Core Viewpoint - The company emphasizes the importance of managing accounts receivable, which is influenced by industry characteristics, revenue structure, and payment cycles [2]. Group 1: Accounts Receivable Management - The scale of accounts receivable is primarily affected by industry characteristics, revenue structure, and payment cycles [2]. - The company's clients mainly consist of port and shipping enterprises, expressway operators, and urban management units, which generally have good payment capabilities and credit status [2]. - The management is committed to enhancing the collection of accounts receivable through tracking customer creditworthiness, enforcing collection assessments, strengthening customer communication, and optimizing collection mechanisms [2].

Core Viewpoint - The company emphasizes the importance of accounts receivable management and plans to strengthen its credit management system to ensure healthy and stable development [1] Group 1 - The company is committed to enhancing accounts receivable management [1] - The company will strictly implement its credit management system [1] - The company aims to improve capital turnover [1]

Core Viewpoint - The company emphasizes its commitment to managing accounts receivable effectively, ensuring a robust management process and risk control system [1] Group 1 - The company responded to investor inquiries on November 7, highlighting its adherence to management regulations in accounts receivable [1] - The company is closely monitoring accounts receivable matters to safeguard its interests [1]

Core Viewpoint - The company emphasizes the establishment of a comprehensive credit evaluation system and accounts receivable policy to manage business cooperation risks and protect shareholder interests [1] Group 1 - The company considers factors such as customer business scale, credit status, and historical cooperation when evaluating credit [1] - The company aims to continuously strengthen risk assessment and accounts receivable management [1] - The company is committed to safeguarding the interests of the company and its shareholders while achieving future operational goals [1]

Group 1: Research Basic Information - The research object is Intco Group, belonging to the pharmaceutical commerce industry, with a reception time of November 5, 2025. The listed company's reception staff includes the board secretary Tan Jiang and the securities affairs representative Qiu Li [17] Group 2: Detailed Research Institutions - The reception object types include institutional relevant personnel, and the specific reception object is Shibang Fund [20] Group 3: Company's Main Business and Operating Model - The company's main business is the wholesale and retail of drugs, traditional Chinese medicine, biological products, and medical devices. The operating model is to purchase products from upstream pharmaceutical production or supply enterprises and then wholesale them to downstream medical institutions, pharmacies, distributors, etc., and also sell directly to consumers through retail terminals [24] Group 4: Company's Acquisition of Huatong Pharmaceutical - Huatong Pharmaceutical has completed the industrial and commercial change registration procedures for relevant matters such as equity transfer and has become a wholly - owned subsidiary of Intco Pharmaceutical. Its wholesale business has obvious advantages in the primary public medical market, and its retail segment Huatong Chain is among the top 100 pharmaceutical retail enterprises, forming high synergy with the company's existing business. The acquisition helps improve the company's market share in Zhejiang, enhance bargaining power with upstream suppliers and influence on terminal consumers [25] Group 5: Company's Accounts Receivable Collection - The company's accounts receivable collection cycle is generally stable, with differences in different regions in Zhejiang and among different types of customers. The company attaches importance to the management of accounts receivable turnover and has established a credit risk management system covering the entire business process [26][27] Group 6: Shitang Pharmaceutical Industrial Park - The wholly - owned subsidiary Zhejiang Intco Smart Network Technology Co., Ltd. won the right to use 79,357 square meters (119.035 mu) of state - owned construction land in the Shitang block of the Hanggang unit in Gongshu District at the end of July 2024 for the investment and construction of the Shitang Pharmaceutical Industrial Park project [28]

Core Viewpoint - The company emphasizes the importance of managing accounts receivable, particularly focusing on year-end collections, especially in December [1] Group 1: Company Actions - The company is actively managing accounts receivable and is implementing special measures to enhance the collection of payments [1] - There is an increased effort to accelerate cash flow and improve operational performance by suppressing the rapid growth trend of accounts receivable [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][12][15] Core Views - The company reported a total revenue of 780 million yuan in Q3 2025, representing a year-on-year increase of 3.0%, ending a five-quarter decline in revenue. The improvement in the pre-mixed liquor business and the contribution from the whiskey segment were noted as key factors [1][10] - The gross margin remained stable, while sales, management, R&D, and financial expense ratios increased by 3.2, 0.5, 0.1, and -0.1 percentage points respectively, primarily due to the initial development phase of the whiskey business [2][11] - The company has actively improved accounts receivable management, resulting in a significant reduction of 65.5% in accounts receivable balance compared to the beginning of the year, indicating improved revenue quality [2][11] Summary by Sections Financial Performance - In Q3 2025, the company achieved a net profit attributable to shareholders of 160 million yuan, down 6.8% year-on-year, while the net profit excluding non-recurring items was also 160 million yuan, down 5.4% year-on-year [1][10] - The revenue from the liquor business in Q3 was 680 million yuan, up 1.5% year-on-year, with expectations of a narrowing decline in pre-mixed liquor revenue and increased contributions from the whiskey business [1][10] Investment Recommendations and Profit Forecasts - The company is expected to see a recovery in revenue growth in the pre-mixed liquor segment in Q4 2025, supported by improved channel inventory management and the introduction of new products [3][12] - The revenue forecasts for 2025-2027 have been adjusted to 3.04 billion, 3.30 billion, and 3.56 billion yuan respectively, with corresponding net profits of 730 million, 820 million, and 911 million yuan [3][12][14] - The current price-to-earnings ratios for 2025, 2026, and 2027 are projected to be 36, 32, and 29 times respectively, reflecting the company's strong market position and growth potential in the whiskey segment [3][12][15]

Core Viewpoint - The company, Huaxing Chuangye, addresses investor concerns regarding its large accounts receivable, attributing it to industry characteristics, revenue structure, and payment cycle practices [1] Group 1: Accounts Receivable - The company's accounts receivable is significant, primarily due to the nature of the industry and its revenue structure [1] - Major clients include telecom operators and main equipment manufacturers, which are large state-owned enterprises with good credit and stable operations [1] - The quality of accounts receivable is considered high, with a low risk of bad debts [1] Group 2: Cash Flow Management - The company plans to enhance cash flow management through business adjustments and collection of receivables [1]

Core Viewpoint - The high industry prosperity positively impacts the company's operations [1] Group 1: Financial Performance - The increase in accounts receivable is related to revenue growth, influenced by customer structure, settlement methods, and cycles [1] - The company emphasizes the management and risk control of accounts receivable, ensuring timely collection [1] Group 2: Customer Base - The company's main customers are communication operators and high-quality clients in the data center industry, characterized by strong payment capabilities and good credit [1] Group 3: Company Strengths - The company has over 30 years of development, leveraging competitive technology research and development capabilities, a comprehensive product system, and efficient supply chain management [1] - The company aims to provide battery products, energy storage systems, and integrated intelligent power solutions for global clients in communication, data/computing centers, energy storage, and power sectors [1]

Core Viewpoint - The company has established a comprehensive business process and internal control system to ensure good collection status of accounts receivable, despite the increase in accounts receivable exceeding 10 billion [1]. Group 1 - The company has received inquiries from investors regarding the increasing accounts receivable, which has now surpassed 10 billion [1]. - The company reassured investors that it has a well-established process from order acceptance to sales collection, indicating a positive collection status [1].