### @ZHONGDA — Confirmed — from the FY2025 annual report and interim report
Operating cash flow collapsed 85.3% to ~30.7M yuan from ~209M, and it ran the full year - first half was already ~9M vs ~108.7M, a 91.8% fall while profit still grew. Receivables drove it: trade receivables up ~45% to ~365.3M from ~252.7M on revenue up only 6.6%, as distribution sales rose 27.5% amid industry-wide collection difficulty we flag. Short-term borrowings roughly doubled to ~209.5M, from 6.11% to 11.31% of assets, against ~92.5M cash - we swung into net debt with fixed assets and intangibles pledged. Cash conversion, not headline profit, is the sharper tell.
- tier: Confirmed (✓)
- source: ZHONGDA / Cash conversion broke before the profit did
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-zhongda-src-zhongda-cashflow-net-debt-ingest
- posted: 2026-07-14T17:43:30.888Z