央视网消息：又是一年劳动节，我们的主播再次奔赴祖国的天南海北，体验不同岗位劳动者的荣光。《主播体验新岗位》，刘颢玥和卢智 来到了四川凉山州喜德县。 主播体验新岗位，劳动最光荣。刘颢玥和卢智来到了四川喜德县光明镇中心小学校，他们将跟随老师一起去体验一下在这里的工作和生 活。 刘颢玥的任务是给小学五年级的一个班的孩子们上一堂课。为了更好了解这些孩子们的需求，上课前刘颢玥还特意采访了两位从四川什邡 来这里支教的老师。 四川什邡支教老师严康健称："我来了以后，发现这里的孩子的基础知识确实比我们那边要薄弱一些，但是每个孩子都是很聪明的。" 周国勇称："原因是什么呢？他的父母文化就低，他的爷爷奶奶更低，很多都不认识字，这是历史的原因。" 刘颢玥问："来到这儿其实还挺辛苦的，跟平时在原来自己教书的地方还是有非常多不同的地方吧？" 四川什邡支教老师周国勇称："完全不一样，感受完全不一样。" 学生们上学期间每天在学校吃午餐，校长告诉刘颢玥，国家为每位学生每顿午餐补贴5块钱，学生每学期只需花费不到200元的午餐费，刘 颢玥问校长"有交不起的家长吗？"校长说，过去有过，经过这几年的扶贫攻坚后就再也没有了。 这所小学离西昌卫星发射中 ...

2024 年報 2024 ANNUAL REPORT ANNUAL REPORT 2024 年報 目 錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 業績摘要 | 5 | | 管理層討論與分析 | 6 | | 董事及高級管理層 | 16 | | 董事報告 | 20 | | 企業管治報告 | 54 | | 環 境、社 會 及 管 治 報 告 | 66 | | 獨立核數師報告 | 103 | | 合併損益表 | 108 | | 合併綜合收益表 | 109 | | 合併資產負債表 | 110 | | 合併權益變動表 | 112 | | 合併現金流量表 | 114 | | 合併財務報表附註 | 115 | | 釋 義 | 193 | 公司資料 董事會 執行董事 張小龍先生 （主 席 兼 首 席 執 行 官） 魏亮先生 非執行董事 李鑫先生 李勇先生 （於2024 年12 月 9日 辭 任） 獨立非執行董事 丘東曉先生 袁啟堯先生 袁佳女士 審核委員會 袁啟堯先生 （主 席） 丘東曉先生 袁佳女士 薪酬委員會 丘東曉先生 （主 席） 張小龍先生 魏亮先生 袁啟堯先生 袁佳女士 提 ...

Core Insights - The recent earnings reports from various online education companies indicate a significant divergence in performance, with some achieving substantial revenue growth while others face declines in revenue and profitability [1][12]. Revenue Performance - Gaotu (GOTU) reported a revenue of 45.54 billion RMB, a year-on-year increase of 53.8%, driven by its non-subject and traditional business segments [2][3]. - Yiqi Education (YQ) achieved a revenue of 1.89 billion RMB, reflecting an 11% growth, primarily due to the expansion of its SaaS services [2][3]. - Shangde Education (STG) saw a revenue decline of 7.8%, totaling 19.9 billion RMB, impacted by policy changes affecting its self-examination business [2][4]. - Fenbi Technology (02469) reported a revenue of 27.9 billion RMB, down 7.7%, with training services contributing 83.9% of total revenue [2][4]. - NetEase Youdao (DAO) generated 56.26 billion RMB in revenue, a 4.39% increase, supported by strong performance in learning services and smart devices [2][5]. - 51Talk (COE) experienced a significant revenue increase of 87%, reaching 507 million USD, driven by the rapid expansion in the Philippines market [2][6]. Profitability Analysis - Gaotu reported a net loss of 10.49 billion RMB, with a net profit margin of -23.0%, attributed to high operational costs and aggressive expansion strategies [7][12]. - Yiqi Education's net loss narrowed to 1.93 billion RMB, down from 3.118 billion RMB the previous year, due to reduced marketing costs [8]. - Shangde Education's net profit was 3.42 billion RMB, a 46.61% decrease, reflecting challenges in high-margin business segments [9]. - Fenbi Technology achieved a net profit of 2.4 billion RMB, a 27% increase, validating its low-cost, high-frequency strategy [10]. - NetEase Youdao turned a profit of 822 million RMB, marking a significant turnaround from a loss the previous year, driven by high-margin hardware sales [10]. - 51Talk reported a reduced net loss of 723.5 million USD, indicating improved cost control despite ongoing challenges in profitability [11]. Strategic Insights - The online education industry is entering a new phase characterized by a focus on efficiency, technology, and cost control, moving away from pure scale expansion [12][13]. - Companies like Gaotu and NetEase Youdao are leveraging AI technology to enhance product competitiveness, although high R&D costs have impacted profitability for Gaotu [12][13]. - The need for companies to balance technological investment with cost management is critical for sustainable growth in a competitive landscape [12][13].

Core Viewpoint - The company reported a revenue decline of 7.7% year-on-year for 2024, amounting to 2.7898 billion yuan, while net profit increased by 27% to 239.6 million yuan, indicating a shift in focus towards cost control and new business ventures in health products [1][2][6]. Revenue Performance - Revenue for 2024 was 2.7898 billion yuan, down from 3.0213 billion yuan in 2023, a decrease of over 200 million yuan [1][6]. - The decline in revenue was primarily due to a 30% drop in paid participants for large class training courses, from 1.2 million to 900,000 [2][6]. - The revenue from large class training courses fell by 23.69% to 508.2 million yuan, while small class training courses saw a slight increase from 1.665 billion yuan to 1.6873 billion yuan [6]. Profitability and Cost Management - Despite revenue decline, net profit rose to 239.6 million yuan, reflecting a 27% increase [2][6]. - The company reduced employee welfare expenses by approximately 289 million yuan, totaling around 1.368 billion yuan, and cut administrative expenses by 12.7% to 411.4 million yuan [9][10]. - The total number of employees decreased to 7,177, with nearly 200 fewer instructors [9][10]. Strategic Shifts - The company is diversifying its business by entering the health product market, as indicated by the recent addition of pre-packaged food and health food sales qualifications for its subsidiary, Beijing Fenbi Lantian Technology Co., Ltd [3][5]. - The CEO expressed intentions to expand services beyond public examination training to a broader employment service market [3]. Market Challenges - The decline in paid participants is attributed to intensified competition in the examination training sector and the rise of individual teachers on social media platforms offering lower prices [6]. - Changes in examination policies and overlapping exam schedules have also negatively impacted book sales, which dropped from 506.8 million yuan to 449 million yuan, a decline of 11.4% [7]. Complaints and Refunds - The company has faced numerous complaints, with refund liabilities reported at 275 million yuan, 227.1 million yuan, and 173.5 million yuan from 2022 to 2024 [15][16]. - Complaints include issues related to pricing and service quality, although the company claims its complaint resolution rate is high compared to industry averages [14].

Core Insights - The Chinese vocational education market is undergoing a significant transformation from "scale expansion" to "quality construction" driven by rigid demand, as evidenced by the record number of applicants for national exams and high competition ratios [1] - The government is promoting the integration of artificial intelligence (AI) in education, which presents opportunities for companies to leverage AI for productivity improvements and internal value transitions [1] - The company Fenbi has successfully launched AI-driven products, such as the AI question-answering system, which demonstrates the commercial potential of "AI + vocational education" [1][2] Financial Performance - Fenbi reported a revenue of 2.79 billion yuan and a net profit of 240 million yuan for 2024, marking a year-on-year growth of 27% [1] - The company's gross margin increased from 52.0% in 2023 to 52.5% in 2024, while the net margin rose from 6.2% to 8.6% during the same period [2] - Despite industry challenges, Fenbi's consistent profitability highlights its leading position in the sector, primarily driven by ongoing investments in AI technology [2] AI Technology and Product Development - Fenbi has developed a proprietary domain-specific large model for vocational education, which has shown superior performance in various assessment scenarios compared to general models like DeepSeek [2][3] - The company has introduced multiple AI products, including the AI teacher and AI evaluation systems, which cater to diverse user needs and enhance learning efficiency [4] - Fenbi plans to increase its AI R&D investment by 30% annually and collaborate with top institutions to build an educational model laboratory, indicating a strategic shift towards becoming a technology provider in the education sector [5][6] User Engagement and Market Position - Fenbi's average monthly active users reached 9.14 million in 2024, with a total of 72.74 million registered users by the end of the year [8] - The company has successfully implemented an OMO (Online-Merge-Offline) model, enhancing user experience and operational efficiency, which has contributed to its market share growth [8][9] - The diverse revenue streams from various educational products, particularly small classes, have provided stable cash flow and improved profitability [9] Policy and Industry Trends - Fenbi is positioned to benefit from favorable government policies aimed at promoting AI in education, which aligns with the company's technological advancements [11][12] - The vocational education sector is evolving through different stages, with the current phase emphasizing AI applications, creating new market opportunities and potentially reshaping competitive dynamics [11] - The company's strong fundamentals, user ecosystem, and proactive technology strategy suggest a high likelihood of value growth in the capital markets [12][14]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 decreased by 7.66% to 2.79 billion, while adjusted net profit fell by 18.56% to 363 million, impacted by the timing of civil service exams and intensified industry competition [1] - Despite short-term challenges, the long-term outlook remains positive due to strong demand in the examination training sector and the company's ongoing investment in AI technology [5] Summary by Sections Financial Performance - In 2024, the training business generated revenue of 2.34 billion, down 6.9% year-on-year, with online learning products and large classes experiencing significant declines due to competition [2] - The company achieved a gross margin of 52.5%, an increase of 0.5 percentage points year-on-year, with training services gross margin rising to 56.0% [4] - The adjusted net profit for 2025-2027 is projected to be 370 million, 410 million, and 460 million respectively, reflecting growth rates of 3%, 10%, and 11% [5][6] AI Development - The company has expanded its AI product matrix, launching several AI-driven educational tools, including "Fenli AI Teacher" and "AI Teacher Interview Feedback," enhancing user experience and operational efficiency [3] - The company plans to increase its AI R&D investment by 30% annually and collaborate with top institutions to build an educational AI model laboratory [3] Market Position and Growth Potential - The company benefits from a robust online and offline synergy, positioning itself as a leading player in the examination training market, with a contract liability of approximately 140 million as of 2024 [5] - The report indicates that the company is well-positioned to capitalize on the growing demand for examination training and skills assessment, ensuring sustainable long-term growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 decreased by 7.66% to 2.79 billion, while adjusted net profit fell by 18.56% to 363 million, impacted by the postponement of civil service exams and intensified industry competition [1] - Despite short-term challenges, the long-term outlook remains positive due to strong industry demand and the company's focus on AI-driven efficiency improvements [5] Revenue and Profitability - The training business generated revenue of 2.34 billion in 2024, down 6.9% year-on-year, with online learning products and large classes facing revenue declines due to competition from low-cost courses [2] - The overall gross margin improved by 0.5 percentage points to 52.5%, with training services gross margin rising by 0.6 percentage points to 56.0% [4] - The adjusted net profit for 2025-2027 is projected to be 370 million, 410 million, and 460 million respectively, reflecting growth rates of 3%, 10%, and 11% [5][6] AI Development and Product Offering - The company has expanded its AI product matrix, launching several AI-driven educational tools, including "Chalk AI Teacher" and "AI Teacher Interview Feedback," enhancing user experience and operational efficiency [3] - The company plans to increase AI R&D investment by 30% annually and collaborate with top institutions to develop educational AI models [3] Market Position and Growth Potential - The company benefits from a robust online and offline product offering, with a registered user base of 72.74 million and an average monthly active user count of 9.1 million [2] - The company is well-positioned to capitalize on the growing demand for civil service and skills examination training, maintaining a high level of contract liabilities at approximately 140 million [5]

Core Insights - The company, Fenbi, reported a revenue of 2.7898 billion yuan for the year ending December 31, 2024, a decrease of 7.7% compared to 2023 [1] - The annual profit for Fenbi was 239.6 million yuan, an increase of 27.0% year-on-year [1] - Adjusted net profit was 363 million yuan, down from 445 million yuan in 2023 [1] Revenue Breakdown - Training services generated revenue of 2.3408 billion yuan, accounting for 83.9% of total revenue, down from 2.5145 billion yuan in the previous year [1] - The decline in training service revenue was attributed to intensified competition in the examination training industry and the impact of individual teachers on social media platforms [1] - The number of paid participants in large class training courses dropped from 1.2 million to 900,000, a decrease of approximately 30% [1] Book Sales and Costs - Book sales revenue was 449 million yuan, contributing 16.1% to total revenue, down from 506.8 million yuan in the previous year [2] - The decline in book sales was primarily due to changes in teacher qualification exam policies and scheduling overlaps with civil service exams [2] - The cost of revenue decreased from 1.451 billion yuan in 2023 to 1.326 billion yuan in 2024, a reduction of 8.7% [2] AI Development - Fenbi is focusing on AI development, with products like "Fenbi Head" and one-on-one interview evaluation systems being introduced [2] - The company plans to launch an "AI Question Practice System Class" in March 2025 and will increase investments in products, technology, and computing power [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2024 is projected to be 2.79 billion, with a net profit of 240 million, reflecting a year-on-year decline of 7.7% in revenue and an increase of 27.0% in net profit [2] - The decline in revenue is attributed to intensified competition and changes in examination schedules affecting enrollment [3] - AI technology is expected to enhance teaching efficiency and operational effectiveness, contributing to a potential increase in profit margins [5] Summary by Sections Revenue and Profitability - The company's revenue for 2024 is expected to be 2.79 billion, with a net profit of 240 million, showing a year-on-year decrease of 7.7% in revenue and an increase of 27.0% in net profit [2] - The adjusted net profit margin for 2024 is projected at 13%, down 1.7 percentage points from the previous year [5] Business Segments - Revenue from training services and book sales for 2024 is expected to be 2.34 billion and 450 million, respectively, representing declines of 6.9% and 11.4% year-on-year [3] - The average monthly active users on the platform for 2024 is projected to remain stable at 9.1 million [3] Financial Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted down to 2.84 billion and 2.98 billion, respectively, with a new revenue forecast for 2027 set at 3.15 billion [6] - The adjusted net profit forecasts for 2025 and 2026 have been revised down to 373 million and 396 million, respectively, with a new forecast for 2027 at 423 million [6] Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 14.24, 13.44, and 12.56, respectively [8] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.17, 0.18, and 0.19, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company reported a revenue of 2.8 billion RMB for 2024, a decrease of 8% year-on-year, while net profit reached 240 million RMB, an increase of 27% year-on-year [1]. - The training services segment generated 2.3 billion RMB (84% of total revenue), down 7% year-on-year, with online learning products contributing 100 million RMB, large class training courses 500 million RMB, and small class training courses 1.7 billion RMB [1]. - The company is increasing its investment in AI, launching products such as AI written exams and AI teacher one-on-one interview reviews, aiming to enhance user experience and maintain industry leadership [4]. Summary by Sections Financial Performance - The company’s gross margin for 2024 was 52.5%, up 0.5 percentage points year-on-year, with training services gross margin at 56% and book sales gross margin at 34% [1]. - Management fee rate was 15%, down 0.8 percentage points year-on-year, while sales fee rate was 23%, up 0.4 percentage points [2]. - The net profit margin for 2024 was 8.6%, an increase of 2.4 percentage points year-on-year [2]. Market Position - Despite facing intense market competition, the company maintains a stable user base, with 7,177 employees at the end of 2024, a decrease of 2% year-on-year, and an average monthly active user count of 9.1 million, roughly unchanged from 2023 [3]. - The company is committed to avoiding low-quality, homogenized products and focuses on improving educational services while maintaining a stable core team [3]. AI Development - The company plans to increase its AI R&D investment by 30% annually, collaborating with top institutions to build an educational model capable of "diagnosis-prediction-evolution" [4]. - The increase in AI R&D personnel has led to an additional expense of 13 million RMB in 2024, reflecting the company's commitment to enhancing its AI capabilities [4].