Fenbi (2469) H1 2025 earnings summary

Executive summary

• H1 revenue declined 8.5% YoY to RMB1,491.952m; net profit fell to RMB226.651m and adjusted net profit to RMB271.459m amid intense exam-tutoring competition.

• AI Exam Drilling System Class reached ~50,000 enrollments and RMB20m revenue by June 30, 2025.

• Average monthly active users rose to 9.3m from 9.1m YoY; full-time employees totaled 7,053 at June 30, 2025.

Financial highlights

• Revenue was RMB1,491.952m versus RMB1,630.470m; gross profit was RMB805.748m versus RMB883.203m.

• Operating profit fell to RMB219.044m from RMB270.318m; profit before tax was RMB235.712m versus RMB287.290m.

• Net profit was RMB226.651m versus RMB277.739m; adjusted net profit, excluding share-based payments, was RMB271.459m versus RMB349.097m.

• Operating cash flow was RMB213.278m versus RMB234.690m; cash and cash equivalents ended at RMB973.552m.

• Basic EPS was RMB0.11 versus RMB0.13; diluted EPS was RMB0.10 versus RMB0.13.

Outlook and guidance

• Plans include expanding AI-enabled written-exam courses and upgrading AI interview evaluation products to grow AI interview services.

• Unutilized IPO proceeds were redirected to AI research, development, infrastructure and implementation; remaining proceeds are expected to be used by December 2026, subject to business and market conditions.