教育（核心股）强国建设持续推进：据中国政府网 2026 年 1 月发布《教育强国建设规划纲要（2024— 2035 年）》，坚持教育优先发展，完善投入与保障机制，行业长期发展框架清晰。 教育（核心股）数字化加速落地：据教育部等九部门联合印发《关于加快推进教育数字化的意见》，推 动 AI 与教学全场景融合，扩大优质资源覆盖。 今日 A 股教育（核心股）板块尾盘显著走高，市场情绪与资金关注度同步提升。个股呈现集体上行态 势，中公教育直线涨停，科德教育、昂立教育、豆神教育、华图山鼎、全通教育等核心标的纷纷跟涨， 板块交易活跃度明显提升，资金对教育服务赛道的配置意愿增强。 教育（核心股）行业最新利好消息 职业教育（核心股）教学改革深化：据教育部 2026 年 2 月 12 日发布《关于深化职业教育教学关键要素 改革的意见》，面向低空经济（核心股）、人工智能等新兴产业增设新专业，推动产教融合与人才培养 升级。 教育（核心股）数字化行业：据国信证券行业研究，AI、虚拟仿真技术赋能教学场景，智慧教育硬件 与平台服务商迎来增量空间。 学历与升学服务行业：据申万宏源 2026 年教育（核心股）投资策略，高校与民办高教需求具备韧 ...

Core Viewpoint - The company expects significant growth in net profit by 2025, driven by industry demand and internal reforms, while facing regulatory scrutiny for delayed disclosures of related party transactions [1] Performance Overview - The company forecasts a net profit attributable to shareholders of between 280 million to 420 million yuan for 2025, representing a year-on-year increase of 428.38% to 692.57% - The expected non-recurring net profit ranges from 258 million to 387 million yuan, indicating a growth of 955.37% to 1483.06% - Growth is primarily attributed to strong demand in the examination training industry and innovations in products and regional operational reforms, with non-degree training business projected to achieve a median net profit of 380 million yuan, a year-on-year increase of approximately 396% [2] Regulatory Situation - On February 9, 2026, the Sichuan Securities Regulatory Bureau issued a corrective administrative measure against the company for failing to timely review and disclose financial assistance and related party transactions, resulting in a warning letter to Chairman Wu Zhengao and other responsible parties - Specific issues include providing financial assistance of 39.29 million yuan to related parties and failing to disclose related transactions of 29.58 million yuan in a timely manner, which may impact the company's governance transparency [3] Shareholder Pledge - On February 11, 2026, it was announced that 1.76 million shares held by the controlling shareholder Tianjin Huatu Hongyang Enterprise Management Co., Ltd. have been unfrozen, potentially alleviating market concerns regarding control stability - However, the actual controller Yi Dinghong previously faced high levels of pledged and judicially frozen shares, indicating ongoing control risks [4] Business Development - In December 2025, the company signed a strategic cooperation agreement with Fenbi Co., Ltd., involving equity cooperation, technology development, and channel integration to enhance the implementation of AI education and training products - In January 2026, the company held a press conference on AI transformation, emphasizing progress made in foundational tools in 2025, with future collaborations expected to yield synergistic business effects [5] Company Status - The company's performance in 2025 has met the trigger value for the first unlocking period of the employee stock ownership plan and restricted stock plan (non-recurring net profit trigger value of 256 million yuan) - The implementation of the incentive plan has resulted in share-based payment expenses of approximately 67.5 million yuan, and the achievement of the 2026 performance target (non-recurring net profit trigger value of 320 million yuan) will be closely monitored [6]

Core Insights - Huatu Group is deepening its collaboration with Feishu to enhance operational efficiency and implement AI applications across its extensive network of over a thousand campuses, aiming to establish an AI-centric infrastructure for improved quality and efficiency [1][2] - The company is transitioning from an "educational institution" to an "educational technology platform," with a strategic focus on AI as articulated by its founder, Yi Dinghong, who has committed to an "All in AI" strategy without budget constraints for AI investments [1][4] Group 1: Collaboration with Feishu - The partnership with Feishu aims to create an AI hub that connects headquarters with frontline operations, allowing for direct communication and real-time feedback on key tasks across campuses [2][3] - Feishu's capabilities will enable a unified portal for Huatu, embedding AI into every workflow, thus enhancing efficiency and allowing educators to focus on creative teaching rather than administrative tasks [2][3] Group 2: AI Tools and Impact - AI tools developed by Huatu significantly reduce the time teachers spend on grading, with one tool able to score essays in just 10 seconds, cutting down grading time from four hours to thirty minutes daily [3] - The AI-driven approach is expected to enhance student learning outcomes by allowing teachers to dedicate more time to personalized instruction [3] Group 3: Self-developed AI Hardware - Huatu is expanding its service offerings by introducing self-developed AI hardware, marking a shift from solely providing courses to also offering physical products [4][5] - The new hardware is designed to serve as a long-term intelligent partner for users, providing personalized learning paths during exam preparation and assisting with workplace tasks post-employment [5] Group 4: Business Model Transformation - The integration of AI products with physical hardware and subscription services is projected to increase user lifetime value by 2-3 times, transitioning Huatu's revenue model from one-time fees to ongoing service subscriptions [5] - This strategic shift positions Huatu as a comprehensive partner throughout the educational journey, moving from a focus on exam training to a broader role in career development [5]

Group 1 - The company Huatu Shanding announced that its controlling shareholder, Tianjin Huatu Hongyang Enterprise Management Co., Ltd., has had part of its shares released from freezing, with a total of 1.76 million shares being unfrozen [1] - The announcement was made on the evening of February 11 [1] Group 2 - The news highlights a significant development in the company's shareholding structure, which may impact investor sentiment and stock performance [1] - The release of shares from freezing could indicate improved financial stability or a strategic move by the controlling shareholder [1]

Group 1 - The controlling shareholder of Huatu Shanding, Tianjin Huatu Enterprise Management, has had part of its shares released from freezing, totaling 1,761,754 shares, which represents 1.76% of its holdings and 0.90% of the company's total share capital [1] - The release date for the frozen shares is set for February 10, 2026, with the application submitted to the Intermediate People's Court of Chengdu, Sichuan Province [1] - As of the announcement date, Tianjin Huatu Enterprise Management holds 100,307,340 shares, accounting for 51.00% of the total share capital, with a cumulative frozen share count of 1,761,754 shares [1]

证券代码：300492 证券简称：华图山鼎 公告编号：2026-007 华图山鼎设计股份有限公司 关于控股股东部分股份解除冻结的公告 1、股东本次股份解除冻结情况 | 股东 名称 | 是否为控股股东 或第一大股东及 | 本次冻结数 量（股） | 占其所持 股份比例 | 占公司总 股本比例 | 是否为限 售股份 | 起始日 | 解除日期 | 申请人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | | | | | | | | 天津华 图企管 | 是 | 1,761,754 | 1.76% | 0.90% | 否 | 2025 年 8 月 1 日 | 2026 年 2 月 10 日 | 四川省成 都市中级 | | | | | | | | | | 人民法院 | 2、股东累计股份冻结情况 股份冻结情况详见公司分别于 2025 年 8 月 6 日、2026 年 1 月 20 日在巨潮资讯网披露的 《关于控股股东部分股份被司法冻结的公告》（公告编号：2025-059）、《关于控股股东部分 股份被司法冻结的公告》（公告编号：20 ...

Market Overview - The market experienced fluctuations throughout the day, with the ChiNext Index dropping over 1% [1] - The Shanghai Composite Index closed at 4131.99 points, up 0.09%, while the Shenzhen Component Index closed at 14160.93 points, down 0.35%, and the ChiNext Index at 3284.74 points, down 1.08% [2] Sector Performance - The non-ferrous metals sector showed strong performance, with companies like Dongfang Tantalum Industry, Zhongtung High-tech, Xianglu Tungsten Industry, and Zhangyuan Tungsten Industry hitting the daily limit [1] - The steel sector also performed well, with Baodi Mining reaching the daily limit [1] - The oil and gas sector saw fluctuations, with CNOOC Engineering hitting the daily limit [1] - The coal sector became active in the afternoon, led by Shanxi Coking Coal [1] - Conversely, the film and television sector experienced a collective adjustment, with Hengdian Film and Jin Yi Film hitting the daily limit down [1] - The education sector saw widespread declines, with Huatu Shandian leading the drop [1] - The communication equipment sector fell, with Xinyi Sheng showing significant losses [1][3] Hot Sectors Non-Ferrous Metals - The strategic metal bull market is supported by rising resource nationalism, the "weaponization" of strategic resources, and significant changes in demand-driven industries [4] - Recent geopolitical events, such as U.S. military actions in Venezuela and discussions regarding Iran, have further emphasized the strategic importance of metal resources [4] - Investment opportunities are seen in strategic metals characterized by strong scarcity and rigid supply, as well as industries benefiting from significant changes in demand [4] Oil and Gas - The oil sector's performance is primarily supported by geopolitical tensions and oil price expectations [5] - The oil and gas sector faces uncertainties due to recent global environmental changes, including the Russia-Ukraine conflict and U.S. tariff policies [5] - OPEC+ is expected to maintain a high fiscal balance oil price cost, with Brent crude oil projected to average between $55 and $65 per barrel by 2026, and WTI crude oil between $52 and $62 per barrel [5]

Core Viewpoint - Sichuan Securities Regulatory Bureau has announced administrative regulatory measures against Huatu Shanding Design Co., Ltd. and related responsible persons, including orders for correction and warning letters, with the situation recorded in the integrity database of the securities and futures market [1][3]. Group 1: Violations Identified - Huatu Shanding failed to follow the review procedures and disclose information regarding student refund matters with Beijing Zhongshi Huatu Cultural Development Co., Ltd., providing financial support totaling 39.29 million yuan from September 2024 to May 2025 [2][4]. - The company did not timely fulfill review procedures and disclose related transactions with Beijing Huatu Shangxue Education Technology Co., Ltd., involving transactions amounting to 29.58 million yuan from January to May 2025, with the board only reviewing and disclosing the related transaction on August 29, 2025 [2][4]. Group 2: Responsible Parties and Measures - The chairman Wu Zhenggao, general manager Yi Xiaoying, vice general manager and board secretary Xiao Delun, and financial director Zheng Tianxiang are held responsible for the violations [2][4]. - The Sichuan Securities Regulatory Bureau has decided to impose corrective measures on Huatu Shanding and issue warning letters to the responsible individuals, requiring the company to submit a written rectification report within 30 days of receiving the decision [2][4].

Core Viewpoint - Sichuan Securities Regulatory Bureau has imposed corrective measures on Huatu Shanding Design Co., Ltd. (300492.SZ) for failing to disclose financial assistance and related party transactions in a timely manner [1][2] Group 1: Financial Assistance Issues - Huatu Shanding provided financial assistance totaling 39.29 million yuan to Beijing Zhongshi Huatu Cultural Development Co., Ltd. for student refunds without following the necessary review procedures and disclosures from September 2024 to May 2025 [1] Group 2: Related Party Transactions - The company engaged in related party transactions amounting to 29.58 million yuan with Beijing Huatu Shangxue Education Technology Co., Ltd. from January to May 2025, which were not reviewed or disclosed in a timely manner [1] Group 3: Regulatory Actions - The company’s chairman, general manager, deputy general manager, and financial director are held responsible for these violations and have received warning letters from the Sichuan Securities Regulatory Bureau [2] - The company is required to take corrective actions as per the administrative regulatory measures imposed by the Sichuan Securities Regulatory Bureau [2]

Investment Rating - The report assigns a "Buy" rating to the company [13] Core Insights - The demand for recruitment and examination training is strong, with an increase in registration numbers and a decline in recruitment scale, leading to heightened competition and willingness to participate in training. The number of college graduates in China is expected to remain high until 2038, providing over a decade of growth opportunities for the industry. The market share of the top three companies in the recruitment training industry is projected to drop to 19.2% in 2024, with Huatu holding 6.6%, Fenbi 6.5%, and Zhonggong 6.1%. Huatu is expected to enhance its market share through its direct admission model and the application of AI technology [3][11][30]. Company Overview - Huatu Shanding, formerly known as Shanding Design, became a subsidiary of Huatu Education in 2019. The company has focused on vocational education since 2023, with a significant shift towards non-degree training, which accounted for approximately 99% of its revenue in the first half of 2025. Huatu Education has over 1,000 learning centers nationwide and employs more than 10,000 staff [8][22][30]. Industry Analysis - The recruitment training industry exhibits stable growth with a restructuring of the competitive landscape. The industry has a counter-cyclical nature, with increased demand during economic downturns. The number of applicants for national exams has risen, while the recruitment scale has decreased, leading to a competitive ratio of 98:1 in 2026. The overall market size for recruitment training is expected to grow from 505 billion yuan in 2026 to 671 billion yuan by 2031, with a CAGR of approximately 6% [9][51][67]. Growth Potential - Huatu is innovating its product offerings and leveraging AI technology to capture long-term student sources. The company plans to establish over 320 local training bases within three years, enhancing its delivery capabilities. The integration of AI across its operations has improved recruitment conversion rates by 35% and increased sales efficiency by over 50% [10][11][30]. Financial Projections - Revenue forecasts for Huatu are set at 3.303 billion yuan, 3.901 billion yuan, and 4.596 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 314 million yuan, 397 million yuan, and 505 million yuan for the same years [3][11].