Uxin (UXIN) Q2 2027 earnings summary

Executive summary

• Total transaction volume reached 21,899 units, up 20.3% sequentially and 88.7% YoY; retail transactions totaled 19,610, up 18.6% sequentially and 88.8% YoY.

• Total revenue was RMB1,151.2 million, up 7.2% sequentially and 74.9% YoY.

• Gross margin fell to -0.7% from 7.0% last quarter and 5.2% a year earlier, amid aggressive price reductions and market volatility.

• Loss from operations was RMB151.9 million; adjusted EBITDA loss widened to RMB119.8 million from RMB34.3 million last quarter.

• Rapid inventory turnover and digital operating upgrades supported retail growth.

Financial highlights

• Retail vehicle sales revenue was RMB1,080.8 million, up 6.5% sequentially and 77.9% YoY; ASP was RMB55,000 vs. RMB59,000 a year earlier and RMB61,000 in Q1.

• Wholesale vehicle sales revenue was RMB37.4 million, up 36.2% sequentially and 25.1% YoY.

• Other revenue was RMB33.0 million, up from RMB30.8 million last quarter and RMB20.8 million a year earlier.

• Cost of revenues was RMB1,159.8 million, compared with RMB998.6 million last quarter and RMB624.1 million a year earlier.

• Net loss from operations was RMB178.4 million, compared with RMB91.6 million last quarter and RMB67.6 million a year earlier.

Outlook and guidance

• Q3 retail transaction volume is expected at 20,500–21,000 units, nearly 50% YoY growth.

• Q3 total revenue guidance is RMB1,160–1,190 million.

• Q3 gross margin is expected to recover above 6%; profitability is expected to improve as margins recover and operating efficiency improves.

• Inventory procurement will remain prudent, with faster turnover favored during continued price volatility and procurement potentially accelerating if prices stabilize.