FENBI (02469) released audited results for the year ended 31 December 2025.
Key Financials • Revenue slipped 4.1% year-on-year to RMB 2.68 billion, mainly on weaker large-class course sales and lower book revenue. • Gross profit declined 2.1% to RMB 1.43 billion; gross margin improved to 53.5% from 52.5%. • Profit for the year dropped 17.3% to RMB 198.13 million; net margin narrowed to 7.4% (2024: 8.6%). • Adjusted net profit (excluding RMB 83.03 million of share-based payments) decreased 22.4% to RMB 281.15 million. • Basic and diluted EPS were RMB 0.09 (2024: RMB 0.11).
Segment Performance • Tutoring services contributed 85.5% of revenue, down 2.2% to RMB 2.29 billion; margin stayed firm at 57.0%. • Sales of books and others fell 13.7% to RMB 387.37 million, reflecting softer demand; margin was broadly stable at 32.9%.
Cost & Expense Trends • Cost of revenue decreased 6.2% to RMB 1.24 billion. • Selling & marketing expenses edged up 2.1% to RMB 643.99 million due to AI product commercialization spending. • R&D expenses rose 10.6% to RMB 244.64 million on increased investment in AI tutoring development. • Administrative expenses reduced 6.9% to RMB 383.11 million, aided by lower share-based payment charges.
Balance Sheet & Cash Flow • Cash and cash equivalents stood at RMB 869.14 million (2024: RMB 945.95 million). • The group remains debt-free; current ratio improved to 2.9 (2024: 2.3). • Net cash from operating activities was RMB 226.32 million (-22.0% YoY). • Capital expenditure totaled RMB 9.10 million; no significant capital commitments or borrowings were reported.
Shareholder Returns & Capital Management • No final dividend was proposed. • The company repurchased 30.56 million shares on-market for approximately HK$94.41 million in 2025; 30.56 million treasury shares were held at year-end. • The RSU scheme trustee acquired 23.95 million shares for about HK$72.80 million during the year.
Operational Metrics • Average monthly active users remained flat at 9.1 million. • Headcount declined to 7,005 from 7,177, with full-time instructors reduced to 2,870 (2024: 3,026).
Outlook & Strategy Management signalled continued focus on AI-empowered tutoring products after launching the AI Exam Drilling System Class in 2025. The group plans to step up investment in AI R&D, computing infrastructure and talent, while maintaining pricing discipline in traditional small-class courses. No material events occurred after the reporting date.
The annual general meeting is scheduled for 26 June 2026; the share register will be closed from 23 June to 26 June 2026 for voting entitlement purposes.