Hengyu Xintong's accounts receivable increase raises questions; latest response

On the morning of April 2nd, Hengyu Xintong’s stock price declined. In terms of news, Hengyu Xintong released its 2025 annual report on the evening of April 1st, and the market has been questioning the increasing proportion of accounts receivable relative to operating income. In response, a staff member from Hengyu Xintong’s securities department told reporters that the 2025 annual report may fall short of investors’ expectations in some areas, but the stock price is influenced by multiple factors. Regarding the increase in accounts receivable, the staff member from Hengyu Xintong’s securities department stated that there is indeed a risk, and some accounts receivable may not be collected, so the company has also made provisions for bad debt impairment. The increase in the proportion of accounts receivable is mainly related to the cyclical nature of client settlement processes with the company. Clients have a certain payment cycle and settlement process with the company; the company is just one part of the client’s settlement process. ( China Securities Golden Bull )