Uxin (UXIN) Q2 2027 earnings summary

Executive summary

• Retail transaction volume reached 19,610 units, up 89% year-over-year and 19% sequentially, significantly outperforming the broader market.

• Total transaction volume was 21,899 units, up 20.3% sequentially and 88.7% year-over-year.

• Inventory turnover improved from 30 days to 20 days, driven by digitalization and operational upgrades.

• Net Promoter Score remained at 68, among the highest in the industry.

• Industry consolidation accelerated, with over 20% of used car dealerships expected to exit the market in 2026.

Financial highlights

• Retail vehicle sales revenue was RMB 1.08 billion, up 78% year-over-year and 7% sequentially.

• Wholesale vehicle sales revenue reached RMB 37.4 million, up 36.2% sequentially and 25.1% year-over-year.

• Total revenue reached RMB 1.151 billion, up 75% year-over-year and 7% sequentially.

• Gross margin was negative 0.7%, down from 5.2% last year and 7% last quarter, due to rapid price adjustments.

• Adjusted EBITDA loss was RMB 119.8 million, reflecting the temporary impact of lower gross margin.

Outlook and guidance

• For Q3, retail transaction volume is expected between 20,500 and 21,000 units, nearly 50% year-over-year growth.

• Total revenue guidance for Q3 is RMB 1.16–1.19 billion, with gross margin expected to recover above 6%.

• The company will maintain a prudent approach, emphasizing inventory turnover, per unit profitability, and capital efficiency.