Core Insights - The national civil service examination is approaching, with a significant increase in participation in mock exams organized by Fenbi, indicating a growing demand for effective preparation services [1][4] - Fenbi has launched a series of targeted courses and personalized learning paths based on mock exam data analysis to help candidates improve their performance [3][6] - The competitive landscape for the civil service examination has intensified, leading to a higher demand for personalized and efficient preparation services [4] Group 1: Mock Exam Participation - Fenbi's ultimate mock exam attracted approximately 550,000 participants, marking the highest number for this year [1] - In 2025, Fenbi organized a total of 44 mock exam competitions, with over 9.4 million registrations, surpassing last year's 8.78 million [1] - The hashtag related to Fenbi's mock exams reached a discussion volume of 333.5 million on Weibo, reflecting the growing interest among candidates [1] Group 2: Educational Services and Innovations - Fenbi has developed a comprehensive system for identifying and addressing candidates' weaknesses, offering personalized study plans to enhance exam preparation [3][6] - The company has established a multi-faceted offline user engagement strategy, including workshops and recruitment events, to cater to diverse candidate needs [3] - Fenbi's AI product line, including the AI question practice system, has seen significant sales, with over 200,000 units sold within seven months, indicating strong market demand [6] Group 3: Market Trends and Competitive Landscape - The ratio of candidates passing the qualification review to the recruitment plan for the 2026 civil service examination is approximately 98:1, highlighting the competitive nature of the exam [4] - The recent relaxation of age restrictions for applicants has further intensified competition, increasing the demand for tailored preparation services [4] - Fenbi's innovative approach, including AI-driven interview preparation services, is positioning the company to capitalize on emerging market opportunities [6]

格隆汇11月26日丨粉笔(02469.HK)公告，11月26日耗资62万港元回购20万股。 ...

智通财经APP讯，粉笔(02469)发布公告，该公司于2025年11月26日斥资62万港元回购20万股股份，每股 回购价格为3.1港元。 ...

FF305 第 1 頁 共 6 頁 v 1.3.0 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 粉筆有限公司 呈交日期： 2025年11月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上 ...

粉笔(02469.HK)11月25日耗资124万港元回购40万股 粉笔观察笔记：回购、增持与AI爆款下的价值重估 格隆汇11月25日丨粉笔(02469.HK)公告，11月25日耗资124万港元回购40万股。 相关事件 ...

于2025年11月25日根据股份计划发行12.5万股。 粉笔(02469)发布公告，于2025年11月25日斥资123.8万港元回购40万股。 ...

智通财经APP讯，粉笔(02469)发布公告，于2025年11月25日斥资123.8万港元回购40万股。 于2025年11月25日根据股份计划发行12.5万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 粉筆有限公司 呈交日期： 2025年11月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 ...

Core Viewpoint - The recent series of stock buybacks and insider purchases by the company signals strong confidence in its future performance and market position [1][2]. Group 1: Stock Buybacks and Insider Confidence - The company has engaged in a series of stock buybacks, which has attracted market attention [1]. - Founders and executives have increased their holdings and committed to a two-year lock-up, indicating strong belief in the company's prospects [1]. Group 2: Market Response and Sales Performance - Following the announcement of policy changes regarding civil service exam age limits, the company saw a surge in sales, with its AI exam preparation system achieving over 14,000 sales in a single day [2]. - The company's stock price increased by 7% on the day of the announcement, reflecting positive market sentiment [2]. Group 3: Industry Trends and Opportunities - The vocational education sector is experiencing significant growth due to supportive policies, increasing demand, and technological advancements [8][9]. - Recent policy changes have created a favorable environment for AI technologies in education, providing new opportunities for the industry [10]. Group 4: Financial Performance and AI Integration - The company reported a total revenue of 1.492 billion yuan in the first half of the year, with a net profit of 227 million yuan, showcasing resilience despite market challenges [17]. - The introduction of AI products has not only expanded the product line but also improved operational efficiency and reduced costs [20]. Group 5: Competitive Advantages and Future Growth - The company's competitive edge is built on technology investment, a solid user base, and effective commercialization strategies [22]. - The AI-driven products have shown promising results, with the AI exam preparation class exceeding internal sales expectations [20]. - The management has indicated that AI-related revenues are already covering costs and contributing to profits, with potential for further growth in new markets [27].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 重新提交 公司名稱： 粉筆有限公司 呈交日期： 2025年11月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02469 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存 ...