Core Viewpoint - The automotive industry in China is experiencing extended payment terms, with an average exceeding 170 days, which places financial strain on suppliers and raises concerns about cash flow sustainability [1][3]. Industry Overview - The average payment term for domestic automotive companies is over 170 days, with some exceeding 240 days [1]. - The revised "Regulations on Payment of Funds to Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized enterprises within 60 days of delivery [3]. - As of June 1, 2025, this regulation aims to alleviate the "difficulties in collection" faced by small and medium-sized enterprises [3]. Payment Terms Analysis - The automotive industry has a total of 299 listed companies with accounts payable and notes payable amounting to 1.45 trillion yuan, a year-on-year increase of approximately 11% [7]. - The calculated payment term for the automotive industry is 149.22 days, approximately 5 months [7]. - Breakdown by sub-sectors shows: - Automotive parts: 250 companies, accounts payable of 485.38 billion yuan, payment term of 147.18 days [8]. - Passenger vehicles: 8 companies, accounts payable of 763.96 billion yuan, payment term of 151.57 days [8]. - Commercial vehicles: 13 companies, accounts payable of 146.51 billion yuan, payment term of 169.09 days [8]. - Motorcycles and others: 17 companies, accounts payable of 39.63 billion yuan, payment term of 161.07 days [8]. - Automotive services: 11 companies, accounts payable of 18.12 billion yuan, payment term of 69.32 days [8]. Company-Specific Insights - Among the 8 listed passenger vehicle companies, Haima Automobile has the longest payment term of 270.41 days, significantly higher than its peers [11]. - BYD leads in revenue with 777.10 billion yuan, maintaining a payment term of 127.23 days, which is relatively short compared to others [12]. - SAIC Group and Great Wall Motors have similar payment terms of approximately 163.63 days and 163.75 days, respectively, but their trends differ [13]. - Overall, the payment terms across the automotive sector exceed the 60-day commitment, indicating ongoing challenges in improving cash flow management [13].

21世纪经济报道见习记者何煦阳报道 另一位供应商告诉一见Auto，《条例》中规定"60日内支付款项"，不代表供应商就能在60天内收到所有 的钱哦！你以为你以为的就是你以为的？因为车企除了付现金，还能支付银行承兑、商业承兑： 银行承兑，就是日期到了之后拿着汇票去指定银行兑钱，有银行信用担保。商业承兑，就是指去金融机 构兑钱，长城、比亚迪、上汽、吉利等都有自己的供应链金融平台。 所以很有可能车企在60天内给了你一张承兑汇票，但汇票上写着却是180天后才能拿到所有的钱。如果 你想提早拿钱，得自己去贴现——虽然提前拿到了，但资金量却打了个折扣。 6月10日，多家车企先后宣布对供应商支付账期统一缩短至60天以内，截至视频播出前，响应的车企超 过16家，包括比亚迪（002594）、蔚来、赛力斯（601127）、一汽、广汽、东风等。 汽车价格战下，供应商的生存问题引起社会关注。6月1日，政府相关部门开始实施《保障中小企业款项 支付条例》，现在车企就是在响应号召。 《条例》中规定了"大型企业不得利用优势地位拖欠中小企业款项"、"大型企业从中小企业采购货物、 工程、服务，应当自交付之日起60日内支付款项"。你以为这就稳了？不！ ...

Group 1 - The event "Walking into ETF Component Companies: Cyberspace Station" was successfully held in Chongqing, focusing on the interaction between investors and quality enterprises, particularly in the smart electric vehicle sector represented by Seres [1][3] - The Shanghai Stock Exchange (SSE) is committed to enhancing the ETF market and promoting high-quality development, aligning with the regulatory body's investor-centric philosophy [3][6] - Seres, a core component of the SSE 180 ETF, reported a revenue of approximately 145.2 billion yuan in 2024, a year-on-year increase of 305%, and a net profit of 5.95 billion yuan, making it the fourth profitable new energy vehicle company globally [6][8] Group 2 - In 2025, Seres plans to deepen its strategic cooperation with Huawei, enhance production capacity after acquiring a "super factory," and accelerate its overseas market expansion [8] - The SSE 180 Index, which includes influential blue-chip companies in the Shanghai market, has a 15% weight in the new energy vehicle industry, providing investors with a convenient tool to invest in industry leaders [8][10] - The event included a test drive of the Seres M9, allowing participants to experience the performance and technology of smart electric vehicles firsthand, fostering direct communication between investors and the company [10]

Core Insights - The Chinese automotive industry is undergoing significant changes due to the transition to new energy vehicles, leading to both growth and challenges such as overcapacity and price wars [1][2] Industry Overview - The automotive industry's capacity utilization rate has shown increased volatility, indicating structural overcapacity risks [2] - In Q1 2024, the capacity utilization rate dropped to 64.9%, significantly lower than the 76.9% in Q4 2023 and below the overall industrial average of 73.6% [2] - Despite a "V-shaped" recovery in 2024, the capacity utilization rate fell again in Q1 2025 to 71.9%, still below the healthy threshold of 75% [2] Company Performance - The automotive sector is experiencing a divide among companies, with leading firms optimizing supply chains and managing cash flow effectively, while struggling firms lag in operational efficiency [4] - The median gross margin in the automotive industry is between 15% and 20%, with first-tier companies like Seres (27.6%), Li Auto (20.5%), and BYD (20.1%) achieving margins above 20% [4] - BYD's net profit for 2024 is reported at 41.59 billion, significantly higher than its competitors, with Geely at 2.5 times less and Great Wall at 3.3 times less [6] Inventory and Sales Trends - The inventory alert index for Chinese automotive dealers dropped to 52.7% in May 2025, indicating improved market conditions, with a year-on-year decrease of 5.5 percentage points [11] - Despite strong sales trends, profit margins remain a concern, with hidden discounts and promotions increasing in the market [12] - Dealers are cautious about June sales, with 37.6% expecting sales to remain flat and 35.0% predicting a decline [12]

Core Viewpoint - The Chinese automotive industry is witnessing a significant shift as major companies, including BYD, Changan Automobile, and FAW Group, have collectively announced a reduction in supplier payment terms to a maximum of 60 days, aligning with national regulations aimed at stabilizing the supply chain and promoting high-quality development [2][3][7] Group 1: Industry Changes - The new payment terms are a response to the "Regulations on Ensuring Payment to Small and Medium-sized Enterprises," which will take effect on June 1, 2025, mandating large enterprises to pay small suppliers within 60 days after delivery [2] - Previously, the average payment term for Chinese automakers was around 182 days, with some exceeding 270 days, forcing suppliers to finance their operations for up to a year [2][3] Group 2: Financial Implications - Shortening the payment period from 180 days to 60 days is expected to enhance cash flow efficiency for suppliers by 200%, significantly alleviating their financial pressure and reducing the need for borrowing [5] - The automotive industry's profit margin was reported at 3.9% in Q1 2025, compared to the industrial average of 5.6%, with some companies demanding over a 10% cost reduction from suppliers, leading to minimal profit margins for upstream steel manufacturers [3][6] Group 3: Industry Dynamics - The collective commitment to shorten payment terms is seen as a milestone that could end the "barbaric growth" of the Chinese automotive industry, encouraging a shift from cost-cutting to innovation and efficiency [7] - High debt levels among many Chinese automakers, with some owing suppliers thousands of billions, may create short-term financial pressure as they implement the new payment terms [6]

Core Viewpoint - The recent release of new models by leading electric vehicle companies has drawn significant market attention, highlighting the importance of ESG (Environmental, Social, and Governance) issues for the survival and development of these companies [1] ESG Disclosure Summary - Among the 16 listed companies in the A-share electric vehicle sector, 14 have disclosed ESG-related reports, resulting in a disclosure rate of 87.5%, which is significantly higher than the overall industry rate of 45.94% [1][2] - In terms of carbon emissions, 11 companies have disclosed relevant data, achieving a disclosure rate of 68.75%. However, only 3 companies have disclosed Scope 3 emissions data, resulting in a low disclosure rate of 18.75% [2][4] - The types of reports disclosed include 3 sustainability reports, 2 corporate social responsibility reports, and 9 ESG reports, with sustainability reports being favored due to their broader applicability [2] Product Responsibility and Employee Turnover - Eight companies have disclosed product responsibility-related issues, but the quantitative data on product quality, such as recall rates and customer complaints, is limited [6][8] - Employee turnover rates have been disclosed by 8 companies, with Great Wall Motors reporting the highest turnover rate. However, most companies only report voluntary turnover rates, with little information on involuntary turnover [9] Challenges in Carbon Emission Disclosure - The ability to disclose carbon emissions varies among companies, with larger firms having more leverage to require suppliers to provide data. Smaller companies may lack this capability, affecting their disclosure practices [4][5] Market Dynamics and ESG Importance - The high ESG disclosure rates among electric vehicle companies are partly driven by the need to meet international sustainability standards, especially for those exporting to Europe [1][2]

以下文章来源于财经杂志 ，作者尹路 顾翎羽 2025年6月10日晚开始，多家车企先后公开承诺，对供应商的账期不超过60天，截至发稿，共有17家车企发布承诺：广汽、一汽、东风、 赛力斯、吉利、长安、上汽、比亚迪、奇瑞、长城、北汽、小鹏、小米、零跑、理想、蔚来、江汽。 除了承诺 60天账期，上汽、北汽追加承诺不采用商业承兑汇票等增加供应商资金压力的结算方式；一汽、江汽追加承诺精简审批环节，利 用数字化技术实现对合同执行、发票匹配、付款申请等全流程节点的实时监控，确保每一笔应付款项按期支付。 车企承诺账期上限，主要是为了响应 2025年6月1日施行的修订版《保障中小企业款项支付条例》。 该条例第九条规定： "机关、事业单位从中小企业采购货物、工程、服务，应当自货物、工程、服务交付之日起30日内支付款项；合同另 有约定的，从其约定，但付款期限最长不得超过60日。大型企业从中小企业采购货物、工程、服务，应当自货物、工程、服务交付之日起 60日内支付款项；合同另有约定的，从其约定，但应当按照行业规范、交易习惯合理约定付款期限并及时支付款项，不得约定以收到第三 方付款作为向中小企业支付款项的条件或者按照第三方付款进度比例支 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [5]. Core Insights - The automotive industry experienced an overall decline of -0.7% from June 8 to June 14, with various companies committing to a supplier payment period not exceeding 60 days [1][24]. - Tesla's Robotaxi service is set to launch on June 22, with plans for the first fully autonomous vehicle delivery on June 28 [1][27]. - The report highlights significant collaborations, such as GAC Toyota's partnership with Xiaomi and Huawei to enhance smart vehicle technology [25]. Market Performance Overview - The automotive sector's performance was -0.7%, while the broader market indices showed slight declines: Shanghai A-share index at -0.2% and Shenzhen A-share index at -0.3% [2][9]. - Among automotive sub-sectors, commercial vehicles saw a notable increase of +7.2%, while passenger vehicles and auto parts experienced declines of -2.0% and -1.6%, respectively [11][2]. Individual Stock Performance - Notable stock performances included Jiuling Technology (+55.0%), Meichen Technology (+41.0%), and Tongxin Transmission (+35.3%) [3][14]. - Conversely, stocks such as Chaojie Co. (-23.2%), Niutai Ge (-11.7%), and Zhongma Transmission (-10.7%) faced significant declines [3][14]. Recent Industry Developments - 17 automotive companies have pledged to limit supplier payment terms to 60 days, including major players like BYD and Geely [24]. - GAC Group has committed to completing dealer rebate payments within two months to support dealer stability [24]. - Chery is on track to become the first Chinese automaker to export over 5 million vehicles [26]. Investment Recommendations - The report recommends focusing on companies with strong sales performance or potential blockbuster vehicles, such as BYD, Seres, Great Wall Motors, and JAC Motors [8]. - For commercial vehicles, it suggests investing in Yutong Bus, China National Heavy Duty Truck, and Weichai Power [8]. - In the auto parts sector, it highlights companies with cost and product advantages, recommending Fuyao Glass and Top Group among others [8].

➢ 华为开发者大会即将召开，看好华为具身智能布局加速。1）玩家维度：华 为开发者大会是近期重磅催化。华为近期在具身智能领域动作频频，即将于 6 月 20 日举办开发者大会，为后续潜在催化。去年开发者大会上，乐聚夸父人形机器 人首度亮相，今年 AI+机器人领域进展值得期待。我们认为，华为具身智能布局 不断明确，0-1 阶段想象空间最大。2）产品维度：关注边际变化最大的硬件环 节。潜在变化大的环节包括灵巧手传动方案/触觉传感器构型、类 RV 对髋关节谐 波的替代、轻量化材料选型。4 月底以来，产业链关于 PEEK 材料应用的信息催 化了细分板块的强势表现，其他环节存在类似的潜在机会。看好华为具身智能布 局加速，产品维度-看好灵巧手、轻量化等边际变化大的硬件环节。 汽车和汽车零部件行业周报 20250615 车企承诺降低账期 整零关系走向双赢 2025 年 06 月 15 日 ➢ 本周数据：2025 年 6 月第 1 周（6.2-6.8）乘用车销量 36.2 万辆，同比 +12.4%，环比-22.3%；新能源乘用车销量 20.2 万辆，同比+18.9%，环比-18.4%； 新能源渗透率 55.7%，环比+2.6pc ...

Core Insights - SERES has emerged as a significant player in China's electric vehicle (EV) market, achieving remarkable sales growth and establishing itself as a leader in the luxury car segment [1][3] - The company reported a record revenue of 145.18 billion yuan in 2024, a year-on-year increase of 305.04%, with a net profit of 5.946 billion yuan [3] - SERES' gross margin for electric vehicles improved to 26.21%, but the company faces challenges in capturing high-value profits within the supply chain due to its deep integration with Huawei [3][6] Group 1: Strategic Positioning - SERES has successfully leveraged its partnership with Huawei, integrating advanced technologies in industrial design, smart cockpit, and marketing, which has differentiated it from competitors [4][5] - The company benefits from a robust manufacturing foundation established during its previous operations in traditional vehicles, enabling it to scale production effectively [4] - SERES' stock price has surged over tenfold since its low in 2022, reaching a market capitalization of over 150 billion yuan, providing it with significant capital for R&D and capacity expansion [5] Group 2: Challenges and Risks - SERES faces a paradox of relying heavily on Huawei for technological advancement while struggling with its own autonomous capabilities, raising questions about its long-term sustainability [6][8] - The global EV market is experiencing a slowdown, and increased competition within China, along with the gradual reduction of government subsidies, poses risks to SERES' high valuation [8] - The company's dependence on Huawei may inhibit its drive for independent brand development and core technology innovation, which are critical for long-term success [8][10] Group 3: Future Outlook - SERES must focus on transforming Huawei's technological advantages into its own innovative capabilities, particularly in core components and software development [9][10] - The company aims to enhance its ecosystem by integrating smart home technologies and exploring vehicle-to-grid (V2G) solutions, which could create new revenue streams [10] - While the current models, especially the M7 and M9, are crucial for revenue generation, SERES needs to build a differentiated competitive edge to ensure sustainable growth beyond its current reliance on Huawei [10]