治理汽车业“长账期”问题可探索强化立法

Core Viewpoint - The automotive industry in China is collectively committing to standardize supplier payment terms to within 60 days, in response to the "anti-involution" policy and the upcoming "Regulations on Payment of Funds to Small and Medium-sized Enterprises" effective June 1, 2025, aimed at improving the business environment and addressing payment delays to suppliers [1][4]. Group 1: Industry Context - The rapid development of the new energy vehicle sector has led to price wars that have negatively impacted supplier margins, with net profit margins for domestic parts suppliers dropping from 9% in 2015 to 3.8% in Q1 2025 [2]. - The average accounts payable turnover days for 16 listed Chinese car companies is estimated to be 182 days in 2024, significantly longer than the 60 days maintained by 14 international car manufacturers [2][3]. Group 2: Financial Implications - The profit margin for the Chinese automotive industry is projected to decline from 4.3% in 2024 to 3.9% in Q1 2025, which is below the average for the manufacturing sector, indicating a risk of increased losses for more vulnerable companies [3]. - Companies with high accounts payable ratios and extended payment terms face the dilemma of either participating in price competition, risking further profit loss, or abstaining, which could affect sales and cash flow [3]. Group 3: Regulatory and Structural Considerations - The need for stronger legislation to address delayed payments and protect supplier profits is emphasized, alongside the establishment of a reliable execution mechanism to enforce these regulations [4]. - The current commitments from some companies regarding payment terms lack sufficient binding power, as they may be contingent on further price reductions or cost-shifting to suppliers [3].