Group 1: Industry Insights - The China Automobile Industry Association is actively working to prevent "involution spillover" by promoting respect for local cultures and laws during overseas expansion, aiming for orderly growth [1] - The association has reported positive progress in anti-involution efforts, with mainstream industry players taking proactive measures to enhance self-discipline [1] Group 2: Company Performance - GAC Group expects a net loss of 1.82 billion to 2.6 billion yuan for the first half of 2025, compared to a net profit of 1.516 billion yuan in the same period last year, due to slow sales of new energy models and the impact of price wars [1] - XPeng Motors has officially communicated a commitment to a 60-day payment term to suppliers, marking a significant adjustment in its payment practices [1] Group 3: Market Developments - Volkswagen is reportedly planning to close its Nanjing factory by the end of this year, marking the first complete shutdown of a manufacturing plant in China, although SAIC Volkswagen claims operations are normal [2] - Tesla will open its first experience center in Mumbai, India, on July 15, showcasing popular models and providing test drives and consultations, indicating its entry into the Indian market [3] - Mercedes-Benz India reported a 10% year-on-year increase in retail sales for April to June, reaching 4,238 units, driven by demand for high-end models and a 157% increase in electric vehicle sales [4] Group 4: Regulatory Impact - Volkswagen has paused deliveries of an electric vehicle to the U.S. due to dissatisfaction with seat width and significant punitive tariffs imposed by the U.S. government, which have increased from 2.5% to 27.5% since April, potentially costing German manufacturers over 11 billion euros this year [5]

Group 1 - The core viewpoint of the articles is that Xiaopeng Motors has committed to a payment cycle of 60 days for suppliers, aligning with government initiatives to promote high-quality development in the automotive industry [2][3]. - Xiaopeng Motors officially notified suppliers about the adjustment to a unified payment cycle of 60 days, marking it as the first written notice in the automotive industry regarding this commitment [2][3]. - The initiative is part of a broader effort by 17 major automotive companies, including FAW Group and Dongfeng Motor Group, to ensure that supplier payment terms do not exceed 60 days [3]. Group 2 - The Ministry of Industry and Information Technology (MIIT) has opened a platform to address complaints from small and medium-sized enterprises regarding payment delays from major automotive companies, emphasizing the importance of adhering to the 60-day payment commitment [3][4]. - The average accounts payable turnover days for 32 automotive manufacturers is reported to be 109.74 days, while the average accounts receivable turnover days for 241 listed parts manufacturers is 100.99 days, indicating a significant imbalance in payment practices within the industry [4]. - The commitment to a 60-day payment cycle is expected to alleviate financial pressure on suppliers, thereby enhancing the production and supply efficiency of automotive parts, which could lead to a positive cycle within the industry [5].

记者丨郭晓洁 编辑丨周炎炎 7月9日，在多家车企宣布执行"60天账期"即将满月之际，工信部在"全国违约拖欠中小企业款 项投诉平台"开通了"重点车企践行账期承诺线上问题（建议）反映窗口"，主要受理四类涉及 车企拖欠供应商账款的问题。 多位车企供应商负责人向21世纪经济报道记者反映，当前，并非所有类型的供应商都被纳 入"60天账期"覆盖范围。 材料类供应商或已初步受益于新规红利，但设备、基建工程等领域 的实际付款周期依然较长，部分企业甚至需等待1年以上才能完成确权与回款。 事实上，车企账期问题只是众多产业供应链上下游博弈的一个缩影。多年来，部分大型企业 利用自身强势地位设置长账期，进一步挤压中小企业的现金流空间，其中尤其值得关注的是 长期困扰中小企业的名义账期之外的"隐形账期"问题。 随着监管趋严和行业自律加强，大型企业的名义账期虽有所缩短，但"隐形账期"却以新的形 式出现，成为中小企业现金流管理的新挑战。 这场大型企业与中小供应商之间的博弈，不仅影响产业链的健康运行，也使中小企业陷入了 融资难的困境。 "看不见"的账期 实际上，在车企集中宣布缩短账期之前，央企国企已在监管压力下率先展开多轮整改，合同 账期普遍有 ...

Core Insights - The article discusses the challenges faced by small and medium-sized enterprises (SMEs) in the automotive supply chain, particularly regarding payment terms and cash flow management [1][3][12] - It highlights the introduction of a "60-day payment term" by major automotive companies, but notes that not all suppliers benefit equally, with some facing much longer payment cycles [3][4] - The concept of "invisible payment terms" is introduced, where delays in payment confirmation create additional cash flow challenges for SMEs [3][5][9] Payment Terms and Challenges - The "60-day payment term" is primarily applicable to material suppliers, while equipment and infrastructure suppliers often experience longer payment cycles, sometimes exceeding one year [3][5] - SMEs are often pressured to accept unfavorable payment terms due to the need to maintain relationships with larger enterprises, which can lead to cash flow issues [9][11] - The article emphasizes that the real issue for SMEs is not just the nominal payment terms but also the hidden delays in payment confirmation, which can extend the time before they receive payment [4][5][9] Regulatory Environment - Recent regulations, such as the "Payment Protection for SMEs" law, aim to ensure timely payments from core enterprises to their suppliers, but implementation details remain vague [12][13] - The article suggests that existing regulations in developed countries impose penalties on late payments, which could serve as a model for improving the situation in China [13] Financial Implications - SMEs struggle to secure financing due to the lack of formal payment confirmations, which complicates their ability to leverage accounts receivable for loans [14][15] - The reliance on core enterprises' credit for supply chain financing poses risks, and there are calls for alternative financing models that do not depend solely on these large companies [15][16] Recommendations for Improvement - The article advocates for clearer regulations regarding penalties for delayed payments and suggests that core enterprises should be required to disclose accounts receivable information to enhance transparency [17] - It emphasizes the need for a cultural shift in business practices, encouraging core enterprises to optimize payment terms to improve overall supply chain efficiency [17]

Core Viewpoint - The Ministry of Industry and Information Technology has opened a feedback window to address issues related to the payment cycle commitments of key automotive companies, aiming to improve management processes and optimize payment methods for small and medium-sized enterprises [1][2]. Group 1: Payment Cycle Commitments - Key automotive companies are encouraged to adhere to a 60-day payment cycle, which is beneficial for suppliers, but there is a need for better communication and a phased approach to implementation based on individual circumstances [1][2][6]. - A component supplier reported that a leading bus manufacturer has recently adjusted its payment terms to 60 days, allowing for quicker cash flow and reduced financial costs [3]. Group 2: Supplier Payment Models - The payment model varies across the industry, with most automotive manufacturers not providing upfront payments to suppliers unless in specific situations like shortages [4][5]. - Suppliers often receive payments through commercial or bank acceptance bills, which can lead to delays in cash flow, as these bills typically have a six-month maturity [4][5]. Group 3: Recommendations for Improvement - Suppliers suggest that automotive companies should leave some market and profit space for them and gradually implement payment commitments to foster better relationships and communication within the supply chain [6]. - A phased approach to implementing the 60-day payment commitment is recommended, including friendly negotiations on new contracts and gradually reducing reliance on commercial acceptance bills [6].

Core Viewpoint - Recently, 17 major automotive companies, including FAW, Dongfeng, GAC, and Seres, have publicly committed to a payment term not exceeding 60 days for suppliers, raising questions about the feasibility of these commitments and prompting the Ministry of Industry and Information Technology (MIIT) to establish a feedback window for reporting issues related to these commitments [1][4]. Group 1 - The MIIT has launched an online feedback window to address issues related to the payment commitments made by major automotive companies, allowing small and medium-sized enterprises (SMEs) to report problems regarding the enforcement of the 60-day payment term [1][3]. - The feedback window will handle four types of issues: failure to adhere to the 60-day payment term, unreasonable payment term start dates, coercion of SMEs to accept non-cash payment methods, and other inadequacies in implementing the Payment Protection Regulation for SMEs [3][4]. - The MIIT supports the automotive companies' commitment to a 60-day payment term and aims to foster long-term stable relationships between vehicle manufacturers and their supply chain partners [3][4]. Group 2 - Data indicates that in 2024, the average accounts payable turnover days for Chinese domestic automotive companies will be 182 days, which is 2.3 times that of international companies, leading to skepticism among suppliers regarding the fulfillment of the 60-day payment commitment [4]. - The establishment of the feedback window provides a new channel for automotive suppliers to urge companies to resolve payment-related issues, thereby promoting better management practices and payment methods [4]. - The MIIT plans to guide industry organizations in developing payment settlement standards for the automotive sector and to promote a collaborative ecosystem between vehicle manufacturers and parts suppliers [4]. Group 3 - The Payment Protection Regulation for SMEs, effective from June 1, 2023, mandates that government agencies and institutions must pay for goods and services from SMEs within 30 days, or within 60 days if otherwise agreed in the contract [4]. - The newly revised Anti-Unfair Competition Law addresses the issue of delayed payments to SMEs, prohibiting large enterprises from abusing their advantages to impose unreasonable payment terms on SMEs [5].

上述窗口主要受理中小企业关于重点车企践行货款支付周期承诺、落实《保障中小企业款项 支付条例》不力等问题（建议），协调相关方面推动解决。 具体来看，上述窗口主要受理四类问题（建议）： 一是重点车企未践行60天支付期限承诺，在采购合同中约定的付款期限超过60天。 二是重点车企采取设定不合理的支付期限起算时间、无正当理由拖延出具检验或验收合格证 明等方式变相延长支付期限，以及以收到第三方货款作为支付条件或按照第三方支付比例支 付款项。 【导读】工业和信息化部开通"重点车企践行账期承诺线上问题反映窗口" 中国基金报记者 邱德坤 7月9日，工业和信息化部在"全国违约拖欠中小企业款项投诉平台"开通"重点车企践行账期承 诺问题（建议）反映窗口"。 编辑：杜妍 校对：乔伊 制作：鹿米 审核：木鱼 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 三是重点车企强制或变相强制中小企业接受商业汇票、应收账款电子凭证等非现金支付方 式。 四是重点车企落实《保障中小企业款项支付条例》不力的其他问题。 账期是指供应商向采购方供货后，采购方实际付款给供应商的时间。在汽车行业，车企凭借 较强 ...

Core Viewpoint - The article discusses the extended payment terms in the automotive and beauty care industries in China, highlighting the impact on suppliers, particularly small and medium enterprises, and the implications of the revised regulations aimed at improving payment practices [1][2]. Group 1: Payment Terms in Automotive Industry - Domestic automotive companies have an average payment term exceeding 170 days, with some exceeding 240 days, effectively transferring financial pressure to suppliers [1]. - The revised "Regulations on Payment for Small and Medium Enterprises" mandates that large enterprises must pay small and medium suppliers within 60 days of delivery [2]. Group 2: Payment Terms in Beauty Care Industry - The beauty care industry has an average payment term of 101 days, which has increased by one week compared to the previous year [3]. - The medical beauty sector shows significantly longer payment terms, with some companies like Huaxi Biological having payment terms of 197 days, an increase of 25 days year-on-year [4][12]. Group 3: Financial Health of Companies - Huaxi Biological's accounts payable balance reached 820 million yuan, a year-on-year increase of 18.22%, indicating a growing reliance on extended payment terms despite having a relatively high liquidity position [12][14]. - Jinbo Biological reported a payment term of 166 days in 2024, with a notable increase in overdue accounts payable, suggesting liquidity challenges [9][10]. Group 4: Industry Dynamics and Competition - The medical beauty industry faces high regulatory barriers and concentrated market power, leading to extended payment terms as companies leverage their bargaining power over suppliers [5][6]. - The competitive landscape in the hyaluronic acid market has intensified, impacting Huaxi Biological's revenue and profit margins, which have seen significant declines in recent years [13]. Group 5: Comparison Among Major Players - Among the "three giants" in the hyaluronic acid market, Huaxi Biological and Aimeike have payment terms exceeding 100 days, while Haohai Biological maintains a stable payment term of under 30 days, indicating a stark contrast in financial practices [14][15].

点击上图▲立即收听 " 房地产行业的 ' 三道红线 ' 影响深远，但类比到车圈，不免有些 ' 望文生义 ' 之嫌。 " 文 / 巴九灵（微信公众号：吴晓波频道） 汽车行业似乎正走向一场前所未有的收紧。 带动这种氛围的，是一则寻不见来源的流言： "新能源车企或将面临三大限制。" 这三大限制分别是：严账期、降杠杆、控产能。 因形似房地产市场当年的 "三道红线"而引发不安。 2020年，我国监管部门为了遏制房企无序扩张，首次提出房地产"三道红线"：剔除预收款后的资产负债率不得大于70%、净负债率不得大于 100%、现金短债比不得小于1倍。 触及三道红线的房企，不得新增有息负债；触及两道红线的，负债年增速不得超过 5%；触及一道红线的，负债年增速不得超过10%；未触及红 线的，负债年增速不得超过15%。 这剂猛药，至今影响着房地产行业。 但类比到车圈，不免有些 "望文生义"之嫌。 车与房 过去十几年，房子被赋予了非常强的 "金融资产"属性。 即不少时候，买房是为了 "炒"。 在房价会持续上涨的预期之下，中国房地产行业发展至 "高负债、高杠杆、高周转"的极端模式。 建设中的楼盘 具体路径为：大量借款（高杠杆）拿地、快速 ...

Core Viewpoint - The automotive industry is increasingly extending payment terms to suppliers, with average payment periods exceeding 170 days, impacting the cash flow of smaller suppliers and leading to financial distress [1][3]. Group 1: Payment Terms in Automotive Industry - Domestic automotive companies have an average payment term of over 170 days, with some exceeding 240 days [1]. - Payment terms for upstream suppliers are typically extended by an additional two months, resulting in even longer payment cycles for Tier 2 and Tier 3 suppliers [3]. - The revised "Regulations on Payment of Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized suppliers within 60 days of delivery [3]. Group 2: Retail Industry Payment Terms - In the retail sector, over 60% of retailers have payment terms exceeding 60 days, with the average payment term for the retail industry in 2024 being 62 days, a slight increase from 58 days in 2023 [5]. - The trade industry has a payment term of 46 days, while the general retail sector has a significantly longer payment term of 112 days [6]. - The professional chain industry has the shortest payment term at 21 days, while the internet e-commerce sector has a payment term of 78 days, which has decreased by 8 days from the previous year [6]. Group 3: Historical Trends and Regulations - Payment terms in the retail industry have generally increased from 2020 to 2024, with the general retail sector's payment term extending by 4 days and the internet e-commerce sector by 40 days [7]. - The "Retailer Supplier Fair Trade Management Measures" established in 2006 aimed to regulate payment terms, stating that payment should not exceed 60 days post-delivery [7][8]. - Despite regulations, many retailers continue to extend payment terms beyond the stipulated limits, particularly in the general retail sector, where terms can be nearly double the recommended period [8]. Group 4: Specific Company Cases - Baida Group has the longest payment term in the retail sector at 1,308 days, significantly influenced by its business model and low operating costs [10]. - Hangzhou Xie Bai follows with a payment term of 838 days, also due to its business model that minimizes financial risk [11]. - In contrast, Kairuide, operating in the trade sector, has the shortest payment term of just 1 day, reflecting its self-operated business model and focus on cash flow management [12].