HBSXNBM(SH:600293) Mei Ri Jing Ji Xin Wen·2025-06-25 14:26Core Viewpoint - The significant discrepancy between the revenue of 1.733 billion yuan and cash received from sales of 1.014 billion yuan for the company is primarily due to the reliance on bank acceptance bills for payments and the company's cash management practices [1]. Group 1: Revenue and Cash Flow Discrepancy - The difference between the 2024 operating revenue and cash received from sales amounts to 720 million yuan, with 891 million yuan related to the payment of procurement costs through the endorsement of bank acceptance bills [1]. Group 2: Accounts Receivable and Customer Stability - The top five accounts receivable customers for 2024 include companies such as Hubei Zhouzheng Logistics Co., Ltd. and Urumqi Borui Sunshine Trading Co., Ltd., with only one customer overlapping with 2023 [2][6]. - The company asserts that the overall sales amount from the top five accounts receivable customers is relatively low, indicating a stable customer base primarily consisting of first-level agents or traders [2]. Group 3: Major Customer and Bad Debt Issues - A significant bad debt issue involves Shenzhen Hengbo Commercial Chain Co., Ltd., for which the company provided a guarantee for a bank loan and subsequently compensated 163 million yuan [7]. - The company has recorded 466 million yuan in other receivables from Hengbo Commercial, with a provision for bad debts amounting to 421 million yuan, reflecting a provision rate of 90.48% [8].