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 RMB7.0176 to US$1.00, representing the index rate as of September 30, 2024 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ 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: impact of the COVID-19 pandemic, 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 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; 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 September 30, For the six months ended September 30,
--------------------------------------------- ---------------------------------------------
2023 2024 2023 2024
------------- ------------------------------ ------------- ------------------------------
RMB RMB US$ RMB RMB US$
Revenues
Retail vehicle
sales 248,910 444,399 63,326 435,759 769,366 109,634
Wholesale
vehicle sales 99,335 37,826 5,390 193,982 101,723 14,495
Others 7,822 14,995 2,137 15,348 27,315 3,892
------------- -------------- -------------- ------------- -------------- --------------
Total revenues 356,067 497,220 70,853 645,089 898,404 128,021
------------- -------------- -------------- ------------- -------------- --------------
Cost of revenues (334,033) (462,360) (65,886) (605,414) (837,959) (119,408)
------------- -------------- -------------- ------------- -------------- --------------
Gross profit 22,034 34,860 4,967 39,675 60,445 8,613
------------- -------------- -------------- ------------- -------------- --------------
Operating
expenses
Sales and
marketing (48,443) (56,060) (7,988) (94,991) (115,413) (16,446)
General and
administrative (35,116) (26,074) (3,716) (68,219) (54,194) (7,723)
Research and
development (9,219) (2,361) (336) (18,080) (5,741) (818)
Reversal of
credit losses,
net 1,141 162 23 1,837 162 23
-------------- --------------
Total operating
expenses (91,637) (84,333) (12,017) (179,453) (175,186) (24,964)
------------- -------------- -------------- ------------- -------------- --------------
Other operating
income, net 3,214 10,824 1,542 10,199 13,607 1,939
Loss from
operations (66,389) (38,649) (5,508) (129,579) (101,134) (14,412)
------------- -------------- -------------- ------------- -------------- --------------
Interest income 45 10 1 146 26 4
Interest expenses (7,710) (24,095) (3,434) (12,829) (46,953) (6,691)
Other income 11,435 1,498 213 13,802 2,131 304
Other expenses (378) (1,331) (190) (650) (2,131) (304)
Net gain from
extinguishment
of debt - - - - 35,222 5,019
Foreign exchange
gains 964 969 138 539 1,448 206
Fair value impact
of the issuance
of senior
convertible
preferred
shares 5,017 - - (31,852) - -
------------- -------------- -------------- ------------- -------------- --------------
Loss before
income tax
expense (57,016) (61,598) (8,780) (160,423) (111,391) (15,874)
Income tax
expense (108) - - (273) (38) (5)
Equity in income
of affiliates,
net of tax - 2,429 346 - 2,429 346
Dividend from
long-term
investment - - - 11,970 - -
Net loss, net of
tax (57,124) (59,169) (8,434) (148,726) (109,000) (15,533)
Add: net
loss/(profit)
attribute to
redeemable non-
controlling
interests and
non-controlling
interests
shareholders 19 (1,668) (238) 21 (3,309) (472)
------------- ------------- -------------- --------------
Net loss
attributable to
UXIN LIMITED (57,105) (60,837) (8,672) (148,705) (112,309) (16,005)
Deemed dividend
to preferred
shareholders due
to triggering of
a down round
feature (278,800) - - (278,800) - -
------------- -------------- -------------- ------------- -------------- --------------
Net loss
attributable to
ordinary
shareholders (335,905) (60,837) (8,672) (427,505) (112,309) (16,005)
============= ============== ============== ============= ============== ==============
Net loss (57,124) (59,169) (8,434) (148,726) (109,000) (15,533)
Foreign currency
translation, net
of tax nil 292 (6,763) (964) 3,606 (7,979) (1,137)
Total
comprehensive
loss (56,832) (65,932) (9,398) (145,120) (116,979) (16,670)
------------- -------------- -------------- ------------- -------------- --------------
Add: net
loss/(profit)
attribute to
redeemable non-
controlling
interests and
non-controlling
interests
shareholders 19 (1,668) (238) 21 (3,309) (472)
Total
comprehensive
loss
attributable to
UXIN LIMITED (56,813) (67,600) (9,636) (145,099) (120,288) (17,142)
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