Automakers' Days Payable Outstanding Drop Sharply, Easing Supply Chain Cash Pressure

As 2025 annual reports continue to be released, domestic automakers are showing an overall downward trend in days payable outstanding (DPO). Among A-share listed automakers that have published their annual reports, the average DPO decreased from 115.44 days in the 2025 interim report to 102.99 days. For H-share listed automakers, DPO fell from 212.31 days to 180.25 days. During the same period, accounts payable turnover ratios improved for automakers in both markets, indicating enhanced cash conversion efficiency. This shift reflects automakers’ adjustment of their payment practices toward upstream suppliers—aligning with regulatory requirements aimed at ensuring timely payments to small and medium-sized enterprises, while also signaling the industry’s proactive efforts to optimize its supply chain ecosystem and reduce cutthroat competition.