Core Viewpoint - Guangdian Measurement and Testing Group Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its stock issuance to specific targets, addressing concerns about accounts receivable, fixed asset impairment, goodwill impairment risks, qualification renewals, administrative penalties, and financial investments [1] Accounts Receivable and Collection Ability - As of the end of the reporting period, the book value of accounts receivable was 1.202 billion, 1.274 billion, 1.328 billion, and 1.375 billion, accounting for 41.08%, 38.59%, 40.67%, and 45.32% of current assets, showing a rising trend [2] - The company indicated that high accounts receivable and contract assets are due to downstream clients primarily being special industries and government entities, which have longer internal payment approval processes [2] - The aging structure of accounts receivable is reasonable, with over 65% being within one year and over 84% within two years [2] - The company's accounts receivable turnover rate for 2024 is projected at 2.47 times, higher than the industry average of 2.22 times, attributed to stable payment quality from major clients [2] Fixed Assets and Goodwill Impairment - The book value of fixed assets increased to 2.209 billion by the end of 2024, with a fixed asset renewal rate of 53.54% as of September 2025 [4] - The company reported no impairment signs for fixed assets, with revenue per unit of instruments increasing by 23.8% compared to 2022 [4] - As of September 2025, the goodwill book value is 220 million, with a significant portion already impaired, indicating manageable impairment risks [4] Qualification Renewals and Administrative Penalties - The company successfully renewed its CMA certification for its subsidiary, valid until October 2031, with no risks of qualification expiration [5] - The company faced five administrative penalties totaling 248,700, primarily for safety equipment maintenance and data falsification, all of which have been rectified [5] Financial Investments and Fundraising - The company plans to raise 1.3 billion through a stock issuance for projects related to aviation equipment testing and AI chip testing platforms, aligning with its main business development [6]