专设催款工作组，2025年的医药回款更难了？

Core Viewpoint - The medical industry is facing prolonged accounts receivable cycles, leading to significant credit impairment losses for companies like KingMed Diagnostics, which has established an internal collection team to address this issue [2][8][10]. Group 1: Company-Specific Insights - KingMed Diagnostics reported its first half-year loss since its listing, with a projected net profit loss of between 65 million to 95 million yuan for the first half of 2025, primarily due to extended accounts receivable cycles [2]. - The accounts receivable turnover days for KingMed Diagnostics increased from 93 days in 2020 to 268 days in the first quarter of 2025, indicating a worsening collection situation [2]. - As of 2024, KingMed's accounts receivable amounted to nearly 59 billion yuan, with a significant portion overdue, leading to a projected credit impairment loss of approximately 260 million to 290 million yuan for the first half of 2025 [3][4]. Group 2: Industry Trends - The average accounts receivable days for pharmaceutical wholesale companies increased from 122 days in 2014 to 152 days in 2023, highlighting ongoing challenges in the industry [5]. - Among 493 A-share pharmaceutical companies, 186 have accounts receivable exceeding 10% of total assets, with 34 companies exceeding 30% [3]. - The direct settlement of medical expenses between insurance and pharmaceutical companies is expected to alleviate some of the cash flow pressures, with significant improvements noted in regions like Hainan and Fujian [14][15]. Group 3: Collection Strategies - Companies like KingMed and CapBio have established internal collection teams to manage accounts receivable more effectively, employing a tiered strategy based on customer creditworthiness [8][9]. - The industry is increasingly relying on legal action to recover debts, with companies like Haiwang Bio engaging in lawsuits against public medical institutions for unpaid accounts [6][7]. - Digital tools and performance incentives for collection efforts are recommended to enhance the efficiency of accounts receivable management [12].