告别超长账期内卷，龙头车企率先整改“两头吃”

Core Insights - The article discusses the shift in payment methods by BYD to enhance supplier rights and improve financial structure through the transition from accounts receivable electronic vouchers to bills [1][2][3] Group 1: Policy Changes and Industry Trends - In April 2025, the People's Bank of China and six other departments issued a notice to regulate supply chain finance, emphasizing the need for compliance with payment terms and protecting the rights of small and medium enterprises [1] - Industry leaders are adjusting payment models to promote a healthy supply chain collaboration, moving away from prolonged payment terms [1][3] Group 2: BYD's Strategic Adjustments - BYD has implemented a 60-day payment adjustment for small and medium enterprises, aligning with new regulations, and has shifted to cash transfers for payments starting in September [2] - The company plans to transition its electronic voucher payments to bill payments within 2-3 years, significantly reducing the proportion of electronic voucher payments in procurement by 2024 [3] Group 3: Financial Implications - Although the adjustment in payment methods may increase financial costs, it is expected to foster a healthy supply chain cycle [3] - BYD has issued a total of 200 billion yuan in technology innovation bonds, with the latest issuance having a term of 3 years and a coupon rate of only 1.82%, optimizing its debt structure [3] Group 4: Industry Response - Other industry leaders, such as CATL and Chery Group, are also reducing accounts payable and shifting towards bank acceptance bills and cash payments [3] - Major supply chain information service platforms are enhancing compliance and business standardization in response to regulatory requirements [4]