Core Insights - The company achieved a significant increase in profit, with a net profit of 249 million yuan for the first three quarters of 2025, representing a year-on-year growth of 92% [3][9] - The revenue for the same period reached 2.464 billion yuan, up 15.7% year-on-year, indicating a strong performance in the non-degree training business [3][9] - The introduction of innovative products like "Exam Preparation Express" is expected to enhance resource utilization and competitiveness in the market [5][6] Financial Performance - In Q3 2025, the company reported a revenue of 740 million yuan, a year-on-year increase of 18.4%, and a net profit of 36.21 million yuan, up 362% year-on-year [4][9] - The net profit margin for Q3 was 4.9%, an increase of 3.7 percentage points compared to the previous year, attributed to effective sales expense management [4][9] - The company’s contract liabilities stood at 932 million yuan by the end of Q3 2025, reflecting a year-on-year growth of 4.3% [2][4] Strategic Initiatives - The "Exam Preparation Express" product utilizes a "base delivery model" to optimize teaching resources, aligning with the trend of multi-subject preparation among students [5][6] - The "Academy Excellence" product leverages big data and AI technology for personalized tutoring, enhancing both efficiency and effectiveness for students [6] - The company has implemented a share buyback program totaling 260 million yuan and introduced employee stock ownership plans to align interests with core staff [2][6] Market Outlook - The number of applicants for the national civil service exam reached a record high of 3.718 million in 2026, indicating sustained demand for public service positions [2][9] - The company is expected to benefit from the high demand for civil service exam preparation, with projections for revenue growth in the coming years [3][7] - The company has adjusted its revenue forecasts for 2025-2027, anticipating net profits of 350 million, 430 million, and 510 million yuan respectively, reflecting confidence in its growth strategy [3][9]

Core Viewpoint - The company reported strong financial results for Q3 2025, with significant year-over-year growth in revenue and net profit, indicating effective cost management and operational efficiency [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 740 million yuan, representing a year-over-year increase of 18.43%. The net profit attributable to shareholders was 36 million yuan, up 362.41% year-over-year, while the net profit excluding non-recurring items reached 30 million yuan, reflecting a 735.73% increase [1]. - For the first three quarters of 2025, the company reported total revenue of 2.464 billion yuan, a year-over-year growth of 15.65%. The net profit attributable to shareholders was 249 million yuan, up 92.48%, and the net profit excluding non-recurring items was 232 million yuan, marking a 127.53% increase [1]. Cost Management - The company significantly optimized its sales expenses, leading to an increase in net profit margin. In Q3 2025, the gross margin was 58.72%, a decrease of 2.46 percentage points year-over-year. The expense ratios for sales, management, and R&D were 24.35%, 21.20%, and 7.29%, showing year-over-year changes of -12.23%, +3.51%, and +2.00 percentage points, respectively. The net profit margin attributable to shareholders was 4.86%, an increase of 3.58 percentage points year-over-year [1]. - For the first three quarters of 2025, the gross margin was 58.99%, an increase of 1.09 percentage points year-over-year. The expense ratios for sales, management, and R&D were 23.29%, 17.02%, and 5.89%, with year-over-year changes of -8.28%, +0.20%, and +3.27 percentage points, respectively. The net profit margin attributable to shareholders was 10.11%, up 4.05 percentage points year-over-year [1]. Dividend Distribution - The company plans to distribute a cash dividend of 5.00 yuan (including tax) for every 10 shares based on the existing 197 million shares, amounting to a total cash dividend of approximately 98.28 million yuan. The remaining undistributed profits will be carried forward to the next fiscal year [2]. Investment Outlook - The company is a leading player in offline public examination training and has been enhancing its operational efficiency throughout the year. With the public examination season approaching, the company is expected to achieve sustained growth in the second half of the year. Projected net profits for 2025-2027 are estimated at 328 million, 422 million, and 541 million yuan, respectively, with corresponding price-to-earnings ratios of 43, 33, and 26 times, maintaining a "buy" rating [2].

Core Viewpoint - Huatu Shanding is a leading offline public examination training enterprise in China, with significant advantages in non-degree training and a focus on architectural engineering design and consulting services [1] Group 1: Business Performance - In Q3 2025, Huatu Shanding achieved revenue of 2.464 billion yuan, ranking 8th among 46 companies in the industry, with the top company, Taiji Industry, generating 22.593 billion yuan [2] - The company's net profit for the same period was 249 million yuan, placing it 4th in the industry, with the highest being 768 million yuan from China Communications Design [2] - Non-degree training accounted for 99.20% of the company's revenue, while architectural engineering design services contributed only 0.80% [2] Group 2: Financial Ratios - As of Q3 2025, Huatu Shanding's debt-to-asset ratio was 83.58%, higher than the industry average of 42.53%, indicating significant debt pressure [3] - The gross profit margin was 58.99%, exceeding the industry average of 27.95%, reflecting strong profitability [3] Group 3: Management and Shareholder Information - The chairman, Wu Zhenggao, received a salary of 866,300 yuan in 2024, a significant increase from 82,400 yuan in 2023 [4] - The number of A-share shareholders increased by 37.47% to 6,351 as of September 30, 2025, while the average number of shares held per shareholder decreased by 27.26% [5] Group 4: Future Outlook - The company is expected to see a rise in public examination candidates due to relaxed age restrictions starting in 2026 [5] - Revenue projections for 2025 to 2027 are 3.328 billion yuan, 4.160 billion yuan, and 4.784 billion yuan, respectively, with corresponding PE ratios of 40, 31, and 24 [6]

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 ...