2025年上半年汽车经销商生存报告：超半数亏损，价格“倒挂”成主要症结

Core Insights - The domestic automotive consumption showed a mild recovery in the first half of 2025, driven by vehicle scrappage and trade-in policies, but many dealers are facing a "revenue without profit" dilemma [1][2] Group 1: Dealer Performance - Only 30.3% of surveyed dealers met their sales targets in the first half of 2025, with 29.0% of dealers achieving less than 70% of their targets [1] - The survival status of automotive dealers worsened, with 52.6% reporting losses, 17.5% breaking even, and 29.9% making profits [1] - Among new energy independent brand dealers, 42.9% reported profits, while traditional fuel vehicle brand dealers had only 25.6% reporting profits [1] Group 2: Pricing and Cash Flow Issues - 74.4% of dealers experienced varying degrees of price "inversion," with 43.6% facing price inversions exceeding 15% [2] - The issue of price inversion is leading to negative cash flow for some dealers, increasing the risk of bankruptcy if liquidity issues are not addressed [2] Group 3: Profitability and Margins - The gross profit contribution from new car sales is -22.3%, while after-sales and financial insurance contribute 63.8% and 36.2% respectively [3] - New energy independent brand dealers show better profitability in new car sales, with a gross profit contribution of 16.8% [3] - Dealers' outlook for 2025 indicates expectations of slight growth or stability, which is less optimistic than previous assessments [3]