Core Viewpoint - The automotive industry in China is experiencing a significant shift towards reducing payment terms to within 60 days, initiated by several major automakers in response to long-standing issues with extended payment periods that have strained the supply chain [2][3][5]. Group 1: Industry Response - On June 10, 2023, major automakers including China FAW, Dongfeng Motor, GAC Group, and others committed to limiting supplier payment terms to 60 days, with 17 companies making similar pledges by June 13 [2]. - The collective commitment to a 60-day payment term is seen as a positive development for the automotive supply chain, which has been burdened by long payment cycles and financial strain [2][3]. - The recent commitment follows the implementation of the revised "Regulations on Payment of Small and Medium-sized Enterprises" by the State Council, mandating large enterprises to pay small and medium-sized suppliers within 60 days [5]. Group 2: Financial Implications - The average accounts payable turnover days for domestic listed automakers is projected to reach 182 days in 2024, significantly higher than that of German (40.5 days) and American (60.5 days) automakers, highlighting a deep cash flow management issue [5]. - Companies like Seres and others have a high proportion of accounts payable in their liabilities, indicating a reliance on supplier financing [6]. - In Q1 2025, the A-share passenger car industry reported a net operating cash flow of -2.376 billion yuan, the lowest in five years, indicating severe cash flow challenges [6]. Group 3: Challenges in Implementation - Many automakers have not provided clear definitions or details regarding the implementation of the 60-day payment term, raising concerns about the feasibility of this commitment [4]. - Industry experts suggest that the extended payment terms were initially a result of insufficient cash flow, and enforcing a 60-day payment term could impose significant financial pressure on automakers [4][6]. - The use of commercial acceptance bills and bank acceptance bills for payments may still prolong the actual payment timeline, despite the 60-day commitment [10][11]. Group 4: Supply Chain Dynamics - The automotive supply chain is characterized by a complex payment structure, where suppliers often face delays due to the need for goods to be inspected and invoiced before payments can be processed [11]. - The reliance on supply chain finance platforms by automakers has led to extended payment periods, as suppliers may have to wait months to receive payments [9][10]. - The potential for automakers to manipulate payment timelines through acceptance and inspection processes remains a concern for suppliers [11]. Group 5: Future Outlook - The commitment to a 60-day payment term is viewed as a necessary step towards fostering a healthier relationship between automakers and suppliers, promoting high-quality industry development [3][5]. - Experts believe that reducing payment terms could enhance cash flow for suppliers, enabling them to invest in research and development, ultimately benefiting the entire automotive ecosystem [14]. - The long-term success of the 60-day payment term will depend on effective regulatory enforcement and collaboration within the industry [12][14].

Core Viewpoint - The discussion around BYD's "Di Chain" has intensified, particularly in light of concerns regarding the company's high debt levels and payment terms, which have drawn comparisons to the troubled Evergrande Group [2][22]. Group 1: Debt and Payment Terms - BYD's debt ratio is reported to be 70% with total liabilities reaching 584.66 billion [2]. - BYD's average turnover days are 127, comparable to Geely, and lower than other competitors like SAIC and Great Wall [2]. - Following public scrutiny, multiple car manufacturers, including BYD, committed to a payment term of no more than 60 days, highlighting regulatory concerns about extended payment periods harming the automotive industry [2][26]. Group 2: Di Chain Overview - "Di Chain" is an electronic debt certificate provided by BYD to its suppliers, functioning similarly to a promissory note but lacking the legal protections of traditional commercial bills [3][5]. - Suppliers can hold Di Chain until maturity for cash or use it as a debt instrument for financing [3][5]. Group 3: Financial Implications - Di Chain serves as a supply chain financial tool that can help alleviate cash flow issues for small and medium-sized enterprises (SMEs) while generating revenue for banks [5][6]. - Some banks offer financing against Di Chain, providing a 50% discount rate and charging a 3% annual interest rate for loans secured by Di Chain [6]. Group 4: Supplier Challenges - Suppliers face pressure to accept Di Chain, especially smaller ones with less negotiating power, leading to extended payment timelines [7][9]. - The payment cycle can exceed 6 months, significantly impacting suppliers' cash flow and operational capabilities [9][11]. - Di Chain can create a cascading effect where risks are transferred down the supply chain, further entrenching smaller suppliers in a cycle of dependency [11][12]. Group 5: Regulatory and Market Context - The scale of Di Chain issuance is substantial, with reports indicating over 400 billion in cumulative issuance, raising concerns about liquidity and potential risks if suppliers demand cash simultaneously [22][24]. - Compared to other automotive companies, BYD's issuance volume is significantly higher, which could pose systemic risks [22][23]. - The automotive industry is facing a common challenge regarding supply chain financing, necessitating regulatory oversight to ensure sustainable growth [25][26].

Core Viewpoint - Major automotive companies, including SAIC and BAIC, have committed to standardizing supplier payment terms to within 60 days, explicitly abandoning the use of commercial acceptance bills to avoid extending payment periods and increasing financial pressure on suppliers [1][2]. Group 1: Regulatory Response - This initiative is a direct response to the newly revised "Regulations on Ensuring Payment to Small and Medium Enterprises," which mandates that large enterprises must complete payments to small and medium enterprises within 60 days of delivery and prohibits the use of commercial bills to extend payment terms [2]. - Commercial acceptance bills, which are debt certificates issued and accepted by enterprises, are often used to extend payment cycles in supply chain finance, posing risks to suppliers [2]. Group 2: Financial Implications - The actual cost of commercial acceptance bills exceeds their face value, as suppliers face high discount fees if they need to cash them in early. For instance, a 1 million yuan commercial bill with a 10% discount rate would result in only 900,000 yuan being received by the enterprise [2]. - Despite the risks, commercial acceptance bills are widely used in the automotive industry. For example, BYD reported a balance of 1.258 billion yuan in commercial acceptance bills for 2024 [3]. Group 3: Supplier Risks - Suppliers holding commercial acceptance bills face significant risks if the main manufacturers encounter operational difficulties, as seen with companies like Neta, WM Motor, and HiPhi, which have previously led to suppliers being unable to recover payments, creating substantial survival pressures for them [3].

Core Viewpoint - The establishment of a digital comprehensive management platform for the entire industrial chain of medicinal herbs, particularly for the cultivation and processing of Mai Dong (Ophiopogon japonicus), is being promoted in Sichuan Province, enhancing quality control and ensuring farmers' benefits through standardized practices and innovative financial services [5][11]. Group 1: Digital Management and Quality Control - The construction of a digital comprehensive management platform integrates planting, processing, storage, sales, quality inspection, and finance, utilizing modern digital technologies for traceability [5][11]. - The introduction of a digital system allows for precise monitoring of the entire cultivation and processing process, ensuring compliance with standardized practices [7]. - Each batch of Mai Dong is assigned a unique QR code after passing strict quality checks, providing detailed information about its origin, composition, and environmental conditions [7][8]. Group 2: Storage and Supply Chain Management - The physical storage facility can hold 6,500 tons of Mai Dong, ensuring compliance with pharmacopoeia standards for up to three years and optimizing storage space to prevent damage [8]. - The storage facility plays a crucial role in market stabilization by maintaining a buffer stock of 1,000 tons of Mai Dong to mitigate price fluctuations and supply shortages [8]. Group 3: Farmer Support and Financial Services - The order production model between the storage facility and farmers guarantees reasonable returns regardless of market conditions, enhancing farmers' confidence [9]. - The development of a supply chain financial cloud platform provides various financial services, including loans for agricultural inputs and insurance products, supporting the entire Mai Dong industry chain [10]. Group 4: Innovation and Industry Development - The introduction of a third-party quality control system and collaboration with research institutions aims to enhance the standardization and quality management of Mai Dong production [10]. - The expansion into derivative products, such as beverages and personal care items, aims to increase the value of the Mai Dong industry and promote integrated development across different sectors [10].

Core Viewpoint - The automotive industry in China is collectively committing to standardize supplier payment terms to within 60 days, in response to the "anti-involution" policy and the upcoming "Regulations on Payment of Funds to Small and Medium-sized Enterprises" effective June 1, 2025, aimed at improving the business environment and addressing payment delays to suppliers [1][4]. Group 1: Industry Context - The rapid development of the new energy vehicle sector has led to price wars that have negatively impacted supplier margins, with net profit margins for domestic parts suppliers dropping from 9% in 2015 to 3.8% in Q1 2025 [2]. - The average accounts payable turnover days for 16 listed Chinese car companies is estimated to be 182 days in 2024, significantly longer than the 60 days maintained by 14 international car manufacturers [2][3]. Group 2: Financial Implications - The profit margin for the Chinese automotive industry is projected to decline from 4.3% in 2024 to 3.9% in Q1 2025, which is below the average for the manufacturing sector, indicating a risk of increased losses for more vulnerable companies [3]. - Companies with high accounts payable ratios and extended payment terms face the dilemma of either participating in price competition, risking further profit loss, or abstaining, which could affect sales and cash flow [3]. Group 3: Regulatory and Structural Considerations - The need for stronger legislation to address delayed payments and protect supplier profits is emphasized, alongside the establishment of a reliable execution mechanism to enforce these regulations [4]. - The current commitments from some companies regarding payment terms lack sufficient binding power, as they may be contingent on further price reductions or cost-shifting to suppliers [3].

每经记者｜段思瑶 每经实习编辑｜余婷婷 承诺"支付账期不超过60天"的车企还在不断扩围。6月11日上午，小鹏汽车、零跑汽车、长城汽车、小米汽车、理想汽车、奇瑞集团等陆续宣布，"将对供应 商支付账期统一至60天内"。 就在6月10日晚间，中国一汽、东风汽车、广汽集团、赛力斯、长安汽车等多家头部车企接连发布声明，承诺"将对供应商支付账期统一至60天内"。 复盘这次由众多车企发起的"60天账期承诺"集体行动宣言，可以发现节奏、文风高度一致。 从时间线上看，广汽集团最先发声。6月10日晚8点刚过，广汽集团发布关于供应商账期的郑重承诺，表示"坚持以不超过60天的供应商账期，保障供应链资 金高效周转"。 受上述消息影响，6月11日，A股汽车零部件概念股集体走强。截至收盘，同心传动涨停，美晨科技、欣锐科技涨幅超20%，华阳变速、迪生力、泉峰汽 车、金麒麟、西上海、通达电气等多股上涨。 | | | 汽车零部件 5750.45 2.18% | | | | --- | --- | --- | --- | --- | | 成分股 | 其余 | 简况(F10) | 资金 | 板块分析 | | 名称/代码 | | 最新 ◆ | 涨幅 ...

Core Insights - The Industrial and Commercial Bank of China (ICBC) Wuxi Yixing Branch is committed to serving the real economy by focusing on the development of key industries in the city, particularly in supply chain finance [1] - The bank successfully provided 10 million yuan in digital supply chain financing to an upstream supplier in the wire and cable industry, injecting financial support into the stability of the industrial chain [1] - The wire and cable industry is crucial for the national economy, and the stability of its supply chain is vital for infrastructure construction and industrial production [1] Industry Challenges - Upstream suppliers in the wire and cable sector are often small and medium-sized enterprises (SMEs) that face difficulties in obtaining affordable financing, which restricts their development and impacts the smooth operation of the entire supply chain [1] - The bank proactively engaged with leading enterprises in the local wire and cable industry to provide financial support to these SMEs through supply chain finance loans [1] Financial Solutions - The financing process leverages the credit of core enterprises in the supply chain and utilizes the bank's self-developed digital supply chain product, ICBC e-credit, to enable a fully online application, review, disbursement, and repayment process [1] - Suppliers can quickly access low-cost financing without needing additional collateral, significantly enhancing the accessibility of financing [1] Technological Integration - The bank employs financial technology advantages, including big data risk control models and blockchain technology, to ensure the authenticity of trade backgrounds and reduce business risks [2] - The digital supply chain platform can connect directly with core enterprises' ERP systems, allowing for real-time sharing of transaction data and dynamic monitoring of fund flows, ensuring that credit funds are accurately directed towards the real economy [2] Future Plans - The bank plans to expand cooperation with core enterprises in key industries such as manufacturing, agriculture, and construction, providing customized financial solutions for upstream and downstream clients in the industrial chain [2] - The goal is to build an ecosystem of "integration of production and finance, symbiosis, and win-win" [2]

看到网上都在讨论车企供应链金融的问题，各种链，舆论的导向就是大厂对中小供应商的压榨。 毛利率，对吧，毛利率对应了商业模式，从毛利率能看出这是不是个好生意。 毛利率高，说明企业要么有核心技术，要么有品牌溢价，要么有垄断性资源，对吧。 然后还看什么？帐期，对么？ 帐期的本质是什么？是议价能力，是行业地位，是话语权，咱们不仅要看上游应付的帐期，还要看下游 应收的帐期。 最好的模式是什么？就是上游的应付能拖得长长的，下游的应收一秒不等，甚至预付款到账才发货。 那帐期这个东西，本质就是一种折扣啊，资金有成本有收益嘛，对吧。 我要来了180天帐期，实际上就是货款有便宜了3%-5%，所以本质就是一种溢价能力。 其实这一切的一切，归根结底就两个字——帐期。 一夜之间好像帐期变成了一个很坏的东西，供应链金融也变成了一个剥削的工具。 可是咱们现在换个角度想一想，当你去看一家企业的投资价值的时候，去做尽职调查的时候，会看什 么？ 所以帐期是万恶之源么？杜绝的了么？如果没有帐期了，会怎么样？ 如果没有帐期了，大家就会直接卷价格啊。 因为这就是一个市场行为，有的是人想进供应商库主动给帐期呢，别说180天了，360天都能给。 作为中小供 ...

Core Insights - The chairman of Zhongqi Yunlian, Liu Jiang, discussed the importance of digital financial solutions in addressing financing bottlenecks for enterprises, particularly through the use of electronic receivables certificates [2][4] - Liu emphasized the need for core enterprises to adhere to contractual obligations to protect the interests of small and medium-sized enterprises (SMEs) [2][5] Digitalization and Platformization Trends - The industry is experiencing two major trends: digitalization, which addresses information asymmetry, and platformization, which connects core enterprises, financial institutions, and SMEs [3][4] - Digital technologies enhance information transmission, allowing banks to better serve SMEs in the real economy [3] Regulatory Changes and Industry Evolution - Recent regulatory changes have led to greater recognition of supply chain finance, encouraging banks and core enterprises to participate in this business model [4] - The regulations emphasize "subject credit," "data credit," and "material credit," aiming to collaboratively resolve financing challenges for enterprises [4] Importance of Contractual Integrity - Liu highlighted the need for the industry to uphold the spirit of contracts, urging large enterprises to fulfill their agreements with SMEs to facilitate financing from banks [5][7] - The health of the supply chain finance industry relies on maintaining this contractual integrity, supported by regulatory oversight [7] Operational Challenges - There are operational pain points, such as banks requiring suppliers to open accounts at multiple banks, which complicates financing for SMEs [6] - Some banks do not provide financing to individual businesses, indicating a need for better communication with regulatory bodies to improve services for these entities [6] Recommendations for High-Quality Development - The industry should focus on maintaining the spirit of contracts and ensuring that large enterprises act as responsible "chain leaders" [7] - Continuous regulatory oversight is essential to ensure the effective application of supply chain finance tools and to mitigate potential abuses [7]

Core Insights - The article highlights the advantages of the Yichain Tong supply chain bill platform, which is the first public service platform for supply chain bills initiated by local government, providing comprehensive online services for electronic commercial bills throughout their lifecycle [1][12] - The platform addresses the financing challenges faced by small and medium-sized enterprises (SMEs) by offering features such as instant fund availability, access to numerous financial institutions, free inquiries, and user-friendly operations [2][12] Financing Features - Yichain Tong offers a direct financing function based on real trade backgrounds and debt relationships, matching financing products and services between financial institutions and bill-holding enterprises [1][12] - The platform provides a "second-level discount" function for SMEs, allowing them to access bank discount information directly and complete the entire discount process online [4][12] - Enterprises can initiate online inquiries to multiple banks with a single click, enabling rapid matching with discount banks and quick fund disbursement [5][12] Lifecycle Management - Yichain Tong supports the entire lifecycle management of supply chain bills, including issuance, acceptance, endorsement, discounting, pledge, and payment, catering to diverse payment and settlement needs of enterprises [6][12] - The bills can be fractionally issued and circulated, enhancing liquidity, protecting creditor rights, and improving capital efficiency without occupying bank credit or requiring collateral [7][12] Real-World Applications - A core enterprise utilized the Yichain Tong platform to issue supply chain bills for paying upstream suppliers, who could then split and transfer the bills to secondary suppliers or quickly complete discount financing on the platform [8][12] - An upstream supplier converted accounts receivable into supply chain bills by submitting trade background information online, allowing for automatic review and instant fund disbursement [9][12] Industry Recognition - The Yichain Tong platform has surpassed a supply bill business scale of 20 billion yuan, ranking among the top five nationwide, and has established partnerships with several banks to create a comprehensive supply bill ecosystem [10][12]