一线调查 | 车企 “60 天账期” 承诺：一场艰难的供应链救赎

Core Viewpoint - The collective commitment by 17 automotive companies to pay suppliers within 60 days has garnered significant attention in the industry, driven by the new regulations aimed at protecting small and medium enterprises [1][13]. Group 1: Industry Context - The new regulation, effective from June 1, mandates that large enterprises must pay small and medium enterprises within 60 days of delivery [1]. - The average accounts payable turnover days for domestic listed automotive companies is projected to reach 182 days in 2024, significantly higher than that of German (40.5 days) and American (60.5 days) automakers [2]. - The current cash flow situation for major domestic passenger car companies is concerning, with a net cash flow from operating activities of -2.376 billion yuan in Q1 2025, compared to 283 million yuan in the same period of 2024 [4]. Group 2: Challenges in Implementation - The transition to a 60-day payment period poses significant challenges for automotive companies, particularly in terms of cash flow management and internal coordination among finance, procurement, and production departments [1][4]. - Suppliers express skepticism about the feasibility of the 60-day payment commitment, citing complex payment processes and potential delays in various stages such as delivery, acceptance, invoicing, and payment [6][7]. - The automotive industry is characterized by a lengthy production cycle, often exceeding 180 days, complicating the ability to adhere to shorter payment terms [6]. Group 3: Supplier Perspectives - Suppliers are generally supportive of the reduced payment terms but remain cautious about the actual implementation, given the historical context of delayed payments [6][8]. - The financial strain on smaller suppliers is exacerbated by the competitive landscape, with over 60% of component manufacturers facing annual cost pressures of 5% to 25% [9]. - Larger suppliers, such as CATL, have better cash flow management and shorter accounts receivable turnover days compared to the industry average, highlighting disparities within the supply chain [8][9]. Group 4: Comparison with International Practices - International automotive companies exhibit more effective accounts payable management, with Ford and Toyota maintaining turnover days of approximately 56.94 and 54.84 days, respectively [10]. - The robust legal framework in countries like Germany enforces strict penalties for late payments, contributing to better compliance among suppliers [11]. - Successful international practices include long-term trust-based relationships between manufacturers and suppliers, as seen in Toyota's streamlined supply chain management [12]. Group 5: Future Outlook - Experts believe that the commitment to a 60-day payment period represents an opportunity for the Chinese automotive industry to establish healthier supply chain relationships [13]. - The government's regulatory efforts are seen as a significant factor in ensuring the successful implementation of this commitment [13]. - Some companies have already begun to implement the 60-day payment policy, indicating a potential shift towards improved cash flow management within the industry [14].