Core Viewpoint - Beijing Beishuiyuan Technology Co., Ltd. (Beishuiyuan) has announced a financing plan totaling 8 billion yuan to expand its financing channels, reduce costs, and enhance fund management flexibility [1][4]. Financing Plan - The financing plan includes the issuance of medium-term notes not exceeding 4 billion yuan and super short-term financing bonds also not exceeding 4 billion yuan [1][4]. - The funds will be used for project construction, supplementing working capital, and repaying interest-bearing debts [1][4]. Company Overview - Beishuiyuan specializes in environmental protection and water treatment, providing comprehensive technical solutions through the development and manufacturing of advanced membrane materials and related systems [4]. - The company's products are applied in five major areas: wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization [4]. Accounts Receivable Situation - As of September 30, 2025, Beishuiyuan's accounts receivable reached 12.638 billion yuan, showing a slight decrease from 12.4 billion yuan at the end of 2024, but still at a high industry level [5]. - The accounts receivable turnover rate declined from 0.9 in 2022 to 0.73 in 2024, indicating an extended cash recovery cycle [5]. Industry Context - The difficulty in recovering accounts receivable is a common issue in the environmental protection industry, with a total of 156.26 billion yuan in accounts receivable reported across 115 listed environmental companies as of June 30, 2025 [5]. - Beishuiyuan's management is actively working to reduce accounts receivable and contract assets through internal and external strategies [6]. Financial Performance - Beishuiyuan's revenue for 2024 was 8.549 billion yuan, a year-on-year decrease of 4.51%, with a net profit of only 59 million yuan, down 92.34% [6]. - The company reported a net cash flow from operating activities of -238 million yuan in 2024, a significant decline from 331 million yuan in 2023, although there are signs of improvement in 2025 [6]. Financing Strategy - The combination of short-term and medium-term financing strategies is intended to quickly supplement cash flow and optimize debt structure, thereby reducing short-term repayment pressure [6].