小微市场主体经营状况与数字化转型调研 （2025 年三季度） 【主要发现】 经营状况有所下滑。停滞面环比收窄0.3个百分点，但亏损面环比扩大0.2个百分点；盈利 水平、营收指数环比下降0.3和0.5。 市场预期和投资倾向连续多季度回落。市场预期指数和投资倾向指数环比分别下降0.9 和 0.2，分别连续五个季度、四个季度下滑。 人力成本压力加剧，消费疲弱等问题突出。用工成本上升覆盖面最高且环比上升，店面租 金、原物料价格等困难点覆盖面环比下降；消费意愿低、同质化竞争等困难点覆盖面同比 上升明显。 政策支持力度持平，体感温度略有回暖。多数普惠型政策覆盖面环比回升，体感温度指数 环比0.6度至-6.0。 融资需求回升，融资成本抬高。有融资需求主体占比较上季度上升2.9个百分点，借贷综合 利率指数上升30个基点。银行渠道与非银行渠道利差扩大至252个基点。 线上化率、直播渗透率持续下滑，但线上销售缓慢恢复。48.7%的样本主体开设线上门 店，环比下降1.0个百分点；其中30.5% 已线上化主体进行了直播带货，环比下降1.1个百 分点；线上销售占比超过30% 的主体数量略有增加。 包括小微企业和个体工商户在内的小微市场 ...

Core Insights - The operating conditions of small and micro enterprises have improved, with a reduction in loss and stagnation rates [3][4] - Market expectations and investment inclination have both declined, indicating a cautious outlook among businesses [6][12] - Cost pressures have eased, but issues such as weak consumer demand and intense competition remain prominent [8][9] - Policy support has weakened, leading to a lower perception of the business environment [11][12] - Financing demand has decreased, while the cost of borrowing has slightly declined [14][18] - The rate of digitalization has dropped, although online sales are showing signs of recovery [20][23] Group 1: Operating Conditions - The loss rate among sample entities was 6.5% in Q2 2025, down 0.4 percentage points from the previous quarter and 0.9 percentage points year-on-year [3] - The stagnation rate was 11.5%, a decrease of 0.3 percentage points from the previous quarter, but an increase of 0.7 percentage points compared to the same period last year [3] - The profitability index remained stable at 70.2, while the revenue growth index increased slightly to 51.7 [3][4] Group 2: Market Expectations and Investment - The market expectation index fell to 67.7, down 0.5 from the previous quarter and 2.0 from the same period last year [6] - The investment inclination index dropped to 62.4%, marking a decline of 1.6 from the previous quarter and the lowest level in ten quarters [6] Group 3: Cost Pressures and Competition - Coverage of rising labor costs, high rents, and raw material price increases decreased to 39.3%, 37.9%, and 35.3% respectively [8] - Consumer willingness to spend and homogenized competition issues increased, with both reaching new highs at 36.8% [8] Group 4: Policy Support - Coverage of supportive policies such as preferential interest rates and tax reductions decreased, with the overall perception of the business environment remaining negative at -4.4 [9][11] Group 5: Financing Trends - The total financing demand dropped to 66.6%, the lowest in ten quarters, while the actual financing gap remained stable at 33.6% [14][16] - The comprehensive borrowing rate decreased to 5.32%, with bank rates falling to 4.23% and non-bank rates slightly rising to 5.98% [18] Group 6: Digitalization and Online Sales - The online presence rate fell to 62.6%, a decline of 3.2 percentage points from the previous quarter [20] - Online sales growth is recovering, with 33.1% of entities reporting faster online sales growth, although the gap with offline sales is narrowing [23]