证券日报网讯 华图山鼎（300492）11月24日发布公告，在公司回答调研者提问时表示，当前非学历培 训行业客户需求发生了很大的变化，此前大量的学员在一线城市、省会大城市进行复习备考。近两年 里，随着平均培训周期的拉长，返乡备考成为多数学员的选择，主要课程交付场景正向三、四线城市倾 斜，能否在地市区域覆盖足量的高标准的交付基地，就成了行业决胜的关键因素。为此，公司转向高质 量"产品＋交付"投入，大力推进区域运营改革，积极推动地市高标准基地建设。在公司"交付下沉"战略 的指引下，莫干山基地被定位为湖州地市的分校基地，辐射周边的杭州市、绍兴市和嘉兴市学员。同 时，公司在浙江省温州、宁波、金华的同类基地目前均在积极筹备中，预计将于2026年1月前后正式投 入使用。 ...

Core Viewpoint - Huatu Shanding (300492) announced on November 24 that its main non-academic training product, "Kaobian Zhitongche," utilizes a base delivery model to enhance operational efficiency and reduce costs by shifting from a traditional project-based teaching model to an integrated subject-based teaching approach [1] Group 1 - The "Kaobian Zhitongche" product breaks the traditional project-based teaching model [1] - The company ensures quality delivery while maintaining cost advantages through combined classes for the same subjects across different product sequences [1] - This new teaching model significantly improves operational efficiency [1]

2、 公司选择下沉地市建立基地的背景是什么？ 答：当前非学历培训行业客户需求发生了很大的变化， 此前大量的学员在一线城市、省会大城市进行复习备 考。近两年里，随着平均培训周期的拉长，返乡备考成 为多数学员的选择，主要课程交付场景正向三、四线城 市倾斜，能否在地市区域覆盖足量的高标准的交付基 地，就成了行业决胜的关键因素。为此，公司转向高质 量"产品＋交付"投入，大力推进区域运营改革，积极 推动地市高标准基地建设。在公司"交付下沉"战略的 指引下，莫干山基地被定位为湖州地市的分校基地，辐 射周边的杭州市、绍兴市和嘉兴市学员。同时，公司在 浙江省温州、宁波、金华的同类基地目前均在积极筹备 中，预计将于 2026 年 1 月前后正式投入使用。 股票代码：300492 股票简称：华图山鼎 华图山鼎设计股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动类 别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □其他 （请文字说明其他活动内容） 参会人员 万家基金、中信证券、天风证券、兴业证券、中信证券、 方正证券、方正证券、广发证券、华安基金、信达证券 ...

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]

Group 1 - The company Huatu Shanding (SZ 300492) announced that its fifth board meeting will be held on October 29, 2025, to review the profit distribution proposal for the first three quarters of 2025 [1] - For the year 2024, the company's revenue composition is 98.54% from non-degree training and 1.46% from architectural design [1] - As of the report date, Huatu Shanding has a market capitalization of 14.1 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with a new "slow bull" market pattern emerging driven by technology [1]

Group 1 - The core point of the article is that Huatu Shanding has received a notification from its controlling shareholder, Tianjin Huatu Hongyang Enterprise Management Co., Ltd., regarding the pledge and repurchase of shares [1] - As of the announcement date, Tianjin Huatu has pledged approximately 69.7% of its shares, totaling about 69.92 million shares [1] - For the fiscal year 2024, Huatu Shanding's revenue composition is heavily weighted towards non-degree training, which accounts for 98.54%, while architectural design contributes only 1.46% [1] Group 2 - The current market capitalization of Huatu Shanding is 13.2 billion yuan [2]

Core Viewpoint - The former actual controller of Huatu Shanding, Che Lu, plans to reduce his stake in the company by up to 3%, potentially cashing out approximately 386 million yuan, indicating a trend of significant share reductions by the former controller amid concerns about the company's performance [2][5][10]. Group 1: Shareholding and Reduction Plans - Che Lu currently holds 16.53% of Huatu Shanding's shares, making him the second-largest shareholder [4][6]. - This planned reduction marks Che Lu's fourth attempt to cash out, with the latest reduction scheduled between June 19 and September 18, 2025 [4][6]. - The shares Che Lu intends to sell are sourced from shares acquired before the company's IPO and from capital reserve conversions [4]. Group 2: Financial Performance and Market Context - Huatu Shanding's core business includes non-degree training and architectural design, with non-degree training being the primary focus [3][10]. - The company has faced poor performance since its change of ownership in 2019, with a notable decline in revenue and profits until a recent recovery in 2024, where revenue increased by 1046.34% year-on-year [10][11]. - In the first quarter of 2024, the company reported a revenue of 828 million yuan and a net profit of 121 million yuan, marking significant growth compared to previous years [11]. Group 3: Historical Context and Ownership Changes - Huatu Shanding was formerly known as Shanding Design and underwent a change in control in 2019, leading to a significant ownership transfer and a rebranding to Huatu Shanding [6][7]. - The ownership transition involved a complex arrangement where Huatu Education's assets were effectively injected into Huatu Shanding, aiming to pivot the company's focus towards education [10][11]. - Che Lu has previously cashed out significant amounts, totaling nearly 800 million yuan through various share reductions since the company's ownership change [9].

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]