Uxin Q4 2025 Earnings Call - Guides >100% Retail and Revenue Growth in 2026 on Aggressive Superstore Expansion

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Uxin’s earnings conference call for the quarter ended December 31st, 2025. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a Q&A 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 Wang. Please go ahead, Allie.

Allie Wang, IR/Moderator, Uxin: Thank you, operator. Hello, everyone. Welcome to Uxin’s earnings conference call for the fourth quarter and full year ended December 31st, 2025. On the call with me today, we have DK, our Founder and CEO, and John Lin, 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. Now, with that, I will turn the call over to our CEO, DK. Please go ahead, sir.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 谢谢主持人。大家好，感谢大家长期的关注与支持，很高兴跟各位投资者们再一次通过电话会的形式见面。为了方便和国内外投资者进行交流，我会用中英文的形式跟大家分享过去一年的业务进展，以及我们对未来的思考和展望。

Allie Wang, IR/Moderator, Uxin: Good day to everyone, and thank you for your continued interest and support. It’s a pleasure to welcome you on our earnings call today. To better communicate with our domestic and international investors, I will be discussing our performance over the last year, as well as providing insights into our prospects in both Chinese and English.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 中国当前的汽车保有量已经接近3.7亿台，庞大的存量基础正持续释放车辆再流通潜力。2025年，二手车交易量首次突破2,000万台，对应汽车保有量的析出率在5.5%左右。如果按成熟国家市场10%到15%的析出率水平发展，仅基于当前保有量水平估算，二手车交易规模有望达到3,500万至5,000万辆每年。

Allie Wang, IR/Moderator, Uxin: China’s vehicle ownership has approached 370 million units, forming a large and growing base that continues to unlock significant potential for vehicle recirculation. In 2025, used car transaction volume in China exceeded 20 million units for the first time, accounting for approximately 5.5% of total vehicle ownership, well below the 10%-15% level typically seen in more mature markets. As this percentage rises towards that level, annual used car transaction volume could reach 35 million-50 million units, based on current vehicle ownership alone.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 消费者对于产品、服务和体验的要求越来越高，不再停留于有车可买就满意的状态，而是越来越关注车况透明、价格合理、体验专业和售后保障。我们始终相信，在这样一个万亿级且仍处于早期发展阶段的行业中，谁能真正系统性地解决这些痛点，才有机会引领中国二手车行业的升级与变革。

Allie Wang, IR/Moderator, Uxin: Consumer expectations for products, services, and overall experience in the used car industry continue to rise. We have observed that they are no longer satisfied with availability alone, and increasingly value transparency in vehicle conditions, fair pricing, professional service, and reliable after-sales support. We believe that in this trillion RMB market, which remains at an early stage of development, those who can systematically address these pain points will be well positioned to lead the transformation and upgrading of China’s used car industry。

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 优信所做的正是以现代零售的方式重构二手车交易。我们依托先进的自营再制造工厂，保证车辆品质，并通过线下卖场和线上商城提供一站式购车体验和全方位的售后保障，让买卖二手车变得像购买标准化零售商品一样简单透明，值得信赖。

Allie Wang, IR/Moderator, Uxin: Against this backdrop, Uxin is redefining used car transactions through a modern retail approach. We leverage our advanced self-operated reconditioning factories to ensure vehicle quality and provide a one-stop purchasing experience and comprehensive after-sales support through our offline superstores and online marketplace. As a result, buying and selling used cars could become as simple, transparent, and trustworthy as purchasing standardized retail products。

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 2025年，尽管新车市场延续了前两年激烈的价格竞争，对二手车行业的销售和盈利带来了挑战，但公司的业务依旧延续了非常强劲的增长势头。全年零售销量达到51,100台，同比增长135%，连续两年同比增长超过130%，总收入达到32.4亿元，同比增长79%。在库存和销量持续爬坡的同时，车辆的周转天数始终维持在30天左右。

Allie Wang, IR/Moderator, Uxin: In 2025, despite continued intense price competition in the new car market, which created challenges for the used car industry, our business maintained strong growth momentum. Our full year retail transaction volume reached 51,110 units, up 135% year-over-year, marking the second consecutive year of more than 130% growth. Total revenues reached CNY 3.24 billion, representing a 79% increase year-over-year. Meanwhile, as both inventory and sales continued to scale up, our inventory turnover days for vehicles available for sale remained stable at approximately 30 days.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 我们也在2025年正式开启了超级大卖场的规模化复制和全国扩张。在合肥和西安两个原有卖场的基础上，我们新开了武汉、郑州和济南三个新卖场，建立起可跨区域复制的经营体系。西安、合肥两个老卖场的业务持续爬坡，在所在城市的市占率超过20%。武汉作为模式定型后首个复制卖场，销量增长速度和盈利水平明显优于前两个卖场的同期表现。郑州、济南卖场的经营表现较武汉卖场开业同期又有进一步提升。

Allie Wang, IR/Moderator, Uxin: During the year, we also began large-scale replication and nationwide expansion of our super store model. Building on our existing super stores in Hefei and Xi’an, we opened three new super stores in Wuhan, Zhengzhou, and Jinan, establishing a scalable operating system that can be replicated across regions. Our mature super stores in Xi’an and Hefei continued to ramp up, each achieving over 20% market share in their respective cities. Wuhan, as the first replicated super store after our model had been validated, delivered stronger sales growth and profitability than our earlier super stores at the same stage. Zhengzhou and Jinan super stores further improved upon Wuhan’s performance.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 支撑这些业绩的是我们长期积累并不断强化的核心能力。首先是持续进化的定价能力。我们拥有行业最多的自营二手车真实成交数据，并且数据量还在以每年翻番的速度累积，使我们的定价模型可以被训练得更加精确。数字化系统的快速响应，帮助我们在收售两端的定价保持实时的市场竞争力，因此我们可以更好地对抗行业波动的风险，维持高周转效率的同时，系统性地提升车辆盈利水平。

Allie Wang, IR/Moderator, Uxin: These achievements are supported by core capabilities that we have built over time and continue to strengthen. First, our pricing capability continues to evolve. We have accumulated the industry’s largest set of real transaction data from our self-operated used car sales, and this data continues to grow, roughly doubling each year. This enables our pricing model to become increasingly precise. Our digital systems respond rapidly to market changes, allowing us to maintain real-time pricing competitiveness on both sourcing and sales. As a result, we are well positioned to navigate industry volatility and systematically improve vehicle-level profitability while sustaining high inventory and turnover efficiency.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 其次是行业内创新的工厂、仓储、零售一体化业务模式。我们的每一个卖场都配套有一个二手车再制造工厂，形成了中国规模最大、技术最先进、效率最高的高品质二手车供给能力。我们在品质控制、整备效率、成本优化等各个方面建立起相对于传统车商模式的规模化优势。基于自营工厂的整备能力，我们拓展了二手车服务的价值链，能像新车经销商一样，向二手车消费者提供金融、保险、延保、精品、维修保养等全用车周期的服务。相比于只能提供金融服务的传统二手车商，我们的收入来源更加丰富，盈利提升的潜力更大。

Allie Wang, IR/Moderator, Uxin: Second, we have built an innovative integrated factory warehousing retail business model. Each of our superstores is supported by a used car reconditioning factory, forming China’s largest, most advanced and most efficient supply system for high-quality used vehicles. We have established scalable advantages over traditional dealers in quality control, reconditioning, efficiency and cost optimization. Leveraging the reconditioning capabilities at our self-operated factories, we have expanded the used car service value chain and are able to provide full-lifecycle vehicle services including financing, insurance, extended warranties, accessories and repair and maintenance services similar to those offered by new car dealers. Compared with traditional used car dealers that primarily offer financing services, our revenue streams are more diversified with greater potential for profitability improvement.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 与此同时，我们的超级卖场规模均在2000台以上，是所在区域地标级的二手车零售目的地。地标级卖场更有助于建立客户的信任。我们的人员服务、货架陈列和体验设计，让消费者在进入优信卖场时，能够更直观地感受到专业、透明和值得信赖的二手车交易体验。当前，我们的NPS已经达到67，客户满意度和口碑持续保持行业领先水平。卖场的成交转化率，好口碑带来的自然流量获客能力，都较传统二手车商有显著的优势。

Allie Wang, IR/Moderator, Uxin: Meanwhile, most of our superstores carry inventory of more than 2,000 vehicles and serves as a landmark used car retail destination in its local market. Landmark superstores help build customer trust. Through our in-store service, vehicle display and experience design, customers can enjoy a professional, transparent and trustworthy retail experience at our superstores. Our Net Promoter Score has reached 67, and customer satisfaction and brand reputation remain at industry-leading levels. We believe that our sales conversion efficiency, together with our ability to generate organic traffic through strong word of mouth, provides us with significant advantages over traditional used car dealers.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 我们已经清晰地看到，优信正沿着经过验证并不断自我强化的发展路径在高速前进。展望2026年，我们将继续拉升现有五个卖场的库存和销售水平，并计划于2026年新开四至六个超级卖场，进一步完善全国范围内的超级卖场网络。基于上述经营计划，我们预计2026年的全年零售销量实现100%以上的增长，同时我们的收入也会实现100%以上的增长。

Allie Wang, IR/Moderator, Uxin: We clearly see that Uxin is advancing rapidly along a validated and continuously strengthening development path. Looking ahead to 2026, we will continue to increase inventory and sales across our existing five superstores, and we plan to open four to six additional superstores during the year, further strengthening our nationwide network. Based on these plans, we expect both our full year retail transaction volume in 2026 and revenue to grow by more than 100%.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 中国二手车行业的现代化升级才刚刚开始，优信处在一个巨大的市场机遇之中。我们也始终清楚，真正可持续的增长从来不是简单地追求速度，而是建立在复制能力、运营效率和客户价值协同提升的基础之上。我们将继续全力以赴，为客户提供更优质的产品，更专业的服务，为行业创造更高标准的解决方案，也为所有陪伴公司的股东创造更长期的价值回报。

Allie Wang, IR/Moderator, Uxin: The modernization of China’s used car industry has only just begun, and Uxin is positioned to benefit from a significant market opportunity. We also recognize that truly sustainable growth is not simply about speed, but is built on the coordinated improvement of scalability, operational efficiency, and customer value. We will remain focused on delivering better products and more professional services to our customers, while driving higher standards for solutions across the industry and creating long-term value for our shareholders.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 再次感谢各位股东的信任与支持。

Allie Wang, IR/Moderator, Uxin: Once again, thank you for your trust and support.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 我今天先分享到这里，接下来我们的CFO John会为大家展示财务上的情况。John，please。

Allie Wang, IR/Moderator, Uxin: With that, I’d like to turn the call over to our CFO to walk you through the financial results. John, please.

John Lin, Chief Financial Officer, Uxin: 好，感谢 DK，大家好，很高兴今天有机会和大家分享公司的财务情况。

Allie Wang, IR/Moderator, Uxin: Thank you, DK, and hello, everyone. I will now share an update on our financial performance.

John Lin, Chief Financial Officer, Uxin: 我们在2025年第四季度再一次实现了强劲的业绩增长，季度零售销量是19,160台，环比增长37%，较去年同期大幅增长124%，远超四季度同期中国二手车市场整体6%的同比增速。那我们的零售销量处在高速增长的轨道上。

Allie Wang, IR/Moderator, Uxin: We delivered another quarter of strong results in the fourth quarter of 2025. Retail transaction volume reached 19,160 units, representing a 37% sequential increase and a 124% increase year over year, significantly outperforming the overall China used car market, which reported a year over-year growth rate of approximately 6% during the same period. This demonstrates that our retail business remains firmly on a path of rapid growth.

John Lin, Chief Financial Officer, Uxin: 本季度的零售收入总额是11.29亿元，环比增长38%，同比增长104%。零售车辆的平均售价ASP由去年同期的6.5万元降至本季度的5.9万元。销量的大幅增长抵消了车价下降对收入水平的影响。但是相较于三季度，上季度的5.8万元，四季度的ASP略微上涨。我们目前的车辆库存满足绝大部分消费者的购车需求，单车平均售价已经处在相对合理的水平，预计ASP会维持稳定。

Allie Wang, IR/Moderator, Uxin: Total retail revenue for the quarter was CNY 1.129 billion, up 38% sequentially and 104% year-over-year. Our average selling price, or ASP for retail vehicles, decreased from CNY 65,000 in the same quarter last year to CNY 59,000 this quarter, but slightly increased from CNY 58,000 in the last quarter. While ASP declined as we shifted toward a more affordable inventory mix, the strong growth in transaction volume largely offset the pricing impact and supported overall revenue expansion. Our current inventory structure is well aligned with mainstream consumer demand, and we believe pricing has now stabilized at a rational level. As such, we expect ASP to remain relatively steady in the near term.

John Lin, Chief Financial Officer, Uxin: 车辆批售方面，四季度的批售销量是2474台，环比增长31%，同比增长180%。批售的总收入是3820万元。综合零售和批售，四季度的总收入是11.98亿人民币，环比增长36%，同比增长101%。

Allie Wang, IR/Moderator, Uxin: On the wholesale side, we sold 2,474 units in the fourth quarter, up 31% sequentially and 180% year-over-year. Wholesale revenue for the quarter was CNY 38.2 million. Combining retail and wholesale operations, total revenue for the fourth quarter was CNY 1.198 billion, representing a 36% sequential increase and a 101% year-over-year increase.

John Lin, Chief Financial Officer, Uxin: 本季度的毛利率是6.8%，相较上个季度的7.5%，下降0.7个百分点。这主要是由于今年四季度新车市场采取了一系列的促销动作，影响了二手车行业的利润水平。同时，我们九月新开了郑州卖场，十二月新开了济南卖场，新卖场的前期运营阶段的毛利率较低。

Allie Wang, IR/Moderator, Uxin: Our gross margin for the fourth quarter was 6.8%, down 0.7 percentage points from 7.5% in the last quarter. This was primarily due to promotional activities in the new car market during the fourth quarter, which put pressure on profitability across the used car industry. In addition, we opened a new superstore in Zhengzhou in September and another in Jinan in December. A newly opened superstore typically operate at lower gross margins during their early stages of ramp up.

John Lin, Chief Financial Officer, Uxin: 新卖场的业务和人员的准备也增加了一些费用上的支出。本季度经调整后的EBITDA亏损是2,720万元人民币。

Allie Wang, IR/Moderator, Uxin: Operating expenses also increased during the quarter, primarily due to the initial ramp-up of our new superstores, including investments in staffing and infrastructure. As a result, our Adjusted EBITDA loss was CNY 27.2 million.

John Lin, Chief Financial Officer, Uxin: 关于2025年全年的业绩情况，全年的零售总销量是51,110台，同比增长135%，实现全年零售收入30.21亿人民币，同比增长90%。总收入32.4亿人民币，同比增长79%。2025年我们新开了武汉、郑州和济南三个卖场，进入了全国范围内高速复制扩张的新阶段。新卖场的成熟速度优于老卖场，持续地推动我们在销量和业绩上的增长。

Allie Wang, IR/Moderator, Uxin: Turning to our Full Year 2025 results. Retail transaction volume totaled 51,110 units, representing a 135% year-over-year increase. Full Year retail revenue was CNY 3.021 billion, up 19% year-over-year. Total revenue reached CNY 3.24 billion, an increase of 79% year-over-year. In 2025, we opened three new super stores in Wuhan, Zhengzhou and Jinan, marking a new phase of rapid nationwide replication and expansion. These new super stores have ramped up more quickly than our earlier locations, continuing to drive growth in both our sales volume and overall financial performance.

John Lin, Chief Financial Officer, Uxin: 全年的毛利率是6.7%，与24年基本持平。尽管新卖场的初期运营阶段的毛利水平较低，但由于老卖场毛利贡献的持续提升，使我们在快速扩张的同时依然可以保持毛利率的稳定。

Allie Wang, IR/Moderator, Uxin: Gross margin for the full year was 6.7%, remaining stable compared with last year. Despite lower margins during the early ramp-up stages of newly opened superstores, this continued improvement in profitability from our mature superstores enabled us to maintain stable margins while expanding rapidly.

John Lin, Chief Financial Officer, Uxin: 费用方面，销售管理和研发费用总共是4.5亿，费用率是13.9%，较去年的24.3%大幅下降，证明我们在费用的控制和经营杠杆上的释放有了较大的改善。

Allie Wang, IR/Moderator, Uxin: Turning to expenses as SG&A and R&D expenses totaled CNY 450 million, representing 13.9% of total revenue, a significant improvement from 24.3% last year, reflecting meaningful progress in cost control and operating leverage.

John Lin, Chief Financial Officer, Uxin: 全年经调整后的EBITDA亏损为5790万人民币，同比减亏28%。经调整后的EBITDA margin是-1.8%，较去年改善了2.70个百分点。关于其他的具体数据，我们在刚发的季报和年度数据中都披露了详细的信息，这里我就不再一一赘述。

Allie Wang, IR/Moderator, Uxin: Adjusted EBITDA loss for the full year was CNY 57.9 million, narrowing by 28% year-over-year. Adjusted EBITDA margin was -1.8%, an improvement of 2.7 percentage points from last year. We have disclosed additional details regarding our full year financial performance and our recently published fourth quarter and annual results, so I will not repeat all the figures here.

John Lin, Chief Financial Officer, Uxin: 关于2026年一季度的业绩展望。尽管每年的一季度都受到春节的长假期影响，是二手车行业的传统淡季，我们的零售销量预计仍为在16,200台到16,500台，同比增长超过110%。总收入预计在10.5亿到10.7亿人民币。

Allie Wang, IR/Moderator, Uxin: Turning to our outlook for the first quarter of 2026. While the first quarter is traditionally a seasonally soft period for the used car industry due to the Chinese New Year holiday, we expect retail transaction volume to be between 16,200 units and 16,500 units, representing year-over-year growth of over 110%. Total revenue is expected to be between CNY 1.05 billion and CNY 1.07 billion.

John Lin, Chief Financial Officer, Uxin: 我也再次重复一下DK关于全年的展望。2026年我们将有46个新卖场投入运营。随着现有卖场销量和库存的持续提升，以及新卖场的投入运营，我们非常有信心在2026年的零售销量和收入都保持超过100%的增速。

Allie Wang, IR/Moderator, Uxin: Lastly, to reiterate Kun Dai’s comments on our full-year outlook. In 2026, we plan to open 46 new superstores with sales volume and inventory continuing to ramp up at our existing superstores. Along with new store openings, we are confident in achieving over 100% year-over-year growth in both retail transaction volume and revenues in 2026.

John Lin, 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。谢谢。

Allie Wang, IR/Moderator, Uxin: This concludes our prepared remarks today. Operator, we’re ready for question.

Operator: We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Dai Wenjie with SWS. Please go ahead.

Dai Wenjie, Analyst, SWS: Okay, thank you. Thank you for your comments. I’m Dai Wenjie. My first question is the company delivered another quarter of strong growth in both sales volume and revenue. Management also provide some color on the changes in gross margin. As you plan to open to 46 new superstores in this year, how should we think about the gross margin growing into 2026 and our ASP? Could Management share your latest view on used car pricing trends this year? Are you starting to see some signs of stabilization? Thank you.

Allie Wang, IR/Moderator, Uxin: 我来翻译一下这个问题。Let me translate this question first。这个季度公司在销量和收入方面依然保持着非常强劲的增长。管理层刚刚也分析了本季度毛利率的变动，考虑到今年有4至6个新卖场的投入，想请教下关于今年的毛利率是什么的展望？另外想请管理层更新一下目前对2026年二手车价格走势的判断，是否已经观察到ASP企稳的趋势。

John Lin, Chief Financial Officer, Uxin: 好的，这个问题我来回答一下。

Allie Wang, IR/Moderator, Uxin: Thank you for the question. Let me take this one.

John Lin, Chief Financial Officer, Uxin: 25年四季度公司的毛利比三季度有所回落，其中最主要的原因是受新卖场开业的影响。9月27号郑州开业，12月初济南开业。新卖场开业的初期，我们为了吸引客户打开市场，从定价的策略上，我们的收售价差会较老卖场低一些。同时增值服务的渗透率，金融保险等这些服务的渗透率也需要一定时间的提升。随着我们在卖场所在区域的市占率、品牌和口碑的提升，我们预期新卖场大概需要六到九个月的时间来达到老卖场的毛利水平。还有一个原因是，在25年12月份的时候，新车市场的销售其实有着比较明显的一个下滑趋势，所以经销商普遍采取了不同力度的新车促销，这对二手车的毛利也会有一定的影响。

Allie Wang, IR/Moderator, Uxin: Gross margin declined sequentially in the fourth quarter, mainly due to the ramp-up of newly opened superstores. We opened our Zhengzhou Superstore in September and our Jinan Superstore in December. During the initial ramp-up phase, we adopt a more competitive pricing strategy to drive traffic and establish market presence, resulting in a narrower spread between sourcing costs and selling prices compared to our mature stores. In addition, the penetration of value-added services also takes time to ramp up as our market share and brand recognition improve in these markets. It generally takes around six to nine months for new stores to reach the gross margin level of our mature stores. At the same time, our new car market experienced a slowdown in sales last December, and dealers stepped up promotional activities which put pressure on used car margins.

John Lin, Chief Financial Officer, Uxin: 我们如果看26年一季度的销售数据，我们看到郑州、济南两个新开的卖场，毛利其实是有明显的回升的。我们整体一季度的毛利率较25年四季度已经开始回升，我们预期一季度的毛利率会回到7%以上。

Allie Wang, IR/Moderator, Uxin: According to our operating data for the first quarter of 2026, we have already seen meaningful improvement in the gross margins of our newly opened superstores in Zhengzhou and Jinan. Overall gross margin has begun to recover compared to the fourth quarter of 2025, and we expect it to return to above 7%.

John Lin, Chief Financial Officer, Uxin: 关于零售均价ASP的问题。根据汽车流通协会的统计，中国二手车的交易均价从去年四季度已经开始回升。我们从实际的经营中也能看到这个趋势。我们看到2025年四季度和2026年一季度，两个季度的零售ASP都在持续的提升。2025年的四季度零售ASP是5.9万元，较三季度略有提升。我们看到预计2026年一季度的ASP，会在6.1万元以上，较四季度会有一个更高幅度的提升。

Allie Wang, IR/Moderator, Uxin: Regarding ASP, according to data from the China Automobile Dealers Association, the national average transaction price of used cars has started to recover since the fourth quarter of last year. We are seeing a similar trend in our own operating data. Our retail ASP increased sequentially for two consecutive quarters, reaching CNY 59,000 in the fourth quarter of 2025, and we expect it to exceed CNY 61,000 in the first quarter of 2026.

John Lin, Chief Financial Officer, Uxin: 此外，受到原材料成本的提升，购置税补贴也在退坡，国家的各种消费补贴的退坡和各种反内卷政策的影响，我们预期2026年整个新车市场的价格体系相较过去三年会更稳定一些。新车价格的稳定对二手车价格会形成支撑。我们预期2026年公司零售车辆的销售均价ASP相较2025年会稳中有升。我们零售销量如果在2026年同比增长是100%以上，那么也就意味着我们的收入的增速还要更高于零售销量的增速。

Allie Wang, IR/Moderator, Uxin: In addition, due to factors such as rising raw material costs, the phase-out of purchase tax incentives and government subsidies, as well as regulatory guidance aimed at reducing excessive price competition, we expect new car pricing to become more stable in 2026 compared with the past three years. More stable new car pricing will also support used car prices. As a result, we expect our retail ASP to show a stable to upward trend in 2026 compared with 2025. Given that we expect retail transaction volume to grow by over 100% year-over-year in 2026, revenue growth is expected to outpace transaction volume growth.

John Lin, Chief Financial Officer, Uxin: 这是我对这个问题的回答。谢谢。

Allie Wang, IR/Moderator, Uxin: That’s my answer. Thank you.

Dai Wenjie, Analyst, SWS: 谢谢，谢谢管理层，预祝公司接下来继续业绩一路高歌猛进。谢谢。

John Lin, Chief Financial Officer, Uxin: 谢谢，非常感谢。

Allie Wang, IR/Moderator, Uxin: Thank you.

Operator: The next question comes from Dai Fei with TF Securities. Please go ahead.

Dai Fei, Analyst, TF Securities: 公司管理层好，我想请教一下关于销售获客方面的问题，咱们的新卖场的获客渠道相较于老卖场有什么不同？

Allie Wang, IR/Moderator, Uxin: I have a question on customer acquisition. How should we think about the customer acquisition channels for new superstores compared with your mature stores? Are there any key differences? Thank you.

John Lin, Chief Financial Officer, Uxin: 好，谢谢戴飞，这个问题我来回答。关于获客的情况，新卖场的获客现在主要是三个渠道。首先呢，优信是中国二手车行业的知名品牌，所以无论进入哪个城市，优信二手车APP上都会有对应城市的流量和积累，这一点是优信和很多区域型车商不太一样的地方。也就是说，新卖场在开业初期，我们基于本身已有的品牌认知和线上流量基础，进行老客户唤醒与召回，为新城市导入第一批用户和线索。

Allie Wang, IR/Moderator, Uxin: Thank you for the question. Let me address your question. Customer acquisition for new superstores mainly comes from three channels. First, Uxin is a well-recognized brand in China’s used car market. As a result, whenever we enter a new city, we already have a certain level of traffic accumulation on the Uxin used car app in that market. This is a key difference compared with many regional dealers. In other words, during the initial ramp-up phase of a new superstore, we are able to leverage our existing brand awareness and online traffic base to reactivate and reengage existing users, bringing in the first batch of users and leads into the new market.

John Lin, Chief Financial Officer, Uxin: 第二，我们会围绕新店的开业，集中开展一系列的宣传和公关传播。除了新媒体平台的精准营销以外，公司目前新开卖场都与地方政府形成合作，地方政府通常会提供一些相关的宣传资源和本地传播支持。这类资源对于新卖场在当地快速提升认知度，触达潜在客户也会起到积极的作用。

Allie Wang, IR/Moderator, Uxin: Second, we typically carry out a series of marketing and PR campaigns around new superstore openings. In addition to targeted marketing on digital platforms, we also collaborate with local governments when launching new superstores. Local governments often provide promotional resources and local media support, which helps us quickly build awareness and reach potential customers in the new market.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 第三，我们也会与汽车行业垂类媒体进行合作，承接第三方平台的流量和线索。因为优信车辆的品质和价格都有竞争力，在第三方平台上也能够获得不错的曝光和转化效果。

Allie Wang, IR/Moderator, Uxin: Third, we also partner with vertical automotive platforms and media to capture traffic and leads from third-party channels. Given the competitiveness of our vehicle quality and pricing, we are able to achieve strong exposure and conversion on these platforms.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 随着新卖场在本地经营时间的拉长，卖场所在城市逐渐形成购车目的地效应，自主到店客户会逐渐增加，同时在一定规模的交易量基础之上，客户满意度和口碑逐渐沉淀，老客户转介绍流量也会逐渐提升，进一步促进销售转化，形成一个获客的正循环。

Allie Wang, IR/Moderator, Uxin: As the new stores continue to operate and mature in local markets, the cities where our superstores are located gradually become destination markets for car purchases and walk-in traffic increases over time. At the same time, as transaction volume scales up, customer satisfaction and brand reputation continue to build, and referrals from existing customers also increase, further improving conversion and creating a positive customer acquisition cycle.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 总体而言，新卖场不断成熟的过程中，基于好的产品和服务、好的客户体验而产生的自然流量占比是持续上升的，获客成本也在持续下降。

Allie Wang, IR/Moderator, Uxin: Overall, as new superstores continue to mature, the proportion of traffic generated by our strong product offering, service quality and customer experience continues to increase, and our customer acquisition costs continue to decline.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 好，谢谢。这是我的回答。

Allie Wang, IR/Moderator, Uxin: That’s my answer. Thank you.

Dai Fei, Analyst, TF Securities: 谢谢 John。希望公司越来越好。

Operator: The next question comes from Li Xinxin with China Merchants Securities. Please go ahead.

Li Xinxin, Analyst, China Merchants Securities: 感谢这次提问机会。管理层好，我是招商证券的分析师李欣欣。恭喜公司业务的超高速增长，并且再次恭喜公司已经进入到全国复制扩张的新阶段。那我的问题是想请教一下管理层，从长期视角来看，公司是如何判断在全国范围内的开店空间？那未来的话，全国大概有机会布局多少家超级卖场？接下来我自己翻译一下。Congratulations on entering a new phase of nationwide expansion.

From a long-term perspective, could Management share some color on your store expansion potential across China, and how many superstores you think you can automatically roll out over time?

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 好，谢谢你的问题，这个问题我来回答，我是DK。2025年底，公司已经有五个在运营卖场，今年3月份我们又新开了天津卖场，我们预计2026年总体将新开四到六个卖场，目标是在2026年底拥有10个以上的卖场。

Allie Wang, IR/Moderator, Uxin: Thank you for the question. Let me take this one. As of the end of 2025, we had five superstores in operation. In March this year, we opened a new superstore in Tianjin. We expect to open four to six superstores in 2026, with a goal of having more than 10 stores in operation by the end of 2026.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 我们对全国范围内的开店空间是非常有信心的，核心还是由于中国二手车市场本身的空间足够大。今天中国汽车保有量已经超过3.5亿台，在这个庞大的存量基础之上，适合布局优信超级二手车卖场的城市确实非常多。我们对开店空间的判断主要基于不同城市的汽车保有量规模，以及目标市场的市占率来测算的。

Allie Wang, IR/Moderator, Uxin: We are very confident in our long-term store expansion potential across China, primarily because of the sheer size of the used car market. China’s vehicle ownership has already exceeded 350 million units. On top of this large base, there are many cities that are well suited for deploying Uxin large-scale used car superstores. Our assessment of store expansion potential is mainly based on the level of vehicle ownership in each city, as well as our target market share.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 一个比较宽泛的计算是一个汽车保有量在50万左右的城市，我们认为可以匹配1000台库存规模的优信卖场。因为这样的城市如果未来二手车交易析出率达到10%到15%，那么每年就应该有5万台到8万台二手车的交易量。按照目前优信老卖场已经做到20%以上的市占率，优信卖场可以实现1万台以上的年交易量，对应1000台的库存规模。

Allie Wang, IR/Moderator, Uxin: At a high level, for a city with vehicle ownership of 500,000, we believe it can support a Uxin superstore with around 1,000 units of inventory. Assuming 10%-15% of vehicle ownership is transacted as used cars annually, such a city would generate annual used car transactions of approximately 50,000-80,000 units. Based on the over 20% market share that our mature stores have already achieved, a Uxin superstore could achieve annual sales of over 10,000 units, which corresponds to an inventory level of around 1,000 units.

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 按照这个逻辑，今天中国有30个以上的城市汽车保有量超过300万台，可以支撑5000台规模的卖场。有70个以上的城市保有量超过100万台，可以支撑2000台以上的卖场。有100个以上的城市汽车保有量超过50万台，可以支撑1000台以上的卖场。所以长期来看，我们在全国范围内可展业的城市超过200个，足以支撑300万台以上的年零售销量。谢谢，这是我的回答。

Allie Wang, IR/Moderator, Uxin: Applying the framework today there are more than 30 cities in China with vehicle ownership exceeding 3 million, which can support super stores with over 5,000 units of inventory. There are more than 70 cities with vehicle ownership exceeding 1 million, which can support super stores with over 2,000 units of inventory. In addition, there are more than 100 cities with vehicle ownership exceeding 500,000, which can support super stores with over 1,000 units of inventory. In the long run, we believe there are more than 200 cities across China where we can potentially operate, supporting annual retail transaction volume of over 3 million units. Thank you. That was my answer.

Li Xinxin, Analyst, China Merchants Securities: 非常感谢管理层的回答，扩张顺利，业绩更上一层楼。谢谢。

DK (Kun Dai), Founder and Chief Executive Officer, Uxin: 谢谢。

Operator: This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.

Allie Wang, IR/Moderator, Uxin: Thank you all for participating on today’s conference call. We look forward to reporting to you soon.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.