Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company has significantly improved its profitability, with a notable increase in revenue and net profit for the first three quarters of 2025. Revenue reached 2.464 billion yuan, up 15.65% year-on-year, while net profit grew by 92.48% to 249 million yuan [1][2] - The company is focusing on strategic transformation towards vocational education and expanding its civil service examination training business, positioning itself as a new leader in offline public examination training [4] Financial Performance Summary - For the first nine months of 2025, the company achieved a gross margin of 58.99%, an increase of 1.09 percentage points year-on-year, and a net profit margin of 10.11%, up 4.04 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares to all shareholders [1][2] - As of September 2025, the company's total assets and total liabilities were 2.418 billion yuan and 2.021 billion yuan, respectively, with a debt ratio of 83.58% [3] - The company has increased its R&D investment significantly, with R&D expenses reaching 145 million yuan, a year-on-year increase of 160.41% [4] Future Projections - Revenue projections for 2025-2027 are 3.328 billion yuan, 4.160 billion yuan, and 4.784 billion yuan, respectively, with corresponding EPS of 1.64 yuan, 2.05 yuan, and 2.82 yuan [4][5] - The dynamic PE ratios for the same period are projected to be 41 times, 33 times, and 24 times [4][5]

Market Overview - The engineering consulting services sector experienced a decline of 1.59% on October 30, with Huatuo Shanding leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Key stocks in the engineering consulting services sector showed varied performance, with Jianfa Hecheng (603809) rising by 10.01% to a closing price of 12.53, and Taiji Industry (600667) increasing by 2.99% to 8.97 [1] - Other notable performers included Hualan Group (301027) and Jianyan Design (301167), which rose by 2.80% and 1.75%, respectively [1] Trading Volume and Value - Jianfa Hecheng recorded a trading volume of 81,800 shares and a transaction value of 101 million yuan, while Taiji Industry had a trading volume of 2.1761 million shares with a transaction value of 1.94 billion yuan [1] - The overall trading activity in the sector indicated significant engagement, with various stocks showing substantial transaction values [1] Capital Flow - The engineering consulting services sector saw a net outflow of 154 million yuan from institutional investors, while retail investors contributed a net inflow of 185 million yuan [2] - The capital flow analysis indicates a shift in investor sentiment, with retail investors showing increased interest despite the overall sector decline [2][3] Individual Stock Capital Flow - Taiji Industry (600667) had a net inflow of 150 million yuan from institutional investors, while Huatuo Shanding (300492) saw a net inflow of 27.23 million yuan from retail investors [3] - The data reflects a mixed capital flow across different stocks, highlighting varying levels of investor confidence within the sector [3]

Core Viewpoint - Huatu Shanding (300492.SZ) reported an increase in institutional ownership, with a total of 9 institutional investors holding 114 million shares, representing 58.20% of the total share capital as of October 29, 2025 [1] Group 1: Institutional Ownership - The total institutional ownership increased by 1.38 percentage points compared to the previous quarter [1] - Major institutional investors include Tianjin Huatu Hongyang Enterprise Management Co., Hong Kong Central Clearing Limited, and several mutual funds [1] Group 2: Public Fund Activity - Three public funds increased their holdings, including Huaxia Industry Prosperity Mixed Fund, Changxin Quantitative Small and Medium Cap Stock A, and Huaxia CSI Selected 1000 Growth Innovation Strategy ETF, with an increase in holdings accounting for 0.80% [2] - Three new public funds disclosed their holdings this quarter, including Huaxia Zhaoxin Hongrui Mixed A, Changxin CSI 500 Index A, and GF Optional Consumption Link A [2] - A total of 122 public funds did not disclose their holdings this quarter, including several major ETFs [2] Group 3: Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.99% compared to the previous period [2]

Core Insights - Huatu Shanding (300492.SZ) reported a revenue of 2.464 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.65% [1] - The net profit attributable to shareholders reached 249 million yuan, showing a significant year-on-year increase of 92.48% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 232 million yuan, reflecting a year-on-year increase of 127.53% [1] - Basic earnings per share stood at 1.27 yuan [1]

Group 1 - The company Huatu Shanding (SZ 300492) announced that its fifth board meeting will be held on October 29, 2025, to review the profit distribution proposal for the first three quarters of 2025 [1] - For the year 2024, the company's revenue composition is 98.54% from non-degree training and 1.46% from architectural design [1] - As of the report date, Huatu Shanding has a market capitalization of 14.1 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with a new "slow bull" market pattern emerging driven by technology [1]

第五届监事会第六次会议决议公告 本公司及监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。 一、监事会会议召开情况 1、华图山鼎设计股份有限公司（以下简称"公司"）第五届监事会第六次会 议于 2025 年 10 月 24 日以邮件的方式通知全体监事。 2、会议于 2025 年 10 月 29 日 11:00 以现场表决与通讯表决相结合的方式在 公司会议室召开。 3、本次监事会议应出席监事 7 名，实际出席监事 7 名，会议由张金国主持， 公司高级管理人员列席了会议。 4、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 二、监事会会议审议情况 证券代码：300492 证券简称：华图山鼎 公告编号：2025-069 华图山鼎设计股份有限公司 具体内容详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《2025 年第三季度报告》。 2、审议通过《关于<公司 2025 年前三季度利润分配预案>的议案》 表决结果：7 票同意，0 票反对，0 票弃权，本议案获得表决通过。 本议案尚需提交公司股东大会审议。 具体内容详见公司同日刊登于 ...

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。 一、 董事会会议召开情况 1、华图山鼎设计股份有限公司（以下简称"公司"）第五届董事会第六次会 议通知于 2025 年 10 月 24 日以邮件的方式通知全体董事，会议通知中包括会议 的相关材料，同时列明了会议的召开时间、地点、内容和方式。 2、会议于 2025 年 10 月 29 日 10:30 以现场表决与通讯表决相结合的方式在 公司会议室召开。 证券代码：300492 证券简称：华图山鼎 公告编号：2025-068 华图山鼎设计股份有限公司 第五届董事会第六次会议决议公告 具体内容详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《2025 年第三季度报告》。 2、审议通过《关于<公司 2025 年前三季度利润分配预案>的议案》 表决结果：11 票同意，0 票反对，0 票弃权，本议案获得表决通过。 本议案尚需提交公司股东大会审议。 具体内容详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《关 3、本次会议应出席董事 11 名，实际出席董事 11 名。会议由董事长吴正 ...

证券代码：300492 证券简称：华图山鼎 公告编号：2025-071 华图山鼎设计股份有限公司 关于公司 2025 年前三季度利润分配预案的公告 三、履行的审议程序及相关意见 1、董事会审议情况 公司于 2025 年 10 月 29 日召开第五届董事会第六次会议，审议通过了《关 于<公司 2025 年前三季度利润分配预案>的议案》，董事会认为：公司 2025 年前 三季度利润分配预案符合公司确定的利润分配政策和股东回报规划，有利于全体 股东共享公司经营成果，符合公司战略规划和发展预期，具备合法性、合规性、 合理性，并同意将该议案提交公司股东大会审议。 2、监事会审议情况 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 10 月 29 日召开 的第五届董事会第六次会议、第五届监事会第六次会议，审议通过了《关于<公 司 2025 年前三季度利润分配预案>的议案》，本议案尚需提交公司股东大会审议。 现将该预案的基本情况公告如下： 一、利润分配预案的基本情况 为回报广大股东对公司的支持，贯彻落实《国务院关 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥740,006,615.79, an increase of 18.43% compared to the same period last year[5] - Net profit attributable to shareholders was ¥36,211,036.48, a significant increase of 362.41% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥30,356,004.13, up 735.73% from the previous year[5] - Basic and diluted earnings per share were both ¥0.19, reflecting a growth of 216.67% year-on-year[5] - For the first three quarters of 2025, the company achieved operating revenue of CNY 246,434.38 million, a year-on-year increase of 15.65%[12] - The net profit attributable to shareholders for the same period was CNY 24,912.05 million, reflecting a significant year-on-year increase of 92.48%[12] - Total operating revenue for the current period reached ¥2,464,343,777.17, an increase of 15.7% compared to ¥2,130,875,618.85 in the previous period[23] - Operating profit for the current period was ¥300,754,298.23, compared to ¥163,976,171.06 in the previous period, indicating a significant increase of 83.3%[23] - The total profit for the current period is 249,120,508.25, compared to 129,429,837.86 in the previous period, representing an increase of approximately 92.5%[24] - The basic and diluted earnings per share for the current period are both 1.27, up from 0.92 in the previous period, reflecting an increase of approximately 38.0%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,418,127,128.52, representing a 29.52% increase from the end of the previous year[5] - Total assets rose to ¥2,418,127,128.52, up from ¥1,866,997,188.81, marking an increase of 29.5%[21] - Total liabilities increased to ¥2,021,018,623.82 from ¥1,579,022,735.96, reflecting a growth of 28.0%[20] - The company's equity attributable to shareholders increased by 37.90% to ¥397,108,504.70 compared to the end of the previous year[5] - Total equity attributable to shareholders reached ¥397,108,504.70, compared to ¥287,974,452.85, an increase of 38.0%[21] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥651,643,535.89, down 27.00% compared to the same period last year[9] - The net cash flow from operating activities is 651,643,535.89, down from 892,676,267.40 in the previous period, indicating a decrease of about 27%[25] - The cash inflow from investment activities is 2,159,890,236.53, compared to 1,912,303,337.07 in the previous period, showing an increase of approximately 12.9%[25] - The net cash flow from financing activities is -224,348,831.67, worsening from -175,362,476.05 in the previous period[26] - The total cash and cash equivalents at the end of the period amount to 411,993,889.22, compared to 381,324,959.90 at the end of the previous period, an increase of about 8.0%[26] Research and Development - Research and development expenses increased by 160.41% year-on-year, totaling ¥145,147,765.28, due to an increase in R&D personnel and employee costs[8] - Research and development expenses surged to ¥145,147,765.28, up from ¥55,738,255.36, indicating a growth of 160.0%[23] Shareholder Information - The company has 6,351 common shareholders at the end of the reporting period[10] - The largest shareholder, Tianjin Huatu Hongyang Enterprise Management Co., Ltd., holds 51.00% of the shares, with 71,678,760 shares pledged[10] - The company repurchased a total of 3,815,563 shares, accounting for 1.94% of the total share capital, with a total transaction amount of CNY 260,232,397.93[13][14] - The maximum and minimum repurchase prices were CNY 73.00 and CNY 63.91 per share, respectively[13] - The 2025 employee stock ownership plan involved 221 participants, with a total subscription amount of CNY 121,106,000[16] - The company adjusted the grant price of the 2025 restricted stock incentive plan from CNY 45.91 to CNY 32.76 per share[15] - The total number of restricted stocks to be granted was adjusted from 272.27 million shares to 381.178 million shares[15] Other Information - The company reported a significant increase in asset disposal gains, amounting to ¥11,043,051.88, a rise of 3191.37% compared to the previous year[8] - The company experienced a 180.29% increase in taxes payable, totaling ¥53,510,955.87, driven by profit growth[8] - Inventory decreased to ¥16,871,110.19 from ¥23,608,442.90, a decline of 28.6%[20] - Short-term borrowings were not reported, indicating a potential focus on maintaining liquidity[20] - The company has not executed any mergers or acquisitions during the reporting period[27] - The financial report for the third quarter has not been audited[27]

Core Viewpoint - The engineering consulting services sector experienced a decline of 0.31% on October 29, with Jianfa Hecheng leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.7% and the Shenzhen Component Index increased by 1.95% [1]. Group 1: Market Performance - The engineering consulting services sector saw a mixed performance among individual stocks, with notable gainers including: - Laituchuanxie (300492) up by 7.75% closing at 71.72 with a trading volume of 27,700 lots and a transaction value of 191 million [1]. - Qingju Technology (920208) increased by 4.13% to 27.47 with a trading volume of 27,400 lots and a transaction value of 72.51 million [1]. - Conversely, Jianfa Hecheng (603909) led the decline, falling by 5.24% to 11.39 with a trading volume of 135,700 lots and a transaction value of 155 million [2]. Group 2: Capital Flow - The engineering consulting services sector experienced a net outflow of 267 million from institutional investors, while retail investors saw a net inflow of 285 million [2][3]. - Specific stocks with significant capital flow include: - Zhongliang Kegong (301058) with a net outflow of 26.64 million from institutional investors [3]. - Huatu Shanding (300492) had a net inflow of 21.23 million from institutional investors [3].