周菊 近日，国内上市车企陆续披露上半年财务报告。经济观察报对17家乘用车企的财报进行梳理后发现，尽 管车市竞争白热化、价格战持续不断，但行业整体仍展现出一定的韧性，有12家车企实现营收增长，在 一季度上市车企营收普遍下滑的背景下，多家车企在第二季度情况得到改善。利润方面，上半年有10家 实现盈利，盈利占比近6成。 在所有车企中，仅有比亚迪和零跑实现营收与利润双增长，更多车企陷入"增收不增利"的困境，且以传 统车企为主，如上汽集团、吉利汽车、长城汽车、东风汽车等。同时，激烈的市场竞争导致部分车企营 收利润双下滑，亏损车企达7家。此外，赛力斯和理想汽车在价格战中成功守住了毛利率，呈现"增利不 增收"的局面。 传统车企多"增收不增利" 在所有车企中，比亚迪营收、利润持续领跑。其上半年营收3712.8亿元，同比增长23.3%；净利润155.1 亿元，同比增长13.79%，成为唯一一家利润超百亿元的企业。销量方面，比亚迪上半年销售 214.6万 辆，同比增长33.03%。 凭借规模效应，比亚迪上半年收入首超特斯拉。但与以往相比，比亚迪销量增长有所放缓，上半年其毛 利率为18%，同比微跌。财报显示，比亚迪上半年营业成本增 ...

Core Viewpoint - The automotive supply chain is under significant pressure due to prolonged payment terms, with 17 automakers committing to a 60-day payment period, raising questions about the effectiveness of this solution in alleviating supply chain stress [1][5]. Summary by Sections Payment Terms and Supply Chain Pressure - The accounts receivable in the automotive parts industry have been increasing significantly since 2014, with some companies seeing a tenfold increase over a decade [1]. - Major automakers like BYD, Great Wall, and SAIC have accounts payable turnover days of 145, 153, and 177 days respectively, which is notably higher than companies like Tesla and General Motors [1]. - The extended payment terms allow automakers to engage in price wars, shifting financial pressure onto suppliers who face increasing operational challenges [1]. Implementation of the 60-Day Commitment - The 60-day payment commitment does not guarantee that suppliers will receive payments within this timeframe, as it often refers to the issuance of promissory notes rather than cash payments [2]. - The payment process is fragmented, and suppliers may still face delays in receiving actual cash, especially if payments are made via commercial acceptance bills [2][3]. - Cash payments are preferred by suppliers, but most automakers typically use acceptance bills, which prolong the payment cycle [2]. Impact on Suppliers and Industry Dynamics - The implementation of commercial acceptance bills can exacerbate the financial strain on smaller suppliers, as these bills often require further processing before cash is received [3]. - The recent regulations aimed at protecting small and medium enterprises prohibit forcing them to accept non-cash payment methods, yet many automakers still rely on these methods [3]. - The automotive industry is experiencing a downward pressure on prices, with steel manufacturers reporting that automakers are demanding price reductions exceeding 10%, which is unsustainable for suppliers [6]. Future Outlook and Industry Culture - The ongoing price wars and extended payment terms indicate that the internal competition within the automotive industry remains unresolved, with pressure cascading down the supply chain [5][7]. - There is a call for a shift in industry culture towards mutual respect and transparency between automakers and suppliers, emphasizing the need for sustainable practices and fair pricing [8][9].

别让承诺掉在地上。 从6月10日晚间开始，17家头部自主品牌尽数出动，公开发表声明：承诺将供应商支付账期统一至60天 内。 有分析师对第一财经表示，对车企而言，延长供应商账期类似无形中获得了一笔"免息贷款"。车企借供 应链金融平台延长账期，一方面可以规避银行借贷利息，一方面将财务成本转移给产业链上的供应商或 者经销商。 业内人士分析称，车企给供应商付款的过程很复杂，中间有很多弯弯绕绕，可以卡供应商的节点且容易 滋生腐败问题。只承诺60天账期并不够，还需要承诺交付-验收-开票-支付整个供货过程的节点时间，保 障供应商真正拿到货款的到账时间是60天内，别让承诺掉在地上。 在各家车企的"60天账期承诺"中，大多数只有简单的一句"贯彻60天支付账期"，但具体的落地细则并没 有详细说明。一家车企负责人告诉记者，后续如何在各环节执行60天支付账期会进一步明确，但不会对 外界公示。 至于对供应商的结算方式，在近两日发布声明的17家车企中，只有上汽集团和北汽集团明确，不采用商 业承兑汇票等增加供应商资金压力的不合理结算方式。 在此背景下，供应商账款被拖长的困局似乎迎来曙光。但在车企轮流喊话式发声明的同时，也有声音疑 惑车企承 ...