UXIN · Uxin Limited

Uxin Limited reported strong growth in its Q4 and full-year 2025 results, with retail transaction volume increasing 124% year-over-year to 19,160 units in Q4 and 135% for the full year to 51,110 units. Total revenues grew 101% year-over-year to RMB1.198 billion in Q4 and 79% for the full year to RMB3.24 billion. This growth was primarily driven by the expansion of the company's superstore model, with three new locations opening in Wuhan, Zhengzhou, and Jinan during 2025, joining existing superstores in Hefei and Xi'an. The company's mature superstores in Xi'an and Hefei each achieved over 20% market share in their respective cities. However, gross margin declined to 6.8% in Q4 from 7.5% in the prior quarter, which management attributed to market volatility and year-end promotions in the new car market, as well as the ramp-up phase of newly opened superstores. The Zhengzhou superstore commenced trial operations on September 27, 2025, and the Jinan superstore opened on December 17, 2025, both still in early operating stages. Despite the margin pressure, inventory turnover days remained stable at approximately 30 days. Looking ahead to 2026, Uxin plans to continue increasing inventory and sales across its existing five superstores and open additional new superstores, expecting both retail transaction volume and total revenues to grow by more than 100% for the full year. The company's integrated factory-warehousing-retail business model, supported by self-operated reconditioning factories, aims to provide quality vehicles and comprehensive after-sales services, positioning Uxin to benefit from China's growing used car market where transaction volume exceeded 20 million units for the first time in 2025.