# receivables risk

A Slip of the Pen Exposes a Bigger Problem: Listed Environmental Firm Flags Fourth Year of Losses after Erroneous Forecast

Zhenghe Ecology corrected a typographical error in its earnings preview after initially misstating the forecast year, but the corrected guidance revealed a projected Rmb120–140 million net loss for 2025. The company, which has recorded losses since 2022, cited delayed revenue from Beijing projects, project settlement cuts and poor second-half collections; it also withdrew a Rmb129 million payment lawsuit earlier in December 2025.