Investment Rating - The investment rating for the company is "Buy" with a target price of 75.52 CNY, maintaining the current rating [1]. Core Views - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching 8 billion CNY compared to 0.2 billion CNY in the same period of 2023. The net profit attributable to the parent company was 0.5 billion CNY, a recovery from a loss of 0.01 billion CNY in 2023 [1]. - The non-degree training business is the main contributor to revenue growth, generating 1.49 billion CNY in the first half of 2024, with a gross margin of 57.3% [1]. - The company has established over 500 branches nationwide, serving more than 190,000 students, which supports its performance amid a busy examination schedule [1]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 14.9 billion CNY, with a net profit of 0.5 billion CNY. The revenue from non-degree training was 13.17 billion CNY after deducting related party transactions [1]. - The company’s gross margin was 57.3%, with a sales expense ratio of 29.8% and a management expense ratio of 16.2% [1]. - The company’s contract liabilities for non-degree training reached 756 million CNY, reflecting a growth of 227.89% compared to the end of 2023 [1]. Financial Forecast - The company is expected to achieve net profits of 4.2 billion CNY, 5.1 billion CNY, and 6.2 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25X, 21X, and 17X [2]. - Revenue projections for 2024, 2025, and 2026 are 2,810.42 million CNY, 3,524.26 million CNY, and 4,409.56 million CNY respectively, indicating substantial growth [3][4]. Operational Strengths - The company has a strong educational research and teaching capability, with a professional teaching staff and a rigorous feedback mechanism [1]. - The company has developed a standardized chain management system, covering over 1,000 learning points across more than 600 counties, enhancing its brand effect and scale advantage [1]. - The company is actively developing channels in universities, conducting career planning and exam preparation seminars, which aligns with the increasing number of graduates and government recruitment policies [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 75.52 CNY [3]. Core Insights - The company reported a significant increase in revenue and profitability in the first half of 2024, achieving a revenue of 1.506 billion CNY, a year-on-year increase of 4,601.26%, and a net profit attributable to shareholders of 122 million CNY, marking a turnaround from losses [1]. - The training business has enhanced the company's profitability, with a gross margin of 56.54% in H1 2024, up 36.25 percentage points year-on-year, driven by effective cost control and management optimization [1]. - The company has established over 500 branches nationwide for non-degree training, contributing to a total training revenue of 1.488 billion CNY in H1 2024, with a gross margin of 57.31% [1]. - Contract liabilities for non-degree training have increased significantly, reaching 756 million CNY as of June 30, 2024, a growth of 227.89% compared to the end of 2023, indicating strong future revenue potential [1]. - The company is expected to see continued profit growth, with projected net profits of 249 million CNY, 509 million CNY, and 733 million CNY for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 43X, 21X, and 14X based on the closing price on August 30 [1][2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.506 billion CNY and a net profit of 122 million CNY, with a net profit margin of 8.10% [1]. - The gross margin for Q2 2024 was reported at 57.24%, reflecting a year-on-year increase of 32.57 percentage points [1]. - The company’s revenue is projected to grow significantly, with estimates of 2.782 billion CNY in 2024, 3.477 billion CNY in 2025, and 4.208 billion CNY in 2026 [2][4]. Business Development - The non-degree training segment has been a key growth driver, with a total of 19,000 students trained and a focus on cost management leading to a gross margin of 57.31% [1]. - The company has implemented a "staged payment" model for courses, allowing students to pay part of the fee upfront and the remainder upon passing exams, which is expected to enhance cash flow [1]. Future Outlook - The company is positioned to benefit from the ongoing demand for training services, with a strong pipeline of contract liabilities that are expected to convert into revenue as courses are delivered [1]. - The strategic partnership with Huatu Education is anticipated to further bolster the company's market position and profitability in the public examination training sector [1].

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 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|----------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 96.45 CNY [12]. Core Insights - The company's revenue for 2023 was 247 million CNY, with a net profit attributable to shareholders of -91.97 million CNY. In Q1 2024, the company achieved a revenue of 695 million CNY and a net profit of 72.56 million CNY, indicating significant improvement in profitability [11]. - The training business is progressing well, with the company establishing over 400 subsidiaries and more than 1,000 service points nationwide. However, the architectural design business is underperforming due to the impact of the real estate sector [11]. - The company expects net profits for 2024, 2025, and 2026 to be 461 million CNY, 620 million CNY, and 822 million CNY respectively, with corresponding PE ratios of 29X, 22X, and 16X [11]. Financial Summary - Total revenue projections for the company are 2.78 billion CNY in 2024, 3.48 billion CNY in 2025, and 4.21 billion CNY in 2026, reflecting growth rates of 131.3%, 1025.7%, and 25.0% respectively [11]. - The gross profit margin for Q1 2024 was 55.74%, and the net profit margin was 10.43%, showing a marked improvement in profitability [11]. - The company's contract liabilities increased by 133% in Q1 2024 compared to the end of 2023, reaching 545 million CNY [11].

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].