中原环保2025年半年度业绩说明会问答实录

Core Viewpoint - The company held a successful half-year performance briefing on September 8, 2025, with full interaction with investors, addressing various financial and operational queries [1] Group 1: Financial Performance - The company issued two bonds totaling 1 billion yuan in August 2025, which have been received and are intended for debt repayment [2][3] - The ecological environment governance business generated revenue of 787 million yuan in the first half of 2025, accounting for 32.24% of total revenue [2] Group 2: Accounts Receivable Management - The company is facing significant pressure on accounts receivable, which has been increasing over the past two years, prompting the implementation of a special management plan to improve collection rates [3][4] - Measures include establishing a reward and punishment system for accounts receivable collection, creating a special ledger for large overdue accounts, and closely monitoring local government debt clearance policies [3][4] Group 3: Debt and Cash Flow Concerns - The company has acknowledged the challenges of maintaining operations amid negative cash flow and has been actively seeking financing to manage its obligations [3] - There is a focus on high-quality development and strengthening the core business to enhance investor returns despite the ongoing issues with accounts receivable [4]