以下文章来源于Tech星球 ，作者任雪芸 增量在下沉。 作者丨 任雪芸 来源丨 Tech星球 在一线城市核心商圈，一家新能源汽车直营展厅的运营成本堪称"天价"。 一位从业者告诉Tech星球，"尽管地区差异较大，但年租金百万元，叠加员工薪酬、水电物业等刚性支出，单店全年运营成本可达五六百万元。" 对于规模化布局的新势力车企而言，成本压力更是呈几何级增长。 若按200家门店的规模进行测算，仅开店及运营年投入就高达约10亿元，这对于利润持续承压、仍处盈利爬坡期的新能源车企们而言，无疑是沉重的负 担。 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 将投中网设为"星标⭐"，第一时间收获最新推送 在成本与市场的双重压力下，曾被行业视为革新方向的直营模式，并未完成对传统经销商体系的替代，反而加速向"直营转经销"的混合模式转型。 早在2021年，作为直营模式的开创者，特斯拉率先收缩高端商圈布局，关闭了北京国贸、深圳万象城等9家核心地段商超店。随后几年，小鹏汽车、阿 维塔等新势力品牌纷纷跟进，全面开放经销商加盟模式，以分摊运营成本、拓宽城市覆盖。 进入2025年第四季度，这场渠道变革迎来集中爆发。 腾势在河北、 ...

在一线城市核心商圈，一家新能源汽车直营展厅的运营成本堪称"天价"。 一位从业者告诉Tech星球，"尽管地区差异较大，但年租金百万元，叠加员工薪酬、水电物业等刚性支 出，单店全年运营成本可达五六百万元。" 对于规模化布局的新势力车企而言，成本压力更是呈几何级增长。 若按200家门店的规模进行测算，仅开店及运营年投入就高达约10亿元，这对于利润持续承压、仍处盈 利爬坡期的新能源车企们而言，无疑是沉重的负担。 在成本与市场的双重压力下，曾被行业视为革新方向的直营模式，并未完成对传统经销商体系的替代， 反而加速向"直营转经销"的混合模式转型。 早在2021年，作为直营模式的开创者，特斯拉率先收缩高端商圈布局，关闭了北京国贸、深圳万象城等 9家核心地段商超店。随后几年，小鹏汽车、阿维塔等新势力品牌纷纷跟进，全面开放经销商加盟模 式，以分摊运营成本、拓宽城市覆盖。 进入2025年第四季度，这场渠道变革迎来集中爆发。 腾势在河北、河南、浙江、广东等核心市场，陆续推进直营店关店或转让给经销商的动作；另一边，鸿 蒙智行也启动大范围直营网络裁撤，广东、四川、江苏等重点省份的渠道调整已全面落地。即便是此前 坚守直营模式的理想、蔚来 ...

Summary of Jiangnan Buyi Conference Call Company Overview - Jiangnan Buyi has shown improving growth rates from low single-digit to high single-digit growth since the beginning of the year, with an expected annual revenue growth close to 5% and profit growth potentially exceeding previous low expectations [2][4][33]. Key Points Revenue and Profit Guidance - The company anticipates a conservative internal guidance for revenue growth at mid-single digits and profit growth at low single digits for the fiscal year 2025, with potential for better-than-expected performance [2][4]. Inventory Management - Promotional events have limited impact on inventory reduction, relying more on online off-season discounts and offline outlet channels. The sell-through rate for autumn/winter products decreased, leading to increased inventory, but the long product lifecycle maintains profitability [2][7]. Brand Strategy - The LESS brand division operates independently, experimenting with the Classita brand. If successful, this model may be extended to other brands to enhance operational efficiency and brand vitality [2][8]. Membership Growth - The company adds approximately 60,000 new members monthly, with a stable increase in membership. High-repurchase-rate members value unique experiences and privileges, such as exclusive events and stylist services [2][9][11]. Discount Management - Discounts improved year-on-year in the first half of fiscal 2025, with expectations to maintain this trend in the second half. Overall discount management is effective, contributing to healthy retail growth [2][14]. Sales Performance - Sales performance in April and May showed sequential improvement, with April experiencing mid-single-digit growth and May exceeding double-digit growth in the first half, although there was a slowdown in the latter half of May [3][4]. Distribution Strategy - The performance of distribution areas slightly outperformed direct sales areas, with high-tier cities being sensitive to economic fluctuations but showing recent improvements. The transition from direct sales to distribution is stable, with no major changes expected in future strategies [5][17][18]. Brand Performance - Different brands within the company showed varied performance, with women's and children's clothing performing better than men's clothing. This trend is expected to continue into the second half of the year [22]. Product Innovation - The company maintains a balance between classic and innovative designs, with approximately 70-80% of products being classic or safe styles and 20-30% being new designs [23]. Future Plans - Jiangnan Buyi plans to open offline stores, starting with pilot locations near its headquarters, and aims to establish single-brand and children's collection stores [28]. Dividend Policy - The company intends to maintain a stable dividend policy, with an expected payout ratio of 75% for fiscal 2025, signaling a commitment to high dividends [5][32]. Overall Development - Despite the broader economic environment not fully recovering, the company has achieved steady positive growth and maintains high-quality development without resorting to discount promotions [33].