（原标题：全国工商联汽车经销商商会：坚决抵制"内卷式"竞争） 坚决抵制以"价格战"为主要形式的"内卷式"竞争行为。 6月3日，全国工商联汽车经销商商会发布《关于反对"内卷式"竞争 促进汽车经销行业高质量发展的倡 议》（简称《倡议》）。 据了解，5月31日，中国汽车工业协会发布《关于维护公平竞争秩序 促进行业健康发展的倡议》，提出 四点倡议： 1.所有企业严格遵从公平竞争原则，依法依规开展经营活动； 为维护良好、健康、公平的市场竞争秩序，推动包括汽车经销行业在内的汽车行业高质量发展，全国工 商联汽车经销商商会提出以下倡议： 1.全行业应以中国汽车产业实现高质量发展大局为重，严格遵守公平竞争原则，坚决抵制以"价格战"为 主要形式的"内卷式"竞争行为。 2.关注品牌形象。防止因频繁调整销售政策和产品销售价格，增加经销商销售难度，影响品牌在消费者 中的形象。 3.改善汽车经销商的生存状况。坚持以销定产，合理制定企业年度生产目标和经销商销售目标，不得向 经销商转嫁库存、强迫经销商进车，切实降低经销商库存水平；纠治进销价格倒挂问题，及时向经销商 返利，缩短经销商回款周期，合理确定试驾车数量，减轻经销商流动性资金压力。 4 ...

坚决抵制以"价格战"为主要形式的"内卷式"竞争行为。 6月3日，全国工商联汽车经销商商会发布《关于反对"内卷式"竞争 促进汽车经销行业高质量发展的倡议》（简 称《倡议》）。 为维护良好、健康、公平的市场竞争秩序，推动包括汽车经销行业在内的汽车行业高质量发展，全国工商联汽 车经销商商会提出以下倡议： 1.全行业应以中国汽车产业实现高质量发展大局为重，严格遵守公平竞争原则，坚决抵制以"价格战"为主要形 式的"内卷式"竞争行为。 2.关注品牌形象。防止因频繁调整销售政策和产品销售价格，增加经销商销售难度，影响品牌在消费者中的形 象。 3.改善汽车经销商的生存状况。坚持以销定产，合理制定企业年度生产目标和经销商销售目标，不得向经销商 转嫁库存、强迫经销商进车，切实降低经销商库存水平；纠治进销价格倒挂问题，及时向经销商返利，缩短经 销商回款周期，合理确定试驾车数量，减轻经销商流动性资金压力。 4.优化商务政策。合理制定经销商考核指标，慎用罚款手段，不以考核为手段胁迫经销商完成相应指标任务。 5.完善退网机制。不得以优化网络渠道名义胁迫经销商退网闭店，对确需退网闭店的经销商应给予相应补偿。 全国工商联汽车经销商商会是所有 ...

4、优化商务政策。合理制定经销商考核指标，慎用罚款手段，不以考核为手段胁迫经销商完成相应指 标任务。 全国工商联汽车经销商商会倡议：坚决抵制以"价格战"为主要形式的"内卷式"竞争行为 智通财经6月3日电，全国工商联汽车经销商商会公告称，在当前行业市场形势影响下，汽车经销行业受 到严重影响和冲击，面临经营压力加大、盈利能力降低、车辆库存偏高、流动资金紧张等一系列问题， 对行业持续、健康发展带来严重影响。特别是今年二季度以来，在新一轮"价格战"等影响下，广大汽车 经销商面临的形势更加严峻。为维护良好、健康、公平的市场竞争秩序，推动包括汽车经销行业在内的 汽车行业高质量发展，全国工商联汽车经销商商会提出以下倡议： 5、完善退网机制。不得以优化网络渠道名义胁迫经销商退网闭店，对确需退网闭店的经销商应给予相 应补偿。 1、全行业应以中国汽车产业实现高质量发展大局为重，严格遵守公平竞争原则，坚决抵制以"价格 战"为主要形式的"内卷式"竞争行为。 2、关注品牌形象。防止因频繁调整销售政策和产品销售价格，增加经销商销售难度，影响品牌在消费 者中的形象。 3、改善汽车经销商的生存状况。坚持以销定产，合理制定企业年度生产目标和经 ...

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 作者：孟帅 来源：雷达财经 然而， 相比2019年巅峰时刻的470亿元，常年稳坐新疆首富宝座的孙广信身家已缩水180亿元 ，且今年他在新疆富豪中的财富规模已被华凌工贸的米恩华家族追平。 回溯过去，高考失利投身军营的孙广信以3000元转业费起步，靠着10个月卖出103台推土机掘 得第一桶金。此后，他在餐饮、石油、地产、汽车经销等领域纵横捭阖，逐步将广汇集团打造成 为实力雄厚的大型企业。 不过，曾缔造诸多商业神话的孙广信，如今面临不少挑战。比如，身为广汇集团旗下核心资产的 广汇能源去年业绩承压， 2025年一季度仍未好转；因财务造假 ， ST广物 去年被罚，且业绩持 续低迷。 与此同时，市值仅 2.44亿港元 的广汇宝信，去年年报缓发；合金投资的业绩尚未形成足够的体 量，难挑大梁。而集团旗下身为国内最大汽车经销商的广汇汽车，也在去年黯然退市，且控股权 难保。 此外，天眼查显示，作为CBA新疆 广汇篮球俱乐部的幕后股东，孙广信掌舵的新疆广汇房地产开 发有限公司、广汇集团当前还背负执行人信息。重重危机下，被外界唤作"西北孙老 ...

点击上图 ▲立即加入 前4月国企利润同比下降1.7% 小米一季度收入及净利润创新高 5月27日，小米集团公布2025年一季度财报。财报显示，小米集团总收入为人民币1113亿元，创历史新高，同比增长47.4%。经调整净利润为人 民币107亿元，创历史新高，同比增长64.5%。分业务来看，手机×AIoT分部收入为人民币927亿元，同比增长22.8%。该分部毛利率为22.8%， 同比提升0.5%。智能电动汽车及AI等创新业务分部收入为人民币186亿元。其中，智能电动汽车收入人民币181亿元，其他相关业务收入人民币 5亿元。本季度，该分部毛利率为23.2%。 5月28日消息，财政部公布2025年1-4月全国国有及国有控股企业经济运行情况。数据显示，1—4月，国有企业营业总收入262755.0亿元，与上 年持平。利润总额方面，1—4月，国有企业利润总额13491.4亿元，同比下降1.7%。此外，1—4月，国有企业应交税费20380.0亿元，同比增长 0.1%。 4月末，国有企业资产负债率65.1%，同比上升0.2个百分点。 5月26日，国资委党委召开扩大会议强调，要巩固提升传统产业，促进现代服务业与先进制造业深度融合， ...

雷达财经出品 文|孟帅 编|深海 在不久前公布的《2025胡润全球富豪榜》中，孙广信凭借290亿元财富再度问鼎新疆首富（以居住地为标准）之位。 然而，相比2019年巅峰时刻的470亿元，常年稳坐新疆首富宝座的孙广信身家已缩水180亿元，且今年他在新疆富豪中的财富规模已被华凌工贸的米恩华家 族追平。 回溯过去，高考失利投身军营的孙广信以3000元转业费起步，靠着10个月卖出103台推土机掘得第一桶金。此后，他在餐饮、石油、地产、汽车经销等领 域纵横捭阖，逐步将广汇集团打造成为实力雄厚的大型企业。 不过，曾缔造诸多商业神话的孙广信，如今面临不少挑战。比如，身为广汇集团旗下核心资产的广汇能源去年业绩承压，2025年一季度仍未好转；因财务 造假，ST广物去年被罚，且业绩持续低迷。 与此同时，市值仅2.44亿港元的广汇宝信，去年年报缓发；合金投资的业绩尚未形成足够的体量，难挑大梁。而集团旗下身为国内最大汽车经销商的广汇 汽车，也在去年黯然退市，且控股权难保。 此外，天眼查显示，作为CBA新疆广汇篮球俱乐部的幕后股东，孙广信掌舵的新疆广汇房地产开发有限公司、广汇集团当前还背负执行人信息。重重危 机下，被外界唤作"西北孙老 ...

Group 1 - The core viewpoint of the articles highlights the trend of well-known listed companies facing delisting from the A-share market due to financial difficulties and inability to adapt to market changes [1][2][4] - Renrenle, a regional supermarket chain leader, received a notice of termination of listing due to a negative net asset of -404 million yuan and an audit report that could not express an opinion, leading to a proposed delisting by the Shenzhen Stock Exchange [1] - Renrenle's revenue has significantly declined from over 10 billion yuan in previous years to 1.43 billion yuan in 2024, marking a nearly 90% decrease from its peak [1][3] Group 2 - Peng Bo Shi, another A-share listed company, also received a notice of proposed termination of listing, having seen its market value shrink from over 60 billion yuan to approximately 1 billion yuan, a reduction of over 98% [2][3] - The decline of these companies reflects broader trends in the market where failure to adapt to economic changes and consumer preferences can lead to severe operational challenges and potential extinction [3][4] - Companies must continuously strengthen their core competitiveness and adapt their business models to meet evolving consumer demands and market conditions to avoid being eliminated from the capital market [4]

Core Viewpoint - A significant number of bond-issuing companies failed to disclose their annual reports by the April 30 deadline, raising concerns among investors regarding their financial health and operational status [1][2]. Group 1: Delayed Financial Reports - As of May 1, a total of 67 bond issuers announced they could not disclose their 2024 annual reports or 2025 Q1 financial reports on time [1]. - The delays are attributed to various reasons, including issues in the audit process, such as difficulties in hiring audit firms and collecting accurate financial data [2][3]. Group 2: Audit Challenges - Over 8 bond-issuing companies reported that their audit units were not secured, citing reasons like lack of willing audit teams, failed bidding processes, and disagreements on audit fees [2]. - Many companies faced challenges in gathering financial data or had their audit processes lag behind schedule, leading to delays in report submissions [2]. Group 3: Impact of Local Banking Reforms - Some local rural commercial banks delayed their financial report disclosures due to ongoing reforms in the rural credit system, which are aimed at enhancing risk management and restructuring the banking sector [3]. - Specific banks, such as Changchun Rural Commercial Bank and Jilin Yushu Rural Commercial Bank, cited these reforms as reasons for their inability to meet reporting deadlines [3]. Group 4: Bankruptcy and Restructuring - More than 8 bond-issuing companies that delayed their reports are currently undergoing bankruptcy restructuring or liquidation processes, which is not unexpected given their operational difficulties [4]. - Larger bond issuers, like Guanghui Automotive, are under scrutiny due to their significant asset sizes and bond issuance volumes, despite not being in bankruptcy [4][5]. Group 5: Specific Company Cases - Guanghui Automotive announced it could not disclose its reports on time due to factors like its impending delisting, tight liquidity, and ongoing negotiations with strategic investors [5]. - China Aviation Industry Corporation's subsidiaries, including AVIC Capital and AVIC Industry, also announced delays in their financial disclosures, with AVIC Capital's stock and bonds being suspended prior to the announcement [6][7]. Group 6: Performance Issues - AVIC Capital has faced continuous performance declines, particularly in its trust business, which has been adversely affected by the real estate sector's downturn [7]. - The company may be attempting to reduce disclosure obligations and mitigate negative public sentiment through strategic maneuvers like stock delisting [7].

Core Viewpoint - The automotive dealership industry in Hong Kong is facing significant challenges, with several listed companies reporting declining revenues and profits due to ongoing price wars and market competition, prompting them to explore new business avenues such as electric vehicles and after-sales services [3][5][7]. Revenue and Profit Decline - Seven automotive dealership groups listed in Hong Kong reported a decline in revenue and profits for 2024, with 中升控股 (Zhongsheng Holdings) experiencing a revenue of 168.12 billion yuan, down 6.23% year-on-year [4][5]. - Other companies like 永达汽车 (Yongda Automobile) and 美东汽车 (Meidong Automobile) reported even steeper declines, with revenues down 14.64% and 22.42% respectively [4][5]. - The overall trend shows that all companies, except for 和谐汽车 (Harmony Auto), faced revenue declines, with many reporting significant losses [5][6]. Gross Profit Analysis - 中升控股's gross profit fell to 10.67 billion yuan, a decrease of 22.5% compared to the previous year [6]. - 永达汽车's gross profit also declined by 21.2%, while 美东汽车 saw a 24.9% drop [6]. - Several companies, including 百得利控股 (Baili Holdings) and 新丰泰控股 (Xinfengtai Holdings), reported substantial losses, with the latter's gross profit turning negative [6]. Business Strategy Adjustments - Many dealership groups are responding to the challenging environment by reducing operational costs and optimizing their business models, including closing underperforming stores [8][9]. - 新丰泰 has reduced its operational outlets from 43 to 37 and is selling assets to improve liquidity [8]. - 中升控股 is also restructuring its operations, opening new stores while closing others to enhance market efficiency [9]. Shift to New Energy Vehicles - The shift towards new energy vehicles (NEVs) is becoming a focal point for many dealerships, with 中升控股 and 永达汽车 actively expanding their NEV offerings [11][14]. - 中升控股 has established partnerships to enhance its NEV sales, while 永达汽车 is developing a battery recycling business [11][14]. - 和谐汽车 has successfully entered international markets, significantly increasing its NEV sales through strategic partnerships [15][16]. Market Expansion Efforts - 和谐汽车 is expanding its market presence internationally, establishing a foothold in regions like Asia-Pacific and Europe through partnerships with manufacturers like 比亚迪 (BYD) [15][16]. - The company has opened multiple dealerships in Hong Kong and other countries, aiming to leverage the growing demand for NEVs [15][16]. - This international expansion is seen as a strategic move to diversify revenue streams and mitigate risks associated with the domestic market [15][16].

Core Insights - Zhengtong Automobile reported a total revenue of 20.747 billion RMB for the year 2024, with a significant increase in ordinary shareholders' loss to 1.709 billion RMB [1] - The company sold a total of 55,054 new vehicles, with mid-to-high-end brand sales accounting for 46,756 units, and new energy vehicle sales reaching approximately 5,759 units, representing 10.5% of total sales, both showing year-on-year growth [1] - The logistics business generated revenue of 350 million RMB, with vehicle logistics dispatch volume reaching 254,000 units, and the used car business saw total sales of 14,000 units, a year-on-year increase of 27% [1] Financial Performance - The company achieved after-sales service for 1.1021 million vehicles, generating after-sales service revenue of approximately 3.195 billion RMB [1] - In Q4 2024, the retail volume experienced a remarkable growth of over 120% year-on-year [1] Strategic Developments - Zhengtong Automobile is part of Xiamen Guomao Holdings Group and operates a network of 4S dealerships for various mid-to-high-end brands [2] - The company ranked 18th in the "2024 China Automobile Dealer Group Top 100" and was included in the "2024 China Automobile Top 100 Dealer Group - New Energy Sub-list" [2] - To support sustainable development, the controlling shareholder plans to inject approximately 1 billion RMB into the company to optimize its financial structure and enhance risk resilience [2] Business Operations - The company is focusing on maintaining its core business in mid-to-high-end brand dealerships while enhancing after-sales and financial derivative services [3] - Zhengtong Automobile has established connections with multiple new energy manufacturers and opened two new energy after-sales outlets during the reporting period [3] - The company is actively optimizing its used car management model and enhancing online promotion to improve used car turnover efficiency [3] Future Outlook - The company aims to improve operational quality in its 4S dealership business and enhance communication with manufacturers to increase the profitability of models sold [4] - Zhengtong Automobile plans to strengthen after-sales services and explore new profit growth points through used cars and other derivative businesses [4] - The company is committed to accelerating its transition to new energy and expanding its international market presence through export trade and establishing a dealership and service network abroad [4]