Uxin Reports Unaudited Financial Results for the Quarter Ended March 31, 2025

BEIJING, June 12, 2025 /PRNewswire/ — Uxin Limited (“Uxin” or the “Company”) UXIN, China’s leading used car retailer, today announced its unaudited financial results for the quarter ended March 31, 2025.

Highlights for the Quarter Ended March 31, 2025

• Transaction volume was 8,264 units for the three months ended March 31, 2025, a decrease of 12.4% from 9,439 units in the last quarter and an increase of 103.6% from 4,058 units in the same period last year.
• Retail transaction volume was 7,545 units, a decrease of 11.8% from 8,554 units in the last quarter and an increase of 141.5% from 3,124 units in the same period last year.
• Total revenues were RMB504.2 million (US$69.5 million) for the three months ended March 31, 2025, a decrease of 15.5% from RMB596.8 million in the last quarter and an increase of 58.0% from RMB319.2 million in the same period last year. 
• Gross margin was 7.0% for the three months ended March 31, 2025, compared with 7.0% in the last quarter and 6.6% in the same period last year. 
• Loss from operations was RMB35.3 million (US$4.9 million) for the three months ended March 31, 2025, compared with RMB73.4 million in the last quarter and RMB109.8 million in the same period last year.
• Non-GAAP adjusted EBITDA^[1] was a loss of RMB8.9 million (US$1.2 million), compared with a gain of RMB2.0 million in the last quarter and a loss of RMB39.7 million in the same period last year.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, “we once again delivered strong performance in the first quarter of 2025, achieving retail vehicle transaction volume of 7,545 units, representing a 142% year-over-year increase, despite the temporary impact of the Chinese New Year holiday. Our inventory structure remained healthy with turnover days around 30, and our industry-leading NPS (net promoter score) of 65 underscores the strength of our customer experience. Additionally, our newly launched superstore in Wuhan began trial operations during the quarter, with both inventory and sales ramping up rapidly. As we continue to expand our footprint and scale our operations, we expect our retail transaction volume in the second quarter to exceed 10,000 units, setting a new record for Uxin.”

Mr. Feng Lin, Chief Financial Officer of Uxin, stated, “despite the seasonal slowdown during the Chinese New Year in the quarter, we continued to improve our financial performance with retail revenue reaching RMB466 million, a 73% year-over-year increase. Gross margin also expanded by 40 basis points year-over-year to 7%,and remained consistent with the prior quarter. Importantly, we maintained our commitment to disciplined cost management and further enhancement in operational efficiency. While we incurred some upfront expenses associated with the launch of our new superstore in Wuhan, our non-GAAP adjusted EBITDA loss narrowed significantly to RMB8.9 million, representing a 78% year-over-year reduction. As our new superstore scales and sales volume at existing locations continues to grow, we remain confident in our trajectory toward sustainable growth and improved profitability.”

Financial Results for the Quarter Ended March 31, 2025

Total revenues were RMB504.2 million (US$69.5 million) for the three months ended March 31, 2025, a decrease of 15.5% from RMB596.8 million in the last quarter and an increase of 58.0% from RMB319.2 million in the same period last year. The quarter-over-quarter decrease was mainly due to the decrease in retail vehicle sales revenue. The year-over-year increase was mainly due to the increase in retail vehicle sales revenue.

Retail vehicle sales revenue was RMB465.5 million (US$64.2 million) for the three months ended March 31, 2025, representing a decrease of 15.8% from RMB553.1 million in the last quarter and an increase of 72.8% from RMB269.4 million in the same period last year. For the three months ended March 31, 2025, retail transaction volume was 7,545 units, a decrease of 11.8% from 8,554 units last quarter and an increase of 141.5% from 3,124 units in the same period last year. The quarter-over-quarter decrease in retail vehicle sales revenue was mainly due to the decrease in retail transaction volume resulting from seasonality. The Chinese New Year holiday lasted from January 28 to February 4, 2025,  which is the traditional used car off-season. The year-over-year increase was mainly due to the increase in retail transaction volume by 141.5% while partially offset by the decline of retail average selling price.

Wholesale vehicle sales revenue was RMB22.5 million (US$3.1 million) for the three months ended March 31, 2025, compared with RMB25.5 million in the last quarter and RMB39.7 million in the same period last year. For the three months ended March 31, 2025, wholesale transaction volume was 719 units, representing a decrease of 18.8% from 885 units last quarter and a decrease of 23.0% from 934 units in the same period last year. Wholesale vehicle sales refer to vehicles purchased by the Company from individuals that do not meet the Company’s retail standards and are subsequently sold through online and offline channels.

Other revenue was RMB16.2 million (US$2.2 million) for the three months ended March 31, 2025, compared with RMB18.2 million in the last quarter and RMB10.1 million in the same period last year.

Cost of revenues was RMB468.9 million (US$64.6 million) for the three months ended March 31, 2025, compared with RMB554.9 million in the last quarter and RMB298.1 million in the same period last year. 

Gross margin was 7.0% for the three months ended March 31, 2025, compared with 7.0% in the last quarter and 6.6% in the same period last year. The Company’s gross margin remained stable quarter-over-quarter. The year-over-year increase in gross margin was mainly due to the increase in our value-added services penetration rate, which generally have higher gross profit margin.

Total operating expenses were RMB82.5 million (US$11.4 million) for the three months ended March 31, 2025. Total operating expenses excluding the impact of share-based compensation were RMB72.7 million.

• Sales and marketing expenses were RMB61.7 million (US$8.5 million) for the three months ended March 31, 2025, a decrease of 0.1% from RMB61.8 million in the last quarter and an increase of 21.4% from RMB50.8 million in the same period last year. The year-over-year increase was mainly due to the increased salaries for the sales teams.
• General and administrative expenses were RMB18.3 million (US$2.5 million) for the three months ended March 31, 2025, representing a decrease of 73.6% from RMB69.3 million in the last quarter and a decrease of 75.7% from RMB75.3 million in the same period last year. The decreases were mainly due to the impact of share-based compensation expenses.
• Research and development expenses were RMB2.9 million (US$0.4 million) for the three months ended March 31, 2025, representing an increase of 21.0% from RMB2.4 million in the last quarter and a decrease of 51.9% from RMB6.0 million in the same period last year. The year-over-year decrease was mainly due to a decrease of the salaries and benefits expenses of employees engaged in research and development.

Other operating income, net was RMB11.9 million (US$1.6 million) for the three months ended March 31, 2025, compared with RMB18.1 million for the last quarter and RMB0.9 million in the same period last year. The quarter-over-quarter decrease was mainly due to the decline of proceeds from government grant. The year-over-year increase was mainly due to the increase in liability waiver gain.

Loss from operations was RMB35.3 million (US$4.9 million) for the three months ended March 31, 2025, compared with RMB73.4 million in the last quarter and RMB109.8 million in the same period last year.

Interest expenses were RMB22.5 million (US$3.1 million) for the three months ended March 31, 2025, representing an increase of 2.0% from RMB22.1 million in the last quarter and a decrease of 6% from RMB24.0 million in the same period last year.

Net loss from operations was net loss of RMB51.4 million (US$7.1 million) for the three months ended March 31, 2025, compared with net loss of RMB90.3 million in the last quarter and net loss of RMB142.7 million in the same period last year. 

Non-GAAP adjusted EBITDA was a loss of RMB8.9 million (US$1.2 million) for the three months ended March 31, 2025, compared with a gain of RMB2.0 million in the last quarter and a loss of RMB39.7 million in the same period last year.

Liquidity

The Company has incurred net losses since inception. For the quarter ended March 31, 2025, the Company incurred net loss of RMB51.4 million and operating cash outflow of RMB24.4 million, and the Company’s current liabilities exceeded current assets by approximately RMB373.5 million and the Company had accumulated deficit in the amount of RMB19.6 billion as of March 31, 2025. Based on the Company’s liquidity assessment, which considers the management’s plan to address these adverse conditions and events including growing its vehicle sales revenue by increasing the sales volume, improving the gross profit margin by increasing the value-added services offered to its customers, maintaining vehicle turnover rate by managing reasonable vehicle prices, and raising funds from planned equity and debt financings, and also adjusting its operation scale if and when necessary, the Company believes that it is probable to effectively implement these plans and accordingly, its current cash and cash equivalents which included funds from the equity financings completed during the first quarter of 2025, funds from the planned equity and debt financings and the cash flows from operations are sufficient for the Company to meet its anticipated working capital requirements and other capital commitments and the Company will be able to meet its payment obligations when liabilities that fall due within the next twelve months from the date of this release.

Business Outlook

For the three months ended June 30, 2025, the Company expects its retail transaction volume to range between 10,000 units and 10,500 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between RMB630 million and RMB660 million. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to changes.

Conference Call

Uxin’s management team will host a conference call on Thursday, June 12, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including an event passcode, a unique access PIN, dial-in numbers, and an e-mail with detailed instructions to join the conference call.

Conference Call Preregistration：https://dpregister.com/sreg/10200426/ff57bc0784  

A telephone replay of the call will be available after the conclusion of the conference call until June 19, 2025. The dial-in details for the replay are as follows:

A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin’s website at http://ir.xin.com.

About Uxin

Uxin is China’s leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline inspection and reconditioning centers. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of the used car industry.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share – basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Adjusted EBITDA as EBITDA excluding share-based compensation, foreign exchange (losses)/gain, other income/(expenses), structure realignment cost which was mainly severance cost and equity in income of affiliates. The Company defines adjusted net loss attributable to ordinary shareholders per share – basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitate investors’ assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. The Company believe that excluding these items enables us to evaluate our performance period-over-period more effectively and relative to our competitors.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using Adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company’s operations. Share-based compensation, other income/(expenses) and foreign exchange (losses)/gain have been and may continue to be incurred in the business. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Uxin’s non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, representing the index rate as of March 31, 2025 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin’s strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: impact of the COVID-19 pandemic, Uxin’s goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin’s expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China’s used car e-commerce industry; the laws and regulations relating to Uxin’s industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law. 

For investor and media enquiries, please contact:

Uxin Limited Investor Relations
Uxin Limited
Email: ir@xin.com

The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.co

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE Uxin Limited