A股大消费产业链支付账期大观——“家电”篇：白电平均账期约145天 格力电器显著掉队超过170天

Core Viewpoint - The article discusses the extended payment terms in the automotive and home appliance industries in China, highlighting the financial strain on suppliers due to long payment cycles, which can exceed 240 days for some companies [1][3]. Group 1: Automotive Industry - Domestic automotive companies have an average payment term exceeding 170 days, with some exceeding 240 days, effectively transferring financing and cash flow pressures to suppliers [1][3]. - The revised "Regulations on Payment for Small and Medium Enterprises" mandates that large enterprises must pay small and medium enterprises within 60 days of delivery, aiming to alleviate the "difficulties in collection" faced by smaller suppliers [3][4]. Group 2: Home Appliance Industry - The home appliance industry has an average payment term of 149 days for 2024, with a total operating cost of 1.20 trillion yuan and accounts payable of 530.34 billion yuan, reflecting a year-on-year increase of 14.34% [7][8]. - The payment terms vary by sub-sector: white goods have a payment term of 145 days, black goods 149 days, and small appliances 130 days, with appliance components having a notably higher term of 172 days [8][9]. Group 3: Company-Specific Insights - Samsung New Materials has the longest payment term in the home appliance sector, reaching 365 days due to significant investments in a photovoltaic project, with accounts payable increasing to over 1.2 billion yuan [10][11]. - Zhejiang Meida has the shortest payment term at 36 days, attributed to its efficient procurement model and low inventory levels [12]. - Gree Electric's payment term is 171 days, significantly higher than the industry average, indicating potential inefficiencies in inventory turnover and supply chain management [13][14]. Group 4: Comparative Analysis of Major Players - Midea Group and Haier Smart Home have payment terms of 128 days and 126 days respectively, both shorter than the average for white goods, while Gree Electric's term is notably longer at 171 days [14][17]. - Midea's supply chain management practices, including intelligent replenishment and automated procurement processes, contribute to its shorter payment term [15][16].