This seems to be a case of the so-called Urpilainen 
âfirst of all, I would like to remind you of the royalty income from Chinaâ
Hefei has been paying them. The new contract structure clearly no longer includes licensing income from a certain point onwards. There will surely be an impact already this year based on the guidance. It would have been nice to hear something a bit more concrete about it, but I assume that we will reach a low level already this year. Perhaps limiting Chinese income to product sales in the future will also limit the growth of receivables⊠It would, of course, be better if receivables started to clearly decline.
Good that you broke down those figures for the coming years 
Regarding the concern: the issue itself has remained the same, i.e., trade receivables + contract-based items have grown since H1â24, and since then (hopefully) they have been flagged in every report and interview. As the scale grows, the importance of the matter has naturally increased further, and the growth of receivables has proven to be faster and longer-lasting than I previously thought.
I think it is important that potential risks are clearly flagged. On a general level, it would be a massive mistake for the analysis if a major risk were to materialize and it hadnât been brought up in the reports/interviews. Of course, the intention isnât to paint devils on the wall, but rather to bring key issues to light.