启明星辰：公司持续加强对应收账款和回款的管理

Core Viewpoint - The company is actively improving its management of accounts receivable and cash collection, leading to a decrease in accounts receivable balance by the end of 2025 compared to the beginning of the year, along with a significant increase in sales collection efficiency [1] Group 1 - The company reported a reduction in accounts receivable balance by the end of 2025 compared to the beginning of the year [1] - Sales collection efficiency, defined as sales collection over operating income, has significantly improved [1] - Data from the first three quarters of 2025 indicates a decreasing trend in bad debt provisions [1]