军信股份：公司主要客户为省会城市的地方政府

Core Viewpoint - The company, Junxin Co., Ltd. (301109), reports low bad debt risk due to its primary clientele being local governments in provincial capital cities, indicating a stable financial outlook [1] Financial Performance - In the first three quarters of 2025, the company's operating cash flow net amount increased by 60.26% year-on-year, reflecting a positive trend in financial performance [1] Accounts Receivable Management - The implementation of national debt reduction policies is expected to gradually alleviate the company's accounts receivable pressure, with the company actively monitoring policy developments and managing collections [1]