BEIJING, Sept. 29, 2025 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the quarter ended June 30, 2025.
Highlights for the Quarter Ended June 30, 2025
-- Transaction volume was 11,606 units for the three months ended June 30,
2025, an increase of 40.4% from 8,264 units in the last quarter and an
increase of 107.1% from 5,605 units in the same period last year.
-- Retail transaction volume was 10,385 units for the three months ended
June 30, 2025, an increase of 37.6% from 7,545 units in the last quarter
and an increase of 153.9% from 4,090 units in the same period last year.
-- Total revenues were RMB658.3 million (US$91.9 million) for the three
months ended June 30, 2025, an increase of 30.6% from RMB504.2 million in
the last quarter and an increase of 64.1% from RMB401.2 million in the
same period last year.
-- Gross margin was 5.2% for the three months ended June 30, 2025, compared
with 7.0% in the last quarter and 6.4% in the same period last year.
-- Loss from operations was RMB43.1 million (US$6.0 million) for the three
months ended June 30, 2025, compared with RMB35.3 million in the last
quarter and RMB62.5 million in the same period last year.
-- Non-GAAP adjusted EBITDA [1] was a loss of RMB16.5 million (US$2.3
million) for the three months ended June 30, 2025, compared with a loss
of RMB8.9 million in the last quarter and a loss of RMB33.9 million in
the same period last year.
([1]) This is a non-GAAP measure. The Company believes that the non-GAAP
measures help investors and users of our financial information understand the
effect of adjusting items on our selected reported results and provide
alternate measurements of its performance, both in the current period and
across periods. See "Use of Non-GAAP Financial Measures" and
"Unaudited Reconciliations of GAAP And Non-GAAP Results" contained in this
press release for a reconciliation and additional information on non-GAAP
measures.
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "Our business sustained its strong growth momentum in the second quarter of 2025, with retail transaction volume reaching 10,385 units, representing a 154% year-over-year increase and marking the fifth consecutive quarter of growth above 140%. Importantly, we have also maintained healthy operating efficiency, with inventory turnover days stable at around 30, and customer satisfaction, as measured by NPS (net promoter score), at an industry-leading 65. Reflecting this strength, we now expect retail transaction volume growth of over 125% year-over-year in the third quarter. Accordingly, we are raising our full-year 2025 growth guidance to approximately 130% compared to calendar year 2024."
Mr. Dai continued, "Since opening in February, our Wuhan superstore has performed ahead of expectations, achieving monthly sales of about 1,400 units with steadily improving profitability. At the same time, the expansion of our new superstores is progressing on schedule, with our Zhengzhou superstore officially commencing operations on September 27. We believe that the continued ramp-up of newly launched superstores, together with the sales momentum at our existing locations, will serve as strong and sustainable growth drivers for our business performance in the years ahead."
Mr. Feng Lin, Chief Financial Officer of Uxin, stated, "Our strong sales growth this quarter was driven by improved inventory availability at existing stores and the continued ramp-up of our new superstore in Wuhan. Total revenues reached RMB658.3 million, including RMB607.6 million from retail vehicle sales, representing 87% year-over-year growth and 31% sequential growth. Our gross margin was 5.2%, reflecting the temporary impact of the new car price war in China, as well as the early-stage ramp-up of our Wuhan superstore. Looking ahead, we anticipate that unhealthy price competition in China's new car market will be largely resolved thanks to supportive government policies and sales and profitability of our Wuhan superstore will continue to improve. As a result, we anticipate a strong rebound in our overall gross margin in the near future. Specifically, for the third quarter of 2025, we expect retail transaction volume of 13,500 to 14,000 units, representing over 125% year-over-year growth, total revenues of between RMB830 million and RMB860 million, and gross margin recovery to approximately 7.5%."
Financial Results for the Quarter Ended June 30, 2025
Total revenues were RMB658.3 million (US$91.9 million) for the three months ended June 30, 2025, an increase of 30.6% from RMB504.2 million in the last quarter and an increase of 64.1% from RMB401.2 million in the same period last year. The increases were mainly due to the increase in retail vehicle sales revenue.
Retail vehicle sales revenue was RMB607.6 million (US$84.8 million) for the three months ended June 30, 2025, representing an increase of 30.5% from RMB465.5 million in the last quarter and an increase of 87.0% from RMB325.0 million in the same period last year. For the three months ended June 30, 2025, retail transaction volume was 10,385 units, representing an increase of 37.6% from 7,545 units last quarter and an increase of 153.9% from 4,090 units in the same period last year. By offering quality products and services, the Company's superstores have earned customer trust and established Uxin as the well-recognized brand in regional markets, leading to a high in-store customer conversion rate. Additionally, since the Company's newly launched superstore in Wuhan commenced trial operations in February 2025, both its inventory levels and sales have increased rapidly.
Wholesale vehicle sales revenue was RMB29.9 million (US$4.2 million) for the three months ended June 30, 2025, compared with RMB22.5 million in the last quarter and RMB63.9 million in the same period last year. For the three months ended June 30, 2025, wholesale transaction volume was 1,221 units, representing an increase of 69.8% from 719 units last quarter and a decrease of 19.4% from 1,515 units in the same period last year. Wholesale vehicle sales represent vehicles purchased by the Company from individuals that do not meet the Company's retail standards and are subsequently sold through online and offline channels.
Other revenue was RMB20.8 million (US$2.9 million) for the three months ended June 30, 2025, compared with RMB16.2 million in the last quarter and RMB12.3 million in the same period last year.
Cost of revenues was RMB624.1 million (US$87.1 million) for the three months ended June 30, 2025, compared with RMB468.9 million in the last quarter and RMB375.6 million in the same period last year.
Gross margin was 5.2% for the three months ended June 30, 2025, compared with 7.0% in the last quarter and 6.4% in the same period last year. The quarter-over-quarter decrease in gross margin was mainly due to aggressive promotions in the new car sector in China during this quarter, which also put pressure on the gross margin for used cars. The year-over-year decrease in gross margin was mainly due to the trial operation of our new superstore in Wuhan, which commenced in February 2025. As the store is still in the early stage of operation, it is currently in a gross profit ramp-up phase. The Company expects that its overall gross margin will recover in the third quarter of 2025.
Total operating expenses were RMB96.7 million (US$13.5 million) for the three months ended June 30, 2025. Total operating expenses excluding the impact of share-based compensation were RMB86.8 million.
-- Sales and marketing expenses were RMB74.2 million (US$10.4 million) for
the three months ended June 30, 2025, an increase of 20.3% from RMB61.7
million in the last quarter and an increase of 25.0% from RMB59.4 million
in the same period last year. The increases were mainly due to the
increased salaries for the sales teams.
-- General and administrative expenses were RMB19.4 million (US$2.7 million)
for the three months ended June 30, 2025, representing an increase of
6.0% from RMB18.3 million in the last quarter and a decrease of 30.9%
from RMB28.1 million in the same period last year. The year-over-year
decrease was mainly due to the impact of share-based compensation
expenses.
-- Research and development expenses were RMB3.1 million (US$0.4 million)
for the three months ended June 30, 2025, representing an increase of
6.6% from RMB2.9 million in the last quarter and a decrease of 8.6% from
RMB3.4 million in the same period last year.
Other operating income, net was RMB19.4 million (US$2.7 million) for the three months ended June 30, 2025, compared with RMB11.9 million for the last quarter and RMB2.8 million in the same period last year. The increases were mainly due to gains from derecognition of certain long-aged liabilities.
Loss from operations was RMB43.1 million (US$6.0 million) for the three months ended June 30, 2025, compared with RMB35.3 million in the last quarter and RMB62.5 million in the same period last year.
Interest expenses were RMB23.1 million (US$3.2 million) for the three months ended June 30, 2025, representing an increase of 2.5% from RMB22.5 million in the last quarter and an increase of 1.0% from RMB22.9 million in the same period last year.
Net loss from operations was net loss of RMB67.6 million (US$9.4 million) for the three months ended June 30, 2025, compared with net loss of RMB51.4 million in the last quarter and net loss of RMB49.8 million in the same period last year.
Non-GAAP adjusted EBITDA was a loss of RMB16.5 million (US$2.3 million) for the three months ended June 30, 2025, compared with a loss of RMB8.9 million in the last quarter and a loss of RMB33.9 million in the same period last year.
The Company has incurred net losses since inception. For the quarter ended June 30, 2025, the Company incurred net loss of RMB67.6 million and operating cash outflow of RMB131.8 million, and the Company's current liabilities exceeded current assets by approximately RMB202.2 million and the Company had accumulated deficit in the amount of RMB19.7 billion as of June 30, 2025. Based on the Company's liquidity assessment, which considers the management's plan to address these adverse conditions and events including growing its vehicle sales revenue by increasing the sales volume, improving the gross profit margin by increasing the value-added services offered to its customers, maintaining vehicle turnover rate by managing reasonable vehicle prices, raising funds from planned financings, and adjusting its operation scale if and when necessary, the Company believes that it is probable to effectively implement these plans and accordingly, its current cash and cash equivalents which included funds from equity and debt financings and the cash flows from operations are sufficient for the Company to meet its anticipated working capital requirements and other capital commitments and the Company will be able to meet its payment obligations when liabilities that fall due within the next twelve months from the date of this release.
Recent Development
On September 27, 2025, Uxin officially opened its fourth used car superstore in Zhengzhou, Henan Province. The new facility spans approximately 150,000 square meters, can display up to 5,000 vehicles and integrates an advanced reconditioning factory. Situated in central China's key transportation hub, Zhengzhou provides strong market fundamentals with over 13 million residents and 5 million registered vehicles. The superstore's opening marks another successful replication of Uxin's large-scale superstore model and further strengthens the Company's market presence in central China.
Business Outlook
For the three months ended September 30, 2025, the Company expects its retail transaction volume to range between 13,500 units and 14,000 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between RMB830 million and RMB860 million. The Company expects its gross profit margin to be around 7.5%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes.
Conference Call
Uxin's management team will host a conference call on Monday, September 29, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including an event passcode, a unique access PIN, dial-in numbers, and an e-mail with detailed instructions to join the conference call.
Conference Call Preregistration : https://dpregister.com/sreg/10203124/fff4e64580
A telephone replay of the call will be available after the conclusion of the conference call until October 6, 2025, 2025. The dial-in details for the replay are as follows:
U.S.: +1 877 344 7529
International: +1 412 317 0088
Replay PIN: 8674929
A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com.
About Uxin
Uxin is China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline superstores with inventory capacities ranging from 2,000 to 8,000 vehicles. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of China's used car industry.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share -- basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Adjusted EBITDA as EBITDA excluding share-based compensation, foreign exchange (losses)/gain, other income/(expenses), structure realignment cost which was mainly severance cost and equity in income of affiliates. The Company defines adjusted net loss attributable to ordinary shareholders per share -- basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitate investors' assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. The Company believe that excluding these items enables us to evaluate our performance period-over-period more effectively and relative to our competitors.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using Adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company's operations. Share-based compensation, other income/(expenses) and foreign exchange (losses)/gain have been and may continue to be incurred in the business. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Uxin's non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, representing the index rate as of June 30, 2025 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin's strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its products and services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry and other related industries; the laws and regulations relating to Uxin's industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin's filings with the SEC. All information
provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media enquiries, please contact:
Uxin Limited Investor Relations
Uxin Limited
Email: ir@xin.com
The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.co
Uxin Limited
Unaudited Consolidated Statements of Comprehensive Loss
(In thousands except for number of shares and per share data)
For the three months ended June 30, For the six months ended June 30,
---------------------------------------------- ----------------------------------------------
2024 2025 2024 2025
-------------- ------------------------------ -------------- ------------------------------
RMB RMB US$ RMB RMB US$
Revenues
Retail vehicle sales 324,967 607,611 84,819 594,388 1,073,129 149,803
Wholesale vehicle sales 63,897 29,889 4,172 103,619 52,436 7,320
Others 12,320 20,771 2,900 22,328 36,935 5,156
-------------- -------------- -------------- -------------- -------------- --------------
Total revenues 401,184 658,271 91,891 720,335 1,162,500 162,279
-------------- -------------- -------------- -------------- -------------- --------------
Cost of revenues (375,599) (624,064) (87,116) (673,708) (1,092,952) (152,570)
-------------- -------------- -------------- -------------- -------------- --------------
Gross profit 25,585 34,207 4,775 46,627 69,548 9,709
-------------- -------------- -------------- -------------- -------------- --------------
Operating expenses
Sales and marketing (59,353) (74,213) (10,360) (110,168) (135,916) (18,973)
General and administrative (28,119) (19,443) (2,714) (103,455) (37,777) (5,273)
Research and development (3,380) (3,089) (431) (9,407) (5,988) (836)
Reversal of credit losses,
net - 19 3 359 414 58
-------------- --------------
Total operating expenses (90,852) (96,726) (13,502) (222,671) (179,267) (25,024)
-------------- -------------- -------------- -------------- -------------- --------------
Other operating income, net 2,783 19,379 2,705 3,718 31,327 4,373
Loss from operations (62,484) (43,140) (6,022) (172,326) (78,392) (10,942)
-------------- -------------- -------------- -------------- -------------- --------------
Interest income 16 43 6 24 50 7
Interest expenses (22,858) (23,098) (3,224) (46,828) (45,640) (6,371)
Other income 633 480 67 1,255 6,765 944
Other expenses (800) (1,498) (209) (4,886) (2,153) (301)
Net gain from
extinguishment of debt 35,222 - - 35,222 - -
Foreign exchange
gains/(losses) 479 (353) (49) 990 423 59
-------------- -------------- -------------- -------------- -------------- --------------
Loss before income tax
expense (49,792) (67,566) (9,431) (186,549) (118,947) (16,604)
Income tax expense (38) (39) (5) (50) (39) (5)
Equity in loss of
affiliates, net of tax - - - (5,951) - -
Net loss, net of tax (49,830) (67,605) (9,436) (192,550) (118,986) (16,609)
Add: net profit attribute
to redeemable
non-controlling interests
and non-controlling
interests shareholders (1,641) (6,192) (864) (3,270) (7,882) (1,100)
-------------- -------------- -------------- -------------- --------------
Net loss attributable to
UXIN LIMITED (51,471) (73,797) (10,300) (195,820) (126,868) (17,709)
Deemed dividend to
preferred shareholders due
to triggering of a down
round feature - - - (1,781,454) - -
-------------- -------------- -------------- -------------- -------------- --------------
Net loss attributable to
ordinary shareholders (51,471) (73,797) (10,300) (1,977,274) (126,868) (17,709)
============== ============== ============== ============== ============== ==============
Net loss (49,830) (67,605) (9,436) (192,550) (118,986) (16,609)
Foreign currency
translation, net of tax
nil (1,216) 16 2 (1,150) 91 13
Total comprehensive loss (51,046) (67,589) (9,434) (193,700) (118,895) (16,596)
-------------- -------------- -------------- -------------- -------------- --------------
Add: net profit attribute
to redeemable
non-controlling interests
and
non-controlling interests
shareholders (1,641) (6,192) (864) (3,270) (7,882) (1,100)
Total comprehensive loss
attributable to UXIN
LIMITED (52,687) (73,781) (10,298) (196,970) (126,777) (17,696)
============== ============== ============== ============== ============== ==============
Net loss attributable to
ordinary shareholders (51,471) (73,797) (10,300) (1,977,274) (126,868) (17,709)
Weighted average shares
outstanding -- basic 56,412,679,304 63,168,535,224 63,168,535,224 30,439,110,903 60,735,577,407 60,735,577,407
Weighted average shares
outstanding -- diluted 56,412,679,304 63,168,535,224 63,168,535,224 30,439,110,903 60,735,577,407 60,735,577,407
Net loss per share for
ordinary shareholders,
basic (0.00) (0.00) (0.00) (0.06) (0.00) (0.00)
Net loss per share for
ordinary shareholders,
diluted (0.00) (0.00) (0.00) (0.06) (0.00) (0.00)
Uxin Limited
Unaudited Consolidated Balance Sheets
(In thousands except for number of shares and per share data)
As of December 31, As of June 30,
------------------
2024 2025
------------------ -------------------------
RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 25,112 68,267 9,530
Restricted cash 767 37 5
Accounts receivable, net 4,150 3,597 502
Loans recognized as a
result of payments under
guarantees, net of
provision for credit
losses of RMB7,710 and
RMB7,706 as of December
31, 2024 and June 30,
2025, respectively - - -
Other receivables, net of
provision for credit
losses of RMB21,113 and
RMB15,149 as of December
31, 2024 and June 30,
2025, respectively 14,998 13,077 1,825
Inventory, net 207,390 279,446 39,009
Prepaid expenses and
other current assets 86,977 83,087 11,599
Total current assets 339,394 447,511 62,470
------------------ ------------ -----------
Non-current assets
Property, equipment and
software, net 71,420 75,499 10,539
Finance lease
right-of-use assets,
net 1,346,728 1,332,908 186,067
Operating lease
right-of-use assets,
net 194,388 187,781 26,213
Total non-current assets 1,612,536 1,596,188 222,819
------------------ ------------ -----------
Total assets 1,951,930 2,043,699 285,289
================== ============ ===========
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS'
DEFICIT
Current liabilities
Accounts payable 81,584 75,485 10,537
Other payables and other
current liabilities 306,391 278,826 38,923
Current portion of
operating lease
liabilities 14,563 15,943 2,226
Current portion of
finance lease
liabilities 183,852 57,921 8,085
Short-term borrowings
from third parties 174,616 221,582 30,932
Short-term borrowing from
related parties 1,000 - -
Total current liabilities 762,006 649,757 90,703
------------------ ------------ -----------
Non-current liabilities
Long-term borrowing from
related party (i) 53,913 - -
Long-term borrowing from
third party - 14,317 2,000
Consideration payable to
WeBank 27,237 6,485 905
Finance lease liabilities 1,141,118 1,178,042 164,448
Operating lease
liabilities 180,920 175,552 24,506
Total non-current
liabilities 1,403,188 1,374,396 191,859
------------------ ------------ -----------
Total liabilities 2,165,194 2,024,153 282,562
================== ============ ===========
Mezzanine equity
Redeemable
non-controlling
interests (ii) 154,977 304,709 42,536
Total Mezzanine equity 154,977 304,709 42,536
------------------ ------------ -----------
Shareholders' deficit
Ordinary shares (iii) 39,816 43,733 6,105
Additional paid-in
capital (iii) 19,007,948 19,213,990 2,682,169
Subscription receivable
from shareholders (60,467) (60,467) (8,441)
Accumulated other
comprehensive income 227,718 227,809 31,801
Accumulated deficit (19,583,017) (19,709,885) (2,751,395)
Total Uxin's
shareholders' deficit (368,002) (284,820) (39,761)
------------------ ------------ -----------
Non-controlling interests (239) (343) (48)
------------------ ------------
Total shareholders'
deficit (368,241) (285,163) (39,809)
================== ============ ===========
Total liabilities,
mezzanine equity and
shareholders' deficit 1,951,930 2,043,699 285,289
================== ============ ===========
(i) Long-term borrowing from related party outstanding as of December
31, 2024 amounted to RMB53.9 million. On September 12, 2024, the
Company's Anhui subsidiary ("Uxin Anhui") entered into a loan agreement
with Pintu (Beijing) information Technology Co., Ltd. ("Pintu Beijing"),
pursuant to which Pintu Beijing agreed to extend loan to Uxin Anhui in a
principal amount of the RMB equivalent of US$7.5 million for a term of
18 months from the drawdown date unless other repayment schedule is
negotiated and mutually agreed by Uxin Anhui and Pintu Beijing. The
interest rate is 5.35% per annum within 12 months after the drawdown
date, and 8% per annum after 12 months until the loan is repaid in full.
The loan is guaranteed by Uxin's Shaanxi subsidiary pursuant to a
guarantee agreement entered on the same date. On September 13, 2024,
Uxin Anhui made the drawdown of this loan, and the total RMB amount
received was classified as "Long-term borrowings from related party" in
non-current liabilities. Subsequently in November 2024, the Company
entered into a Share Subscription Agreement with Lightwind Global
Limited ("Lightwind", a wholly-owned subsidiary of Pintu Beijing).
Pursuant to this agreement and subject to the fulfilment of specified
conditions, Uxin agreed to allot and issue, while Lightwind agreed to
subscribe for, a total of 1,543,845,204 Class A Ordinary Shares of the
Company, with an aggregate subscription amount of US$7.5 million. When
the specified conditions were fulfilled and a repayment schedule of the
long-term loan of US$7.5 million was mutually agreed, Lightwind shall
invest equivalent amount in the Company after Uxin Anhui repays the loan
under the repayment schedule to Pintu Beijing. In March 2025, a revised
repayment schedule was mutually agreed by Uxin Anhui and Pintu Beijing.
Pursuant to which, Uxin Anhui fully repaid the total amount of principal
and interests, amounting to RMB55.0 million, to Pintu Beijing by 2
installments, RMB15.0 million in March 2025 and RMB40.0 million in April
2025. Concurrently, Lightwind made an equivalent investment in the
Company as the specified conditions for the investment had been
fulfilled. (ii) On October 16, 2024, the Company, through Uxin Anhui,
entered into an agreement with Wuhan Junshan Urban Asset Operation
Co.,Ltd. ("Wuhan Junshan"), a company indirectly controlled by Wuhan
City Economic & Technological Development Zone, to establish a
subsidiary, Wuhan Youxin Intelligent Remanufacturing Co., Ltd. ("Uxin
Wuhan"). Uxin Anhui will contribute RMB66.7 million and Wuhan Junshan
will contribute RMB33.3 million, representing approximately 66.7% and
33.3% of Uxin Wuhan's total registered capital, respectively. As of June
30, 2025, the Company and Wuhan Junshan each made contributions of
RMB14.0 million to Uxin Wuhan, respectively, and the investment from
Wuhan Junshan was recognized as redeemable non-controlling interests. On
September 20, 2023, the Company entered into an equity investment
agreement with Hefei Construction Investment. Pursuant to the agreement,
Hefei ConstructionInvestment will invest by multiple instalments in Uxin
Hefei, and each instalment will be made after the lease payment is made
by the Hefei subsidiary, over a 10-yearperiod. As of June 30, 2025, the
first-year and second-year rentals of approximately RMB147.1 million and
RMB127.7 million was converted intothe investment of approximately
12.02% and 8.40% equity interests in Uxin Hefei by Hefei Construction
Investment, respectively. The investment was recognized as redeemable
non-controlling interests. (iii) On March 4, 2025, the Company entered
into a share subscription agreement with Fame Dragon Global Limited (the
"Investor"), an investment vehicle of NIO Capital, pursuant to which the
Investor agreed to purchase 5,738,268,233 Class A Ordinary Shares of the
Company for a total consideration of US$27.8 million. As of June 30,
2025, the Company had received US$19.0 million from Fame Dragon Global
and issued 3,911,074,516 Class A Ordinary Shares of the Company to the
Investor and entities designted by the Investor. In substance, the
Company issued a forward contract to the Investor, as the Investor is
obligated to purchase the shares, and the Company is required to issue
them upon the satisfaction of the closing conditions at the pre-agreed
price and amount which shall be a deemed dividend to the forward
contract holder recorded in the additional paid-in capital. In addition,
given that this forward contract is considered indexed to the Company's
own stock and meet the requirement for equity classification, it was
also classified under the Company's equity and was initially measured at
fair value amounting to RMB180.8 million with no subsequent
remeasurement.
* Share-based compensation
charges included are as
follows:
For the three months ended For the six months
June 30, ended June 30,
--------------------------- -----------------------
2024 2025 2024 2025
------------ ------------- ------ ---------------
RMB RMB US$ RMB RMB US$
Sales and
marketing 136 1,190 166 136 2,356 329
General and
administrative 11,784 8,132 1,135 52,172 16,157 2,255
Research and
development 128 625 87 128 1,242 173
Uxin Limited
Unaudited Reconciliations of GAAP And Non-GAAP
Results
(In thousands except for number of shares and
per share data)
For the three months ended June 30, For the six months ended June 30,
---------------------------------------------- ----------------------------------------------
2024 2025 2024 2025
-------------- ------------------------------ -------------- ------------------------------
RMB RMB US$ RMB RMB US$
Net loss, net of
tax (49,830) (67,605) (9,436) (192,550) (118,986) (16,609)
Add: Income tax
expense 38 39 5 50 39 5
Interest income (16) (43) (6) (24) (50) (7)
Interest expenses 22,858 23,098 3,224 46,828 45,640 6,371
Depreciation 16,577 16,649 2,324 32,337 33,242 4,640
EBITDA (10,373) (27,862) (3,889) (113,359) (40,115) (5,600)
-------------- -------------- -------------- -------------- -------------- --------------
Add: Share-based
compensation
expenses 12,048 9,947 1,388 52,436 19,755 2,757
- Sales and
marketing 136 1,190 166 136 2,356 329
- General and
administrative 11,784 8,132 1,135 52,172 16,157 2,255
- Research and
development 128 625 87 128 1,242 173
Other income (633) (480) (67) (1,255) (6,765) (944)
Other expenses 800 1,498 209 4,886 2,153 301
Foreign exchange
(gains)/losses (479) 353 49 (990) (423) (59)
Structure
realignment
cost - - - 13,948 - -
Equity in loss of
affiliates, net
of tax - - - 5,951 - -
Net gain from
extinguishment
of debt (35,222) - - (35,222) - -
-------------- -------------- -------------- -------------- -------------- --------------
Non-GAAP adjusted
EBITDA (33,859) (16,544) (2,310) (73,605) (25,395) (3,545)
============== ============== ============== ============== ============== ==============
For the three months ended June 30, For the six months ended June 30,
---------------------------------------------- ----------------------------------------------
2024 2025 2024 2025
-------------- ------------------------------ -------------- ------------------------------
RMB RMB US$ RMB RMB US$
Net loss
attributable to
ordinary
shareholders (51,471) (73,797) (10,300) (1,977,274) (126,868) (17,709)
Add: Share-based
compensation
expenses 12,048 9,947 1,388 52,436 19,755 2,757
- Sales and
marketing 136 1,190 166 136 2,356 329
- General and
administrative 11,784 8,132 1,135 52,172 16,157 2,255
- Research and
development 128 625 87 128 1,242 173
Add: accretion on
redeemable
non-controlling
interests 1,650 6,298 879 3,300 7,986 1,115
Deemed dividend
to preferred
shareholders due
to triggering of
a down round
feature - - - 1,781,454 - -
-------------- -------------- -------------- -------------- -------------- --------------
Non-GAAP adjusted
net loss
attributable to
ordinary
shareholders (37,773) (57,552) (8,033) (140,084) (99,127) (13,837)
============== ============== ============== ============== ============== ==============
Net loss per
share for
ordinary
shareholders -
basic (0.00) (0.00) (0.00) (0.06) (0.00) (0.00)
Net loss per
share for
ordinary
shareholders -
diluted (0.00) (0.00) (0.00) (0.06) (0.00) (0.00)
Non-GAAP adjusted
net loss to
ordinary
shareholders per
share - basic
and diluted (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
Weighted average
shares
outstanding -
basic 56,412,679,304 63,168,535,224 63,168,535,224 30,439,110,903 60,735,577,407 60,735,577,407
Weighted average
shares
outstanding -
diluted 56,412,679,304 63,168,535,224 63,168,535,224 30,439,110,903 60,735,577,407 60,735,577,407
Note: The conversion of Renminbi (RMB) into U.S. dollars $(USD)$ is based on the certified exchange rate of USD1.00
= RMB7.1636 as of June 30, 2025 set forth in the H.10 statistical release of the Board of Governors of the
Federal Reserve System.
View original content:https://www.prnewswire.com/news-releases/uxin-reports-unaudited-financial-results-for-the-quarter-ended-june-30-2025-302569255.html
SOURCE Uxin Limited
(END) Dow Jones Newswires
September 29, 2025 03:00 ET (07:00 GMT)