On April 27, FENBI (02469) officially disclosed its annual report for the 2025 fiscal year. According to the report, the company achieved annual revenue of 2.677 billion yuan, with an adjusted net profit of 281 million yuan. Specifically, FENBI's gross profit stood at 1.433 billion yuan, remaining largely stable compared to the previous year, while the corresponding gross profit margin increased from 52.5% to 53.5%. Two key metrics are noteworthy: first, despite revenue adjustments, user-side data demonstrated strong resilience, with average monthly active users reaching 9.12 million during the reporting period, similar to the prior year; second, investment in AI technology research and development continued to intensify, with R&D expenditure reaching 245 million yuan in 2025, a 10.6% year-on-year increase, further strengthening the company's technological moat.
Leading players are accelerating their advantages, with early strategic positioning becoming crucial. By the end of the reporting period, FENBI's total current assets, including cash and cash equivalents as well as restricted funds, amounted to 1.431 billion yuan. Building on a stable financial foundation, FENBI reallocated all unused IPO proceeds of 60.8 million Hong Kong dollars entirely toward AI research, development, infrastructure, and implementation to further enhance its technical capabilities. Ample cash reserves have provided strategic initiative. In 2025, by deepening the implementation of its "AI + Education" strategy, FENBI carved out a new path focused on quality-driven growth.
Powered by its self-developed large language model for vocational education, FENBI successfully built an AI-driven employment service matrix, launching key products such as premium employment classes, AI-based systematic practice courses, and AI-enhanced interview feedback programs. Notably, since October 2025, FENBI successively introduced AI-powered interview review courses for teaching qualification exams and state-owned enterprise recruitment, marking its official expansion into broader workplace service scenarios. The company stated that thanks to stable online operations, deep integration of proprietary AI technology, and significant synergies achieved through innovative online-offline hybrid models, it has been able to operate a scalable business.
Over the past year, competition in the vocational education sector has moderated. User decision-making has become more rational, with small and medium-sized institutions lacking technological support gradually falling behind in product experience and delivery efficiency. Meanwhile, leading players continue to expand their user concentration and brand recognition advantages. Data feedback shows that from January to October 2025, FENBI's AI products served nearly 30 million users, including 2.38 million paying users. Within just eight months from April to December 2025, nearly 300,000 students paid for its newly launched AI-based exam practice system course. A monthly active user base approaching 10 million has established a stable channel for FENBI's AI products to quickly reach target users, enabling early market positioning.
Another highlight in the annual report came from FENBI's small-class course business. During the reporting period, the proportion of small-class course revenue in total revenue rose from approximately 60% to about 65%, showing significant growth compared to the previous year. FENBI attributed this growth to the increased student volume brought by AI courses, which in turn drove recovery in its small-class course system. In other words, the user base accumulated through AI courses provided a stable source of potential conversions for small-class offerings. As the user base of AI course students grew, a portion naturally transitioned to small-class courses, helping the latter rebound during the adjustment period.
As a high-value, highly interactive product, the growth in small-class courses reflects users' sustained willingness to pay for refined, in-depth services, unaffected by external conditions. This growth is closely linked to the synergistic effects of FENBI's AI product matrix. The continuous increase in sales of AI courses has also driven the expansion of large-class course user numbers. By continuously enriching its AI product offerings, FENBI has further unlocked the potential value of existing users.
FENBI noted that in 2025, the vocational education and training industry entered a golden period of development, driven by both policy support and technological revolution. Strong and persistent user demand for learning has provided a solid foundation for the industry. At the same time, learners are placing higher demands on the value and efficiency of educational services, and market participants are becoming more diverse. Overall, through the application of AI, FENBI's products now cover multiple scenarios including civil service exams, public institution recruitment, and corporate training. They enable precise diagnostics and personalized content delivery, significantly extending the reach and responsiveness of teaching services, enhancing user learning efficiency, and thereby boosting user payment conversion rates. This has established a viable business development path driven by core technological capabilities.
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