车企集体承诺账期不超过60天，让不少行业人士感到欢欣鼓 舞，因为汽车产业链上下游，苦长账期久矣。但在乐观氛围之 下，更多的人保持着冷静，指出解决长账期问题仍有许多不可 回避的难点。 作者： 周菊 周信 封图：图虫创意 6月10日，中国钢铁行业协会发布《维护产业链整体利益共同抵制"内卷式竞争"》一文，痛斥部 分汽车企业依托自身供应链金融平台，在钢铁等上游企业供货后，延迟几个月才通过企业汇票支 付，并不断拉长供应商账期，导致钢厂资金压力倍增。该协会称，将坚持行业提出的"不给钱不发 货"的原则，坚决抵制拖延货款的不良行为。 伴随十多家整车企业集体承诺将缩短账期至60天以内，压在供应商头顶的账期难题有了解除的可 能性。 整个汽车行业也希冀，往后整车厂与供应商能够扭转当前不健康的合作模式，共同推动行 业高质量发展。 乐观氛围之下，更多的人保持着冷静。车联天下CEO杨泓泽在社交媒体上发文指出，账期对供应 链是个天大的事，对车企也是。缩短账期本质是打破"车企吃供应商"的零和博弈，且车企宣布60 天账期背后，尚有账期计算方式的货款结算方式等诸多环节并不明确，而这可能让60天账期的执 行大打折扣。 身处账期"风暴眼"当中的整车 ...

Core Viewpoint - Major Chinese automotive manufacturers have collectively committed to controlling payment terms with suppliers to within 60 days, addressing long-standing issues of extended payment cycles that have affected cash flow and exposed risks in the supply chain [1][2]. Group 1: Industry Commitment - The commitment from automotive companies is seen as a positive step towards improving the overall quality of the supply chain and enhancing its resilience against potential disruptions [1]. - The revised "Regulations on Ensuring Payment to Small and Medium-sized Enterprises" effective from June 1 mandates large enterprises to pay small and medium-sized enterprises within 60 days [1][3]. Group 2: Financial Implications - Shortening payment terms may increase the interest-bearing liabilities for large manufacturers, but it could significantly reduce costs across the supply chain due to their lower financing costs compared to smaller firms [2]. - For instance, while some private enterprises face financing costs above 10%, major manufacturers can secure financing at rates below 3%, creating a 7% cost differential that can be leveraged to lower overall supply chain expenses [2]. Group 3: Need for Clarity - The automotive industry's commitment lacks a clear timeline, and companies should establish a specific schedule for implementing these changes to ensure transparency and understanding across the supply chain [3]. - There is a need for clarity on how payment terms will be calculated and the specific payment methods to be used, moving away from practices that maintain extended payment cycles [2][3]. Group 4: Broader Industry Impact - The issue of payment terms is not limited to the automotive sector but is prevalent across various industries, and the automotive sector's collective commitment could serve as a model for other sectors [3]. - Adjustments in payment policies could lead to new competitive dynamics, emphasizing cash flow, supply chain stability, and compliance as critical competitive factors [3]. Group 5: Future Industry Landscape - The competitive landscape in China is expected to evolve, with surviving companies likely to possess global competitive advantages after navigating intense competition [4]. - The expectation is that the automotive industry's commitment will contribute to a more resilient and efficient industrial ecosystem, setting a precedent for other sectors [3][4].

智通财经6月13日电，国泰海通证券研报表示，车企如果能够严格压缩零部件供应商账期，零部件的价 格差异将更加明显，长期有利于竞争格局的改善。维持行业"增持"评级，推荐有望受益于行业格局改善 的优质零部件公司。 国泰海通证券：多家车企压缩供应商账期 汽车零部件行业格局有望改善 ...

6 月 10 日晚至今，已有 17 家车企作出承诺"将供应商支付账期统一至 60 天内"。 汽车供应链一直苦于"长账期压力"，这是第一次真正被摆到台面上寻求解决方案，车企给出的"60 天 承诺"是否能够彻底解决供应链承压难题？ 汽车供应商苦账期久矣 汽车零部件行业应收账款金额连年上升。Wind 数据显示，2014年以来，大部分中国汽车供应链企业 应收账款在成倍增长，部分企业甚至在十年间翻了 10 倍以上。 账款周期也在持续走高。截止 2024 年三季度末，比亚迪、长城、上汽等车企应付账款周转天数为 145天、153天、177天，包括蔚来、小鹏等新势力厂商此前也时常高于 150 天，普遍高于特斯拉、通 用、大众等汽车公司。 账期拉长，车企借助腾挪得来的资金支撑其在前端打价格战，转嫁了资金压力，而供应商只能被迫等 待，应收账款不断累高，加大供应商的经营压力。 此次众多车企公开作出"60天账期承诺"由上至下敲响了警钟，给了汽车供应链回收账款的希望。但 真正落到执行层面，要做的还有更多。 车企承诺 60 天账期并不意味着供应商可以在 60 天内拿到钱。 从货物交割开始，车企给供应商完整 的支付流程包括：开发票确定货值 ...

围绕车圈下一个恒大问题，海豚君通过《比亚迪：到底会不会成下一个恒大？》 （已发布在长桥App，可以添加小助手微信"dolphinR124"获取） 一文详解汽 车产业链供应链账款问题，并指出： 类似比亚迪这种无论是供应链融资，还是垂直一体化重资产运作，均需维持苛刻的高销量。 一旦汽车行业激烈竞争导致销量停滞，强势的供应链金融也可能翻 车，不仅重创车企财务报表，更易引发上游供应链资金断裂的系统性风险。 但海豚君刚做完这个分析，车企开完会后形势突变：从6月10日晚起，短短一天内，超15家车企声明将供应链账期缩短至60天，向全球行业均值（45-60天）看齐， 到现在基本全部车企都已表态账期缩短到60天。 然而，在我们拉出来的一众汽车公司中，2024年仅特斯拉一家60天账期达标。中国车企平均应付账款周期长达5-6个月（比亚迪近7个月，海马/北汽蓝谷达8-9个 月）。 若硬性立即执行60天付款周期，车企现金流将急剧恶化。周转天数最长且现金储备不足者，将直接陷入危机。 那么问题来了：60天账期严格执行，对各家的影响到底多大？到底哪些车企在裸跑？可能应对方案背后对资本市场投资的可能影响？ 本篇海豚君再跟进研究下这 些问题。 ...

围绕车圈下一个恒大问题，海豚君通过《比亚迪：到底会不会成下一个恒大？》 （已发布在长桥App，可以添加小助手微信"dolphinR124"获取） 一文详解汽 车产业链供应链账款问题，并指出： 若硬性立即执行60天付款周期，车企现金流将急剧恶化。周转天数最长且现金储备不足者，将直接陷入危机。 那么问题来了：60天账期严格执行，对各家的影响到底多大？到底哪些车企在裸跑？可能应对方案背后对资本市场投资的可能影响？ 本篇海豚君再跟进研究下这 些问题。 也欢迎大家扫描下方二维码加入我们的交流群，深入探讨这些问题，群内不仅会有我们对新能源等板块持续的观点更新，还有一些 独家、免费的纪要、 估值等内容，还能与专业投研人士共同探讨投资观点。 直接入正题： 一、严格遵守的话，60天账期对车企的影响，以及如何应对？ 类似比亚迪这种无论是供应链融资，还是垂直一体化重资产运作，均需维持苛刻的高销量。 一旦汽车行业激烈竞争导致销量停滞，强势的供应链金融也可能翻 车，不仅重创车企财务报表，更易引发上游供应链资金断裂的系统性风险。 但海豚君刚做完这个分析，车企开完会后形势突变：从6月10日晚起，短短一天内，超15家车企声明将供应链账期缩短 ...

Core Viewpoint - The Chinese automotive industry is experiencing a significant shift with the emergence of a "payment term war," where major automakers are committing to shorten supplier payment terms to within 60 days, contrasting the ongoing price wars that have pressured profit margins [2][5][11]. Group 1: Industry Dynamics - The announcement from GAC Group on June 10 initiated a collective response from over 10 automakers, including BYD, to align payment terms with government regulations [2][5]. - The automotive sector has been under pressure from price wars, leading to declining profit margins, with the industry's average profit rate dropping to 4.3% in 2024 and further to 3.9% in Q1 2025 [14][15]. - The new payment term policy is seen as a potential turning point for the industry, aiming to stabilize supply chains and promote healthier financial practices among automakers [7][16]. Group 2: Supplier Relations - The average accounts payable turnover days for domestic automakers previously exceeded 170 days, with some exceeding 240 days, highlighting a significant disparity compared to international standards [8][12]. - The commitment to a 60-day payment term is viewed as a positive development for suppliers, potentially alleviating financial pressures and allowing for reinvestment in technology and capacity [9][10]. - However, suppliers express skepticism regarding the actual implementation of these terms, fearing that automakers may find ways to extend payment periods through various tactics [9][10]. Group 3: Financial Implications for Automakers - The shift to a 60-day payment term poses a substantial operational and financial challenge for automakers, requiring them to manage cash flow more effectively and potentially leading to a reevaluation of their financial health [11][12]. - Many automakers, including BYD and Geely, have high levels of accounts payable, with BYD's accounts payable reaching 244 billion yuan, representing 31% of its revenue [12]. - The new payment terms will test the financial resilience of automakers, particularly those with high operational debts and negative cash flows, potentially leading to a market shakeout [13][17]. Group 4: Market Outlook - The automotive industry is transitioning from a growth phase to a more mature stage, with the "payment term war" acting as a catalyst for structural adjustments and increased market concentration [16]. - The competitive landscape is expected to shift from price-based competition to value creation, as automakers will need to focus on internal growth and efficiency improvements [16][17]. - If the 60-day payment commitment is effectively enforced, it could lead to a healthier and more sustainable automotive ecosystem, benefiting both suppliers and manufacturers in the long run [17].

核心提示： 1、 国内目前已有 17 家主流车企承诺将供应商账期缩短至不超过 60 天，响应政策要求，优化供 应链管理，不过，仍有一些车企并未发声。 2、 多数车企账期超 100 天，如 北汽蓝谷、小鹏、长安等账期更是高达 200 多天，从上百天的账 期缩短至 60 天，压力不可谓不大； 3、 北汽蓝谷应付账款及票据（ 156.77 亿元）超营收（ 145.12 亿元），占比超 100% ，零 跑、小鹏、蔚来等多家车企占比超 50% ， 占比较高的几家公司中，除零跑、江淮和长安外，其他 几家车企经营活动现金流净额均为负值，现金流压力较大； 简单来说，不直接给钱，而是先以应付账款的形式先欠着，此前有些车企将已经将欠款时间拖到将 近 300 天。 这一汽车行业集体行动始于 6 月 10 日晚间至 11 日期间，国内主流车企相继发布关于供应商账期 的重要承诺。 目前已有 17 家整车制造企业加入这一承诺行列。值得注意的是，目前仍有包括高合、哪吒在内的 部分车企尚未就此作出公开表态。这一集体行动展现了汽车行业优化供应链管理的决心，或将对中 国汽车产业链的健康发展产生深远影响。 01 60天账期意味着什么？ 那什么是供 ...

Core Viewpoint - An increasing number of automotive companies have committed to a payment term of no more than 60 days for suppliers, responding to regulatory changes aimed at alleviating cash flow pressures in the supply chain [1][2]. Group 1: Industry Commitments - As of now, 15 automotive companies, including GAC Group, China FAW, Dongfeng Motor, NIO, Li Auto, Xiaomi Auto, Geely, BYD, Chery, Changan, Seres, BAIC, SAIC, Leap Motor, and Jianghuai Automobile, have pledged to keep payment terms within 60 days [1]. - SAIC and BAIC have not only committed to the 60-day payment term but also stated they will not use commercial acceptance bills, which can increase financial pressure on suppliers [1]. Group 2: Regulatory Context - The 60-day payment term aligns with the revised "Regulations on the Payment of Funds to Small and Medium-sized Enterprises" issued by the State Council, which took effect on June 1, requiring large enterprises to pay small and medium-sized enterprises within 60 days of delivery [1][2]. - The regulations also prohibit forcing small and medium-sized enterprises to accept non-cash payment methods, such as commercial bills, to prevent the extension of payment cycles [1]. Group 3: Current Payment Practices - Historically, payment terms for suppliers in the joint venture era did not exceed three months, but current practices have extended average payment terms to over 170 days, with some exceeding 240 days [3]. - Some Tier 1 suppliers report payment terms extending beyond eight months, and upstream suppliers often face even longer terms, exacerbating financial strain on smaller suppliers [3]. Group 4: Challenges with Commercial Bills - Commercial bills, which can have a redemption period of 3-6 months, force suppliers to choose between longer payment terms and accepting discounted payments [4][5]. - The discount rates for commercial bills can be significantly high, with some reaching up to 11% for six-month periods, further impacting suppliers' cash flow [4]. Group 5: Ambiguities in Payment Terms - Despite commitments to a 60-day payment term, there are ambiguities regarding when this term begins, as it can vary based on delivery, acceptance, and invoicing processes [6][7]. - Suppliers have expressed skepticism about the sincerity of these commitments, viewing them as potentially empty promises, given the historical context of payment practices in the industry [7].

Core Viewpoint - Chinese automotive companies have collectively addressed the issue of payment terms with suppliers, committing to reduce payment periods to within 60 days, marking a significant shift in industry practices [1][3]. Group 1: Policy Impact - The push for shorter payment terms is driven by the implementation of the "Regulations on Ensuring Payment to Small and Medium Enterprises," which mandates large enterprises to pay within 60 days and prohibits non-cash payment methods that could extend payment periods [3]. - The automotive industry is responding to regulatory pressures, with major companies like FAW, Dongfeng, and BYD leading the charge in adopting these new payment practices [1][3]. Group 2: Industry Dynamics - The automotive sector has been experiencing intense price competition, particularly in the electric vehicle market, which has led to declining profit margins. The industry's profit margin fell from 7.3% in 2018 to an estimated 4.3% in 2024, with Q1 2023 figures showing a further drop to 3.9% [4]. - Payment cycles for Chinese automotive companies are significantly longer than their international counterparts, with companies like BYD averaging 127 days and NIO at 195 days, compared to 60-90 days for leading overseas firms [5]. Group 3: Supply Chain Challenges - The prolonged payment terms have placed significant financial strain on suppliers, leading to calls from industry associations for automotive companies to address their payment practices. The China Iron and Steel Association criticized automakers for not only engaging in price wars but also for delaying payments, which exacerbates the financial pressure on suppliers [7]. - The shift to a 60-day payment term is expected to improve cash flow for suppliers, potentially increasing their cash flow turnover by 25%, thereby stabilizing the supply chain [8]. Group 4: Financial Implications - Implementing a 60-day payment term could result in increased annual funding costs for major automotive companies, potentially amounting to several hundred billion yuan [10]. - Companies are responding by streamlining their approval processes and utilizing digital systems to reduce reconciliation times from 15 days to 3 days, indicating a push towards operational efficiency [10]. Group 5: Future Outlook - The automotive industry plays a crucial role in the Chinese economy, contributing 10% to the national GDP. Addressing supply chain issues is essential for sustainable growth and avoiding systemic risks [11]. - The collective action of leading automotive companies in response to government policies is seen as a milestone for the industry, fostering a healthier supply chain and setting the stage for future growth and innovation [11].