Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Insights - The company is positioned to benefit from the trend of returning to hometowns and diversification in public examination training, launching a new class type that breaks exam boundaries based on subject types. The company is expected to achieve significant growth in the number of training centers and profitability over the next three years [1][3] - Revenue projections for 2025-2027 are estimated at 3.31 billion, 3.94 billion, and 4.68 billion yuan, respectively, with corresponding net profits of 324 million, 400 million, and 596 million yuan, indicating substantial growth rates [1][5] Summary by Sections Company Overview - The company is a leading player in China's public examination training sector, with over 330,000 students trained and more than 1,000 learning centers as of December 31, 2024. The education business has been continuously injected into the company since 2023 [2][12] - The company has undergone significant changes in ownership and structure, with a complete injection of its education business expected in 2024 [12][36] Industry Analysis - The public examination training market is projected to reach approximately 500 billion yuan by 2027, with a compound annual growth rate (CAGR) of 1.54% from 2025 to 2027. The company is expected to capture a significant share of this market [3][44] - Despite a decline in recruitment numbers for national examinations in 2026, the overall trend in registration numbers remains stable, with a 12% increase in national examination registrations in 2026 [3][47] Competitive Landscape - The company possesses strong research and development capabilities, a high-quality teaching staff, and a solid reputation for high pass rates, which contribute to its competitive advantage in the market [4][44] - The company has successfully integrated AI technology into its teaching methods, enhancing the effectiveness of its instructors [4] Growth Drivers - The introduction of new class types and the expansion of training centers are expected to drive revenue growth and improve profit margins over the coming years [1][4] - The company anticipates reaching over 320 training centers by the first quarter of 2026, with projected profits of around 1 billion yuan [1] Financial Projections - The company forecasts significant revenue growth, with total revenues expected to increase from 3.31 billion yuan in 2025 to 4.68 billion yuan in 2027, reflecting year-on-year growth rates of 17%, 19%, and 19% [1][5] - The earnings per share (EPS) is projected to rise from 1.65 yuan in 2025 to 3.03 yuan in 2027, indicating strong profitability potential [1][5]

Core Viewpoint - The company, Huatu Shanding (300492.SZ), expects a significant increase in net profit for 2025, driven by strong market demand in the examination training industry and strategic operational reforms [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is between 280 million and 420 million yuan, representing a year-on-year growth of 428.38% to 692.57% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 258 million and 387 million yuan, indicating a year-on-year increase of 955.37% to 1483.06% [1] Industry Dynamics - The company benefits from sustained demand in the examination training sector, which has contributed to its substantial performance growth [1] - The implementation of regional operational reforms has allowed the company to enhance product delivery at the city level, establishing "light bases" and optimizing product supply [1] Strategic Initiatives - The company focuses on a single major product, "Kaobian Zhitongche," to secure long-term preparation student sources [1] - Simplification of the enrollment and delivery processes has improved user experience and operational efficiency, reinforcing the company's leading position in the industry [1] - Increased application of advanced technologies has led to intelligent upgrades in recruitment quality inspection, smart scheduling, and teaching research, resulting in a comprehensive optimization of the teaching and operational processes [1] - The introduction of intelligent interview and essay correction products has effectively reduced unit delivery costs while ensuring quality [1]

公告显示，报告期内，华图山鼎业绩大幅增长，主要受益于招录类考试培训行业的市场需求持续旺盛； 同时，公司通过推行区域运营改革，将产品交付下沉至地市。 北京商报讯（记者 吴其芸）1月27日，华图山鼎发布2025年度业绩预告，报告期内，华图山鼎预计实现 归属于上市公司股东的净利润2.8亿—4.2亿元，同比增长428.38%—692.57%。 ...

Core Viewpoint - Huatu Shanding (300492) expects a significant increase in net profit for 2025, projecting a range of CNY 280 million to CNY 420 million, representing a year-on-year growth of 428.38% to 692.57% [4] - The company anticipates a non-net profit of CNY 258 million to CNY 387 million, indicating a year-on-year growth of 955.37% to 1483.06% [4] Financial Metrics - As of January 27, the company's price-to-earnings ratio (TTM) is approximately 40.24 to 60.35 times, with a price-to-book ratio (LF) of about 56.55 times and a price-to-sales ratio (TTM) of around 5.34 times [4] - Historical price-to-earnings ratio trends show significant fluctuations over recent years, with the company’s TTM P/E ratio reflecting its growth trajectory [5][6] Business Performance - The company's substantial growth is attributed to the strong market demand in the examination training sector, alongside strategic regional operational reforms [13] - Huatu Shanding has optimized its product offerings by focusing on a single major product, "Kaobian Zhitongche," which targets long-term exam preparation students, enhancing user experience and operational efficiency [13] - The company has increased its application of advanced technologies, leading to improvements in recruitment quality control, intelligent scheduling, and teaching research, which have collectively boosted profitability while reducing delivery costs [13]

新京报贝壳财经讯1月27日晚间，华图山鼎（300492）公告，预计2025年度净利润为2.8亿元–4.2亿元， 同比增长428.38%-692.57%。公司业绩大幅增长，主要受益于招录类考试培训行业的市场需求持续旺 盛；同时，公司通过推行区域运营改革，在地市建立"轻型基地"、优化产品供给，简化招生、转化到交 付的流程，提升用户体验与运营效率的策略进一步巩固了行业领先地位。此外，公司加大前沿技术应用 力度，通过技术工具实现招生质检、智能排课、教学研发的智能化升级，全面优化教学与运营全流程， 有效降低了单位交付成本，共同推动了盈利能力的显著提升。 ...

华图山鼎（300492）(300492.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润2.8亿 元至4.2亿元，同比增长428.38%-692.57%;扣除非经常性损益后的净利润2.58亿元至3.87亿元，同比增长 955.37%-1483.06%。 ...

智通财经APP讯，华图山鼎(300492.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 2.8亿元至4.2亿元，同比增长428.38%-692.57%;扣除非经常性损益后的净利润2.58亿元至3.87亿元，同比 增长955.37%-1483.06%。 ...

Core Viewpoint - Huatu Shanding (300492.SZ) expects a significant increase in net profit attributable to shareholders, projecting between 280 million to 420 million yuan for 2025, representing a growth of 428.38% to 692.57% compared to the previous year [2] Group 1: Financial Performance - The projected net profit for 2025 is between 280 million to 420 million yuan [2] - This represents a substantial year-on-year growth of 428.38% to 692.57% [2] Group 2: Market Drivers - The strong performance is primarily driven by robust demand in the examination training market [2] - The company is implementing regional operational reforms and developing a "direct access to examination and recruitment" flagship product [2] Group 3: Operational Improvements - Optimization of the entire operational process is underway, alongside increased application of intelligent technology [2] - These initiatives are aimed at enhancing delivery quality and operational efficiency, effectively reducing unit costs [2]

证券代码：300492 证券简称：华图山鼎 公告编号：2026-005 华图山鼎设计股份有限公司 2025 年度业绩预告 本公司已就业绩预告有关事项与负责公司年报审计的天健会计师事务所（特 殊普通合伙）进行了预沟通，公司与会计师事务所在本期业绩预告方面不存在重 大分歧，具体情况以经审计的结果为准。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日 2、业绩预告情况 预计净利润为正值且属于下列情形之一： □扭亏为盈 √同向上升 □同向下降 | 项 | 目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 盈利：28,000 | 万元–42,000 | 万元 | 盈利：5,299.21 | 万元 | | | | 比上年同期增长：428.38% | | -692.57% | | | | 扣除非经常性损 | | 盈利：25,800 | 万元–3 ...

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The silver economy is gaining traction with active policy support from multiple government departments aimed at fostering the development of elderly care services and enhancing consumption potential [2][17]. - The Spring Festival travel rush is anticipated to significantly boost travel demand, with projections of approximately 95 million air passengers during the period [2][20]. - The consumer services sector outperformed the market, with a reported increase of 1.52%, surpassing the market by 2.71 percentage points during the review period [1][12]. Industry Dynamics - Recent policies have been introduced to cultivate elderly care service providers, with companies like New Oriental and China Travel Group launching initiatives targeting the silver economy [2][17][18]. - The Spring Festival travel period is expected to see a substantial increase in passenger numbers, with a forecast of 22.4 million travelers in Hainan, marking a 5.3% increase year-on-year [2][19]. - The IPO activity in the chain industry remains robust, with companies like Yuanji Food and Guming Tea achieving significant milestones in store openings and financial performance [2][21]. Stock Performance - Notable stock performances in the social services sector include increases of 26.86% for Tongdao Liepin and 17.50% for Keri International during the review period [1][15]. - Conversely, Ctrip Group saw a decline of 18.63%, indicating volatility within the sector [1][15]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Guming, Huazhu Group, and Ctrip Group, among others, as potential investment opportunities [3][28]. - Long-term recommendations include companies like Meituan, Mijia Group, and various educational and travel service providers, reflecting a diversified approach to investment in the sector [3][28].