Uxin Ltd (UXIN) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Uxin's earnings conference call for the quarter ended June 30, 2025. (Operator Instructions) Today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎參加優信截至 2025 年 6 月 30 日的季度收益電話會議。（操作員指示）今天的會議正在錄音。

I would now like to turn the call over to your host for today's conference call, [Ms. Ally Wang.] Please go ahead, Ally.

現在，我想將電話轉給今天電話會議的主持人 [Ally Wang 女士]。請繼續，Ally。

Thank you, operator. Hello, everyone. Welcome to Uxin's earnings conference call for the second quarter ended June 30, 2025. On the call with me today 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&A session that follows.

謝謝您，接線生。大家好。歡迎參加優信截至 2025 年 6 月 30 日的第二季財報電話會議。今天與我一起通話的有我們的創辦人兼執行長 D.K. 和我們的財務長 John Lin。D.K. 將回顧業務運營和公司亮點，隨後 John 將討論財務和指導。在接下來的問答環節中，他們都會回答您的問題。

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. For detailed discussions of the risks and uncertainties, please refer to our filings with the SEC.

在我們繼續之前，我想提醒您，本次電話會議可能包含前瞻性陳述，這些陳述本質上受風險和不確定性的影響，可能導致實際結果與我們當前的預期不同。有關風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的文件。

Now, with that, I will turn the call over to our CEO, D.K. Please go ahead, sir.

現在，我將把電話轉給我們的執行長 D.K.。先生，請繼續。

(interpreted) Hello, everyone, and thank you for joining our earnings conference call. To ensure smooth communication with both our domestic and international investors, I will share our latest updates in both Chinese and English.

（翻譯）大家好，感謝您參加我們的收益電話會議。為了確保與國內外投資者的順暢溝通，我將用中文和英文分享我們的最新動態。

In the second quarter of 2025, we delivered another strong set of results. Retail transaction volume reached 10,385 units, up 154% year over year. This marks the fifth consecutive quarter with year-over-year growth above 140%, underscoring the strong and sustainable growth potential of our model. Inventory turnover also remained healthy at roughly 30 days, reflecting our efficient operations and a balanced inventory structure. On customer satisfaction, our net promoter score was 65 this quarter, maintaining the highest level in the industry for five consecutive quarters.

2025 年第二季度，我們再次取得了強勁的業績。零售交易量達10,385套，較去年成長154%。這是連續第五個季度同比增長超過 140%，凸顯了我們模型強勁且可持續的成長潛力。庫存週轉率也保持在 30 天左右的健康水平，反映了我們高效的營運和均衡的庫存結構。客戶滿意度方面，本季淨推薦值為65，連續五個季度維持業界最高水準。

Over the past few years, we have built a standardized management and operating system in our flagship superstores in Xi'an and Hefei. This framework enables new locations to ramp quickly and efficiently. Our Wuhan Superstore, which opened at the end of February, has performed well above expectations in both business ramp up and operational maturity.

過去幾年，我們在西安、合肥旗艦店建立了標準化的管理和營運系統。該框架使新地點能夠快速且有效率地發展。我們於二月底開幕的武漢超市在業務成長和營運成熟度方面均表現得遠超預期。

The one-stop used car experience offered by our large-scale superstore model has been warmly received by local consumers. Starting with an initial retail inventory of 250 units in March, the Wuhan store has consistently sustained approximately 30-day inventory turnovers. By September, the store's retail transaction volume is expected to reach around 1,400 as its momentum continues to build.

我們大型超市模式提供的一站式二手車體驗受到了當地消費者的熱烈歡迎。從3月初始零售庫存250台開始，武漢店一直維持約30天的庫存週轉率。預計到9月份，該店零售交易量將達到1,400筆左右，發展動能強勁。

On the sourcing side, our capabilities have been thoroughly tested and proven. We have integrated diverse vehicle acquisition channels, improved pricing, precision and ensured smooth operations at our reconditioning facilities. Together these trends provide a stable, sufficient vehicle supply. As such, profitability at the Wuhan store is improving quickly alongside its rapid sales growth. Compared with our superstores in Xi'an and Hefei, startup losses in Wuhan have been meaningfully smaller.

在採購方面，我們的能力已經過徹底的測試和證明。我們整合了多樣化的車輛採購管道，提高了定價精準度，並確保了修復設施的順利運作。這些趨勢共同提供了穩定、充足的汽車供應。武漢店的獲利能力隨著銷售額的快速成長而快速提升。與西安、合肥等地的超市相比，武漢的開店損失明顯較小。

At the same time, the ramp up of our Wuhan Superstore has also enabled us to further improve our operational precision and enhance our superstore model. First, we have continued to improve the capabilities of our digital management system, stalling on real transaction data from daily operations to fine tune our in-house engines for pricing, reconditioning and customer acquisition, allowing us to adapt more swiftly to evolving market conditions.

同時，武漢超市的佈置也讓我們進一步提升了營運精準度，完善了超市模式。首先，我們不斷提升數位化管理系統的能力，利用日常營運中的真實交易數據，對內部定價、修復和客戶獲取引擎進行微調，使我們能夠更快地適應不斷變化的市場條件。

Second, we're continuously optimizing service workflows to ensure that even as our customer base extends rapidly, we remain firmly rooted in our core operating philosophy of delivering customer value.

其次，我們不斷優化服務工作流程，以確保即使我們的客戶群迅速擴大，我們仍然堅定地紮根於提供客戶價值的核心營運理念。

Third, we have also been refining our talent development framework to help new store employees build professional competence and service capabilities more quickly, supporting rapid business growth while preparing a solid talent pipeline for future extension. Additionally, we are actively exploring the integration of AI technologies into our business operations to unlock greater efficiency and scalability over time.

第三，我們也不斷完善人才發展框架，幫助新進門市員工更快累積專業能力與服務能力，在支撐業務快速成長的同時，為未來的拓展打下堅實的人才基礎。此外，我們正在積極探索將人工智慧技術融入我們的業務運營，以隨著時間的推移實現更高的效率和可擴展性。

Our new store extension is progressing steadily as planned. On September 27, we officially opened our Zhengzhou superstore. With a planned floor area of approximately 150,000 square meters, the facility can accommodate up to 5,000 vehicles on display and for sale. This is our fourth large scale superstore following Xi'an and Hefei and Wuhan. Zhengzhou is a major transportation hub in central China, with a resident population of more than 13 million and over 5 million registered vehicles.

我們的新店擴建工作正按計劃穩步推進。9月27日，我們鄭州超市店正式開幕。該設施規劃建築面積約15萬平方米，可容納多達5000輛汽車展示和銷售。這是我們繼西安、合肥、武漢之後的第四家大型超市。鄭州是中國中部地區重要的交通樞紐，常住人口1,300多萬，註冊機車500萬多輛。

The city ranks among the top 10 nationwide in used car transaction scale and activity, making it an ideal location for a large scale superstore. With this opening, we can serve more consumers in the region with high-quality vehicles and professional services while significantly strengthening our market presence in Henan province.

該市二手車交易規模和活躍度位居全國前十位，是大型超市的理想選址。透過此次開業，我們可以為該地區更多的消費者提供高品質的車輛和專業的服務，同時大大加強我們在河南省的市場地位。

Looking at the industry, China's used car market has been heavily affected in recent years by aggressive price competition in the new car segment. We are encouraged that following a series of policy guidelines introduced by the Chinese government, competition and the new car market has moderated and the destructive price wars have effectively ended. After six months of operation, our Wuhan Superstore has entered a phase of margin improvement.

從業界來看，近年來，中國二手車市場受到新車市場激烈價格競爭的嚴重影響。令我們感到鼓舞的是，在中國政府推出一系列政策指引之後，新車市場的競爭已經緩和，破壞性的價格戰也已有效結束。經過六個月的運營，我們的武漢超市已進入利潤率提升階段。

Looking ahead to the third quarter, we expect our retail transaction volume to remain on a strong growth trajectory with year-over-year growth of over 120% and a significant improvement in profitability. Based on the momentum across the first three quarters, we anticipate our full year 2025 retail transaction volume growth to reach approximately 130% year over year.

展望第三季度，我們預期零售交易量將維持強勁成長勢頭，較去年同期成長超過120%，獲利能力也將顯著提升。根據前三個季度的發展勢頭，我們預計 2025 年全年零售交易量成長率將達到約 130%。

With that, I will turn the call over to our CFO to walk you through the financial results. John, please.

說完這些，我將把電話轉給我們的財務官，讓他向您介紹財務結果。請給我約翰。

(interpreted) Thank you, D.K.. Hello, everyone. Since we have both domestic and international investors participating today, we will continue to present the company's performance in both Chinese and English to better communicate with all of you.

（翻譯）謝謝你，D.K.。大家好。由於今天有國內外投資者參加，我們將繼續用中英文兩種方式介紹公司的業績，以便更好地與大家溝通。

In the second quarter, our retail transaction volume reached 10,385 units, representing a 154% increase year-over-year and a 38% increase quarter-over-quarter, demonstrating that our retail business remains firmly on a path of rapid growth.

第二季度，我們的零售交易量達到10,385套，年增154％，季增38％，顯示我們的零售業務仍保持快速成長的勢頭。

Retail revenue for the quarter totaled RMB610 million, up 87% year-over-year and 31% quarter-over-quarter. The average selling price or ASP for retail vehicles was RMB59,000 compared to RMB62,000 in the prior quarter and RMB79,000 in the same period last year. While ASP declined as we shifted toward a more affordable inventory mix, the strong growth in transaction volume more than offset the pricing impact and drove our overall revenue extension. Our current inventory structure is well aligned with mainstream consumer demand and we believe pricing has now stabilized at a rational level. As such, we expect ASP to remain relatively steady in the near term.

本季零售收入總計人民幣6.10億元，較去年成長87%，較上季成長31%。零售車輛的平均售價為人民幣 59,000 元，而上一季為 62,000 元，去年同期為 79,000 元。雖然隨著我們轉向更實惠的庫存組合，平均售價有所下降，但交易量的強勁增長足以抵消定價的影響，並推動我們的整體收入成長。我們目前的庫存結構與主流消費者需求非常吻合，我們相信價格現在已經穩定在合理水準。因此，我們預計短期內平均售價將保持相對穩定。

Turning to our wholesale business, our wholesale transaction volume was 1,221 units in the second quarter, representing a 19% decrease year-over-year but a 70% increase quarter-over-quarter. Total wholesale revenue was RMB29.9 million. Combining both retail and wholesale, total revenue for the quarter reached RMB658 million, representing a 64% increase year-over-year and a 31% increase quarter-over-quarter.

談到我們的批發業務，我們第二季的批發交易量為 1,221 單位，年減 19%，但環比成長 70%。總批發收入為人民幣2990萬元。零售和批發業務合計，本季總收入達 6.58 億元，年增 64%，季增 31%。

Gross margin for the quarter was 5.2%, down 1.2 percentage points from 6.4% a year ago and down 1.8 percentage points from 7% in the prior quarter. This decline was primarily due to the price war in the new car segment, which has exerted margin pressure on the used car market, as well as the early stage ramp up of our Wuhan Superstore, which opened in February and is still in the process of scaling its profitability. However, we do not expect these factors to impact growth margin in the third quarter, and we anticipate being a rebound to around 7.5%.

本季毛利率為5.2%，較去年同期的6.4%下降1.2個百分點，較上一季的7%下降1.8個百分點。下降的主要原因是新車市場的價格戰對二手車市場的利潤率造成了壓力，以及我們武漢超市的早期擴張，該超市於二月份開業，目前仍處於擴大盈利能力的過程中。不過，我們預期這些因素不會影響第三季的成長利潤率，我們預計將反彈至7.5%左右。

The increase in operating expenses this quarter was primarily related to the initial ramp up of our Wuhan Superstore, including investments in staffing and infrastructure. As a result, our adjusted EBITDA loss for the quarter was RMB16.5 million, representing a substantial 51% reduction year-over-year.

本季營運費用的增加主要與我們武漢超市的初期擴張有關，包括對人員和基礎設施的投資。因此，本季我們調整後的EBITDA虧損為人民幣1,650萬元，較去年同期大幅減少51%。

Looking ahead to the third quarter of 2025, we expect retail transaction volume to be in the range of 13,500 to 14,000 units, representing year-over-year growth of over 130%. Total revenue is expected to be between RMB830 million and RMB860 million, with growth margin recovering to approximately 7.5%.

展望2025年第三季度，我們預期零售交易量將在13,500至14,000套之間，較去年同期成長超過130%。總收入在8.3億元至8.6億元之間，增幅恢復至約7.5%。

That concludes our prepared remarks for today. Thank you, everyone. Operator, we're now ready to begin the Q&A session.

我們今天的準備演講到此結束。謝謝大家。接線員，我們現在可以開始問答環節了。

(Operator Instructions) Fei Dai, TF Securities.

（操作員指示）戴飛，TF證券。

(spoken in foreign language) Hello, D.K. Congratulations on the company's strong sales momentum and continued high growth trajectory. With new superstos opening at such rapid pace, how do you balance short-term profitability pressures with your expansion needs? Will you need additional financing?

（外語）你好，D.K. 祝賀公司強勁的銷售勢頭和持續的高增長軌跡。隨著新超市以如此快的速度開業，您如何平衡短期獲利壓力和擴張需求？您需要額外的融資嗎？

(interpreted) Thank you for your question. Let me take this one. The rapid rollout and ramp up of our new superstores significantly strengthen our market presence in the cities where we expand and also help us build out a nationwide sales network. This carries major strategic importance for us.

（翻譯）感謝您的提問。讓我來拿這個。新超市的快速推出和擴張大大增強了我們在擴張城市的市場影響力，也幫助我們建立了全國性的銷售網絡。這對我們具有重大的戰略意義。

Now, on balancing profitability with extension fee, I want to emphasize that we will never pursue extension blindly. Every new superstore is carefully planned both from a business and financial perspective. That said, once a new store begins operations, there will be some short-term profitability pressure. To mitigate this, we are focused on raising the level of standardization and high-quality replication across stores. By further upgrading our digital management systems and improving organizational efficiency, we can reduce early-stage cost pressure and losses and accelerate the time to breakeven.

現在，關於獲利能力和推廣費之間的平衡，我想強調的是，我們絕對不會盲目追求推廣。每家新超市的開幕都經過了從商業和財務角度的精心規劃。話雖如此，新店一旦開始運營，短期內獲利能力還是會面臨一些壓力。為了緩解這種情況，我們專注於提高各商店的標準化和高品質複製水準。透過進一步升級數位化管理系統，提升組織效率，減少前期成本壓力與損失，加速實現損益平衡。

From a financial perspective, opening a new superstore requires about $8 million to $10 million, of which, roughly $2 million is allocated to factory equipment and store preparation, with the rest mainly for inventory buildup. Under our current operating model, it typically takes two to three years for a new superstore to reach breakeven and then maturity. Once mature, each store can generate enough profits to support the launch of another new store. Since our number of mature stores is so limited, we do plan to rely on measured incremental equity financing to support rapid expansion over the next two to three years.

從財務角度來看，開設一家新的大型超市大約需要800萬至1000萬美元，其中約200萬美元用於工廠設備和店鋪準備，其餘則主要用於庫存累積。在我們目前的營運模式下，一家新的超市通常需要兩到三年的時間才能達到收支平衡並成熟。一旦成熟，每家店都能產生足夠的利潤來支持另一家新店的開幕。由於我們的成熟門市數量非常有限，我們確實計劃依靠有節制的增量股權融資來支持未來兩到三年的快速擴張。

Given that our business has consistently delivered over 100% year-over-year growth and that we are seeing early signs of recovery in capital markets, we are not overly concerned about funding. We are confident in our ability to raise sufficient capital in line with our expansion plan.

鑑於我們的業務一直保持著超過 100% 的同比增長，我們看到資本市場出現復甦的早期跡象，我們並不太擔心融資問題。我們有信心能夠按照我們的擴張計劃籌集足夠的資金。

(Operator Instructions) Wenjie Dai, SWS Research.

（操作員指示）戴文傑，申銀萬國研究。

(spoken in foreign language) The management mentioned earlier that the Wuhan Superstore has ramped up very successfully much faster than the Hefei and Xi'an. But could you share what different Asian measures were taken in Wuhan?

（外語）管理階層剛才提到，武漢超市的擴張非常成功，速度比合肥和西安快得多。但是您能分享武漢採取了哪些不同的亞洲措施嗎？

(interpreted) Sure, thank you for the question. This is D.K. I'll take this one. In addition to being the CEO of the company, I'm also the General Manager of the Wuhan Superstore. So I've personally experienced the entire journey from preparation to selling our first car to achieving today's results.

（翻譯）當然，謝謝你的提問。這是 D.K。我要這個。我除了擔任公司的CEO之外，還擔任武漢超市的總經理。所以我親身經歷了從準備到賣出我們的第一輛車，再到取得今天的成果的整個過程。

I'd summarize the reasons in three areas. First, our digital business management system has been refined over more than four years of operations at the Xi'an and Hefei superstores. It is now highly mature and capable of being replicated quickly. These digital capabilities also benefit from a self-reinforcing flywheel effect.

我總結了三個方面的原因。第一，我們的數位化業務管理系統在西安、合肥兩家超市四年多的營運中已經不斷改進。現在它已經非常成熟，並且能夠快速複製。這些數位能力也受益於自我強化的飛輪效應。

Take our intelligence pricing system for example. It's powered by a vast database of real transaction data, something you can only truly accumulate if you're directly engaged in buying and selling vehicles yourself. The more transactions we do, the more accurate our pricing becomes which in turn improves efficiency in both sourcing and sales. Thanks to the training on Xi'an and Hefei data, this system has adapted very effectively in the Wuhan market.

就拿我們的智慧定價系統來說吧。它由龐大的真實交易資料庫提供支持，只有您親自直接參與車輛買賣才能真正累積這些數據。我們進行的交易越多，我們的定價就越準確，從而提高了採購和銷售的效率。由於西安和合肥資料的訓練，該系統在武漢市場得到了非常有效的適應。

Second, our business processes are now fully standardized and our organizational and talent development systems are increasingly well established. The management team at Wuhan brought rich experience which helped avoid repeating unnecessary mistakes, thereby accelerating both production and sales execution. At the same time, the talent development cycle continues to shorten. Typically, within one to two years of operation, each superstore is able to develop one to two new management teams to support future expansion.

第二，業務流程全面標準化，組織體系、人才體係日趨完善。武漢的管理團隊擁有豐富的經驗，有助於避免重複不必要的錯誤，從而加速生產和銷售的執行。同時，人才發展週期不斷縮短。通常，每家超市在運作一到兩年內，都能培養出一到兩個新的管理團隊，以支持未來的擴張。

That's my answer. We're confident that as we open more superstores, each new location will build upon the proven experience of earlier ones, making operations smoother and more efficient over time.

這就是我的答案。我們相信，隨著我們開設更多的大型超市，每個新店都將以之前門市的成功經驗為基礎，使營運隨著時間的推移變得更加順暢和高效。

(spoken in foreign language) Zhengzhou new superstore just opened. How does the management view the competitive landscape in Zhengzhou? Can the success in Wuhan be replicated there and in other new superstores?

（外語）鄭州新超市剛開幕。管理階層如何看待鄭州的競爭格局？武漢的成功能否在當地和其他新的超市中複製？

(interpreted) The competitive environment in Zhengzhou is indeed intense. There are a number of dealers there with relatively advanced operating practices and some dealers have inventories of more than 500 vehicles. At the same time, Zhengzhou is a much larger market with a population of over 13 million and more than 5 million registered vehicles, and it's one of the most active used car trading hubs in China.

（譯）鄭州的競爭環境確實很激烈。那裡有一批經營比較先進的經銷商，有的經銷商庫存車輛超過500輛。同時，鄭州的市場規模更大，擁有1300多萬人口和500多萬輛註冊車輛，是中國最活躍的二手車交易中心之一。

Currently, players in the market adopt different business models and target different positioning. Our superstore model stands out with broader selection, better value for money, higher quality assurance and a more convenient one-stop service experience. On the customer side, for every 100 customer groups, visiting the store, over 40% results in a purchase. This shows our business model with a strong omnichannel control, offers clear differentiation and resonates well with our target customers.

目前，市場參與者採取不同的商業模式，定位也有所不同。我們的超市模式以更廣泛的選擇、更好的性價比、更高的品質保證和更便利的一站式服務體驗脫穎而出。在顧客方面，每100個到店的顧客群中，超過40%的人會進行購買。這顯示我們的商業模式具有強大的全通路控制能力，具有明顯的差異化，並能與目標客戶產生良好共鳴。

We will continue to analyze the Zhengzhou market carefully and prepare thoroughly to compete. With our mature business processes and digital system, we are confident that Zhengzhou can also achieve strong results. Looking further ahead, the cities we're targeting for expansion are all among the top 20 in China by vehicle ownership, which provides very favorable market conditions. So we are confident that the success of Wuhan can be replicated in Zhengzhou and in our future new superstores.

我們將繼續認真分析鄭州市場，並做好充分的競爭準備。憑藉我們成熟的業務流程和數位化系統，我們有信心鄭州也能取得優異的成績。放眼未來，我們計畫拓展的城市均位列中國汽車保有量排名前20的城市之列，這提供了非常有利的市場條件。因此，我們有信心武漢的成功可以在鄭州以及我們未來的新超市複製。

That's my answer.

這就是我的答案。

At this time, we will conclude our question-and-answer session. I would like to turn the conference back over to Ally Wang for closing remarks.

現在，我們的問答環節就結束了。現在，請 Ally Wang 做閉幕發言。

Thank you again for joining today's call and for your continued support at Uxin. We look forward to speaking to you again soon in the future.

再次感謝您參加今天的電話會議以及您對優信的持續支持。我們期待在不久的將來再次與您交談。

Okay, bye-bye.

好的，再見。

The conference is now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。