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<title>UXIN - Earnings call transcript Q1 2025 | Uxin Limited</title>

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                    Uxin Limited
                    
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            <span class="banner-crumb">23 Sep 24</span><span class="banner-crumb">2025 Q1 Earnings call transcript</span>
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        <div class="card-title">Participants</div>
    </div>
    <div class="card-body">
        <table class="participant-list">
            
            <tbody><tr class="participant">
                <td class="name">Dai Kun</td>
                <td class="role">executive</td>
            </tr>
            
            <tr class="participant">
                <td class="name">Feng Lin</td>
                <td class="role">executive</td>
            </tr>
            
            <tr class="participant">
                <td class="name">Fei Dai</td>
                <td class="role">analyst</td>
            </tr>
            
        </tbody></table>
    </div>
</div>





<div class="card transcript">
    <div class="card-header">
        <div class="card-title">Call transcript</div>
    </div>
    <div class="card-body transcript-container">
        
        
        
            <div class="speech">
                <div class="participant-name">Operator</div>
                <div class="content">
                    <p>Hello, and welcome to the Uxin First Quarter Fiscal Year 2025 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Jack Wang. Please go ahead.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Jack Wang</div>
                <div class="content">
                    <p>All right. Thank you, operator. Hello, everyone. Welcome to Uxin's earnings conference call for the first quarter ended June 30, 2024.</p>
                        <p>On the call today with me, we have D.K., our Founder and CEO; and John Lin, our CFO. D.K. will review business operations and company highlights followed by John, who will discuss financials and guidance. They will both be available to answer your questions during the Q&amp;A session that follows.</p>
                        <p>Before we proceed, I would like to remind you that this call may contain forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations.</p>
                        <p>For detailed discussions of the risks and uncertainties, please refer to our filings with the SEC.</p>
                        <p>And now with that, I will turn the call over to our CEO, D.K. Please go ahead, sir.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Dai Kun</div>
                <div class="content">
                    <p>[Interpreted] Hello, everyone. Thank you for joining us today. I am pleased to reconnect with you all on the call, and to facilitate communications with both domestic and international investors, I will share our company's latest progress in both Chinese and English.</p>
                        <p>During the first quarter of fiscal year 2025, which covers April to June 2024, our superstore operation is maintaining the strong momentum despite ongoing disruptions in the used car market caused by the aggressive pricing competition in the new car market. We achieved retail sales of 4,090 units for the quarter, representing a 31% increase sequentially and an impressive 142% growth year-over-year.</p>
                        <p>Our vehicle turnover efficiency also maintained very healthy with the inventory turnover days at approximately 30 days.</p>
                        <p>As our business continues on this rapid growth trajectory, customer satisfaction has also reached new heights. After maintaining the highest Net Promoter Score in the industry for 9 consecutive quarters at around 60. We further improved this quarter, reaching an NPS of 65.</p>
                        <p>Our customers increasingly recognize the quality of our products and the level of service we provide, further solidifying the competitive advantage of Uxin's off-line superstore model. </p>
                        <p>In our shareholder letter last quarter, we outlined our expectation to achieve adjusted EBITDA profitability company-wide by the December quarter of 2024. The strong business momentum over the past few months has brought us even closer to this goal. And today, I would like to highlight 3 key areas we are focusing on to drive continued growth.</p>
                        <p>First, we are steadily increasing our inventory levels. Since June the intensity of new car price wars has begun to ease and consumer demand for used cars has gradually picked up. In response, we resumed expanding our inventories, and we expect to increase our inventory to 2x to 3x its size at the beginning of the year, by the end of 2024. This will provide a wider selection of vehicles to meet customer demand and drive continued retail sales growth over the next 3 quarters.</p>
                        <p>Second, we are increasing the proportion of vehicles we acquired from individual car owners.</p>
                        <p>As our brand presence grows in the cities where our superstores are located, as well as in the surrounding areas, we are seeing a substantial rise in the organic traffic from individual car owners looking to sell or trade-in their vehicles. Currently, over 60% of the vehicles we acquired come directly from private owners, placing us at the forefront of the supply chain. This not only helps us to secure better pricing margins, but also strengthens our competitive edge in regional markets.</p>
                        <p>Third, we are focusing on enhancing the penetration of value-added services through our one-stop shopping experience at our off-line superstores and reconditioning centers.</p>
                        <p>We continue to expand high-margin services such as financing, insurance, extended warranties, premium accessories and vehicle maintenance. This strategy will further improve our profit gross margin.</p>
                        <p>In addition, we are continuing to expand our network of superstores, building on the success of our current business model. In July, we reached a strategic partnership with the local government in Zhengzhou to establish a new superstore in the city.</p>
                        <p>We are also actively engaging with several other cities and expect to finalize one to two more strategic partnerships with the local government soon. This expansion will significantly enhance Uxin's market presence in new regions, driving further sales growth and improving our overall business performance.</p>
                        <p>That concludes my updates for today. I will now turn the call over to our CFO, John, to discuss the financials in more detail. John, please go ahead.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Feng Lin</div>
                <div class="content">
                    <p>[Interpreted] Thank you, D.K., and hello, everyone. Since we have both domestic and international investors joining us today. I will be presenting our first quarter financial results for the fiscal year of 2025 in both Chinese and English.</p>
                        <p>Looking back at the first quarter of fiscal year 2025, between April and June 2024, we continue to experience some market disruptions due to the ongoing price wars in the new car market.</p>
                        <p>However, the overall used car market has shown signs of recovery with nationwide used car sales increasing by 6.4% year-over-year.</p>
                        <p>Importantly, our off-line superstore model is now fully operational and strengthened by our brand, product and service capabilities, enabling us to achieve record sales in the quarter.</p>
                        <p>Our quarterly retail transaction volume reached 4,090 units, representing a 31% sequential increase and a significant 142% year-over-year growth.</p>
                        <p>The total retail vehicle sales revenue for the first quarter was RMB 325 million, reflecting a 74% year-over-year increase. The average selling price of retail vehicles decreased from RMB 111,000 in the same period last year to RMB 79,000 this quarter. The substantial increase in transaction volume offset the impact of the lower ASP on overall revenue.</p>
                        <p>On the wholesale front, our wholesale transaction volume in the quarter was 1,515 units, representing a slight 3% year-over-year decline with the total wholesale vehicle sales revenue of RMB 63.9 million.</p>
                        <p>As a result of the above, our total revenues in the first quarter were RMB 401 million.</p>
                        <p>Our gross margin was 4 -- sorry, 6.4%, which remained stable compared to the previous quarter.</p>
                        <p>With the market gradually recovering and the increased penetration of our value-added services, we anticipate further room for gross margin improvement going forward.</p>
                        <p>As our performance and operational efficiency improved significantly, coupled with our continued focus on strict cost control.</p>
                        <p>Our adjusted EBITDA loss for the quarter was RMB 33.9 million, reflecting a reduction of RMB 5.9 million from the previous quarter and a reduction of RMB 12.8 million or 27% year-over-year.</p>
                        <p>Looking ahead to the second quarter of fiscal year 2025, between July and September 2024, we expect the retail transaction volume to reach between 5,800 to 6,000 units representing a sequential growth of over 40%. Total revenues are expected to be between RMB 480 million and RMB 500 million.</p>
                        <p>We also anticipate that our adjusted EBITDA loss will narrow significantly to under RMB 10 million, and we remain confident in achieving positive adjusted EBITDA in the third quarter, which runs from October to December 2024.</p>
                        <p>Recently, we secured a USD 7.5 million financing agreement with Dida, a company listed on the Hong Kong Stock Exchange. This capital injection will further support the company's efforts to increase inventory -- vehicle inventory, driving continued growth in our retail sales. In the near term, our primary focus for capital allocation will remain on increasing inventory.</p>
                        <p>In addition, we have other financing plans currently in progress, ensuring that we have sufficient capital to support the rapid growth of our future business.</p>
                        <p>And that concludes the prepared remarks for today. Thank you all.</p>
                        <p>And operator, we are now ready to begin the Q&amp;A session.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Operator</div>
                <div class="content">
                    <p>[Operator Instructions] The first question comes from Fei Dai with TF Securities.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Fei Dai</div>
                <div class="content">
                    <p>[Interpreted] Congratulations on the strong quarterly results and positive outlook. My first question is, can you elaborate on the specific factors driving the strong retail sales growth? And do you think this growth rate is sustainable?</p>
                        <p>The second question is, we noticed from the quarterly report that the company's cash position as of June 30 is relatively low. Could you provide more detail on your financial management plans and how you will support future business growth?</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Dai Kun</div>
                <div class="content">
                    <p>[Interpreted] So this is D.K. I will address your first question and then John will address the second.</p>
                        <p>So there are three key factors driving the significant increase in sales.</p>
                        <p>First is the overall used car market is starting to recover. Earlier in the year, the aggressive pricing competition in the new car market had a severe impact on the used car sector and with many consumers hesitant to make purchasing decisions.</p>
                        <p>However, as we moved into midyear, the price wars had begun to ease, and we've seen a noticeable rebound in demand for used cars.</p>
                        <p>Second, as our operations have matured, we've built a stronger presence in the cities where our superstores are located.</p>
                        <p>Our brand product offerings and service capabilities have all improved significantly, leading to higher sales conversion rates. We've reached a tipping point where our growth is now accelerating.</p>
                        <p>And third, we've -- as we observed the market recovery, we proactively expanded our inventory levels. providing customers with a wider selection of vehicles, and this enabled us to better meet consumer demand, resulting in higher sales conversion.</p>
                        <p>And looking ahead, we expect sales growth to remain strong.</p>
                        <p>For the next quarter, we are forecasting a sequential growth of over 40%, and by the end of the year, we plan to increase inventory by 1x to 2x compared to the beginning of the year with total inventory reaching 3,000 to 4,000 units. At the same time, we're confident in maintaining high inventory turnover levels keeping us on a sustained growth trajectory.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Feng Lin</div>
                <div class="content">
                    <p>[Interpreted] This is John. I will address your second question about cash. It is true that our cash levels have been relatively low over the past few quarters.</p>
                        <p>However, our operating cash flow has improved significantly, and we've secured new investments to further enhance our liquidity.</p>
                        <p>We are also very efficient with our cash usage, and so while ensuring operational stability, the majority of our funds have been directed towards increasing retail inventory.</p>
                        <p>That's why while our cash balance might seem low, it's important to note that our inventory levels have been steadily raising which has fueled continued sales growth.</p>
                        <p>Over the coming quarters, our primary focus for cash allocation, including the recent financing will remain on boosting inventory levels.</p>
                        <p>Overall, we operate under 2 quarter financial principles.</p>
                        <p>First, ensuring the company's financial position is secure. And second, fully supporting our business growth. This demands a high level of financial management, and we've made substantial efforts to both increase our cash inflow and manage expenses.</p>
                        <p>As our sales and profitability has improved, both of our superstores are now adjusted EBITDA positive.</p>
                        <p>We are transitioning from burning cash to generating cash. Meanwhile, our investors continue to show strong confidence in Uxin's business prospects. In early September, we secured USD 7.5 million in financing from Dida.</p>
                        <p>We have additional financing plans currently progressing as scheduled. </p>
                        <p>Also, we've implemented multiple rounds of cost saving and efficiency enhancing initiatives resulting in a reduction of approximately RMB [ 2 million ] in fixed monthly expenses compared to the same period last year.</p>
                        <p>As for the new superstores in other regions, we will require additional funding for their launch and inventory buildup which will primarily be supported through a combination of local government investment and our own capital. Based on our extensive experience in building and operating the Hefei and Xi'an superstores as well as favorable local policies, the start-up costs for new stores are entirely manageable and remain at a very reasonable level.</p>
                        <p>So to summarize the answer, our financial management remains solid and stable as we continue on our path towards long-term sustainable growth, we are confident in the ongoing improvement of our cash position.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Jack Wang</div>
                <div class="content">
                    <p>Operator, can we move on to the next.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Operator</div>
                <div class="content">
                    <p>[Operator Instructions]</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Jack Wang</div>
                <div class="content">
                    <p>Operator, we have a question we received.</p>
                        <p>So I'll just take the opportunity to ask.</p>
                        <p>So we have a question from Gary with Water Tower Research. He wanted to know that, since the company has been talking about the -- that the price competition in the new car market has eased somewhat, can you share more about your recent observations on market conditions and how consumer demand for used cars has been evolving in the current economic environment?</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Dai Kun</div>
                <div class="content">
                    <p>[Interpreted] This is D.K. I will address this question.</p>
                        <p>So that is correct. The price wars in the new car market have been quite intense over the past year. And this year's economic conditions have posed significant challenges. Sales growth for new cars in the first half of this year was only around 5%. And we've observed several popular models experiencing price cuts three to four times since the first quarter of last year, with price cuts reaching around 30%.</p>
                        <p>These aggressive pricing strategies in the new car market have naturally led to a continuous decrease in the average transaction prices in the used car market, where our current average sales -- average price per vehicle is just over RMB 70,000. We believe that in the long run, these lower vehicle prices have opened up a broader market, enabling more consumers to purchase better vehicles with smaller budgets. And this dynamic is also causing consumers to increasingly view used cars as a high-value purchasing option.</p>
                        <p>Regardless of the economic situation or market environment, consumer expectations for product and service quality are consistently increasing, raising the bar for superior used car dealerships.</p>
                        <p>Our integrated model of off-line superstores and online national sales capacity can fulfill the broadest consumer needs, and we are highly recognized for our services.</p>
                        <p>With an average sales turnover of about 30 days, which is significantly faster than the industry average of 55 to 60 days, our sales growth and customer satisfaction as measured by our industry-leading Net Promoter Score both consistently exceed industry averages, and therefore, no matter how market conditions fluctuate, we are confident in our business operations, maintaining a trajectory of continuous improvement with new breakthroughs each month.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Jack Wang</div>
                <div class="content">
                    <p>And that's our answer to what is our researchers question. Operator, can we move on?</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Operator</div>
                <div class="content">
                    <p>Yes. This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Dai Kun</div>
                <div class="content">
                    <p>All right. Thank you again for joining today's call and for your continued support in Uxin. We look forward to speaking with you again in the very near future. Thank you.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Operator</div>
                <div class="content">
                    <p>The conference has...</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Feng Lin</div>
                <div class="content">
                    <p>Thank you. Bye-bye.</p>
                        
                </div>
            </div>
        
            <div class="speech">
                <div class="participant-name">Operator</div>
                <div class="content">
                    <p>The conference has now concluded. Thank you for attending today's presentation.</p>
                        <p>You may now disconnect.</p>
                        <p>[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]</p>
                        
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          terms, and a <strong>Type</strong> column with the value <em>search</em>, along with an optional <strong>Folder</strong> column e.g.
          </p><pre>  Type,Folder,Name
  search,Future Tech,bitcoin OR cryptocurrency
  search,Future Tech,S-1 drones
  search,Green Energy,TSLA "renewable energy"</pre>
        <p></p>
      </div>
      <div class="uploaded-only">
        <table id="matched-upload-table" class="table table-sm">
          <thead>
            <tr>
              <th></th>
              <th colspan="2" class="uploaded-count">Uploaded</th>
              <th colspan="2" class="matched-count">Matched</th>
              <th class="folder-only">Folder</th>
            </tr>
          </thead>
          <tbody></tbody>
        </table>
        <input type="hidden" name="uploadData" id="upload-data" value="">
        <div class="mt-5 p-3 bg-blue-lightest">
          <h6>Important:</h6>
          <div class="form-check">
            <input class="form-check-input" type="radio" name="actionExisting" id="actionExistingAdd" value="add" checked="">
            <label class="form-check-label" for="actionExistingAdd">Add to existing favorites</label>
          </div>
          <div class="form-check">
            <input class="form-check-input" type="radio" name="actionExisting" id="actionExistingReplace" value="replace">
            <label class="form-check-label" for="actionExistingReplace">Remove existing favorites that are not in this list</label>
          </div>
        </div>
      </div>


    <div class="d-flex mt-6 justify-content-between">
      <label class="btn btn-primary not-uploaded" for="upload-faves" id="upload-fave-button">
        Upload favorites list…
        <input type="file" id="upload-faves" class="d-none" name="files">
      </label>
      <button type="submit" class="btn btn-primary uploaded-only">Add selected favorites</button>
      <button type="button" class="btn btn-link d-none d-md-inline-block" data-dismiss="modal">Cancel</button>
    </div>
  </form>
</div>
          </div>
        </div>
      </div>

    </div>
  </div>
</div>

    <div class="modal fade" id="modalRenameFolder" tabindex="-1" role="dialog" aria-hidden="true">
  <div class="modal-dialog" role="document">
    <div class="modal-content">
      <div class="modal-header">
        <h3 class="modal-title">Rename folder</h3>
        <button type="button" class="close" data-dismiss="modal" aria-label="Close"></button>
      </div>
      <form method="post" action="/user/rename-fave" spellcheck="false" autocomplete="off">
        <div class="modal-body">
          <input type="text" class="form-control" placeholder="Type new folder name…" name="documentSpecifier" autocomplete="off" autocorrect="off" autocapitalize="off" autofocus="on" pattern="[^<>]+">
          <input type="hidden" name="documentId" value="">
        </div>
        <div class="modal-footer">
          <button type="button" class="btn btn-link" data-dismiss="modal">Cancel</button>
          <button type="submit" class="btn btn-primary">Rename</button>
        </div>
      </form>
    </div>
  </div>
</div>
    <div class="modal fade" id="modalAlertSettings" tabindex="-1" role="dialog" aria-hidden="true">
  <div class="modal-dialog" role="document">
    <div class="modal-content">
      <div class="modal-header">
        <h3 class="modal-title">Alert feed settings</h3>
        <button type="button" class="close" data-dismiss="modal" aria-label="Close"></button>
      </div>
      <form method="post" action="/user/settings" autocomplete="off" id="alert-settings-form" class="no-reset-on-close">
        <div class="modal-body">
          <p>Choose the information that appears in your CapEdge alert feed. You'll see alerts for information that matches your favorite companies.</p>
          <div class="custom-controls-stacked mt-3">
            
            <div class="form-group">
                <label class="custom-switch pl-0">
                    <input type="checkbox" name="settings[alertTypes][]" value="ldb" class="custom-switch-input" checked="checked">
                    <span class="custom-switch-indicator"></span>
                    <span class="custom-switch-description">Filings</span>
                </label>
                <div class="pl-7 text-muted">New filings from SEC.</div>
            </div>
            
            <div class="form-group">
                <label class="custom-switch pl-0">
                    <input type="checkbox" name="settings[alertTypes][]" value="news" class="custom-switch-input" checked="checked">
                    <span class="custom-switch-indicator"></span>
                    <span class="custom-switch-description">News</span>
                </label>
                <div class="pl-7 text-muted">Full news stories, breaking headlines, and press releases.</div>
            </div>
            
            <div class="form-group">
                <label class="custom-switch pl-0">
                    <input type="checkbox" name="settings[alertTypes][]" value="social" class="custom-switch-input" checked="checked">
                    <span class="custom-switch-indicator"></span>
                    <span class="custom-switch-description">Social</span>
                </label>
                <div class="pl-7 text-muted">Message threads from Reddit.</div>
            </div>
            
            <div class="form-group">
                <label class="custom-switch pl-0">
                    <input type="checkbox" name="settings[alertTypes][]" value="user" class="custom-switch-input" checked="checked">
                    <span class="custom-switch-indicator"></span>
                    <span class="custom-switch-description">Community content</span>
                </label>
                <div class="pl-7 text-muted">New community notes and annotations.</div>
            </div>
            
          </div>
        </div>
        <div class="modal-footer">
          <button type="button" class="btn btn-link" data-dismiss="modal">Cancel</button>
          <button type="submit" class="btn btn-primary">Update alerts feed settings</button>
        </div>
      </form>
    </div>
  </div>
</div>
    <div class="modal fade" id="modalSendToNote" tabindex="-1" role="dialog" aria-hidden="true">
  <div class="modal-dialog" role="document">
    <div class="modal-content">
      <div class="modal-header">
        <h3 class="modal-title">Add to note</h3>
        <button type="button" class="close" data-dismiss="modal" aria-label="Close"></button>
      </div>
      <form method="post" action="#" class="no-disable" spellcheck="false" autocomplete="off">
        <div class="modal-body">
          <p>The following content will be added to your chosen note:</p>
          <div id="fragment-preview" class="my-3 text-muted"></div>
          <p>Search or choose a recent note below:</p>
          <div class="tokenInput tokeninput-container fake-input fake-input-lg">
              <input type="text" placeholder="Search your note titles…" name="noteSearch" autocomplete="off" autocorrect="off" autocapitalize="off" tabindex="1" autofocus="on" size="25">
              <script class="tokeninput-data" type="application/json">
              {
                  "resultDataProp":"results",
                  "resultTextProp":"title",
                  "resultValueProp":"id",
                  "url":"/note/notesearch?limit=3&query=$query",
                  "type":"lookup",
                  "completionGroups" : {
                      "bestmatch" : { "heading" : "Best Match" },
                      "notes" : { "heading" : "Notes", "newOption" : true, "singular" : "note" }
                  }
              }
              </script>
          </div>
          <div id="send-recent-list"></div>
        </div>
        <div class="modal-footer">
          <button type="button" class="btn btn-link" data-dismiss="modal" tabindex="2">Cancel</button>
        </div>
      </form>
    </div>
  </div>
</div>
    <div class="dropdown-menu dropdown-menu-sm" id="user-feed-context-menu">
  <a class="dropdown-item context-open" href="#">Open</a>
  <a class="dropdown-item context-open" href="#" target="_blank">Open in new tab</a>
  <div class="dropdown-divider"></div>
  <a class="dropdown-item context-delete" href="#">Delete</a>
</div>
    

    

    

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