Uxin Q1 Retail Volume Jumps 119% to 16,530 Units, Revenue Up 113%
UXIN•Uxin's Q1 retail transactions surged 119% YoY to 16,530 units, boosting total revenue 113% YoY to RMB1.074 billion with retail sales revenue at RMB1.01 billion. Gross margin ticked up 0.2pp to 7% while adjusted EBITDA loss widened to RMB34.3 million due to market price declines and new superstore ramp-up.
1. Strong Top-line Growth
Uxin reported 16,530 retail transactions in Q1, a 119% year-over-year increase that drove retail sales revenue to RMB1.01 billion and total revenue to RMB1.074 billion, up 113% year-over-year.
2. Margin and Profitability Challenges
The company's gross margin improved by 0.2 percentage points quarter-over-quarter to 7%, while adjusted EBITDA loss widened to RMB34.3 million from RMB27.2 million in Q4, primarily due to declining used car prices and lower margins at new outlets.
3. Superstore Expansion
Uxin expanded its network to six superstores with the March opening of its Tianjin location and formed partnerships with Chengqing and Shizajuang municipal governments to strengthen operations across North China.
4. Q2 Outlook and Margin Recovery
Management noted that price declines began in April after a 35% drop in ICE vehicle sales, and it expects gross margins to recover in Q3 as new car prices stabilize and inventory turnover remains a priority.
