Core Viewpoint - The competitive ratio for the 2025 national civil service examination is approximately 65:1, highlighting the intense competition in the public sector job market, which has driven significant growth in non-degree training services provided by Huatu Shanding [1][5]. Company Performance - In 2024, Huatu Shanding achieved revenue of 2.833 billion yuan, a year-on-year increase of 1046.34%, with non-degree training contributing 98.54% of total revenue [1][3]. - For Q1 2024, the company reported revenue of 827 million yuan, a nearly 20% increase year-on-year, and a net profit of 121 million yuan, up nearly 70% [4]. - The company’s non-degree training business had a gross margin of 54.46% in 2024, slightly lower than its competitors, Zhonggong Education and Fenbi [9]. Industry Trends - The number of candidates for the national civil service examination has surged, with 258.6 million applicants for 39,700 positions in 2025, indicating a growing demand for public service exam training [5]. - The market for examination training is projected to reach 50.5 billion yuan by 2026, with significant growth rates expected in civil service, public institutions, and teacher qualification training sectors [6]. - The trend of increasing college graduate numbers, expected to reach 12.22 million in 2025, is likely to sustain the demand for public service examination training [5]. Competitive Landscape - The public examination training market is characterized by oligopolistic competition, with Huatu Shanding, Zhonggong Education, and Fenbi holding significant market shares [8]. - Huatu Shanding has established a robust teacher training system, which is a core competitive advantage in the public examination training sector [9]. Research and Development - Huatu Shanding increased its R&D expenditure to 199 million yuan in 2024, with a significant rise of 511.6% in Q1 2024, reflecting a focus on AI development [10]. - The company has expanded its R&D team, reaching 864 personnel by the end of 2024, and has launched multiple AI products [10].

Core Viewpoint - The company, Huatu Shanding, announced a share buyback plan to boost investor confidence and stabilize its stock price, reflecting its positive outlook on future development and recognition of its value [1][2][3]. Group 1: Buyback Plan Details - The company plans to use its own or raised funds to repurchase shares through centralized bidding, with a total fund amounting to no less than 225 million yuan and no more than 450 million yuan [1]. - The maximum buyback price is set at 127.91 yuan per share, with an upper limit of 3.5181 million shares, representing 2.5% of the total share capital, and a lower limit of 1.759 million shares, representing 1.25% [1]. - The buyback period will last for 12 months from the date of board approval [1]. Group 2: Financial Position - As of the end of Q1 2025, the company reported total assets of 2.009 billion yuan, with current assets of 1.302 billion yuan and cash and trading financial assets of 825 million yuan, with no interest-bearing liabilities [3][4]. - If the maximum buyback amount of 450 million yuan is fully utilized, it would account for 22.4% of total assets, 34.57% of current assets, and 54.53% of cash and trading financial assets [3]. Group 3: Business Performance - The company has shown significant improvement in its business performance, with a revenue of 2.833 billion yuan in 2024, a year-on-year increase of 1046.34%, and a net profit of 52.99 million yuan, reversing a loss of 91.97 million yuan in 2023 [5]. - In Q1 2025, the company continued its growth trend, achieving a revenue of 827 million yuan, up 18.91% year-on-year, and a net profit of 121 million yuan, a 67.38% increase, marking a record high for both metrics in a single quarter [6].

Group 1 - The company plans to repurchase shares amounting to between 225 million to 450 million yuan [1] - The source of funds for the repurchase will be from its own funds or self-raised funds [1] - The repurchase price will not exceed 127.91 yuan per share [1] Group 2 - The repurchased shares will be used for implementing equity incentives or employee stock ownership plans [1] - The repurchase period is set for 12 months from the date the board approves the repurchase plan [1]

证券代码：300492 证券简称：华图山鼎 公告编号：2025-028 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 4 月 27 日召开 了第五届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同 意拟使用公司自有资金或自筹资金通过集中竞价交易方式回购公司部分股份用 于实施股权激励或员工持股计划。本次回购股份资金总额为不低于人民币 2.25 亿元，不超过人民币 4.50 亿元（均包含本数），最终具体回购资金总额以回购期 限届满时实际回购的资金总额为准；回购价格不高于公司董事会审议通过回购股 份决议前 30 个交易日公司股票交易均价的 150%，上限为 127.91 元/股；回购股 份实施期限自董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详 见公司于 2025 年 4 月 29 日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关 于回购公司股份方案的公告》（公告编号：2025-025）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相 ...

证券代码：300492 证券简称：华图山鼎 公告编号：2025-029 华图山鼎设计股份有限公司 回购报告书 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。 重要内容提示： 1、华图山鼎设计股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召 开了第五届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》， 同意拟使用公司自有资金或自筹资金通过集中竞价交易方式回购公司部分股份 用于实施股权激励或员工持股计划，本次回购事项已经三分之二以上董事出席的 董事会会议决议，无需提交股东大会审议。 2、本次回购股份资金总额为不低于人民币 2.25 亿元，不超过人民币 4.50 亿元（均包含本数），最终具体回购资金总额以回购期限届满时实际回购的资金 总额为准；回购价格不高于公司董事会审议通过回购股份决议前 30 个交易日公 司股票交易均价的 150%，上限为 127.91 元/股；回购股份实施期限自董事会审 议通过本次回购股份方案之日起 12 个月内。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立了回购专用证 券账户，此账户仅限于存放所回购的 ...

证券代码：300492 证券简称：华图山鼎 公告编号：2025-027 序号 股东名称 持有数量（股） 持有比例（%） 1 天津华图宏阳企业管理有限公司 71,648,100 51.00 2 车璐 23,224,498 16.53 3 齐培旺 2,464,800 1.75 4 平安基金－中国平安人寿保险股份有限公司 －寿险传统－低－平安基金－平安人寿权益 4 号 MOM 单一资产管理计划 2,149,556 1.53 5 中国银行股份有限公司－华夏行业景气混合 型证券投资基金 2,056,036 1.46 6 周雪琴 1,536,100 1.09 7 王芝玲 1,073,500 0.76 一、公司前十名股东持股情况 | 8 | 刘向东 | 981,200 | 0.70 | | --- | --- | --- | --- | | 9 | 付雷鹏 | 970,000 | 0.69 | | 10 | 文学军 | 929,548 | 0.66 | 注：以上股东的持股数量为合并普通证券账户和融资融券信用账户后的持股数量。 二、公司前十名无限售条件股东持股情况 华图山鼎设计股份有限公司 关于回购股份事项前十名股东及 前十 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained rating) [5] Core Views - The report highlights that Huatu Shanding has become a new leader in offline public examination training with impressive performance, targeting a non-net profit of 320 million for 2025 [1] - For 2024, the non-degree training revenue is projected to reach 2.8 billion, with a year-on-year growth of 1046%, and a net profit of 52.99 million, marking a turnaround from losses [1] - The report emphasizes the company's focus on high-quality products and a strong market presence, with over 330,000 training students and coverage in more than 300 cities and 600 counties [4] Summary by Sections Financial Performance - In Q1 2025, revenue reached 830 million, a year-on-year increase of 19%, with a net profit of 121 million, up 67% year-on-year [2] - The gross margin improved to 61%, a 6 percentage point increase year-on-year, while the net profit margin reached 15%, up 4 percentage points year-on-year [2] - As of Q1 2025, contract liabilities amounted to 834 million, reflecting a 53% year-on-year increase, indicating positive revenue growth expectations [2] Dividends and Buybacks - The company plans to distribute a cash dividend of 0.55 yuan per 10 shares (including tax) and to increase capital by issuing 1.8 bonus shares for every 10 shares held, with a total dividend payout ratio of 68% [3] - A share buyback plan is proposed, with a budget of 225 million to 450 million yuan, at a maximum price of 127.91 yuan per share, aiming to repurchase 1.76 million to 3.52 million shares, representing 1.25% to 2.5% of the total share capital [3] Stock Incentives - The company intends to grant stock options not exceeding 2.72 million shares, representing 1.94% of the total share capital, with a purchase price of 45.91 yuan per share [4] - Performance targets for 2025 and 2026 are set at 320 million and 400 million for non-net profit, respectively, with significant year-on-year growth expectations [4] - If performance meets or exceeds the target, 100% of the options will be unlocked; if below the trigger value, none will be unlocked [4]

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has transformed into a new leader in offline public examination training, achieving significant revenue growth and profitability improvements. In 2024, the company reported revenue of 2.833 billion yuan, a year-on-year increase of 1046.34%, and a net profit of 53 million yuan, marking a return to profitability. For Q1 2025, revenue reached 827 million yuan, up 18.91% year-on-year, with a net profit of 121 million yuan, an increase of 67.38% [1][2]. - The company's strategic shift towards vocational education, particularly in civil service and public institution exam training, has positioned it as a new leader in the public examination sector. The gross margin for 2024 and Q1 2025 was 53.48% and 61.36%, respectively, while the net margin improved to 1.87% and 14.69% [1][2]. - The company has implemented a stock incentive plan aimed at motivating key employees, with performance targets set for net profit, which are expected to drive further growth [3]. Financial Performance Summary - The company forecasts revenue growth from 2.833 billion yuan in 2024 to 4.784 billion yuan in 2027, with growth rates of 1046.34%, 17.5%, 25.0%, and 15.0% for the respective years [4][8]. - The net profit attributable to shareholders is projected to increase from 53 million yuan in 2024 to 556 million yuan in 2027, with growth rates of 157.6%, 509.5%, 25.6%, and 37.0% [4][8]. - Earnings per share (EPS) are expected to rise from 0.38 yuan in 2024 to 3.95 yuan in 2027, with dynamic price-to-earnings (PE) ratios decreasing from 250 to 24 over the same period [4][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered a profit realization phase, with significant revenue and profit growth reported for 2024 and Q1 2025. The revenue for 2024 reached 2.83 billion yuan, a year-on-year increase of 1,046%, while the net profit attributable to shareholders was 0.53 billion yuan, up 158% year-on-year [8] - The company has launched an employee stock ownership plan, allowing 275 core employees, including 13 executives, to acquire shares at a price of 45.91 yuan per share, with a total investment cap of 1.25 billion yuan [8] - The company is expected to continue to release profits as it stabilizes operations post-employee stock plan implementation, with revised net profit forecasts for 2025-2027 being 3.7 billion, 4.5 billion, and 4.9 billion yuan respectively [8] Financial Performance Summary - For 2024, total revenue is projected at 28.33 billion yuan, with a year-on-year growth of 1,046% and a net profit of 0.53 billion yuan, reflecting a 158% increase [8] - The first quarter of 2025 shows revenue of 8.27 billion yuan, a 19% increase year-on-year, and a net profit of 1.21 billion yuan, up 67% year-on-year [8] - The non-academic training business has seen substantial growth, with revenue reaching 2.79 billion yuan in 2024, a year-on-year increase of 1,309% [8] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.38 yuan, increasing to 2.62 yuan in 2025, and further to 3.22 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is expected to be 34.78 for 2025, 28.32 for 2026, and 26.27 for 2027, indicating a relatively reasonable valuation within the public examination training industry [8]

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 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 2025 年员工持股计划（草案）的法律意见书 致：华图山鼎设计股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《关于上市公司实施员工持股计划试点的指导 意见》（以下简称"《指导意见》"）、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称"《自律监管指引第 2 号》"）等法律、 法规和规范性文件的有关规定，北京市竞天公诚律师事务所（以下简称"本所"） 接受华图山鼎设计股份有限公司（以下简称"公司"）的委托，就公司 2025 年员 工持股计划（草案）（以下简称"本次员工持股计划"）的相关事宜出具本法律意 见书。 为出具本法律意见书，本所特作出如下声明： 1、公司保证已全面地向本所提供了为出具本法律意见书所必需的、真实的、 完整的原始书面材料、副本材料、复印材料或书面证明，并且提供给本 ...