汽车流通业危机四伏，超半数经销商赔本赚吆喝

Core Insights - The automotive distribution industry in China is facing significant challenges, with only 30% of dealers meeting sales targets and over 50% experiencing losses [3][4][8] - Despite a 10.8% year-on-year increase in passenger car sales to 10.9 million units, the profitability of dealers has deteriorated, indicating a troubling trend in the automotive market [3][4] Dealer Satisfaction and Performance - Overall dealer satisfaction has dropped from 79.6 to 64.7, primarily due to increased operational pressures and a significant rise in price inversion, which erodes profit margins [4][5] - Only 30.3% of dealers achieved their sales targets, with 29% of dealers falling below a 70% target completion rate [5][8] Financial Performance and Profitability - The loss ratio among dealers has risen to 52.6%, with only 29.9% reporting profits, marking a further decline in dealer viability compared to the previous year [8][11] - New energy independent brand dealers show better financial health, with a profit ratio of 42.9%, compared to 25.6% for traditional fuel vehicle dealers [8][9] Revenue Streams and Margins - The gross margin contributions from new car sales, after-sales, and financial insurance are -22.3%, 63.8%, and 36.2% respectively, indicating a severe loss in new car sales [9][10] - New energy independent brand dealers have a gross margin contribution of 16.8% from new car sales, showcasing a more favorable performance compared to traditional brands [9] Price Inversion and Dealer Concerns - A staggering 74.4% of dealers are experiencing price inversion, with 43.6% facing a price inversion exceeding 15%, which poses a serious risk to their financial stability [11] - Dealers are calling for manufacturers to set more reasonable sales targets and pricing strategies to alleviate the pressure caused by price inversion [10][11] Future Outlook - Dealers anticipate a slight growth or stability in the market for the second half of 2025, but the optimism is less than that observed at the end of 2024, with 49% expecting an increase in annual sales [11]