Core Insights - The second-hand car market in China is experiencing significant growth, with a transaction volume of 1.6575 million units in June 2025, reflecting a month-on-month increase of 3% and a year-on-year increase of 9% [1] - The total transaction value for second-hand cars in June 2025 reached 106.8 billion yuan, marking a year-on-year increase of 9.2% [1] - For the first half of 2025, the cumulative transaction volume of second-hand cars was 9.57 million units, showing a year-on-year increase of 2%, while the transaction value was 623.2 billion yuan, slightly down by 0.3% [1] Market Dynamics - The Chinese second-hand car market is still developing compared to advanced countries, indicating a low transaction ratio [1] - The market for second-hand cars is in a rapid growth phase, with significant potential for future development, particularly due to the rise of new energy vehicles [1] - Government policies promoting vehicle scrappage and replacement are boosting the second-hand car business for automotive dealer groups, leading to robust growth in this sector [1] Future Outlook - The implementation of the vehicle trade-in policy is expected to exceed initial targets, with some regions achieving their subsidy goals ahead of schedule [1] - The second-hand car market is anticipated to experience strong growth in 2025, driven by the trade-in program [1]

Core Insights - The used car market in China is showing signs of stabilization and positive growth, with transaction volume increasing nearly 10% compared to the same period last year [2] - The stable new car market has positively influenced consumer expectations for used car prices, leading to a more rational approach to purchasing [2] - The release of pent-up demand during the May holiday contributed to a significant increase in market activity in June [2] Used Car Market Performance - In June 2025, the total transaction volume for used cars reached 1.6575 million units, representing a month-on-month increase of 3.34% [3] - The breakdown of transactions includes basic passenger cars at 922,700 units (up 2.22% month-on-month, 5.80% year-on-year), SUVs at 216,200 units (up 3.20% month-on-month, 4.96% year-on-year), and MPVs at 109,700 units (up 5.19% month-on-month, 15.27% year-on-year) [3] Commercial Vehicle Trends - In June, the transaction volume for commercial vehicles included 95,700 buses (up 4.64% month-on-month, 12.69% year-on-year) and 146,500 trucks (up 4.67% month-on-month, 17.17% year-on-year) [4] Market Segmentation - The MPV and crossover passenger vehicle segments performed well in the first half of the year, while traditional sedan demand has decreased compared to the same period last year [5] - The majority of used car transactions (45.3%) involved vehicles aged 3-6 years, with a slight decrease in older models [5] Price Distribution - In June, the average transaction price for used cars was 64,500 yuan, showing a slight increase from May and the same month last year [8] - The largest market share was for vehicles priced below 30,000 yuan, accounting for 31.2% of transactions, although this segment saw a decrease of 1.2 percentage points [6] New Energy Vehicle (NEV) Market - In June 2025, the transaction volume for used NEVs reached 141,100 units, marking a 16.7% increase month-on-month and a 64% increase year-on-year [10] - For the first half of 2025, a total of 686,500 used NEVs were sold, reflecting a 35.5% increase compared to the same period in 2024 [11] Regional Performance - The used car transaction volume showed a recovery trend across most regions in June, with only the Southwest region experiencing a decline [7] - The transfer rate of used cars was 29.52%, with a total of 489,200 units transferred, indicating a year-on-year increase of 13.32% [16]

Core Insights - Aramis Group demonstrated resilience in a challenging market, achieving revenue growth despite a declining overall market environment [1][5][19] Revenue and Volume Overview - Total revenues for Q3 2025 reached €591.2 million, reflecting an organic growth of +3.1% compared to Q3 2024 [5][6] - B2C volumes increased by 2.0% year-on-year, with total B2C volumes at 29,373 units [3][5] - Refurbished cars revenue decreased by -2.9% to €378.5 million, with 22,197 units delivered, down -1.7% [4][9] - Pre-registered cars segment saw significant growth, with revenue of €144.6 million, up +22.3%, and 7,176 units delivered, up +15.1% [6][9] Geographic Performance - France experienced a revenue increase of +10.8% to €264.0 million, despite a market decline of -5% [7][12] - Belgium's revenue grew by +12.2% to €78.1 million, driven by both refurbished and pre-registered vehicle sales [7][15] - Spain's revenue declined by -14.1% to €71.2 million, impacted by previous floods affecting operations [7][16] - The UK saw revenue growth of +6.3% to €125.8 million, with a focus on improving unit profitability [7][14] - Austria and Italy faced revenue declines of -20.2% and -11.3%, respectively, due to various operational challenges [7][17][18] Segment Analysis - B2C segment accounted for 88% of revenues, totaling €523.1 million, up +3.0% year-on-year [8] - B2B segment revenue reached €36.5 million, up +2.2%, driven by vehicle buybacks [10] - Service revenue increased by +5.9% to €31.6 million, supported by B2C volume growth and financing solutions [11] Strategic Outlook - The company adjusted its 2025 targets, now expecting "mid-single digit" organic growth in refurbished vehicle volumes and adjusted EBITDA close to €65 million [5][22] - Aramis Group remains focused on sustainable and profitable growth, despite anticipated lower growth in the second half of 2025 [19] Acquisition and Governance Changes - Aramis Group announced the acquisition of the remaining 40% stake in Motordepot Ltd for £30 million, expected to complete by January 2026 [20][21] - Governance changes occurred with the resignation of Philippe de Rovira from the Board, with no impact on the Group's strategy [23]

Market Overview - In April 2025, the national used car market saw a transaction volume of 1.7013 million units, a month-on-month decrease of 3.05% and a year-on-year increase of 1.33%, with a transaction value of 110.221 billion yuan [3] - From January to April 2025, the cumulative transaction volume reached 6.3086 million units, a year-on-year increase of 0.47%, with a total transaction value of 413.437 billion yuan [3] Weekly Analysis - From May 19 to 25, 2025, the average daily transaction volume of used cars was 64,800 units, showing a month-on-month decline of 1.56% and a year-on-year decrease of 1.6% compared to April [6] - The total transaction volume from May 1 to 25 was 1.2036 million units, down 8.0% from the same period in April [6] Segment Market Changes - In April 2025, the transaction volume for basic passenger cars was 959,700 units, down 4.32% month-on-month and down 1.63% year-on-year; SUVs sold 225,500 units, down 3.24% month-on-month but up 0.94% year-on-year; MPVs sold 110,700 units, down 2.52% month-on-month but up 5.45% year-on-year [8] - Commercial vehicles saw 93,700 passenger cars sold, down 4.96% month-on-month and down 0.22% year-on-year; while 147,600 cargo vehicles sold, up 2.53% month-on-month and up 7.41% year-on-year [8] Vehicle Age Analysis - In April 2025, vehicles aged 3-6 years accounted for 43.81% of transactions, down 1.89% month-on-month and down 0.17% year-on-year; vehicles under 3 years accounted for 26.96%, down 0.63% month-on-month but up 1.97% year-on-year [17] - The share of vehicles over 10 years old increased to 11.58%, up 0.88% month-on-month and up 0.46% year-on-year [17] Price Range Analysis - In April 2025, the largest share of used car transactions was for vehicles priced below 30,000 yuan, accounting for 32.8%, up 0.4 percentage points month-on-month; vehicles priced between 30,000 and 50,000 yuan accounted for 27%, up 0.3 percentage points [23] - The share of mid to high-priced vehicles showed a downward trend, indicating a shift towards lower-priced vehicles [23] Regional Performance - In April 2025, the used car transaction volume showed a slight decline nationwide, with only the Southwest and Northwest regions experiencing growth; the East China, Central South, North China, and Northeast regions all saw varying degrees of decline [24] - East China recorded a transaction volume of 483,800 units, down 5.31% month-on-month, while Central South saw 466,000 units, down 2.4% month-on-month [24] New Energy Vehicle Market - In April 2025, the national transaction volume of used new energy vehicles reached 117,800 units, a month-on-month increase of 0.6% and a year-on-year increase of 32.3% [29] - From January to April 2025, the cumulative transaction volume of new energy vehicles was 424,400 units, up 32.3% compared to the same period in 2024 [29] Transfer Rate Analysis - In April 2025, the transfer rate of used cars was 30.05%, up 0.54% month-on-month and up 1.13% year-on-year, with a total transfer volume of 511,300 units, down 1.28% month-on-month but up 5.28% year-on-year [42] - The top five provinces for transfer rates were Beijing, Zhejiang, Guangdong, Hebei, and Shanghai, with Beijing leading at 35.94% [49]

Core Insights - Aramis Group reported strong financial performance in the first half of 2025, achieving double-digit revenue growth and a doubling of adjusted EBITDA, confirming its annual targets for the fiscal year [2][5][36] Financial Performance - Total revenues reached €1,213.3 million, reflecting an organic growth of +10.5% compared to the first half of 2024 [5][6] - Adjusted EBITDA increased to €32.8 million, up +102.7% from €16.2 million in the same period last year [5][21] - Net income for the first half of 2025 was €6.4 million, a significant recovery from a loss of €13.3 million in the first half of 2024 [20][41] Sales and Volumes - The company sold nearly 61,000 vehicles to private customers, marking a +10.2% increase in total B2C volumes compared to the first half of 2024 [2][4] - Refurbished car sales accounted for €806.5 million, up +10.3%, while pre-registered car sales reached €271.9 million, up +16.5% [6][10] Customer Satisfaction - Customer satisfaction remains high, with a Net Promoter Score (NPS) of 72, among the best in the industry, supported by an employee NPS of 55 [5][11] Market Position - Aramis Group continues to outperform the used car market, gaining market share in the segment of vehicles under 8 years old by 12 points [11][12] - The company has made significant progress in its strategic plan, including the unification of brand platforms across all geographies [2][5] Cash Flow and Debt Management - Cash generation for the first half of 2025 was €23.7 million, aided by improved operating working capital, which decreased to 24 days from 27 days year-over-year [5][25] - Net debt was reduced to €47.4 million from €61.0 million at the end of September 2024 [5][27] Geographic Performance - Revenue growth varied by country, with Belgium showing a notable increase of +18.9% and the United Kingdom at +19.0%, while Austria experienced a decline of -5.2% [7][15][16]

Core Insights - Aramis Group is unifying its brand identity across Europe, reflecting its evolution from a French player to a European leader in the refurbished used car market [2][6] - The new brand identity aims to simplify and strengthen the Group's message, ensuring all brands share a common visual identity and promise [3][4] - The transformation will optimize marketing investments and maximize impact on a European scale [4] Sustainability Commitment - Aramis Group reaffirms its commitment to sustainable mobility by promoting refurbished used vehicles, supporting ecological transition, and reducing the carbon footprint of the automotive sector [5] - The approach aligns with a circular economy model, focusing on reducing waste and optimizing resource use [5] Company Overview - Aramis Group is the European leader in B2C online used car sales, operating in six countries with annual revenues exceeding €2 billion [7] - The Group sells over 110,000 vehicles B2C annually and attracts nearly 70 million visitors to its digital platforms each year [7] - Founded in 2001, Aramis Group employs more than 2,400 people and has eight industrial-scale refurbishing centers across Europe [7]

Financial Data and Key Metrics Changes - In Q4 2024, retail transaction volume reached 8,554 units, representing a 42% increase quarter over quarter and a 178% increase year over year, significantly outperforming the overall China used car market which recorded a year over year growth rate of approximately 10% [17][18] - Total retail revenue for Q4 was RMB 553 million, up 25% sequentially and 73% year over year [18] - Gross margin improved from 4.8% in Q4 2023 to 7% in Q4 2024, marking a 2.2 percentage point increase [20] - Full year 2024 retail transaction volume totaled 21,773 units, representing a 134% year over year growth, while total revenue reached RMB 1.814 billion, an increase of 30% year over year [21] Business Line Data and Key Metrics Changes - The retail transaction volume rose from approximately 3,100 units in Q1 to 8,500 units in Q4 2024, achieving over 30% quarter over quarter growth for three consecutive quarters [8] - On the wholesale side, 885 units were sold in Q4, representing a 15% sequential decline and a 31% year over year decline [19] Market Data and Key Metrics Changes - China's used car annual transaction volume reached 19,600,000 units in 2024, up 6.5% year over year, outpacing the 4.5% growth rate of the new car market [7] - The used car sector in China is expected to maintain strong growth momentum over the next five to ten years, driven by increasing vehicle ownership and evolving market dynamics [15] Company Strategy and Development Direction - The company plans to open 2 to 4 new superstores in key regional markets in 2025 while strengthening its integrated online-offline retail ecosystem [13] - The focus will be on unlocking additional capacity at existing superstores and increasing market share in their respective cities [13] - The company aims to achieve over 100% growth in retail transaction volume and deliver its first full year positive adjusted EBITDA in 2025 [14] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the outlook for China's used car market in 2025, despite potential impacts from trade tensions with the U.S. [40][41] - The Chinese government has introduced measures to stimulate domestic demand, which are expected to support the used car market [41] - The company expects to maintain over 100% growth in retail sales volume in the coming year, regardless of external market fluctuations [42] Other Important Information - The company completed a $27.8 million financing agreement in March 2025, significantly strengthening its cash position [22] - The auditor removed substantial doubt regarding the company's ability to continue as a going concern, indicating improved financial stability [22] Q&A Session Summary Question: Update on current cash position and future business development - The company prioritized capital allocation to expanding inventory levels, resulting in a low cash balance, but recent financing has improved the cash position significantly [28][30] Question: Views on current stock performance - The increase in share price reflects growing investor interest in China's used car industry and confidence in the company's future growth prospects [33][35] Question: Outlook for China's used car market amid trade tensions - Management believes there will be minimal direct impact on the used car market from trade tensions, and they remain optimistic about the market outlook in 2025 [40][41]

Core Insights - The used-car market in China showed resilience in 2024, with annual transaction volume reaching 19.6 million units, a 6.5% increase year-over-year, surpassing the new car market's growth of 4.5% [2] - Uxin Limited experienced significant growth in its used-car retail business, with retail transaction volume increasing over 130% year-over-year, reaching nearly 22,000 units in 2024 [4] - The company achieved positive adjusted EBITDA for the first time in Q4 2024, with gross margin improving from 4.8% in Q4 2023 to 7.0% in Q4 2024, indicating a strengthening financial position [8] Company Performance - Uxin's retail transaction volume grew from approximately 3,100 units in Q1 to 8,500 units in Q4 2024, demonstrating over 30% quarter-over-quarter growth for three consecutive quarters [4] - The company scaled its inventory levels significantly, ending 2024 with stock approximately three times higher than at the beginning of the year, while maintaining an efficient inventory turnover cycle of about 30 days [5] - Uxin's Net Promoter Score improved to 65 in Q4 2024, up from an average of 60 in the previous year, reflecting enhanced brand equity and customer loyalty [6] Strategic Initiatives - Uxin plans to unlock additional capacity at existing superstores, which are currently operating at less than 50% of their full capacity, to increase market share [10] - The company aims to open 2 to 4 new superstores in key regional markets, with partnerships established in Wuhan and Zhengzhou, both cities having populations exceeding 12 million [12] - For 2025, Uxin targets over 100% growth in retail transaction volume and aims to deliver its first full-year positive adjusted EBITDA [13] Industry Outlook - China's car ownership has surpassed 350 million vehicles, with the used-car sector expected to maintain strong growth momentum over the next 5 to 10 years, evolving towards brand-oriented and standardized development [14] - Uxin is positioned as a leader in this transformation, leveraging modernized retail experiences and data-driven operating models to set new benchmarks in the used-car industry [15]

Market Overview - In February 2025, the national used car market saw a transaction volume of 1.3912 million units, a month-on-month decrease of 4.79% but a year-on-year increase of 15.78%, with a transaction value of 89.858 billion yuan [3] - From January to February 2025, the cumulative transaction volume was 2.8525 million units, a year-on-year decrease of 1.3%, with a cumulative transaction value of 186.221 billion yuan [3][12] Segment Analysis - In February 2025, the transaction volume for basic passenger cars was 804,700 units, down 4.12% month-on-month but up 13.99% year-on-year; SUVs sold 185,900 units, down 5.77% month-on-month but up 13.98% year-on-year; MPVs sold 91,100 units, down 4.87% month-on-month but up 20.84% year-on-year [8] - The average transaction price of used cars in February 2025 was 64,600 yuan, a decrease of 1400 yuan from January and a decrease of 500 yuan from the same period last year [26] Price Range Analysis - In February 2025, the largest market share was for vehicles priced below 30,000 yuan, accounting for 33%, with a month-on-month increase of 2.1 percentage points; vehicles priced between 30,000 and 50,000 yuan accounted for 27.1%, with a month-on-month increase of 1.7 percentage points [23] Regional Analysis - In February 2025, the transaction volume in the North China and Northeast regions increased month-on-month, while other regions saw declines, with the Central South and Southwest regions experiencing the largest decreases [24] New Energy Vehicle Market - In February 2025, the national transaction volume of used new energy vehicles was 98,600 units, an increase of 8.6% month-on-month and 52.4% year-on-year; from January to February 2025, the cumulative transaction volume was 189,400 units, a year-on-year increase of 22.9% [30] Vehicle Age Analysis - In February 2025, vehicles aged 3-6 years accounted for the largest share of transactions at 47.96%, a month-on-month decrease of 2.78% but a year-on-year increase of 0.64% [17] Dealer Insights - In February 2025, the top five provinces by transfer rate were Beijing, Zhejiang, Hebei, Guangdong, and Shanghai, with Beijing's transfer rate at 36.3%, a month-on-month decrease of 0.9% [49]