Press Release: Uxin Announces Strategic Partnership With Tianjin Authorities To Develop Tianjin Used Car Superstore

Transaction and revenue growth remained robust, with retail sales up 154% year-over-year and total revenues up 64%. Gross margin declined due to market pressures, but management expects recovery next quarter. Liquidity remains a concern, but new superstores and strategic investments support future growth.

Original document: Uxin Ltd Sponsored ADR [UXIN] SEC 6-K Current Report — Sep. 29 2025

BEIJING, Sept. 29, 2025 /PRNewswire/ — Uxin Limited ("Uxin" or the "Company") , 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.

Liquidity

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. 
 

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SOURCE Uxin Limited