Summary of Huatu Shanding Conference Call Company Overview - **Company**: Huatu Shanding - **Industry**: Education and Training, specifically focused on exam preparation for civil service and other competitive exams Key Points and Arguments 1. **Network Upgrade Strategy**: Huatu Shanding is upgrading city-level networks with populations over one million to delivery points, with Shandong's 16 cities set to complete upgrades by September, enhancing competitiveness against local institutions [2][6] 2. **Unified Operational Strategy**: The company employs a unified regional operation, standardized products, and long-cycle rigorous supervision of written exam courses to improve student performance and resource utilization, addressing cost and management risks [2][7] 3. **Popularity of Direct Train Class Model**: The Direct Train class model is popular in cities, with class sizes exceeding 100 students and gross margins over 60%. The expansion model is designed based on local population and enrollment numbers, achieving profitability within the same year of establishment [2][8][10] 4. **Intellectual Property Protection**: The company addresses intellectual property protection issues by ensuring research and teaching capabilities and updating materials to maintain a competitive edge and student trust [2][12] 5. **AI Tools Integration**: AI tools such as intelligent question banks and interview evaluations enhance preparation efficiency, but traditional in-person teaching remains irreplaceable. AI tools are offered as part of membership services to improve user engagement [2][17][16] 6. **Exam Pass Rates**: Huatu's high-end long-cycle class has a written exam pass rate of 15%-20% and an interview pass rate exceeding 40%, significantly higher than industry averages [2][18] 7. **Judicial and Regulatory Issues**: The company disclosed ongoing legal issues involving shareholder matters and regulatory communications, clarifying that these do not impact business operations [4] 8. **Market Competition Dynamics**: The competitive landscape has shifted due to policy changes allowing graduates to take exams within two years of graduation, leading to increased demand for full-time preparation and intensifying competition among large and local institutions [5][6] 9. **Cost Management**: The company manages costs effectively, with teacher salaries and property costs kept low, ensuring profitability even with increased student numbers [11][19] 10. **Pricing Strategy**: Pricing for the Direct Train classes is set approximately 10% higher than smaller institutions, reflecting the quality of courses and overall preparation costs, which are deemed acceptable by students [13][25] 11. **AI Product Usage Goals**: The company aims for 10 million product calls in 2025, focusing on enhancing product functionality and user habits [3][24] 12. **Response to Local Competition**: Huatu Shanding emphasizes local delivery capabilities over vertical project advantages, adapting to the competitive landscape by enhancing regional operational strengths [26][27] Additional Important Information - **Employee Compensation**: Employee salaries consist of a standardized base salary and profit-sharing bonuses, with variations based on performance and position [22] - **Market Trends**: The average consumer price in the industry is declining, impacting profit margins, but the company has managed to increase gross margins through larger class sizes [20] - **Impact of Increased Enrollment**: While increased student numbers may slightly lower pass rates, it does not significantly affect overall revenue or pass rates due to the company's market share [21]

Core Viewpoint - The actual controller of Huatu Shanding, Yi Dinghong, received a regulatory letter from the Shenzhen Stock Exchange for failing to timely fulfill information disclosure obligations regarding the pledge and judicial freeze of his shares in Huatu Hongyang, which may lead to significant changes in the control of Huatu Shanding [1][2]. Group 1: Shareholding and Control - Yi Dinghong holds 22.06% of Huatu Hongyang, which indirectly controls 51% of Huatu Shanding through Tianjin Huatu Enterprise Management Co., Ltd. [2] - As of now, 97.8% of Yi Dinghong's shares in Huatu Hongyang are pledged, and 100% are under judicial freeze [1]. Group 2: Legal Issues and Company Response - Huatu Shanding is currently facing lawsuits related to Yi Dinghong and another controller, Wu Jingyu, due to disputes with creditors, which could potentially lead to changes in the company's actual control [2]. - The company stated that it was unaware of certain lawsuits involving Yi Dinghong at the time and emphasized that the regulatory letter from the Shenzhen Stock Exchange was directed at Yi Dinghong, not the company itself [3]. Group 3: Financial Performance - In 2024, Huatu Shanding achieved revenue of 2.833 billion yuan, a year-on-year increase of 1046.34%, and a net profit attributable to shareholders of 52.99 million yuan, up 157.62% [7]. - The non-degree training business generated a net profit of 76.65 million yuan, while the architectural engineering design and consulting services reported a net loss of 23.66 million yuan [7].

Group 1 - The core issue involves the actual controller of Huatu Shanding failing to timely disclose significant events related to the company, leading to regulatory measures from the Shenzhen Stock Exchange [1] - The actual controller indirectly controls Huatu Shanding through Beijing Huatu Hongyang Education Culture Development Co., Ltd. [2] - As of April 2025, the actual controller's shares in Huatu Hongyang have been pledged at a cumulative rate of 97.8% and judicially frozen at a cumulative rate of 100% [2] Group 2 - The company did not notify Huatu Shanding in a timely manner regarding the potential changes in control due to the pledging and freezing of shares [2] - A regulatory letter has been issued as a penalty for the failure to comply with information disclosure obligations [2]

证券代码：300492 证券简称：华图山鼎 公告编号：2025-053 1、截至本公告披露之日，除中国证券登记结算有限责任公司提供的《证券质押及司法冻 结明细表》外，天津华图企管及公司尚未收到关于司法冻结的任何法律文书、通知或其他信息。 2、经公司向控股股东天津华图企管核查了解，上述股份被冻结系公司控股股东天津华图 企管与其股东上海理成殷睿投资管理中心（有限合伙）、上海争凯企业管理咨询服务合伙企业 (有限合伙)因股权质押纠纷，对方提起法律诉讼，法院延伸司法冻结涉及到天津华图企管持有 华图山鼎设计股份有限公司 关于控股股东部分股份被司法冻结的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 华图山鼎设计股份有限公司（以下简称"公司"）近日通过中国证券登记结算有限责任公 司系统查询，获悉公司控股股东天津华图企业管理有限公司（以下简称"天津华图企管"）持 有的部分公司股份被司法冻结，现将具体情况公告如下： 一、股东股份被冻结的基本情况 | 股东 | 是否为控 股股东或 | | 占其所 | 占公司总 | 是否为 | | 到期 | | 冻结执 | | | --- | ...

证券代码：300492 证券简称：华图山鼎 公告编号：2025-054 华图山鼎设计股份有限公司 关于实际控制人持有公司间接控股股东股份质押、 1、实际控制人所持公司间接控股股东股份质押风险提示： 截至目前，易定宏先生持有华图宏阳 92,743,624 股股份，其中累计质押 90,706,498 股， 占其所持华图宏阳股份的比例为 97.80%，质押率较高，公司将持续关注其质押情况及质押风 险情况，并按规定及时做好相关信息披露工作，敬请投资者注意投资风险。 2、实际控制人所持公司间接控股股东股份冻结及轮候冻结风险提示： 截至目前，易定宏先生持有华图宏阳的 92,743,624 股股份被司法冻结/司法再冻结,占其 所持华图宏阳的股份比例为 100%。若上述被冻结股份被司法进一步处置（如拍卖或变卖等情 形），可能导致公司的实际控制权发生变更，公司存在控制权不稳定的风险。公司将持续关注 上述事项的进展，及时履行信息披露义务，敬请广大投资者注意投资风险。 3、实际控制人涉诉风险提示： 被司法冻结、轮候冻结以及诉讼、仲裁事项的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Huatu Shanding, indicating a significant premium in its price-to-earnings (PE) ratio compared to the industry average [1][2] - As of July 29, Huatu Shanding's closing price was 66.8 yuan, with a PE ratio of 128.96 times, and a total market capitalization of 13.138 billion yuan [1] - The engineering consulting service industry has an average PE ratio of 62.31 times and a median of 41.16 times, positioning Huatu Shanding at 39th among its peers [1][2] Group 2 - The company reported a revenue of 827 million yuan for Q1 2025, reflecting a year-on-year increase of 18.91%, and a net profit of 121 million yuan, which is a 67.38% increase year-on-year [1] - The gross profit margin for the company stands at 61.36%, indicating strong profitability in its operations [1] - Huatu Shanding specializes in architectural engineering design and related consulting services, with a focus on non-degree training and BIM design capabilities [1]

华图山鼎设计股份有限公司 Huatu Cendes CO., LTD. 第一章 总 则 第一条 为维护华图山鼎设计股份有限公司（下称"公司"）、股东和债权人的合法 权益，规范公司的组织和行为，根据《中华人民共和国公司法》(下称"《公司法》")、 《中华人民共和国证券法》（下称"《证券法》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》、《中华人民共和国公司登记管理条例》和其他有关规 定依法成立的股份有限公司。 公司于 2011 年 8 月 18 日发起成立，在成都市锦江市场监督管理局注册登记，取得企 业法人营业执照。统一社会信用代码为 9151010474469974XL。 章程 二〇二五年七月 1 | 第一章 总 则 | 3 | | --- | --- | | 第二章 经营宗旨和范围 | 4 | | 第三章 股 份 | 4 | | 第一节 股份发行 | 4 | | 第二节 股份增减和回购 | 5 | | 第三节 股份转让 | 7 | | 第四章 股东和股东大会 | 8 | | 第一节 股 东 | 8 | | 第二节 股东大会的一般规定 11 | | | 第三节 股东大会的召集 | 15 | | ...

根据公司 2024 年度权益分派实施结果，公司对《公司章程》进行了修订， 并完成工商变更登记，取得了由成都市市场监督管理局核发的《营业执照》。 一、《公司章程》修订对照表 证券代码：300492 证券简称：华图山鼎 公告编号：2025-052 华图山鼎设计股份有限公司 关于修订《公司章程》并完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 华图山鼎设计股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开 第五届董事会第三次会议，审议通过了《关于<2024 年度利润分配预案>的议案》， 同时，提请股东大会授权董事会根据方案实施结果修改《公司章程》并办理注册 资本变更等工商登记相关事宜。公司于 2025 年 5 月 30 日召开 2024 年年度股东 大会，审议通过了《关于<2024 年度利润分配预案>的议案》，具体内容详见公司 于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）披露的《董事会决议 公告》（公告编号：2025-014），于 2025 年 5 月 30 日披露的《2024 年年 ...

证券代码：300492 证券简称：华图山鼎 公告编号：2025-051 华图山鼎设计股份有限公司 关于公司股份回购完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 华图山鼎设计股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开 第五届董事会第三次会议和第五届监事会第三次会议，审议通过《关于<回购公 司股份方案>的议案》，公司拟使用自有或自筹资金以集中竞价交易方式回购公司 股份，用于实施股权激励或员工持股计划。本次回购股份资金总额为不低于人民 币 2.25 亿元，不超过人民币 4.50 亿元（均包含本数），最终具体回购资金总额 以回购期限届满时实际回购的资金总额为准。具体内容详见公司于 2025 年 5 月 8 日在巨潮资讯网披露的《回购报告书》（公告编号：2025-029）、于 2025 年 5 月 30 日在巨潮资讯网披露的《关于取得金融机构贷款承诺函的公告》（公告编号： 2025-034）。因公司 2024 年年度权益分派已实施完毕，根据公司回购股份方案， 本次回购股份的价格由不超过 127.91 元/股调整至不超过 ...

华图山鼎设计股份有限公司 简式权益变动报告书 上市公司名称：华图山鼎设计股份有限公司 股票上市地点：深圳证券交易所 股票简称：华图山鼎 股票代码：300492 信息披露义务人名称：车璐 住所：北京市西城区三里河路**号*楼***号 通讯地址：北京市西城区三里河路**号*楼***号 股份变动性质：股份减少（股份减持） 简式权益变动报告书签署日期：2025 年 7 月 21 日 信息披露义务人声明 一、本报告书系信息披露义务人根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与 格式准则第 15 号——权益变动报告书》及相关法律、法规和规范性文件之规定 编写。 二、信息披露义务人签署本权益变动报告书已获得必要的授权和批准，其履 行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收 购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》的规定，本报告书已全面披露信息披露义务人在华图山鼎设计股份有 限公司中拥有权益的股份变动情况。截至本报告书 ...