粉筆: 加碼AI夯實新質生產力

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Fenbi  (2469 HK) 加碼AI夯實新質生產力 24H1E takeaways: adjusted net profit up 21% as AI tools drive up efficiency with better learning and teaching quality BUY (maintain) 投資要點/Investment Thesis 投資要點/Investment Thesis 公司發佈半年度報告。 24H1收入16.30億，同比-3.08%，調後淨利3.5億，同比+21%。收入減少系2024年上半年事業單位招錄聯考筆試與省級公務員聯考筆試撞期，導致公司事業單位招錄考試培訓和教材及輔導資料銷量均下降。截至24H1粉筆僱員共7564人，同比+5%；平均月活920萬人，同比持平。 24H1E revenue down 3% but adjusted net profit up 21% to RMB350m Key metrics: Fenbi’s unaudited 24H1E results release shows revenue at RMB1.63bn, down 3.08% yoy, while adjusted net profit was RMB350m, up 21% yoy.  Factors: revenue fell a tad below that in 23H1 due to a clash between the career recruitment and provincial civil servants joint entrance written exams, which lowered ………………………………