On September 24, Uxin (UXIN.US), a leading Chinese used car retailer, released its unaudited quarterly earnings report for the period ending June 30, 2026.
According to the financial results, despite price fluctuations in the used car industry during the quarter, the company maintained rapid growth in trading volume. A US$4 million investment from NIO Capital has been received, while other financing arrangements and a US$5 million share purchase plan by Chairman Dai Kun are proceeding in an orderly manner.
The earnings report showed that in the second quarter, Uxin's total trading volume reached 21,899 vehicles, representing a year-on-year increase of 88.7% and a quarter-on-quarter increase of 20.3%. Among these, retail trading volume was 19,610 vehicles, up 88.8% year-on-year and 18.6% quarter-on-quarter. Wholesale trading volume was 2,289 vehicles, up 87.5% year-on-year and 36.2% quarter-on-quarter.
During the quarter, Uxin achieved total revenue of RMB 1.151 billion, representing a year-on-year increase of 74.9% and a quarter-on-quarter increase of 7.2%. Among this, retail vehicle sales revenue was RMB 1.081 billion, up 77.9% year-on-year and 6.5% quarter-on-quarter.
In the second quarter, both prices and sales volumes in China's used car market experienced a notable downturn, yet Uxin still achieved retail trading volume growth of nearly 90% year-on-year, primarily driven by the combined momentum of its offline warehouse-style mega stores and online nationwide purchasing platform. Following the commencement of trial operations at the Tianjin warehouse mega store at the end of March 2026, inventory scale and sales volume increased rapidly. This was further supplemented by incremental contributions from already-opened mega stores in Wuhan, Zhengzhou, and Jinan.
Uxin Group Chief Financial Officer Lin Feng stated that in the second quarter, gross margin came under short-term pressure due to significant price cuts transmitted from the new car market. As the market environment stabilizes, overall gross margin in the third quarter is expected to recover to above 6%.
The earnings report revealed that, according to the previously disclosed equity financing arrangement with NIO Capital, the US$4 million investment from NIO Capital has been received, and the remaining US$4 million will also proceed as planned. NIO Capital agreed to complete the transaction at a price of US$2.86 per ADS. Joy Capital is also actively advancing its ODI filing for its investment in the company.
On June 18, Dai Kun, founder, chairman, and chief executive officer of Uxin Group, announced the launch of a secondary market share purchase plan with a total scale of up to US$5 million. The share purchase plan is about to commence.
Currently, the company's inventory turnover time has been shortened from approximately 30 days to around 20 days. Uxin's Net Promoter Score (NPS) has remained at 65 points or above for nine consecutive quarters, with customer satisfaction continuing to maintain an industry-leading level.
Dai Kun, founder, chairman, and chief executive officer of Uxin Group, stated that by integrating AI technology, the company's pricing has become more precise, inventory turnover has accelerated noticeably, and per-vehicle profitability is gradually recovering. Six new mega store projects, including those in Yinchuan, Guangzhou, Wuxi, Chongqing, Shijiazhuang, and Shaoxing, are being advanced simultaneously.
The company expects significant year-on-year growth in trading volume, revenue, and gross margin in the third quarter of 2026. Uxin will focus on mega stores and overall operational efficiency improvement, transforming scale growth into enhanced profitability.
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