Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on the disclosure of accounts payable and other receivables [1] - The accounts payable at the end of the reporting period amounted to 2.845 billion, with overdue accounts exceeding one year totaling 944 million [1] - The independent directors conducted a review and found no significant abnormalities in the long-term unsettled accounts payable and confirmed that there was no disguised inflow of funds to controlling shareholders or related parties [2] Group 2 - The other receivables at the end of the reporting period totaled 101 million, representing a year-on-year increase of 55.59%, with advances and receivables amounting to 38.16 million [2] - The independent directors assessed the situation of the top five other receivables and found the formation of these receivables to be reasonable, with no significant abnormalities detected [2]

中国政府对利用应付账款和票据的资金周转政策实施了调整。指示从纯电动汽车（EV）产业 开始，将对供应商的支付账期控制在60天以内。据估算，采购欠款高达5万亿日元的比亚迪 （BYD）因为政策调整最多面临每年4000亿日元的成本增加，股价在最近一个月里下跌一 成。依赖"赊账"的增长正在迎来转折点。 "为落实国家及相关部委就保障产业链供应链稳定、促进汽车产业高质量发展作出的一系列部 署要求，为助力中小企业健康发展，比亚迪汽车宣布，将供应商支付账期统一至60天内"，比 亚迪6月11日凌晨在社交网络上发表了简短声明。局部超过200天的支付账期将大幅缩短。 除上海汽车集团等国有大型企业之外，民营企业的浙江吉利控股集团、小鹏汽车和小米等主 要纯电动汽车企业也纷纷宣布将缩短支付账期。 "将供应商支付账期统一至60天内"，比亚迪近日发表声明，宣布将针对供应商等的局部超过 200天的支付账期将大幅缩短。据估算，采购欠款高达5万亿日元的比亚迪最多面临每年4000 亿日元的成本增加，股价在最近一个月里下跌一成…… 丸红中国的经济研究总监铃木贵元表示："中国中小企业的资金周转状况持续严峻，对政府来 说是一个挑战"。目前可以看到的局面是， ...

风向正在发生变化。 6月10日晚间，一汽集团、东风汽车、广汽集团、赛力斯、吉利汽车集团和长安汽车等车企先后 宣布，承诺将供应商账期缩短至不超过60天。次日，比亚迪、北汽集团、蔚来、理想汽车等车企 宣布跟进。至此，两天内已有17家车企就"支付账期不超过60天"作出承诺。 市场分析认为，各大主流车企集中表态，反映出压缩账期是近期国家部署汽车行业反内卷的主要 思路之一。 事实上，庞大规模的三角债几乎已成为汽车供应商企业不可承受之重。据24潮产业研究院 (TTIR) 统计，截止2024年末，比亚迪 (002594.SZ) 、上汽集团 (600104.SH) 、吉利汽车 (0175.HK) 、 长城汽车 (601633.SH) 、长安汽车 (000625.SZ) 、赛力斯 (601127.SH) 、理想汽车 (2015.HK) 、广汽集团 (601238.SH) 、蔚来 (9866.HK) 、小鹏汽车 (9868.HK) 、北汽蓝谷 (600733.SH) 、 众泰汽车 (000980.SZ) 等12家主要上市车企应付账款及应付票据合计达9609.31亿元 （同比增长 15.05%） ，占整体流动负债比例达55.39% ...

在应付账款占营收比例上，12家车企平均数值超40%，除广汽集团外，其他11家车企均超过30%， 其中奇瑞、长安、赛力斯、蔚来、北汽蓝谷应付账款占营收的比重达到了50%左右。 数据来源：各上市公司财报及招股书；Wind关于2024年报应付账款及应付票据周转天数；*奇瑞数据截至2024年三季度 末；* 吉利控股数据源自2024年度审计报告。 业内认为，主机厂对上游供应商要求较长的应付账款账期，通过这样的方式能够显著改善整车厂的经 营性现金流，减少对外部融资的依赖。延迟支付供应商货款，相当于获得了无息或低息融资，降低了 维持日常运营所需的流动资金，将资金风险转嫁给了供应商。 比如主机厂向供应商付款周期较长，为其提供了大量无息债务。工业和信息化部信息通信经济专家委 员会委员刘兴亮对第一财经记者表示，从产业链角度来说，车企占用了供应商预付款，账期长达半年 至一年多，这为车企节省了很多资金成本。但对于供应商来说过于霸道，车企拥有汽车产业链话语 权，供应商被拖欠货款也不敢断供。 车企账期长对上游供应商的经营产生较大影响。中国钢铁工业协会近期提到，汽车行业是钢铁行业的 主要用钢行业，也是重要的高端钢材消费行业，像汽车板、硅钢 ...

Core Insights - The automotive industry is facing significant cash flow pressures as major companies have committed to a 60-day payment term for suppliers, while their current average accounts payable turnover days exceed 170 days, with some companies reaching up to 248 days [1][3][5] Group 1: Accounts Payable Situation - The average accounts payable turnover days for 12 major automotive companies is 170 days, with the longest being BAIC Blue Valley at 248 days and Xpeng Motors at 233 days [1][2] - The total accounts payable for the 12 companies exceeds 1.1 trillion yuan, with BYD, SAIC Group, and Geely Holding having the largest amounts at 244 billion, 241 billion, and 182 billion yuan respectively [1][2] - The average accounts payable as a percentage of revenue for these companies is over 40%, with several companies like Chery, Chang'an, and NIO exceeding 50% [1][2] Group 2: Impact on Suppliers - Automotive manufacturers are extending payment terms to improve their cash flow, effectively transferring financial pressure to suppliers who are often unable to refuse due to the manufacturers' market power [3][5] - Steel suppliers are particularly affected, facing demands for price reductions that exceed their capacity, leading to a lack of profitability in supplying automotive steel [4][5] Group 3: Financial Health and Debt Levels - The automotive sector is characterized by high debt levels, with NIO and Seres having asset-liability ratios of 87.45% and 87.38% respectively, significantly above the industry average of 66.32% [6] - Many companies are investing heavily in new energy vehicles without corresponding revenue, contributing to elevated debt ratios [6]

据《经济观察报》、红星资本局报道，江苏省盐城市王先生是极核电动车经销商，2024年8月，其通过 名下公司盐城市鑫鼎新能源有限公司（下称"鑫鼎新能源"）与极核品牌达成合作。王先生负责提供店 面，厂家承担装修及品牌支持。 由于销量惨淡，今年3月，王先生选择闭店。根据合同约定，运营未满一年需承担13万余元装修费用。 王先生提出以5万元保证金及部分货款抵扣，但厂家江苏区域负责人坚持要求 "先打款再谈车"。王先生 表示，协商陷入僵局后，今年5月，厂家通过技术手段远程锁死仓库内80多辆电动车，导致车辆定位、 联网等核心功能失效，仅能实现基础骑行。王先生同时强调，这些电动车自己已全款购买，锁车正值国 家 "以旧换新" 补贴政策实施期，原本可降价清仓的车辆因功能缺失无人问津，直接损失超30万元。 对于这一说法，极核并不认可，并在官方微博发布了题为《关于"极核远程锁车"不实言论》的声明（下 称《声明》），称所谓"远程锁车"，纯属谣言。 《声明》解释，用户交付环节，授权门店须通过DMS系统对销售车辆完成信息录入，用户即可绑定 APP享受车辆智能服务，如未完成录入，也不影响车辆正常骑行使用，但无法完成APP绑定，仅能激活 车辆部分 ...

Group 1 - The IMF conducted its eighth and final review of the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) in Cameroon, assessing the country's recent economic performance and outlook [1] - The review highlighted concerns regarding Cameroon’s progress on structural and quantitative targets, with the IMF questioning the achievement of these goals [2] - The IMF is particularly worried about the projected rebound in the fiscal deficit for 2024, attributing it to "spending pressures" in budget execution [2] Group 2 - The Cameroonian government acknowledged that declining oil revenues have impacted fiscal income, but internal sources pointed to consistently rising expenditures as the main issue [3] - The accumulation of accounts payable (RAP) remains a significant concern, with the total amount reaching 679.8 billion CFA francs (approximately $1.133 billion) by December 2024, worsening from 646 billion CFA francs (approximately $1.077 billion) in October [3] - The IMF's acceptance of the Cameroonian government's explanations regarding delays in state-owned enterprise reforms and private sector development is critical for future funding and negotiations [3]

Core Insights - The financial indicators of accounts payable and accounts payable turnover days for 13 listed automotive companies in 2024 reveal their operational status and potential risks [1][6]. Group 1: Accounts Payable - BYD leads with an accounts payable and notes payable amount of 244.03 billion, followed closely by SAIC Motor at 241.14 billion, indicating strong bargaining power within the supply chain [1]. - In contrast, Haima Automobile has the lowest accounts payable and notes payable at 0.943 billion, suggesting weaker bargaining power or smaller business scale [1]. Group 2: Accounts Payable Turnover Days - Haima Automobile has the highest accounts payable turnover days at 270.41 days, allowing it to utilize supplier funds longer, but potentially straining supplier relationships [3]. - GAC Group and BYD have lower turnover days at 107.78 and 127.23 days respectively, indicating faster payment cycles and better supplier relationships, but possibly underutilizing accounts payable leverage [3]. Group 3: Operational Risks - High accounts payable levels pose operational risks, including potential supply disruptions and increased financial risk if market conditions worsen [6]. - Companies must balance utilizing supplier funds for growth while maintaining healthy supply chain relationships to navigate a complex market environment [6].