华图山鼎（300492.SZ）2024 年半年报点评 现金收款良好，培训业务有序开展 2024 年 08 月 31 日 ➢ 华图山鼎发布 2024 年半年报。2024H1，公司实现收入 15.06 亿元 /yoy+4,601.26%，归母净利润 1.22 亿元/同比扭亏为盈，扣非归母净利润为 0.98 亿元/同比扭亏为盈；24Q2 公司实现收入 8.11 亿元/yoy+，归母净利润 0.49 亿 元/同比扭亏为盈，扣非归母净利润 0.42 亿元/同比扭亏为盈。 ➢ 培训业务提升公司盈利能力，费用管控良好。24H1 公司毛利率为 56.54%/yoy+36.25pcts，主要是由公司新增的培训业务带动；销售费用方面， 公司通过有效的市场策略和销售渠道优化，24H1 销售费用率为 29.8%。同时， 公司实施了一系列管理优化措施，管理费用率为 16.2%。研发投入方面，公司持 续投入，研发费用率为 1.5%；综合影响下，24H1 公司的归母净利率为 8.10%/ 同比扭亏。24Q2，公司毛利率为 57.24%/yoy+32.57pcts，归母净利率为 6.04%/ 同比扭亏。 ➢ 非学历业务有序开展，收款良好。2 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,506,029,916.73, a significant increase of 4,601.26% compared to ¥32,034,578.80 in the same period last year[10]. - Net profit attributable to shareholders was ¥121,598,854.53, up 3,224.57% from a loss of ¥3,891,694.89 in the previous year[10]. - The net cash flow from operating activities was ¥733,569,424.17, a remarkable increase of 6,861.26% compared to a negative cash flow of ¥10,849,602.23 last year[10]. - Basic earnings per share rose to ¥0.87, compared to a loss of ¥0.03 per share in the same period last year, marking a 3,000.00% increase[10]. - Total profit reached 152.32 million yuan, up 3558.18% year-on-year, with non-degree training business profit totaling 157.08 million yuan[27]. - The total comprehensive income for the period was 121,598,854.53 CNY[104]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,832,719,496.76, reflecting a growth of 79.52% from ¥1,020,926,050.17 at the end of the previous year[10]. - The total liabilities reached CNY 1,476,185,388.75, up from CNY 811,311,528.93, indicating an increase of approximately 82%[88]. - The total equity attributable to shareholders increased to CNY 356,534,108.01 from CNY 209,614,521.24, marking a growth of around 70%[88]. - The balance of contract liabilities reached CNY 758,892,844.98, a 227.89% increase compared to December 31, 2023, mainly due to pre-received non-degree training fees[37]. Market and Business Segments - The company operates in two main business segments: architectural engineering design and vocational education training[15]. - The vocational education market in China grew from RMB 604.5 billion in 2018 to RMB 871.9 billion in 2022, with a CAGR of 9.6%[20]. - The company has established over 1,000 branches nationwide for its vocational training services, focusing on civil service and qualification exam training[17]. - The company is focusing on diversifying its project types, including urban renewal and non-traditional real estate projects, to find new growth points[28]. Innovation and Technology - The company is integrating AI technology across its training services to improve delivery and enhance learning experiences[17]. - The company is committed to continuous innovation in teaching methods and quality management to ensure high-quality service delivery[17]. - The company is focusing on product innovation by integrating AI technology into classroom learning assessments and feedback processes[26]. - The company is actively tracking trends in smart buildings and smart homes, focusing on the application of new technologies in architectural creativity[22]. Risk Management and Compliance - The company faces risks related to industry policy changes, particularly affecting real estate clients, and plans to leverage its technical advantages to target financially stable clients[46]. - The company is addressing the risk of increased accounts receivable and potential bad debts by enhancing client evaluations and establishing a dedicated collection team[46]. - The company has committed to reducing and avoiding related party transactions, ensuring fair pricing based on market principles[56]. - The company guarantees that its senior management will not hold positions in other companies controlled by the major shareholders, ensuring personnel independence[57]. Corporate Governance and Shareholder Rights - The company emphasizes the protection of shareholder rights and ensures fair information disclosure to all investors[55]. - The company has established a governance structure that allows independent operation of its board and management[57]. - The company plans to prioritize cash dividends in its profit distribution policy, ensuring reasonable returns for investors[59]. - The company will fully consider the opinions and demands of minority shareholders in its profit distribution decisions[59]. Social Responsibility - The company donated 500,000 yuan to support the "Anhui Province College Student Volunteer Service Public Welfare Fund" for rural revitalization efforts[55]. - The company donated over 300 sets of school uniforms to a boarding school in Qinghai Province in April and June 2024[55]. Financial Reporting and Audit - The semi-annual financial report has not been audited[62]. - The financial report for the first half of 2024 has not been audited[85]. - The company’s financial statements are prepared based on the going concern assumption, with no significant doubts about its ability to continue operations for the next 12 months[115]. Revenue Recognition and Accounting Policies - The company recognizes revenue based on the progress of performance obligations, confirming income at the completion of specific stages in the design process[163]. - For non-degree training services, revenue is recognized based on the type of service provided, with face-to-face services recognized over time and online courses recognized at the point of delivery or over time depending on service inclusion[165]. - The company has implemented new accounting policies effective January 1, 2024, but these changes have no impact on the financial statements[172].

单位：人民币万元 法定代表人： 易晓英 主管会计工作负责人： 易晓英 会计机构负责人：郑天相 非经营性资金占用 资金占用方名称 占用方与上市 公司的关联关 系 上市公司核算的 会计科目 2024 年期初占 用资金余额 2024 年 1-6 月 占用累计发生 金额（不含利 息） 2024 年 1-6 月 占用资金的利息 （如有） 2024 年 1-6 月 偿还累计发生 金额 2024 年 6 月末 占用资金余额 占用形成 原因 占用性质 控股股东、实际控制人及 其附属企业 非经营性占用 非经营性占用 小计 - 前控股股东、实际控制人 及其附属企业 非经营性占用 非经营性占用 小计 - 其他关联方及附属企业 非经营性占用 小计 总计 - 其它关联资金往来 资金往来方名称 往来方与上市 公司的关联关 系 上市公司核算的 会计科目 2024 年期初往 来资金余额 2024 年 1-6 月 往来累计发生 金额（不含利 息） 2024 年 1-6 月 往来资金的利息 （如有） 2024 年 1-6 月 偿还累计发生 金额 2024 年 6 月末 往来资金余额 往来形成 原因 往来性质 （经营性往来、 非经营性往来） 控股 ...

证券代码：300492 证券简称：华图山鼎 公告编号：2024-025 华图山鼎设计股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）股东大会届次：2023 年年度股东大会 公司董事会以公告方式向全体股东发出召开 2023 年年度股东大会的通知，详见 2024 年 4 月 26 日公司在巨潮资讯网（www.cninfo.com.cn）刊登的《关于召开 2023 年年度股东大会 通知的公告》（公告编号：2024-023）。 （二）会议召集人：公司董事会 （三）会议主持人：董事长吴正杲先生 （四）会议召开时间： 1、现场会议时间：2024 年 5 月 27 日（星期一）13:00 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 5 月 27 日交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网 投票系 ...

北京市竞天公诚律师事务所 关于华图山鼎设计股份有限公司 2023 年年度股东大会的 法律意见书 中国 北京 二○二四年五月二十七日 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于华图山鼎设计股份有限公司 2023 年年度股东大会的法律意见书 3、本次股东大会通过的决议；及 4、公司的《公司章程》。 本所亦根据有关规定委派律师现场出席了本次股东大会并对本次股东大会 召开和现场表决的程序进行了审核和见证。 本所仅根据本法律意见书出具日前发生的事实及本所对该等事实的了解及 1 致：华图山鼎设计股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）受华图山鼎设计股份有限 公司（以下简称"公司"）的委托，根据和参照《中华人民共和国公司法》（以下 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）和中国证 券监督管理委员会发布的《上市公司股东大会规则》（以下称"《规则》"）等 有关规定，就公司召开的 2023 年年度股东大会（以下称"本次股东大会"）的有 关事宜， ...

证券代码：300492 证券简称：华图山鼎 公告编号：2024-024 华图山鼎设计股份有限公司 关于举办2023年度及2024年第一季度网上业绩说明会的公告 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"）已于 2024 年 4 月 26 日在 巨潮资讯网（www.cninfo.com.cn）上披露了《2023 年年度报告》、《2023 年年 度报告摘要》及《2024 年第一季度报告》。 为方便广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公 司定于 2024 年 5 月 10 日（星期五）下午 15：00 至 16：30 在"投关易"小程序 举办 2023 年度及 2024 年第一季度业绩说明会。本次说明会将采用网络远程的方 式举行，投资者可登陆"投关易"小程序参与互动交流。为广泛听取投资者的意 见和建议，提前向投资者征集问题，提问通道自发出公告之日起开放。 参与方式一：在微信小程序中搜索"投关易"后输入"华图山鼎"参与交流； 参与方式二：微信扫一扫以下二维码： 投资者依据提示，授权登入"投关易"小程 ...

公司报告 | 年报点评报告 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|----------- ...

本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并登记为注册分析师，基于认真审慎的工作态度、专业严谨的研 究方法与分析逻辑得出研究结论，独立、客观地出具本报告，并对本报告的内容和观点负责。本报告清晰准确地反映了研究人员的研 究观点，结论不受任何第三方的授意、影响，研究人员不曾因、不因、也将不会因本报告中的具体推荐意见或观点而直接或间接收到任 何形式的补偿。 免责声明 民生证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 本报告仅供本公司境内客户使用。本公司不会因接收人收到本报告而视其为客户。本报告仅为参考之用，并不构成对客户的投资 建议，不应被视为买卖任何证券、金融工具的要约或要约邀请。本报告所包含的观点及建议并未考虑个别客户的特殊状况、目标或需 要，客户应当充分考虑自身特定状况，不应单纯依靠本报告所载的内容而取代个人的独立判断。在任何情况下，本公司不对任何人因 使用本报告中的任何内容而导致的任何可能的损失负任何责任。 本报告是基于已公开信息撰写，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、意见及预测仅反映本公司于发 相关研究 1.教育行业深度之一：招 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark in the next six months [7][11]. Core Insights - The company reported a significant increase in revenue and profit in Q1 2024, with revenue reaching 695 million yuan and a net profit of 72.56 million yuan, primarily driven by contributions from public examination training [9][11]. - The company has expanded its education segment, establishing over 1,000 outlets and employing more than 3,000 teachers, with a notable shift towards non-degree training programs [10][11]. - The forecast for net profit has been revised upwards for 2024-2025, with expected net profits of 497.18 million yuan and 619.35 million yuan respectively, reflecting a strong growth trajectory in the public examination training market [11][14]. Financial Data Summary - The company’s total revenue for 2023 was 247.12 million yuan, with a projected increase to 2.72 billion yuan in 2024, representing a year-on-year growth of 1,000% [14][21]. - The net profit for 2023 was reported at a loss of 91.97 million yuan, but is expected to turn positive in 2024 with a net profit of 497.18 million yuan [14][21]. - The company’s cash flow from operating activities for 2024 is projected to be 933 million yuan, indicating strong operational cash generation [17][21].

Investment Rating - The report does not provide a specific investment rating for the company, Huatu Shanding (300492.SZ) [13]. Core Insights - The company reported a revenue of 250 million yuan for 2023, representing a year-on-year increase of 131.3%. However, it incurred a net loss attributable to shareholders of 90 million yuan, compared to a profit of 10 million yuan in the same period last year [13]. - In Q1 2024, the company achieved a revenue of 695 million yuan, a staggering year-on-year increase of 4494.2%, and a net profit attributable to shareholders of 72.6 million yuan, up 2916.8% [13]. - The transition of non-degree education business has been smooth, contributing significantly to profits in Q1 2024, with cash receipts reaching nearly 1 billion yuan [13]. Summary by Sections Company Overview - The report highlights that the non-degree education business has successfully transitioned, with over 1000 direct outlets and more than 3000 full-time teachers as of March 2024. By April 25, 2024, the company had established 460 branches [13]. Financial Performance - The company experienced a net loss of 90 million yuan in 2023 due to several factors, including the timing of recruitment announcements and fixed costs associated with personnel and facilities [13]. - The strong performance in Q1 2024 is attributed to the peak season for recruitment training, with expectations for continued growth in Q2 [13]. Market Outlook - The recruitment training sector is viewed as a high-quality non-degree vocational education segment, with strong demand for participation and an improving competitive landscape [13]. - The company is expected to benefit from the established brand and business of Huatu Education, with projected earnings per share (EPS) of 0.30 and 0.87 yuan for 2024 and 2025, respectively [13].