Uxin (UXIN) Q4 2026 earnings summary

Executive summary

• Achieved full-year retail transaction volume of 51,110 units, up 135% year-over-year, with total revenue rising 79% to RMB 3.24 billion.

• Expanded superstore network, opening three new locations in Wuhan, Zhengzhou, and Jinan, reaching five superstores by year-end.

• Mature superstores in Xi'an and Hefei each surpassed 20% market share in their cities, with new stores ramping up faster than earlier locations.

• Net Promoter Score reached 67, reflecting high customer satisfaction and strong brand reputation.

• Positioned as a leader in China's early-stage, trillion RMB used car market by focusing on transparency, quality, and customer experience.

Financial highlights

• Q4 2025 retail transaction volume reached 19,160 units, up 37% sequentially and 124% year-over-year.

• Q4 retail revenue was RMB 1.129 billion, up 38% sequentially and 104% year-over-year; total Q4 revenue was RMB 1.198 billion, up 36% sequentially and 101% year-over-year.

• Full-year retail revenue was RMB 3.021 billion, up 19% year-over-year; total revenue RMB 3.24 billion, up 79%.

• Gross margin for Q4 was 6.8%, down from 7.5% in Q3; full-year gross margin was 6.7%, stable year-over-year.

• Adjusted EBITDA loss for Q4 was RMB 27.2 million; full-year Adjusted EBITDA loss narrowed by 28% to RMB 57.9 million.

• SG&A and R&D expenses totaled RMB 450 million, 13.9% of revenue, down from 24.3% last year.

• Cash and cash equivalents at year-end were RMB 83.0 million; current liabilities exceeded current assets by RMB 233.0 million.

Outlook and guidance

• Q1 2026 retail transaction volume expected between 16,200 and 16,500 units, over 110% year-over-year growth.

• Q1 2026 revenue expected between RMB 1.05 billion and RMB 1.07 billion.

• Expects both full-year 2026 retail transaction volume and total revenues to grow by more than 100%.

• Plans to open four to six new superstores in 2026.

• Retail ASP expected to exceed RMB 61,000 in Q1 2026 and show a stable to upward trend for the year.

• Gross margin expected to recover above 7% as new stores mature.