Core Viewpoint - The automotive industry is facing significant challenges, with comparisons being drawn to the financial troubles of Evergrande Group, suggesting that similar issues may exist within the automotive sector, particularly regarding debt levels and potential financial misrepresentation [2][3]. Group 1: Industry Challenges - The automotive industry is experiencing a profit margin of only 4.3% in 2024, which is below the national industrial average of 6% [2]. - The price reduction of new energy vehicles reached an average of 9.2% in 2024, raising concerns about product quality and sustainability [2]. - The chairman of Great Wall Motors, Wei Jianjun, emphasized the need for profitability and sustainable investment in the industry, warning against excessive capitalization that could threaten industry safety [3]. Group 2: Financial Analysis of BYD - BYD's total assets grew from 2010 billion in 2020 to 7834 billion in 2024, indicating a nearly fourfold increase, primarily driven by debt [4]. - The company's liabilities increased from 1366 billion in 2020 to 5847 billion in 2024, with the debt-to-asset ratio rising from 67.96% to 74.64% over the same period [4][5]. - BYD's reliance on supplier financing is significant, with accounts payable and other payables reaching 4303 billion by the end of 2024, which is approximately double its interest-bearing debt [5]. Group 3: Supply Chain Financing - BYD's use of supply chain financing through Dlink allows the company to secure substantial interest-free loans from suppliers, potentially saving around 120 billion in financing costs [6]. - The extended payment terms for suppliers, exceeding 180 days, have raised concerns about the sustainability of this financing model [6]. - The practice of utilizing supplier funds for operational financing is common in the industry, but it raises ethical questions regarding supplier treatment [5][8]. Group 4: Market Practices and Risks - The issue of "zero-kilometer" used cars, where unsold new cars are sold at discounted prices, has been highlighted as a potential risk to sales data accuracy and profit recognition [7]. - The lack of transparency in sales contracts and the actual sales of these vehicles may lead to doubts about the authenticity of reported revenues [7]. - The automotive industry must balance commercial interests with social responsibility, ensuring that practices do not compromise product quality or supplier relationships [8].

Core Viewpoint - The Chinese automotive market is experiencing severe supply-demand imbalance and negative effects from price wars, leading to distorted business practices among listed car companies [2][4][12]. Group 1: Market Dynamics - The average sales growth rate in China's domestic automotive market over the past three years is only 1.8%, with profit margins continuously declining [4][11]. - The phenomenon of "0-kilometer used cars" has emerged, where new cars are registered and then sold as used cars to alleviate inventory pressure and meet sales targets [6][9]. - The automotive industry is facing a significant overcapacity issue, with many listed companies reporting utilization rates below 50% [13][25]. Group 2: Industry Practices - Some car manufacturers and dealers engage in practices such as "virtual invoicing" to obtain subsidies, contributing to a culture of financial manipulation [6][9]. - The trend of selling "pseudo-used cars" at steep discounts (up to 30% off) is prevalent, indicating a hidden price war within the industry [7][9]. - The competitive landscape has led to a "winner-takes-all" scenario, forcing traditional automakers to downsize and restructure [15][16]. Group 3: Regulatory Response - The Ministry of Commerce has initiated discussions with major car manufacturers regarding the "0-kilometer used car" issue and is working to regulate market practices [4][22]. - There is a call for stricter regulations to address the ongoing price wars and restore healthy competition in the automotive sector [22][26]. - The government is promoting initiatives like the "2025 New Energy Vehicles Going to the Countryside" program to stimulate demand and help manufacturers reduce inventory [26][27]. Group 4: Future Outlook - The automotive industry is expected to undergo a "淘汰赛" (elimination race) in the second half of the year, which may further impact weaker companies [16]. - Despite the challenges, there are potential benefits from government initiatives aimed at boosting sales of new energy vehicles [26]. - The overall production capacity in China may exceed 50 million units, while the global automotive production is around 90 million units, highlighting a significant structural overcapacity [23][25].

Group 1 - The chairman of Great Wall Motors, Wei Jianjun, criticized the excessive competition and distorted market order in the automotive industry, particularly highlighting the issue of "zero-kilometer used cars" [1] - "Zero-kilometer used cars" are vehicles that are technically classified as used but have very low or zero mileage, often coming from test drives or showroom displays. Some manufacturers and dealers register new cars as sold to create a false impression of high sales, then sell them at lower prices through used car dealers [3] - Data from a used car platform indicates that there are approximately 7,000 vehicles registered with less than 10,000 kilometers, with most having less than 1,000 kilometers. These vehicles span various brands and types, and they are often sold at discounts of 10% to 30% compared to new cars, appealing to budget-conscious consumers [3] Group 2 - The sale of "zero-kilometer used cars" is not limited to the domestic market but is also penetrating overseas markets, with some dealers exporting these vehicles under the guise of "parallel exports" to benefit from tax refunds and avoid domestic taxes [4] - It is reported that over 60% of used cars exported overseas in 2023 were "zero-kilometer used cars," including some electric vehicles, indicating a significant trend in the export of these vehicles [4]

Core Viewpoint - The emergence of "zero-kilometer used cars" has sparked widespread attention and debate within the automotive market, highlighting the complexities of market competition, sales strategies, and policy environments [2][13]. Group 1: Market Dynamics - The proportion of "zero-kilometer used cars" in the used car market surged to 12.7% in 2024, a significant increase of 7.2 percentage points over four years [3]. - Intense competition in the automotive market has led manufacturers to set challenging sales targets, resulting in dealers selling vehicles beyond market demand, which contributes to the rise of "zero-kilometer used cars" [3][4]. - Overcapacity in the automotive industry, particularly in rapidly changing segments, has forced dealers to register unsold new cars as used cars to alleviate inventory pressure [4]. Group 2: Policy and Regulatory Aspects - The phenomenon of "zero-kilometer used cars" has been exacerbated by loopholes in government subsidy policies, allowing dealers to exploit these for profit [4][12]. - A proposed seminar by the Ministry of Commerce aims to address the issues surrounding "zero-kilometer used cars," indicating a potential shift towards regulatory measures [2][13]. Group 3: Consumer Perspectives - Consumer opinions on "zero-kilometer used cars" are polarized, with some attracted by the lower prices while others are concerned about the loss of first-owner benefits and potential depreciation [6][7][8]. - Data indicates that "zero-kilometer used cars" can depreciate 15%-20% more than regular used cars upon resale, raising concerns about their long-term value [7]. Group 4: Industry Implications - The sale of "zero-kilometer used cars" presents unique advantages for dealers, including lower after-sales risks and the ability to sell in bulk through modern sales channels like live streaming [9]. - The ongoing challenges posed by "zero-kilometer used cars" necessitate a multi-faceted governance approach to ensure market sustainability and consumer protection [12][13].

Group 1 - The core viewpoint of the articles highlights a new wave of price cuts in the domestic automotive market, leading to significant market concerns and a substantial drop in the market value of automotive stocks [1][4][5] - Major automotive companies, including BYD, Geely, and Chery, have initiated promotional activities with substantial cash subsidies, resulting in price reductions of up to 55,000 yuan for various models [2][3] - The phenomenon of "zero-kilometer" used cars, which are essentially unsold new cars registered as used, has emerged as a hidden pricing strategy, raising concerns about market integrity and competition [3][6] Group 2 - The automotive sector has been experiencing a continuous decline in profit margins, with the profit rate dropping from 8.99% in 2014 to an estimated 4.3% in 2024, indicating a challenging financial environment for the industry [6][7] - Analysts suggest that the recent price competition is driven by increased market pressure and inventory accumulation, with BYD's inventory rising by 56,400 units in the first four months of the year [2][5] - Industry leaders are calling for a return to orderly competition to foster sustainable development and technological advancement, emphasizing the need to avoid destructive price wars [7][8]

齐鲁晚报·齐鲁壹点记者 胡玲玲 刘志坤 明明是未实际交付过的新车，经过一次"转手"，就摇身一变成了二手车，价格还低了不少，这样的车辆 在业内被形象地称之为"零公里二手车"。 近日，长城汽车（601633）董事长魏建军在接受采访时表示，一些经销商会将库存时间较长的新车先上 牌注册为"已销售"状态，然后再以二手车的名义出售。此类做法在二手车流通平台上非常普遍，有三四 千家渠道都在这样做。 对此，有业内人士认为，"零公里二手车"实为汽车行业变相降价的产物，对此，车企应当优化经营策 略，按销定产，避免盲目生产导致库存积压，还应提升现有渠道的盈利能力和服务水平，而非依赖价格 战等低效内卷手段。 "零公里二手车"由来已久，利润主要依靠走量 日前，一个有关商务部消费促进司召集车企和相关行业机构等开座谈会的通知截图在网络上流传。该截 图显示，此会议主题是研究"零公里二手车"及进一步促进二手车流通消费相关内容。参会方包括行业协 会、车企和交易平台。有参会人士向媒体证实了上述通知的真实性。 中国汽车流通协会专家、二手车行业资深从业者王萌对齐鲁晚报·齐鲁壹点表示，"零公里二手车"的存 在由来已久，实际上是清理库存的"变相降价"之举 ...

Core Viewpoint - The phenomenon of "zero kilometer used cars" has gained attention following a statement from Great Wall Motors' chairman, Wei Jianjun, highlighting the confusion and irregularities in the market for these vehicles [1][2]. Group 1: Market Dynamics - The automotive market has become increasingly competitive, leading manufacturers to implement incentive policies to encourage dealers to clear inventory, resulting in the registration of new cars as used cars to meet sales targets [2][3]. - Dealers often register new vehicles as used cars to qualify for manufacturer rebates, creating a situation where vehicles with very low or zero mileage are sold as "used" [2][3]. Group 2: Zero Kilometer Used Cars - "Zero kilometer used cars" refer to vehicles that have completed registration but have minimal or no actual mileage, creating a misleading classification in the market [1][2]. - The practice of selling zero kilometer used cars has become common among dealers, driven by the need to meet sales quotas and take advantage of favorable manufacturer policies [2][3]. Group 3: Export Opportunities - The zero kilometer used car phenomenon is not limited to the domestic market; it also appears in the context of parallel exports, where these vehicles are shipped overseas to tap into higher profit margins [3]. - Numerous certified used car export companies have emerged in China, sourcing vehicles primarily from domestic dealers and some new energy vehicle manufacturers, with a significant focus on zero kilometer used cars for export [3].

长城汽车董事长魏建军近日的一则表态，使"零公里二手车"现象被进一步关注。 长城汽车董事长魏建军近日的一则表态，使"零公里二手车"现象被进一步关注。 他举例称，按照市场需求和经销商的经营状况，本来一个月批售任务为150辆，但厂家通过抛出有利性 政策可以让经销商批售200辆车甚至更多。这就导致了在一定的市场情形下，超配车辆的经销商也难以 消化过高的库存，经销商高价进车、低价卖车已经成为常态。 过去几年中国汽车市场快速发展，但近两年价格战竞争激烈。对于主机厂和经销商来说，内销转出口成 为寻求增长的一条路径。除了国内二手车市场存在零公里二手车的现象外，零公里二手车也出现在汽车 平行出口模式中。相较于国内，海外市场利润空间大，同时可以消化国内库存。 一名车商曾告诉记者，当前国内已经有数百家获得资质的二手车出口企业，这些企业的车源主要来自于 国内的汽车经销商和部分新能源车企，一些大的汽车经销商集团都已开启二手车出口业务，"出口的二 手车主要为零公里二手车"。 近年来，汽车市场竞争激烈，主机厂为了达到销售业绩通过激励政策向经销商压库，而经销商为了完成 销售任务、快速回笼资金，将库存时间较久的新车注册为二手车，通过零公里二手 ...

（原标题："瓜子二手车们"助推0公里二手车市场） 5月27日，网传中国商务部针对"零公里二手车"流通乱象，紧急约谈多家车企、行业协会及二手车交易 平台，要求规范市场秩序。此次行动直指车企与经销商通过"虚假销售"制造销量泡沫、二手车平台利用 政策漏洞牟利等行为，引发行业震荡。 何为"零公里二手车"？ "零公里二手车"乱象折射出汽车行业价格战白热化下的畸形生态。此次监管重拳能否斩断灰色利益链， 仍需观察政策落地效果。对车企与平台而言，唯有回归用户价值与合规经营，方能赢得长远市场信任。 "零公里二手车"指新车完成注册上牌后未实际交付消费者使用，即以"二手车"身份流入市场。这一现象 背后，是车企和经销商为达成销量目标、缓解库存压力，将库存车或产线新车注册为"已售"状态后转卖 至二手车平台，制造虚假销售数据。长城汽车董事长魏建军在此前接受专访时提到，仅在瓜子二手车、 懂车帝等平台，就有三四千家商家参与此类交易，扰乱市场秩序。 车企与平台"合谋"的灰色链条 据知情人士透露，部分车企通过"自注册"手段，将新车直接上牌后交由经销商或二手车平台以低价抛 售。例如，某车企的某经销商为完成季度销量目标，将未售出的新能源车注册后以8 ...