香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完備性亦無 發表聲明，並表明不會就本公告全部或任何部份內容或因倚賴該等內容而引致之任何損失承擔任何責任。 China Health Group Inc. 中國醫療集團有限公司 （以「萬全醫療集團」名稱在香港經營業務） (於開曼群島註冊成立之有限公司) (股份代號: 08225) 自願性公告之中國醫療集團之應收賬款回收進展 本公司董事會（「董事會」）謹此就香港聯合交易所有限公司（「聯交所」）之相關要求， 披露截至本公告日期本公司應收賬款（「應收款項」）之回收進展及所採取之具體措施，以供股 東及投資者知悉。 一、 應收款項基本情況 如本公司《2024 年年度報告》所披露，截至 2024 年 12 月 31 日，本公司應收款項帳面總額 為人民幣 1.28 億元，相關減值準備已按會計準則足額計提。該等款項主要源自本集團日常業務經 營，屬行業常規。 二、 催收工作進展 自年度報告披露後，本公司持續積極推進款項回收，並根據債務人不同情況分類施策，具體 進展如下： （一）針對部分關聯方的應收款項 本公司已通過建立專項工作機制、持續溝通及發送 ...

Core Viewpoint - Shuoshi Bio (688399) has successfully resolved a long-standing accounts receivable issue with Urumqi Rongxin Kangda Trading Co., Ltd, resulting in a positive impact on the company's financial status for 2026 [1] Group 1: Accounts Receivable Situation - The company reported an accounts receivable balance of 6.9205 million yuan from a business collaboration with Urumqi Rongxin Kangda Trading Co., Ltd as of December 31, 2025 [1] - The accounts receivable has aged over five years, and the company has made multiple attempts to collect the debt through communication, legal letters, and lawsuits, but the debtor failed to fulfill repayment obligations [1] - The company has fully provisioned for the bad debt in accordance with accounting standards, which has been reflected in the financial statements for the relevant periods [1] Group 2: Debt Settlement Agreement - The company has actively pursued debt collection and reached a settlement agreement with the debtor, stipulating that the debtor will pay 6.0994 million yuan by January 20, 2026, as full settlement of the 6.9205 million yuan accounts receivable [1] - As of the announcement date, the debtor has fully paid the agreed amount of 6.0994 million yuan, and the debt relationship has been completely settled [1] - The recovery of this accounts receivable and the reversal of the previously provisioned bad debt is expected to have a positive impact on the company's financial condition and operating results for the year 2026 [1]

Group 1: Financial Performance - The company's accounts receivable recovery has been positively impacted by the active debt reduction measures implemented by various levels of government in Guangxi, enhancing cash flow management [2] - In Q3 2025, the increase in design-related business revenue was driven by project progress due to government debt reduction efforts [2] - The photovoltaic business saw a significant increase in revenue due to a substantial rise in power generation compared to the same period last year, following the completion of distributed photovoltaic projects in the first half of 2025 [2] Group 2: Business Development - As of June 30, 2025, contracts from outside Guangxi accounted for 22% of the company's total business, supported by 20 branch offices outside the region [3] - The company has established an international business division and opened an office in Cambodia to expand into Southeast Asian markets, including Laos [3] - The company is also developing business in countries like Pakistan and Kazakhstan, with plans to intensify its international expansion efforts [3] Group 3: Business Direction - The company's primary focus is on architectural design, with additional services in land spatial planning and municipal design [3] - Recent expansions include water conservancy and electrical design services, with the company obtaining relevant qualifications to support these new business areas [3]

Group 1 - The company, Green Eco, plans to enhance its market expansion efforts and strengthen accounts receivable collection [2] - The company is actively seeking synergistic targets to further grow and strengthen its operations [2]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 5.87 CNY and a reasonable value of 7.27 CNY for A-shares, and 4.18 HKD with a reasonable value of 4.88 HKD for H-shares [6]. Core Views - The company will significantly improve its cash flow by recovering 2 billion CNY in receivables, as part of a broader initiative to address local government debt risks [6]. - The historical dividend payout ratio is between 30%-40%, with expectations for an increase in future dividends due to improved cash flow from receivables recovery [6]. - The company is projected to achieve positive free cash flow in 2024, with a forecasted net profit of 865 million CNY for 2023, declining to 807 million CNY in 2024, and then increasing to 951 million CNY in 2025 [6][2]. - The report anticipates a continuous increase in gross margin, reaching 39.8% in 2024, driven by a higher proportion of high-margin operational revenue [6]. Financial Summary - **Revenue Forecast**: - 2023A: 4,665 million CNY - 2024A: 4,827 million CNY - 2025E: 4,978 million CNY - 2026E: 5,068 million CNY - 2027E: 5,151 million CNY - Growth rates are projected at 3.2% for 2023, 3.5% for 2024, and declining thereafter [2]. - **Net Profit Forecast**: - 2023A: 865 million CNY - 2024A: 807 million CNY - 2025E: 951 million CNY - 2026E: 1,001 million CNY - 2027E: 1,041 million CNY - Notable growth of 15.2% in 2023, followed by a decline in 2024, and a rebound in subsequent years [2]. - **Earnings Per Share (EPS)**: - 2023A: 0.55 CNY - 2024A: 0.51 CNY - 2025E: 0.61 CNY - 2026E: 0.64 CNY - 2027E: 0.66 CNY [2]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected to decrease from 10.1 in 2023 to 8.9 in 2027 for A-shares, and from 6.3 to 4.1 for H-shares over the same period [2].

Core Viewpoint - Tianjin Chuangye Environmental Protection Co., Ltd. emphasizes the importance of accounts receivable collection and has established a special mechanism to continuously promote the reduction of accounts receivable [1] Group 1: Accounts Receivable Management - The company is actively communicating with local governments to facilitate the collection of accounts receivable [1] - Tianjin Water Affairs Bureau has made a one-time payment of 1.989 billion RMB to the company to address historical accounts receivable issues [1] Group 2: Financial Impact - The collection of outstanding accounts receivable is expected to improve the company's cash flow and increase its revenue [1] - This development is anticipated to have a positive impact on the company's operating performance and financial condition for the year 2025 [1] Group 3: Future Actions - The company will continue to advance the collection of accounts receivable and will fulfill its information disclosure obligations based on progress [1]

Core Viewpoint - Tianjin Chuangye Environmental Protection Co., Ltd. emphasizes the importance of accounts receivable collection and has established a special mechanism to continuously promote the reduction of accounts receivable [1] Group 1: Financial Support and Impact - Tianjin Water Affairs Bureau has made a one-time payment of 1.989 billion RMB to the company to address historical accounts receivable issues [1] - The collection of outstanding accounts receivable is expected to improve the company's cash flow and increase its revenue, positively impacting the company's operating performance and financial condition in 2025 [1] Group 2: Future Actions - The company will continue to advance the collection of accounts receivable and will fulfill its information disclosure obligations based on progress [1]

Core Viewpoint - The company, Langsha Co., Ltd. (600137), anticipates an increase in accounts receivable due to higher sales during the third and fourth quarters, supported by temporary credit limits for distributors [1] Group 1 - The third and fourth quarters are typically the peak sales seasons for the company, leading to an increase in accounts receivable [1] - The company provides temporary credit limits to support distributors, resulting in increased sales on credit [1] - By the end of the year, the company plans to enhance the collection of accounts receivable, which is expected to reduce the risk associated with accounts receivable [1] Group 2 - The net cash flow from operating activities is projected to return to normal levels as the company strengthens its efforts in collecting receivables [1]

Core Viewpoint - The company has reported a total accounts receivable of RMB 128 million as of December 31, 2024, with adequate impairment provisions made according to accounting standards, primarily arising from routine business operations [1] Group 1: Accounts Receivable Recovery Efforts - The company has actively pursued the recovery of receivables since the annual report disclosure, implementing tailored strategies based on the debtor's situation [1] - For related party receivables, the company has established a special working mechanism and has successfully recovered a total of RMB 11.0869 million as of November 30, 2025, with legal arbitration initiated for outstanding amounts [1] - For non-related party receivables, the company has reached agreements with cooperative clients, resulting in additional recoveries of RMB 4.4514 million, with ongoing repayment plans [1] Group 2: Measures for Difficult Receivables - For receivables that are harder to recover, the company has legally included relevant debtors in the list of dishonest executors and will closely monitor their asset status for actionable leads [2] - The company has established an "Accounts Receivable Management Committee" led by the finance department to enhance operational fund quality and strengthen internal controls from credit assessment to payment term management [2] Group 3: Future Plans - The company will continue to take all necessary legal and compliant measures to maximize receivable recovery, including ongoing negotiations, enforcing arbitration judgments, and preparing civil lawsuits [2] - Regular progress reports will be provided to the board, and the company will fulfill its information disclosure obligations in accordance with exchange rules [2]

Core Viewpoint - The company has reported a total accounts receivable of RMB 128 million as of December 31, 2024, with adequate impairment provisions made according to accounting standards, primarily arising from routine business operations [1] Group 1: Collection Efforts - For related party receivables, the company has established a special working mechanism and has successfully recovered RMB 11.0869 million by November 30, 2025, with ongoing legal proceedings for unrecovered amounts [1] - For non-related party receivables, the company has reached agreements with cooperative clients, resulting in additional recoveries of RMB 4.4514 million, with repayment plans being executed steadily [2] - For clients with long overdue accounts or operational difficulties, the company has engaged third-party professionals for assessment and initiated legal procedures to protect its rights [2] Group 2: Internal Management Optimization - The company has established an "Accounts Receivable Management Committee" led by the finance department to enhance collection efforts and has strengthened internal controls from customer credit assessment to payment term management to prevent new risks [3] Group 3: Future Plans - The company will continue to take all necessary legal and compliant measures to maximize the recovery of receivables, including ongoing negotiations, arbitration execution, and civil litigation preparations, with regular progress reports to the board [4]