□蒋璟璟 在此大背景下，教培机构"磨课""更新教材""录制课件"等方面的水准，自然就一路滑坡了。甚至于，其 对于新师资的引进，也有放水之势。种种因素共同作用下，一套课程传N年，教材频频出错，也就约等 于欺客了。 近年来"考公热"持续升温，催生了公考培训热，但不少培训机构被投诉课程质量参差不齐、教材出错、 退费套路重重等问题。（中新社） 从近年的大趋势看，公考的命题越来越活，其应试化、技巧化、套路化的元素越来越少，反而是对于创 造性、思辨力和知识广度的考察越来越侧重。凡此种种，都对公考培训机构的价值构成了巨大挑战。如 果机构继续自我"注水"，相信今后的路会越走越窄。 在公考培训这个赛道上，近年来已经诞生了不少业界巨头，其品牌化、连锁化经营收效显著。但与此同 时，随着竞争不断加剧，机构营收压力增大，打价格战、玩着花样搞"营销"，也就成了机构控本的必选 项，后续自然是纠纷不断。 其实，公考培训机构，并没有太坚固的护城河。其最值钱的资产，大概就是所谓的"公考名师"。某些名 师名声在外、自带流量，其势能之大，简直能凌驾于培训机构之上。近些年来，"名师"出来单干的案例 不在少数。新选项带来了新冲击，这使得公考培训机构在投 ...

Core Viewpoint - The competitive ratio for the 2025 national civil service examination is approximately 65:1, highlighting the intense competition in the public sector job market, which has driven significant growth in non-degree training services provided by Huatu Shanding [1][5]. Company Performance - In 2024, Huatu Shanding achieved revenue of 2.833 billion yuan, a year-on-year increase of 1046.34%, with non-degree training contributing 98.54% of total revenue [1][3]. - For Q1 2024, the company reported revenue of 827 million yuan, a nearly 20% increase year-on-year, and a net profit of 121 million yuan, up nearly 70% [4]. - The company’s non-degree training business had a gross margin of 54.46% in 2024, slightly lower than its competitors, Zhonggong Education and Fenbi [9]. Industry Trends - The number of candidates for the national civil service examination has surged, with 258.6 million applicants for 39,700 positions in 2025, indicating a growing demand for public service exam training [5]. - The market for examination training is projected to reach 50.5 billion yuan by 2026, with significant growth rates expected in civil service, public institutions, and teacher qualification training sectors [6]. - The trend of increasing college graduate numbers, expected to reach 12.22 million in 2025, is likely to sustain the demand for public service examination training [5]. Competitive Landscape - The public examination training market is characterized by oligopolistic competition, with Huatu Shanding, Zhonggong Education, and Fenbi holding significant market shares [8]. - Huatu Shanding has established a robust teacher training system, which is a core competitive advantage in the public examination training sector [9]. Research and Development - Huatu Shanding increased its R&D expenditure to 199 million yuan in 2024, with a significant rise of 511.6% in Q1 2024, reflecting a focus on AI development [10]. - The company has expanded its R&D team, reaching 864 personnel by the end of 2024, and has launched multiple AI products [10].