汽车商业评论·2025-11-04 23:07Core Viewpoint - BYD is planning to cut ties with the DChain system, which has been a significant part of its supply chain financing strategy, due to increasing pressure from regulatory authorities and the need for greater financial transparency [4][7][20]. Group 1: Financial Implications - BYD's reliance on DChain allowed it to save billions in financing costs, estimated at over 100 billion yuan annually [6]. - The transition to bank acceptance bills and commercial acceptance bills is expected to reduce discount interest rates significantly, from 5%-10% with DChain to below 1% with bank bills [9]. - As of the end of Q3 2025, BYD reported cash and cash equivalents of 117.47 billion yuan, while its total payables amounted to 225.01 billion yuan, indicating significant financial pressure [20][22]. Group 2: Industry Impact - The move away from DChain is seen as a positive development for the automotive industry and national livelihood, promoting fairer competition among enterprises [8][11]. - The DChain system's opacity has raised concerns about hidden liabilities, with estimates suggesting that the scale of DChain could exceed 400 billion yuan, complicating BYD's financial transparency [13][23]. - The cancellation of DChain is viewed as a necessary step for BYD to avoid potential financial pitfalls, akin to past financial crises caused by over-leverage [20][24]. Group 3: Supplier Relations - Many suppliers remain unaware of the changes regarding DChain, with some expressing concerns about the future of their receivables [5][12]. - The DChain system previously gave BYD significant leverage over suppliers, creating a dependency that could backfire if financial conditions change [16]. - The transition to more traditional forms of payment may alleviate some of the pressures on suppliers, but it also introduces new challenges in managing cash flow and payment cycles [9][11].