Uxin (UXIN) Q4 2025 earnings summary

Executive summary

• Achieved record retail transaction volume growth in 2024, with a 134% year-over-year increase to 21,773 units and triple-digit growth for three consecutive quarters, despite macroeconomic headwinds and a price war in the new car segment.

• Superstore model demonstrated scalability and replicability, with significant operational milestones and the launch of the Wuhan Superstore.

• Gross margin improved to 6.8% for the full year, up 200 basis points, driven by operational efficiencies and value-added services.

• Delivered first-ever positive adjusted EBITDA in Q4 2024, marking a pivotal milestone for the superstore model.

• Strengthened liquidity through new financing transactions and expanded superstore footprint.

Financial highlights

• Q4 2024 retail transaction volume reached 8,554 units, up 42% sequentially and 178% year over year.

• Q4 retail revenue was RMB 553 million, up 25% sequentially and 73% year over year; total revenue was RMB 597 million, up 20% sequentially and 45% year over year.

• Gross margin for Q4 2024 was 7.0%, up from 4.8% in Q4 2023.

• Full-year 2024 retail revenue was RMB 1.592 billion, up 56% year over year; total revenue was RMB 1.814 billion, up 30% year over year.

• Non-GAAP adjusted EBITDA loss narrowed to RMB 80.8 million for the year, with Q4 showing a positive RMB2.0 million.

Outlook and guidance

• Plans to open 2-4 new superstores in 2025, with continued ramp-up at existing locations.

• Expects to maintain over 100% year-over-year retail volume growth and achieve positive full-year adjusted EBITDA in 2025.

• Q1 2025 retail transaction volume expected between 7,400 and 7,500 units; total revenue guidance of RMB 490-500 million.

• Gross profit margin expected to remain stable.