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].