安联贸易：2025全球应收账款与营运资金报告

Core Insights - The report indicates that global working capital requirements (WCR) increased by 2 days to 78 days in 2024, marking the highest level since 2008, with no signs of relief at the beginning of 2025 [2][8][11] - Economic volatility, trade tensions, and tightening financial conditions are driving this increase, forcing companies to adapt to uncertainty and bear associated costs [2][8] - There are significant regional differences in working capital needs, with Western Europe experiencing a continuous increase of 4 days, while North America saw a decrease of 3 days [2][12] Regional Analysis - In Western Europe, companies face delayed receivables, with accounts receivable turnover days (DSO) increasing for the third consecutive year, leading to a reliance on trade credit, which is projected to reach approximately €11 billion [9][28] - North American companies have reduced their working capital needs by 3 days, primarily through inventory reduction and reallocating funds to shareholders, with stock buybacks expected to exceed $1 trillion in 2025 [2][8][29] - The Asia-Pacific region saw a slight increase of 2 days in working capital needs, with significant contributions from China and Singapore [27][12] Industry Trends - Almost all industries are experiencing an increase in DSO, particularly in transportation equipment (+11 days) and electronics (+4 days), leading to a general rebound in working capital needs [3][34] - Seven industries globally are witnessing increased working capital requirements across North America, Western Europe, and Asia-Pacific due to weak demand, while declines are more scattered [3][35] - The construction and commodities sectors are showing the most significant reversals in trends at the beginning of 2025 [3][34] Financial Dynamics - European companies are acting as "shadow banks," providing significant trade credit, which poses risks if economic growth slows or interest rates rise [9][28] - The report highlights that 35% of global companies have working capital needs exceeding 90 days, indicating a persistent challenge in cash flow management [11][18] - The report also notes that the average inventory turnover days (DIO) remain stable, with inventory still accounting for a significant portion of working capital needs [19][34]