Changjiang Media's Accounts Receivable Climb Year by Year, Prompting SSE Inquiry; Company Says Collection Cycle Lengthened and Full Bad-Debt Provisions Made for Long-Aged Balances

Regulation
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Summary · why it matters

The Shanghai Stock Exchange recently issued an inquiry letter regarding Changjiang Media's 2025 annual report, focusing on the company's high accounts receivable and recovery risks. Data shows that the company's accounts receivable book balances over the past three years were 1.446 billion yuan, 1.854 billion yuan, and 2.331 billion yuan, respectively, rising year by year, while the accounts receivable turnover rate plunged from 8.21 times per year to 5.15 times per year. Balances aged three to four years and over five years grew by 123.76 percent and 145.65 percent year on year, respectively. Changjiang Media replied that the increase in accounts receivable was mainly because, starting in 2023, funds for free compulsory education textbooks shifted from centralized allocation at the provincial level to decentralized allocation at the city, county, and district levels, passively lengthening the collection cycle, which is consistent with industry trends. For ultra-long-aged receivables, the company stated that two major customers, Jiangsu Yuhongli and Shanghai Xunye, have owed money for many years, and impairment provisions had been made in prior years. By the end of 2025, full bad-debt provisions were made for these two amounts, and the company acknowledged that some debtors have been vacated or deregistered, making recovery extremely difficult.

Impact on stocks 1

Others▼ · 1 stocks
Changjiang Publishing & Media Co Ltd
600757
▼ NegativeCapitalrelevance

High and rising accounts receivable, with full bad-debt provisions for long-aged balances, indicating deteriorating financial health and potential earnings impact.

Off-coverage companies 1

江苏裕弘利Private▼ Negative
Demandrelevance

Mentioned as a major customer that has owed money for years, with full bad-debt provisions, suggesting credit risk and potential business difficulties.

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