According to data released by China's National Bureau of Statistics on August 27, as of the end of July, accounts receivable of industrial enterprises above designated size nationwide stood at 28.88 trillion yuan, up 8.5% year-on-year, while operating revenue of these enterprises reached 80.92 trillion yuan, up 6.5% year-on-year, meaning receivable growth outpaced revenue growth.
At the same time, corporate collection periods are lengthening, with private enterprises taking longer than state-owned ones. As of the end of July, the average collection period for receivables of industrial enterprises above designated size was 71.9 days, an increase of 0.9 days year-on-year. As of the end of June, the collection period for private industrial enterprises was 75.6 days, notably longer than the 55.6 days for state-controlled enterprises.
On September 14, the State Council Information Office held a routine policy briefing to specifically address the difficulties small and medium-sized enterprises face in collecting payments. Guo Ruiming, director of the listed company supervision department of the China Securities Regulatory Commission, stated clearly at the meeting that regulators will tackle the payment collection problem from both ends: on one hand, urging listed companies to strengthen information disclosure and standardize payment practices; on the other hand, focusing on the operating difficulties of small and medium-sized players in the industrial chain to promote smooth capital circulation across the entire chain.
This policy signal has once again put the issues of listed companies' accounts payable and supplier payment terms under the capital market spotlight.
As a heavy-asset industry with a long industrial chain, wind turbine manufacturing has a large number of small and medium-sized supporting enterprises upstream in components and raw materials. Changes in the payment terms of listed companies' accounts payable directly affect the efficiency of capital circulation and operational resilience across the industrial chain.
Based on financial report data for the first half of 2026, the scale of accounts payable and notes for five major listed wind turbine manufacturers continued to grow, but payable turnover days generally showed a narrowing trend. Ming Yang Smart Energy Group Limited (ASX: 601615) was the sole exception, extending its payment terms against the industry trend, highlighting its dual challenges in operations and funding amid common industry pressures.
Payables scale hierarchy remains stable, with growth concentrated among leading players
In terms of the absolute scale of accounts payable and notes, the wind turbine industry's tiered structure is clear and stable. Goldwind Science & Technology Co., Ltd. ranks first in the industry with 45.7 billion yuan in payables, up 15.7% year-on-year. Ming Yang Smart Energy Group Limited ranks second at 27.9 billion yuan, up 12.4% year-on-year. Windey Energy Technology Group Co., Ltd. stands at 20.9 billion yuan, up 8.7% year-on-year. The three leading companies together account for more than 70% of the total payables in the sample, indicating high concentration in the industry.
In the second tier, Shanghai Electric Wind Power Group Co., Ltd. has payables of 17.6 billion yuan, up 25.4% year-on-year, the fastest growth in the industry. Sany Renewable Energy Co., Ltd. has payables of 14.2 billion yuan, up 3.7% year-on-year, a relatively moderate pace.
Industry payment terms generally narrow, with Ming Yang Smart Energy the only company to extend
In terms of accounts payable turnover days, the wind turbine industry as a whole showed a trend of optimizing payment terms, with most companies seeing year-on-year narrowing of their payment cycles. Shanghai Electric Wind Power Group Co., Ltd. still had the highest turnover days at 593 days, but this represented a sharp year-on-year decline of 44.3%, the most significant improvement in the industry. Sany Renewable Energy Co., Ltd. recorded 277 days, down 8.9% year-on-year. Windey Energy Technology Group Co., Ltd. stood at 320 days, down 4.1% year-on-year. Goldwind Science & Technology Co., Ltd. came in at 288 days, down 3.8% year-on-year. All four companies achieved varying degrees of narrowing in payment terms, reflecting marginal improvement in the industry's overall supply chain payment rhythm.
Notably, Ming Yang Smart Energy Group Limited became the only company in the industry whose accounts payable turnover days increased year-on-year. Data shows that in the first half, the company's payable turnover days reached 347 days, a sharp year-on-year increase of 22.6%, not only making its payment terms the second-longest in the industry but also creating a stark divergence from the industry's overall narrowing trend. Against the backdrop of the entire industry gradually optimizing supplier payment terms and responding to policy guidance on smoothing industrial chain capital flows, Ming Yang Smart Energy's contrarian extension stands out.
Sharp profit decline, comprehensive operational efficiency pressure, record-high debt ratio, and a private placement to raise more funds
Behind Ming Yang Smart Energy's contrarian extension of payable terms lies dual pressure on its operating fundamentals and funding position. According to its 2026 interim report, the company's revenue turned to decline year-on-year, while net profit attributable to shareholders plunged 81.77%, and non-recurring net profit turned negative, with profitability under significant pressure. At the same time, operational efficiency indicators deteriorated in tandem, with both inventory turnover days and accounts receivable turnover days climbing, meaning capital occupation intensified at both ends of the industrial chain. Slower downstream collections and rising inventory buildup, combined with longer upstream payment cycles, created a passive situation of pressure from both ends of the capital chain.
On the financial front, as of the end of the first half, the company's debt-to-asset ratio had risen to 72%, a new high, with financial leverage continuing to climb. With insufficient internal cash flow generation capacity, reliance on external financing and supply chain payables has been increasing.
It is worth noting that Ming Yang Smart Energy Group Limited is currently also advancing a private placement to acquire assets related to its major shareholder. Further capital expenditure and asset integration will continue to amplify funding needs, making the extension of upstream supplier payment terms an important means for the company to ease short-term cash flow pressure.
In a policy environment where regulators have explicitly moved to standardize listed companies' payment practices and resolve the difficulties small and medium-sized enterprises face in collecting payments, the already generally long payment terms in the wind turbine industry are facing stronger compliance constraints. For Ming Yang Smart Energy Group Limited, its contrarian extension of payable terms is essentially a transmission of its own operating pressure to upstream in the industrial chain. Under multiple pressures of declining profits, deteriorating operational efficiency, and high debt levels, combined with the funding demands of its private placement acquisition, the sustainability of its supply chain capital occupation model is facing a test.