Di Yi Cai Jing·2025-06-11 14:03Core Insights - The automotive industry is facing significant cash flow pressures as major companies have committed to a 60-day payment term for suppliers, while their current average accounts payable turnover days exceed 170 days, with some companies reaching up to 248 days [1][3][5] Group 1: Accounts Payable Situation - The average accounts payable turnover days for 12 major automotive companies is 170 days, with the longest being BAIC Blue Valley at 248 days and Xpeng Motors at 233 days [1][2] - The total accounts payable for the 12 companies exceeds 1.1 trillion yuan, with BYD, SAIC Group, and Geely Holding having the largest amounts at 244 billion, 241 billion, and 182 billion yuan respectively [1][2] - The average accounts payable as a percentage of revenue for these companies is over 40%, with several companies like Chery, Chang'an, and NIO exceeding 50% [1][2] Group 2: Impact on Suppliers - Automotive manufacturers are extending payment terms to improve their cash flow, effectively transferring financial pressure to suppliers who are often unable to refuse due to the manufacturers' market power [3][5] - Steel suppliers are particularly affected, facing demands for price reductions that exceed their capacity, leading to a lack of profitability in supplying automotive steel [4][5] Group 3: Financial Health and Debt Levels - The automotive sector is characterized by high debt levels, with NIO and Seres having asset-liability ratios of 87.45% and 87.38% respectively, significantly above the industry average of 66.32% [6] - Many companies are investing heavily in new energy vehicles without corresponding revenue, contributing to elevated debt ratios [6]