On March 31, leading vocational education company FENBI (02469) announced its 2025 financial results, achieving revenue of 2.68 billion yuan and an adjusted net profit of 281 million yuan. Gross profit was 1.43 billion yuan, remaining largely stable compared to the previous year, while the corresponding gross profit margin increased from 52.5% to 53.5%. During the reporting period, FENBI maintained an average of 9.1 million monthly active users, indicating a solid user base.
Research and development investment saw a further increase, and the company's financial foundation remained robust. R&D expenditure for the period reached 245 million yuan, a 10.6% increase year-on-year, reflecting the company's continued emphasis on technological assets and keeping it at the forefront of the industry. In 2025, FENBI adhered to a technology-driven approach for business innovation. It reallocated all of its unused IPO proceeds, totaling 60.8 million Hong Kong dollars, entirely towards AI research, development, infrastructure, and implementation, thereby further enhancing its technical capabilities.
Over the past year, the vocational education sector as a whole has faced pressures from slowing growth. Against a backdrop of a changing macroeconomic employment environment and increasingly cautious user spending decisions, the market is shifting from a phase of scale expansion to one of competition for existing users. Judging by its business initiatives, FENBI has maintained strategic initiative during this industry transition period, accelerating the conversion of R&D outcomes into product capabilities.
Leveraging its self-developed large language model for the vocational education sector as an engine, FENBI has built an AI matrix for employment services. It has launched key products such as premium employment courses, AI-powered systematic practice test sessions, and AI-based mock interview evaluations, continuously enriching its product portfolio and opening up new avenues for future user growth. Notably, since October 2025, FENBI has successively launched AI-powered evaluation courses for teacher qualification exams and interviews for state-owned enterprises, marking its formal expansion into broader workplace service scenarios.
FENBI stated that, thanks to its stable online business, the deep empowerment of its self-developed AI technology, and the significant synergies achieved through an innovative online-offline integrated model, the company is able to operate a scalable business. While increasing its technological investment, FENBI also places emphasis on financial stability. As of the end of the reporting period, the company's total current assets, including cash and cash equivalents and restricted funds, amounted to 1.43 billion yuan. As a key indicator of a company's financial health, the total current assets fully reflect the soundness of its capital position. Ample cash reserves also provide a solid financial guarantee for FENBI to navigate market fluctuations and continuously advance business innovation.