A股大消费产业链支付账期大观——“饮食”篇：白酒行业平均账期4个月 *ST岩石深陷经营危机账期长达四年半

Core Viewpoint - The article discusses the extended payment terms in the automotive supply chain, highlighting how car manufacturers transfer financing and cash flow pressures onto suppliers, with average payment terms exceeding 170 days, and some exceeding 240 days [1][3]. Group 1: Payment Terms in Automotive Industry - Current average payment terms for domestic car manufacturers exceed 170 days, with some companies extending to over 240 days [1]. - The payment terms for suppliers in the automotive industry are often two months longer than those of the car manufacturers, leading to severe cash flow issues for smaller suppliers [3]. Group 2: Regulatory Changes - The revised "Regulations on Payment of Funds to Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized suppliers within 60 days of delivery [3]. - The implementation of these regulations aims to address the "difficulties in collection" faced by small and medium-sized enterprises [3]. Group 3: Payment Terms in Food and Beverage Industry - The average payment term for the food and beverage industry is 71 days, remaining stable compared to 2023 but extending by 15 days since 2020 [5][7]. - The breakdown of payment terms by sub-industry shows significant variation, with the liquor industry having the longest payment terms at 167 days, while the food processing industry has the shortest at 36 days [10]. Group 4: Specific Company Cases - *ST Rock has an extraordinarily long payment term of 1613 days, significantly impacting its suppliers and reflecting its operational crisis [11]. - In contrast, Guanghong Holdings has the shortest payment term of 13 days, indicating a more stable cash flow situation [13][14]. - Guizhou Moutai's payment term is 86 days, which is significantly shorter than the industry average, attributed to its strong brand and cash flow management [15][16].