Fei Ren Zai's season system is the weirdest ever seen. Now one knows if there's two, four or even eight. So since I'm in charge of the Wiki/Fandom but also the Fan Server, I did the work for you and looked into it further (and well, I also needed the release dates for the first 48 episodes).
So here's the thing. I don't know either.
What I know, however, is the fact that they decided to cut in several parts. Each part is made of 12 episodes, and between the releases, there are around 2-3 months of wait for the next batch of 12 episodes, and the next release date is always announced.
If you take a look at the wiki you can notice it right away:
June-August 2018: 1 and 1/2 month
October-December 2018: 1 and 1/2 month
February-April 2019: 1 and 1/2 month
July 2019-January 2020: 6 months??
Boom, here we have it. By digging on the Weibo, it turns out that at the end of Chapter 2 part 2, the donghua is made of 48 parts, with the weibo considering it a milestone.
But why??
We fast-forward 6 months and arrive finally at a release date given on the 1st of January for the 8th.
Thing to also remember is the fact that a pandemic started, so stopping in early-2019 to wait a bit for it to lower for around 6 months is a wise choice.
We also can notice that the time of release between the batch of 12 episodes is lengthened by at least a month, making it logical once more with the pandemic situation.
Finally, by waiting for a while, we arrived towards the end, and more precisely episode 95, where the weibo says that this episode will have easter eggs and that the episode after this one (in other words: episode 96) will be the last.
In the announcement of the end, they talk about the "end of the season", meaning that in itself, all 96 episodes could count as on season, released by batch of 12 in order to respect the worker's rights, to palliate to the pandemic problem but also the release of All Saints Street (1st of April 2020) and the work on the You Shou Yan donghua.
At this moment, people kind of freak out because what does end of season means? What do they mean by it's over?
So here we are again, digging around the dirt like archaeologists, and we notice this comment. The comment roughly translate as "Urge for the next season" (frankly, it's through mtl so haha) to which the official account answers "We also hope there will be a second season".
Alright. So as stated, it's the end of the donghua, but it might not be the end end of it, considering the fact that the same day the HR of Fei Ren Zai/Fenz made a post talking about the classes of 2022.
So long story short: all 96 episodes most likely are part of a contract with Tencent or whatever else sponsor or services they need, taking in account the fact that there is an annual announcement of upcoming donghuas and they were part of it last year or something (I don't remember the details and not motivated to look for it right now).
Here are only my thoughts, take them with a grain of salt:
So, contract of 12 episodes by 12 episodes (which fits with the contract Fenz and HMCH have for All Saints Street), which is continued again and again until oh no, pandemic. A good bunch of episodes are already made, the contracts are already signed, the demand is still as strong; it would be bad for business to stop the donghua right now (Or they already decided to go for a batch of 48 episodes, saw it was working well (they posted a stat after episode 48 so,, maybe) and then continued it for 48 more) (or even wilder, they decided to go for a batch of 96 (but unlikely, you don't adventure yourself so far in the future like that if you don't know if it will work)).
Either way, they arrived at the end of the contract or something, Fenz is working on other donghuas like All Saints Street (that they half gave to another animation team than themselves, pandemic reasons? HMCH had great ideas for it? who knows) and You Shou Yan (the author is trash) (animation-wise it's similar to Fei Ren Zai so maybe it's the same team working on it with a slight change of style?).
Lucky us is that 1) Fenz would love to continue the donghua. 2) the manhua is far from over, which means that they can still dig in it for the episodes (they're like,,, halfway through the chapters to this date??) so we're good on this part. and 3) the fucking rate people, so many views, likes, sharings, and that's the case on both the manhua and the donghua.
So yeah, end of season 1? absolutely. End of the donghua? for now yes, but maybe later there will be more. What is the season system? I STILL HAVE NO FUCKING IDEA.