（文章来源：证券日报） 证券日报网讯 12月15日早间，华图山鼎发布公告称，公司与粉笔有限公司于2025年12月12日签订了 《战略合作协议》。 ...

Core Insights - The strategic partnership between Fenbi and Huatu aims to integrate resources in service depth, cost structure, and business expansion, potentially reshaping the competitive landscape in the vocational education sector [1] - The collaboration is expected to enhance the overall market concentration, moving from a fragmented structure to a more consolidated one dominated by leading players [4] Group 1: Company Collaboration - Fenbi, with over 70 million registered users, excels in online education products, while Huatu has a robust offline presence with over 1,000 delivery bases, creating significant scale advantages [2] - Both companies have developed unique AI product systems for key teaching segments, and their collaboration will focus on product innovation and market potential through AI integration [2][3] - The partnership will also involve equity cooperation, including strategic investments and joint ventures, with mutual board member appointments to facilitate ongoing communication [1] Group 2: Market Impact - The collaboration is anticipated to guide the industry away from vicious competition, improving overall gross margins and reducing anxiety among students regarding training costs [4] - The vocational education market is shifting towards refined operations and comprehensive service offerings, emphasizing the long-term career development of students rather than just teaching products [4][6] - The partnership aims to create a healthier industry environment by ensuring transparency, fair service agreements, and resisting false advertising, thereby enhancing the overall development of the sector [5]

Core Viewpoint - The vocational education industry is undergoing a structural change with the strategic merger of Huatu Education and Fenbi Public Examination, two leading companies in the civil service exam training sector, aiming for comprehensive resource integration and strategic collaboration [1][4]. Group 1: Strategic Collaboration - Huatu and Fenbi have announced a deep strategic cooperation that includes equity collaboration, such as strategic investments, cross-shareholding, and the establishment of joint ventures [1]. - The collaboration aims to integrate their respective channels and leverage their strengths to optimize the entire training and employment process, enhancing job quality and stability [1][5]. - Both companies will also share AI technology to reduce R&D costs and improve delivery efficiency, which is expected to positively impact their financial reports [1][6]. Group 2: Industry Impact - The merger is seen as a move to avoid vicious competition in the industry and improve overall gross profit levels, while also reducing student anxiety caused by aggressive marketing tactics from regional institutions [5]. - The partnership is expected to shift the focus of competition from scale expansion to teaching quality and user experience, leading the industry towards a new phase of standardized and high-quality development [4][5]. - The collaboration is viewed as a significant event marking the maturity of the industry, as it combines the strengths of both companies to create a more robust market presence [7][8]. Group 3: AI Integration and Educational Innovation - Huatu and Fenbi have developed unique AI product systems for key teaching areas, and their collaboration will enhance product innovation and market potential through the integration of their respective strengths [6]. - The companies plan to create a comprehensive educational ecosystem that covers the entire learning cycle, utilizing Huatu's extensive offline network and Fenbi's online capabilities [6][7]. - The partnership aims to establish a sustainable vocational development ecosystem that supports high-quality employment and talent cultivation [8].

Core Viewpoint - The strategic partnership between Fenbi (02469) and Huatu Shanding (300492) is expected to significantly improve the competitive landscape of the recruitment training industry, leveraging both companies' strengths in technology, channels, and corporate governance to foster healthy industry development [1][2]. Summary by Categories Strategic Cooperation Details - The partnership will explore investment cooperation, including strategic investments and joint ventures [1]. - Both companies will recommend directors to each other's entities to establish a regular communication mechanism and share advanced management experiences [1]. - They will collaborate on AI technology to develop applications for the recruitment training industry, integrating their strengths in AI development [1]. Distribution Channel Cooperation - The companies will integrate their distribution channels to enhance operational efficiency by leveraging both online and offline sales channels [2]. Industry Improvement - The collaboration aims to reduce unhealthy competition in the industry and promote user service, establishing industry benchmarks through quality service and teaching standards [2]. - Both companies will analyze industry trends and user demand changes to provide data support for strategic cooperation adjustments [2]. Market Outlook - The market demand is expanding, as evidenced by the 341.6 million people passing the qualification review for the national exam in 2025, with an increase of 383,000 applicants year-on-year [4]. - Fenbi's AI written exam product launched in April is expected to become a second growth curve based on its active user base [4]. - Traditional large and small class businesses are likely to benefit from the stabilization of industry price wars [4]. - AI products are anticipated to expand into interviews, national and central enterprise exams, and public institutions next year [4].

Core Viewpoint - Huaxi Securities maintains a "buy" rating for Fenbi (02469) following its strategic partnership with Huatu Shanding, which is expected to significantly improve the competitive landscape of the recruitment training industry [1] Summary by Sections Strategic Cooperation Agreement - The partnership aims to leverage complementary resources to enhance overall competitiveness and explore collaboration in recruitment exam training [1] - Investment cooperation will include exploring strategic investments and establishing joint ventures [1] - Company governance will involve mutual recommendations for board members and establishing regular communication mechanisms [1] - AI technology collaboration will focus on developing AI applications for the recruitment training industry and sharing expertise [1] Distribution Channel Cooperation - Both companies will integrate their distribution channels to enhance operational efficiency [2] - They will advocate for industry self-regulation and user oversight to establish industry benchmarks through quality service and teaching standards [2] Benefits of Strategic Cooperation - The partnership is expected to boost market confidence and stabilize pricing in the recruitment training industry after three years of price wars [3] - As leading companies in the sector, the collaboration is likely to improve the competitive landscape by leveraging online and offline strengths [3] Future Opportunities - The 2025 national exam saw 3.416 million candidates pass the qualification review, with a year-on-year increase of 12.6%, indicating expanding market demand [4] - The launch of AI written exam products in April is anticipated to create a second growth curve based on an established active user base [4] - Traditional large and small class businesses are expected to benefit from stabilizing prices in the industry [4] - AI products are projected to expand into interviews, national and central enterprise exams, and public institution assessments next year [4]

2、公司治理双方可以相互派驻董事，搭建常态化沟通桥梁，吸取对方的先进管理经验，各取所长。 3、技术开发双方共同推动前沿技术在行业领域的应用落地，依托各自技术的差异化优势，交流前沿技 术在课程与服务产品中的融合应用路径，探索联合开发创新课程的发展前景，组织核心技术团队开展开 发经验交流分享，共同打造行业发展新模式。 格隆汇12月15日丨华图山鼎(300492.SZ)公布，为了优化招录类考试培训市场的竞争环境，提升用户体 验、实现资源优势互补、共同拓展成人非学历培训市场、共同推动行业规范化、高质量发展，公司与粉 笔有限公司(HK2469，以下简称"粉笔")于 2025 年 12 月 12 日签订了《战略合作协议》。 协议的主要内容 1、投资合作双方探讨寻求在股权层面进行合作，包括但不限于战略投资或控股、互相参股、共同成立 合资公司等措施。 4、渠道合作双方可以对各自渠道进行整合，利用各自在线下渠道(公司)和线上渠道(粉笔)的优势，提升 运营效率。 5、行业自律双方共同倡导行业自律并接受用户监督，旨在透过优质服务与教学标准，树立行业标杆， 抵制行业内的不良行径。 6、用户服务双方共同分析行业发展趋势与用户需求变化， ...

Core Viewpoint - Huatu Shanding (300492) has signed a strategic cooperation agreement with Fenbi Co., Ltd. on December 12, 2025, to explore potential equity collaboration, including strategic investments, cross-shareholding, and joint ventures [1] Group 1 - The strategic cooperation agreement aims to enhance collaboration between Huatu Shanding and Fenbi Co., Ltd. [1] - The companies are considering various forms of equity cooperation, which may include strategic investments or controlling stakes [1] - The partnership may also involve the establishment of joint ventures to leverage synergies between the two firms [1]

Core Viewpoint - The strategic cooperation agreement between Huatu Shanding and Fenbi aims to enhance the competitive environment in the adult non-degree training market and promote high-quality development in the industry [1] Group 1: Strategic Cooperation - The agreement was signed on December 12, 2025, to optimize the recruitment exam training market [1] - The collaboration focuses on integrating both companies' online and offline resources to create a healthier and more standardized industry ecosystem [1] - The partnership aims to improve service quality and user experience while jointly expanding the adult non-degree training market [1] Group 2: Industry Development - The initiative is intended to drive sustainable high-quality development within the industry [1]

本次签署战略合作协议，旨在通过整合双方在线上与线下渠道的差异化资源，共同构建更健康、规范的 行业生态，提升服务质量与用户体验，携手拓展成人非学历培训市场，推动行业实现可持续的高质量发 展。 华图山鼎（300492）(300492.SZ)发布公告，为了优化招录类考试培训市场的竞争环境，提升用户体 验、实现资源优势互补、共同拓展成人非学历培训市场、共同推动行业规范化、高质量发展，公司与粉 笔有限公司(HK2469，以下简称"粉笔")于2025年12月12日签订了《战略合作协议》。 ...

华图山鼎公告称，2025年12月12日，公司与粉笔有限公司签订《战略合作协议》，该事项已通过公司董 事会审议。协议主要内容包括投资合作、公司治理、技术开发、渠道合作、行业自律、用户服务等方 面。此次合作旨在整合双方资源，拓展成人非学历培训市场。目前协议为框架性协议，不涉及具体金 额。此外，除持股5%以上股东车璐女士不排除未来三个月减持外，公司未收到其他减持通知。 ...