华图山鼎(300492)：费用管控成效显著 创新推出“考编直通车”加速下沉

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]