Uxin (UXIN) Q3 2025 earnings summary

Executive summary

• Retail transaction volume reached 14,020 units in Q3 2025, up 134% year-over-year and 35% quarter-over-quarter, marking the sixth consecutive quarter of over 130% year-over-year growth, with inventory turnover around 30 days and NPS at 67.

• Gross margin rose to 7.5%, the highest in nearly three years, driven by stabilized new car pricing and improved profitability at new superstores.

• Expansion of superstore network continued, with new openings in Wuhan, Zhengzhou, and Jinan in 2025, and further expansion planned in Tianjin, Yinchuan, and Guangzhou.

• Strategic partnerships with local governments in Tianjin, Guangzhou, and Yinchuan to open new superstores, supporting nationwide expansion.

• Net Promoter Score (NPS) was 67, maintaining industry leadership for six consecutive quarters.

Financial highlights

• Total revenue reached RMB 879.3 million, up 77% year-over-year and 34% quarter-over-quarter.

• Retail revenue was RMB 820 million, up 84% year-over-year and 35% quarter-over-quarter.

• Gross margin improved to 7.5%, up from 7% a year ago and 5.2% in the prior quarter.

• Adjusted EBITDA loss narrowed to RMB 5.3 million, a 43% reduction year-over-year and 68% reduction quarter-over-quarter.

• Net loss was RMB 60.7 million, compared to RMB 67.6 million last quarter and RMB 59.2 million a year ago.

Outlook and guidance

• Q4 2025 retail transaction volume expected to exceed 18,500 units, over 110% year-over-year growth.

• Q4 2025 total revenue expected to exceed RMB 1.15 billion.

• Full year 2025 retail transaction volume expected to surpass 50,000 units, with total revenues surpassing RMB 3,200 million.

• Four to six additional superstores planned for 2026, accelerating nationwide expansion.