上半年汽车经销商亏损面超五成 价格倒挂成主要症结

Core Insights - The survival status of automotive dealers in China has significantly deteriorated in the first half of 2025, with only 30.3% achieving their sales targets, reflecting increased pressure in the terminal market [1] - The automotive industry is facing a severe profit squeeze due to price inversion, with 74.4% of dealers experiencing varying degrees of price inversion, leading to a loss of profit margins [1][2] - The overall loss ratio among automotive dealers has risen to 52.6%, marking a historical high since 2018, with new car sales contributing negatively to gross profit [2][3] Group 1: Sales Performance - Only 30.3% of automotive dealers met their sales targets in the first half of 2025, with nearly 29.0% achieving less than 70% of their goals [1] - 40.7% of dealers completed between 70% and 100% of their targets, indicating a general decline in performance compared to previous years [1] Group 2: Profitability Challenges - The loss ratio among automotive dealers has increased to 52.6%, with only 29.9% reporting profits, the highest loss ratio in nearly eight years [2] - New car sales have a gross profit contribution of -22.3%, while after-sales services have become a crucial profit pillar with a contribution of 63.8% [2] Group 3: Market Dynamics - The automotive market is experiencing intense competition, leading to a "price-cut for sales" strategy, which has resulted in a situation where sales increase does not translate to revenue growth [1][3] - Dealers are calling for manufacturers to simplify rebate policies and adjust sales targets based on market conditions to alleviate price inversion pressures [3] Group 4: Future Outlook - Dealers' expectations for overall passenger car sales in 2025 are cautious, with only 49% anticipating growth, a decrease from the end of 2024 [3] - The industry is undergoing a structural change between new energy and traditional fuel vehicles, which will continue to impact dealers' operational strategies [4]