2)公司治理：双方可相互推荐董事进入对方实体机构，建立常态化沟通机制，借鉴彼此先进管理经验， 发挥各自优势。 3)AI技术合作：双方将共同开发招录类考试培训行业的AI应用方案，整合双方各自在AI技术开发领域的 优势，就AI融入课程与产品进行交流分享，共同探索开发AI主导课程的发展前景，并促进双方核心研 发团队间的专业经验交流。 智通财经APP获悉，华西证券发布研报称，维持粉笔(02469)"买入"评级，粉笔与华图山鼎建立战略合 作，有望显著改善招录培训行业的竞争格局。合作将整合双方在技术(如AI课程开发)、渠道(线上与线 下)及公司治理等核心领域的优势，共同推动行业走向良性发展。此举不仅为粉笔在市场需求扩大的背 景下，通过AI产品开辟第二增长曲线注入新动力，也为传统培训业务的价格企稳创造了有利环境。 华西证券的主要观点如下： 与华图山鼎订立战略合作协议具体内容 双方建立战略合作关系，发挥各自资源互补优势，提升双方整体竞争力，共同探索招录类考试培训业务 合作。包括： 1)投资合作：双方将探索并寻求在股权投资的合作，包括但不限于战略投资及成立合资企业。 战略合作的好处 1)提振市场信心;2)招录培训行业经历3年多 ...

Core Viewpoint - The company, Fenbi, anticipates a decline in revenue and profit for the first half of 2025 due to intense competition in the Chinese examination training industry [1] Group 1: Financial Performance - Fenbi expects to achieve revenue of no less than RMB 1.472 billion in the first half of 2025, a decrease of no more than 9.7% compared to RMB 1.630 billion in the same period of 2024 [1] - The projected net profit for the first half of 2025 is at least RMB 215 million, down by no more than 22.6% from RMB 278 million in the previous year [1] - Adjusted net profit, excluding share-based payments, is expected to be no less than RMB 260 million, a reduction of no more than 25.5% from RMB 349 million year-on-year [1] Group 2: Market Demand and Competition - Despite the revenue and profit decline, the demand for examination training remains strong, with the number of students applying for exams increasing annually [1] - The 2025 National Examination plans to recruit 39,700 candidates, setting a new record for recruitment scale, with 3.416 million applicants passing the qualification review, resulting in a ratio of approximately 86:1 between qualified applicants and recruitment plans [1] - The number of applicants for the 2025 National Examination has increased by nearly 400,000 compared to 2024 [1] Group 3: AI Product Development - Fenbi has launched an AI-based question practice system class, which has sold approximately 50,000 sessions and generated revenue of about RMB 20 million by June 30, 2025 [2] - 90% of the students in the AI question practice class were previously registered and active users on the company's app but had not shown willingness to pay for courses [2] - The company plans to expand its AI large class courses to more subjects within 2025, currently only available for civil service subjects [2] Group 4: Interview Market Strategy - Fenbi has introduced an AI interview evaluation feature based on its AI domain model, targeting the interview market characterized by high average transaction value and strong willingness to pay [2] - The company aims to gradually upgrade its AI interview evaluation products to accelerate growth in the AI interview business [2]

Core Viewpoint - The company, Fenbi, anticipates a strong performance in the first half of 2025, projecting revenue of at least RMB 1.472 billion and net profit of at least RMB 215 million, despite facing competitive pressures in the exam training industry [1] Group 1: Financial Performance - Fenbi expects revenue for the first half of 2025 to be no less than RMB 1.472 billion and net profit to be no less than RMB 215 million, with adjusted net profit projected at no less than RMB 260 million [1] - The company is optimistic about its future growth prospects, particularly due to the performance of its AI products [1] Group 2: AI Product Development - Fenbi has developed an AI domain model focused on exam training, leveraging its mature AI technology and extensive industry data [2] - The AI brush question system class, launched in April, has sold approximately 50,000 times, generating around RMB 20 million in revenue, indicating a potential annual sales exceeding RMB 100 million [2] - The company plans to expand its AI product offerings, including AI interview simulation competitions and AI evaluation tools, which have shown high user engagement and satisfaction [3] Group 3: Market Position and Strategy - The demand for exam training remains strong, with the number of applicants for national exams increasing by 12.6% year-on-year to 3.416 million in 2025 [2] - Fenbi's user base is growing, with over 72.74 million registered users expected by the end of 2024, and 90% of AI course participants previously had no intention to pay for courses [3] - The company is positioned uniquely in the exam training market, with a competitive edge due to its AI-driven approach, which is expected to facilitate rapid market share expansion [4] Group 4: Industry Trends - The exam training industry is undergoing a structural adjustment, shifting focus from scale competition to value competition, emphasizing product effectiveness and user experience [5] - The national policy environment is favorable for AI applications, providing a critical window for Fenbi to enhance its competitive advantage through continued investment in AI technology [5][6] - Fenbi's president has indicated plans to increase AI R&D investment by 30% annually and collaborate with top institutions to build educational AI models [6]