股票代码：600455 股票简称：博通股份 公告编号：2025-015 西安博通资讯股份有限公司 续聘会计师事务所公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟聘任的会计师事务所名称：希格玛会计师事务所（特殊普通合伙）（简 称"希格玛"），本次为续聘。 一、拟聘任会计师事务所的基本情况 （一）机构信息 注册地址：陕西省西安市浐灞生态区浐灞大道一号外事大厦六层 首席合伙人：曹爱民 2024 年末合伙人数量为 61 人，注册会计师人数为 275 人，签署过证券服务 业务审计报告的注册会计师人数为 139 人。 2024 年度经审计的收入总额为 37,738.51 万元，审计业务收入为 31,639.44 万元，证券业务收入为 12,320.32 万元。 2024 年度上市公司审计客户 32 家，审计服务收费总额 5,446.43 万元。涉 及的主要行业包括：制造业，采矿业，建筑业，水利、环境和公共设施管理业， 农、林、牧、渔业。本公司同行业上市公司审计客户 1 家。 1．基本信息 机构名称：希格玛会计师事 ...

证券代码：600455 证券简称：博通股份 公告编号：2025-016 西安博通资讯股份有限公司 日常关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 是否需要提交股东大会审议 否。本次日常关联交易事项为西安博通资讯股份有限公司（简称"公司"、"本 公司"、"博通股份"）将西安交通大学城市学院（简称"城市学院"）2025-2026 学年和 2026-2027 学年日常校园物业保洁服务继续由关联方西安经发物业管理 股份有限公司（简称"经发物业"）承担的日常关联交易，每学年的交易总金额 485.5 万元/学年，本次关联交易为两个学年（2025 年 8 月 16 日至 2027 年 8 月 15 日），交易金额合计为 971 万元，在博通股份董事会审议权限之内，不需要提 交公司股东大会审议。 日常关联交易对上市公司的影响 本次日常关联交易为城市学院日常校园物业保洁服务，不会对关联方形成依 赖，对上市公司无不利影响。 需要提请投资者注意的其他事项 无。 一、日常关联交易基本情况 （一）日常关联交易履行的审议 ...

西安博通资讯股份有限公司 2、审议《关于修订博通股份公司章程的议案》； 3、审议《关于修订博通股份股东大会议事规则的议案》； 4、审议《关于聘任 2025 年度会计师事务所的议案》。 请各位董事审议。 西安博通资讯股份有限公司 2025 年 11 月 14 日 关于召开 2025 年第一次临时股东大会的议案 各位董事： 西安博通资讯股份有限公司（简称"公司"、"本公司"、"博通股份"）将于 2025年11月14日召开第八届董事会第十四次会议，其中包括审议《关于取消监事 会、并修订<公司章程>的议案》《关于修订博通股份公司章程的议案》《关于修订 博通股份股东大会议事规则的议案》《关于聘任2025年度会计师事务所的议案》。 若董事会审议通过上述4项议案，公司将于2025年12月1日召开2025年第一次 临时股东大会，该次股东大会采用现场和网络投票相结合的方式召开，该次股东 大会将审议4项议案，具体为： 1、审议《关于取消监事会、并修订<公司章程>的议案》； ...

重要内容提示： 一、 召开会议的基本情况 证券代码：600455 证券简称：博通股份 公告编号：2025-017 西安博通资讯股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 1 日 14 点 30 分 召开地点：陕西省西安市火炬路 3 号楼 10 层 C 座博通股份公司会议室 (五)网络投票的系统、起止日期和投票时间。 1 股东大会召开日期：2025年12月1日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第一次临时股东大会 (二) 股东大会召集人：西安博通资讯股份有限公司（简称"公司"、"本公司"、 "博通股份"）董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 1 日 至2025 年 12 月 1 ...

西安博通资讯股份有限公司 关于修订博通股份股东大会议事规则的议案 各位董事： 西安博通资讯股份有限公司（简称"公司"、"本公司"、"博通股份"）制定 有《博通股份股东大会议事规则》。 2025 年 11 月 14 日 《博通股份股东会议事规则》的修订由公司股东大会审议通过后执行，故待 公司董事会审议通过后，还需提交股东大会审议。 请各位董事审议。 附件： 《博通股份股东会议事规则（拟修订）》。 西安博通资讯股份有限公司 2023 年12 月29 日，第十四届全国人民代表大会常务委员会第七次会议审 议通过了《公司法》，新《公司法》进一步加强了股东权利保护，优化调整了股 东会运作机制。为贯彻落实新《公司法》，进一步提升上市公司规范运作水平， 中国证监会2025年3月28日对《上市公司股东会规则》进行了修订。 鉴于上述情况，结合公司实际情况，为维护公司股东合法权益、明确股东会 的职责权限、保证股东会依法行使职权、公司拟对《博通股份股东大会议事规则》 进行修订，并将名称变更为《博通股份股东会议事规则》。 ...

股票代码：600455 股票简称：博通股份 公告编号：2025-013 西安博通资讯股份有限公司 第八届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担相应的法律责任。 重要内容提示： 本次董事会会议审议通过了《关于取消监事会、并修订<公司章程>的议案》 《关于修订博通股份公司章程的议案》《关于修订博通股份股东大会议事规则的 议案》《关于修订博通股份董事会审计委员会工作规程的议案》《关于续聘2025 年度会计师事务所的议案》《关于经发物业为城市学院2025-2026学年和 2026-2027学年提供物业保洁服务暨关联交易的议案》《关于召开博通股份2025 年第一次临时股东大会的议案》等七项议案。 一、董事会会议召开情况 1、2025 年 11 月 14 日，西安博通资讯股份有限公司（简称"公司"、"本公 司"、"博通股份"）在西安市火炬路 3 号楼 10 层 C 座公司会议室召开了第八届董 事会第十四次会议。 根据《中华人民共和国公司法》《公司章程》相关规定，公司三分之一以上 的董事 2025 年 11 月 1 ...

Investment Rating - The report maintains an "Overweight" rating for the education industry, highlighting the potential for a "Davis Double Play" in performance and valuation recovery [3][4]. Core Insights - The education industry is experiencing a favorable environment due to policy improvements, demand recovery, and supply constraints, leading to a positive outlook for 2025 [1][2]. - The integration of AI in education is expected to enhance operational efficiency and competitiveness, benefiting leading companies in the sector [1][2][3]. Summary by Sections 1. Performance Release and Industry Outlook - The education sector's performance aligns with expectations, showing resilience amid policy improvements and demand recovery. Key players like Xueda Education and Angli Education have reported significant revenue and profit growth [1][8]. - The cash flow situation is strong, with high cash collection ratios and low debt levels across major education companies, indicating robust profitability [11][14]. - The expansion of campuses continues, with varying growth in contract liabilities among companies, reflecting ongoing market opportunities [16][17]. 2. Policy Optimization and AI Integration - Recent policies, such as the implementation of child-rearing subsidies and gradual free preschool education, are expected to stimulate education consumption and support industry growth [18][22]. - The government's focus on building a strong education system and the push for AI integration in education are set to create new opportunities for growth and innovation in the sector [22][25]. 3. Company Performance and Expectations - Key performance indicators such as new enrollments, renewal rates, average spending per student, and attendance rates are crucial for determining the profitability of education companies [34]. - The overall market environment is favorable for education companies, with a high ratio of contract liabilities to revenue, indicating strong revenue growth potential for the year [36][37]. 4. Valuation and Investment Recommendations - The report suggests that the education sector is at a turning point, with potential for both performance and valuation recovery, recommending key companies like Kevin Education and Huatu Shanding for investment [3][4].

Core Viewpoint - The company, recognized as the "first stock in higher education" in the A-share market, has demonstrated steady growth and accelerated performance release in its core higher education business, driven by an increase in student enrollment [1] Financial Performance - For the period of January to September 2025, the company achieved operating revenue of 224 million yuan, a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 29 million yuan, up 25.63% year-on-year [1] - Earnings per share (EPS) for the same period was 0.46 yuan, reflecting a year-on-year growth of 25.64% [1] - The operating revenue for the years 2023 to 2025 (January to September) was 263 million yuan, 287 million yuan, and 224 million yuan, with respective year-on-year growth rates of 10.71%, 9.15%, and 6.01% [1] - The net profit attributable to shareholders for the same years was 41 million yuan, 46 million yuan, and 29 million yuan, with year-on-year growth rates of 5.69%, 15.68%, and 25.63% [1] Profitability and Cost Control - The company's gross profit margin for January to September 2025 was 53.13%, an increase of 2 percentage points year-on-year, and a quarter-on-quarter increase of 1.27 percentage points [2] - The net profit margin was 12.85%, up 2.01 percentage points year-on-year and 1.41 percentage points quarter-on-quarter [2] - The company effectively controlled expenses, with a total expense ratio of 35.26%, down 1.31 percentage points year-on-year and 0.71 percentage points quarter-on-quarter [2] - Management expenses (including R&D) accounted for 33.16% of revenue, decreasing by 1.09 percentage points year-on-year and 0.51 percentage points quarter-on-quarter [2] Project Development and Financial Position - The company is actively advancing the construction of its second phase project for the urban college, with construction in progress increasing significantly [2] - As of September 2025, the balance of construction in progress was 461 million yuan, a year-on-year increase of 61.78% [2] - Long-term borrowings increased significantly to 141 million yuan, a year-on-year increase of 225.66%, leading to a notable rise in the company's debt-to-asset ratio [2] - The debt-to-asset ratio as of September 2025 was 67.42%, up 3.36 percentage points year-on-year and 3.48 percentage points quarter-on-quarter [2] Cash Flow and Future Growth - The company's cash flow remains strong, supported by a prepayment system in its core higher education business [3] - The cash collection ratio for January to September 2025 was 113.61%, a decrease of 5.15 percentage points year-on-year but an increase of 10.68 percentage points quarter-on-quarter [3] - Contract liabilities grew steadily, reaching 223 million yuan as of September 2025, a year-on-year increase of 0.45% and a quarter-on-quarter increase of 16.75%, enhancing the certainty of future performance [3] Investment Outlook - Revenue projections for 2025 to 2027 are estimated at 313 million yuan, 338 million yuan, and 361 million yuan, with EPS expected to be 0.54 yuan, 0.63 yuan, and 0.69 yuan, respectively [3] - The company is well-positioned for future growth, leveraging its strategic partnership with Xi'an Jiaotong University and the rapid progress of its urban college phase two project [3]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [7]. Core Views - The company has shown steady growth in its core higher education business, with significant performance acceleration in recent quarters. For the first nine months of 2025, the company achieved revenue of 224 million yuan, a year-on-year increase of 6.01%, and a net profit of 29 million yuan, up 25.63% year-on-year [1][4]. - The company's profitability has improved significantly, with a gross margin of 53.13%, up 2 percentage points year-on-year, and a net profit margin of 12.85%, an increase of 2.01 percentage points year-on-year [2]. - The second phase of the urban college project is progressing rapidly, with construction in progress increasing by 61.78% year-on-year, leading to a significant rise in the company's debt levels [3]. - The company's cash flow remains strong, supported by a prepayment system in its higher education business, with a cash collection ratio of 113.61% for the first nine months of 2025 [4]. Summary by Sections Financial Performance - For the first nine months of 2025, the company reported revenues of 224 million yuan, with a year-on-year growth of 6.01%. The net profit was 29 million yuan, reflecting a 25.63% increase year-on-year. The earnings per share (EPS) reached 0.46 yuan, up 25.64% [1]. - The gross margin improved to 53.13%, and the net profit margin reached 12.85%, indicating better cost control and profitability [2]. Project Development - The second phase of the urban college project is advancing quickly, with construction in progress valued at 461 million yuan, a 61.78% increase year-on-year. Long-term borrowings have surged by 225.66% to 141 million yuan due to project financing needs [3]. Cash Flow and Liabilities - The company maintains a healthy cash flow, with a cash collection ratio of 113.61%. Contract liabilities have also grown, reaching 223 million yuan, which enhances future revenue certainty [4]. Future Outlook - Revenue projections for 2025-2027 are estimated at 313 million yuan, 338 million yuan, and 361 million yuan, respectively, with EPS expected to grow to 0.54 yuan, 0.63 yuan, and 0.69 yuan. The dynamic price-to-earnings (PE) ratios are forecasted to be 52, 45, and 40 [6][4].

Core Insights - The company reported a total revenue of 224 million yuan for Q3 2025, marking an increase of 12.71 million yuan compared to the same period last year, achieving a 6.01% year-on-year growth [1] - The net profit attributable to shareholders reached 28.79 million yuan, an increase of 5.87 million yuan year-on-year, reflecting a 25.63% growth [1] - The company achieved a net cash inflow from operating activities of 92.01 million yuan, ranking 11th among disclosed peers [1] Financial Performance - The latest gross profit margin is 53.13%, up 4.53 percentage points from the previous quarter and 2.00 percentage points year-on-year [2] - The return on equity (ROE) stands at 8.71%, an increase of 0.86 percentage points compared to the same period last year, ranking 5th among peers [2] - The diluted earnings per share (EPS) is 0.46 yuan, up 0.09 yuan year-on-year, reflecting a 25.65% increase [2] Operational Efficiency - The total asset turnover ratio is 0.17 times [2] - The inventory turnover ratio is 834.66 times, an increase of 338.53 times year-on-year, ranking 3rd among peers, with a year-on-year growth of 68.23% [2] Shareholder Structure - The number of shareholders is 10,100, with the top ten shareholders holding 22.08 million shares, accounting for 35.35% of the total share capital [2] - The largest shareholder is Xi'an Economic Development Group Co., Ltd., holding 20.61% [2] Leverage - The latest debt-to-asset ratio is 67.42% [3]