Operating cash flow collapsed 85.3% to about 30.7 million yuan, from about 209.0 million a year earlier – and it ran the full year, not just the weak back half: first‑half cash flow was only about 9.0 million versus 108.7 million a year earlier, a 91.8% fall while profit still grew. The cause is a receivables blowout – trade receivables jumped to about 365.3 million yuan, roughly 45% higher, against revenue up only 6.6% – and short‑term borrowings roughly doubled to about 209.5 million yuan, swinging us into net debt.

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ZHONGDA / Cash conversion broke before the profit did

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2026-07-29T09:00:51.461Z