Hu Xiu·2025-09-11 11:34Core Viewpoint - The automotive industry is experiencing a trend of "anti-involution," with 17 companies committing to reduce supplier payment terms to within 60 days, aimed at alleviating financial pressure on parts manufacturers [1] Group 1: Financial Performance of Automotive Companies - As of the first half of the year, 18 listed automotive companies reported a total accounts payable and notes payable of 1,020.903 billion yuan, a decrease of 62.934 billion yuan compared to the end of last year [2] - The average turnover days for accounts payable increased to 192.46 days, up by 6.17 days from the end of last year, indicating a divergence between total reduction and extended payment terms [2] - BYD, SAIC Motor, and Geely Automobile had the highest accounts payable, with amounts reaching 236.686 billion yuan, 230.553 billion yuan, and 105.061 billion yuan respectively [3] Group 2: Changes in Accounts Payable - 14 automotive companies saw a reduction in accounts payable compared to the end of last year, with Changan Automobile, SAIC Motor, and Geely Automobile showing the largest decreases of 24.085 billion yuan, 10.591 billion yuan, and 8.124 billion yuan respectively [4] - Conversely, NIO, XPeng Motors, and Leap Motor reported increases in accounts payable, with XPeng Motors rising by 7.607 billion yuan, a 32.96% increase [7] Group 3: Turnover Days Analysis - Only 6 companies improved their accounts payable turnover days compared to the end of last year, with XPeng Motors achieving the most significant reduction of approximately 63 days, bringing it down to 170 days [9] - In contrast, companies like Seres and BYD experienced increases in turnover days, with Seres rising to 266.3 days, an increase of over 100 days [11] Group 4: Cash Flow and Payment Terms - The overall trend shows a reduction in accounts payable but an increase in turnover days, suggesting that companies are accelerating cash collection and proactively making payments [12] - Some companies, like Ideal Automotive, have adjusted their payment terms to comply with the 60-day requirement, with cash flow expected to improve in the fourth quarter [15][16] - However, challenges remain in managing cash flow and ensuring timely payments to suppliers, as highlighted by industry analysts [17][18] Group 5: Cash Reserves and Coverage of Payables - Among the 18 companies, only Jiangling Motors and Haima Automobile have cash reserves sufficient to cover their accounts payable [19] - Companies like BYD, Geely, and NIO have cash reserves that fall short of their accounts payable, indicating pressure on short-term liquidity [20]