华图山鼎业绩预增超4倍，因信披违规收监管警示函

Core Viewpoint - The company expects significant growth in net profit by 2025, driven by industry demand and internal reforms, while facing regulatory scrutiny for delayed disclosures of related party transactions [1] Performance Overview - The company forecasts a net profit attributable to shareholders of between 280 million to 420 million yuan for 2025, representing a year-on-year increase of 428.38% to 692.57% - The expected non-recurring net profit ranges from 258 million to 387 million yuan, indicating a growth of 955.37% to 1483.06% - Growth is primarily attributed to strong demand in the examination training industry and innovations in products and regional operational reforms, with non-degree training business projected to achieve a median net profit of 380 million yuan, a year-on-year increase of approximately 396% [2] Regulatory Situation - On February 9, 2026, the Sichuan Securities Regulatory Bureau issued a corrective administrative measure against the company for failing to timely review and disclose financial assistance and related party transactions, resulting in a warning letter to Chairman Wu Zhengao and other responsible parties - Specific issues include providing financial assistance of 39.29 million yuan to related parties and failing to disclose related transactions of 29.58 million yuan in a timely manner, which may impact the company's governance transparency [3] Shareholder Pledge - On February 11, 2026, it was announced that 1.76 million shares held by the controlling shareholder Tianjin Huatu Hongyang Enterprise Management Co., Ltd. have been unfrozen, potentially alleviating market concerns regarding control stability - However, the actual controller Yi Dinghong previously faced high levels of pledged and judicially frozen shares, indicating ongoing control risks [4] Business Development - In December 2025, the company signed a strategic cooperation agreement with Fenbi Co., Ltd., involving equity cooperation, technology development, and channel integration to enhance the implementation of AI education and training products - In January 2026, the company held a press conference on AI transformation, emphasizing progress made in foundational tools in 2025, with future collaborations expected to yield synergistic business effects [5] Company Status - The company's performance in 2025 has met the trigger value for the first unlocking period of the employee stock ownership plan and restricted stock plan (non-recurring net profit trigger value of 256 million yuan) - The implementation of the incentive plan has resulted in share-based payment expenses of approximately 67.5 million yuan, and the achievement of the 2026 performance target (non-recurring net profit trigger value of 320 million yuan) will be closely monitored [6]