FENBI (02469) surged over 5%, rising 5.15% to HK$3.06 at the time of writing, with trading volume reaching HK$196 million.

On the news front, FENBI launched its AI question-solving system courses in April this year, priced at 399 yuan. The AI products can provide real-time learning data planning, dynamically customize and adjust study plans, significantly enhancing user experience. As of June 30, 2025, the company has sold 50,000 copies, generating cumulative sales of approximately 20 million yuan.

Additionally, at the end of August, FENBI's AI matrix welcomed another innovative upgrade with the official launch of AI question-solving courses for public institutions. The company plans to introduce AI large classes in more subjects within the year.

Notably, FENBI's smart speaker officially launched last month and began pre-sales. Within 24 hours, all 1,400 units in the pre-sale inventory were sold out.

Guohai Securities noted that FENBI is a leading enterprise in the civil service examination training sector, with excellent product, research and development, and technical capabilities. The firm is optimistic about the improving penetration rate of AI products, which will bring incremental revenue opportunities.

Huatai Securities expects that with the approaching national civil service examination in the second half of the year, AI question-solving courses are likely to accelerate volume growth, with full-year sales potentially reaching nearly 200,000 enrollments. Considering that the new AI products feature lower pricing, more personalized and efficient learning experiences, and are more difficult to pirate, they possess strong competitiveness and more stable profitability in the current market environment. The firm believes that AI products are expected to gradually replace traditional product formats in the medium to long term and penetrate into a broader long-tail user base, driving user growth and raising the profitability ceiling.