降价换销量，生存状况进一步恶化！超50%汽车经销商亏损

Group 1 - The domestic automotive consumption has shown a mild recovery in the first half of the year, driven by vehicle scrappage and replacement policies, but fierce market competition has led to price cuts by manufacturers and dealers, worsening the survival conditions for dealers [1] - As of August 18, 2025, the loss ratio among automotive dealers has risen to 52.6%, with only 29.9% reporting profits, indicating a challenging environment for dealers [1] - Only 30.3% of dealers met their sales targets in the first half of the year, with 29% of dealers achieving less than 70% of their targets [1] Group 2 - New car sales losses are the biggest challenge for dealers, with 74.4% of dealers experiencing some degree of price inversion, and 43.6% facing price inversions exceeding 15% [1] - The after-sales segment remains the largest contributor to dealers' gross profit, with new car, after-sales, and financial insurance gross profit contributions reported at -22.3%, 63.8%, and 36.2% respectively [1] Group 3 - Independent dealers of new energy brands are performing better than traditional fuel vehicle brands, with profit ratios of 42.9% for new energy dealers compared to 25.6% for traditional fuel dealers [2] - Many 4S stores are shifting to new energy brands, with some luxury brand dealers also transitioning, indicating a strategic shift in the market [2] - The liquidity issues faced by automotive dealers need urgent attention, particularly for traditional fuel brand dealers suffering from severe losses due to price inversions [2] Group 4 - A joint statement from four major associations in the Yangtze River Delta highlighted four prominent issues in the industry, including imbalanced target setting by manufacturers and a distorted rebate system [3] - The rebate cycle from manufacturers to dealers is primarily between 2 to 3 months, with some exceeding 3 months, complicating the financial planning for dealers [3] - Only a few manufacturers provide full cash rebates to dealers, with many using a mix of cash and vehicle purchase credits, leading to difficulties in calculating actual rebates [3]