Uxin (UXIN) Q4 2024 earnings summary

Executive summary

• Achieved a 38% year-over-year increase in Q4 retail sales, with 10,179 units sold in FY2024, leveraging the offline superstore model for operational efficiency and regional market share gains, and maintaining an NPS around 60 for 10 consecutive quarters.

• Navigated a challenging used car market in China, with industry-wide profitability declines due to aggressive new car pricing, but focused on cost reduction, digitalization, and value-added services to improve gross margin and reduce adjusted EBITDA loss by nearly 40% year-over-year.

• Strategic expansion underway, including a CNY 170 million partnership for a new Zhengzhou superstore and plans for 2-3 new locations.

Financial highlights

• FY2024 total revenues were CNY 1.375 billion, with retail revenue at CNY 1.024 billion; Q4 retail revenue reached CNY 269 million, up 2% year-over-year, and Q4 gross profit margin rose to 6.6% from 2.3% a year ago.

• Adjusted EBITDA loss narrowed by nearly 40% year-over-year to CNY 176 million for FY2024.

• Loss from operations for the year was RMB312.5 million, improved from RMB356.9 million prior year.

• Net loss for the year was RMB369.5 million, compared to RMB137.2 million prior year.

Outlook and guidance

• FY2025 retail transaction volume projected at 25,000 units, a 150% year-over-year increase, with company targeting positive Adjusted EBITDA at the company level in Q3 FY2025 (October–December 2024).

• Q1 FY2025 retail volume expected to reach 4,000 units, with total revenues between RMB 390–410 million.

• Fixed costs and expenses for FY2025 expected to decrease by over CNY 100 million.