Core Viewpoint - Huaxi Securities maintains a "buy" rating for Fenbi (02469) following its strategic partnership with Huatu Shanding, which is expected to significantly improve the competitive landscape of the recruitment training industry [1] Summary by Sections Strategic Cooperation Agreement - The partnership aims to leverage complementary resources to enhance overall competitiveness and explore collaboration in recruitment exam training [1] - Investment cooperation will include exploring strategic investments and establishing joint ventures [1] - Company governance will involve mutual recommendations for board members and establishing regular communication mechanisms [1] - AI technology collaboration will focus on developing AI applications for the recruitment training industry and sharing expertise [1] Distribution Channel Cooperation - Both companies will integrate their distribution channels to enhance operational efficiency [2] - They will advocate for industry self-regulation and user oversight to establish industry benchmarks through quality service and teaching standards [2] Benefits of Strategic Cooperation - The partnership is expected to boost market confidence and stabilize pricing in the recruitment training industry after three years of price wars [3] - As leading companies in the sector, the collaboration is likely to improve the competitive landscape by leveraging online and offline strengths [3] Future Opportunities - The 2025 national exam saw 3.416 million candidates pass the qualification review, with a year-on-year increase of 12.6%, indicating expanding market demand [4] - The launch of AI written exam products in April is anticipated to create a second growth curve based on an established active user base [4] - Traditional large and small class businesses are expected to benefit from stabilizing prices in the industry [4] - AI products are projected to expand into interviews, national and central enterprise exams, and public institution assessments next year [4]