Analysis of Huatu Shanding (300492)'s Strong Performance: AI Strategy Drives Earnings Surge, Stock Price Hits All-Time High

Huatu Shanding (300492) entered the strong stock pool on January 13, 2026, with its stock price hitting an all-time high above RMB 88. The company has returned to the top of the industry in terms of performance with its “All in AI” strategy, and has reached a strategic cooperation with Fenbi (02469.HK) to reshape the industry pattern. The sustained high enthusiasm for civil service exams coupled with the implementation of AI products has driven fundamental improvement, but the current stock price is close to the upper limit of brokerages’ target prices, and investors need to pay attention to short-term pullback risks [1][4][5].

Huatu Shanding’s recent strong performance stems from the resonance effect of multiple catalysts.

is the primary driving force. The company has built a trinity AI strategic layout covering students, content and tools, and launched about 20 AI products. Among them, the usage volume of products such as AI interview evaluation and AI essay correction has doubled month-on-month, and the monthly processing volume of the AI essay correction application exceeds one million pieces, with accuracy leading the industry [1]. This technological advantage not only improves user experience, but also achieves significant cost reduction and efficiency improvement in teaching research and quality inspection links, directly driving the company’s performance back to the top of the industry in 2025.

constitutes the second favorable factor. In December 2025, Huatu Shanding signed a “Strategic Cooperation Agreement” with Fenbi, conducting in-depth cooperation in investment coordination, technical cooperation, channel resource sharing, etc. [4]. The alliance of the two leading civil service exam training institutions will accelerate the clearance of small and medium-sized institutions, and the industry concentration is expected to continue to improve. As a leading enterprise, Huatu Shanding will significantly benefit from this integration trend.

provides a solid demand foundation. The 2026 National Civil Service Exam has shown unprecedented enthusiasm. 12.7 million fresh graduates have entered the job market, more than 3.7 million people have shifted from postgraduate entrance exams to the national civil service exam, the application-to-vacancy ratio of the national civil service exam is approaching 100:1, and the total application scale has hit a record high [1]. This structural trend provides sustained growth demand support for the civil service exam training industry.

From the technical pattern perspective, Huatu Shanding shows typical strong breakthrough characteristics. On January 8, 2026, its stock price rose 13.66% in a single day to close at RMB 87.45, hitting an all-time high; on January 11, it touched RMB 88.19 intraday, with a weekly increase of more than 18% [1][2]. The stock price successfully broke through the suppression of previous highs, and trading volume expanded accordingly, indicating continuous inflow of off-market funds. The current price is close to the upper limit of Guosen Securities’ target price (RMB 90.1), and there are signs of overbought in technical aspects, so it may face profit-taking pressure in the short term [5].

In terms of key price levels, the first resistance level is in the range of RMB 88-90, the strong resistance level is RMB 90-95; the pullback support level is RMB 80-83, and the strong support level is the upper edge of the previous consolidation platform at RMB 75-78. If the stock price can effectively break through RMB 90 and stabilize, it may open up new upside space.

Financial data shows that the company’s fundamentals continue to improve. In the first three quarters of 2025, it achieved operating income of RMB 2.464 billion, a year-on-year increase of 15.65%; net profit of RMB 249 million, a substantial year-on-year increase of 92.48% [1]. The income from non-academic training business reached RMB 2.443 billion, with a net profit of RMB 268 million, showing strong profitability and growth momentum.

The company’s core competitive advantages are reflected in three dimensions:

: it has established more than 700 branches across the country, trained more than 270,000 students annually, and has obvious offline channel advantages [4]; : relying on the R&D team from Tsinghua University and Peking University, its AI technology leads the industry; : Huatu Education has been deeply engaged in vocational education for more than 20 years, with high brand awareness. In its in-depth report, Guosen Securities gave the company an “Outperform” rating, with a target price of RMB 85.7-90.1 (corresponding to 39-41 times PE in 2026), and predicted that the net profit attributable to parent company from 2025 to 2027 will be RMB 350 million, RMB 430 million, and RMB 560 million respectively [5].

: The case of Huatu Shanding reveals a successful path for the traditional education and training industry to embrace AI transformation. The company has realized the upgrade from traditional training to intelligent education by empowering core business scenarios (interview evaluation, essay correction) with AI technology. This model provides a reference paradigm for other education and training institutions. The strategic cooperation with Fenbi indicates that the willingness of industry leaders to jointly expand the market and optimize the competitive environment through competition-cooperation strategies is increasingly strong, which may change the industry competition pattern dominated by price wars in the past.

: The continuous rise of civil service exam enthusiasm reflects the structural changes in the current job market - the preference of young groups for stable official positions has significantly increased, and this trend is highly sustainable rather than a short-term phenomenon. Huatu Shanding simultaneously benefits from the dual dividends of AI technology penetration and civil service exam market expansion. Its business model is shifting from a purely labor-intensive one to a technology-driven one, and its valuation logic may face revaluation.

Risk Type	Details	Risk Level
Valuation Risk	The current stock price is close to the upper limit of brokerages’ target prices, and PE is in a historically high range	Medium-High
Technical Pullback	The short-term increase is too large (weekly increase of over 18%), facing profit-taking pressure	Medium
Competition Risk	Industry competitors such as Offcn Education still have strong strength and may launch price competition	Medium
Historical Inquiry	Received an inquiry letter from the exchange due to performance authenticity before 2023 [3]	Low
Policy Risk	Changes in civil service exam recruitment policies may affect training demand	Low

: The pre-heating period before the peak registration period of civil service exams (usually October-November) will continue to release demand, and the performance realization of the 2025 annual report and the 2026 first quarterly report is expected to exceed expectations.

: The synergistic effects after cooperation with Fenbi will be gradually released, including technology sharing, channel integration, etc., which may bring dual benefits of cost optimization and market share increase.

: The scale of the vocational education market is expected to exceed RMB 1.2 trillion by 2030 [4], the penetration rate of AI technology in the training industry continues to increase, and Huatu Shanding, as a technology leader, is expected to continue to benefit from industry expansion and concentration improvement.

Currently, it is in the performance verification stage before the earnings report vacuum period, and the market is highly sensitive to the implementation effect of AI products and the progress of strategic cooperation. Any information about user growth data and cooperation implementation progress may trigger short-term stock price fluctuations. It is necessary to focus on the performance forecast disclosure period from late January to early February, which is a key time window to verify the company’s growth logic.

Huatu Shanding’s recent strong performance is supported by both fundamentals and technical aspects, with a clear core logic:

. The company’s performance has returned to the top of the industry in 2025, with a year-on-year net profit growth of 92.48%, its AI product matrix is increasingly improved, and the strategic cooperation with Fenbi has opened up the imagination space for industry integration.

However, current risk factors also deserve attention. The stock price has hit an all-time high and is close to the upper limit of brokerages’ target prices, with signs of overbought in technical aspects. As a small-cap stock, the company’s stock price has high elasticity and high volatility risk. Investors should pay attention to the subsequent performance realization, AI product user growth data, and the implementation progress of cooperation with Fenbi, and look for safer entry opportunities during pullbacks rather than chasing highs to participate in short-term speculation.

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[1] Sina Finance - Huatu Shanding: AI Drives Business Consolidation, Results and Market Value Hit New Highs

[2] Sichuan Daily News - Kelun Pharmaceutical Spends Tens of Millions to Repurchase Shares, Guoxiang Technology Buys Equity for Alternative Development

[3] The Time Weekly - 20CM Strong Limit-Up! This Stock’s Performance Authenticity Was Once Questioned

[4] Eastmoney - Changes in Non-Academic Training Track, Fenbi and Huatu Reach Strategic Cooperation

[5] Eastmoney PDF - In-depth Research Report on Huatu Shanding (300492.SZ)