Summary of the Conference Call for Fenbi Company Overview - Fenbi is a leading player in the public examination market, recognized for its strong AI application capabilities, making it the only company among the top three in the sector to systematically productize AI capabilities and achieve large-scale distribution [2][6][7]. Key Points and Arguments AI Product Performance - In November 2025, Fenbi's AI course sales exceeded expectations, reaching over 60,000 units in a single month, contributing to the overall target of 200,000 units for the year, which is expected to be achieved ahead of schedule [2][3]. - The company plans to launch an AI interview preparation course, with an anticipated gross margin of 90% [2][3]. Sales Targets - Short-term sales target is set at 1 million AI courses, including 100,000 interview courses, with average prices ranging from 150 to 350 RMB [2][4]. - Mid-term target is 3 million units, and long-term target is 5 million units, to be achieved through promotions, personalized experiences, and data utilization [2][4]. Offline Business Performance - Fenbi's offline revenue has turned positive, attributed to the traffic generated by online AI products. If this growth continues, annual profits could reach between 200 million to 300 million RMB [2][5]. Profit and Valuation Outlook - Expected profits for Fenbi in the next 1 to 2 years are projected to be between 400 million to 500 million RMB. The current valuation is considered reasonable, corresponding to a price-to-earnings ratio of 12-16 times [2][6]. - The company's active share buyback program reflects confidence in its stock price and business development [2][6]. Competitive Position and Future Prospects - Fenbi's competitive edge in the public examination market is primarily due to its robust AI application capabilities, allowing it to achieve significant subscription volumes [2][7]. - The potential emergence of new trends in AI applications is likely to further drive Fenbi's growth, making it a company to watch closely [2][7].