对厂家满意度创新低！上半年汽车经销商承压：亏损比例上升至52.6%，仅三成完成销售目标

Core Insights - The satisfaction score of automotive dealers towards manufacturers has significantly declined, reaching the lowest level in nearly 14 years due to multiple operational pressures and increased price inversion [1][3] Group 1: Dealer Performance - In the first half of 2025, 74.4% of automotive dealers experienced varying degrees of price inversion, with nearly half facing price inversions exceeding 15% [3] - Only 30.3% of dealers met their sales targets, while 29.0% had a completion rate below 70%, and 40.7% completed between 70% and 100% of their targets [3][7] - The profitability situation among dealers worsened, with 52.6% reporting losses, 17.5% breaking even, and 29.9% making profits [7] Group 2: Brand Performance - Dealers of independent new energy brands performed better than those of traditional fuel vehicle brands, with profit rates of 42.9% for new energy brands compared to 25.6% for traditional brands [7] - Loss rates for traditional fuel vehicle brand dealers reached approximately 58.6%, indicating significant financial strain [7] Group 3: Market Dynamics - Domestic automotive consumption showed mild recovery due to vehicle scrappage and replacement policies, but intense market competition led to a situation where increased sales did not translate into higher revenue or profits [10] - Manufacturers have implemented various rebate structures for dealers, but the complexity and length of rebate cycles have created challenges for dealers in accurately calculating and utilizing these rebates [10] Group 4: Future Outlook - Dealers anticipate a trend of slight growth or stability in 2025, with only 49% expecting an increase in annual sales, a decrease in optimism compared to the end of 2024 [10]