和讯·2025-06-12 11:29Core Viewpoint - The automotive industry is facing significant pressure from various stakeholders, including suppliers and regulatory bodies, due to ongoing price wars and extended payment terms, which are impacting the financial health of the entire supply chain [1][5]. Group 1: Price War Dynamics - Automotive companies are primarily relying on price negotiations rather than improving supply chain efficiency or technological innovation to reduce costs [1][2]. - The current price war is characterized by companies sacrificing their profits and pressuring suppliers to accept longer payment terms, effectively lowering procurement costs [2][3]. - The accounts payable and notes payable of major automotive companies have generally expanded, with notable increases in companies like Beiqi Blue Valley and Zerorun, which saw over 120% and 90% growth, respectively [2][3]. Group 2: Supplier Impact - Approximately 80% of automotive parts manufacturers have reported an increase in accounts receivable, with some companies experiencing growth rates exceeding 50% [3]. - The average turnover days for accounts payable among domestic automotive companies exceed 180 days, while international counterparts maintain around 60 days, indicating a significant burden on suppliers [3][4]. - Suppliers are often forced to accept unfavorable conditions due to the dominance of high market share companies, leading to cost-cutting measures that may compromise quality [4]. Group 3: Regulatory Changes - The newly implemented "Regulations on Payment for Small and Medium Enterprises" aims to address the long payment terms and low capital efficiency issues in the automotive supply chain by mandating payments within 60 days [5][6]. - While some companies have committed to reducing payment terms, many have not explicitly stated their intention to avoid increasing supplier financial pressure through non-cash payment methods [5][6]. - The regulations serve as a "mirror" for the financial health of automotive companies, allowing suppliers to make informed decisions based on the payment practices of their partners [6].