Core Viewpoint - Major Chinese automotive companies have committed to a maximum supplier payment term of 60 days, effective from June 1, 2025, as part of a new regulation aimed at improving cash flow for small and medium-sized enterprises [1][7]. Group 1: Supplier Payment Terms - 17 key automotive manufacturers have pledged to adhere to a 60-day payment term for suppliers, which is a response to the new regulation from the State Council [1]. - The average payment cycle for major companies is significantly longer, with BYD at 127 days, Chery at 143 days, Great Wall at 163 days, NIO at 195 days, and Changan exceeding 200 days [3][5]. Group 2: Financial Impact on Suppliers - Extended payment terms lead to increased financial costs for upstream suppliers, resulting in reduced profits [3]. - The ratio of accounts payable to revenue is a critical indicator of a company's operational health, with NIO at 52%, Changan at 49%, Great Wall at 39%, SAIC at 38%, and BYD at 31% [3][5]. Group 3: Industry Competition and Profitability - Intense competition has caused component procurement prices to decline by 10%-15% annually, putting additional pressure on profitability and supply chains [6]. - The automotive industry's profit margin was reported at 4.3% in 2024, decreasing to 3.9% in the first quarter of 2025 [6]. Group 4: Future Considerations - The commitment to a 60-day payment term is seen as a positive step towards reducing risks in the automotive supply chain and promoting sustainable development [7]. - There are still many operational details that need clarification, such as the calculation methods for payment terms and the types of payment instruments used [7][8].

Core Viewpoint - Multiple automotive companies in China have committed to standardizing payment terms to within 60 days to enhance cash flow efficiency and support the healthy development of the supply chain [1][3][4]. Group 1: Company Commitments - Dongfeng Motor Group announced a unified payment term of 60 days to promote efficient cash flow and collaboration within the industry [1]. - GAC Group emphasized the importance of a healthy supply chain for high-quality products and committed to maintaining supplier payment terms within 60 days [3]. - China FAW Group stated it would enforce a 60-day payment term and improve internal processes to ensure timely payments, utilizing digital tools for real-time monitoring [4]. - Seres also issued a related initiative to support the 60-day payment commitment [6]. Group 2: Industry Context - The implementation of the "Regulations on Ensuring Payment to Small and Medium Enterprises" on June 1 mandates that payments for goods and services from small and medium enterprises should be made within 30 days, or up to 60 days as per contract [8]. - The automotive industry in China faces challenges with long payment cycles, often exceeding 120 days, compared to 60 to 90 days in mature markets like Europe and the US [8]. Group 3: Payment Cycle Data - BYD's average payment cycle to suppliers is 127 days, with accounts payable representing 31% of revenue [9]. - SAIC's average payment cycle is 164 days, while Geely and Great Wall Motors have cycles of 127 days and 163 days, respectively [9]. - Changan's payment cycle is 205 days, and Li Auto and NIO have cycles of 165 days and 195 days, respectively [9]. Group 4: Industry Aspirations - Guo Chuan, chairman of Zhejiang Konghui Automotive Technology, expressed a vision for timely payments within one month post-invoice, emphasizing mutual respect and collaboration in the industry [9]. - The automotive industry is called to improve its image and ecosystem to foster a promising future for companies and the sector as a whole [9]. Group 5: Market Position - Konghui Technology leads the domestic air suspension market with a 41.3% market share, having delivered 335,470 units in 2024 [10].

6月10日，东风汽车集团有限公司宣布，将支付账期统一至60天内，此举旨在以切实行动推动上下游资金高效流 转，助力产业链良好协同发展。 同一天，广汽集团发布关于供应商账期的郑重承诺称："供应链体系的健康发展是保障产品高安全、高品质的基 础。为此，广汽集团将一如既往，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，携手上下游伙伴， 共同促进行业高质量发展。" 中国一汽也发文表示，要明确付款期限和支付方式，将"60天付款"作为所属单位付款期限要求，加强资金监督和过 程管理。此外，中国一汽还将优化流程，提升效率。加强采购、财务等部门内部协同，进一步精简审批环节，确保 付款流程畅通无阻。同时，中国一汽将通过技术赋能，精准管控。充分利用数字化云工作台，实现对合同执行、发 票匹配、付款申请等全流程节点的实时监控，确保每一笔应付款项按期支付。 多家车企公开承诺，将支付账期统一到60天以内。 据了解，6月1日《保障中小企业款项支付条例》正式实施，其中第九条提到：机关、事业单位从中小企业采购货 物、工程、服务，应当自货物、工程、服务交付之日起30日内支付款项；合同另有约定的，从其约定，但付款期限 最长不得超过60日。 赛 ...