中证智能财讯华图山鼎（300492）1月27日晚间披露2025年度业绩预告，预计2025年归母净利润2.8亿元至4.2亿元，同比增长428.38%-692.57%；扣非净利润 预计2.58亿元至3.87亿元，同比增长955.37%-1483.06%。以1月27日收盘价计算，华图山鼎目前市盈率（TTM）约为40.24倍-60.35倍，市净率（LF）约56.55 倍，市销率（TTM）约5.34倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） ← 公司 →〇一 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ର ୨୦ 93-97 91-48 80 72 89 72.6 70 6653 60 56.62 50 to o 43d01 40 30 20 10 0 2020-12-37 I 2021-06-30 ' 2027-12-37 ' 4-06-30 ' 2-12-37 2n- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 10,000 8978.24 8000 6,000 4,000 2,000 1173.08 1044 77 ...

Core Viewpoint - The company, Fenbi, anticipates a strong performance in the first half of 2025, projecting revenue of at least RMB 1.472 billion and net profit of at least RMB 215 million, despite facing competitive pressures in the exam training industry [1] Group 1: Financial Performance - Fenbi expects revenue for the first half of 2025 to be no less than RMB 1.472 billion and net profit to be no less than RMB 215 million, with adjusted net profit projected at no less than RMB 260 million [1] - The company is optimistic about its future growth prospects, particularly due to the performance of its AI products [1] Group 2: AI Product Development - Fenbi has developed an AI domain model focused on exam training, leveraging its mature AI technology and extensive industry data [2] - The AI brush question system class, launched in April, has sold approximately 50,000 times, generating around RMB 20 million in revenue, indicating a potential annual sales exceeding RMB 100 million [2] - The company plans to expand its AI product offerings, including AI interview simulation competitions and AI evaluation tools, which have shown high user engagement and satisfaction [3] Group 3: Market Position and Strategy - The demand for exam training remains strong, with the number of applicants for national exams increasing by 12.6% year-on-year to 3.416 million in 2025 [2] - Fenbi's user base is growing, with over 72.74 million registered users expected by the end of 2024, and 90% of AI course participants previously had no intention to pay for courses [3] - The company is positioned uniquely in the exam training market, with a competitive edge due to its AI-driven approach, which is expected to facilitate rapid market share expansion [4] Group 4: Industry Trends - The exam training industry is undergoing a structural adjustment, shifting focus from scale competition to value competition, emphasizing product effectiveness and user experience [5] - The national policy environment is favorable for AI applications, providing a critical window for Fenbi to enhance its competitive advantage through continued investment in AI technology [5][6] - Fenbi's president has indicated plans to increase AI R&D investment by 30% annually and collaborate with top institutions to build educational AI models [6]