Group 1 - The stock of Fenbi (02469) increased by over 6%, reaching a price of 2.85 HKD with a trading volume of 145 million HKD [1] - On October 16, Fenbi announced that its AI exam preparation system saw a strong market response, with daily sales exceeding 14,000 orders following the release of the national civil service exam registration announcement [1] - The AI exam preparation system, launched in April this year, is the first AI-driven course product in the industry, developed based on Fenbi's proprietary large model [1] Group 2 - The AI sprint class, officially launched on October 15, also performed well, with pre-sale orders surpassing 21,000, indicating high market recognition for AI-based course products [1] - Fenbi has introduced a series of products including Fenbi AI Teacher, premium AI interview reviews, civil service and public institution AI exam preparation systems, AI smart speakers, and AI sprint classes, covering the entire lifecycle of civil service exam preparation [1] - The announcement on October 14 regarding the recruitment of civil servants for 2026 included an increase in the age limit for applicants, which is expected to boost the number of registrations [1] Group 3 - The recruitment plan for 2026 aims to hire 38,100 individuals, with the age limit for applicants raised from 35 to 38 years, and for 2026 graduates, the limit is extended to under 43 years [1] - According to Xinda Securities, the expanded age limit for the civil service exam is likely to continue promoting an increase in the number of applicants, suggesting investment opportunities in the recruitment training industry [1]

Group 1 - The core point of the article highlights the strong market response to Fenbi's AI exam preparation products, with a significant increase in sales following the announcement of the national civil service examination registration [1] - Fenbi's AI exam preparation system, launched in April, is the first AI-driven course product in the industry, achieving over 14,000 sales in a single day after the announcement [1] - The newly launched AI sprint class also performed well, with pre-orders exceeding 21,000, indicating high market recognition for AI-based educational products [1] Group 2 - The announcement of the 2026 national civil service examination has expanded the age limit for applicants, potentially increasing the number of candidates and benefiting the recruitment training industry [1] - The total recruitment plan for 2026 is set at 38,100 positions, with age limits raised to 38 for general applicants and 43 for master's and doctoral graduates [1] - The investment opportunity in the recruitment training sector is emphasized, particularly in light of the increased applicant age limits and the expected growth in registration numbers [1]

Investment Rating - The investment rating for the education industry is "Positive" [2] Core Insights - The National Civil Service Bureau announced the 2026 civil service examination recruitment, widening the age limit for applicants, which is expected to boost the number of registrations [3] - The age limit has been extended by 3 years, allowing applicants aged 18 to 43 years, which is anticipated to stimulate a rapid increase in registration numbers [3] - Although the number of recruits is slightly reduced to 38,100, a decrease of 4%, it is believed that this will not dampen the enthusiasm for civil service examinations due to the small reduction and the increasing number of graduates [3] - The policy allowing recent graduates to maintain their status for three years is expected to enhance demand for full-time preparation and long-term training programs [3] - The report suggests focusing on investment opportunities in the recruitment training sector due to the expected increase in competition and training demand [3] Summary by Sections - **Event Summary**: The announcement of the civil service examination for 2026 includes a widening of the age limit, which is likely to increase the number of applicants [3] - **Recruitment Numbers**: The planned recruitment for 2026 is 38,100, a slight decrease of 4%, but this is not expected to affect the enthusiasm for civil service exams [3] - **Impact on Training Demand**: The three-year eligibility for recent graduates is likely to boost demand for full-time and long-term training programs [3] - **Investment Recommendations**: The report recommends focusing on investment opportunities in the recruitment training industry due to the anticipated increase in applicant numbers and competition [3]

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]