Uxin Q1 2026 Earnings Call - Record Volume Growth Amidst Price War Pressures

Operator, Conference Call Operator: Ladies and gentlemen, thank you for standing by, and welcome to Uxin’s earnings conference call for the quarter ended March 31st, 2026. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a question and answer session. Today’s conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the call over to your host for today’s conference call, Ms. Allie Wong. Please go ahead, Allie.

Allie Wong, Investor Relations / Host, Uxin: Thank you, operator. Hello, everyone. Welcome to Uxin’s earnings conference call for the first quarter ended March 31st, 2026. On the call with me today, we have DK, our founder and CEO, and John Winn, our CFO. DK will review business operations and company highlights, followed by John, who will discuss financials and guidance. They will both be available to answer your questions during the Q&A session that follows. Before we proceed, I would like to remind you that this call may contain forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our filings with the SEC. With that, I’ll turn the call over to our CEO, DK. Please go ahead, sir.

DK, Founder and Chief Executive Officer, Uxin: Hello, everyone, and thank you for joining Uxin’s earnings conference call today. It is a pleasure to reconnect with our investors through this call, and we appreciate your continued interest and support. To better facilitate communication with both our domestic and international investors, I will be sharing our latest business updates in both Chinese and English. In the first quarter of 2026, our business continued its strong growth momentum. Despite the seasonal impact of the Chinese New Year holiday on used car sales, retail transaction volume reached 16,530 units, representing a 119% year-over-year increase.

This marks the eighth consecutive quarter in which our retail transaction volume grew by more than 110% year-over-year. While sustaining rapid sales growth, we maintained inventory turnover at approximately 30 days, and gross margin was 7.7%, remaining stable overall compared with the previous quarter. Our Net Promoter Score further improved to 68 during the quarter and remained above 65, continuing to rank among the highest in the industry. The recent developments in China’s automotive market have attracted considerable attention from investors, and I would like to share some of my observations. Since the beginning of 2026, China’s auto market has indeed experienced a slowdown. Cumulative new vehicle sales declined by 20% year-over-year during the first five months, with internal combustion engine or ICE vehicle sales facing even greater pressure. In both April and May, new ICE vehicle sales fell by more than 35% year-over-year.

The used car market also saw significant price adjustments starting in April, with prices of mainstream used ICE vehicles declining by 10%-15% within one to two months. Under such market conditions, used car retailers must meet much higher requirements in pricing, inventory turnover, capital efficiency, and risk management. Although declining vehicle prices have created short-term pressure on profitability, China’s used car market still achieved a modest 2% increase in transaction volume during the first five months of the year, significantly outperforming the new vehicle market. Consumer acceptance of used cars in China continues to improve.

Allie Wong, Investor Relations / Host, Uxin: In particular, following fluctuations in new car pricing and the rapid adjustment in residual values of ICE vehicles, high value for money used vehicles are expected to become even more attractive to consumers.

DK, Founder and Chief Executive Officer, Uxin: 从更长时间维度看，美国在2007年到2009年金融危机也出现过类似的周期，新车销量累计下滑了约35%，大量的新车经销商和二手车商退出市场。但大型独立二手车商在危机后实现了连续多年的增长，销量、利润和市场份额都明显提升。

Allie Wong, Investor Relations / Host, Uxin: Looking at a longer term perspective, the United States experienced a similar cycle during the global financial crisis from 2007 to 2009. Cumulative new vehicle sales declined by roughly 35% during that period, and many new car dealerships and used car retailers went out of business. However, leading independent used car retailers emerged stronger from the downturn, delivering years of sustained growth in sales volume, profitability, and market share.

DK, Founder and Chief Executive Officer, Uxin: 因此，我们认为行业调整往往也是竞争格局重塑的过程。本轮车市动荡过去后，中国庞大的汽车保有量，较发达国家仍偏低的二手车析出率，以及消费者对高性价比车辆的需求，都会继续支撑二手车行业的长期增长。我们很有信心，优信过去几年持续建设的高周转纪律、高品质把控和高服务质量的超级大卖场模式，会在本轮行业结构性调整中获取更大的竞争优势，并在中国二手车零售升级中成为最大的赢家。

Allie Wong, Investor Relations / Host, Uxin: Therefore, we believe that industry adjustments often lead to a reshaping of the competitive landscape. Once the current volatility in China’s automotive market eases, the country’s large vehicle ownership base, the still low level of used car transactions relative to vehicle ownership compared with developed markets, and consumers’ growing demand for affordable, high-quality vehicles will continue to support the long-term growth of the used car industry. We are highly confident that our superstore model, built over the past several years on disciplined inventory turnover, stringent quality control, and superior customer service, will further strengthen our competitive advantages during this period of industry adjustment, and position Uxin to emerge as the biggest winner from the transformation of China’s used car retail industry.

DK, Founder and Chief Executive Officer, Uxin: 此外，3月份我们的天津卖场正式投入运营，这是我们在华北地区落地的首个项目，可容纳超过4000台车辆转售。至此，我们已经拥有了包括天津在内的六个在运营超级卖场。此外，我们还在近期先后宣布了与重庆和石家庄地方政府达成战略合作，共同投资运营二手车超级卖场。随着线下超级大卖场网络进一步的完善，公司的服务覆盖、区域协同和品牌影响都将持续增强，巩固我们在中国二手车零售领域的领先地位。

Allie Wong, Investor Relations / Host, Uxin: In addition, our Tianjin superstore officially commenced operations in March. As our first project in North China, the superstore can accommodate more than 3,000 vehicles for display and sales. With the opening of the Tianjin superstore, we now operate six superstores nationwide. Furthermore, we recently announced strategic partnerships with the municipal governments of Chongqing and Shijiazhuang to jointly invest in and operate used car superstores. As our nationwide superstore network continues to expand, we expect our service coverage, regional synergy, and brand influence to further strengthen, reinforcing our leadership in China’s used car retail market.

DK, Founder and Chief Executive Officer, Uxin: 展望第二季度，我们的零售销量将达到18,000台以上，继续维持高增长的销量表现。同时，我们重申2026年全年零售销量将相对去年增长超过100%的目标没有改变。

Allie Wong, Investor Relations / Host, Uxin: Looking ahead to the second quarter, we expect retail transaction volume to exceed 18,000 units, continuing our strong growth trajectory. At the same time, we reaffirm our target of achieving more than 100% year-over-year growth in retail transaction volume for the full year of 2026.

DK, Founder and Chief Executive Officer, Uxin: 我今天的分享先到这里。接下来我们的CFO John会为大家展示财务上的情况。John, please。

Allie Wong, Investor Relations / Host, Uxin: With that, I’ll turn the call over to our CFO to walk you through the financial results. John, please.

John Winn, Chief Financial Officer, Uxin: 好，感谢DK，大家好，接下来由我来和大家分享公司的业绩情况。

Allie Wong, Investor Relations / Host, Uxin: Thank you DK, and hello everyone. I will now walk you through our financial results for the quarter.

John Winn, Chief Financial Officer, Uxin: 一季度受春节假期的影响，是二手车销售的传统淡季。但我们本季度的业务表现依然强劲。零售销量是16,530台，同比增长119%。原有卖场的销量在持续爬升，新卖场陆续投入运营，预期未来几个季度我们的零售销量都将保持较高速的增长。

Allie Wong, Investor Relations / Host, Uxin: The first quarter is traditionally a slower season for used car sales due to the Chinese New Year holiday. Nevertheless, our business continued to deliver strong performance during the quarter. Retail transaction volume reached 16,530 units, representing a 119% year-over-year increase. Sales volume at our existing superstores continued to ramp up while new superstores gradually commenced operations. We expect our retail transaction volume to maintain a strong growth trajectory over the coming quarters.

John Winn, Chief Financial Officer, Uxin: 零售车辆的销售总额是10.1亿人民币，同比增长118%，环比下降10%。零售销量的大幅增长是零售收入同比提升的主要的驱动因素。零售车辆的平均均价是6.1万元，上季度为5.9万元，去年同期是6.2万元。整体保持平稳。

Allie Wong, Investor Relations / Host, Uxin: Retail vehicle sales revenue totaled CNY 1.01 billion, up 118% year-over-year and down 10% sequentially. The significant increase in retail transaction volume was the primary driver of the year-over-year growth in retail revenue. The average selling price, or ASP, of retail vehicles was CNY 61,000, compared with CNY 59,000 in the previous quarter and CNY 62,000 in the same period last year, remaining generally stable.

John Winn, Chief Financial Officer, Uxin: 车辆的批售方面，一季度的批售销量是1681台，同比增长134%，环比下降32%。批售的总收入是2789万元。那综合零售和批售，一季度总收入是10.74亿人民币，同比增长113%，环比下降10%。

Allie Wong, Investor Relations / Host, Uxin: Turning to our wholesale business. Our wholesale transaction volume was 1,681 units in the first quarter, representing a 134% year-over-year increase and a 32% decline sequentially. Total wholesale revenue was CNY 27.9 million. Combining both retail and wholesale, total revenue for the quarter reached CNY 1.074 billion, up 113% year-over-year and down 10% sequentially.

John Winn, Chief Financial Officer, Uxin: 本季度的毛利率是7%，保持在一个相对稳定的水平，较上个季度的6.8%增长0.2个百分点，较去年同期的7%基本持平。总体上看，新卖场的毛利水平较老卖场会自然地低一些，老卖场的销量占比较大，抵消了这一影响，使我们的毛利率保持稳定。

Allie Wong, Investor Relations / Host, Uxin: Gross margin for the quarter was 7%, remaining at a relatively stable level. This represented a 0.2 percentage point increase from 6.8% in the prior quarter, and remained consistent with 7% a year ago. In general, newly opened superstores naturally operate at lower gross margin levels than our more mature locations. However, the larger sales contribution from our mature superstores offset this impact and helped maintain a stable overall gross margin.

John Winn, Chief Financial Officer, Uxin: 本季度经调整后的EBITDA亏损是3430万人民币，上季度是2721万人民币，环比增加主要是由于春节的季节性影响，销量下降导致。那相较于去年同期的EBITDA亏损增加了约2500万，主要是由于新卖场还处于运营的初期爬坡阶段，同时我们为卖场的扩张进行了前置的人员储备。

Allie Wong, Investor Relations / Host, Uxin: Adjusted EBITDA loss for the quarter was CNY 34.3 million, compared with CNY 27.2 million in the previous quarter. The sequential increase was primarily attributable to the seasonal impact of the Chinese New Year holiday on sales volume. Compared with the same period last year, adjusted EBITDA loss increased by roughly CNY 25 million, mainly because our newly opened superstores are still in the early stages of ramping up operations, and we also made upfront investments in staffing to support our future superstore expansion plans.

John Winn, Chief Financial Officer, Uxin: 对二季度的业绩展望，我们预计零售销量为18000台到19000台，同比增长在73%到83%。总销售收入预计在CNY 10.5亿到CNY 11亿之间。

Allie Wong, Investor Relations / Host, Uxin: Looking ahead to the second quarter of 2026, we expect retail transaction volume to be between 18,000 and 19,000 units, representing year-over-year growth of 73%-83%. We expect total revenue, including retail vehicle sales revenue, wholesale vehicle sales revenue, and other revenue to be between CNY 1.05 billion and CNY 1.1 billion.

John Winn, Chief Financial Officer, Uxin: 以上就是我们今天准备和大家分享的内容。谢谢各位。主持人，我们可以开始问答环节。

Allie Wong, Investor Relations / Host, Uxin: That concludes our prepared remarks for today. Thank you everyone. Operator, we’re now ready to begin the Q&A session.

Operator, Conference Call Operator: Thank you. To ask a question, please press star then 1 on your telephone keypad. If you are using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. For the benefit of all participants on today’s call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Today’s first question comes from Bin Wang with Deutsche Bank. Please go ahead.

Bin Wang, Analyst, Deutsche Bank: 各位领导好，我其实两个问题都是关于二季度的。怎么看，其实一季度销量就很差了，为什么这个价格的下降突然之间在二季度才发生？这是第一个。第二个，在目前这个情况之下，二季度毛利率会比一季度大概会下滑多少？谢谢。My question is about the second quarter. So why suddenly in the second quarter you can probably start to decline and used car start to decline as well. Why second quarter, not the first quarter?

Secondly, because you mentioned about the pressure in the second quarter, what’s roughly gross margin change in the second quarter we have? Thank you.

John Winn, Chief Financial Officer, Uxin: 你好，我是John，我来回答这个问题。整个中国，我们会看到从一季度的1到3月份整体的二手车的销量，其实是符合我们之前预期的整体的销量。我们也会看到，从新车端也可以看到，从4月份开始，4月份和5月份，它单月整体的燃油车的下降，同比下降都会超过了35%，连续两个月。所以这也是从4月份我们来开始，燃油车下降更为显著。所以二手车也是在进入4月份之后，才出现了较大幅度的价格的调整。主流二手车其实在这几个月下降，下行了基本上10%到15%的这个空间在这个阶段。所以我们就会在二季度看到比较明显的下降趋势。

Allie Wong, Investor Relations / Host, Uxin: Hi, this is John. I’ll take your question. The overall vehicle sales volume in China from January to March is in line with our expectation. Since starting from April to May, ICE vehicles saw a 35% drop in sales volume. Used cars started to see a 10%-15% drop starting April. This is why we are seeing a drop in the second quarter.

John Winn, Chief Financial Officer, Uxin: 从4月以来，新车市场的价格其实调整得很快，燃油车。所以对我们二手车行业整体的毛利率水平其实都会带来很大的影响。所以在这样剧烈的行情变化下，我们的经营也会更加谨慎，追求健康的周转效率。健康的周转，30天周转会优先于短期的毛利，因此二期的毛利会承受比较大的压力。

Allie Wong, Investor Relations / Host, Uxin: Since April, we have seen rapid price adjustments in the new car market, particularly for ICE vehicles. This has also pressured gross margin across the used car industry. Under such volatile market conditions, we have become more cautious in our operations. We will prioritize healthy inventory turnover over short term gross margin optimization, and as a result, gross margin will face greater pressure in the second quarter.

John Winn, Chief Financial Officer, Uxin: 那燃油车的价格如果在当前的价格基础上仍继续地大幅下探，那我们的毛利将继续承压。但是从6月初的状态来看，新车价格目前还是企稳的一个状态。因为我们的周转速度很快，那前期受价格波动影响较大的库存车辆，现在也在逐渐地出清。那我们预计在三季度的时候，毛利率会有显著的提升，甚至回到正常的水平。但是整个二季度，我们的毛利会有一个非常大的压力。

Allie Wong, Investor Relations / Host, Uxin: If ICE vehicle prices continue to decline significantly from current levels, our gross margin will remain under pressure. However, based on what we have seen since early June, new car prices have generally stabilized. Given our fast inventory turnover, inventory affected by earlier price volatility is being gradually cleared. As a result, we expect gross margin to improve meaningfully in the third quarter and potentially return to normal levels.

John Winn, Chief Financial Officer, Uxin: 这是我对您问题的回答，谢谢。

Allie Wong, Investor Relations / Host, Uxin: That’s my answer to your question. Thank you.

Bin Wang, Analyst, Deutsche Bank: Thank you.

Operator, Conference Call Operator: Thank you. Our next question today comes from Wenjie Dai with SWS Research. Please go ahead.

Wenjie Dai, Analyst, SWS Research: 好的，谢谢管理层。我们看到公司今年开始持续地开店，其实速度都是在加快的。那能否请管理层分享一下，目前的新开店和我们一年多前的西安店，在相同的这个时间节点下的，比如说销量的爬坡速度、收入、盈利能力等多方面的一些重要的经营指标上面，有没有一些比较好的看到优化的一些迹象？主要想问一下这个。

John Winn, Chief Financial Officer, Uxin: OK. As we can see, the company has been accelerating its store, especially this year. Could the management rate how the operating performance of newly opened superstores compares with that of the Xi’an superstore when it first opened, specifically such as sales ramp, revenue growth, and profitability involved as the superstore model measured? Thank you. 好，还是我来。这样回答您的问题。西安卖场是我们最早的超级卖场，它是在2022年的12月份开始投入运营。当时我们需要打磨业务模式，需要探索整个卖场的采购、定价、整备、库存、销售、售后等一系列的运营体系。那目前呢，西安卖场已经进入了比较成熟的阶段，去年的高峰月份的单月销量达到2700台，当地市场占有率约25%，也在当地实现了单卖场的盈利。

Allie Wong, Investor Relations / Host, Uxin: Thank you for the question. This is John. I’ll take your question. Xi’an was our first superstore, and officially commenced operations in December 2022. At that time, we were still building and validating the entire superstore operating model, including vehicle sourcing, pricing, reconditioning, inventory management, sales conversion and customer service. Now the Xi’an superstore is in a much more mature stage. Last year, its monthly retail transaction volume peaked at 2,700 units, representing roughly 25% local market share, and it has already achieved profitability at the store level.

John Winn, Chief Financial Officer, Uxin: 那我们确实看到，随着过去几年运营经验的积累，我们新开卖场的爬坡速度明显要加快。以武汉卖场和郑州卖场为例，武汉卖场是2025年的3月份开业，在经过了大概六个月，它的单月销量突破了1000台。郑州卖场是2025年9月开业，大概用了四个月，单月的销量就突破了1000台。尤其是郑州，是一个竞争非常激烈、二手车交易非常活跃且竞争激烈的市场，那能够在较短的时间内实现这样的销量的爬坡，说明我们的模式在新城市的复制能力是越发地成熟。

Allie Wong, Investor Relations / Host, Uxin: What we have clearly seen is that with several years of operating experience, the ramp-up periods for new superstores has become significantly shorter. Take Wuhan and Zhengzhou as examples. The Wuhan superstore opened in March 2025, and its monthly retail transaction volume exceeded 1,000 units within about six months. The Zhengzhou superstore opened in September 2025, and its monthly retail transaction volume surpassed 1,000 units in about four months. Zhengzhou is particularly encouraging because it’s both a highly competitive and highly active used car market. Achieving that level of sales growth within such a short period demonstrates that our model is becoming increasingly scalable and replicable across different cities.

John Winn, Chief Financial Officer, Uxin: 那这些新卖场的改善主要来自于几个方面。首先是我们的采购的定价和库存管理的体系更加成熟，可以更快地建立适合当地市场的库存结构。那第二个就是我们的销售的整个的团队的标准化的能力也更强，新店不需要从零开始摸索，而是复制已经验证过的这种运营的方法。第三个就是随着整个优信的品牌的影响力的逐年的提升，那新店在获客，在客户的信任建立上，也比早期的这种之前的卖场更快。此外，我们在各个城市的选址评估能力也更强。所以结合当前的这个地产的周期，我们可以拿到更好的卖场的位置。

Allie Wong, Investor Relations / Host, Uxin: This improvement is driven by several factors. First, our procurement, pricing and inventory management systems have become much more mature, allowing us to establish the right inventory mix for each local market more quickly. Second, our sales and operations teams have become much more standardized, allowing new superstores to replicate operating practices that have already been proven successful. Third, as the Uxin brand continues to gain recognition, new superstores are able to attract customers and build trust much faster than in the early days. In addition, our site selection and project evaluation capabilities have improved significantly. We are also benefiting from the current real estate market environment, which helps us secure better locations for new superstores.

John Winn, Chief Financial Officer, Uxin: 那从收入的角度来看，销量的爬坡的加快会直接导致收入的更快地提升。那从盈利角度来看，新店的早期仍然会有场地整理、人员的前置的投入，因此这个盈利的能力会滞后于销量的爬坡。但随着销量的规模的扩大、库存周转的稳定、毛利率的逐步的改善，以及我们费用的效率的提升，那新店就会逐渐地接近成熟店的水准。

Allie Wong, Investor Relations / Host, Uxin: From a revenue perspective, faster sales ramp-up naturally drives faster revenue growth. From profitability perspective, new superstores still require upfront investments in facilities and staffing, so profitability typically lags sales growth. However, as sales volume scales up, inventory turnover stabilizes, gross margin increases, and operating efficiency improves, new superstores will gradually move closer to the performance levels of mature locations.

John Winn, Chief Financial Officer, Uxin: 所以总体来看，西安证明了我们的单店模型是可以跑通并实现盈利的。那武汉和郑州证明就是这个模型的复制，我们模型的复制效率正在提升。随着未来更多的新店的开业，我们会继续地综合地来考量销售爬坡的速度、毛利率，以及库存周转和单店盈利的表现，来确保扩张是高质量的、可持续的。

Allie Wong, Investor Relations / Host, Uxin: Overall, the Xi’an superstore proves that the single store model can achieve profitability, while the Wuhan and Zhengzhou superstores demonstrate that the model is becoming increasingly efficient to replicate across new markets. As we continue opening new superstores, we will closely monitor sales ramp-up, gross margin, inventory turnover, and store-level EBITDA to ensure that our expansion remains high quality and sustainable.

John Winn, Chief Financial Officer, Uxin: 谢谢，这是我对你的问题的回答。

Allie Wong, Investor Relations / Host, Uxin: Thank you, that’s my answer.

John Winn, Chief Financial Officer, Uxin: 谢谢。 Thank you.

Operator, Conference Call Operator: Thank you. Our next question comes from Xing Xing Li, or I’m sorry, Xing Xing Li with CMS. Please go ahead.

Xing Xing Li, Analyst, CMS: 好的，感谢管理层给我这次提问的机会。然后我的问题是，最近我们看到公司有公告，陆续地和一些地方政府在战略合作，想再跟管理层再详细地了解一下，咱们今年的开店节奏是怎么样的，以及前面提到如果整个车市的行情没有回暖，公司的开店节奏是否会放缓？那下面我自己来翻译一下。We notice the company has recently announced a number of strategic partnerships with local governments.

Could you provide more color on your store opening plans for this year? If market conditions do not improve, would the company consider slowing down the pace of new store opening?

DK, Founder and Chief Executive Officer, Uxin: 好，谢谢您的提问。我是戴坤，这个问题我来回答。今年的开店节奏，2026年我们的计划是新增四到六家超级卖场。天津卖场3月份已经正式投入运营了，是我们华北地区落地的第一个项目。那么我们已经公告的还有重庆、石家庄、银川、无锡、广州的项目。同时我们也正在跟全国其他地方洽谈落地合作。不同的项目处在不同的阶段，有些是已经接近试运营的阶段，有些是在场地建设、团队搭建和车源准备的阶段。

Allie Wong, Investor Relations / Host, Uxin: Thank you for your questions. This is DK, I will take your questions. Regarding our expansion plan, we expect to open four to six new superstores in 2026. The Tianjin superstore officially commenced operations in March, and it is our first project in North China. We have also announced projects in Chongqing, Shijiazhuang, Yinchuan, Wuxi and Guangzhou. At the same time, we are in discussions with a number of other local governments across China regarding future cooperation opportunities. These projects are at different stages of development. Some are approaching trial operations, while others are still in the facility preparation, team building and inventory sourcing stages.

DK, Founder and Chief Executive Officer, Uxin: 关于车市行情的影响，我们确实看到今年以来新车和二手车价格都有一定的波动，短期对行业会带来压力。但从另一个角度看，行业调整会加速出清，对具备高周转效率、强定价能力、标准化整备和品牌服务的企业，反而是提升市场份额的机会。

Allie Wong, Investor Relations / Host, Uxin: As for market conditions, we have certainly seen volatility in both new and used vehicle prices this year, which creates short term pressure across the industry. However, industry adjustments also tend to accelerate consolidation. For companies with strong inventory turnover, pricing capabilities, standardized reconditioning processes, and trusted customer service, periods like this can create opportunities to gain market share.

DK, Founder and Chief Executive Officer, Uxin: 我们战略上不会因为短期市场波动而改变全国化布局的方向，但是执行上会保持一定的灵活和审慎。如果市场环境持续承压，我们会考虑更加严格地控制新店的开业节奏、库存爬坡速度和费用投入，优先来保证现金效率、库存周转和单店的经营质量。

Allie Wong, Investor Relations / Host, Uxin: Therefore, we will not change our long term strategy of nationwide expansion because of short term market volatility. At the same time, we will remain flexible and disciplined in execution. If market conditions remain challenging, we may take a more conservative approach to the pace of new store openings, inventory ramp up, and operating expenses. Our priority will remain cash efficiency, inventory turnover, and store-level operating quality.

DK, Founder and Chief Executive Officer, Uxin: 目前来看，全年新增四到六家卖场的计划没有变化，全年零售销量同比增长超过100%的目标也没有变化。我们会根据市场情况动态调整每个项目的推进节奏，确保扩张是高质量可持续的。谢谢。

Allie Wong, Investor Relations / Host, Uxin: At this point, our plan to open four to six new super stores this year remains unchanged. Our target of achieving more than 100% year-over-year growth in retail transaction volume for 2026 also remains unchanged. We will continue to manage the rollout of each project based on market conditions and ensure that our expansion remains high quality and sustainable. Thank you.

DK, Founder and Chief Executive Officer, Uxin: 好，以上是我的回答。谢谢。

Allie Wong, Investor Relations / Host, Uxin: That answers your question.

Xing Xing Li, Analyst, CMS: 谢谢。回答。

Operator, Conference Call Operator: Thank you. Our next question today comes from George Zhao with TF Securities. Please go ahead.

George Zhao, Analyst, TF Securities: 感谢管理层，我这边想问的问题是我们今年看到今年以来新车市场里的燃油车和新能源车的表现分化也是比较明显，所以说想请教一下，在二手车销售中是否也看到这一趋势？We have seen some growing divergence between the performance of the ICE vehicles and NEVs in the new car segments this year. Are you seeing a similar trend in used car sales?

DK, Founder and Chief Executive Officer, Uxin: 好，谢谢您的问题。我是戴坤，我来回答。今年国内汽车零售市场整体承压，5月份整体乘用车销量下跌了22%。结构上看，燃油车同比下滑了39%，新能源同比下滑了7.5%。新能源下滑的速度没有燃油车那么快，这也造成了新能源零售的渗透率超过60%的结果。

Allie Wong, Investor Relations / Host, Uxin: Thank you for your question. This is DK. I’ll take your question. Overall, China’s auto market has been under pressure this year. Taking May as an example, passenger vehicle sales declined by nearly 22% year-over-year. Within that, ICE vehicle sales fell by 39%, while NEV sales declined by 7.5%. While NEV sales also declined, the decline was much less severe than that of ICE vehicles. As a result, NEV retail penetration exceeded 60%.

DK, Founder and Chief Executive Officer, Uxin: 二手车是一个存量市场的生意，其源头在于保有量之间的结构关系。结合过去几个月以及现在市场上看到的状态，燃油二手车主要受到的是价格影响。但是从市场整体销售的比例来说，在二手市场并没有发现新能源车的销量占比明显变得更多。其实原因也很简单，就是因为新能源车的保有量占比还不大，还不到15%。

Allie Wong, Investor Relations / Host, Uxin: The used car market is fundamentally built on vehicle ownership, and the supply of used cars is closely tied to the ownership structure. Based on what we have seen over the past several months and in the market today, used ICE vehicles have been affected primarily by pricing pressure. However, from an overall sales mix perspective, we have not seen a meaningful increase in the share of NEVs in the used car market. The reason is quite simple: NEVs still account for less than 15% of total vehicle ownership in China.

DK, Founder and Chief Executive Officer, Uxin: 真正影响二手车市场的其实还是价格，这和新车不同。二手车其实没有生产制造成本，所以二手车可以通过不断地调整自身的价格，重新使这个车辆具有性价比。本轮车市的下跌，是中国正式步入成熟市场的一个非常标志性的状态。这次的二手车价格下跌确实非常惨烈，但这种惨烈的下跌实际上是保值率的一次性到位。中国三年期二手车当期保值率，也就是和当前新车价格的对比，之前大概是68%到72%，这一次跌完了以后，跌到了58%到60%，跌了10个点。这个保值率实际上已经开始接近欧美、日本等成熟市场的水平。

Allie Wong, Investor Relations / Host, Uxin: What really drives the used car market is pricing. Unlike the new car market, used cars can continuously adjust their prices to restore their value proposition for consumers. In our view, the current market correction is actually a very important sign that China’s auto market is becoming more mature. Used car prices have fallen sharply during this cycle, but in many ways, this adjustment represents a one-time reset in residual value. The residual value of a three-year-old used vehicle in China, measured against current new vehicle prices, used to be around 68%-72%. Today, that figure has declined to roughly 58%-60%, down 10 percentage, bringing it much closer to levels seen in mature markets such as the United States, Europe, and Japan.

DK, Founder and Chief Executive Officer, Uxin: 从全世界的范围看，二手车要真正体现性价比，保值率本来就需要回归到更合理的位置。以前其实中国市场的二手车保值率是偏高的。价格调整本轮完成了以后，除了以旧换新，以旧换旧也会开始批量出现。绝大多数以实用为目的的购车需求都会由二手车来满足。中国的二手车市场的供需状态将向成熟市场进一步靠近。

Allie Wong, Investor Relations / Host, Uxin: Globally, for used cars to fully demonstrate their value for money advantage, residual values need to return to more reasonable levels. Once this pricing adjustment is completed, we expect not only more trade-ins for new vehicles, but also a growing number of used for used replacement purchases. Most vehicle purchases driven by practical needs will be satisfied by used cars, and China’s used car market will move closer to the supply and demand dynamics seen in mature markets.

DK, Founder and Chief Executive Officer, Uxin: 好，谢谢你的提问，以上是我的回答。

Allie Wong, Investor Relations / Host, Uxin: That’s my answer to your question. Thank you.

Operator, Conference Call Operator: Thank you. That concludes our question and answer session. I’d like to turn the conference back over to management for any closing remarks.

Allie Wong, Investor Relations / Host, Uxin: Thank you again for joining today’s call and for your continued support in Uxin. We look forward to speaking to you again soon in the future.

Operator, Conference Call Operator: Thank you. That concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines and have a wonderful day.