Financial Performance - In Q2, the total transaction volume of the company reached 11,606 vehicles, representing a significant year-on-year increase of 107.1% and a quarter-on-quarter increase of 40.4% [2] - Retail transaction volume was 10,385 vehicles, showing a year-on-year growth of 153.9% and a quarter-on-quarter growth of 37.6%, marking five consecutive quarters of over 140% year-on-year growth [2] - The total revenue for Q2 was RMB 658 million, a year-on-year increase of 64.1% and a quarter-on-quarter increase of 30.6% [2] - Retail revenue reached RMB 608 million, with a year-on-year increase of 87.0% and a quarter-on-quarter increase of 30.5% [2] - The gross margin stood at 5.2%, indicating a steady improvement in overall operational quality [2] - Adjusted EBITDA loss narrowed to RMB 16.5 million, a reduction of over 50% year-on-year [2] Operational Highlights - Inventory turnover days were approximately 30 days, indicating efficient inventory management [2] - The customer net promoter score remained at 65, reflecting customer satisfaction [2] - The Wuhan warehouse market saw several-fold growth in sales after trial operation, while the Zhengzhou warehouse market commenced trial operations on September 27, covering 150,000 square meters with a capacity to display 5,000 vehicles [2] Strategic Expansion - The company's founder and CEO, Dai Kun, stated that the expansion of the warehouse model is progressing smoothly [3] - The performance of the Wuhan warehouse exceeded expectations, contributing to steady improvements in profitability and becoming a new growth engine [3] - As more city projects are launched, the company anticipates continued growth in sales and revenue, further solidifying its leading position in the Chinese used car market [3]

Core Viewpoint - Uxin Group reported significant growth in both sales and revenue for the second quarter ending June 30, 2025, showcasing the strong potential of its warehouse-style marketplace model [1][2] Financial Performance - Total transaction volume reached 11,606 vehicles, a year-on-year increase of 107.1% and a quarter-on-quarter increase of 40.4% [1] - Retail transaction volume was 10,385 vehicles, reflecting a year-on-year growth of 153.9% and a quarter-on-quarter growth of 37.6%, marking five consecutive quarters of over 140% year-on-year growth [1] - Total revenue for the second quarter was RMB 658 million, up 64.1% year-on-year and 30.6% quarter-on-quarter [1] - Retail revenue amounted to RMB 608 million, representing an 87.0% year-on-year increase and a 30.5% quarter-on-quarter increase [1] - Gross margin was 5.2%, down from 6.4% in the same period last year, but overall operational quality showed steady improvement [1] - Non-GAAP adjusted EBITDA loss narrowed to RMB 16.5 million, a reduction of over 50% year-on-year [1] Operational Highlights - Major marketplaces maintained stability with inventory turnover days around 30 days, and the Net Promoter Score (NPS) remained at 65, significantly leading the industry [2] - The Wuhan warehouse marketplace saw a multiple increase in sales post-trial operation, validating the replicability and growth potential of the "offline warehouse marketplace + online national purchase" model [2] Management Insights - The CFO indicated that despite the traditional off-season and new marketplace openings, the company achieved rapid growth in transaction volume and revenue, with significant narrowing of losses, demonstrating the resilience and profit potential of the business model [2] - The founder and CEO noted that the expansion of the warehouse model is progressing smoothly, with the Wuhan marketplace exceeding expectations and steadily improving profitability, becoming a new growth engine [2] - The company anticipates continued growth in sales and revenue as more city projects are launched, further solidifying its leading position in China's used car market [2]

Core Insights - The founder and CEO of Tiantian Paiche, Wang Weiwei, released a letter celebrating the company's 10th anniversary, highlighting the platform's achievements and future goals [1][3] - The used car industry is currently undergoing a deep adjustment period, characterized by increased complexity and competition [1][4] - Tiantian Paiche aims to establish itself as a trusted trading service brand, focusing on enhancing inspection capabilities and providing reliable services to both individual car owners and B-end partners [1][4] Company Achievements - Tiantian Paiche has facilitated the transaction of 1.5 million used cars and provided offline inspection services to over 10 million customers [1][3] - The company has maintained its commitment to creating a fair trading platform over the past decade [3][5] Future Goals - The next decade will focus on building a "reliable transaction" service brand, enhancing brand trust among individual car owners, and becoming the preferred platform for selling used cars in China [1][4] - The company aims to empower the used car industry towards standardized and high-quality development, targeting a breakthrough in its second decade [1][4]

Core Insights - The Chinese used car market is experiencing significant growth, driven by increasing consumer demand and supportive government policies [1][3] Group 1: Market Performance - In August, China's used car transaction volume reached 1.7074 million units, a year-on-year increase of 9.02% [1] - From January to August, the cumulative transaction volume of used cars was 12.9384 million units, an increase of 379,900 units compared to the same period in 2024 [1] - The annual used car transaction volume is expected to exceed 20 million units [1] Group 2: Policy Support - The Chinese government is implementing measures to promote used car transactions, including facilitating online transaction management and supporting third-party information platforms [1] - Specific initiatives include the electronic management of transaction contracts and vehicle records in Beijing, and financial incentives for qualifying used car enterprises in Shanxi [1] Group 3: New Energy Vehicles (NEVs) - The used NEV market is growing rapidly, with 142,800 units traded in July, marking a 59% year-on-year increase [3] - From January to July, 829,000 NEVs were traded, a 39.1% increase compared to the same period in 2024 [3] - NEVs now account for over 20% of transactions on platforms like Guazi [3] Group 4: Industry Challenges and Recommendations - The used NEV sector faces challenges in maintaining healthy and sustainable market growth amid price competition and declining technology costs [4] - Industry leaders emphasize the need for improved standards in inspection and evaluation processes to enhance service quality and support green transformation [3][4]

Core Insights - The second-hand car industry in China is facing significant challenges in the first half of 2025, with a rising loss ratio among dealers reaching 73.6% [3] - The average inventory cycle for second-hand cars has extended to 43 days, indicating increased operational pressure on dealers [3] - The average customer acquisition cost for second-hand car platforms has surged to 6200 yuan, while the average profit per transaction is only around 1500 yuan [3] Industry Overview - The second-hand car market saw a transaction volume of 9.57 million units in the first half of 2025, a year-on-year increase of 1.99%, with a total transaction value of 623.24 billion yuan [4] - The average transaction price for second-hand cars dropped from 61,180 yuan in 2024 to 53,673 yuan, reflecting a decline of 12.3% [4] - The overall transaction volume for second-hand cars in 2025 is projected to reach approximately 20.5 million units, with a year-on-year growth rate expected to be between 4% and 5% [4] Electric Vehicle Segment - In the first half of 2025, electric vehicles accounted for 36.7% of total vehicle sales in China, but only 5.3% of second-hand car transactions, indicating a significant gap compared to new car sales [4] - The low resale value of electric vehicles, with a three-year depreciation rate of only 43% compared to 62% for fuel vehicles, contributes to their underrepresentation in the second-hand market [5] - Despite the challenges, the transaction volume of second-hand electric vehicles grew by 35.5% year-on-year, totaling 687,000 units [5] Dealer Challenges - New car dealers are also experiencing severe losses, with 52.6% reporting operational losses in the first half of 2025, and only 29.9% achieving profitability [5]

2025.09. 28 本文字数：1430，阅读时长大约2分钟 作者 | 第一财经 武子晔 二手车商经营状况正面临着严峻的挑战，今年上半年逾七成二手车商亏损。 9月28日，根据中国汽车流通协会（下称"协会"）二手车事业部2025上半年进行的二手车企业营商环 境调研显示，上半年二手车经销商亏损比例上升至73.6%。 今年上半年，二手车市场交易量达到957.01万辆，同比增长1.99%，累计交易金额达6232.38亿 元。从协会监测数据来看，二手车交易规模有所增长，但均价却出现了下降，成交均价从2024年同 期的61180元降至53673元，跌幅达12.3%，呈现量升价降态势。 近两年来的新车价格战对二手车造成较大影响。自2022年下半年开始，燃油车和新能源车价格战此 起彼伏，多个品牌的产品售价大幅度下降，这导致部分车型甚至出现了新车的价格低于二手车的收购 价，二手车商盈利较难、出现亏损。 协会发布的报告显示，今年上半年，新车价格竞争持续激烈，严重影响二手车企业经营，同时也导致 零售购买量下降，满意度相对较低。二手车企业经营情况整体较为严峻，面临着诸多挑战。除了企业 亏损比例较高，还面临库存压力增大、获客成本高企 ...

Core Insights - The second-hand car market is facing significant challenges, with over 73.6% of dealers reporting losses in the first half of the year [2] - The total transaction volume for second-hand cars reached 9.57 million units, a year-on-year increase of 1.99%, while the cumulative transaction value was 623.24 billion yuan [2] - The average transaction price for second-hand cars decreased by 12.3%, from 61,180 yuan in the same period last year to 53,673 yuan [2] - The price war in the new car market has adversely affected the second-hand car sector, leading to some new cars being priced lower than their second-hand counterparts [2][3] - The average inventory cycle for second-hand cars has extended to 43 days, with 35.6% of dealers experiencing cycles longer than 30 days [3] - The average customer acquisition cost for second-hand car platforms has risen to 6,200 yuan, while the average profit per transaction is only around 1,500 yuan [3] - The market for second-hand electric vehicles (EVs) remains small, with only 5.3% of second-hand transactions involving EVs in the first half of the year [4] - The three-year depreciation rate for electric vehicles is significantly higher than that of fuel vehicles, with an average retention rate of only 43% compared to 62% for fuel vehicles [4] - Despite the challenges, the transaction volume for second-hand electric vehicles grew by 35.5% year-on-year, totaling 687,000 units in the first half of 2025 [4]

Core Insights - The event "Purchase in China 2025 Shandong Used Car Safe Consumption Season" aims to promote safe consumption and high-quality development in the Shandong used car industry [1][3] - The event serves as a platform for industry collaboration and is part of the government's initiative to stimulate market activity [3] Group 1: Event Overview - The opening ceremony took place at the Yuantong Used Car Trading Market on September 26 [1] - A series of events will be held, including a used car exhibition from October 1 to 8 and a procurement conference from October 10 to 12 [3] Group 2: Industry Impact - The event is a response to the Ministry of Commerce's "Purchase in China" initiative and aims to boost consumer confidence and market potential [3] - The gathering of industry leaders and government officials highlights a shared commitment to industry development and consumer promotion [3]

Core Insights - Uxin Group announced the trial operation of its second-hand car storage superstore in Zhengzhou, set to open on September 27, with a planned construction area of approximately 150,000 square meters and capacity to display around 5,000 vehicles [1] Company Developments - The Zhengzhou superstore is the fourth storage superstore following those in Xi'an, Hefei, and Wuhan, indicating that Uxin's offline superstore model is entering a phase of steady replication and expansion [1] - In July 2024, Uxin Group reached a strategic cooperation with Zhengzhou Airport Economic Comprehensive Experimental Zone Automotive Industry Investment Co., planning a total investment of 700 million yuan to jointly build a second-hand car storage factory store project and establish Uxin (Zhengzhou) Intelligent Remanufacturing Co., Ltd. [1] Market Context - Zhengzhou, as the capital of Henan Province and a transportation hub in Central China, has a permanent population of over 13 million and approximately 5 million vehicles, ranking among the top ten in the country for second-hand car market size [1] - The establishment of Uxin's second-hand car storage superstore is expected to provide consumers with more purchasing options and professional services, driving the upgrade of regional second-hand car consumption [1]

格隆汇9月25日｜二手车品牌CarMax盘前跌超8%。消息面上，公司二季度核心二手车业务销售额52.7亿 美元，低于市场预期的56.9亿美元；二季度每股收益0.64美元，低于市场预期的1.03美元。 ...