WUS(SZ:002463) Sou Hu Cai Jing·2025-11-13 17:25Core Viewpoint - The company reported a significant increase in accounts receivable, raising concerns about potential risks, but management assures that the growth is aligned with revenue and that measures are in place to mitigate bad debt risks [2]. Group 1: Financial Performance - As of November 13, 2025, the company's stock closed at 64.46 yuan, with a slight increase of 0.53% and a turnover rate of 1.89% [1]. - The company achieved a record high revenue of 50.19 billion yuan in Q3 2025, with accounts receivable reaching 48.7 billion yuan, reflecting a substantial year-on-year growth of 63.72% [2]. Group 2: Accounts Receivable Management - The increase in accounts receivable is attributed to the expansion of business scale, with no significant change in the overall collection cycle compared to the previous year [2]. - The company maintains a good credit status among its clients and continuously improves its credit management system, dynamically tracking client credit conditions and setting reasonable payment terms [2]. Group 3: Market Activity - On November 13, the net inflow of funds from major investors was 30.38 million yuan, while speculative funds saw a net inflow of 61.03 million yuan, contrasting with a net outflow of 91.41 million yuan from retail investors [2].