经济观察报·2026-01-28 12:24Core Viewpoint - The automotive industry is experiencing a significant decline in profitability, with upstream components showing steady growth, while vehicle manufacturing and downstream dealerships face considerable pressure [1][2]. Group 1: Profitability Trends - In 2025, the automotive industry achieved a profit of 461 billion yuan, a year-on-year increase of 0.6%, but the sales profit margin dropped to 4.1%, lower than the average of 5.9% for downstream industrial enterprises [2]. - The profit margin for the automotive industry fell to 4.1% in 2025, marking a five-year low, with December profits plummeting to 20.7 billion yuan, a year-on-year decrease of 57.4% [2][3]. - The overall profit margin for the automotive industry in December 2025 was the lowest in five years, with a significant decline from 4.1% in December 2024 to 1.8% [2]. Group 2: Performance of Different Segments - Among 129 A-share automotive parts companies, 80 reported a year-on-year profit increase, indicating over 60% had both revenue and profit growth [3]. - In the vehicle manufacturing segment, 16 out of 22 A-share car manufacturers were profitable, but major players like BYD and GAC Group saw significant profit declines, with GAC Group's profit dropping by 3691.33% [3]. - The downstream dealership segment is under severe pressure, with only 28% meeting sales targets and a loss rate climbing to 55% [3]. Group 3: Cost Pressures - The overall unit cost for industrial enterprises has increased significantly, with lithium carbonate prices doubling and raw material costs rising for midstream and downstream sectors [3][4]. - The cost of a typical mid-sized smart electric vehicle has increased by 4,000 to 7,000 yuan due to rising prices of lithium, aluminum, and copper, which are difficult for manufacturers to pass on to consumers [4]. - Starting in 2026, a 5% purchase tax on new energy vehicles and changes to subsidy policies will further increase consumer costs, complicating demand and supply dynamics in the automotive market [4]. Group 4: Strategic Responses - Some automotive companies are accelerating collaboration with upstream suppliers to address challenges, as seen in the strategic discussions between China Aluminum Group and China FAW Group [5].