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南都讯记者王子黎 10月31日，二手车零售商优信集团（纳斯达克：UXIN）发布公告，宣布与广州开发区签署战 略合作协议。双方将共同建设优信二手车广州仓储式工厂店项目，计划总投资10亿元，打造集智能再制造与一站 式零售服务于一体的现代化汽车产业综合体，预计库存规模将超过3000台。 签约仪式现场。 此前，优信已先后在西安、合肥、武汉、郑州等地落地仓储式工厂店，发展成"线下仓储大卖场+线上全国购"模 式。广州项目的启动，将进一步带动区域汽车消费扩容提质，提升区域二手车流通效率和服务品质。同时，推动 汽车产业链上下游协同发展，提升资源利用效率，促进绿色低碳经济发展。 据了解，广州开发区成立于1984年，是首批国家级经济技术开发区之一，同时也是珠三角国家自主创新示范区核 心区、粤港澳大湾区国际科技创新中心核心枢纽，以及"广深港澳科技走廊"的关键节点。"十四五"期间，开发区 重点培育汽车制造、新型显示、绿色能源等八大支柱产业，全力打造万亿级工业强区，形成"三城一岛"发展格 局，科技创新综合实力位居全国前列。 该二手车广州仓储工厂店项目，包括智能化再制造工厂及一站式仓储大卖场，全面覆盖二手车维修、整备、仓 储、展示、交易 ...

周一，优信(UXIN.US)大涨逾17%，报2.93美元。消息面上，10月31日，优信发布公告，宣布与广州开 发区签署战略合作协议。双方将共同建设优信二手车广州仓储式工厂店项目，计划总投资10亿元，打造 集智能再制造与一站式零售服务于一体的现代化汽车产业综合体，预计库存规模将超过3000台。 优信二手车广州仓储工厂店项目包括智能化再制造工厂及一站式仓储大卖场，全面覆盖二手车维修、整 备、仓储、展示、交易、过户及售后服务等全链条业务，形成从车辆收购到销售交付的完整闭环，为消 费者提供更加高效、透明且优质的购车体验。 ...

优信二手车广州仓储工厂店项目包括智能化再制造工厂及一站式仓储大卖场，全面覆盖二手车维修、整 备、仓储、展示、交易、过户及售后服务等全链条业务，形成从车辆收购到销售交付的完整闭环，为消 费者提供更加高效、透明且优质的购车体验。 智通财经APP获悉，周一，优信(UXIN.US)大涨逾17%，报2.93美元。消息面上，10月31日，优信发布 公告，宣布与广州开发区签署战略合作协议。双方将共同建设优信二手车广州仓储式工厂店项目，计划 总投资10亿元，打造集智能再制造与一站式零售服务于一体的现代化汽车产业综合体，预计库存规模将 超过3000台。 ...

Core Insights - Uxin Group has signed a strategic cooperation agreement with Guangzhou Development Zone to build a modern automotive industry complex, with a total investment of 1 billion yuan, which will include an intelligent remanufacturing factory and a one-stop retail service [1][2] - The project aims to enhance Uxin's service capabilities and operational efficiency in South China, promoting regional automotive consumption and improving the efficiency and quality of used car circulation [1] Group 1 - The Guangzhou warehouse factory store project will cover the entire chain of used car services, including maintenance, preparation, storage, display, transaction, transfer, and after-sales service, providing a complete closed-loop from vehicle acquisition to sales delivery [1] - Uxin's offline warehouse marketplace and online national purchase model have received widespread recognition from the government, industry funds, and consumers [1] - The project is expected to have an inventory scale exceeding 3,000 vehicles [1] Group 2 - Uxin Group's president highlighted Guangzhou's advantageous location, superior business environment, and strong automotive industry foundation as key factors for the project [2] - The warehouse factory store will be jointly developed with Guangzhou Zhiyuan New Energy Co., a wholly-owned subsidiary of Guangzhou Development Zone Transportation Investment Group, which has a registered capital of 2 billion yuan and total assets nearing 10 billion yuan [2] - The initiative aims to drive transformation and upgrading in the used car industry in Guangzhou and South China, offering consumers a higher quality and more reliable new retail experience for used cars [2]

Core Insights - Uxin Limited has formed a strategic partnership with local government authorities in Guangzhou to invest in a new used car superstore, which will display and sell over 3,000 vehicles [1][2]. Company Expansion - The Guangzhou superstore project will be developed in collaboration with the Guangzhou Development District Transportation Investment Group, which has nearly RMB10 billion in total assets and expertise in industrial integration [2]. - This initiative is part of Uxin's nationwide expansion strategy, following the successful openings of superstores in Xi'an, Hefei, Wuhan, and Zhengzhou [2]. Market Context - Guangzhou is a major economic hub in China, with a permanent population exceeding 18 million and over 4 million registered vehicles, making it one of the most active used car markets in the country [3]. - The city has a robust automotive parts and manufacturing ecosystem, providing a strong foundation for Uxin's retail operations [3]. - In 2024, Guangzhou's total import and export volume exceeded RMB1 trillion, highlighting its significance in international trade [3]. Strategic Vision - Uxin aims to leverage Guangzhou's strategic location and supportive local policies to enhance its used car retail experience through advanced reconditioning and digitalized operations [4]. - The Guangzhou superstore is seen as a key step in accelerating the transformation of China's used car industry [4]. Company Overview - Uxin is recognized as China's leading used car retailer, focusing on industry transformation through advanced production and digital empowerment [5]. - The company operates under an omni-channel strategy, combining online platforms with offline superstores that can hold between 2,000 to 8,000 vehicles [5]. - Uxin emphasizes a customer-centric approach and aims to drive the healthy development of the used car industry in China [5].

Core Insights - The report from Tianfeng Securities highlights the release of the State Council's opinions on implementing "AI+" actions across six key areas by August 26, 2025, which include AI in science and technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [1] Group 1: Key Areas of Focus - The six key areas for accelerated implementation of "AI+" actions are: "AI+" in science and technology, "AI+" in industrial development, "AI+" in consumer quality enhancement, "AI+" in public welfare, "AI+" in governance capabilities, and "AI+" in global cooperation [1] - The report suggests focusing on companies such as Xindong Company (02400, AI+ gaming), Huashu Gaoke (688433.SH, AI+ intelligent manufacturing), Guodun Quantum (688027.SH, AI+ quantum technology), and Uxin (UXIN.US, AI+ used cars) [1] Group 2: Investment Recommendations - A total of 50 representative stocks have been selected from A-shares, Hong Kong stocks, and US-listed Chinese companies to showcase the current layout of "AI+" applications in these six key areas [1] - Key recommended stocks include: Shuanghuan Transmission (002472.SZ, AI+ industrialization/intelligent robotics), Orbbec (688322.SH, AI+ hardware), Shengye (06069, AI+ supply chain finance platform), Zhizi City Technology (09911, AI+ global social), Bairong Cloud-W (06608, AI+ financial information), and Jiabiyou (688089.SH, AI+ biomanufacturing) [1]

Group 1 - The report highlights that national top-level policies are guiding the rapid development of six key areas in "AI+ applications" as outlined in the State Council's opinion released on August 26, 2025 [2][8] - The six key areas include "AI+" in scientific technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [2][8] - By 2027, it is expected that AI will be widely integrated into these six areas, with the application penetration rate of new intelligent terminals exceeding 70% [9] Group 2 - The report identifies 50 representative stocks across A-shares, Hong Kong stocks, and US-listed Chinese companies that are actively engaged in "AI+ applications" within the six key areas [3] - Key recommended stocks include: - Shuanghuan Transmission (002472.SZ) for AI+ industrialization and intelligent robotics - Orbbec (688322.SH) for AI+ hardware - Shengye (6069.HK) for AI+ supply chain finance [3] - Stocks to watch include: - Xindong Company (2400.HK) for AI+ gaming - Huazhu Gaoke (688433.SH) for AI+ intelligent manufacturing - Guodun Quantum (688027.SH) for AI+ quantum technology [3] Group 3 - The report elaborates on the "AI+" scientific technology direction, which includes accelerating scientific discovery processes, driving innovation in technology research and development models, and innovating social science research methods [12][17][24] - Specific companies mentioned in the "AI+" scientific technology sector include: - iFlytek (002230.SZ) focusing on AI core technology and applications in various fields [13] - Zhongke Shuguang (603019.SH) emphasizing AI-driven digital infrastructure [13] - BGI Genomics (688114.SH) integrating AI into life sciences [13] Group 4 - The "AI+" industrial development direction aims to cultivate new intelligent native models and promote the intelligent transformation of traditional industries [28] - Companies highlighted in this sector include: - Daotong Technology (688208.SH) for AI+ automotive diagnostics [30] - Dingjie Smart (300378.SZ) for AI+ manufacturing digitalization [30] - Huichan Co., Ltd. (688500.SH) for AI+ data intelligence [30] Group 5 - The "AI+" consumer quality enhancement direction focuses on expanding service consumption scenarios and improving the quality of life services [49] - Companies in this area include: - Xindong Company (2400.HK) for AI+ gaming [51] - Giant Network (002558.SZ) integrating AI into core gaming products [51] - Perfect World (002624.SZ) utilizing AI tools in game development [51]

Financial Data and Key Metrics Changes - Retail transaction volume reached 10,385 units, up 154% year-over-year and 38% quarter-over-quarter, indicating strong growth [4][13] - Retail revenue totaled RMB 610 million, an increase of 87% year-over-year and 31% quarter-over-quarter [14] - Gross margin for the quarter was 5.2%, down from 6.4% a year ago and 7% in the prior quarter, primarily due to price competition in the new car segment [16] - Adjusted EBITDA loss was RMB 16.5 million, a 51% reduction year-over-year [17] - For the third quarter, retail transaction volume is expected to be between 13,500 and 14,000 units, with total revenue projected between RMB 830 million and RMB 860 million [18] Business Line Data and Key Metrics Changes - Retail revenue growth was driven by a shift towards a more affordable inventory mix, with the average selling price (ASP) for retail vehicles at RMB 59,000, down from RMB 62,000 in the prior quarter [14] - Wholesale transaction volume was 1,221 units, representing a 19% decrease year-over-year but a 70% increase quarter-over-quarter [15] Market Data and Key Metrics Changes - The used car market in China has been affected by aggressive price competition in the new car segment, but recent government policies have moderated this competition [10] - The Zhengzhou superstore opened in a major transportation hub with a population of over 13 million, enhancing market presence in Henan Province [9] Company Strategy and Development Direction - The company is focused on expanding its superstore model, with the recent opening of the Zhengzhou superstore being part of a strategic plan to strengthen market presence [9][10] - The integration of AI technologies into business operations is being explored to enhance efficiency and scalability [8] - The company emphasizes careful planning for new store openings to balance profitability pressures with expansion needs [22] Management's Comments on Operating Environment and Future Outlook - Management expects retail transaction volume to maintain strong growth, projecting over 120% year-over-year growth for the third quarter and approximately 130% for the full year 2025 [10][18] - The company is confident in its ability to raise sufficient capital to support its expansion plans, given its consistent growth and early signs of recovery in capital markets [25] Other Important Information - The Wuhan superstore has shown rapid growth and operational maturity, with a significant reduction in startup losses compared to other locations [6][10] - The company has established a standardized management and operating system to facilitate the rapid ramp-up of new locations [5][7] Q&A Session Summary Question: How does the company balance short-term profitability pressures with expansion needs? - Management emphasized that expansion is carefully planned and that they focus on raising standardization and efficiency to mitigate early-stage cost pressures [22][24] Question: What measures were taken in Wuhan to achieve faster ramp-up compared to other locations? - The CEO highlighted the maturity of the digital management system and standardized business processes as key factors in the successful ramp-up of the Wuhan superstore [27][30] Question: How does management view the competitive landscape in Zhengzhou? - Management acknowledged the intense competition but expressed confidence in their differentiated superstore model and the ability to replicate success from Wuhan [32][35]

Financial Data and Key Metrics Changes - Retail transaction volume reached 10,385 units, up 154% year-over-year and 38% quarter-over-quarter, indicating strong growth [4][12] - Retail revenue totaled RMB 610 million, an increase of 87% year-over-year and 31% quarter-over-quarter [13] - Gross margin for the quarter was 5.2%, down 1.2 percentage points year-over-year and down 1.8 percentage points quarter-over-quarter, primarily due to price competition in the new car segment [15] - Adjusted EBITDA loss for the quarter was RMB 16.5 million, representing a 51% reduction year-over-year [16] Business Line Data and Key Metrics Changes - Wholesale transaction volume was 1,221 units, representing a 19% decrease year-over-year but a 70% increase quarter-over-quarter [14] - Total revenue combining retail and wholesale reached RMB 658 million, a 64% increase year-over-year and a 31% increase quarter-over-quarter [14] Market Data and Key Metrics Changes - The used car market in China has been affected by aggressive price competition in the new car segment, but recent policy guidelines have moderated this competition [9] - The Wuhan superstore has shown significant margin improvement after six months of operation, with expectations for continued strong growth in retail transaction volume [9] Company Strategy and Development Direction - The company is focused on expanding its superstore model, with the recent opening of the Zhengzhou superstore, which is expected to strengthen market presence in Henan Province [8] - The company is enhancing operational precision and digital management systems to adapt to market conditions and improve efficiency [7] - Future expansion plans include targeting cities among the top 20 in China by vehicle ownership, indicating a strategic approach to market selection [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to raise sufficient capital to support expansion plans, given the consistent year-over-year growth and early signs of recovery in capital markets [24] - For the third quarter, the company expects retail transaction volume to be between 13,500 and 14,000 units, representing over 130% year-over-year growth, with total revenue projected between RMB 830 million and RMB 860 million [17] Other Important Information - The company has built a standardized management and operating system in its superstores, which has facilitated rapid ramp-up and operational maturity [5] - The net promoter score was 65, maintaining the highest level in the industry for five consecutive quarters, reflecting strong customer satisfaction [4] Q&A Session Summary Question: How does the company balance short-term profitability pressures with expansion needs? - Management emphasized careful planning for each new superstore to mitigate short-term profitability pressures, focusing on standardization and efficiency improvements [22][23] Question: What measures were taken in Wuhan to achieve rapid ramp-up? - The success in Wuhan was attributed to refined digital management systems, standardized business processes, and experienced management, which accelerated production and sales execution [26][29] Question: How does management view the competitive landscape in Zhengzhou? - The competitive environment in Zhengzhou is intense, but the company believes its superstore model offers clear differentiation and is confident in replicating success from Wuhan [31][33]