智通财经APP讯，正通汽车(01728)发布公告，由于受到愈演愈烈的汽车市场价格战以及宏观经济因素的 影响，集团针对若干目前表现欠佳4S门店商誉和╱或无形资产 — 汽车经销权╱经销商经营权和计划转 型的4S门店房屋及装修等固定资产计提了减值。因此，预期集团截至2025年6月30日止六个月录得之净 亏损将较去年同期增加约40%。净亏损增加主要由于新车售价下降、商誉及无形资产减值及固定资产减 值所致。 基于集团控股股东厦门国贸控股集团有限公司的长期战略支持，且根据对集团截至2025年6月30日止六 个月之未经审核综合管理账目的评估，董事会认为集团可适应行业变化，继续维持其运营发展。 ...

Core Viewpoint - The Chinese automotive industry is experiencing an unprecedented level of competition, accelerated by recent events such as the "Chongqing Automotive Forum," where major players like BYD and Geely engaged in heated exchanges, indicating that the anticipated "most brutal competition phase" is arriving sooner than expected [1][2]. Group 1: Price War Dynamics - A widespread price war in the Chinese automotive market has been ongoing since early 2023, initiated by BYD's aggressive pricing strategies, including "oil-electric parity" and "electric cheaper than oil," which significantly boosted its sales and market presence [4][12]. - Geely's "Star Wish" model is a prime example of competitive targeting, designed to directly compete with BYD's popular models by offering similar pricing and features, showcasing the intense competition in the market [5][8]. - The overall market dynamics have led to a situation where many consumers are holding back on purchases, waiting for further price reductions, which has increased pressure on automakers to lower prices to maintain sales [13][12]. Group 2: Sales and Financial Performance - In the first four months of 2023, the domestic passenger car market saw sales of 10.12 million units, a year-on-year increase of 11.6%, while total industry revenue reached 3.26 trillion yuan, up 7%, but profit margins have declined significantly [11]. - BYD's wholesale sales from January to May 2023 reached 1.736 million units, achieving 31.6% of its annual target, while Geely sold 603,000 units, meeting 22.3% of its goal [15]. Group 3: Industry Restructuring and Future Outlook - The current competitive landscape necessitates a shift towards industry restructuring, with consolidation through mergers and acquisitions seen as a potential solution to the ongoing price war and market saturation [18][19]. - The government is expected to play a role in facilitating this restructuring by enforcing stricter regulations on market practices and encouraging the exit of underperforming companies [18][20]. - Despite the potential for a reduction in price wars, the competitive environment is likely to remain intense as long as no major players exit the market, leading to continuous rivalry among automakers [20].

Core Viewpoint - The phenomenon of "zero-kilometer used cars" is rampant, and its negative impact should not be underestimated. This sales model helps car manufacturers reduce inventory but compresses profit margins and exacerbates losses, hindering product quality improvement and innovation resource investment [1] Industry Analysis - The prevalence of "zero-kilometer used cars" is essentially a continuation of price wars in the automotive market, reflecting a "involutionary" vicious competition within the industry [1] - Addressing these issues requires collective efforts, strong governance, and the establishment of regulatory frameworks to guide the industry towards self-discipline, ultimately fostering a healthy market order and promoting high-quality development in the automotive sector [1]

Core Viewpoint - The phenomenon of "zero-kilometer used cars" has gained attention due to its implications for the automotive industry, reflecting a trend of unhealthy competition and market distortion [1][2][3]. Group 1: Industry Dynamics - Some car manufacturers are selling vehicles to third parties to boost sales figures, leading to the registration of new cars as used cars, which disrupts market order [1][2]. - The practice of registering new cars as used cars is a response to intense market competition, where dealers aim to meet sales targets and quickly recover funds [1][2]. - This creates a gray circulation chain from production to consumption, affecting the integrity of sales data and market dynamics [1][2]. Group 2: Impact on Companies - The "zero-kilometer used car" sales model may help companies reduce inventory but compresses profit margins and exacerbates losses, hindering product quality and innovation [2][3]. - The ongoing price war in the automotive market is reflected in the prevalence of "zero-kilometer used cars," indicating a deeper issue of vicious competition within the industry [2][3]. Group 3: Consumer Risks - Consumers purchasing "zero-kilometer used cars" may face risks such as loss of exclusive rights from the first owner, potential battery health issues, and greater depreciation upon resale [2][3]. - The market distortion caused by this practice misleads resource allocation and squeezes the survival space of compliant manufacturers and dealers [2][3]. Group 4: Regulatory Response - Regulatory bodies are focusing on addressing market irregularities and standardizing competition to maintain a fair market environment [2][3]. - Initiatives are being taken to regulate the "zero-kilometer used car" phenomenon and guide the export of used cars, signaling a clear intent to combat unhealthy competition [2][3]. Group 5: Future Directions - Strengthening regulations on used car registration and establishing a vehicle lifecycle traceability system are essential for improving industry standards [3]. - The industry is encouraged to shift focus from sales volume to quality, technology, and service, fostering a healthier competitive landscape [3].