A股大消费产业链支付账期大观——“医美”篇：“玻尿酸三巨头”华熙生物支付账期最长 上市至今延长了4个月

Core Viewpoint - The article discusses the extended payment terms in the automotive and beauty care industries in China, highlighting the impact on suppliers, particularly small and medium enterprises, and the implications of the revised regulations aimed at improving payment practices [1][2]. Group 1: Payment Terms in Automotive Industry - Domestic automotive companies have an average payment term exceeding 170 days, with some exceeding 240 days, effectively transferring financial pressure to suppliers [1]. - The revised "Regulations on Payment for Small and Medium Enterprises" mandates that large enterprises must pay small and medium suppliers within 60 days of delivery [2]. Group 2: Payment Terms in Beauty Care Industry - The beauty care industry has an average payment term of 101 days, which has increased by one week compared to the previous year [3]. - The medical beauty sector shows significantly longer payment terms, with some companies like Huaxi Biological having payment terms of 197 days, an increase of 25 days year-on-year [4][12]. Group 3: Financial Health of Companies - Huaxi Biological's accounts payable balance reached 820 million yuan, a year-on-year increase of 18.22%, indicating a growing reliance on extended payment terms despite having a relatively high liquidity position [12][14]. - Jinbo Biological reported a payment term of 166 days in 2024, with a notable increase in overdue accounts payable, suggesting liquidity challenges [9][10]. Group 4: Industry Dynamics and Competition - The medical beauty industry faces high regulatory barriers and concentrated market power, leading to extended payment terms as companies leverage their bargaining power over suppliers [5][6]. - The competitive landscape in the hyaluronic acid market has intensified, impacting Huaxi Biological's revenue and profit margins, which have seen significant declines in recent years [13]. Group 5: Comparison Among Major Players - Among the "three giants" in the hyaluronic acid market, Huaxi Biological and Aimeike have payment terms exceeding 100 days, while Haohai Biological maintains a stable payment term of under 30 days, indicating a stark contrast in financial practices [14][15].