本报讯(记者袁传玺)2月24日，粉笔(02469.HK)发布业绩预告，截至2025年12月31日，公司预计录得不 少于26.56亿元营收，经调整净利润预计将不少于2.7亿元。 2025年，随着考公考编年龄进一步放宽，报考热度持续攀升。根据国家公务员局数据，2026年度国考报 名人数371.8万人，通过资格审查人数与录用计划数之比约为98：1，显示出就业服务市场的长期需求依 然稳固。 从用户端反馈来看，粉笔系列AI产品已获得较高关注，据官方数据，截至2025年年底，粉笔AI产品已 服务超3000万用户，其中付费用户数超238万，用户规模保持稳健提升态势。截至2025年11月份，粉笔 AI面试累计点评量488万次，已成为用户备考环节的重要一环。 据了解，2026年，粉笔计划进一步扩大服务范围，为超7000万用户打造"一站式就业服务平台"，通过自 主研发的职业教育垂域大模型为引擎，提供全周期就业服务。 在技术投入方面，粉笔持续加码AI研发。2025年公司将全部未动用IPO募集资金6080万港元重新分配， 其中1200万港元专项用于AI垂直模型研发与商业化，4880万港元用于AI高端人才与基础设施建设，通 过常态化的 ...

格隆汇2月24日丨2月24日，粉笔(02469.HK)发布业绩预告，截至2025年12月31日，公司预计录得不少于 人民币26.56亿元营收，经调整净利润预计将不少于人民币2.7亿元。 据了解，2026年，粉笔将计划进一步扩大服务范围，为超7000万用户打造"一站式就业服务平台"，通过 自主研发的职业教育垂域大模型为引擎，提供全周期就业服务。 相关事件 粉笔(02469.HK)预计2025年营收26.56亿元 坚定技术投入筑牢长期竞争力 粉笔(02469.HK)：吴正杲将获 委任为非执行董事 2025年，随着考公考编年龄进一步放宽，报考热度持续攀升。根据国家公务员局数据，2026年度国考报 名人数371.8万人，通过资格审查人数与录用计划数之比约为98:1，显示出就业服务市场的长期需求依 然稳固。 从用户端反馈来看，粉笔系列AI产品已获得较高关注，据官方数据，截止2025年底，粉笔AI产品已服 务超3000万用户，其中付费用户数超238万，用户规模保持稳健提升。截至2025年11月，粉笔AI面试累 计点评量488万次，已成为用户备考环节的重要一环。 在技术投入方面，粉笔持续加码AI研发。2025年公司将全部未 ...

Economic Development and Growth Targets - Shanghai's GDP is projected to reach 5.67 trillion yuan by 2025, with a growth rate of 5.4% compared to the previous year, achieving annual and "14th Five-Year" economic growth targets [2] - The GDP growth target for 2023 is set at around 5%, focusing on expanding effective demand and promoting consumption and investment [2] Foreign Investment and Trade - By the end of last year, Shanghai had recognized 1,076 regional headquarters of multinational companies and 636 foreign R&D centers, with over 6,300 new foreign enterprises expected to be established by 2025, marking a 6.8% year-on-year increase [3] - The foreign trade import and export scale is anticipated to exceed 4.5 trillion yuan by 2025, with a 19.8% growth in contracted foreign investment [3] Industrial Development and Innovation - Shanghai's industrial output value surpassed 4 trillion yuan last year, with plans to target new sectors such as smart terminals and commercial aerospace during the "15th Five-Year" period [4] - The city aims to increase R&D expenditure to about 4.5% of GDP by 2025, with a focus on enhancing basic research investment from 7.9% to around 12% [4] Employment and Skills Development - Shanghai plans to create over 600,000 new jobs by 2026, with a focus on supporting youth employment and addressing the impact of AI on job markets through "AI + employment" initiatives [6] - The city will host the 48th World Skills Competition to promote new skills and enhance vocational training aligned with industry needs [6] Elderly Care and Community Services - Shanghai has established 122 smart elderly care facilities, aiming to enhance technology-driven services and community care [7] - The city has introduced guidelines for building senior-friendly shopping environments, which have been well-received by the elderly community [7]

Core Viewpoint - Shanghai is actively addressing the impact of artificial intelligence (AI) on employment, aiming to harness the positive effects of AI to create job opportunities [1][2] Group 1: Employment Impact of AI - The development of AI is expected to have both "substitution effects" and "creation effects" on employment, leading to structural changes in the job market and new skill requirements for workers [1] - By 2025, Shanghai anticipates an increase of 641,000 new jobs, with an average urban survey unemployment rate of 4.2%, indicating overall employment stability [1] Group 2: Policy and Initiatives - Shanghai plans to implement a "stabilize jobs, expand capacity, and improve quality" action in 2026, focusing on advanced manufacturing and modern service industries to support job retention and creation [1] - The city will promote "AI + employment" application scenarios to enhance job matching and success rates, and will develop a one-stop platform for "training + employment" in collaboration with Shanghai Foreign Service [2] Group 3: Recommendations for Addressing AI Employment Impact - A phased approach is suggested to tackle the employment impact of AI, including short-term risk assessments and retraining, mid-term improvements in higher education curriculum, and long-term digital literacy education across all educational stages [2]

Core Viewpoint - The stability of the controlling stake of Zhonggong Education is under threat due to the auction of 48 million shares held by its actual controller, Li Yongxin, amid declining performance and high debt levels [1][2][3]. Group 1: Share Auction and Stock Performance - Zhonggong Education announced that 48 million shares held by Li Yongxin were auctioned for a total of 1.01 billion yuan, which is approximately 80% of the market value based on the stock price of 2.65 yuan per share [2][3]. - The stock price of Zhonggong Education reached a limit up on December 10, closing at 2.65 yuan per share [2]. Group 2: Financial Performance - For the first three quarters of 2025, Zhonggong Education reported revenue of 1.657 billion yuan, a year-on-year decline of 21.09%, and a net profit attributable to shareholders of 91.97 million yuan, down 45.31% year-on-year [1][12]. - The company has seen a significant reduction in employee numbers, from 45,100 at the end of 2020 to 7,888 by the end of 2024, representing a decrease of over 82% [1][11]. Group 3: Debt and Financial Health - Zhonggong Education's debt-to-asset ratio has remained high, exceeding 80% since the fourth quarter of 2021, and reached 86.35% by the end of the third quarter of 2025 [1][13][14]. - As of the end of the third quarter of 2025, the company had cash and cash equivalents of 104 million yuan, with short-term and long-term borrowings of 2.5 million yuan and 571 million yuan, respectively [5]. Group 4: Historical Context and Strategic Initiatives - Zhonggong Education was previously successful, achieving a revenue of 11.202 billion yuan in 2020, marking its first year of exceeding 10 billion yuan in revenue [8]. - The company is exploring strategic initiatives in "AI + Employment" and has established a joint venture, New Era, to focus on building a digital talent cultivation system [15].

Core Viewpoint - The Central Political Bureau meeting emphasizes the importance of stabilizing employment, enterprises, markets, and expectations to achieve qualitative and effective economic growth and maintain social harmony and stability in 2026 [3][4]. Group 1: Economic Policies - The meeting calls for more proactive macroeconomic policies that enhance foresight, targeting, and coordination, while continuing to expand domestic demand and optimize supply [3][4]. - It highlights the need to develop new productive forces tailored to local conditions and to deepen the construction of a unified national market [3][4]. Group 2: Employment Stability - The Ministry of Human Resources and Social Security (HRSS) has released a plan to expand job opportunities, detailing 12.24 million jobs created in the first half of the year [4]. - The focus is on creating a job-friendly society by strengthening employment scale, quality, and youth employment rates, promoting a close relationship between stable growth and stable employment [4][5]. Group 3: Youth Employment - Youth employment is prioritized, with over 10 million college graduates expected annually starting from 2022, necessitating continuous policy support to stabilize youth employment [4]. - The HRSS aims to support youth innovation, entrepreneurship, and flexible employment, while enhancing vocational education and training systems to meet new productive force demands [4][5]. Group 4: Skills Training - The HRSS has designated this year as a "Skills Training Year," launching initiatives focused on new productive sectors and urgent livelihood areas, such as elderly care and domestic services [5].

Group 1 - The central theme of the meetings emphasizes stabilizing employment, enterprises, markets, and expectations to achieve qualitative and effective economic growth while maintaining social harmony and stability [1][2] - The meetings highlight the importance of implementing proactive macro policies that enhance foresight, targeting, and coordination, while continuously expanding domestic demand and optimizing supply [1] - The Ministry of Human Resources and Social Security (HRSS) is focusing on stabilizing employment through various measures, including releasing 12.24 million job positions in the first half of the year and increasing support for job creation and training [2][3] Group 2 - The meetings stress the need to support youth innovation, entrepreneurship, and flexible employment, while also enhancing vocational education and training systems to meet new productivity demands [3] - The HRSS is prioritizing skill training as a key measure for stabilizing employment, launching initiatives aimed at new productivity sectors and urgent social needs, such as elderly care and domestic services [3]

Group 1 - The event "AI Empowered Smart Job Seeking Inspiration and 2025 Golden Autumn Recruitment Month Special" was successfully held in Guangzhou, featuring 52 companies across various sectors, releasing over 1,500 job positions and attracting 283 job seekers [1] - Guangdong Desheng Technology Co., Ltd. (Desheng Technology) showcased its "AI Agent + Operation Service" as an AI-enabled recruitment service provider, introducing the "Wen Gong Xiao Zhi" AI terminal for job seekers [1] - The AI terminal integrates services such as AI resume optimization, mock interviews, policy answers, and smart job applications, enhancing job seekers' capabilities and efficiently matching job intentions [1] Group 2 - The event included a specially designed AI job-seeking experience soundproof booth, which ensured privacy and improved the experience of voice interaction and mock interviews, receiving positive feedback from job seekers [1] - The "Guangzhou Good Job AI Assistant," coordinated by the Guangzhou Human Resources Market Service Center and supported by Desheng Technology, extends services online, providing 24/7 intelligent responses to meet employment needs [1] - Desheng Technology plans to continue deepening "AI + Employment" innovative practices to support the digital transformation of employment services and contribute to sustainable talent and innovation for Guangzhou's high-quality development [2]

Group 1 - The core concept of the news is the introduction of the "AI Primary School Bean" as a complementary device to the AI employment learning machine, enhancing the learning ecosystem through hardware collaboration and addressing fragmented learning challenges [2] - The "AI Primary School Bean" features 1GB of built-in storage, allowing users to download essential study materials for offline learning, thus facilitating seamless transitions between home and outdoor learning environments [2] - The product aims to meet the growing demand for portable devices in the domestic vocational education market, particularly as the age limit for civil servant recruitment has been relaxed, expanding the target audience of working candidates [2] Group 2 - The "AI Primary School Bean" supports real-time translation in 135 languages and offers multiple modes for communication, making it suitable for various scenarios including daily conversations and business negotiations [4] - The product emphasizes practicality and durability, with a charging case that provides over 20 hours of battery life and features such as IPX4 water resistance, making it adaptable for different sports and daily activities [4] - The ergonomic design reduces discomfort during prolonged use, aligning with user habits and enhancing overall user experience [4] Group 3 - The launch of the AI headset represents an expansion of the intelligent hardware matrix for the company, contributing to the construction of an "AI + Employment" ecosystem [6] - In a competitive landscape where employment services are becoming more refined and personalized, leveraging smart hardware to improve learning efficiency and accumulate user data is seen as a consensus among leading institutions [6] - The company needs to balance hardware R&D investment with profitability cycles and explore deeper integration between hardware and course services to establish technological barriers in personalized AI content recommendations and learning data diagnostics [6]

Core Insights - The launch of the AI smart learning headset "Zhonggong AI Primary Bean" at a price of 399 yuan, with a pre-sale discount of 169 yuan, signifies Zhonggong Education's strategic expansion in the AI+employment ecosystem [1][12] - The headset is positioned as a complementary device to the AI employment learning machine, enhancing the learning experience across various environments [2][4] Product Features - The "AI Primary Bean" includes 1GB of internal storage, allowing users to download essential study materials for offline learning, addressing issues like unstable internet and battery anxiety [5][10] - It supports real-time translation in 135 languages, offering multiple modes for conversation and translation, catering to diverse user needs [9][10] Market Trends - The portable learning device market in China's vocational education sector is experiencing growth, with increasing demand for smart hardware [4] - The recent policy change allowing older candidates to apply for civil service positions expands the potential candidate pool, particularly benefiting working professionals [7][8] Strategic Implications - Zhonggong Education aims to create a seamless learning experience for working individuals, moving beyond traditional long-term courses to lightweight, immersive learning tools [8][12] - The integration of hardware and course services is seen as a critical strategy for enhancing user engagement and data accumulation, which could drive future growth [12]