Core Insights - The total number of 4S dealerships in China reached approximately 32,000 by the end of June, representing a 1.9% decrease compared to the end of 2024, indicating a deep structural adjustment within the industry [1] - The network scale of domestic brands has contracted for the first time, while the contraction of joint venture brands has narrowed, and luxury brands continue to shrink [1] - In contrast, the network of new energy brands has experienced growth, although the growth rate has significantly slowed down [1]