Uxin (UXIN) Q1 2025 earnings summary

Executive summary

• Achieved record retail sales of 4,090 units in Q1 FY2025, up 31% sequentially and 142% year-over-year, despite ongoing new car price competition disrupting the used car market.

• Transaction volume reached 5,605 units, up 38.1% sequentially and 72.2% year-over-year, with retail transactions up 30.9% quarter-over-quarter and 142.4% year-over-year.

• Net Promoter Score (NPS) reached 65, the highest in the industry, reflecting improved customer satisfaction and recognition of product and service quality.

• Strategic focus on increasing inventory, sourcing vehicles from individual owners, and expanding value-added services to drive future growth.

• Loss from operations narrowed to RMB62.5 million, down from RMB109.8 million last quarter and RMB63.2 million year-over-year.

Financial highlights

• Total Q1 revenue was RMB 401 million, with retail sales revenue at RMB 325 million, up 74% year-over-year.

• Average retail vehicle selling price dropped to RMB 79,000 from RMB 111,000 year-over-year, offset by higher sales volume.

• Gross margin held steady at 6.4% compared to the previous quarter.

• Adjusted EBITDA loss narrowed to RMB 33.9 million, a 27% year-over-year improvement.

• Net loss was RMB49.8 million, a significant improvement from RMB142.7 million last quarter and RMB91.6 million year-over-year.

Outlook and guidance

• Q2 FY2025 retail sales volume expected to reach 5,800–6,000 units, with sequential growth over 40%.

• Q2 revenue guidance of RMB 480–500 million; adjusted EBITDA loss projected to narrow to under RMB 10 million.

• Confident in achieving positive adjusted EBITDA in Q3 FY2025 (October–December 2024).