Huan Qiu Wang·2025-06-12 03:04Group 1 - The core point of the article is that 17 leading automotive companies have announced a unified payment term of 60 days for suppliers, which contrasts sharply with the current average accounts payable turnover days of 170 days among 12 major companies [1][2] - The average accounts payable turnover days for the 12 companies is significantly high, with some companies like BAIC Blue Valley at 248 days and XPeng Motors at nearly 233 days, indicating a reliance on extended payment terms to manage cash flow [1][2] - The total accounts payable for these 12 companies exceeds 1.1 trillion yuan, with BYD, SAIC Group, and Geely Holding having the largest accounts payable amounts of 244 billion yuan, 241 billion yuan, and 182 billion yuan respectively [1] Group 2 - The long payment terms imposed by automotive manufacturers have historically been a strategy to improve their cash flow and reduce reliance on external financing, effectively transferring financial risks to suppliers [2] - The automotive industry's demand for steel has been impacted by these long payment terms, as manufacturers pressure steel suppliers to lower prices, which can lead to increased financial strain on the suppliers [2] - The commitment to a 60-day payment term is seen as a positive move for suppliers but poses a greater cash flow challenge for manufacturers, particularly those already facing tight financial conditions [4] Group 3 - Many automotive companies are in an expansion phase, particularly in the new energy sector, but have not yet seen corresponding returns, leading to high debt levels [5] - Companies like Seres and NIO are still in a cash-burning phase, heavily relying on external financing due to insufficient self-generated cash flow, which contributes to high asset-liability ratios [5] - The 60-day payment term commitment represents both a response to industry norms and a significant test of financial management for automotive companies moving forward [5]