流通协会肖政三：将持续向政府有关部门提出加快落实异地交易便利化措施 智通财经7月3日电，中国汽车流通协会会长肖政三在今日举办的2025年中国二手车大会上表示，将持续 向政府有关部门提出，加快落实异地交易便利化措施，构建二手车全国统一大市场，将二手车纳入购车 优惠补贴范围和培育支持二手车专业经营主体发展等政策建议。继续推动二手车鉴定评估技术规范国家 标准的修订，完善认证二手车质量信息溯源服务，鼓励生产企业开展置换业务和经销企业提供质量服 务，支持车辆生命周期信息数据产品升级，搭建二手车出口服务平台，进一步促进二手车专业化、规模 化、品牌化的发展。（智通财经记者 徐昊） ...

Core Viewpoint - The Chinese government is promoting the growth of the second-hand electric vehicle market through initiatives aimed at enhancing transaction processes and consumer confidence, as the market is seen as a significant opportunity for future growth [1][2][3] Group 1: Market Growth and Statistics - The Chinese electric vehicle market has maintained its position as the world's largest for ten consecutive years, with a total of 31.4 million electric vehicles by the end of 2024, representing 8.9% of the total vehicle population [1] - The penetration rate of second-hand electric vehicles has increased from 3.6% at the end of 2022 to 8.4% by the end of 2024, reaching 9.1% in April 2025 [1] - From January to April 2025, 424,400 second-hand electric vehicles were traded, marking a 32.3% increase compared to the same period in 2024, significantly outpacing the growth of traditional fuel vehicles [1] Group 2: Consumer Demographics and Challenges - The primary consumer demographic for second-hand electric vehicles consists of individuals born in the 1980s, 1990s, and even 2000s, who are more open to new technologies and prioritize cost-effectiveness [2] - Despite the growing market, second-hand electric vehicles still represent less than 10% of total second-hand vehicle transactions, indicating both a vast opportunity and challenges in establishing a robust regulatory framework [2] - Issues such as the lack of standardized testing for batteries and electric systems, as well as the inability for subsequent owners to benefit from original owner warranties, hinder market development [2] Group 3: Policy and Industry Response - The government has introduced initiatives to strengthen the second-hand vehicle market, including the "Special Action Plan to Boost Consumption," which emphasizes the cultivation of second-hand vehicle operators [3] - Industry players are encouraged to enhance service levels and collaborate with government and associations to create a consumer protection ecosystem for second-hand electric vehicles [3] - The market is expected to see continued growth as the surge in new electric vehicle sales translates into increased second-hand transactions, necessitating the resolution of existing challenges in inspection, evaluation, sales, and warranty processes for sustainable development [3]

近日，"2025中国（成都）-迪拜二手汽车产业发展推介会"在阿联酋迪拜举行。本次会议聚焦成都二手 车产业海外拓展，旨在深化成都与迪拜及中东地区的产业合作。会议由成都市商务局、中国国际贸易促 进委员会成都市委员会（成都市博览局）、双流区人民政府联合主办，吸引阿联酋经济部、迪拜市政局 等多家官方机构及当地70多家企业代表参会。 会上，双流区商务局相关负责人向与会嘉宾作专题推介，全面展示了中国（四川·双流）二手车出口基 地的整体优势、发展规划与合作前景。据介绍，作为中国西南地区重要的二手车出口枢纽，中国（四川 ·双流）二手车出口基地正全力打造集车源整合、检测认证、金融支持、物流通关、海外销售及售后服 务于一体的全产业链生态体系。该基地依托双流区成熟完备的汽车产业生态，以"一基地、两平台、六 中心"为架构，通过数字化供应链管理与全球化服务延伸，推进全国"有公里数"的二手车出口，中东市 场是基地全球布局的战略目标之一。 此次活动中，中国（四川双流）二手车出口基地通过政府搭台、基地引领、企业合力，成功实现了品牌 推介、订单签约、中心落成与市场考察等多重目标。下一步，将继续发挥平台优势，深化与"一带一 路"共建国家，特别是 ...

Core Viewpoint - The company, Shandong Xinhua Jin International Co., Ltd., has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically addressing the issue of non-operating fund occupation and internal control deficiencies [1]. Group 1: Non-operating Fund Occupation - In 2024, the total amount of non-operating fund occupation was 1,582.145 million yuan, with interest amounting to 11.5069 million yuan, and a year-end balance of 16.6369 million yuan, which accounted for 1.38% of the latest audited net assets [1]. - For the period from January to April 2025, the non-operating fund occupation amounted to 385.4879 million yuan, with interest of 3.7526 million yuan, and all occupied funds and interest have been repaid by the end of the period [1][5]. - The company’s financial report for 2024 received a standard unqualified audit opinion, but the internal control audit opinion included an emphasis on the aforementioned fund occupation and deficiencies in decision-making and information disclosure processes [1][5]. Group 2: Specific Situations of Fund Occupation - The company provided detailed information on the specific situations of fund occupation, including the flow of funds, responsible parties, and decision-making processes [2][5]. - A table was presented detailing the amounts and parties involved in the fund occupation, with significant amounts flowing through various accounts and entities, indicating a complex network of transactions [3][4]. - The company acknowledged that the non-operating fund occupation did not strictly follow the established approval processes, with the chairman being identified as responsible for the related issues [5]. Group 3: Internal Control and Fund Management - The company has established a comprehensive internal control system regarding fund management, which includes clear approval processes for external payments that require the approval of the financial director, president, and chairman [5]. - The company has conducted a thorough self-examination to enhance the effectiveness of its internal controls, particularly concerning fund payments, and has implemented stricter approval procedures to prevent future occurrences of non-operating fund occupation [5]. - The company disclosed its cash and bank deposit situation as of the end of 2024, with a total cash balance of 61,964.09 million yuan and various accounts with different interest rates, indicating a diversified fund management strategy [6].

Core Insights - The second-hand car market in China is experiencing a short-term recovery in transaction volume, with a daily average of 64,600 vehicles sold from June 9 to June 15, 2025, reflecting a week-on-week increase of 3.31%, although it is still down 1.8% compared to the same period last month [1][2] Market Performance - Over 15% of second-hand car dealerships reported improved customer traffic compared to the previous week, and nearly 20% noted better sales volume, indicating a rise in consumer purchasing intent [2] - The average transaction price remains stable, with over half of the dealerships maintaining the same price levels as the previous week, suggesting a new equilibrium in the market [2] Regional Analysis - The second-hand car transaction volume increased across all six major regions, with notable growth in Northeast, Northwest, and Central South regions [5][6][7] - In East China, the daily average transaction volume reached 21,300 vehicles, up 2.43% week-on-week, with cities like Shanghai and Xiamen showing over 20% growth [5] - The North China region saw a daily average of 2,500 vehicles sold, with significant increases in cities like Taiyuan and Bayannur, where transaction volumes grew by 19% and over 25% respectively [5][6] Emerging Trends - The rapid rise of the second-hand electric vehicle market is becoming a new growth point, with the penetration rate reaching 8.8% in April 2025 [2] - To promote sustainable development in the second-hand car market, there is a need to establish a market ecosystem centered on integrity, including third-party inspection systems and improved after-sales services [2]

Core Insights - The number of used car export companies in Hunan has reached 58, covering over 70 countries and regions, with a diverse range of vehicles including both passenger and commercial cars, as well as new energy and traditional fuel vehicles [1] Industry Overview - The potential for the used car export market is significant due to the expansion of China's automotive industry and the increase in vehicle ownership [1] - Since the pilot program began in 2019, used cars from China have been exported to over 140 countries and regions, with export volume increasing from 3,000 units in 2019 to 275,000 units in 2023, and projected to exceed 400,000 units in 2024 [1]

Core Insights - The second-hand car market is increasingly validating brands in the new energy vehicle (NEV) sector, with consumer preferences leaning towards established brands that have proven their worth over time [1][2]. Market Trends - As of Q1 2025, only 11 brands accounted for over 50% of the sales in the NEV second-hand car market, indicating a significant concentration of top brands [2]. - On the Guazi platform, nearly 70% of NEV transactions are dominated by the top 11 brands, which is significantly higher than the overall market average [4]. Leading Brands - BYD, Wuling, and Tesla are the top three brands on the Guazi platform, collectively accounting for nearly 40% of total NEV sales. BYD's extensive product line, Wuling's affordability, and Tesla's strong brand influence contribute to their popularity [4]. Emerging Brands - New energy brands such as Li Auto, NIO, Xpeng, and Leap Motor are also gaining traction, with their market share approaching 10% on the Guazi platform, indicating a robust presence in the second-hand market [5]. Consumer Assurance - Guazi has introduced a "100-day battery buyback guarantee" to address consumer concerns regarding battery performance, allowing for a buyback if battery degradation exceeds 10% within 100 days under normal usage [8]. - The platform has established a comprehensive inspection process covering over 200 items, particularly focusing on the three electric systems, to ensure transparency and trust in vehicle conditions [11]. Service and Trust - Guazi's commitment to high standards in vehicle inspection and a full refund policy for accident, fire, or flood-damaged vehicles enhances consumer confidence and positions the platform as a reliable choice for purchasing NEV second-hand cars [11].

上月全国二手车交易量环比下降5.72% 新车价格一降再降，导致二手车商面临的库存压力继续增加。最近，行业数据显示，库存周期超过30天 的企业占比已经达到35%。有业内人士指出，这个库存周期对新能源二手车商来说，已经会面临亏损风 险。 日前，中国汽车流通协会公布的数据显示，5月份，全国二手车市场交易量为160.39万辆，环比下降 5.72%，同比增长1.22%，交易金额为1029.62亿元。1-5月，二手车累计交易量791.26万辆，同比增长 0.62%，与同期相比增加4.87万辆，累计交易金额为5163.99亿元。 上月二手车市场呈现出交易波动、增长乏力的态势。这主要源于两方面因素。一方面是受到新车市场的 激烈竞争影响。尤其在五一节假日期间，新车市场优惠力度加大，加上地方促消费政策的助力，吸引了 不少原本打算购买二手车的消费者，这种分流效应一定程度上导致二手车交易量出现下滑。另一方面， 新车价格体系的波动，给二手车市场带来了深远且复杂的影响。 相比全国其他地区，广东5月二手车交易量降幅相对较小，环比下降4.3%。在竞争压力下，如何尽可能 缩短库存周期，是车商们需要解决的问题，众多二手车经营者正在不断改变原有的 ...

Group 1 - The Henan Dayi store of Dongchedi Auto Mall officially opened on June 14, featuring a showroom area of 14,000 square meters, capable of accommodating nearly 400 vehicles [1] - This store is one of the first batch of merchants to launch the second-hand car specialty project of Dongchedi Auto Mall and is the largest single-layer offline store in Central China to date [1] - The store primarily offers high-quality second-hand cars with an average price of around 150,000 yuan, featuring over 100 models from more than 50 brands, including popular new energy vehicles [1] Group 2 - The Henan Dayi store achieved a doubling of inventory turnover efficiency in the first month of trial operation after joining the Dongchedi Auto Mall project [5] - Traditional second-hand car dealerships face challenges such as blind selection, inaccurate pricing, and low management efficiency, which Dongchedi addresses through big data utilization for selection, pricing, and adjustment [5] - The store provides comprehensive services including official quality inspections, fixed pricing, and multiple after-sales guarantees, with a total of 328 inspection items for second-hand cars, and up to 380 for new energy vehicles [5] Group 3 - To meet consumer demand for high-quality second-hand cars, Dongchedi has launched an "online purchase, offline delivery" model and established a strong capability for cross-regional delivery [5] - The platform can sell vehicles across 281 cities nationwide, allowing consumers to place orders online and have vehicles dispatched with a single click [5]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved a retail transaction volume of 7,545 units, representing a 142% year-over-year increase, but a 12% decline sequentially due to seasonal slowdown [5][12] - Retail revenue for the quarter was RMB 470 million, a 73% increase year-over-year and a 16% decrease quarter-over-quarter [12] - The average selling price (ASP) for retail vehicles was RMB 62,000, down from RMB 86,000 in the same period last year, reflecting a strategic focus on more affordable inventory [13] - Total revenue for the quarter, combining retail and wholesale, was RMB 504 million, a 58% year-over-year increase and a 16% decline sequentially [14] - Gross margin for the quarter was 7%, up 40 basis points from 6.6% a year ago, indicating stable margins over the last three quarters [14] Business Line Data and Key Metrics Changes - The wholesale transaction volume was 719 units in Q1, down 23% year-over-year and 19% quarter-over-quarter [14] - The company expects retail transaction volume in Q2 2025 to be between 10,000 and 10,500 units, representing over 140% year-over-year growth [15] Market Data and Key Metrics Changes - The company has expanded its market presence in Xi'an and Hefei, with local market share exceeding 15% [6] - The new store in Wuhan, a significant automotive hub, has shown strong initial customer response, with retail volume reaching approximately 1/3 of the combined sales of the two existing stores [9][10] Company Strategy and Development Direction - The company aims to scale up inventory and drive further sales growth in its core markets while contributing positive cash flow to support business expansion [7] - Plans to open two to three new superstore locations later this year are in place, alongside continued growth at existing stores [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of price competition in the new car market on the used car business but believes the current pricing pressure is manageable and short-term [19][22] - The company is actively tracking the growth of the NEV segment, which currently represents about 9% of its retail unit sales, reflecting over 100% year-over-year growth [26][27] Other Important Information - The company has maintained a disciplined inventory management approach, with turnover days capped around 30 [6] - The net promoter score of 65 indicates a strong customer experience, one of the highest in the industry [6] Q&A Session Summary Question: Impact of new car price wars on used car business - Management noted that while price competition in the new car market creates some pressure on used vehicle pricing, they have a mature strategy to navigate these challenges and maintain inventory turnover [19][20][22] Question: NEV transactions growth and future plans - Management confirmed that NEVs accounted for approximately 9% of retail unit sales, with plans to embrace the structural evolution of the auto market as EVs continue to expand [25][27]