央视网消息：国家发展改革委、市场监管总局近日发布《关于治理价格无序竞争 维护良好市场价格秩序的公告》（以下简称《公 告》），再次释放维护公平竞争、有序竞争的市场环境信号。企业之间的无序"价格战"是"内卷"式竞争的典型表现，价格"内卷"到底卷走了什 么？整治无序"价格战"为何2025年多部门密集出手？遏制"内卷"式竞争为何要向无序"价格战"亮剑？ 两部门出手治理价格无序竞争 两部门发文规范市场价格行为，剑指无序竞争。 《公告》指出，价格竞争是市场竞争的重要方式之一，但无序竞争会对行业发展、产品创新、质量安全等造成负面影响，不利于国民经济健康 发展。 中国宏观经济研究院研究员刘志成表示，无序竞争扭曲了竞争机制，可能导致"劣币驱逐良币"，一些产品质量好、口碑信誉好的企业市场空间 被压缩，利润被掏空。 专家表示，如果传导到消费端，无序竞争可能导致低价低质、服务打折扣等负面效应，从而使得消费者的利益受损。 《公告》根据现行价格法、招标投标法等法律法规，通过调研评估行业平均成本、开展提醒告诫、加强监管执法等多方面举措，引导企业依法 合规经营。对提醒告诫后仍未规范价格行为的经营者予以重点关注，必要时开展成本调查，发现价格违 ...

Core Viewpoint - The chaotic price war in the automotive industry is leading to profit erosion, safety risks, and stifled innovation, necessitating a resolution to this "no winner" competition [1] Group 1: Automakers - Automakers are experiencing significant profit loss, with profit margins dropping to 3.9% in Q1 2025, marking a new low for the industry [2] - Employee pressure is increasing, with extended working hours becoming the norm, as companies prioritize cost reduction and rapid production [2] - Automakers are focusing on immediate sales over brand building, leading to misleading advertising and safety concerns, which damage brand reputation [3] Group 2: Consumers - Consumers face hidden costs and risks, as the quality of vehicles may decline due to cost-cutting measures, potentially leading to higher maintenance costs in the long run [4] - Recent incidents of dealership failures have raised concerns about the reliability of after-sales services, with some consumers unable to receive purchased vehicles [5] Group 3: Suppliers - Suppliers are heavily impacted by the price war, facing frequent and significant price reductions imposed by automakers, which threaten their financial stability [6] - Long payment terms, averaging over 170 days and in some cases exceeding 240 days, strain suppliers' cash flow and increase operational costs [7] - The lack of investment in innovation within the automotive supply chain is exacerbated by the industry's overall unprofitability, leading to a reluctance to support new ventures [8] Group 4: Regulatory Response - Regulatory bodies are taking action to ensure that automakers adhere to quality standards and that the vehicles produced match the approved specifications [5] - Some automakers have announced intentions to reduce payment terms to suppliers to 60 days, aiming to improve cash flow and collaboration within the supply chain [8] Group 5: Industry Outlook - The industry is encouraged to pursue cost reductions through technological and management innovations rather than through chaotic price competition, which is unsustainable [9] - A shift from "accounting competition" to "value co-creation" is necessary for the Chinese automotive industry to escape the current cycle of decline and foster innovation [9]

Core Viewpoint - The Chinese automotive industry is facing challenges due to chaotic "price wars," which are detrimental to both companies and consumers, leading to a call for fair competition and industry health [1][2][3]. Industry Performance - In the first four months of this year, China's automotive production and sales reached 10.175 million and 10.06 million units, respectively, marking a year-on-year increase of 12.9% and 10.8% [2]. - Despite the increase in production and sales, the automotive industry's revenue was 32.552 billion yuan, up 7% year-on-year, while costs rose to 28.636 billion yuan, up 8%, resulting in a profit of 1.326 billion yuan, a decline of 5.1% [2]. Impact of Price Wars - The "price wars" are identified as a significant factor in the declining profitability of the automotive industry, with profit margins dropping to 4.1% [2]. - The chaotic competition is squeezing profit margins, affecting normal operations, and threatening supply chain security, which could lead to a vicious cycle in the industry [2][3]. Supply Chain and Dealer Pressure - Both automotive supply chain companies and dealers are under pressure from the "price wars," leading to reduced quality and service levels [3]. - The focus on short-term profits due to "involution" is hindering long-term innovation and R&D investments [3]. Market Dynamics - The automotive market is entering a phase of stock competition, with a projected sales volume of approximately 31.436 million units in 2024, a growth of only 4.5% [4]. - The market concentration in China is relatively low compared to developed countries, with the top three companies holding about 36.2% of the market share [4]. Innovation Challenges - Insufficient innovation is leading to increased homogenization in competition, with weaker companies lacking the resources for R&D [5][6]. - The pressure from price wars is reducing the willingness of leading companies to invest in innovation, further impacting the industry's overall innovation drive [6]. Regulatory and Industry Response - The China Automotive Industry Association (CAAM) has proposed four initiatives to promote fair competition and curb "price wars," including compliance with legal regulations and avoiding predatory pricing [7]. - The Ministry of Industry and Information Technology plans to enhance regulatory efforts to address "involution" in the automotive sector and ensure consumer protection [7][8].

Core Viewpoint - The automotive industry in China is transitioning from rapid growth to high-quality development, necessitating a shift away from chaotic "price wars" that represent "involutionary" competition, which is detrimental to industry health and sustainability [1][3]. Group 1: Industry Challenges - The China Association of Automobile Manufacturers (CAAM) has issued an initiative to maintain fair competition and promote healthy industry development, highlighting that chaotic "price wars" are a significant factor in declining industry profitability and threaten supply chain stability [1][3]. - The Ministry of Industry and Information Technology supports this initiative, emphasizing that "price wars have no winners and no future," and will increase efforts to rectify "involutionary" competition in the automotive sector [1][3]. - Recent aggressive price cuts by a car manufacturer have triggered a new wave of price wars, leading to significant stock price declines for companies like BYD, Geely, and Leap Motor during late May [1][3]. Group 2: Market Dynamics - Data indicates that in 2024, China's automotive production and sales are expected to stabilize at 30 million units, with new energy vehicles (NEVs) projected to exceed 10 million units in annual production, marking a significant leap in development [2]. - From January to April this year, China captured a remarkable 68% share of the global NEV market, supported by national policies and a vast consumer market that fosters technological innovation and market expansion [2]. Group 3: Financial Implications - The automotive manufacturing industry's profit margin is projected to be 4.3% in 2024, which is lower than the overall industrial profit margin of 5.4%, and is expected to decline further to 3.9% in the first quarter of 2025 [3]. - The chaotic "price wars" negatively impact sustainable profitability, potentially leading to a "mutually destructive" consumption battle that harms normal business operations and disrupts innovation investments [3][4]. Group 4: Strategic Recommendations - Companies should rationally address inventory clearance while facing a slowing market, avoiding aggressive price wars that violate market principles and compress profit margins across the supply chain [4]. - Emphasizing new productive forces for development is crucial to avoid low-quality and homogeneous competition, as prolonged price wars can diminish profit and operational efficiency, hindering innovation and sustainable growth [5]. - Leading enterprises in the automotive industry should take the initiative to foster a mutually beneficial industrial ecosystem, avoiding "zero-sum games" and ensuring quality standards are maintained throughout the supply chain [6].