ChinaMart

China Pharma Delivers on Improved Financials Promise

The bottom line on ARs in these Chinese pharma micros is how it affects DSO (Days Sales Outstanding). In the case of CPHI, they're increasing and are now at an average of 191 days compared to 184 days last Q).
And, (although this will sound to some like spam), LTUS.OB (Lotus Pharma)for comparison has a much more favorable DSO average of about 90. This tells me that LTUS is converting their ARs into cash at a faster rate, and more successfully than CPHI.