Core Insights - The opening of the Yousheng Used Car Warehouse in Wuhan marks a significant milestone, with the delivery of the 7000th vehicle since its trial operation began in February [1][9][20] - The warehouse, covering approximately 140,000 square meters, is the largest single used car market in Central China, capable of showcasing 5,000 vehicles simultaneously [7][20] - The monthly sales growth rate of the warehouse has reached 20% to 30%, with an average inventory of nearly 2,000 vehicles across over 80 brands and 400 models [9][20] Company Overview - Yousheng Group's founder and CEO, Dai Kun, emphasized the innovative "offline warehouse + online national purchase" model, with 40% of vehicles sold online to customers nationwide [20] - The company has launched a "Transparent Used Car" initiative, ensuring all vehicles undergo 315 professional inspections and come with a complete report, along with a ten-year return policy for certain vehicle types [25][28] - Yousheng plans to expand its service network, aiming to establish 100 similar-sized warehouses and 1,000 service centers across the country, enhancing after-sales service within a 5-kilometer radius [29] Market Position - The Wuhan warehouse is positioned as a key player in the automotive industry, addressing the need for improved used car circulation and after-sales services in a major automotive hub [29] - The facility is expected to play a crucial role in upgrading automotive consumption and enhancing the regional industrial chain [29]

Group 1: Market Movements - Wanda Hotel Development (00169) saw a significant increase, rising over 20% during trading, attributed to an agreement with Sony's CPE for a 49% stake in Vampire Squid Productions, which operates the "Octonauts" IP [1] - Cat's Eye Entertainment (01896) rose over 5.3% following the announcement of the film "Demon Slayer: Infinity Castle Chapter One" set to release on November 14, with over 142,000 new views recorded on the platform [1] - Baidu Group-SW (09888) increased by 6.6% after its subsidiary reported over 250,000 orders completed by fully autonomous vehicles, marking a significant step in the commercialization of autonomous driving [1] - Semiconductor stocks experienced gains, with Huahong Semiconductor (01347) up 2.14%, Shanghai Fudan (01385) nearly 1%, and SMIC (00981) up 1.37%, driven by a continued demand for memory chips and price increases planned by several manufacturers [1] Group 2: Gold and Oil Stocks - Gold stocks continued to decline, with Lingbao Gold (03330) down 4.46% and China Gold International (02099) down 2.41%, as spot gold prices fell below $3,980 per ounce, a drop of over 9% from the high on October 20 [2] - Oil stocks rose, with PetroChina (00857) up 3.14% and Sinopec (00386) up 1.66%, following OPEC+'s announcement to pause production increases in Q1 2024, leading Morgan Stanley to raise its short-term oil price forecast [3] Group 3: Automotive and Technology Developments - Li Auto-W (02015) fell 3.3%, with a reported 38% year-on-year decline in new car deliveries for October, alongside a recall announcement for the MEGA 2024 model due to coolant issues [3] - Hesai Technology (02525) rose over 2% after announcing a strategic partnership with Guanghetong to develop a multi-modal perception and control solution based on lidar technology [3] Group 4: US Market Highlights - Atour (ATAT.US) increased by over 5.8%, supported by China's 14th Five-Year Plan aimed at boosting consumption [5] - NIO (NIO.US) rose over 2.3% with a 92.6% year-on-year increase in new car deliveries for October [5] - Micron Technology (MU.US) gained over 4.8% as Samsung paused DDR5 DRAM contract quotes, impacting the supply chain [5] - Nokia (NOK.US) rose over 3.4% following a $1 billion investment from Nvidia to accelerate AI-RAN innovations [6]

Core Insights - Uxin Group has signed a strategic cooperation agreement with Guangzhou Development Zone to establish a modern automotive industry complex focused on used car retailing and intelligent remanufacturing, with a total planned investment of 1 billion yuan [1][3] - The project aims to create a comprehensive used car warehouse factory store in Guangzhou, expected to have an inventory scale exceeding 3,000 vehicles, covering the entire value chain from acquisition to after-sales service [1][3] Company Developments - Uxin has previously launched similar warehouse factory stores in cities such as Xi'an, Hefei, Wuhan, and Zhengzhou, adopting a model that combines offline warehouse superstores with online national purchasing [3] - The launch of the Guangzhou project is anticipated to enhance regional automotive consumption, improve the efficiency and quality of used car circulation, and promote collaborative development across the automotive industry chain [3] Industry Context - Guangzhou Development Zone, established in 1984, is one of the first national economic and technological development zones and a key area for innovation in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - During the 14th Five-Year Plan period, the development zone focuses on cultivating eight pillar industries, including automotive manufacturing and green energy, aiming to build a trillion-level industrial stronghold [3]

Core Viewpoint - Uxin (UXIN.US) experienced a significant increase of over 17%, closing at $2.93, following the announcement of a strategic cooperation agreement with Guangzhou Development Zone [1] Investment and Project Details - Uxin announced a total planned investment of 1 billion yuan (approximately $140 million) for the construction of a warehouse-style factory store project for used cars in Guangzhou [1] - The project aims to create a modern automotive industry complex that integrates intelligent remanufacturing and one-stop retail services, with an expected inventory scale exceeding 3,000 vehicles [1] Business Model and Services - The Guangzhou warehouse factory store project will include an intelligent remanufacturing factory and a one-stop warehouse marketplace, covering the entire chain of used car services [1] - Services will encompass vehicle maintenance, preparation, storage, display, transaction, transfer, and after-sales service, forming a complete closed loop from vehicle acquisition to sales delivery [1]

Core Insights - Uxin (UXIN.US) experienced a significant increase of over 17%, reaching $2.93 per share following the announcement of a strategic partnership with the Guangzhou Development Zone [1] Company Developments - Uxin signed a strategic cooperation agreement with the Guangzhou Development Zone on October 31, aiming to jointly develop a warehouse-style factory store project for used cars [1] - The total planned investment for this project is 1 billion yuan, which will create a modern automotive industry complex that integrates intelligent remanufacturing and one-stop retail services [1] - The project is expected to have an inventory scale exceeding 3,000 vehicles [1] Industry Impact - The warehouse factory store project will include an intelligent remanufacturing factory and a one-stop warehouse marketplace, covering the entire value chain of used car services, including maintenance, preparation, storage, display, transaction, transfer, and after-sales services [1] - This initiative aims to create a complete closed-loop from vehicle acquisition to sales delivery, enhancing the efficiency, transparency, and quality of the car purchasing experience for consumers [1]

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]

Exhibit 99.1 UXIN LIMITED INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2025 | F-2 | | --- | --- | | Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the six months ended June 30, 2024 and 2025 | F-5 | | Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Deficit for the six months ended June 30, 2024 and 2025 | F-7 | | Unaudited Interim Condensed Consolidated ...