应收账款激增且周转率连年下滑被问询，玉禾田回复

Core Viewpoint - Yuhua Tian (300815.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding fluctuations in operating cash flow, significant increases in accounts receivable, and declining turnover rates, highlighting the company's cash flow growth due to winning large municipal projects and improved accounts receivable management [1] Financial Performance - The net cash flow from operating activities for the years 2022, 2023, 2024, and the first nine months of 2025 were 371.96 million, 328.01 million, 369.26 million, and 527.11 million respectively [1] - Cash received from sales of goods and services for the same periods were 5,031.70 million, 5,670.44 million, 6,502.29 million, and 5,649.84 million respectively [1] Accounts Receivable - The book value of accounts receivable at the end of each reporting period was 2,270.61 million, 3,266.18 million, 4,218.10 million, and 4,659.78 million, accounting for 58.22%, 64.04%, 71.88%, and 72.56% of current assets respectively [1] - The accounts receivable turnover rates were 2.86 times, 2.23 times, 1.92 times, and 1.70 times, showing a declining trend [1] - The proportion of accounts receivable due within one year was 85.00%, 82.57%, 76.86%, and 70.09%, indicating an increase in long-term receivables [1]