Uxin Limited Conference Summary Company Overview - Uxin Limited is a leading player in the Chinese used car market, aiming to become the world's largest and most trusted used car retailer [7][25] - The company operates both offline superstores and online sales, combining elements of CarMax and Carvana [11][14] Industry Insights - China has the world's largest total vehicle ownership with 315 million cars, but the used car market is underdeveloped compared to the U.S. [8] - The annual used car transaction in China is only 60% of new car sales, indicating significant growth potential of 4 to 5 times if it follows the U.S. trajectory [8] - The used car market in China has been growing at an annual rate of about 11% over the past decade [8] Market Structure - The used car market in China is highly fragmented, with 95% of transactions occurring through small dealers with limited inventory [9][26] - Uxin aims to transform this "bazaar market" into a more organized retail environment, similar to supermarkets and warehouse models [10] Business Model and Operations - Uxin's superstores can display up to 10,000 cars and have a reconditioning factory with a production capacity of 100,000 cars per year [11][12] - The company has a unique shopping experience designed to build customer trust, featuring clean and organized showrooms [16] - Uxin's sales turnover is significantly faster than traditional dealers, with new stores achieving a turnover of less than 30 days [19] Financial Performance - Uxin reported a year-over-year retail growth of 134% in 2024, with guidance for over 100% growth in 2025 [23] - The company achieved its first adjusted EBITDA in Q4 2024 and aims for break-even adjusted EBITDA in the current year [24] Expansion Plans - Uxin plans to open 4 to 10 new superstores annually, targeting 50 superstores by 2030 with an annual retail volume of 1.5 million units and projected sales revenue exceeding $15 billion [25] - The company has identified 100 to 200 cities in China suitable for expansion based on vehicle ownership and used car transaction volume [27] Competitive Advantage - Uxin's advantages include a superior shopping experience, advanced reconditioning technology, standardized operations, and the ability to leverage inventory financing [15][23] - The company is positioned uniquely in the market, with no major competitors in the large-scale used car retail space [25][26] Technology and Data Utilization - Uxin employs an AI-powered dynamic pricing system that improves as sales increase, providing a competitive edge in pricing accuracy [26][27] - The company emphasizes the importance of data in the used car business, as it allows for better pricing and operational efficiency [22][23] Conclusion - Uxin Limited is strategically positioned to capitalize on the growth potential of the Chinese used car market through innovative business practices, advanced technology, and a focus on customer experience [7][25]

Core Viewpoint - The Chinese used car market is poised to leverage its position as the largest new car consumer market to expand into global markets, particularly through long-distance used cars, which are increasingly seen as a viable option for international trade [2][3]. Group 1: Market Potential - In 2024, China's used car export volume has surpassed 400,000 units, covering over 160 countries and regions, indicating a significant opportunity for growth in the global market [2]. - Long-distance used cars are gaining traction due to their price competitiveness and suitability for emerging markets, which prioritize practical and cost-effective vehicles [3]. Group 2: Export Market Dynamics - The primary target markets for China's long-distance used cars are approximately 117 left-hand drive countries, mainly in Southeast Asia, the Middle East, Eastern Europe, Africa, and Latin America, with an annual import growth rate of around 6% from 2021 to 2024 [4]. - In Central Asia and Northern Asia, China's used cars have captured about half of the import market share, with an annual growth rate of 28% [4]. Group 3: Challenges in Exporting - The development of long-distance used cars faces challenges such as fragmented vehicle sources, high certification costs due to non-standard vehicle conditions, and inefficiencies in the distribution process [5][6]. - There is a significant gap in after-sales service for exported used cars, with complaints emerging regarding the lack of support for vehicles sold overseas [7][8]. Group 4: Strategic Initiatives - Companies like SAIC Volkswagen are exploring various models for used car business, including repurchase strategies to stabilize prices and enhance competitiveness in international markets [9]. - The industry anticipates that if domestic dealers and trade enterprises can effectively utilize specialized international trade strategies, the export share of long-distance used cars could rise from under 8% to 50% within the next decade, achieving an annual export target of 5 million units [10].

Core Viewpoint - The second-hand car market in China is experiencing growth, with significant potential for future development, particularly in the context of the rising popularity of electric vehicles [1][5]. Market Overview - In July 2025, the national second-hand car transaction volume reached 1.66 million units, a month-on-month increase of 0.2% and a year-on-year increase of 3% [1][5]. - From January to July 2025, the cumulative transaction volume was 11.23 million units, a year-on-year increase of 2%, while the transaction amount was 729.2 billion yuan, a slight decrease of 0.1% [1][5]. Industry Growth - The second-hand car market is recovering, with various local traffic management departments facilitating transactions and improving circulation [1][2]. - The market is still in a rapid growth phase compared to developed countries, indicating substantial future potential [1][5]. Transaction Structure - The transaction structure shows a growing preference for SUVs and MPVs, while the market for passenger cars is becoming more high-end [6][7]. - In July 2025, the proportion of cars aged 3-6 years accounted for 45% of transactions, indicating a trend towards newer second-hand vehicles [7][8]. Price Trends - The average transaction price of second-hand cars is trending towards mid-to-high-end models, with a notable increase in the proportion of cars priced between 80,000 to 150,000 yuan [13][17]. - The market for second-hand electric vehicles is also growing, with a significant increase in transaction volume and penetration rate [14][15]. Inventory and Turnover - The inventory pressure in the second-hand car market is gradually improving, with a notable decrease in the proportion of cars held for over 30 days [22]. - The turnover rate for second-hand cars has increased, reaching a historical high of 30.4% in Q3 2025 [19][20]. Future Outlook - The potential for growth in the second-hand car market remains strong, particularly with the ongoing development of electric vehicles and favorable government policies [1][18]. - The market is expected to continue evolving, with increasing consumer interest in newer, more efficient vehicles [24].

市场经营端反馈显示，38%的车商反映本周线下客流较上周期减少，近28%的经营主体出现成交量下 滑，主要集中于非限购城市及三四线市场。价格维度上，48%的企业维持终端价格稳定，41%的企业终 端售价有所下降，价格下行压力主要集中于3—5年车龄的中端车型。 展望后市，在政策红利持续释放、新车产品力迭代、消费信心逐步修复的三重驱动下，二手车市场有望 在中旬迎来拐点。预计随着中秋、国庆双节促销季启动，叠加地方车展密集举办，9月中下旬交易规模 将呈现阶梯式增长，市场正式进入传统旺季通道。 北京商报讯（记者 蔺雨葳）9月12日，中国汽车流通协会乘用车市场信息联席分会发布的数据显示， 2025年9月1日—7日，全国二手车日均交易量达6.67万辆，相比上周下降0.66%，周度交易呈现小幅回调 态势。市场在月初传统调整周期与政策过渡效应的双重影响下，整体交易规模略有波动。 9月作为汽车市场从暑期过渡至"金九银十"消费旺季的关键节点，市场特征呈现阶段性分化。尽管地方 置换补贴政策延续、新车上市潮持续为市场注入活力，但受暑期消费余温消退、部分消费者持币观 望"十一"促销等因素影响，月初市场活跃度较8月下旬有所回落。从车型结构看，家 ...

Core Insights - The average daily transaction volume of used cars in China decreased to 66,700 units from September 1 to 7, 2025, reflecting a 0.66% decline compared to the previous week, indicating a slight market adjustment [1] - September is a critical transition month for the automotive market, moving from summer to the peak consumption season, with mixed market characteristics observed [2] - The demand for family vehicles remains stable, while the trading pace for high-end luxury models has slowed down [2] Market Performance - The overall used car market showed a downward trend this week, with transaction volumes declining slightly compared to the previous week [4] - In the East China region, the average daily transaction volume was 23,500 units, down 1.85% week-on-week, with significant declines in cities like Jinhua (over 20% drop) and Nanchang (over 10% drop) [6] - The North China region maintained a stable trading atmosphere, with an average daily transaction volume of 2,400 units, although Beijing and Tianjin saw slight declines of 5.4% and 6.8% respectively [6] Regional Insights - The Northeast region's average daily transaction volume was 2,400 units, down 2.86%, with cities like Changchun and Jixi experiencing declines exceeding 10% [7] - The Southwest region saw a 5.44% increase in average daily transaction volume to 12,900 units, with Guiyang and Kunming showing notable growth [7] - The Central South region's average daily transaction volume was 24,400 units, down 2.15%, with Wuhan experiencing a significant decline of over 20% [8] - The Northwest region's average daily transaction volume was 1,100 units, down 6.74%, with cities like Xining and Bazhou facing declines exceeding 10% [8]

人民财讯9月12日电，中国汽车流通协会发布二手车周度快报。2025年9月1日至7日，全国二手车日均交 易量达6.67万辆，相比上周下降0.66%，周度交易呈现小幅回调态势。市场在月初传统调整周期与政策 过渡效应的双重影响下，整体交易规模略有波动。 ...

Core Insights - The second-hand car market in China shows a moderate upward trend in August 2025, with a total transaction volume of 1.7074 million units, reflecting a month-on-month increase of 2.80% and a year-on-year increase of 9.02% [1] - The total transaction amount for August reached 106.517 billion yuan, while the cumulative transaction volume from January to August was 12.9384 million units, marking a year-on-year growth of 3.03% [1] Market Performance - The second-hand car market is transitioning from a low season to a peak season, with the manager index for August at 43.1%, indicating a slight improvement in market conditions [5] - The demand for family cars is increasing due to the back-to-school season, particularly for SUVs and MPVs, which saw sales growth of 3.5% and 3.1% respectively [5] - Despite challenges from adverse weather and new car launches, the overall market remains stable, with a notable increase in transaction volume during the last week of August [5] Pricing Trends - Both acquisition and sales prices for second-hand cars have decreased month-on-month, with 41.2% of managers reporting lower acquisition prices and 33.3% reporting lower sales prices [6] - The average transaction price for second-hand cars fell to 62,400 yuan, down 1,400 yuan from the previous month [6] Inventory and Supply - The trading volume of vehicles over 10 years old increased by 4% year-on-year, reaching 220,000 units [7] - The average inventory period for car dealers extended to 46 days, indicating increased pressure on cash flow due to insufficient consumer demand [7] Segment Performance - In August, basic passenger cars sold 953,000 units, with SUVs and MPVs also showing growth, while commercial vehicles like trucks and buses performed well with year-on-year increases of 15.91% and 11.84% respectively [9][10] - From January to August, the cumulative transaction volume for passenger cars reached 10.1941 million units, with notable growth in MPVs and cross-type vehicles [11] Regional Insights - The North China region saw a slight decline in transaction volume, while other regions, particularly Central South and Southwest, experienced significant growth [15][16][17] - In August, the Central South region recorded a transaction volume of 460,800 units, up 4.33% month-on-month, with Henan province leading the growth [15] Transfer Rates - The transfer rate for second-hand cars in August was 30.85%, reflecting a month-on-month increase of 0.4 percentage points and a year-on-year increase of 1.8 percentage points [20]

Core Viewpoint - The Chinese used car export market is shifting from "zero kilometer" vehicles to "long kilometer" vehicles due to international policy changes and market demands, with a focus on sustainable and quality-driven growth in the industry [1][6][8]. Group 1: Market Trends - The export volume of used cars from China has surged from approximately 3,000 units in 2019 to 436,000 units in 2024 [1]. - "Zero kilometer" used cars, which are essentially new cars sold at a discount, have become a popular choice for dealers looking to boost sales and profits [1][3]. - However, the rise of "zero kilometer" exports has led to market disruptions, affecting the normal trade of new and used cars and raising concerns about the competitive image of Chinese automotive brands abroad [1][4]. Group 2: Regulatory Environment - The Ministry of Commerce announced that it will implement regulations and procedures for used car exports starting February 2024, aiming to ensure quality and safety for overseas consumers [2]. - The government is expected to continue guiding the used car export sector to promote healthy and orderly development [2]. Group 3: Industry Challenges - The competitive landscape for used cars in China is intensifying, with over 50% of new car dealers currently operating at a loss, leading them to collaborate with used car exporters to alleviate financial pressures [4]. - The "zero kilometer" export model has been criticized for creating a "grey" market where cars are hoarded and sold at inflated prices, further squeezing the margins of compliant dealers [4]. Group 4: Future Directions - The industry is moving towards "long kilometer" used cars, which are better suited to meet international market demands for quality and practicality [6][7]. - "Long kilometer" vehicles are characterized by their adaptability to international standards and are seen as the key to unlocking global market potential [6][7]. - Industry leaders believe that with a strategic approach, "long kilometer" used cars could dominate the export market, potentially capturing 50% of the global share within a decade, equating to 5 million units [8].

Core Viewpoint - The Chinese used car export market is shifting from "zero kilometer" vehicles to "long kilometer" vehicles to better meet international market demands and address emerging challenges in the industry [1][6]. Group 1: Market Trends - The export volume of used cars from China has surged from approximately 3,000 units in 2019 to 436,000 units in 2024 [1]. - "Zero kilometer" used cars, which are essentially new cars sold at a discount, have been a popular choice for exporters but are increasingly seen as a temporary solution [1][5]. - The Ministry of Commerce has initiated regulations for used car exports, aiming for a healthy and orderly development of the sector [2]. Group 2: Challenges in the Industry - The competitive pricing of new cars has negatively impacted the profitability of used car businesses, with over 50% of dealers currently operating at a loss [4]. - The "zero kilometer" used car exports have created market disruptions, affecting both new and used car export trades and leading to increased competition in overseas markets [4][6]. - Issues such as the lack of standardized vehicle conditions and high certification costs are significant barriers to the growth of the used car export market [6]. Group 3: Transition to Long Kilometer Used Cars - The industry is moving towards "long kilometer" used cars, which are better suited for international markets and meet the demand for quality and price [6]. - The transition requires addressing challenges such as sourcing vehicles, standardizing vehicle conditions, and improving logistics efficiency [6]. - Industry leaders believe that with proper strategies, "long kilometer" used cars could dominate the export market, potentially capturing 50% of the global share within a decade, equating to 5 million units [7].

故意隐瞒"退一赔三" 近日，北京市第二中级人民法院审结了一起典型的"泡水车"买卖纠纷案例。据了解，2024年，家住天津 市的李某通过某二手车交易平台与某二手车商协商购买了一辆新能源汽车，支付购车款12万元，完成过 户登记。没多久，李某就发现车辆存在泡水嫌疑，找二手车商协商，要求退车退款未果。经委托机动车 鉴定评估公司确认该车为"泡水车"后，李某将商家起诉至法院，请求撤销机动车买卖合同，并要求该二 手车商退一赔三。 "该案的争议焦点是，二手车商在向李某出售车辆时，是否存在隐瞒车辆泡水情况的行为。"北京市第二 中级人民法院民四庭法官张翼说，诉讼中，二手车商主张已在二手车交易平台列明车辆存在泡水记录。 二手车市场持续升温。中国汽车流通协会的数据显示，2025年6月，全国二手车市场交易量165.75万 辆，环比增长3.34%，同比增长9.12%，交易金额为1068.39亿元。 然而，实践中，有不法商家将"泡水车"伪装成正常二手车售卖。"泡水车"指被水浸泡过的机动车，通常 其发动机、变速箱等核心部件浸水深度超过车轮及座椅。由于车身底部部件与水长时间接触，导致车辆 存在安全隐患。 这类车辆流入市场，不仅给二手车市场带来隐 ...