民生证券研报指出，上市之初，博通股份主要从事应用软件、行业解决方案的研发、销售等业务，2005 年11月公司联合西安交大合作创办城市学院，城市学院发展迅速，目前在校生约11800人，高教业务快 速成为公司核心主业，公司华丽蜕变为"高教第一股"。同时，公司积极推进城市学院二期项目建设，建 成后将扩大学位供给，增加招生指标，并为学院转设创造条件。2020-2025年全国共有106所独立学院完 成转设，其中转为民办的占72.6%。近几年高考报名人数维持高位，独立学院招生良好，学费较高，发 展态势良好。公司依托西安交大，战略布局高等教育，华丽蜕变成为"高教第一股"，高教业务成为公司 稳定现金流和利润来源。同时，公司积极寻找转型机会，培育第二增长曲线，有助于公司实现双轮驱 动。看好公司未来成长性，首次覆盖，给予"谨慎推荐"评级。 ...

Investment Rating - The report gives a "Cautious Recommendation" rating for the company [6]. Core Viewpoints - The company has transformed into the "first stock in higher education," with its higher education business becoming the core revenue source, contributing significantly to its financial stability [1][4]. - The independent college transformation is underway, with good enrollment prospects due to high tuition fees and a favorable market environment [2][4]. - The company is strategically focused on its higher education business, with future growth expected from the ongoing construction of the second phase of the urban college project [2][3]. Company Overview - The company, originally engaged in application software and industry solutions, has evolved into a higher education provider through its partnership with Xi'an Jiaotong University, establishing the urban college in 2005 [1][10]. - The urban college has approximately 11,800 students and offers a diverse range of programs, with a strong emphasis on engineering and management disciplines [1][10]. - The company is actively advancing the second phase of the urban college project, which will increase enrollment capacity and improve educational offerings [1][10]. Industry Analysis - The independent college sector has seen significant growth, with over 106 independent colleges undergoing transformation from 2020 to 2025, primarily converting to private institutions [2][30]. - The high number of college entrance exam candidates in recent years supports the demand for independent colleges, which typically charge higher tuition fees [34]. - The independent colleges benefit from their association with well-known public universities, enhancing their attractiveness to prospective students [34]. Financial Analysis - The company has a relatively high asset-liability ratio, with figures of 60.86%, 63.94%, and 61.23% from 2023 to 2025 [3][51]. - The cash flow situation is strong, with a cash collection ratio exceeding 100% in recent years, indicating effective cash management [3][53]. - Profitability is improving, with gross margins around 51.55% to 52.94% and net margins between 12.19% and 16.28% from 2022 to 2025 [3][19]. Earnings Forecast and Investment Suggestions - Revenue projections for 2025-2027 are estimated at 3.13 billion, 3.38 billion, and 3.61 billion yuan, with corresponding EPS of 0.54, 0.63, and 0.69 yuan [4][5]. - The company is expected to maintain stable growth in its higher education business, supported by enrollment increases and tuition hikes [4][48].

Core Viewpoint - The report highlights the financial performance and operational status of Xi'an Botong Information Co., Ltd. for the first half of 2025, indicating significant growth in revenue and net profit, primarily driven by the higher education sector. Group 1: Company Overview - Xi'an Botong Information Co., Ltd. focuses on higher education and computer information technology, with a 70% stake in Xi'an Jiaotong University City College [3][4]. - The company operates under the influence of the Xi'an Economic Development Group, which is its largest shareholder [3]. Group 2: Financial Performance - Total revenue for the first half of 2025 reached approximately CNY 148.70 million, a 5.23% increase from CNY 141.31 million in the same period of 2024 [7]. - The total profit amounted to CNY 18.12 million, reflecting a 42.15% increase compared to CNY 12.75 million in the previous year [7]. - Net profit attributable to shareholders was CNY 13.33 million, up 42.95% from CNY 9.33 million year-on-year [7]. - The net cash flow from operating activities was negative at CNY -119.46 million, worsening by 8.70% from CNY -109.90 million in the previous year [7]. Group 3: Business Operations - The higher education segment saw a revenue increase due to rising tuition fees and an increase in student enrollment, with main business income reaching CNY 147.34 million, a 5.70% increase from the previous year [8]. - The company has initiated the second phase of campus construction for the City College to meet the requirements for its transition to an independent private university [8][10]. Group 4: Industry Context - The company operates in a dynamic regulatory environment for private education, with recent amendments allowing private institutions to choose between non-profit and for-profit status [6][10]. - The education sector is experiencing increased competition and regulatory scrutiny, impacting enrollment and operational strategies [10]. Group 5: Future Outlook - The company is closely monitoring policy developments regarding the classification of private educational institutions and is preparing to adapt its operational strategies accordingly [10]. - The transition of the City College to an independent institution is currently under review by the Shaanxi Provincial Education Department, which is crucial for the company's future growth [10].