Uxin Reports Unaudited First Quarter of Fiscal Year 2025 Financial Results
Uxin (Nasdaq: UXIN), China's leading used car retailer, reported strong financial results for Q1 FY2025. Highlights include:
- Transaction volume increased 72.2% YoY to 5,605 units
- Retail transaction volume grew 142.4% YoY to 4,090 units
- Total revenues rose 38.8% YoY to RMB401.2 million (US$55.2 million)
- Gross margin improved to 6.4% from 6.1% in the same period last year
- Non-GAAP adjusted EBITDA loss narrowed to RMB33.9 million (US$4.7 million)
The company expects continued growth, forecasting retail transaction volume of 5,800-6,000 units and total revenues of RMB480-500 million for Q2 FY2025. Uxin also announced a strategic investment of US$7.5 million from Dida Inc., strengthening its financial position.
Uxin (Nasdaq: UXIN), il principale rivenditore di auto usate in Cina, ha riportato risultati finanziari solidi per il primo trimestre dell'esercizio 2025. I punti salienti includono:
- Il volume delle transazioni è aumentato del 72,2% su base annua, raggiungendo 5.605 unità
- Il volume delle transazioni al dettaglio è cresciuto del 142,4% su base annua, arrivando a 4.090 unità
- I ricavi totali sono aumentati del 38,8% su base annua, toccando i 401,2 milioni di RMB (55,2 milioni di dollari USA)
- Il margine lordo è migliorato al 6,4% rispetto al 6,1% dello stesso periodo dell'anno scorso
- La perdita EBITDA aggiustata non-GAAP è diminuita a 33,9 milioni di RMB (4,7 milioni di dollari USA)
La società si aspetta una continua crescita, prevedendo un volume di transazioni al dettaglio di 5.800-6.000 unità e ricavi totali di 480-500 milioni di RMB per il secondo trimestre dell'esercizio 2025. Uxin ha anche annunciato un investimento strategico di 7,5 milioni di dollari USA da Dida Inc., rafforzando la propria posizione finanziaria.
Uxin (Nasdaq: UXIN), el principal minorista de coches usados en China, informó sobre resultados financieros sólidos para el primer trimestre del año fiscal 2025. Los aspectos más destacados incluyen:
- El volumen de transacciones aumentó un 72.2% interanual, alcanzando 5,605 unidades
- El volumen de transacciones minoristas creció un 142.4% interanual, alcanzando 4,090 unidades
- Los ingresos totales aumentaron un 38.8% interanual a RMB401.2 millones (US$55.2 millones)
- El margen bruto mejoró al 6.4% desde el 6.1% en el mismo periodo del año anterior
- La pérdida ajustada de EBITDA no-GAAP se redujo a RMB33.9 millones (US$4.7 millones)
La empresa espera un crecimiento continuo, pronosticando un volumen de transacciones minoristas de 5,800-6,000 unidades y unos ingresos totales de RMB480-500 millones para el segundo trimestre del año fiscal 2025. Uxin también anunció una inversión estratégica de US$7.5 millones de Dida Inc., fortaleciendo su posición financiera.
Uxin (Nasdaq: UXIN), 중국의 선도적인 중고차 소매업체가 2025 회계연도 1분기 강력한 재무 실적을 보고했습니다. 주요 내용은 다음과 같습니다:
- 거래량이 전년 대비 72.2% 증가하여 5,605대에 도달
- 소매 거래량이 전년 대비 142.4% 증가하여 4,090대에 도달
- 총 수익이 전년 대비 38.8% 증가하여 4억 1,120만 위안(5,520만 달러)
- 총 매출 총 이익률이 작년 동기 6.1%에서 6.4%로 개선됨
- 비GAAP 조정 EBITDA 손실이 3,390만 위안(470만 달러)으로 축소됨
회사는 지속적인 성장을预计하며, 2025 회계연도 2분기 소매 거래량이 5,800-6,000대, 총 수익이 4억 8천만-5억 위안에 이를 것으로 전망하고 있습니다. Uxin은 또한 Dida Inc.로부터 750만 달러의 전략적 투자를 발표하여 재무 상태를 강화했습니다.
Uxin (Nasdaq: UXIN), le principal détaillant de voitures d'occasion en Chine, a rapporté des résultats financiers solides pour le premier trimestre de l'exercice 2025. Les points forts incluent :
- Le volume des transactions a augmenté de 72,2 % par rapport à l'année précédente, atteignant 5 605 unités
- Le volume des transactions de détail a augmenté de 142,4 % par rapport à l'année précédente, atteignant 4 090 unités
- Les revenus totaux ont augmenté de 38,8 % par rapport à l'année précédente, atteignant 401,2 millions de RMB (55,2 millions de dollars US)
- La marge brute s'est améliorée à 6,4 % contre 6,1 % au cours de la même période l'année précédente
- La perte d'EBITDA ajustée non-GAAP a diminué à 33,9 millions de RMB (4,7 millions de dollars US)
La société s'attend à une croissance continue, prévoyant un volume de transactions de détail de 5 800 à 6 000 unités et des revenus totaux de 480 à 500 millions de RMB pour le deuxième trimestre de l'exercice 2025. Uxin a également annoncé un investissement stratégique de 7,5 millions de dollars US de Dida Inc., renforçant ainsi sa position financière.
Uxin (Nasdaq: UXIN), Chinas führender Einzelhändler für Gebrauchtwagen, berichtete über starke Finanzresultate für das 1. Quartal des Geschäftsjahres 2025. Zu den Höhepunkten gehören:
- Das Transaktionsvolumen stieg im Vergleich zum Vorjahr um 72,2% auf 5.605 Einheiten
- Das Einzelhandels-Transaktionsvolumen wuchs im Vergleich zum Vorjahr um 142,4% auf 4.090 Einheiten
- Die Gesamterlöse stiegen um 38,8% im Vergleich zum Vorjahr auf 401,2 Millionen RMB (55,2 Millionen USD)
- Die Bruttomarge verbesserte sich auf 6,4% von 6,1% im gleichen Zeitraum des letzten Jahres
- Der Verlust über die bereinigte EBITDA (non-GAAP) verringerte sich auf 33,9 Millionen RMB (4,7 Millionen USD)
Das Unternehmen erwartet fortgesetztes Wachstum und prognostiziert ein Einzelhandels-Transaktionsvolumen von 5.800-6.000 Einheiten und Gesamterlöse von 480-500 Millionen RMB für das 2. Quartal des Geschäftsjahres 2025. Uxin gab auch eine strategische Investition in Höhe von 7,5 Millionen USD von Dida Inc. bekannt, die die finanzielle Position stärkt.
- Transaction volume increased 72.2% year-over-year to 5,605 units
- Retail transaction volume grew 142.4% year-over-year to 4,090 units
- Total revenues rose 38.8% year-over-year to RMB401.2 million (US$55.2 million)
- Gross margin improved to 6.4% from 6.1% in the same period last year
- Non-GAAP adjusted EBITDA loss narrowed by 27% year-over-year to RMB33.9 million
- Company expects retail transaction volume to grow over 40% sequentially in Q2 FY2025
- Strategic investment of US$7.5 million from Dida Inc. announced
- Net loss from operations of RMB49.8 million (US$6.9 million)
- Current liabilities exceeded current assets by RMB315.6 million as of June 30, 2024
- Ongoing concerns about the company's ability to continue as a going concern due to accumulated losses and cash outflows
Highlights for the Quarter Ended June 30, 2024
- Transaction volume was 5,605 units for the three months ended June 30, 2024, an increase of
38.1% from 4,058 units in the last quarter and an increase of72.2% from 3,254 units in the same period last year. - Retail transaction volume was 4,090 units, an increase of
30.9% from 3,124 units in the last quarter and an increase of142.4% from 1,687 units in the same period last year. - Total revenues were
RMB401.2 million (US ) for the three months ended June 30, 2024, an increase of$55.2 million 25.7% fromRMB319.2 million in the last quarter and an increase of38.8% fromRMB289.0 million in the same period last year. - Gross margin was
6.4% for the three months ended June 30, 2024, compared with6.6% in the last quarter and6.1% in the same period last year. - Loss from operations was
RMB62.5 million (US ) for the three months ended June 30, 2024, compared with$8.6 million RMB109.8 million in the last quarter andRMB63.2 million in the same period last year. - Non-GAAP adjusted EBITDA[1] was a loss of
RMB33.9 million (US ), compared with a loss of$4.7 million RMB39.7 million in the last quarter and a loss ofRMB46.6 million in the same period last year.
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "We are pleased to deliver another quarter of strong performance, with retail transaction volume reaching 4,090 units, representing a
Mr. Dai continued, "Our integrated online and offline model continues to demonstrate its strong competitiveness and growth potential. We have already begun expanding our inventory, and we expect sales to continue growing rapidly over the coming quarters. In addition, we are actively expanding our network of superstores, with a recent strategic partnership in
Mr. Feng Lin, Chief Financial Officer of Uxin, commented: "During the quarter, our retail vehicle sales revenue totaled
[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 September 23, 2024 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP Results" for a reconciliation and additional information on non-GAAP measures. |
Financial Results for the Quarter Ended June 30, 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
RMB59.4 million (US ) for the three months ended June 30, 2024, an increase of$8.2 million 16.8% fromRMB50.8 million in the last quarter and an increase of27.5% fromRMB46.5 million in the same period last year. The quarter-over-quarter increase was mainly due to the increased salaries for the sales teams. Compared with the same period last year, in addition to the increased salaries for the sales teams, the year-over-year increase was also attributed to the increase in right-of-use assets depreciation expenses as a result of relocation to the Company's Hefei Superstore in September 2023. - General and administrative expenses were
RMB28.1 million (US ) for the three months ended June 30, 2024, representing a decrease of$3.9 million 62.7% fromRMB75.3 million in the last quarter and a decrease of15.1% fromRMB33.1 million in the same period last year. The decrease was mainly due to a decrease of the share-based compensation expense. Additionally, due to the execution of a series of initiatives to realign its organizational structure and reduce the company-wide costs and expenses last quarter, salaries and benefits expenses for personnel performing general and administrative functions decreased accordingly. - Research and development expenses were
RMB3.4 million (US ) for the three months ended June 30, 2024, representing a decrease of$0.4 million 43.9% fromRMB6.0 million in the last quarter and a decrease of61.9% fromRMB8.9 million in the same period last 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
Net loss from operations was net loss of
Non-GAAP adjusted EBITDA was a loss of
Liquidity
As of June 30, 2024, the Company had cash and cash equivalents of
The Company has incurred accumulated and recurring losses from operations, and cash outflows from operating activities. In addition, the Company's current liabilities exceeded its current assets by approximately
The Company's ability to continue as a going concern is dependent on management's ability to increase sales, achieve higher gross profit margin and control operating costs and expenses to reduce the cash that will be used in operating cash flows, and to enter into financing arrangements, including but not limited to renewal of the existing borrowings and obtaining new debt and equity financings. There is uncertainty regarding the implementation of these business and financing plans, which raises substantial doubt about the Company's ability to continue as a going concern. The accompanying unaudited financial information does not include any adjustment that is reflective of these uncertainties.
Recent Development
On September 13, 2024, Uxin announced that it entered into a memorandum of understanding (MOU) with Pintu (
Additionally, the Investor has extended a loan of the RMB equivalent of
Business Outlook
For the three months ending September 30, 2024, the Company expects its retail transaction volume to be within the range of 5,800 units to 6,000 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to be within the range of
Conference Call
Uxin's management team will host a conference call on Monday, September 23, 2024, at 8:00 A.M.
Conference Call Preregistration:
https://dpregister.com/sreg/10192717/fd80b45d74
A telephone replay of the call will be available after the conclusion of the conference call until September 30, 2024. The dial-in details for the replay are as follows:
U.S.: | +1 877 344 7529 |
International: | +1 412 317 0088 |
Replay PIN: | 8291145 |
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
Phone: +86 10 5691-6765
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 June 30, | ||||||
2023 | 2024 | |||||
RMB | RMB | US$ | ||||
Revenues | ||||||
Retail vehicle sales | 186,849 | 324,967 | 44,717 | |||
Wholesale vehicle sales | 94,647 | 63,897 | 8,793 | |||
Others | 7,526 | 12,320 | 1,695 | |||
Total revenues | 289,022 | 401,184 | 55,205 | |||
Cost of revenues | (271,381) | (375,599) | (51,684) | |||
Gross profit | 17,641 | 25,585 | 3,521 | |||
Operating expenses | ||||||
Sales and marketing | (46,548) | (59,353) | (8,167) | |||
General and administrative | (33,103) | (28,119) | (3,869) | |||
Research and development | (8,861) | (3,380) | (465) | |||
Reversal of credit losses, net | 696 | - | - | |||
Total operating expenses | (87,816) | (90,852) | (12,501) | |||
Other operating income, net | 6,985 | 2,783 | 383 | |||
Loss from operations | (63,190) | (62,484) | (8,597) | |||
Interest income | 102 | 16 | 2 | |||
Interest expenses | (5,120) | (22,858) | (3,145) | |||
Other income | 2,367 | 633 | 87 | |||
Other expenses | (272) | (800) | (110) | |||
Net gain from extinguishment of debt (i) | - | 35,222 | 4,847 | |||
Foreign exchange (losses)/gains | (425) | 479 | 66 | |||
Fair value impact of the issuance of senior | (36,869) | - | - | |||
Loss before income tax expense | (103,407) | (49,792) | (6,850) | |||
Income tax expense | (165) | (38) | (5) | |||
Dividend from long-term investment | 11,970 | |||||
Net loss, net of tax | (91,602) | (49,830) | (6,855) | |||
Add: net loss/(profit) attribute to redeemable non- | 2 | (1,641) | (226) | |||
Net loss attributable to UXIN LIMITED | (91,600) | (51,471) | (7,081) | |||
Net loss attributable to ordinary shareholders | (91,600) | (51,471) | (7,081) | |||
Net loss | (91,602) | (49,830) | (6,855) | |||
Foreign currency translation, net of tax nil | 3,314 | (1,216) | (167) | |||
Total comprehensive loss | (88,288) | (51,046) | (7,022) | |||
Add: net loss/(profit) attribute to redeemable non- | 2 | (1,641) | (226) | |||
Total comprehensive loss attributable to | (88,286) | (52,687) | (7,248) | |||
Net loss attributable to ordinary shareholders | (91,600) | (51,471) | (7,081) | |||
Weighted average shares outstanding – basic | 1,423,659,403 | 56,412,679,304 | 56,412,679,304 | |||
Weighted average shares outstanding – diluted | 1,423,659,403 | 56,412,679,304 | 56,412,679,304 | |||
Net loss per share for ordinary shareholders, | (0.06) | - | - | |||
Net loss per share for ordinary shareholders, | (0.06) | - | - | |||
|
Uxin Limited | ||||||
Unaudited Consolidated Balance Sheets | ||||||
(In thousands except for number of shares and per share data) | ||||||
As of March 31, | As of June 30, | |||||
2024 | 2024 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 23,339 | 17,162 | 2,362 | |||
Restricted cash | 594 | 744 | 102 | |||
Accounts receivable, net | 2,089 | 3,104 | 427 | |||
Loans recognized as a result of payments under | - | - | - | |||
Other receivables, net of provision for credit | 18,080 | 25,592 | 3,522 | |||
Inventory, net | 110,494 | 143,356 | 19,726 | |||
Prepaid expenses and other current assets | 71,787 | 72,106 | 9,922 | |||
Total current assets | 226,383 | 262,064 | 36,061 | |||
Non-current assets | ||||||
Property, equipment and software, net | 74,243 | 70,095 | 9,645 | |||
Long-term investments (i) | 279,300 | - | - | |||
Other non-current assets | 268 | 107 | 15 | |||
Finance lease right-of-use assets, net | 1,339,537 | 1,332,768 | 183,395 | |||
Operating lease right-of-use assets, net | 168,418 | 164,347 | 22,614 | |||
Total non-current assets | 1,861,766 | 1,567,317 | 215,669 | |||
Total assets | 2,088,149 | 1,829,381 | 251,730 | |||
LIABILITIES, MEZZANINE EQUITY AND | ||||||
Current liabilities | ||||||
Accounts payable | 80,745 | 83,970 | 11,555 | |||
Other payables and other current liabilities | 370,802 | 315,535 | 43,418 | |||
Current portion of operating lease liabilities | 12,310 | 11,047 | 1,520 | |||
Current portion of finance lease liabilities | 51,160 | 51,984 | 7,153 | |||
Short-term borrowing from third parties | 71,181 | 105,584 | 14,529 | |||
Short-term borrowing from related party | 7,000 | 9,500 | 1,307 | |||
Current portion of long-term debt (i) | 291,950 | - | - | |||
Total current liabilities | 885,148 | 577,620 | 79,482 | |||
Non-current liabilities | ||||||
Consideration payable to WeBank (ii) | - | 41,947 | 5,772 | |||
Finance lease liabilities | 1,191,246 | 1,210,420 | 166,559 | |||
Operating lease liabilities | 154,846 | 153,171 | 21,077 | |||
Total non-current liabilities | 1,346,092 | 1,405,538 | 193,408 | |||
Total liabilities | 2,231,240 | 1,983,158 | 272,890 | |||
Mezzanine equity | ||||||
Redeemable non-controlling interests | 149,991 | 151,641 | 20,866 | |||
Total Mezzanine equity | 149,991 | 151,641 | 20,866 | |||
Shareholders' deficit | ||||||
Ordinary shares | 39,806 | 39,807 | 5,478 | |||
Additional paid-in capital | 18,928,837 | 18,942,103 | 2,606,521 | |||
Subscription receivable from shareholders | (107,879) | (80,786) | (11,117) | |||
Accumulated other comprehensive income | 225,090 | 223,874 | 30,806 | |||
Accumulated deficit | (19,378,705) | (19,430,176) | (2,673,681) | |||
Total Uxin's shareholders' deficit | (292,851) | (305,178) | (41,993) | |||
Non-controlling interests | (231) | (240) | (33) | |||
Total shareholders' deficit | (293,082) | (305,418) | (42,026) | |||
Total liabilities, mezzanine equity and | 2,088,149 | 1,829,381 | 251,730 | |||
(i) Long-term borrowing outstanding as of March 31, 2024 was pledged with the equity interest the Group holds in an |
* Share-based compensation charges included are as follows: | ||||||
For the three months ended June 30, | ||||||
2023 | 2024 | |||||
RMB | RMB | US$ | ||||
Sales and marketing | 332 | 136 | 19 | |||
General and administrative | 9,425 | 11,784 | 1,622 | |||
Research and development | 394 | 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 June 30, | ||||||
2023 | 2024 | |||||
RMB | RMB | US$ | ||||
Net loss, net of tax | (91,602) | (49,830) | (6,855) | |||
Add: Income tax expense | 165 | 38 | 5 | |||
Interest income | (102) | (16) | (2) | |||
Interest expenses | 5,120 | 22,858 | 3,145 | |||
Depreciation | 6,413 | 16,577 | 2,281 | |||
EBITDA | (80,006) | (10,373) | (1,426) | |||
Add: Share-based compensation expenses | 10,151 | 12,048 | 1,659 | |||
- Sales and marketing | 332 | 136 | 19 | |||
- General and administrative | 9,425 | 11,784 | 1,622 | |||
- Research and development | 394 | 128 | 18 | |||
Other income | (2,367) | (633) | (87) | |||
Other expenses | 272 | 800 | 110 | |||
Foreign exchange (losses)/gains | 425 | (479) | (66) | |||
Dividend from long-term investment | (11,970) | - | - | |||
Net gain from extinguishment of debt | - | (35,222) | (4,847) | |||
Fair value impact of the issuance of senior | 36,869 | - | - | |||
Non-GAAP adjusted EBITDA | (46,626) | (33,859) | (4,657) | |||
For the three months ended June 30, | ||||||
2023 | 2024 | |||||
RMB | RMB | US$ | ||||
Net loss attributable to ordinary | (91,600) | (51,471) | (7,081) | |||
Add: Share-based compensation expenses | 10,151 | 12,048 | 1,659 | |||
- Sales and marketing | 332 | 136 | 19 | |||
- General and administrative | 9,425 | 11,784 | 1,622 | |||
- Research and development | 394 | 128 | 18 | |||
Fair value impact of the issuance of senior | 36,869 | - | - | |||
Add: accretion on redeemable non- | - | 1,650 | 227 | |||
Non-GAAP adjusted net loss attributable to | (44,580) | (37,773) | (5,195) | |||
Net loss per share for ordinary shareholders - | (0.06) | - | - | |||
Net loss per share for ordinary shareholders - | (0.06) | - | - | |||
Non-GAAP adjusted net loss to ordinary | (0.03) | - | - | |||
Weighted average shares outstanding - basic | 1,423,659,403 | 56,412,679,304 | 56,412,679,304 | |||
Weighted average shares outstanding - diluted | 1,423,659,403 | 56,412,679,304 | 56,412,679,304 | |||
Note: The conversion of Renminbi (RMB) into |
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SOURCE Uxin Limited
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