Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 decreased by 7.66% to 2.79 billion, while adjusted net profit fell by 18.56% to 363 million, impacted by the timing of civil service exams and intensified industry competition [1] - Despite short-term challenges, the long-term outlook remains positive due to strong demand in the examination training sector and the company's ongoing investment in AI technology [5] Summary by Sections Financial Performance - In 2024, the training business generated revenue of 2.34 billion, down 6.9% year-on-year, with online learning products and large classes experiencing significant declines due to competition [2] - The company achieved a gross margin of 52.5%, an increase of 0.5 percentage points year-on-year, with training services gross margin rising to 56.0% [4] - The adjusted net profit for 2025-2027 is projected to be 370 million, 410 million, and 460 million respectively, reflecting growth rates of 3%, 10%, and 11% [5][6] AI Development - The company has expanded its AI product matrix, launching several AI-driven educational tools, including "Fenli AI Teacher" and "AI Teacher Interview Feedback," enhancing user experience and operational efficiency [3] - The company plans to increase its AI R&D investment by 30% annually and collaborate with top institutions to build an educational AI model laboratory [3] Market Position and Growth Potential - The company benefits from a robust online and offline synergy, positioning itself as a leading player in the examination training market, with a contract liability of approximately 140 million as of 2024 [5] - The report indicates that the company is well-positioned to capitalize on the growing demand for examination training and skills assessment, ensuring sustainable long-term growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 decreased by 7.66% to 2.79 billion, while adjusted net profit fell by 18.56% to 363 million, impacted by the postponement of civil service exams and intensified industry competition [1] - Despite short-term challenges, the long-term outlook remains positive due to strong industry demand and the company's focus on AI-driven efficiency improvements [5] Revenue and Profitability - The training business generated revenue of 2.34 billion in 2024, down 6.9% year-on-year, with online learning products and large classes facing revenue declines due to competition from low-cost courses [2] - The overall gross margin improved by 0.5 percentage points to 52.5%, with training services gross margin rising by 0.6 percentage points to 56.0% [4] - The adjusted net profit for 2025-2027 is projected to be 370 million, 410 million, and 460 million respectively, reflecting growth rates of 3%, 10%, and 11% [5][6] AI Development and Product Offering - The company has expanded its AI product matrix, launching several AI-driven educational tools, including "Chalk AI Teacher" and "AI Teacher Interview Feedback," enhancing user experience and operational efficiency [3] - The company plans to increase AI R&D investment by 30% annually and collaborate with top institutions to develop educational AI models [3] Market Position and Growth Potential - The company benefits from a robust online and offline product offering, with a registered user base of 72.74 million and an average monthly active user count of 9.1 million [2] - The company is well-positioned to capitalize on the growing demand for civil service and skills examination training, maintaining a high level of contract liabilities at approximately 140 million [5]

Core Insights - The company, Fenbi, reported a revenue of 2.7898 billion yuan for the year ending December 31, 2024, a decrease of 7.7% compared to 2023 [1] - The annual profit for Fenbi was 239.6 million yuan, an increase of 27.0% year-on-year [1] - Adjusted net profit was 363 million yuan, down from 445 million yuan in 2023 [1] Revenue Breakdown - Training services generated revenue of 2.3408 billion yuan, accounting for 83.9% of total revenue, down from 2.5145 billion yuan in the previous year [1] - The decline in training service revenue was attributed to intensified competition in the examination training industry and the impact of individual teachers on social media platforms [1] - The number of paid participants in large class training courses dropped from 1.2 million to 900,000, a decrease of approximately 30% [1] Book Sales and Costs - Book sales revenue was 449 million yuan, contributing 16.1% to total revenue, down from 506.8 million yuan in the previous year [2] - The decline in book sales was primarily due to changes in teacher qualification exam policies and scheduling overlaps with civil service exams [2] - The cost of revenue decreased from 1.451 billion yuan in 2023 to 1.326 billion yuan in 2024, a reduction of 8.7% [2] AI Development - Fenbi is focusing on AI development, with products like "Fenbi Head" and one-on-one interview evaluation systems being introduced [2] - The company plans to launch an "AI Question Practice System Class" in March 2025 and will increase investments in products, technology, and computing power [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2024 is projected to be 2.79 billion, with a net profit of 240 million, reflecting a year-on-year decline of 7.7% in revenue and an increase of 27.0% in net profit [2] - The decline in revenue is attributed to intensified competition and changes in examination schedules affecting enrollment [3] - AI technology is expected to enhance teaching efficiency and operational effectiveness, contributing to a potential increase in profit margins [5] Summary by Sections Revenue and Profitability - The company's revenue for 2024 is expected to be 2.79 billion, with a net profit of 240 million, showing a year-on-year decrease of 7.7% in revenue and an increase of 27.0% in net profit [2] - The adjusted net profit margin for 2024 is projected at 13%, down 1.7 percentage points from the previous year [5] Business Segments - Revenue from training services and book sales for 2024 is expected to be 2.34 billion and 450 million, respectively, representing declines of 6.9% and 11.4% year-on-year [3] - The average monthly active users on the platform for 2024 is projected to remain stable at 9.1 million [3] Financial Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted down to 2.84 billion and 2.98 billion, respectively, with a new revenue forecast for 2027 set at 3.15 billion [6] - The adjusted net profit forecasts for 2025 and 2026 have been revised down to 373 million and 396 million, respectively, with a new forecast for 2027 at 423 million [6] Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 14.24, 13.44, and 12.56, respectively [8] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.17, 0.18, and 0.19, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company reported a revenue of 2.8 billion RMB for 2024, a decrease of 8% year-on-year, while net profit reached 240 million RMB, an increase of 27% year-on-year [1]. - The training services segment generated 2.3 billion RMB (84% of total revenue), down 7% year-on-year, with online learning products contributing 100 million RMB, large class training courses 500 million RMB, and small class training courses 1.7 billion RMB [1]. - The company is increasing its investment in AI, launching products such as AI written exams and AI teacher one-on-one interview reviews, aiming to enhance user experience and maintain industry leadership [4]. Summary by Sections Financial Performance - The company’s gross margin for 2024 was 52.5%, up 0.5 percentage points year-on-year, with training services gross margin at 56% and book sales gross margin at 34% [1]. - Management fee rate was 15%, down 0.8 percentage points year-on-year, while sales fee rate was 23%, up 0.4 percentage points [2]. - The net profit margin for 2024 was 8.6%, an increase of 2.4 percentage points year-on-year [2]. Market Position - Despite facing intense market competition, the company maintains a stable user base, with 7,177 employees at the end of 2024, a decrease of 2% year-on-year, and an average monthly active user count of 9.1 million, roughly unchanged from 2023 [3]. - The company is committed to avoiding low-quality, homogenized products and focuses on improving educational services while maintaining a stable core team [3]. AI Development - The company plans to increase its AI R&D investment by 30% annually, collaborating with top institutions to build an educational model capable of "diagnosis-prediction-evolution" [4]. - The increase in AI R&D personnel has led to an additional expense of 13 million RMB in 2024, reflecting the company's commitment to enhancing its AI capabilities [4].

Core Viewpoint - The company, Fenbi, reported a strong performance for the fiscal year 2024, with revenue of 2.79 billion RMB and a net profit of 240 million RMB, reflecting a year-on-year growth of 27.05% [1] Financial Performance - Fenbi's revenue breakdown includes online learning products (106 million RMB), large classes (508 million RMB), small classes (1.687 billion RMB), and promotional courses (39.4 million RMB), accounting for approximately 3.8%, 18.2%, 60.5%, and 1.4% of total revenue respectively [1] - The company is positioned as a leader in the public examination training market, outperforming competitors such as Zhonggong Education and Huatu Shanding in terms of profit [1] Technological Advancements - Fenbi is recognized for its technological barriers and industry positioning, being the first internet-based training service provider that integrates offline resources [2] - The company has invested 220 million RMB in R&D for 2024, leading the industry in technological investment [2] - Fenbi's proprietary domain-specific large model has shown superior performance in various subjects compared to general models like DeepSeek, indicating its technological leadership in public examination training [3] AI Integration and Future Outlook - The company is actively integrating AI into its services, with plans to launch an AI evaluation product for interviews, expanding its service offerings in the "AI + vocational education" sector [3] - The rapid development of AI technology in China is expected to reshape global industry dynamics, positively impacting the valuation of Chinese assets, including Fenbi [4] - The education sector is anticipated to benefit from AI empowerment, with Fenbi expected to enhance its brand and product strength, leading to increased profitability [4]

Core Insights - In 2025, the company achieved a net profit of 240 million yuan, driven by various factors [1] Business Expansion - The company has expanded its service areas from public examination training to include postgraduate entrance exams and vocational skills, attracting more users by catering to specific needs [2] - The company has penetrated third and fourth-tier cities, capitalizing on the growing demand for vocational education in these regions, which has contributed to revenue growth [2] Teaching Staff - The company focuses on selecting and nurturing outstanding teachers, building a strong faculty team with rich teaching experience [3] - Regular training and exchange meetings for teachers enhance their teaching capabilities, improving overall teaching quality and supporting revenue growth [3] Course Innovation - The company continuously innovates its course design by integrating online and offline teaching methods, accommodating diverse learning preferences and time management needs [4] Marketing Promotion - Effective marketing strategies, including social media and online platforms, have significantly contributed to profitability, with high-quality teaching videos attracting potential students [7] - Collaborations with universities and enterprises for campus lectures and internal training have increased brand awareness and directly driven business expansion [7] Cost Control - The company maintains strict cost management, forming stable partnerships with suppliers to reduce costs and streamlining teaching materials to avoid resource waste [8] - Implementation of a scientific assessment system has improved employee efficiency and reduced labor costs, while rational allocation of office expenses ensures maximum value from expenditures [8]

Core Insights - The company, Fenbi, reported a revenue of 2.79 billion yuan and a net profit of 240 million yuan for the fiscal year 2024, marking a 27% year-on-year increase in net profit [2] - Fenbi's strategy focuses on "AI + vocational education," with an average monthly active user count of 9.14 million during the reporting period [2] - The company plans to enhance its AI capabilities, with a research and development expenditure of 220 million yuan in 2024, and the introduction of the DeepSeek large model by the end of 2024 [2] AI Development and Product Performance - Fenbi's self-developed domain-specific large model outperformed general large models in various assessment categories, including language and reasoning [3] - The company has established a comprehensive AI product matrix, including AI teachers and interview evaluation systems, catering to diverse user needs through subscription and pay-per-use models [3] Industry Outlook - According to Guojin Securities, 2025 is expected to be a critical year for the application of AI in education, supported by new technologies such as knowledge graphs and multimodal interaction [4] - Fenbi's CEO emphasized the importance of integrating AI technology with industry data to enhance service relevance, with plans to increase AI R&D investment by 30% annually [4]

Core Viewpoint - The company, Fenbi, has demonstrated robust growth in its 2024 financial performance, driven by its strategic focus on AI in vocational education, achieving a revenue of 2.79 billion yuan and a net profit of 240 million yuan, reflecting a 27% year-on-year increase [1] Group 1: Financial Performance - In 2024, Fenbi's revenue reached 2.79 billion yuan, with a net profit of 240 million yuan, up from 190 million yuan in the previous year [1] - The adjusted net profit expectation for 2024 is set at 360 million yuan [1] Group 2: AI Development and Product Offerings - Fenbi has launched several AI-driven products, including Fenbi AI Teacher, premium interview AI evaluation, and AI question practice system, showcasing its commitment to integrating AI into vocational education [1][4] - The company invested 220 million yuan in R&D in 2024, positioning itself among the top tier in technology investment [2] - Fenbi's proprietary domain-specific large model outperformed general models in various assessment scenarios, indicating its technological leadership in public examination training [2][3] Group 3: User Engagement and Market Position - Fenbi maintains a strong user base with an average of 9.14 million active users per month, reflecting operational resilience [6] - The company has successfully engaged users through events like mock exams, with over 8.78 million participants in the mock exam competition and significant interest in AI interview mock exams [6] - The competitive landscape for public examination training remains intense, with a record 3.416 million candidates passing the qualification review for the 2025 national exam [6] Group 4: ESG and Future Outlook - Fenbi has received an "A" rating from MSCI for its ESG performance, particularly excelling in product safety and quality [7] - The company plans to increase its AI R&D investment by 30% annually and collaborate with top institutions to build an educational large model laboratory [7]

大班培训课程。即以系统班为主的全在线的大班直播培训类课程，配备高水准讲师及精心设计的直播课 程，提供系统性的知识讲解辅以相应的练习以帮助学员备考。在线大班培训课程通常的在线授课规模在 1000人以上，通常授课时间持续30至90天，通常定价为每门课程300元至1280 元。在线大班培训课程在 2024年取得收入约5.08亿元。 小班培训课程。小班课程主要以在线或通过线上和线下融合的模式进行。主流笔试班型学员人数通常为 30至60人，通常授课时间持续30至120天，以公职类招录考试培训为例，通常定价为每门课程7000元以 上。主流面试班型学员人数通常为8至12人，通常授课时间持续5至15天，以公职类招录考试培训为例， 通常定价为每门课程8000元以上。小班课程向学员提供个性化的培训服务，通过互联网的方式，集团得 以对师资质量和教学质量进行有效的把控，用稳定的教学质量驱动各个班级之间稳定一致的教学成果， 从而逐步实现课程产品的品牌化。依托自主研发的技术和海量的学习行为数据，集团的在线学习系统可 以实现追踪学生学习轨迹与彼等薄弱点的实时反馈，大幅提高老师授课效率，结合日益累积的相关数据 向每个学生提供个性针对性的整体 ...