Uxin Reports Unaudited Financial Results for the Quarter and Full Year Ended December 31, 2024
Uxin, China's leading used car retailer, reported strong growth in Q4 and full year 2024. The company achieved retail transaction volume of 8,554 units in Q4 2024, up 177.6% year-over-year, while full-year retail volume reached 21,773 units, a 133.8% increase from 2023.
Key financial highlights include Q4 2024 total revenues of RMB596.8 million ($81.8 million), up 45.4% year-over-year. The company achieved positive adjusted EBITDA for the first time in Q4 2024, reaching RMB2.0 million. Gross margin improved to 7.0% in Q4 2024 from 4.8% in the same period last year.
Looking ahead to 2025, Uxin plans to:
- Increase capacity at existing Xi'an and Hefei superstores
- Open 2-4 new superstores in key markets
- Target over 100% growth in retail transaction volume
- Achieve first full-year positive adjusted EBITDA
Uxin, principale rivenditore cinese di auto usate, ha registrato una forte crescita nel quarto trimestre e nell'intero anno 2024. L'azienda ha raggiunto un volume di transazioni al dettaglio di 8.554 unità nel Q4 2024, con un aumento del 177,6% rispetto allo stesso periodo dell'anno precedente, mentre il volume annuale ha raggiunto 21.773 unità, con un incremento del 133,8% rispetto al 2023.
I principali dati finanziari evidenziano ricavi totali nel Q4 2024 pari a 596,8 milioni di RMB (81,8 milioni di dollari), in crescita del 45,4% anno su anno. Per la prima volta nel Q4 2024, l'azienda ha ottenuto un EBITDA rettificato positivo, pari a 2,0 milioni di RMB. Il margine lordo è migliorato al 7,0% nel Q4 2024 rispetto al 4,8% dello stesso periodo dell'anno precedente.
Guardando al 2025, Uxin prevede di:
- Incrementare la capacità nei superstore esistenti di Xi'an e Hefei
- Aprire da 2 a 4 nuovi superstore nei mercati chiave
- Puntare a una crescita superiore al 100% nel volume delle transazioni al dettaglio
- Raggiungere il primo EBITDA rettificato positivo per l'intero anno
Uxin, el principal minorista de autos usados en China, reportó un fuerte crecimiento en el cuarto trimestre y en todo el año 2024. La compañía alcanzó un volumen de transacciones minoristas de 8,554 unidades en el Q4 de 2024, un aumento del 177.6% interanual, mientras que el volumen minorista anual llegó a 21,773 unidades, un incremento del 133.8% respecto a 2023.
Los principales datos financieros incluyen ingresos totales en el Q4 2024 de RMB 596.8 millones (81.8 millones de dólares), un aumento del 45.4% interanual. La empresa logró un EBITDA ajustado positivo por primera vez en el Q4 2024, alcanzando RMB 2.0 millones. El margen bruto mejoró al 7.0% en el Q4 2024 desde el 4.8% en el mismo período del año anterior.
De cara a 2025, Uxin planea:
- Aumentar la capacidad en las tiendas principales existentes de Xi'an y Hefei
- Abrir de 2 a 4 nuevas tiendas principales en mercados clave
- Apuntar a un crecimiento superior al 100% en el volumen de transacciones minoristas
- Lograr el primer EBITDA ajustado positivo en todo el año
Uxin, 중국의 선도 중고차 소매업체는 2024년 4분기와 연간 실적에서 강력한 성장을 보고했습니다. 회사는 2024년 4분기에 소매 거래량 8,554대를 기록하며 전년 대비 177.6% 증가했으며, 연간 소매 거래량은 21,773대로 2023년 대비 133.8% 증가했습니다.
주요 재무 하이라이트로는 2024년 4분기 총 매출이 5억 9,680만 위안(8,180만 달러)으로 전년 대비 45.4% 증가했습니다. 회사는 2024년 4분기에 처음으로 조정 EBITDA 흑자를 기록하여 200만 위안에 달했습니다. 4분기 총이익률은 작년 같은 기간 4.8%에서 7.0%로 개선되었습니다.
2025년을 내다보며, Uxin은 다음과 같은 계획을 세웠습니다:
- 기존 시안(Xi'an) 및 허페이(Hefei) 슈퍼스토어의 수용 능력 확대
- 주요 시장에 2~4개의 신규 슈퍼스토어 개설
- 소매 거래량 100% 이상 성장 목표
- 첫 연간 조정 EBITDA 흑자 달성
Uxin, principal détaillant chinois de voitures d'occasion, a enregistré une forte croissance au quatrième trimestre et sur l'ensemble de l'année 2024. La société a réalisé un volume de transactions au détail de 8 554 unités au quatrième trimestre 2024, en hausse de 177,6 % d'une année sur l'autre, tandis que le volume annuel au détail a atteint 21 773 unités, soit une augmentation de 133,8 % par rapport à 2023.
Les principaux faits financiers incluent un chiffre d'affaires total de 596,8 millions de RMB (81,8 millions de dollars) au quatrième trimestre 2024, en hausse de 45,4 % d'une année sur l'autre. La société a atteint pour la première fois un EBITDA ajusté positif au quatrième trimestre 2024, atteignant 2,0 millions de RMB. La marge brute s'est améliorée à 7,0 % au quatrième trimestre 2024 contre 4,8 % au même trimestre de l'année précédente.
Pour 2025, Uxin prévoit de :
- Augmenter la capacité des superstores existants de Xi'an et Hefei
- Ouvrir 2 à 4 nouveaux superstores sur les marchés clés
- Viser une croissance de plus de 100 % du volume des transactions au détail
- Atteindre le premier EBITDA ajusté positif sur l'année entière
Uxin, Chinas führender Gebrauchtwagenhändler, meldete ein starkes Wachstum im vierten Quartal und im gesamten Jahr 2024. Das Unternehmen erzielte im Q4 2024 ein Einzelhandels-Transaktionsvolumen von 8.554 Einheiten, was einem Anstieg von 177,6 % im Jahresvergleich entspricht, während das Jahresvolumen 21.773 Einheiten erreichte, ein Anstieg von 133,8 % gegenüber 2023.
Zu den wichtigsten finanziellen Highlights gehören im Q4 2024 Gesamterlöse von 596,8 Millionen RMB (81,8 Millionen US-Dollar), ein Anstieg von 45,4 % im Jahresvergleich. Das Unternehmen erzielte im Q4 2024 erstmals ein positives bereinigtes EBITDA in Höhe von 2,0 Millionen RMB. Die Bruttomarge verbesserte sich im Q4 2024 auf 7,0 % gegenüber 4,8 % im gleichen Zeitraum des Vorjahres.
Für 2025 plant Uxin:
- Erhöhung der Kapazitäten in den bestehenden Superstores in Xi'an und Hefei
- Eröffnung von 2 bis 4 neuen Superstores in wichtigen Märkten
- Über 100 % Wachstum im Einzelhandels-Transaktionsvolumen anstreben
- Erreichung des ersten positiven bereinigten EBITDA für das Gesamtjahr
- Retail transaction volume grew 133.8% YoY to 21,773 units in 2024
- First-time positive adjusted EBITDA achieved in Q4 2024
- Gross margin improved to 7.0% in Q4 2024 from 4.8% YoY
- Q4 2024 revenues increased 45.4% YoY to RMB596.8M
- Inventory turnover maintained efficient 30-day cycle despite 3x inventory growth
- Net Promoter Score improved to 65 in Q4 from average of 60 in prior year
- Operating loss increased to RMB284.4M in 2024 from RMB260.1M in 2023
- Q4 operating loss remained high at RMB73.4M
- General and administrative expenses surged 165.9% QoQ
- Full year adjusted EBITDA still negative at RMB80.8M loss
- Wholesale vehicle sales revenue declined significantly YoY
Insights
Uxin achieves first positive adjusted EBITDA amid 177% YoY retail volume growth, signaling successful scaling of its superstore model.
Uxin's Q4 2024 results mark a significant milestone with the company's first-time positive adjusted EBITDA of
The company's gross margin improved substantially year-over-year, reaching
Uxin's superstore model shows compelling evidence of scalability. Both existing superstores in Xi'an and Hefei are operating at less than
Looking ahead, management has outlined ambitious targets: doubling retail transaction volume again in 2025 and delivering the company's first full-year positive adjusted EBITDA. This expansion strategy includes opening 2-4 new superstores, with Wuhan already operational since February 2025 and Zhengzhou planned for the second half of 2025.
Despite operational progress, Uxin still reported an operating loss of
Dear Shareholders,
On behalf of Uxin Limited, I would like to express my sincere appreciation for your continued interest and support. It is my pleasure to share with you our key achievements over the past year, along with our strategic insights and outlook for the future.
2024 was a challenging year for the broader Chinese economy, marked by ongoing macroeconomic headwinds and an intense price war in the new car segment that weighed on the used-car market. Despite these pressures,
We are especially proud of the strong performance of our superstores' operations in 2024. This success further validates the scalability and replicability of our business model. In the sections that follow, I will outline four key milestones that reflect our progress.
First, fueled by our industry-leading product and service capabilities, Uxin's used-car retail business delivered growth that significantly outperformed the broader market. In 2024, our retail transaction volume rose from approximately 3,100 units in the first quarter to 8,500 units in the fourth quarter, achieving over
This remarkable growth was underpinned by enhanced operational execution across our business. We scaled our inventory levels in a disciplined manner, ending the year with stock roughly three times higher than at the start of 2024. At the same time, we maintained an efficient inventory turnover cycle of approximately 30 days, which supported sustained sales growth.
Second, as we scaled our operations, we also continued to strengthen brand equity and customer loyalty in the core markets where our superstores operate. We actively collected and analyzed customer feedback to refine our after-sales service processes, improving response times and elevating service quality. As a result, our Net Promoter Score reached 65 in the fourth quarter, up from an average of 60 in the prior year, further reinforcing our position as a trusted leader in
At the same time, we continue to strengthen our digital capabilities, leveraging data to build intelligent, technology-driven decision-making across every aspect of our operations. Recently, we began integrating large language models into our business processes to further enhance efficiency in areas such as pricing, vehicle reconditioning, and customer acquisition. The use of digital technologies is enabling greater standardization and scalability across our platform, laying a solid foundation for the large-scale replication and expansion of our superstore model.
Lastly, our financial position continues to strengthen. In the fourth quarter of 2024, we delivered positive adjusted EBITDA for the first time on a quarterly basis. As our sales volume grows, we are starting to achieve meaningful economies of scale. Our gross margin has improved from
Looking ahead to 2025, we will continue to build on the foundation of our large-scale superstore model, executing a disciplined regional expansion strategy to further scale our operations and drive profitability.
First, we aim to unlock additional capacity at our existing superstores and increase our market share in their respective cities. Currently, both our
Second, we plan to open between two to four new superstores in key regional markets while strengthening our integrated online-offline retail ecosystem. As previously disclosed, Uxin has entered into partnerships with local governments in
Third, for our full-year operational targets in 2025, we aim to achieve another year of over
As a pioneer and leader in
Kun Dai
Chairman and Chief Executive Officer of Uxin
Highlights for the Quarter Ended December 31, 2024
- Transaction volume was 9,439 units for the three months ended December 31, 2024, an increase of
34.0% from 7,046 units in the last quarter and an increase of116.8% from 4,354 units in the same period last year. - Retail transaction volume was 8,554 units, an increase of
42.4% from 6,005 units in the last quarter and an increase of177.6% from 3,081 units in the same period last year. - Total revenues were
RMB596.8 million (US ) for the three months ended December 31, 2024, an increase of$81.8 million 20.0% fromRMB497.2 million in the last quarter and an increase of45.4% fromRMB410.5 million in the same period last year. - Gross margin was
7.0% for the three months ended December 31, 2024, compared with7.0% in the last quarter and4.8% in the same period last year. - Loss from operations was
RMB73.4 million (US ) for the three months ended December 31, 2024, compared with$10.1 million RMB38.6 million in the last quarter andRMB73.1 million in the same period last year. - Non-GAAP adjusted EBITDA[1] was a gain of
RMB2.0million (US ), compared with a loss of$0.3 million RMB9.2 million in the last quarter and a loss ofRMB43.8 million in the same period last year.
[1] This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.1 to our Current Report on Form 6-K on April 30, 2025 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP Results" for a reconciliation and additional information on non-GAAP measures.
Highlights for the Full Year Ended December 31, 2024
- Transaction volume was 26,148 units for the full year ended December 31, 2024, an increase of
73.2% from 15,099 units in the prior year. - Retail transaction volume was 21,773 units for the full year ended December 31, 2024, an increase of
133.8% from 9,314 units in the prior year. - Total revenues were
RMB1,814.4 million (US ) for the full year ended December 31, 2024, an increase of$248.6 million 29.7% fromRMB1,399.4 million in the prior year. - Gross margin was
6.8% for the full year ended December 31, 2024, compared with4.8% in the prior year. - Loss from operations was
RMB284.4 million (US ) for the full year ended December 31, 2024, compared with$39.0 million RMB260.1 million in the prior year. - Non-GAAP adjusted EBITDA was a loss of
RMB80.8 million (US ) for the full year ended December 31, 2024, compared with$11.1 million RMB177.1 million in the prior year.
Mr. Feng Lin, Chief Financial Officer of Uxin, stated: "2024 was another year of high-quality expansion for Uxin. During 2024, our retail transaction volume grew
Mr. Lin continued, "We also closed several previously announced financing transactions that materially strengthened our liquidity, enabling us to deepen inventory and sustain rapid growth. Looking ahead to 2025, consistent with the objectives outlined in Mr. Dai's shareholder letter, we aim to more than double retail transaction volume again and to deliver positive adjusted EBITDA for the full year."
Financial Results for the Quarter Ended December 31, 2024
Total revenues were
Retail vehicle sales revenue was
Wholesale vehicle sales revenue was
Other revenue was
Cost of revenues was
Gross margin was
Total operating expenses were
- Sales and marketing expenses were
RMB61.8 million (US ) for the three months ended December 31, 2024, an increase of$8.5 million 10.2% fromRMB56.1 million in the last quarter and an increase of9.0% fromRMB56.7 million in the same period last year. The increases were mainly due to the increased salaries for the sales teams. - General and administrative expenses were
RMB69.3 million (US ) for the three months ended December 31, 2024, representing an increase of$9.5 million 165.9% fromRMB26.1 million in the last quarter and an increase of105.0% fromRMB33.8 million in the same period last year. The increases were mainly due to the impact of share-based compensation expenses. - Research and development expenses were
RMB2.4 million (US ) for the three months ended December 31, 2024, representing an increase of$0.3 million 1.4% fromRMB2.4 million in the last quarter and a decrease of75.3% fromRMB9.7 million in the same period last year. The year-over-year decrease was mainly due to a decrease of the salaries and benefits expenses of employees engaged in research and development.
Other operating income, net was
Loss from operations was
Interest expenses were
Net loss from operations was
Non-GAAP adjusted EBITDA was
Financial Results for the Full Year Ended December 31, 2024
Total revenues were
Retail vehicle sales revenue was
Wholesale vehicle sales revenue was
Other revenue was
Cost of revenues was
Gross margin was
Total operating expenses were
- Sales and marketing expenses were
RMB228.0 million (US ) for the full year ended December 31, 2024, representing an increase of$31.2 million 11.7% fromRMB204.1 million in the prior year. The increase was mainly due to an increase of the salaries and benefits expenses of our sales teams and an increase in right-of-use assets depreciation expenses as a result of relocation to our superstore inHefei ("Hefei Superstore") in September 2023. - General and administrative expenses were
RMB198.9 million (US ) for the full year ended December 31, 2024, representing an increase of$27.2 million 41.7% fromRMB140.4 million in the prior year. The increase was mainly due to an increase in sharedbased compensation for personnel performing general and administrative functions. - Research and development expenses were
RMB14.2 million (US ) for the full year ended December 31, 2024, representing a decrease of$1.9 million 61.8% fromRMB37.1 million in the prior year. The decrease was mainly due to a decrease of the salaries and benefits expenses of employees engaged in research and development as a result of the decrease in headcount.
Other operating income, net was
Loss from operations was
Interest expenses were
Fair value impact of the issuance of senior convertible preferred shares was nil for the full year ended December 31, 2024, compared to a fair value loss of
Net loss from operations was
Non-GAAP adjusted EBITDA was a loss of
Liquidity
The Company has incurred net losses since inception. For the full year ended December 31, 2024, the Company incurred net loss of
Therefore, the Company's ability to continue as a going concern is dependent on the effective implementation of management's plan to mitigate these conditions and events. A summary of management's plan includes:
As of the date of the issuance of this release, the Company is entitled to a consideration receivable of
On March 4, 2025, the Company entered into a share subscription agreement with Fame Dragon Global Limited ("Fame Dragon"), an investment vehicle of NIO Capital, pursuant to which Fame Dragon agreed to purchase 5,738,268,233 Class A Ordinary Shares for a total consideration of
In April 2025, the Company consummated the issuance of ordinary shares to Lightwind Global Limited, an indirectly wholly-owned subsidiary of Dida Inc., with the total consideration of
As of December 31, 2024, the Company had outstanding borrowings of
Pursuant to an equity investment agreement entered into in September 2023 with Hefei Construction Investment North City Industrial Investment Co., Ltd. ("HCI"), which is also the lessor of the Company's used car retail superstore operated by Uxin Hefei, HCI is obligated to reinvest in Uxin Hefei after Uxin Hefei makes the annual lease payments over a 10-year lease period. In October 2023 and April 2025 respectively, Uxin Hefei and HCI mutually agreed that the first-year and second-year rentals of approximately
In 2024, the Company entered into two equity investment agreements with the non-controlling shareholders of two subsidiaries of the Company established in
With funds from the above equity and debt financings, management plans to grow the Company's vehicle sales revenue by increasing the sales volume, improve the Company's gross profit margin by increasing the value-added services offered to its customers, and maintain vehicle turnover rate by managing reasonable vehicle prices. Management's plan also contemplates that, in view of the uncertainties surrounding the implementation of the above equity and debt financings plans, management will, if and when necessary, make adjustments to the Company's operation scale by adjusting vehicle purchase volume based on its liquidity position, and also to optimize the Company's cost structure to reduce the expenses such as labor costs, advertising expenses and certain administrative expenses according to the Company's operation scale.
Management has concluded that it is probable to effectively implement the above plan, and has prepared a cash flows forecast covering a period of not less than twelve months from the date of this release after considering the effective implementation of management's plan. Management concluded that as result of its evaluation, management's plan has alleviated the substantial doubt of the Company's ability to continue as a going concern, and the Company's current cash and cash equivalents, funds from the planned equity and debt financings and the cash flows from operations are sufficient for the Company to meet its anticipated working capital requirements and other capital commitments and the Company will be able to meet its payment obligations when liabilities that fall due within the next twelve months from the date of this release. The Company's consolidated financial statements have been prepared on a going concern basis.
Recent Development
Entry into Definitive Agreements for Financing
On March 4, 2025, the Company entered into certain definitive agreements with Fame Dragon, an investment vehicle of NIO Capital, pursuant to which Fame Dragon agreed to purchase 5,738,268,233 Class A Ordinary Shares for a total consideration of
Launch of Wuhan Superstore
In October 2024, Uxin entered into an agreement with the
Business Outlook
For the three months ended March 31, 2025, the Company expects its retail transaction volume to range between 7,400 units and 7,500 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between
Conference Call
Uxin's management team will host a conference call on Wednesday, April 30, 2025, at 8:00 A.M.
Conference Call Preregistration: https://dpregister.com/sreg/10199329/ff08f81804
A telephone replay of the call will be available after the conclusion of the conference call until May 7, 2025. The dial-in details for the replay are as follows:
U.S.: | +1 877 344 7529 |
International: | +1 412 317 0088 Replay |
PIN: | 6757589 |
A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com.
About Uxin
Uxin is
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share – basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The non-GAAP financial measures are not defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest
Reconciliations of Uxin's non-GAAP financial measures to the most comparable
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin's strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: impact of the COVID-19 pandemic, Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in
For investor and media enquiries, please contact:
Uxin Limited Investor Relations
Uxin Limited
Email: ir@xin.com
The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.com
Uxin Limited | ||||||||||||
Unaudited Consolidated Statements of Comprehensive Loss | ||||||||||||
(In thousands except for number of shares and per share data) | ||||||||||||
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Revenues | ||||||||||||
Retail vehicle sales | 319,221 | 553,127 | 75,778 | 1,018,675 | 1,591,913 | 218,091 | ||||||
Wholesale vehicle sales | 82,205 | 25,506 | 3,494 | 349,744 | 166,951 | 22,872 | ||||||
Others | 9,063 | 18,169 | 2,489 | 30,945 | 55,493 | 7,603 | ||||||
Total revenues | 410,489 | 596,802 | 81,761 | 1,399,364 | 1,814,357 | 248,566 | ||||||
Cost of revenues | (390,638) | (554,856) | (76,015) | (1,332,036) | (1,690,924) | (231,656) | ||||||
Gross profit | 19,851 | 41,946 | 5,746 | 67,328 | 123,433 | 16,910 | ||||||
Operating expenses | ||||||||||||
Sales and marketing | (56,687) | (61,779) | (8,464) | (204,070) | (228,006) | (31,237) | ||||||
General and administrative | (33,831) | (69,341) | (9,500) | (140,358) | (198,871) | (27,245) | ||||||
Research and development | (9,713) | (2,395) | (328) | (37,122) | (14,163) | (1,940) | ||||||
Reversal of/(Provision for) credit losses, net | 435 | 123 | 17 | (10,812) | 644 | 88 | ||||||
Total operating expenses | (99,796) | (133,392) | (18,275) | (392,362) | (440,396) | (60,334) | ||||||
Other operating income, net | 6,867 | 18,070 | 2,476 | 64,973 | 32,612 | 4,468 | ||||||
Loss from operations | (73,078) | (73,376) | (10,053) | (260,061) | (284,351) | (38,956) | ||||||
Interest income | 14 | 11 | 2 | 307 | 45 | 6 | ||||||
Interest expenses | (25,798) | (22,108) | (3,029) | (44,304) | (93,031) | (12,745) | ||||||
Other income | 1,446 | 7,695 | 1,054 | 16,155 | 10,448 | 1,431 | ||||||
Other expenses | (1,205) | (1,386) | (190) | (20,172) | (7,603) | (1,042) | ||||||
Net gain from extinguishment of debt | - | - | - | - | 35,222 | 4,825 | ||||||
Foreign exchange gains/(losses) | 475 | (1,169) | (160) | 1,136 | 790 | 108 | ||||||
Fair value impact of the issuance of senior convertible preferred shares | 20,076 | - | - | (11,269) | - | - | ||||||
Loss before income tax expense | (78,070) | (90,333) | (12,376) | (318,208) | (338,480) | (46,373) | ||||||
Income tax expense | (26) | (1) | - | (380) | (51) | (7) | ||||||
Equity in income of affiliates, net of tax | - | - | - | - | (3,522) | (483) | ||||||
Dividend from long-term investment | - | - | - | 11,970 | - | - | ||||||
Net loss, net of tax | (78,096) | (90,334) | (12,376) | (306,618) | (342,053) | (46,863) | ||||||
Add: net profit attribute to redeemable non- controlling interests and non-controlling interests shareholders | (1,237) | (1,669) | (229) | (1,207) | (6,607) | (905) | ||||||
Net loss attributable to UXIN LIMITED | (79,333) | (92,003) | (12,605) | (307,825) | (348,660) | (47,768) | ||||||
Deemed dividend to preferred shareholders due to triggering of a down round feature | - | - | - | (278,800) | (1,781,454) | (244,058) | ||||||
Net loss attributable to ordinary shareholders | (79,333) | (92,003) | (12,605) | (586,625) | (2,130,114) | (291,826) | ||||||
Net loss | (78,096) | (90,334) | (12,376) | (306,618) | (342,053) | (46,863) | ||||||
Foreign currency translation, net of tax nil | 1,233 | 10,609 | 1,453 | 16,896 | 2,696 | 369 | ||||||
Total comprehensive loss | (76,863) | (79,725) | (10,923) | (289,722) | (339,357) | (46,494) | ||||||
Add: net profit attribute to redeemable non- controlling interests and non-controlling interests shareholders | (1,237) | (1,669) | (229) | (1,207) | (6,607) | (905) | ||||||
Total comprehensive loss attributable to UXIN LIMITED | (78,100) | (81,394) | (11,152) | (290,929) | (345,964) | (47,399) | ||||||
Net loss attributable to ordinary shareholders | (79,333) | (92,003) | (12,605) | (586,625) | (2,130,114) | (291,826) | ||||||
Weighted average shares outstanding – basic | 1,440,893,942 | 57,399,022,224 | 57,399,022,224 | 1,427,969,924 | 43,746,361,436 | 43,746,361,436 | ||||||
Weighted average shares outstanding – diluted | 1,440,893,942 | 57,399,022,224 | 57,399,022,224 | 1,427,969,924 | 43,746,361,436 | 43,746,361,436 | ||||||
Net loss per share for ordinary shareholders, basic | (0.06) | - | - | (0.41) | (0.05) | (0.01) | ||||||
Net loss per share for ordinary shareholders, diluted | (0.06) | - | - | (0.41) | (0.05) | (0.01) | ||||||
Uxin Limited | ||||||
Unaudited Consolidated Balance Sheets | ||||||
(In thousands except for number of shares and per share data) | ||||||
As of December 31, | As of December 31, | |||||
2023 | 2024 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 19,350 | 25,112 | 3,440 | |||
Restricted cash | 616 | 767 | 105 | |||
Accounts receivable, net | 2,492 | 4,150 | 569 | |||
Loans recognized as a result of payments under guarantees, net of provision for credit losses of December 31, 2023 and December 31, 2024, respectively | - | - | - | |||
Other receivables, net of provision for credit losses of December 31, 2023 and December 31, 2024, respectively | 18,883 | 14,998 | 2,055 | |||
Inventory, net | 117,022 | 207,390 | 28,412 | |||
Prepaid expenses and other current assets | 78,245 | 86,977 | 11,916 | |||
Total current assets | 236,608 | 339,394 | 46,497 | |||
Non-current assets | ||||||
Property, equipment and software, net | 72,428 | 71,420 | 9,784 | |||
Long-term investments (i) | 288,712 | - | - | |||
Other non-current assets | 428 | - | - | |||
Finance lease right-of-use assets, net | 1,554,795 | 1,346,728 | 184,501 | |||
Operating lease right-of-use assets, net | 172,459 | 194,388 | 26,631 | |||
Total non-current assets | 2,088,822 | 1,612,536 | 220,916 | |||
Total assets | 2,325,430 | 1,951,930 | 267,413 | |||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT | ||||||
Current liabilities | ||||||
Accounts payable | 81,148 | 81,584 | 11,177 | |||
Other payables and other current liabilities | 379,286 | 306,391 | 41,975 | |||
Current portion of operating lease liabilities | - | 14,563 | 1,995 | |||
Current portion of finance lease liabilities | 65,826 | 183,852 | 25,188 | |||
Short-term borrowing from third parties | 66,580 | 174,616 | 23,922 | |||
Short-term borrowing from related party | - | 1,000 | 137 | |||
Current portion of long-term debt (i) | 291,950 | - | - | |||
Total current liabilities | 884,790 | 762,006 | 104,394 | |||
Non-current liabilities | ||||||
Long-term borrowings from related party (iii) | - | 53,913 | 7,386 | |||
Consideration payable to WeBank (ii) | - | 27,237 | 3,731 | |||
Finance lease liabilities | 1,372,959 | 1,141,118 | 156,333 | |||
Operating lease liabilities | 158,064 | 180,920 | 24,785 | |||
Total non-current liabilities | 1,531,023 | 1,403,188 | 192,235 | |||
Total liabilities | 2,415,813 | 2,165,194 | 296,629 | |||
Mezzanine equity | ||||||
Senior convertible preferred shares ( par value, 1,720,000,000 shares authorized as of December 31, 2023 and December 31, 2024; 1,370,039,718 and nil shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively) | 1,330,414 | - | - | |||
Subscription receivable from shareholders | (107,879) | - | - | |||
Redeemable non-controlling interests | 148,341 | 154,977 | 21,232 | |||
Total Mezzanine equity | 1,370,876 | 154,977 | 21,232 | |||
Shareholders' deficit | ||||||
Ordinary shares | 813 | 39,816 | 5,455 | |||
Additional paid-in capital | 15,766,016 | 19,007,948 | 2,604,078 | |||
Subscription receivable from shareholders | - | (60,467) | (8,284) | |||
Accumulated other comprehensive income | 225,024 | 227,718 | 31,198 | |||
Accumulated deficit | (17,452,902) | (19,583,017) | (2,682,862) | |||
Total Uxin's shareholders' deficit | (1,461,049) | (368,002) | (50,415) | |||
Non-controlling interests | (210) | (239) | (33) | |||
Total shareholders' deficit | (1,461,259) | (368,241) | (50,448) | |||
Total liabilities, mezzanine equity and shareholders' deficit | 2,325,430 | 1,951,930 | 267,413 | |||
(i) Current portion of long-term debt outstanding as of December 31, 2023 was pledged with the equity interest the Group holds in an investment. The long-term borrowing will be due in December 2024. In December 2023, the Group entered into a supplementary agreement with the borrower, mutually agreed that if the Group successfully disposes the investment pledged and pays the borrower cash proceeds of transaction, the Group also entered into a financial advisory agreement with a third party financial advisor and a supplement agreement in which the Group will incur the advisory expense of investment. However, if the sale of investment transaction fails, the Group is still obligated to repay all the principal and interests under the original borrowing agreement. Given the uncertainty of the sale of investment, the Group did not account for the extinguishment of the borrowing as a result of a troubled debt restructuring until the completion of the sale of investment and settlement of the borrowing in April 2024. For the year ended December 31, 2024, the Group recognized the net gain from extinguishment of debt amounting to million derecognized (including principal of
repayment schedule of the last two instalments of the monthly repayments of the Group classified the payables to Webank amounting to "Consideration payable to WeBank" in non-current liabilities. 2024, the Company's Anhui subsidiary ("Uxin Anhui") entered into a loan agreement with Pintu ( Co., Ltd. ("Pintu Beijing"), pursuant to which Pintu Beijing agreed to extend loan to Uxin Anhui in a principal amount of the RMB equivalent of mutually agreed by Uxin Anhui and Pintu Beijing. The interest rate is and guarantee agreement entered on the same date. On September 13, 2024, Uxin Anhui made the drawdown of this loan, and the total RMB amount received was classified as "Long-term borrowings from related party" in non-current liabilities. Subsequently in November 2024, the Company entered into a Share Subscription Agreement with Lightwind Global Limited ("Lightwind", a wholly- owned subsidiary of Pintu Beijing). Pursuant to this agreement and subject to the fulfilment of specified conditions, Uxin agreed to allot and issue, while Lightwind agreed to subscribe for, a total of 1,543,845,204 Class A Ordinary Shares of the Company, with an aggregate subscription amount of term loan of the loan under the repayment schedule to Pintu Beijing. In substance, the Company issued a forward contract to Lightwind, as Lightwind is obligated to purchase the shares, and the Company is required to issue them upon the satisfaction of the closing conditions at the pre-agreed price and amount which shall be a deemed dividend to the forward contract holder recorded in the additional paid-in capital. In addition, given that this forward contract is considered indexed to the Company's own stock and meet the requirement for equity classification, it was also classified under the Company's equity and was initially measured at fair value amounting to April 2025, Uxin Anhui repaid the total amount of principal and interests, amounting to Concurrently, Lightwind made an equivalent investment in the Company as the specified conditions for the investment had been fulfilled. | ||||||
* Share-based compensation charges included are as follows: | ||||||||||||
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Sales and marketing | 451 | — | — | 1,852 | 136 | 19 | ||||||
General and administrative | 10,886 | 58,887 | 8,067 | 42,384 | 125,051 | 17,132 | ||||||
Research and development | 141 | — | — | 1,894 | 128 | 18 | ||||||
Uxin Limited | ||||||||||||
Unaudited Reconciliations of GAAP And Non-GAAP Results | ||||||||||||
(In thousands except for number of shares and per share data) | ||||||||||||
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net loss, net of tax | (78,096) | (90,334) | (12,376) | (306,618) | (342,053) | (46,863) | ||||||
Add: Income tax expense | 26 | 1 | - | 380 | 51 | 7 | ||||||
Interest income | (14) | (11) | (2) | (307) | (45) | (6) | ||||||
Interest expenses | 25,798 | 22,108 | 3,029 | 44,304 | 93,031 | 12,745 | ||||||
Depreciation | 17,814 | 16,489 | 2,259 | 36,811 | 64,305 | 8,810 | ||||||
EBITDA | (34,472) | (51,747) | (7,090) | (225,430) | (184,711) | (25,307) | ||||||
Add: Share-based compensation expenses | 11,478 | 58,887 | 8,067 | 46,130 | 125,315 | 17,169 | ||||||
- Sales and marketing | 451 | - | - | 1,852 | 136 | 19 | ||||||
- General and administrative | 10,886 | 58,887 | 8,067 | 42,384 | 125,051 | 17,132 | ||||||
- Research and development | 141 | - | - | 1,894 | 128 | 18 | ||||||
Other income | (1,446) | (7,695) | (1,054) | (16,155) | (10,448) | (1,431) | ||||||
Other expenses | 1,205 | 1,386 | 190 | 20,172 | 7,603 | 1,042 | ||||||
Foreign exchange gains/(losses) | (475) | 1,169 | 160 | (1,136) | (790) | (108) | ||||||
Structure realignment cost | - | - | - | - | 13,948 | 1,911 | ||||||
Equity in income of affiliates, net of tax | - | - | - | - | 3,522 | 483 | ||||||
Dividend from long-term investment | - | - | - | (11,970) | - | - | ||||||
Net gain from extinguishment of debt | - | - | - | - | (35,222) | (4,825) | ||||||
Fair value impact of the issuance of senior convertible preferred shares | (20,076) | - | - | 11,269 | - | - | ||||||
Non-GAAP adjusted EBITDA | (43,786) | 2,000 | 273 | (177,120) | (80,783) | (11,066) | ||||||
For the three months ended December 31, | For the twelve months ended December 31, | |||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net loss attributable to ordinary shareholders | (79,333) | (92,003) | (12,605) | (586,625) | (2,130,114) | (291,826) | ||||||
Add: Share-based compensation expenses | 11,478 | 58,887 | 8,067 | 46,130 | 125,315 | 17,169 | ||||||
- Sales and marketing | 451 | - | - | 1,852 | 136 | 19 | ||||||
- General and administrative | 10,886 | 58,887 | 8,067 | 42,384 | 125,051 | 17,132 | ||||||
- Research and development | 141 | - | - | 1,894 | 128 | 18 | ||||||
Fair value impact of the issuance of senior convertible preferred shares | (20,076) | - | - | 11,269 | - | - | ||||||
Add: accretion on redeemable non-controlling interests | 1,251 | 1,668 | 229 | 1,251 | 6,636 | 683 | ||||||
Deemed dividend to preferred shareholders due to triggering of a down round feature | - | - | - | 278,800 | 1,781,454 | 244,058 | ||||||
Non-GAAP adjusted net loss attributable to ordinary shareholders | (86,680) | (31,448) | (4,309) | (249,175) | (216,709) | (29,916) | ||||||
Net loss per share for ordinary shareholders – basic | (0.06) | - | - | (0.41) | (0.05) | (0.01) | ||||||
Net loss per share for ordinary shareholders – diluted | (0.06) | - | - | (0.41) | (0.05) | (0.01) | ||||||
Non-GAAP adjusted net loss to ordinary shareholders per share – basic and diluted | (0.06) | - | - | (0.17) | - | - | ||||||
Weighted average shares outstanding – basic | 1,440,893,942 | 57,399,022,224 | 57,399,022,224 | 1,427,969,924 | 43,746,361,436 | 43,746,361,436 | ||||||
Weighted average shares outstanding – diluted | 1,440,893,942 | 57,399,022,224 | 57,399,022,224 | 1,427,969,924 | 43,746,361,436 | 43,746,361,436 | ||||||
Note: The conversion of Renminbi (RMB) into statistical release of the Board of Governors of the Federal Reserve System. | ||||||||||||
View original content:https://www.prnewswire.com/news-releases/uxin-reports-unaudited-financial-results-for-the-quarter-and-full-year-ended-december-31-2024-302442328.html
SOURCE Uxin Limited
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