北京新时空科技股份有限公司

Group 1 - The company estimates expected credit losses based on historical credit loss experience, current conditions, and forward-looking information, particularly for unbilled engineering projects and warranty deposits [1][2] - The company's customer base primarily consists of government and state-owned enterprises, which generally have high credit ratings, leading to a lower estimated bad debt provision [2][3] - The actual bad debt losses for accounts receivable and contract assets from 2022 to 2024 were significantly lower than the provisions made, indicating a conservative approach to bad debt provisioning [3][21] Group 2 - The company has a cautious bad debt provisioning policy, which is influenced by industry characteristics and customer structure, resulting in a high level of provisions compared to actual losses [3][21] - Specific projects with aged receivables have been highlighted, including the Jiangxi Nanchang Tourism Group project, which has ongoing arbitration for unpaid amounts [6][7] - The company has engaged in legal actions to recover overdue payments, with some cases resulting in favorable arbitration outcomes [8][10] Group 3 - The company reported a significant increase in sales expenses, primarily due to the acquisition of subsidiaries and increased competition in the market [30][31] - Sales expenses rose by 31.18% in 2024, driven by higher costs associated with business entertainment and bidding services [31][32] - The complexity of projects, particularly in the cultural tourism sector, has led to increased professional input and higher bidding costs [32][33]