西安博通资讯股份有限公司关于2025年年度报告问询函回复公告
一、会计差错及整改
核心内容：
博通股份（600455）及其控股子公司长期存在职工薪酬跨期确认的会计差错——自公司成立以来，薪酬根据上月考勤于次月计提发放，未按权责发生制在每月末暂估薪酬，导致成本费用跨期确认。该差错由操作习惯导致，并非舞弊，责任主体为财务部、人力资源部、证券投资部相关负责人，已进行警示约谈和内部批评。
整改措施：
公司已于2026年4月3日在上交所网站披露更正公告，2026年1月起严格按权责发生制核算职工薪酬；完善薪酬管理制度，优化流程，强化复核，组织专项培训。整改工作已全部完成，核算流程已规范化。
其他核算差错：
城市学院曾出现在建工程核算不及时，影响金额较小，对年度报表无重大影响，已在2024年年报中修正，无需追溯更正。
二、主营收入及持续经营能力
核心内容：
公司主营高等教育业务，全部来自控股子公司西安交通大学城市学院。2025年营业收入3.00亿元，同比增长4.48%，净利润5704.69万元，主要因新生学费和在校人数增长。公司学费及住宿费标准逐年上调，2025年秋季新生执行新收费标准，未来三年新标准覆盖学生数逐年递增，预计收入将持续稳定在3亿元以上。
业务模式及收入确认：
城市学院按学年预交制收取学费和住宿费，学年周期为9月1日至次年8月31日。收入按履约进度采用直线法分期确认，退学、休学按实际学习时长退费。财务收费系统与教务系统保持一致，定期核对，确保账实相符。
风险提示：
潜在风险包括民办教育政策变化、校园二期建设投资压力、人口出生率下降导致招生人数减少，以及民办高校招生难度加大。校园二期建设预算7.055亿元，银行借款长期负担将影响利润和现金流。
三、在建工程与资产采购
核心内容：
期末在建工程4.85亿元，同比增长70.3%，占总资产34.05%，全部为城市学院校园二期基建。项目包括土地购置（70.516亩）、图书馆和学生宿舍楼，工程总投资7.055亿元。2025年末，主要建筑处于装修阶段，预计2026年9月（宿舍楼）和12月（图书馆）完成调试验收并转固入账。
资产采购明细：
近三年主要支出涉及五家单位，均为非关联方，通过公开招标确定。最大工程款支付方为陕西建工第七建设集团，累计付款3.29亿元。采购价格公允，无资金流向关联方情形。
财务处理：
在建工程未达到预定可用状态，未转为固定资产，符合会计准则。采购支出与工程进度匹配。
四、借款与利息费用
核心内容：
公司期末其他应付款4.22亿元，其中控股股东经发集团借款及利息3.20亿元（本金1.79亿元，利息1.40亿元），往来款0.86亿元。2025年度利息790.52万元，借款年利率4.35%（计息基准360天），高于同期LPR，但公司解释为经发集团资金成本高，不存在利益输送。
往来款明细：
.86亿元主要包括城市学院应付西安交通大学资源服务费（5290万元）、校园建设资金（1420万元）、应付联营公司款（1168万元）、奖助学金、科研项目费用等，均不附带利息或隐含融资安排。
长期借款：
025年末长期借款1.69亿元，主要用于校园二期建设，银行贷款年利率3.05%，合同授信额度7.055亿元，贷款安排费1%。资金受托支付，未挪作他用。
利息费用与负债匹配：
025年平均费用化利息2.78%，低于控股股东借款利率4.35%，主要因银行借款利息资本化。综合利率3.36%，与实际借款利率相匹配。
五、对投资者的影响与重要敏感事项
- 公司会计差错已整改，未来核算更规范，降低财务风险。
- 高等教育业务收入稳定增长，未来三年收入有望持续提升至3亿元以上，净利润较为可观。
- 校园二期建设投资巨大，未来折旧及利息费用将加重利润压力，需关注现金流和盈利能力。
- 控股股东借款利率高于LPR，但公司解释合理，不存在利益输送风险。
- 民办教育政策、招生人数变化、二期建设投资均为主要风险点，可能影响公司业绩和估值。
六、审计师与独立董事意见
审计师与独立董事均认为整改措施合理，收入确认、资产采购及利息费用处理符合会计准则，无重大舞弊或关联交易风险，公司持续经营能力不存在重大不确定性。
免责声明：本文根据西安博通资讯股份有限公司公告整理，仅供投资者参考，不构成投资建议。投资者需关注公司政策变动、工程进展、借款利率与现金流等风险，审慎决策。
Xi’an Botong Information Co., Ltd. Reply to 2025 Annual Report Inquiry Letter
1. Accounting Errors and Rectification
Key Points:
Botong Co. and its subsidiary have long-standing accounting errors in employee salary accrual—salaries were based on previous month attendance and paid in the following month, failing to follow accrual principles. This was due to operational habits, not fraud. Responsible departments have been warned and criticized internally.
Rectification:
Errors have been corrected and disclosed on April 3, 2026. From January 2026, strict accrual basis for salary accounting is implemented. Salary management systems and workflows have been revised, and special training organized. All rectification is complete and accounting is now standardized.
Other Errors:
Subsidiary City College had delayed construction in-progress accounting, but amounts were minor and corrected in the 2024 annual report, no further adjustments needed.
2. Main Revenue and Going Concern
Key Points:
Main business is higher education, entirely from City College. 2025 revenue was RMB 300 million (up 4.48%), net profit RMB 57.05 million, mainly due to increased new student fees and campus enrollment. Tuition and accommodation fees are being raised for new students, leading to steady revenue growth above RMB 300 million for the next few years.
Business Model and Revenue Recognition:
City College collects tuition and accommodation fees on a pre-paid annual basis. Revenue is recognized on a straight-line accrual during service periods. Refunds for withdrawal/leave are calculated based on actual study duration. Financial and academic systems are reconciled regularly.
Risk Warning:
Risks include policy changes for private education, large investment in campus phase II, falling birth rates and enrollment, and competitive challenges. Campus phase II budget is RMB 705.5 million, with long-term bank loans impacting profits and cash flow.
3. Construction-in-Progress and Asset Procurement
Key Points:
Construction-in-progress at period-end was RMB 485 million (70.3% growth, 34.05% of assets), all for campus phase II. Includes land (70.516 mu), library and dorm building, total investment RMB 705.5 million. Buildings are in finishing stage, with expected completion and transfer to fixed assets in September (dorm) and December (library) 2026.
Procurement Details:
Major payments over past three years involve five non-related parties, selected via public bidding. Largest payment to Shaanxi Construction Group was RMB 329 million. Pricing is fair, no related party fund flow.
Accounting Treatment:
Assets not ready for use, not transferred to fixed assets, compliant with accounting standards. Payments match project progress.
4. Borrowings and Interest Expense
Key Points:
Period-end other payables RMB 422 million, including RMB 320 million from controlling shareholder loans (principal RMB 179m, interest RMB 140m), and RMB 86m in payables. 2025 interest expense RMB 7.9m, loan rate 4.35% (360-day basis), higher than LPR but explained as shareholder’s high funding cost, no profit transfer.
Payables Details:
RMB 86m includes education service fees to Xi’an Jiaotong University (RMB 52.9m), campus construction funds, payables to joint venture (RMB 11.6m), scholarships, research project fees, etc., none carrying interest or implicit financing.
Long-term Loans:
Period-end long-term loans RMB 169m, mainly for campus phase II, bank loan rate 3.05%, facility fee 1%. Funds paid directly to contractors, not misused.
Interest Expense Matching:
2025 average expense rate 2.78%, below shareholder loan rate 4.35%, due to capitalized bank loan interest. Combined rate 3.36%, matching actual loan rates.
5. Investor Impact & Sensitive Issues
- Accounting errors rectified, reducing financial risk.
- Higher education revenue likely to remain stable/grow, net profit substantial.
- Large campus investments will pressure profits and cash flow via depreciation/interest.
- Shareholder loan rate higher than LPR but justified, no profit transfer.
- Policy changes, enrollment risks, investment pressure are main concerns affecting valuation.
6. Auditor and Independent Director Opinion
Auditors and independent directors agree measures are appropriate, revenue recognition and asset procurement comply with standards, no major fraud or related party risk, going concern is not materially uncertain.
Disclaimer: This article is based on Xi’an Botong Information Co., Ltd. official disclosures and is for reference only. It does not constitute investment advice. Investors should pay attention to policy changes, project progress, loan rates, and cash flow risks, and make decisions prudently.
