市场观察丨2025年H1汽车经销商亏损面扩大 新车销售持续承压

Core Insights - The automotive market in China is gradually recovering due to policies promoting vehicle scrappage and replacement, but intense competition has led to a "price-cutting for market share" strategy, resulting in dealers facing a dilemma of "increased sales but stagnant profits" [1][2] Group 1: Dealer Profitability - The proportion of loss-making dealers rose to 52.6% in the first half of 2025, with only 29.9% reporting profits, indicating a worsening survival situation [5][6] - A significant 74.4% of dealers experienced a situation where new car retail prices were below their purchase costs, with 43.6% facing price discrepancies exceeding 15% [2][5] - The gross profit contributions from new cars, after-sales, and financial insurance for dealers were -22.3%, 63.8%, and 36.2% respectively, highlighting an imbalanced profit structure [5][6] Group 2: Satisfaction with Manufacturers - Dealer satisfaction with manufacturers has significantly declined, with an overall satisfaction score of 64.7, down from 75.6 at the end of 2024 [6] - Dealers reported issues such as reduced rewards for meeting basic task goals, high task targets, insufficient brand competitiveness, and instability in used car prices due to new car price fluctuations [6] Group 3: Transition to New Energy Vehicles - Traditional dealers are increasingly seeking to transition to new energy vehicle (NEV) brands as the market landscape shifts [16][19] - As of the end of 2024, the number of 4S stores in China decreased by approximately 2.7%, with a notable reduction in non-NEV brands [16][17] - NEV sales accounted for 48.7% of total new car sales in July 2025, with a 51.49% increase in new registrations compared to 2023 [17][19] Group 4: Dealer Strategies and Collaborations - Many traditional luxury brand dealers are opting to join NEV brands, with over 1,500 dealers expressing interest in the new "Shangjie" brand [19] - Leading dealer groups like Zhongsheng Group and Yongda Auto are accelerating their transition to NEV channels [19][20] - Experts suggest that dealers should adapt to market changes by actively engaging in NEV business and developing integrated online and offline sales channels [19]