Core Viewpoint - The company expects significant growth in net profit by 2025, driven by industry demand and internal reforms, while facing regulatory scrutiny for delayed disclosures of related party transactions [1] Performance Overview - The company forecasts a net profit attributable to shareholders of between 280 million to 420 million yuan for 2025, representing a year-on-year increase of 428.38% to 692.57% - The expected non-recurring net profit ranges from 258 million to 387 million yuan, indicating a growth of 955.37% to 1483.06% - Growth is primarily attributed to strong demand in the examination training industry and innovations in products and regional operational reforms, with non-degree training business projected to achieve a median net profit of 380 million yuan, a year-on-year increase of approximately 396% [2] Regulatory Situation - On February 9, 2026, the Sichuan Securities Regulatory Bureau issued a corrective administrative measure against the company for failing to timely review and disclose financial assistance and related party transactions, resulting in a warning letter to Chairman Wu Zhengao and other responsible parties - Specific issues include providing financial assistance of 39.29 million yuan to related parties and failing to disclose related transactions of 29.58 million yuan in a timely manner, which may impact the company's governance transparency [3] Shareholder Pledge - On February 11, 2026, it was announced that 1.76 million shares held by the controlling shareholder Tianjin Huatu Hongyang Enterprise Management Co., Ltd. have been unfrozen, potentially alleviating market concerns regarding control stability - However, the actual controller Yi Dinghong previously faced high levels of pledged and judicially frozen shares, indicating ongoing control risks [4] Business Development - In December 2025, the company signed a strategic cooperation agreement with Fenbi Co., Ltd., involving equity cooperation, technology development, and channel integration to enhance the implementation of AI education and training products - In January 2026, the company held a press conference on AI transformation, emphasizing progress made in foundational tools in 2025, with future collaborations expected to yield synergistic business effects [5] Company Status - The company's performance in 2025 has met the trigger value for the first unlocking period of the employee stock ownership plan and restricted stock plan (non-recurring net profit trigger value of 256 million yuan) - The implementation of the incentive plan has resulted in share-based payment expenses of approximately 67.5 million yuan, and the achievement of the 2026 performance target (non-recurring net profit trigger value of 320 million yuan) will be closely monitored [6]

Core Insights - Huatu Group is deepening its collaboration with Feishu to enhance operational efficiency and implement AI applications across its extensive network of over a thousand campuses, aiming to establish an AI-centric infrastructure for improved quality and efficiency [1][2] - The company is transitioning from an "educational institution" to an "educational technology platform," with a strategic focus on AI as articulated by its founder, Yi Dinghong, who has committed to an "All in AI" strategy without budget constraints for AI investments [1][4] Group 1: Collaboration with Feishu - The partnership with Feishu aims to create an AI hub that connects headquarters with frontline operations, allowing for direct communication and real-time feedback on key tasks across campuses [2][3] - Feishu's capabilities will enable a unified portal for Huatu, embedding AI into every workflow, thus enhancing efficiency and allowing educators to focus on creative teaching rather than administrative tasks [2][3] Group 2: AI Tools and Impact - AI tools developed by Huatu significantly reduce the time teachers spend on grading, with one tool able to score essays in just 10 seconds, cutting down grading time from four hours to thirty minutes daily [3] - The AI-driven approach is expected to enhance student learning outcomes by allowing teachers to dedicate more time to personalized instruction [3] Group 3: Self-developed AI Hardware - Huatu is expanding its service offerings by introducing self-developed AI hardware, marking a shift from solely providing courses to also offering physical products [4][5] - The new hardware is designed to serve as a long-term intelligent partner for users, providing personalized learning paths during exam preparation and assisting with workplace tasks post-employment [5] Group 4: Business Model Transformation - The integration of AI products with physical hardware and subscription services is projected to increase user lifetime value by 2-3 times, transitioning Huatu's revenue model from one-time fees to ongoing service subscriptions [5] - This strategic shift positions Huatu as a comprehensive partner throughout the educational journey, moving from a focus on exam training to a broader role in career development [5]

Group 1 - The company Huatu Shanding announced that its controlling shareholder, Tianjin Huatu Hongyang Enterprise Management Co., Ltd., has had part of its shares released from freezing, with a total of 1.76 million shares being unfrozen [1] - The announcement was made on the evening of February 11 [1] Group 2 - The news highlights a significant development in the company's shareholding structure, which may impact investor sentiment and stock performance [1] - The release of shares from freezing could indicate improved financial stability or a strategic move by the controlling shareholder [1]

Group 1 - The controlling shareholder of Huatu Shanding, Tianjin Huatu Enterprise Management, has had part of its shares released from freezing, totaling 1,761,754 shares, which represents 1.76% of its holdings and 0.90% of the company's total share capital [1] - The release date for the frozen shares is set for February 10, 2026, with the application submitted to the Intermediate People's Court of Chengdu, Sichuan Province [1] - As of the announcement date, Tianjin Huatu Enterprise Management holds 100,307,340 shares, accounting for 51.00% of the total share capital, with a cumulative frozen share count of 1,761,754 shares [1]

证券代码：300492 证券简称：华图山鼎 公告编号：2026-007 华图山鼎设计股份有限公司 关于控股股东部分股份解除冻结的公告 1、股东本次股份解除冻结情况 | 股东 名称 | 是否为控股股东 或第一大股东及 | 本次冻结数 量（股） | 占其所持 股份比例 | 占公司总 股本比例 | 是否为限 售股份 | 起始日 | 解除日期 | 申请人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | | | | | | | | 天津华 图企管 | 是 | 1,761,754 | 1.76% | 0.90% | 否 | 2025 年 8 月 1 日 | 2026 年 2 月 10 日 | 四川省成 都市中级 | | | | | | | | | | 人民法院 | 2、股东累计股份冻结情况 股份冻结情况详见公司分别于 2025 年 8 月 6 日、2026 年 1 月 20 日在巨潮资讯网披露的 《关于控股股东部分股份被司法冻结的公告》（公告编号：2025-059）、《关于控股股东部分 股份被司法冻结的公告》（公告编号：20 ...

Market Overview - The market experienced fluctuations throughout the day, with the ChiNext Index dropping over 1% [1] - The Shanghai Composite Index closed at 4131.99 points, up 0.09%, while the Shenzhen Component Index closed at 14160.93 points, down 0.35%, and the ChiNext Index at 3284.74 points, down 1.08% [2] Sector Performance - The non-ferrous metals sector showed strong performance, with companies like Dongfang Tantalum Industry, Zhongtung High-tech, Xianglu Tungsten Industry, and Zhangyuan Tungsten Industry hitting the daily limit [1] - The steel sector also performed well, with Baodi Mining reaching the daily limit [1] - The oil and gas sector saw fluctuations, with CNOOC Engineering hitting the daily limit [1] - The coal sector became active in the afternoon, led by Shanxi Coking Coal [1] - Conversely, the film and television sector experienced a collective adjustment, with Hengdian Film and Jin Yi Film hitting the daily limit down [1] - The education sector saw widespread declines, with Huatu Shandian leading the drop [1] - The communication equipment sector fell, with Xinyi Sheng showing significant losses [1][3] Hot Sectors Non-Ferrous Metals - The strategic metal bull market is supported by rising resource nationalism, the "weaponization" of strategic resources, and significant changes in demand-driven industries [4] - Recent geopolitical events, such as U.S. military actions in Venezuela and discussions regarding Iran, have further emphasized the strategic importance of metal resources [4] - Investment opportunities are seen in strategic metals characterized by strong scarcity and rigid supply, as well as industries benefiting from significant changes in demand [4] Oil and Gas - The oil sector's performance is primarily supported by geopolitical tensions and oil price expectations [5] - The oil and gas sector faces uncertainties due to recent global environmental changes, including the Russia-Ukraine conflict and U.S. tariff policies [5] - OPEC+ is expected to maintain a high fiscal balance oil price cost, with Brent crude oil projected to average between $55 and $65 per barrel by 2026, and WTI crude oil between $52 and $62 per barrel [5]

Core Viewpoint - Sichuan Securities Regulatory Bureau has announced administrative regulatory measures against Huatu Shanding Design Co., Ltd. and related responsible persons, including orders for correction and warning letters, with the situation recorded in the integrity database of the securities and futures market [1][3]. Group 1: Violations Identified - Huatu Shanding failed to follow the review procedures and disclose information regarding student refund matters with Beijing Zhongshi Huatu Cultural Development Co., Ltd., providing financial support totaling 39.29 million yuan from September 2024 to May 2025 [2][4]. - The company did not timely fulfill review procedures and disclose related transactions with Beijing Huatu Shangxue Education Technology Co., Ltd., involving transactions amounting to 29.58 million yuan from January to May 2025, with the board only reviewing and disclosing the related transaction on August 29, 2025 [2][4]. Group 2: Responsible Parties and Measures - The chairman Wu Zhenggao, general manager Yi Xiaoying, vice general manager and board secretary Xiao Delun, and financial director Zheng Tianxiang are held responsible for the violations [2][4]. - The Sichuan Securities Regulatory Bureau has decided to impose corrective measures on Huatu Shanding and issue warning letters to the responsible individuals, requiring the company to submit a written rectification report within 30 days of receiving the decision [2][4].

Core Viewpoint - Sichuan Securities Regulatory Bureau has imposed corrective measures on Huatu Shanding Design Co., Ltd. (300492.SZ) for failing to disclose financial assistance and related party transactions in a timely manner [1][2] Group 1: Financial Assistance Issues - Huatu Shanding provided financial assistance totaling 39.29 million yuan to Beijing Zhongshi Huatu Cultural Development Co., Ltd. for student refunds without following the necessary review procedures and disclosures from September 2024 to May 2025 [1] Group 2: Related Party Transactions - The company engaged in related party transactions amounting to 29.58 million yuan with Beijing Huatu Shangxue Education Technology Co., Ltd. from January to May 2025, which were not reviewed or disclosed in a timely manner [1] Group 3: Regulatory Actions - The company’s chairman, general manager, deputy general manager, and financial director are held responsible for these violations and have received warning letters from the Sichuan Securities Regulatory Bureau [2] - The company is required to take corrective actions as per the administrative regulatory measures imposed by the Sichuan Securities Regulatory Bureau [2]

[Table_scodeMsg1] 公司研究丨深度报告丨华图山鼎（300492.SZ） [Table_Title] 华图山鼎深度报告：招录考培格局重塑，基地下 沉与 AI 赋能开启增长新周期 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 当前招录考培需求旺盛，报名人数攀升，招录规模下滑，年龄限制放宽，竞争激烈推升参培意 愿。预计我国高校毕业生高位将维持至 2038 年，为行业带来十余年发展机遇。2024 年招录考 培行业 CR3 已回落至 19.2%，华图（6.6%）、粉笔（6.5%）、中公（6.1%），中公此前市占率 最高达 38%，华图通过直通车班型提前锁定生源，将交付基地下沉，AI 技术应用赋能工具侧及 学员侧，基于其标准化及规模化能力，市场份额有望提升。预计公司 2025-2027 年营收 33.03、 39.01 和 45.96 亿元，归母净利润 3.14、3.97 和 5.05 亿元，给予"买入"评级。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S04905200800 ...

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]