Core Viewpoint - The automotive industry is shifting away from the "chain" settlement method, which has been a long-standing practice, towards more direct payment methods such as wire transfers and commercial acceptance bills, aiming to shorten the payment cycle for suppliers [3][5]. Group 1: Changes in Settlement Methods - Several automotive companies, including BYD and Great Wall Motors, are transitioning from the "chain" settlement method to a combination of wire transfers and commercial acceptance bills, which significantly reduces the payment cycle from over three months to around 60 days [3][5]. - Some suppliers have reported receiving their first wire transfer under the new 60-day payment term, indicating a positive shift in cash flow management [3]. - However, not all suppliers have experienced this change, with some still using the "chain" method, leading to dissatisfaction among those who have not yet received updates on their payment terms [5]. Group 2: Supplier Perspectives - Suppliers have expressed a preference for cash settlements over commercial acceptance bills, viewing the latter as a mere change in form rather than substance, although commercial acceptance bills offer legal protection and transparency [4]. - There are concerns among suppliers regarding the slow pace of change in settlement methods, with some suppliers feeling frustrated about the lack of uniformity in payment practices across different automotive companies [5]. Group 3: Regulatory Context - The implementation of the "Regulations on Payment of Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized enterprises within 60 days of delivery, prohibiting the forced acceptance of non-cash payment methods that could extend payment periods [6]. - A coalition of 17 major automotive companies has committed to adhering to the 60-day payment term, although there are still concerns about the consistency and transparency of the payment process [6].

困扰供应商已久的"链"结算方式有望退出舞台。 第一财经从多家中小供应商处获悉，此前车企往往通过"链"与供应商结算，比如比亚迪的"迪链"、长城 汽车的"长城链"。而目前，车企正在逐步改变此类结算方式，转向电汇、商业承兑汇票组合的结算方 式，进一步缩短供应商回款周期。 困扰供应商已久的"链"结算方式有望退出舞台。 "（我们）迪链确实不用了，合同都已经改了。这是（比亚迪）针对中小微企业的，开票额大的供应商 目前还是迪链。"一家供应商告诉第一财经记者。他同时表示，长城链之前也取消了。 有广东地区的汽车零部件供应商告诉第一财经，在今年8月末已经收到了60天账期调整后的第一笔电 汇，且在相关供应合同中修改了结算方式。此前，"链"结算方式的回款周期需要等待超过三个月的时 间。 但也有部分汽车供应商告诉记者，他们目前的结算方式仅从"链"方式改为商业承兑汇票，同样需要等待 一段时间。车灯供应商李云（化名）表示自己很羡慕以现金结算的供应商，并称："正常情况下，供应 商更愿意现金结算，不愿意接受商业承兑汇票，商业承兑汇票结算对比'链'结算，是'换汤不换药'。但 是有一点保障是，商业承兑汇票有法律保障，更透明可信。" 除此以外，也有 ...

Core Viewpoint - The rapid development of supply chain financial platforms among central enterprises, local state-owned enterprises, and large private enterprises is driving the growth of electronic receivable vouchers in various industries [1] Group 1: Automotive Industry - Major automotive companies such as SAIC, Geely, Great Wall, Chery, BYD, and Dongfeng have established their own supply chain financial platforms and electronic receivable vouchers [1] - Examples of these platforms include SAIC's Sike and Rong e Rong, Geely's Jitongbao, Great Wall's Great Wall Chain, BYD's DChain, Chery's Baoxiang, and Dongfeng's Dongxin [1] Group 2: Other Industries - Leading companies in construction, steel, home appliances, and consumer electronics also possess supply chain financial platforms [1] - Notable examples include China Construction's Cloud Certificate, Xiaomi's Tianxing Liangpiao, TCL's Jindan, Midea Group's Quanlianrong, and SF Holding's Fengdan [1] Group 3: Market Statistics - According to Yunqu Shuke Industrial Digital Asset Research Institute, there are over 500 supply chain information service platforms in China, with an annual cumulative certification issuance scale between 4 trillion to 5 trillion [1]