中环洁IPO：左手高毛利，右手收款难

Core Viewpoint - The sanitation company Zhonghuanjie is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 610 million yuan, but concerns about its financial structure, particularly cash flow and accounts receivable, have emerged, raising questions about its sustainable operational capacity [1][10]. Financial Structure - As of the first three quarters of this year, the company has 177 million yuan in cash against 1.104 billion yuan in short-term loans, indicating a "cash and short-term debt mismatch" [1][10]. - The operating cash flow has shown significant volatility, with net cash flow from operating activities recorded at -46.16 million yuan, 438 million yuan, 78.91 million yuan, and 37.73 million yuan for the periods from 2022 to 2024 and the first half of this year [2][11]. - The divergence between operating cash flow and net profit suggests that most of the company's profits are tied up in accounts receivable and have not converted into actual cash inflow [2][11]. Accounts Receivable Issues - The company's accounts receivable have rapidly increased from 570 million yuan in 2021 to 1.753 billion yuan in 2024, with overdue accounts receivable ratios rising significantly: 49.07%, 73.67%, 72.66%, and 80.51% from 2022 to the first half of 2025 [3][12]. - The post-period collection rate has dramatically dropped from 91.42% at the end of 2022 to 9.24% by mid-2025, indicating a severe decline in the ability to collect overdue payments [5][14]. Profitability and Regional Performance - The company's profitability varies significantly by region, with the Northeast and Central China showing the highest gross margins of 41.61% and 35.42%, respectively, compared to lower margins in other regions [7][15]. - Despite high gross margins, the company faces severe collection challenges, particularly in its core profitable regions, with significant overdue amounts from major clients [8][16]. Contract Renewal Risks - The company faces challenges regarding contract renewals, particularly in the Shenyang region, where several projects are set to expire in the next one to two years, raising concerns about future revenue stability [10][18].