调研速递|航新科技接受投资者调研，回应坏账、市值管理等要点

Core Viewpoint - The company held an earnings briefing to address investor inquiries, focusing on accounts receivable management, market value management, and future profitability strategies [1][2]. Group 1: Accounts Receivable Management - The company follows accounting standards for the provision of bad debt, with different methods for calculating expected credit losses based on various receivable portfolios. The high provision ratio is influenced by long payment terms from special institutional clients, although these clients are considered low-risk [2]. - The company plans to enhance communication with clients to accelerate the collection of existing accounts receivable and aims to increase the proportion of advance payments and milestone payments in future contracts [2]. Group 2: Market Value Management - The management emphasizes market value management through active information disclosure, investor interaction, and promotional communication. The company is increasing R&D investment to enhance competitiveness and is actively seeking upstream and downstream industry collaborations, with specific partnerships to be announced [2]. Group 3: Profitability and Management Execution - The aviation industry has gradually recovered over the past two years, with the company experiencing revenue growth in the first half of 2023 and projected growth for 2024 and 2025. However, the provision for bad debts due to special institutional clients' payment policies is expected to impact profits [2]. - The company intends to strengthen cost control and improve operational efficiency to enhance profitability moving forward [2].