Group 1: Automotive Industry - The average payment term for domestic automotive companies exceeds 170 days, with some companies extending it to over 240 days [1][3] - The long payment terms are seen as a way for automotive companies to transfer financing and cash flow pressures onto suppliers [1] - The revised "Regulations on Payment of Funds for Small and Medium-sized Enterprises" aims to address the payment difficulties faced by small suppliers, mandating large enterprises to pay within 60 days [3] Group 2: Real Estate Industry - The average payment term for real estate companies is reported to be 9 months, with some companies like Greenland Holdings exceeding 20 months [1] Group 3: Home Appliances Industry - The average payment term for white goods manufacturers is approximately 145 days, with Gree Electric Appliances notably lagging at over 170 days [1] Group 4: Food and Beverage Industry - The average payment term in the liquor industry is around 4 months, while *ST Rock faces a prolonged payment term of 4.5 years due to operational crises [1] Group 5: Textile and Apparel Industry - The textile and apparel industry has an average payment term of 71 days, with 107 listed companies reporting a total operating cost of 351.62 billion and accounts payable of 56.63 billion [5][7] - The payment term for the textile manufacturing sector is 55 days, while the apparel and home textile sector has a significantly longer payment term of 147 days [7] - The jewelry sector has a notably shorter payment term, averaging 8 days, due to the concentrated supply chain and strong bargaining power of suppliers [8][10] Group 6: Specific Company Case - ST Start - ST Start has an alarming payment term of 440 days, significantly higher than its peers in the apparel sector [12] - The company has faced severe operational challenges, leading to a cumulative net loss of 1.258 billion over three years and a debt ratio of 92.69% as of 2024 [14][16] - To alleviate cash flow issues, ST Start has extended its payment terms, with a drastic increase from around 200 days in 2020 to 452 days in 2023 [16]

Core Viewpoint - The article discusses the extended payment terms in the automotive supply chain, highlighting how car manufacturers transfer financing and cash flow pressures onto suppliers, with average payment terms exceeding 170 days, and some exceeding 240 days [1][3]. Group 1: Payment Terms in Automotive Industry - Current average payment terms for domestic car manufacturers exceed 170 days, with some companies extending to over 240 days [1]. - The payment terms for suppliers in the automotive industry are often two months longer than those of the car manufacturers, leading to severe cash flow issues for smaller suppliers [3]. Group 2: Regulatory Changes - The revised "Regulations on Payment of Funds to Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized suppliers within 60 days of delivery [3]. - The implementation of these regulations aims to address the "difficulties in collection" faced by small and medium-sized enterprises [3]. Group 3: Payment Terms in Food and Beverage Industry - The average payment term for the food and beverage industry is 71 days, remaining stable compared to 2023 but extending by 15 days since 2020 [5][7]. - The breakdown of payment terms by sub-industry shows significant variation, with the liquor industry having the longest payment terms at 167 days, while the food processing industry has the shortest at 36 days [10]. Group 4: Specific Company Cases - *ST Rock has an extraordinarily long payment term of 1613 days, significantly impacting its suppliers and reflecting its operational crisis [11]. - In contrast, Guanghong Holdings has the shortest payment term of 13 days, indicating a more stable cash flow situation [13][14]. - Guizhou Moutai's payment term is 86 days, which is significantly shorter than the industry average, attributed to its strong brand and cash flow management [15][16].

Core Viewpoint - The automotive industry is facing intense competition and challenges, leading to a survival crisis for dealers. Car manufacturers are shortening rebate periods to help alleviate this pressure, but the effectiveness of these measures remains uncertain [1][2][4]. Group 1: Rebate Commitments - Several car manufacturers, including BMW, BAIC New Energy, and Lincoln, have committed to paying sales rewards and rebates to dealers within 60 days, with Lincoln reducing its rebate period to 20 days [1][2]. - The commitment to shorter rebate periods aims to restore trust within the supply chain and inject liquidity into the industry, providing a practical example for healthy industry ecology [2][4]. Group 2: Virtual Accounts and Rebate Mechanisms - The rebate mechanism often operates through virtual accounts rather than direct cash payments, complicating the financial dynamics for dealers [2][3]. - Dealers face restrictions on how they can use these rebates, with some manufacturers limiting the rebate usage to a percentage of the vehicle price, which can exacerbate financial pressures [3][4]. Group 3: Structural Imbalances - The automotive distribution industry is characterized by fragmented dealer networks, which diminishes their bargaining power against large manufacturers [4][5]. - Manufacturers often leverage their dominant position to extend rebate periods as a means of inventory management, placing additional financial burdens on dealers [5][6]. Group 4: Market Dynamics and Future Directions - The automotive market is experiencing a structural contradiction with an oversupply of brands and dealers, leading to increased competition and inefficiencies [8][9]. - To improve the situation, the industry may need to adopt new channel models, such as multi-brand integration stores, which could reduce costs and enhance profitability for dealers [8][9].

Core Viewpoint - The article discusses the extended payment terms in the automotive and home appliance industries in China, highlighting the financial strain on suppliers due to long payment cycles, which can exceed 240 days for some companies [1][3]. Group 1: Automotive Industry - Domestic automotive companies have an average payment term exceeding 170 days, with some exceeding 240 days, effectively transferring financing and cash flow pressures to suppliers [1][3]. - The revised "Regulations on Payment for Small and Medium Enterprises" mandates that large enterprises must pay small and medium enterprises within 60 days of delivery, aiming to alleviate the "difficulties in collection" faced by smaller suppliers [3][4]. Group 2: Home Appliance Industry - The home appliance industry has an average payment term of 149 days for 2024, with a total operating cost of 1.20 trillion yuan and accounts payable of 530.34 billion yuan, reflecting a year-on-year increase of 14.34% [7][8]. - The payment terms vary by sub-sector: white goods have a payment term of 145 days, black goods 149 days, and small appliances 130 days, with appliance components having a notably higher term of 172 days [8][9]. Group 3: Company-Specific Insights - Samsung New Materials has the longest payment term in the home appliance sector, reaching 365 days due to significant investments in a photovoltaic project, with accounts payable increasing to over 1.2 billion yuan [10][11]. - Zhejiang Meida has the shortest payment term at 36 days, attributed to its efficient procurement model and low inventory levels [12]. - Gree Electric's payment term is 171 days, significantly higher than the industry average, indicating potential inefficiencies in inventory turnover and supply chain management [13][14]. Group 4: Comparative Analysis of Major Players - Midea Group and Haier Smart Home have payment terms of 128 days and 126 days respectively, both shorter than the average for white goods, while Gree Electric's term is notably longer at 171 days [14][17]. - Midea's supply chain management practices, including intelligent replenishment and automated procurement processes, contribute to its shorter payment term [15][16].

证券研究报告 行业研究 / 行业点评 2025 年 06 月 24 日 汽车 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 证券分析师 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 相关研究 《汽车行业周报：特斯拉引领自动驾驶商业化 加速发展》2025-06-17 《汽车行业周报：长安汽车分立成央企，电动 智能自主品牌加速成长》2025-06-10 —汽车行业周报（20250526-20250601）》 2025-06-04 《小米 YU7 发布，智能配置普及加速——汽车 行业周报（2025/05/19-2025/05/25）》 2025-05-27 《小鹏官宣全新 P7，智能汽车发展加速——汽 车行业周报（2025/05/12-2025/05/18）》 2025-05-19 行业及产业 账期压缩细则待明晰，高资金覆盖率车企或受益 ——汽车行业周报（2025/06/16-2025/06/22） 风险 ...

本文字数：1664，阅读时长大约3分钟 作者 | 第一财经 肖逸思 2025.06. 24 汽车行业"内卷"态势下，超长账期拖垮中小供应商成为了市场关注重点，而问题矛头直指整车企业。 整车企业的账期问题也成为了监管重点，6月中旬，17家头部车企纷纷出来表态，将支付账期统一至 60天内。 而事实上，超长账期是整个汽车产业链的问题，并不单单只是整车。 传统汽车供应链具备明显的层级结构，分为一级供应商（Tier1）、二级供应商（Tier2）和三级供应 商（Tier3），一级供应商是与整车厂商直接签订供货合同的供应商，而二级供应商是为一级供应商 提供零部件或组件的供应商，三级供应商则位于供应链的底端。 因为产业链中大量中小企业在谈判中处于弱势地位，话语权较大的头部供应商"压榨"供应链底端企 业、供应商之间超长账期从上到下层层传导的现象并不少见。 很长一段时间以来，整车被认为在整个汽车产业链中占据了较强话语权，这体现在应付账款和应收账 款周转天数上，便呈现出前者远大于后者的现象，账期差也表明整车占用供应商资金较多，将财务压 力往上游传导。 在第一财经记者统计的8家乘用车A股上市公司中，2024年应收账款和应收票据周转天 ...

Group 1 - The core viewpoint of the article emphasizes the collective commitment of several automotive companies to adhere to a payment term of no more than 60 days, in response to the newly implemented "Regulations on Payment of Small and Medium-sized Enterprises" [1][2] - The implementation of the 60-day payment term is expected to significantly shorten the cash flow cycle for suppliers in the automotive industry, allowing them to invest more in raw material procurement, equipment upgrades, and technological innovation [1][2] - This initiative is seen as a measure to curb "involution" in the industry, which is characterized by chaotic price wars that compress supplier profit margins and extend payment times, ultimately affecting product quality and service levels [1][2] Group 2 - The policy and the automotive companies' public commitment are viewed as effective measures to address price wars, prompting companies to readjust their internal cash flow models and improve organizational management efficiency [2] - The 60-day payment term is anticipated to enhance the operational efficiency of the industry chain, ensure product quality, shorten production cycles, and promote the healthy development of the automotive industry [2] - The relationship between large enterprises and small and medium-sized enterprises is likened to "large arteries" and "capillaries," emphasizing the need for a symbiotic and trust-based relationship, while also highlighting the importance of regulatory oversight to ensure compliance and alleviate pressure on businesses [2]

Core Viewpoint - Geely Holding Group announced the appointment of Zhou Ying as the Executive Vice President of Lynk & Co, transitioning from his role at SAIC Motor's MG brand, indicating a strategic move to enhance leadership and marketing capabilities within Lynk & Co [1][12]. Group 1: Zhou Ying's Background and Experience - Zhou Ying, aged 38, has a diverse background in the automotive industry, having joined SAIC-GM-Wuling in 2011 and held various marketing roles, contributing significantly to the brand's success during his tenure [6][8]. - Under Zhou's leadership, SAIC-GM-Wuling achieved annual sales exceeding 1.4 million units from 2020 to 2023, with the Wuling Hongguang MINI EV becoming a top-selling vehicle in China, accumulating 1.4 million sales since its launch in July 2020 [8][9]. - After a brief stint at Xiaomi Automotive, where he served as the marketing head, Zhou returned to SAIC-GM-Wuling before moving to Lynk & Co, showcasing his adaptability and strategic vision [8][9]. Group 2: Zhou Ying's Impact at MG - Zhou was appointed as the General Manager of the MG brand in December 2024, where he initiated significant reforms aimed at global product development and market expansion [9][11]. - He emphasized the importance of brand, product, marketing, and channel rejuvenation, establishing a dedicated brand team and advocating for a stronger public relations and new media team [11]. - During his tenure, MG's sales from January to May 2024 reached 43,200 units, reflecting a 30% year-on-year increase, indicating the effectiveness of his strategies [11]. Group 3: Future Implications for Lynk & Co - Zhou's extensive experience across joint ventures, independent brands, and new forces in the automotive sector is expected to bring transformative changes to Lynk & Co, although the specific outcomes remain to be seen [12].

以下文章来源于远川研究所 ，作者严张攀 编辑丨李墨天 "60天账期"的倡议提出后，车企不仅纷纷响应，还纷纷表示"我们一直都是60天"。 远川研究所 . 在各大车企态度坚决的回应中，频繁出现"持续贯彻"、"一如既往"等暗示意味明显的词汇。可见21 世纪未必是生物的世纪，但大概率是语文的世纪。 刻画这个时代 如果结合各家车企的财报观察，现代汉语和现代会计学这两门学科，恐怕有一门出了点问题。 来源丨 远川研究所（YuanChuanInstitution） "60天账期"听上去简单，其实许多环节的解释空间非常大。比如"60天"是从发货到拿钱的60天，还 是从开票到收钱的60天，或是从开票到收票的60天，是地球上的60天，还是火星上的60天？ 作者丨严张攀 60天账期 能不能让供应商60天收到钱？ 先说结论：比较难。 企业之间的商业交易不是"一手交钱一手交货"，一般来说，在 供货方交付商品/服务 和 采购方支付 款项 的过程中还有很多环节，造成的间隔即为 账期 。 一般来说，为了与税收关系保持一致，大部分公司都会以供应商的 开票日期 作为账期的起点。但在 实践中，这个过程会非常复杂。 我们假设有一家名叫 "毛驴汽车" ...

Core Viewpoint - The collective commitment by 17 automotive companies to pay suppliers within 60 days has garnered significant attention in the industry, driven by the new regulations aimed at protecting small and medium enterprises [1][13]. Group 1: Industry Context - The new regulation, effective from June 1, mandates that large enterprises must pay small and medium enterprises within 60 days of delivery [1]. - The average accounts payable turnover days for domestic listed automotive companies is projected to reach 182 days in 2024, significantly higher than that of German (40.5 days) and American (60.5 days) automakers [2]. - The current cash flow situation for major domestic passenger car companies is concerning, with a net cash flow from operating activities of -2.376 billion yuan in Q1 2025, compared to 283 million yuan in the same period of 2024 [4]. Group 2: Challenges in Implementation - The transition to a 60-day payment period poses significant challenges for automotive companies, particularly in terms of cash flow management and internal coordination among finance, procurement, and production departments [1][4]. - Suppliers express skepticism about the feasibility of the 60-day payment commitment, citing complex payment processes and potential delays in various stages such as delivery, acceptance, invoicing, and payment [6][7]. - The automotive industry is characterized by a lengthy production cycle, often exceeding 180 days, complicating the ability to adhere to shorter payment terms [6]. Group 3: Supplier Perspectives - Suppliers are generally supportive of the reduced payment terms but remain cautious about the actual implementation, given the historical context of delayed payments [6][8]. - The financial strain on smaller suppliers is exacerbated by the competitive landscape, with over 60% of component manufacturers facing annual cost pressures of 5% to 25% [9]. - Larger suppliers, such as CATL, have better cash flow management and shorter accounts receivable turnover days compared to the industry average, highlighting disparities within the supply chain [8][9]. Group 4: Comparison with International Practices - International automotive companies exhibit more effective accounts payable management, with Ford and Toyota maintaining turnover days of approximately 56.94 and 54.84 days, respectively [10]. - The robust legal framework in countries like Germany enforces strict penalties for late payments, contributing to better compliance among suppliers [11]. - Successful international practices include long-term trust-based relationships between manufacturers and suppliers, as seen in Toyota's streamlined supply chain management [12]. Group 5: Future Outlook - Experts believe that the commitment to a 60-day payment period represents an opportunity for the Chinese automotive industry to establish healthier supply chain relationships [13]. - The government's regulatory efforts are seen as a significant factor in ensuring the successful implementation of this commitment [13]. - Some companies have already begun to implement the 60-day payment policy, indicating a potential shift towards improved cash flow management within the industry [14].