透过汽车企业三季报看账期变化：付款时间有所缩短

Core Viewpoint - The automotive industry in China is making progress in addressing payment terms, with major A-share listed companies reducing their accounts payable turnover days in the third quarter of 2025, following commitments to pay suppliers within 60 days [1][2]. Group 1: Payment Term Improvements - A total of 11 A-share listed passenger car companies showed a decrease in accounts payable turnover days in Q3 2025, with GAC Group having the shortest at 76.14 days and Qianli Technology the longest at 154.61 days [2]. - Notably, Beiqi Blue Valley saw a significant reduction from 112.32 days to 83.79 days, a drop of 28.53 days or 25% [2]. - Despite improvements, some companies like SAIC Group and Changan Automobile still have substantial accounts payable, with SAIC reporting 76.9 billion yuan in payable notes [2]. Group 2: Cash Flow Management - Most car companies maintained positive cash flow in Q3, with SAIC, Great Wall Motors, and Changan reporting over 10 billion yuan in net operating cash flow, while BYD exceeded 9 billion yuan [3]. - However, some companies are experiencing cash flow pressure, indicating a mixed financial health across the industry [3]. Group 3: Best Practices from Leading Companies - GAC Group has consistently kept supplier payment terms under 60 days, leveraging a digital management system for real-time tracking of payment processes [5]. - Seres has innovated with a "factory within a factory" model to streamline production and reduce costs, enhancing payment execution efficiency [6]. - China FAW has implemented a 100% cash payment policy for small and medium-sized suppliers, moving away from mixed payment methods [6]. Group 4: Ongoing Challenges - Despite improvements, operational bottlenecks remain, particularly with legacy orders that do not meet the new payment terms, leading to discrepancies in treatment between new and old orders [7]. - Suppliers express concerns about potential repercussions from complaints, often opting for negotiation over formal disputes [7]. - Industry experts highlight that while shortening payment cycles may strain cash flow for automakers, it also necessitates better financial management and operational efficiency [8].