Group 1 - The core viewpoint of the article is that the inventory levels of automotive dealers in China are currently below the warning line but above the reasonable range, indicating a cautious market environment [1] Group 2 - In July, the comprehensive inventory coefficient for automotive dealers was reported at 1.35, which represents a month-on-month decrease of 4.9% and a year-on-year decrease of 10.0% [1]

Core Viewpoint - The article discusses the inventory levels of automobile dealers in China for June 2025, highlighting a rise in inventory coefficients and the impact of promotional activities on sales [2][3][5]. Group 1: Inventory Levels - In June 2025, the comprehensive inventory coefficient for automobile dealers was 1.42, which represents a month-on-month increase of 2.9% and a year-on-year increase of 1.4%. This level is below the warning line but higher than the reasonable range [2][3]. - The total inventory of automobile dealers at the end of June is estimated to be around 2.95 million vehicles, based on a retail market sales figure of 2.085 million vehicles for the month [5]. Group 2: Brand Performance - The inventory coefficient for high-end luxury and imported brands was 1.38, showing a month-on-month increase of 5.3%. The inventory coefficient for joint venture brands was 1.26, up by 4.1%. In contrast, the inventory coefficient for domestic brands slightly decreased by 0.7% to 1.50 [6]. Group 3: Market Outlook - The article expresses cautious expectations for market demand in July 2025, noting that July is traditionally a slow season for automobile consumption. Factors such as high temperatures, rainy weather, and the effects of June's promotional activities are expected to weaken potential market demand [7]. - The China Automobile Dealers Association suggests that dealers should rationally estimate actual market demand and enhance the promotion of "old-for-new" and scrapping policies to boost consumer confidence [7].

Core Viewpoint - The automotive market in May 2025 showed a decline in inventory levels, indicating a healthy demand and effective promotional strategies by dealers, despite a cautious outlook for June due to seasonal factors [2][9]. Group 1: Inventory Levels - The comprehensive inventory coefficient for automotive dealers in May 2025 was 1.38, reflecting a month-on-month decrease of 2.1% and a year-on-year decrease of 4.2%, indicating that inventory levels are below the warning line and within a reasonable range [2][3]. - The total inventory of automotive dealers at the end of May was approximately 2.55 million vehicles, remaining stable compared to the previous month [6]. Group 2: Brand Performance - The inventory coefficients for high-end luxury and imported brands decreased, with high-end luxury & imported brands at 1.31 (down 1.5% month-on-month) and joint venture brands at 1.21 (down 11.7% month-on-month) [8]. - In contrast, the inventory coefficient for domestic brands increased to 1.51, reflecting a month-on-month rise of 2.7% [8]. Group 3: Market Outlook - The automotive industry is entering a traditional off-season in June, with expectations of reduced consumer foot traffic due to high temperatures. However, holiday travel demand and promotional policies may provide some support [9]. - The association suggests that dealers should rationally estimate market demand and enhance the promotion of vehicle replacement policies to boost consumer confidence and manage operational risks effectively [9].

Core Viewpoint - The article discusses the April 2025 inventory survey results from the China Automobile Dealers Association, highlighting a decrease in the comprehensive inventory coefficient, indicating a reasonable inventory level below the warning line [2][3]. Group 1: Inventory Trends - In April 2025, the comprehensive inventory coefficient for automobile dealers was 1.41, reflecting a month-on-month decrease of 9.6% and a year-on-year decrease of 17.1%, indicating a healthy inventory level [2][3]. - The total inventory of automobile dealers at the end of April was approximately 2.47 million vehicles, showing a decline from the previous month [6]. Group 2: Brand-Specific Inventory Changes - The inventory coefficient for high-end luxury and imported brands was 1.33, down 23.1% month-on-month; for joint venture brands, it was 1.37, down 21.7%; while the inventory coefficient for domestic brands rose to 1.47, an increase of 7.3% [7]. Group 3: Market Outlook and Recommendations - The article expresses cautious expectations for market demand in May 2025, suggesting that dealers should rationally estimate actual market demand and enhance promotion of trade-in and scrapping policies to boost consumer confidence [8]. - The article notes that various regions are hosting large auto shows during the "May Day" holiday, which, along with government incentives, is expected to accelerate car purchase demand [8].

Group 1 - The core viewpoint of the article indicates that the inventory coefficient of automobile dealers in April 2025 has decreased both month-on-month and year-on-year, reflecting a reasonable inventory level below the warning line [1][2] - The comprehensive inventory coefficient for April is reported at 1.41, which is a 9.6% decrease from the previous month and a 17.1% decrease from the same month last year [1][2] - The estimated terminal sales of passenger cars in April are approximately 1.75 million units, leading to an estimated total inventory of around 2.47 million units at the end of April, which is a decline from the previous month [1] Group 2 - The inventory coefficients for high-end luxury and imported brands have decreased, while the inventory coefficient for domestic brands has increased [5] - The inventory coefficient for high-end luxury and imported brands stands at 1.33, reflecting a 23.1% decrease; the joint venture brands have an inventory coefficient of 1.37, down 21.7%; while domestic brands have an inventory coefficient of 1.47, which is a 7.3% increase [7] Group 3 - In April, 11 brands had inventory coefficients exceeding 2 months, with the highest inventory depth brands being GAC Trumpchi, SAIC General Chevrolet, and Jaguar Land Rover [8] Group 4 - The article expresses cautious expectations for market demand in May 2025, suggesting that dealers should rationally estimate actual market demand and control inventory accordingly [9] - Various regions in China are hosting large auto shows during the "May Day" holiday, which, along with government consumption vouchers and trade-in subsidies, is expected to accelerate car purchase demand [9]

点 击 蓝 字 关 注 我 们 本文全文共 1347 字，阅读全文约需 4 分钟 2025年4月10日，中国汽车流通协会发布2025年3月份"汽车经销商库存"调查结果：3月份汽车经销商综合 库存系数为1.56，环比下降3.1%，同比持平，库存水平处于警戒线以上，高于合理区间。 一、3月份库存系数同比持平、环比下降 高端豪华&进口品牌库存系数为1.73，环比下降6.5%；合资品牌库存系数为1.75，环比上升2.3%；自主品 牌库存系数为1.37，环比下降6.2 %。 三、3月份库存深度最高的品牌 3月上半月，受传统淡季影响，汽车市场销量增速放缓，表现不及预期。下半月，随着4月春季车展临近 以及清明节部分地区不购车的风俗影响，部分购车需求延后至春季车展释放。在政府"两新"政策的持续释放 下，以及多家合资品牌推出创新的"一口价"销售模式，涵盖部分车型一口价、限时特惠价及焕新优惠价等多种 形式，有效提升了消费者到店量与成交量，为市场复苏注入动力。 经测算，3月末汽车经销商库存总量大致在290万辆左右，较上月上涨。 二、高端豪华及进口、自主品牌库存系数环比下降，合资品牌环比上涨 中国汽车流通协会早在 2010 年 3 ...

Core Viewpoint - The automotive market is experiencing a cautious adjustment phase due to seasonal factors and consumer sentiment, with inventory levels above the warning line but still relatively low overall [2][3]. Group 1: Inventory Analysis - In February 2025, the comprehensive inventory coefficient for automotive dealers was 1.61, reflecting a 15.0% month-on-month increase and a 7.5% year-on-year decrease [2]. - The total inventory of automotive dealers at the end of February was approximately 2.1 million vehicles, indicating that while the inventory coefficient is above the warning line, the overall inventory level remains relatively low [3]. - The inventory coefficients for high-end luxury and imported brands rose to 1.85 (up 58.1% month-on-month), while joint venture brands reached 1.71 (up 48.7% month-on-month), and domestic brands saw a decrease to 1.46 (down 11.0% month-on-month) [4]. Group 2: Market Outlook - The market demand for March 2025 is expected to improve due to the spring auto show, the launch of multiple new models, and the continued implementation of vehicle trade-in policies [5]. - The China Automobile Dealers Association advises dealers to rationally estimate actual market demand and enhance promotion of trade-in and scrapping policies to boost consumer confidence [5]. Group 3: Inventory Monitoring System - The inventory warning system established by the China Automobile Dealers Association aims to monitor market conditions, assist in regulatory decision-making, and mitigate operational risks [6]. - An inventory coefficient between 0.8 and 1.2 indicates a reasonable inventory level, while a coefficient above 1.5 signals a warning level that requires attention [6].