公司表示，应收账款和合同资产占比较高主要因下游客户以特殊行业及政府事业单位为主，该类客户内 部付款审批流程较长。报告期内，特殊行业客户与政府及事业单位合计贡献应收账款的53%以上，合同 资产占比超60%。账龄方面，1年以内应收账款占比保持在65%以上，2年以内占比超84%，账龄结构整 体合理。 根据回复报告，报告期各期末，广电计量应收账款账面价值分别为12.02亿元、12.74亿元、13.28亿元和 13.75亿元，占流动资产比例分别为41.08%、38.59%、40.67%和45.32%，呈逐年上升趋势。合同资产账 面价值同期分别为1.48亿元、1.82亿元、3.62亿元和4.01亿元，占流动资产比例最高达13.23%。 与同行业对比显示，公司1年以内应收账款占比（66.54%）高于国检集团（53.92%）和谱尼测试 （42.22%），但低于华测检测（83.33%）和苏试试验（74.17%），处于行业中游水平。应收账款周转 率方面，2024年公司为2.47次，高于行业平均值2.22次，主要得益于大客户回款质量稳定。 期后回款数据显示，截至2025年11月26日，2025年9月末应收账款及合同资产合计回款率为 ...

证券日报网讯 12月1日，融捷健康在互动平台回答投资者提问时表示，目前公司的应收账款的周转天数 为36.64天，处于较低水平，2025年公司为了进一步提升销售收入，针对一些规模较大、信用和毛利均 较好的海外客户给与了一定账期，同时公司针对有账期的外销客户购买了出口信用保险，有效地控制了 公司应收账款风险。 （文章来源：证券日报） ...

南方财经11月28日电，玉禾田（300815.SZ）公告回复深圳证券交易所于2025年11月6日下发的《审核问 询函》关于报告期内经营活动现金流波动、应收账款大幅增长及周转率下降等问题。交易所重点关注公 司经营性现金流与盈利指标匹配性以及应收款项回收风险。玉禾田回复，2022年度、2023年度、2024年 度和2025年1-9月，公司经营活动产生的现金流量净额分别为37196.09万元、32800.87万元、36926.35万 元和52710.95万元。销售商品、提供劳务收到的现金分别为503169.65万元、567044.12万元、650228.87 万元和564983.89万元。公司称现金流入增长主要因中标大型市政项目及加强应收账款管理所致，客户 主要为地方政府单位，结算受财政状况影响存在波动。报告期各期末，公司应收账款账面价值分别为 227060.80万元、326617.92万元、421810.42万元和465977.94万元，占流动资产比例分别为58.22%、 64.04%、71.88%和72.56%。应收账款周转率分别为2.86次、2.23次、1.92次和1.70次，呈逐期下降趋 势。一年以内应收账 ...

Core Viewpoint - The increase in accounts receivable for China National Pharmaceutical Group Corporation (国药股份) is attributed to multiple factors, including business expansion, sales growth, and management strategies aimed at optimizing accounts receivable structure [1] Group 1: Factors Contributing to Accounts Receivable Increase - The company's business scale expansion and sales revenue growth have led to a corresponding increase in total accounts receivable [1] - The company is managing a dynamic balance between collection cycles and factoring discount costs, which has resulted in a reduction of the factoring scale for accounts receivable financing [1] - The collection cycles are also related to the periodic payment behaviors of clients, with some clients typically concentrating their payments at year-end [1] Group 2: Management Strategies - The company is committed to optimizing accounts receivable management through enhanced customer credit assessments and improved collection processes [1] - Measures are in place to ensure timely recovery of accounts receivable [1]

Group 1 - The company announced plans to enhance market expansion efforts [1] - The company aims to strengthen accounts receivable management to increase operational cash flow [1] - The company intends to broaden financing channels and reduce financing costs to further lower the debt-to-asset ratio [1]

证券日报网讯振华风光11月14日在互动平台回答投资者提问时表示，公司应收账款主要源于高可靠领域 业务特点，客户多为央企集团及科研院所，信用等级较高，历史回款风险整体可控。应收账款主要受产 品交付周期延长及客户结算流程影响。公司已采取多项措施加强管控：一是强化合同签订前的客户信用 调查与额度管理；二是优化回款激励机制并针对性制定回款计划；三是通过"销售+技术"协同深化客户 需求跟进及回款责任制。2025年上半年，公司经营活动现金流净额同比改善2.12亿元，反映回款效率提 升，但具体回款金额受客户实际进度制约，存在不确定性。 （文章来源：证券日报） ...

Core Viewpoint - The company reported a significant increase in accounts receivable, raising concerns about potential risks, but management assures that the growth is aligned with revenue and that measures are in place to mitigate bad debt risks [2]. Group 1: Financial Performance - As of November 13, 2025, the company's stock closed at 64.46 yuan, with a slight increase of 0.53% and a turnover rate of 1.89% [1]. - The company achieved a record high revenue of 50.19 billion yuan in Q3 2025, with accounts receivable reaching 48.7 billion yuan, reflecting a substantial year-on-year growth of 63.72% [2]. Group 2: Accounts Receivable Management - The increase in accounts receivable is attributed to the expansion of business scale, with no significant change in the overall collection cycle compared to the previous year [2]. - The company maintains a good credit status among its clients and continuously improves its credit management system, dynamically tracking client credit conditions and setting reasonable payment terms [2]. Group 3: Market Activity - On November 13, the net inflow of funds from major investors was 30.38 million yuan, while speculative funds saw a net inflow of 61.03 million yuan, contrasting with a net outflow of 91.41 million yuan from retail investors [2].

Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. held a Q3 2025 earnings briefing on November 11, 2025, to discuss its financial performance and address investor inquiries [1][2]. Group 1: Earnings Performance - For the first three quarters of 2025, the company achieved a revenue of 914 million yuan, representing a year-on-year increase of 14.29% [3]. - The net profit attributable to shareholders was 42 million yuan, showing a significant year-on-year growth of 271.03%, primarily due to an increase in product gross margins [3]. Group 2: Accounts Receivable Management - The company has enhanced its customer credit evaluation system and strengthened accounts receivable management, focusing on both preventive measures and multi-dimensional collection strategies [4]. - A tripartite mechanism involving business, market, and legal departments has been established to improve the collection process [4]. Group 3: Operational Insights - The company reported strong operational performance across its pesticide, new energy electronic chemicals, and fine chemical new materials sectors, with detailed data available in the Q3 report [4]. - The capacity utilization rate for pesticide products remains high due to sufficient order volumes [4]. Group 4: Strategic Collaborations - The company has signed a technology development contract with Tsinghua University to leverage its research capabilities for advancing its new energy sector [5]. - This collaboration aims to enhance the company's R&D capabilities and market competitiveness in the new energy field [5]. Group 5: Product Margins and Competitive Strategy - The gross margins for herbicides and insecticides have increased compared to the previous year [6]. - The company plans to innovate in production processes and technology to improve product yield and reduce costs in its pesticide business, while also expanding its product lines in new materials and strengthening partnerships in the new energy sector [6]. Group 6: Shareholder Information - Information regarding the shareholding structure of the top ten shareholders is available in the Q3 report [6]. Group 7: Additional Information - Investors can access the details of the earnings briefing and its main content through the Value Online platform [7]. - The company expressed gratitude to investors for their participation and ongoing support [7].

Core Viewpoint - The company has implemented a credit management system to mitigate bad debt risks while maintaining relationships with creditworthy long-term clients [1] Group 1: Credit Management - In the first three quarters, the company provided certain credit terms to long-term clients with good credit ratings, indicating a controlled overall bad debt risk [1] - The company has established a customer credit management system to monitor and manage credit risks effectively [1] Group 2: Debt Collection and Cash Flow - The company plans to accelerate accounts receivable collection in the fourth quarter to improve cash flow [1] - Measures such as tightening credit policies and suspending shipments will be taken for clients with overdue payments [1] - The company will consider incorporating accounts receivable turnover or net cash flow from operating activities into internal assessments [1]

Core Viewpoint - The company emphasizes the importance of accurately reflecting its financial status and asset value by provisioning for potential impairment losses in accordance with accounting standards and policies [1] Group 1: Financial Management - The company is actively monitoring accounts receivable recovery through customer credit management to mitigate risks from the source [1] - A dynamic monitoring and early warning system for customer payments has been established to prevent performance risks in real-time [1] - A specialized team has been formed to enhance the recovery of accounts receivable, aiming to reduce bad debts and improve the quality of accounts receivable [1]