雄韬股份：应收账款规模相对合理，应收账款回款风险整体可控

Core Viewpoint - The company asserts that its accounts receivable scale is reasonable and that the overall risk of collection is manageable, emphasizing effective cash flow management and a robust customer credit management system [1] Accounts Receivable Management - The company states that it settles accounts with clients according to agreed settlement cycles, which prevents concentration of settlements in the fourth quarter [1] - Sales in the fourth quarter are typically higher than in the previous three quarters, but settlements are still based on the agreed cycles, avoiding concentration [1] - The company reports that its bad debts or uncollectible accounts are significantly lower than industry levels, indicating no substantial amounts of bad debts or uncollectible receivables [1] Cash Flow Management - The company places a high priority on cash flow management and has established a comprehensive customer credit management system to continuously enhance internal management [1] - The company effectively controls the risk of accounts receivable collection through these management practices [1]