与，AI面试点评类练习工具已深度嵌入 用户高频备考场景，有高达98.43%受访用户愿意进一步向备考朋友推荐面试模考产品，核心用户群体 展现出高度粘性，作为粉笔持续深耕的基础。粉笔认为，AI面试点评类练习工具有望通过远低于主流 面试班产品的定价，以极具吸引力的性价比获取市场份额，市场前景广阔。 就落地速度来看，粉笔AI产品矩阵在职业教育领域已显现领先态势，正通过AI转型重构增长逻辑，重 新定义行业价值。粉笔称，正加紧布局和开发笔试阶段AI类课程产品矩阵，计划于年内在更多科目推 出AI大班课，加速获取市场份额。同 ...

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。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。 智通财经APP获悉，8月4日，粉笔(02469)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。 AI深度挖掘业绩增长潜力 作为公考培训赛道的头部选手，粉笔中长期表现获得机构肯定。华泰证券在上半年研报强调，中长期来 看头部大机构具备稳定的教研团队、持续迭代的教研能力、更低的经营风险、规模化招生能力等优势， 未来市场份额整体趋势仍是向大机构集中。 政策方面，国家发展改革委消息指出，目前社会各界应用人工智能的需求强烈，处在人工智能应用落地 的关键窗口期。为强化长期竞争力，粉笔持续投入AI技术研发、高门槛教研体系建设及全域服务优 化。 此外，2025年上半年新推出的AI面试模考大赛有近150万人次参与，AI面试点评类练习工具已深度嵌入 用户高频备考场景，有高达98.43%受访用户愿意进一 ...

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 AI大 班 課 程 大 幅 提 升 學 員 的 學 習 效 率，同 時 優 化 公 司 的 資 源 使 用 效 率。相 比 於 傳 統 大 班 課 提 供 的 直 播 課 內 容 服 務，AI大班課基於數據提供更高效的學習解決 方案，因此可顯著提升多次備考員的復購率，同時解決盜版問題。 截 至2025年6月30日，AI刷題系統班已銷售約5萬人次，收款約2,000萬元。基於公 司統計，其中90%的學員為2025年前已在公司APP註冊並活躍但是沒有課程付費 意願的用戶，直到定價399元 的AI大班課推出後完成付費轉化。對比傳統大班類 課程，AI刷題系統班具有價格更低、學習針對性更強、效率更高、利潤空間更大 以 及AI模 型 分 析 能 力 不 會 被 替 代 的 諸 多 顯 著 特 點，公 司 正 加 緊 佈 局 和 開 ...