智通财经APP获悉，招商证券发布研报称，教育市场需求端因升学和就业压力呈现强抗周期性，中高 考"黄金十年"与国考报考人数（2025年达341.6万人）持续增长，2026年国考年龄限制放宽将进一步带 来增量。供给端趋向优化，校外培训非学科牌照增速放缓，行业竞争有望缓和，整体盈利能力或提升。 校外培训方面，在"二胎"政策和"龙宝"效应下，2024-2035年将迎来中高考的"黄金十年"，为高中及相关 培训市场提供持续增长的人口基数。2021-2025年我国高考报名人数分别为1078万人、1193万人、1291 万人、1342万人和1335万人，高考报名人数位居高位；公考方面，2020-2025年国家公务员报名人数分 别为139.6万人、157.6万人、212.3万人、259.77万人、303.3万人和341.6万人，分别同比增长1.21%、 12.89%、34.71%、22.36%、16.77%和12.62%。此外，2026年国考报考年龄限制放宽至38岁，预计将为 行业带来增量考生。 供给端：校外培训非学科营利牌照发放增速逐步放缓，头部公考机构开展战略合作 招商证券主要观点如下： 需求端：升学和就业压力驱动的教育需 ...

Core Viewpoint - The company has entered into a strategic cooperation agreement with Huatu to explore collaboration in various areas related to recruitment exam training, including investment, governance, technology development, distribution channels, industry self-discipline, and customer service [1]. Group 1: Strategic Cooperation Areas - Investment cooperation will focus on exploring equity investment opportunities, including strategic investments and joint ventures [1]. - Governance collaboration will involve mutual recommendations of directors and establishing regular communication mechanisms to share management experiences [1]. - Technology development will see both companies jointly develop AI applications for the recruitment exam training industry, leveraging their respective strengths in AI technology [1]. - Distribution channel cooperation aims to integrate both companies' channels to enhance operational efficiency [1]. - Industry self-discipline efforts will focus on setting industry standards through quality services and teaching standards [1]. - Customer service collaboration will involve analyzing industry trends and user demand changes to optimize the strategic partnership [1]. Group 2: Market Position and Profitability - The partnership between Huatu and the company, both industry leaders, is expected to complement each other's strengths, potentially increasing market share and restoring profitability [2]. Group 3: AI Product Development - The company has been continuously enriching its AI product matrix, with significant sales achievements, such as the AI brushing system class reaching over 14,000 sales in a single day on October 14 [3]. - The company plans to enhance AI research and development investments at an annual growth rate of 30%, aiming to establish an education model laboratory in collaboration with top institutions [3]. Group 4: Financial Projections - The company anticipates revenue growth, projecting operating revenues of 2.67 billion, 2.78 billion, and 2.98 billion yuan for the years 2025 to 2027, with adjusted net profits of 298 million, 375 million, and 445 million yuan respectively [4].

最近，职教圈"巨头"们的新消息不断。 12月8日，粉笔宣布将推出综合性就业服务产品——精品就业班，为学员们提供就业信息服务、职位选择指导、就业核心知识技能训练、职业素养提升等 培训内容。 马上12月12日，粉笔和华图山鼎签订了战略合作协议，在投资合作、公司治理、技术开发、渠道整合、用户服务等方面展开合作。 接连的动作背后，是"考公巨头"们藏不住的焦虑。 虽然2026年国考报名总人数达到371.8万人，再创历史新高，考公市场整体需求旺盛，但是考公机构们的增长速度却放缓了。 今年上半年，只有华图山鼎一家实现了营收、净利同比增长，中公教育和粉笔的营收和归母净利润双双下降。 | | | 2025中报 | | | --- | --- | --- | --- | | | 中公教育 | 粉笔 | 华图山鼎 | | 营业总收入(亿元) | 11.55 | 14.92 | 17.24 | | 营业总收入同比增长率(%) | -20.21 | -8.50 | 14.50 | | 归属于母公司所有者的净利润(亿元) | 0.62 | 2.27 | 2.13 | | 归属母公司股东的净利润(同比增长率)(%) | -46.69 | ...

此次合作的关键在于二者在核心优势上的互补。众所周知的是，粉笔以线上业务起家，在用户端推出粉 笔题库、粉笔模考、智能批改等多个现象级爆款产品，拥有超7000万注册用户。华图则长期深耕线下， 拥有超1000家线下交付基地网络，其渠道的广度与深度构成显著规模优势。 近年来，粉笔的业务重心向AI应用侧重，凭借自研垂域AI大模型，已构建起从精准智能诊断到动态学 习规划的技术产品服务壁垒。年内更上线了包括AI刷题系统班、国央民企面试AI点评、精品就业班等 多款智能教学产品，持续拓展业务边界。 两者在AI应用领域发展亦有重合，围绕行测、申论、面试等重点教学环节，粉笔与华图均有产品布 局，未来双方将共同推动AI技术与教学产品的深度融合，进一步优化运营效率，实现教学理念与产品 形态的协同进化。 智通财经APP获悉，12月14日，职业教育领域两大头部企业粉笔(02469)与华图山鼎(300492.SZ)(下称"华 图")联合宣布达成深度战略合作，在服务深度、成本结构与业务拓展等方面推动资源整合，共同绘制职 业教育高质量发展的新蓝图。 粉笔与华图共同宣布，除在业务领域协同发展外，双方还将在股权层面进行合作，包括但不限于战略投 资或 ...

智通财经APP获悉，12月14日，职业教育领域两大头部企业粉笔(02469)与华图山鼎(300492.SZ)(下称"华 图")联合宣布达成深度战略合作，在服务深度、成本结构与业务拓展等方面推动资源整合，共同绘制职 业教育高质量发展的新蓝图。 粉笔与华图共同宣布，除在业务领域协同发展外，双方还将在股权层面进行合作，包括但不限于战略投 资或控股、互相参股、共同成立合资公司等措施，同时双方将相互派驻董事，搭建常态化沟通桥梁。 此次合作标志着职业教育行业迎来里程碑式转折阶段，将从根本上改变由粉笔、华图山鼎、中公教育长 期形成的"三足鼎立"市场格局，重塑行业竞争态势，推动职业教育进入以综合解决方案和全链条服务为 核心的全新发展阶段。 AI深化与渠道融合，头部玩家开启协同增益 值得一提的是，提升就业转化效率与青年职业能力素质，将成为双方合作的战略支点。双方将加强渠道 与技术服务的深度融合，构建覆盖学员全学习周期的服务生态，协同打造从技能培养到岗位匹配的就业 通道，重点优化资源配置效率，共同拓展完善就业服务市场。 粉笔总裁魏亮表示，对粉笔而言，此次合作是一个基于深刻行业洞察与长期价值的战略抉择。 近期粉 笔上线精品就业班产 ...

以下文章来源于盐财经 ，作者辰夕 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者： 辰夕 来源：盐财经 2023年春天，李怡驱车再次开往通向省考的高速。她已经记不清这是自己第几次为了公考往返这 条路。从2014年大学毕业后，她几乎每年都在经历备考、报名、进面、落榜，再重新来过。 ------------------------------- 那年她30岁，在当地的乡镇行政服务中心做了八九年的合同工，年收入一直稳定在八九万。虽然她 和其他 有编制 同事在同一间办公室办公，工作内容也没有太大不同，但工资和福利待遇却差得很 多。当初一起入职的几个有编制的同事，现在也已经成了她的领导。 "人家考上了，我没考上。差别就是这么来的。"李怡并不觉得不平衡，只是淡淡地承认。同时，她 也认识到了考公考编的意义。 2023年是她第三次省考进面。前两次，她的总分都排第二，有一次甚至只差零点几分。第三次， 她笔试考了70多分，又是第二，她决定再拼一把。 她不再是淘宝买书、自己刷题，而是报名了中公教育的5天4夜协议面试班，交了1万块钱，合同写 明不过退7500。 在众多考公机构中，她没有太多犹豫，直接选择了中公教育 ...

Core Viewpoint - The article discusses the challenges faced by the public examination training industry, particularly focusing on the experiences of a student named Li Yi with a leading training institution, Zhong Gong Education, highlighting issues related to refund difficulties and the decline of the company's financial health [3][6][17]. Group 1: Company Overview - Zhong Gong Education is a leading provider of training services for national and provincial civil service examinations, having established itself as a benchmark in the vocational education sector since its inception in 1999 [5][20]. - The company experienced rapid revenue growth, peaking at nearly 27 billion yuan, and was once valued at over 260 billion yuan after going public in 2019 [22][23]. - The business model of "money-back guarantee" for training programs was initially seen as innovative, significantly reducing the risk for students and attracting a large number of enrollments [20][21]. Group 2: Financial Challenges - Since 2021, Zhong Gong Education has faced a continuous decline in revenue, with year-on-year decreases of 38.3%, 30.19%, 36.03%, and 14.89% from 2021 to 2024 [26]. - The company reported a total of 700 new litigation and arbitration cases from January 25 to July 15, 2025, with a total amount involved reaching 53.8 million yuan, which is 7.43% of its audited net assets for 2024 [18][19]. - The refund rate has surged, exceeding 65% since 2021, indicating that for every three payments received for guarantee programs, two had to be refunded [27]. Group 3: Operational Issues - Complaints regarding refund difficulties have become a prominent issue for Zhong Gong Education, with over 100,000 complaints related to refunds on consumer complaint platforms [17][18]. - The company has implemented a new refund policy, where students who enrolled in guarantee programs from 2022 to 2023 can only receive partial refunds, significantly extending the waiting period for refunds [33]. - The operational chaos during training sessions, including disorganized logistics and inadequate facilities, has led to dissatisfaction among students [8][10]. Group 4: Market Dynamics - The public examination training market is becoming increasingly competitive, with new entrants and alternative training methods emerging, leading to a decline in Zhong Gong Education's market share [40][41]. - The company is attempting to pivot towards AI-driven educational tools, but initial market responses have been lukewarm, and the financial impact of these new initiatives remains uncertain [42][43]. - The overall trend in the public examination sector indicates a growing number of candidates, with 2.83 million participants expected for the 2026 civil service examination, yet this has not translated into improved financial performance for Zhong Gong Education [30][33].

Core Viewpoint - The rapid development of generative AI technology is transforming various industries, including education, where companies like Fenbi are increasingly investing in AI to enhance their offerings and respond to market demands [1][4][10]. Group 1: AI Development in Education - OpenAI launched a version of ChatGPT tailored for higher education, named GPT-edu, to provide personalized services for students and teachers [1]. - Domestic companies such as NetEase Youdao, TAL Education, and Fenbi have begun developing their own educational AI models, with Fenbi introducing AI teachers and question-answering systems [2][4]. - Fenbi's president announced a commitment to increase AI R&D investment by 30% annually and collaborate with top institutions to build an educational AI model laboratory [7]. Group 2: Market Dynamics and Competition - The public examination training market is facing intense competition, with Fenbi needing to enhance its product competitiveness through continuous investment in AI [4][29]. - Despite a high number of applicants for civil service exams, Fenbi's revenue and net profit have declined, indicating a challenging market environment [14][11]. - Fenbi's average monthly active users reached 9.3 million by June 30, but many users prefer more cost-effective options, impacting conversion rates to paid users [13]. Group 3: Financial Performance - Fenbi reported a revenue of 1.49 billion RMB for the first half of 2025, a decrease of 8.5% year-on-year, with net profit down 18.34% to 227 million RMB [14][15]. - Other major players in the public examination training sector, such as Zhonggong Education, also reported revenue declines, highlighting the competitive landscape [16][17]. Group 4: AI Product Performance - Fenbi's AI question-answering system has shown initial commercial success, with approximately 50,000 sales and revenue of around 20 million RMB [20]. - The AI question-answering system reportedly improved user learning efficiency by 29% to 40%, with average mock exam scores increasing by 15 to 20 points [24]. - The AI interview evaluation tool has seen significant engagement, with 470 million evaluations conducted and 350,000 users participating [26]. Group 5: Challenges and Future Outlook - Despite the promising start, AI has not yet significantly reduced costs or improved Fenbi's financial performance, as the company attributes cost reductions to overall revenue declines [27]. - Fenbi faces competition not only from other training institutions but also from AI model companies that offer free or lower-cost alternatives [35]. - The company must continue to innovate and provide effective, user-friendly AI products to capture market share and meet user expectations [36].

Core Insights - The national civil service examination is approaching, with a significant increase in participation in mock exams organized by Fenbi, indicating a growing demand for effective preparation services [1][4] - Fenbi has launched a series of targeted courses and personalized learning paths based on mock exam data analysis to help candidates improve their performance [3][6] - The competitive landscape for the civil service examination has intensified, leading to a higher demand for personalized and efficient preparation services [4] Group 1: Mock Exam Participation - Fenbi's ultimate mock exam attracted approximately 550,000 participants, marking the highest number for this year [1] - In 2025, Fenbi organized a total of 44 mock exam competitions, with over 9.4 million registrations, surpassing last year's 8.78 million [1] - The hashtag related to Fenbi's mock exams reached a discussion volume of 333.5 million on Weibo, reflecting the growing interest among candidates [1] Group 2: Educational Services and Innovations - Fenbi has developed a comprehensive system for identifying and addressing candidates' weaknesses, offering personalized study plans to enhance exam preparation [3][6] - The company has established a multi-faceted offline user engagement strategy, including workshops and recruitment events, to cater to diverse candidate needs [3] - Fenbi's AI product line, including the AI question practice system, has seen significant sales, with over 200,000 units sold within seven months, indicating strong market demand [6] Group 3: Market Trends and Competitive Landscape - The ratio of candidates passing the qualification review to the recruitment plan for the 2026 civil service examination is approximately 98:1, highlighting the competitive nature of the exam [4] - The recent relaxation of age restrictions for applicants has further intensified competition, increasing the demand for tailored preparation services [4] - Fenbi's innovative approach, including AI-driven interview preparation services, is positioning the company to capitalize on emerging market opportunities [6]

Core Viewpoint - The recent series of stock buybacks and insider purchases by the company signals strong confidence in its future performance and market position [1][2]. Group 1: Stock Buybacks and Insider Confidence - The company has engaged in a series of stock buybacks, which has attracted market attention [1]. - Founders and executives have increased their holdings and committed to a two-year lock-up, indicating strong belief in the company's prospects [1]. Group 2: Market Response and Sales Performance - Following the announcement of policy changes regarding civil service exam age limits, the company saw a surge in sales, with its AI exam preparation system achieving over 14,000 sales in a single day [2]. - The company's stock price increased by 7% on the day of the announcement, reflecting positive market sentiment [2]. Group 3: Industry Trends and Opportunities - The vocational education sector is experiencing significant growth due to supportive policies, increasing demand, and technological advancements [8][9]. - Recent policy changes have created a favorable environment for AI technologies in education, providing new opportunities for the industry [10]. Group 4: Financial Performance and AI Integration - The company reported a total revenue of 1.492 billion yuan in the first half of the year, with a net profit of 227 million yuan, showcasing resilience despite market challenges [17]. - The introduction of AI products has not only expanded the product line but also improved operational efficiency and reduced costs [20]. Group 5: Competitive Advantages and Future Growth - The company's competitive edge is built on technology investment, a solid user base, and effective commercialization strategies [22]. - The AI-driven products have shown promising results, with the AI exam preparation class exceeding internal sales expectations [20]. - The management has indicated that AI-related revenues are already covering costs and contributing to profits, with potential for further growth in new markets [27].