智通财经APP获悉，粉笔(02469)涨超5%，截至发稿，涨5.15%，报3.06港元，成交额1.96亿港元。
消息面上，今年4月，粉笔上线AI刷题系统班，定价399元，AI产品可以实时规划学习数据、动态定制并调整学习计划，极大提升用户体验。截至2025年6月30日，已销售5万份，累计销售额约2000万元。此外，8月底，粉笔AI矩阵再次迎来创新升级——事业单位AI刷题班正式上线，公司计划于年内在更多科目推出AI大班课。值得一提的是，粉笔智能音箱上月正式上线并开启预售，24小时内，1400台预售库存全部售罄。
国海证券指出，粉笔是公考培训赛道头部企业，产品、研发、技术能力优秀，看好AI产品渗透率提升，带来增量收入空间。华泰证券则预计下半年随着国考临近，AI刷题班有望加速放量，预计全年销量有望接近20万人次。考虑到新的AI产品具备更低的定价、更个性化和高效的学习体验、更难被盗版等特征，在当下市场环境下具备较强竞争力和更稳健的盈利能力，该行认为中长期AI产品有望逐步替代传统产品形态，并向更广泛的长尾用户渗透，推升用户增长和盈利天花板。
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