Q4 2024 Uxin Ltd Earnings Call

Greetings and welcome to the <unk> fourth quarter and full year 'twenty 'twenty four earnings conference call.

Operator: Greetings and welcome to the Uxin fourth quarter and full year 2024 earnings conference. At this time, all participants are in lesson-only mode.

At this time, all participants are in listen only mode.

Operator: The question and answer session will follow the formal presentation.

A question and answer session will follow the formal presentation.

Operator: If anyone should require operator assistance during the conference, please press star then zero on your telephone keypad. As a reminder, this conference is being recorded.

If anyone should require operator assistance during the conference. Please press Star then zero your telephone keypad.

As a reminder, this conference is being recorded.

Jack Wang: I would now like to turn the conference over to your host, Mr. Jack Wang. Please go ahead, sir. I would now like to turn the conference over to your host, Mr Jack Wang. Please go ahead, sir.

Speaker Change: I'd now like to turn the conference over to your host Mr. Jack Wang. Please go ahead Sir.

Speaker Change: Okay.

Speaker Change: I would now like to turn the conference over to your host Mr. Jack Wang. Please go ahead Sir.

Jack Wang: Alright. Thank you operator, Hello, everyone welcome to <unk> earnings Conference call for the fourth quarter and full year ended December 1st.

Jack Wang: Thank you, operator.

Jack Wang: And hello, everyone.

Jack Wang: Welcome to the Uxin's earnings conference call for the fourth quarter and full year ended December 31st, 2024. On the call with me today, we have DK, our founder and CEO, and Zhang Lin, our CFO. DK will review business operations and company highlights, followed by John, who will discuss financials and guidance. They will both be available to answer your questions during the Q&A session that follows.

Speaker Change: 24.

Speaker Change: With me today, we have D K, our founder and CEO and John <unk> our CFO.

Speaker Change: <unk> will review business operations and company highlights followed by Joseph who will discuss financials and guidance they will.

Speaker Change: We'll both be available to answer your questions. During the Q&A session that follows and before we proceed I would like to remind you that this call may contain forward looking statements, which are inherently subject to risks.

Jack Wang: And before we proceed, I would like to remind you that this call may contain forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our filings with the SEC.

Speaker Change: And that may cause actual results to differ from our current expectations.

Speaker Change: Detailed discussions of the risks.

Certainties, please refer to our filings with TSMC.

DK: And now with that, I will turn the call over to our CEO, DK. Please go ahead, sir.

Speaker Change: With that I will turn the call over to our CEO Dk. Please go ahead Sir.

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DK: 好的,谢谢主持人 Hello, everyone. Thank you for your long-term attention and support. I am very happy to meet with all investors again through the telephone conference.

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DK: In order to communicate with domestic and foreign investors, I will share with you the business progress of the past year in the form of Chinese and English, as well as our thoughts and expectations for the future. Good day everyone and thank you for your continued interest and support. It's a pleasure to welcome you on our earnings call today. And to better communicate with our domestic and international investors, I will be discussing our performance over the last year as well as providing insights into our prospects in both Chinese and English.

Speaker Change: Good day, everyone and thank you for your continued interest and support it's a pleasure to welcome you on where our earnings call today and to better communicate with all of our domestic and international investors I will be discussing our performance over the last year as well as providing insights into our prospects in both the Chinese and English.

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DK: Although the macroeconomic environment in China is full of challenges in 2024, most of the time of the year, the price war of new cars continues to impact the second-hand car market. The Chinese second-hand car industry still continues to grow. In 2024, the number of Chinese second-hand car transactions was 19.6 million, which was 6.5% higher than the number of transactions of new cars at the same time, which was 4.5% higher than the number of new cars at the same time. The policy has also received various supports. Since September, local governments have started to introduce a new car subsidy policy, which will speed up the second-hand car market.

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Speaker Change: 'twenty 'twenty four was a challenging year for the broader Chinese economy, Mark boy I'm going to be macroeconomic headwinds.

DK: 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. And despite these pressures, China's used car industry continued its upward trajectory. During 2024, China's used car annual transaction volume reached 19.6 million units, up 6.5% year-over-year, outpacing the 4.5% growth rate of the new car market during the same period. Policy tailwinds also played a supportive role. Beginning in September, a number of local governments introduced trade-in subsidy programs, which helped stimulate vehicle turnover, that in turn stabilized and revived the market demand.

Speaker Change: It's a price war in the new car segment that weighed on the used car market and despite these pressures China's used car industry continued its upward trajectory during times of 24 to China's court.

Speaker Change: Actual volume reached $19 6 million units up six 1% year over year outpacing the four 5% growth rate of the new car market during the same period.

Speaker Change: Policy.

Speaker Change: Also played a supportive role beginning in September a number of local governments introduce to trade in the subsidy programs, which helped stimulate vehicle turnover.

Speaker Change: <unk> stabilized our revised market demand.

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DK: In the past year, we are very proud that Uxin's super-large-scale business has achieved cross-border growth and strengthened our confidence in the scale-up of the existing business model.

DK: I will share with you the four aspects of the company's growth in the past year. We are especially proud of the strong performance of our superstore's operations in 2024. This success further validates the scalability and replicability of our business model.

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Speaker Change: We are especially proud of the strong performance of our superstores operations in 2024. This success further validates the scalability and likely the ability of our superstore, although our business model.

DK: And in the sessions that follow, I will outline four key milestones that reflect our program. First of all, it is the high-speed growth of Uxin's second-hand car retail by the product power and service power that leads the industry. In 2024, our retail sales increased from 3,100 units in the first quarter to more than 30% in the third quarter in a row. In the fourth quarter, the retail sales reached 8,500 units, and nearly 22,000 units in the whole year, which is more than 130% compared to last year. First, fueled by our industry-leading product and service capabilities, Uxin's year-on-year retail business delivered growth that significantly outperformed the broader market.

Speaker Change: The session is Buffalo I will outline four key milestones that reflect our progress.

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Speaker Change: First filled by our industry, leading product and service capabilities, you're since used car retail business delivered growth.

Speaker Change: Currently outperformed the broader market in 2024 hour retail transaction volume.

DK: 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 30% and yet a quarter-over-quarter growth for three consecutive quarters. And for the full year, retail transaction volume reached nearly 22,000 units, representing a year-over-year increase of more than 130%. The growth of sales has been improved in all aspects of business capability. We steadily improve the storage level. By the end of 2024, the storage scale was about three times that of the beginning of the year. At the same time as the storage scale climbed, it still maintained a high-efficiency storage cycle efficiency of about 30 days, and the sales continued to improve.

Speaker Change: Approximately 3100 units in the first quarter to 8500 units in the fourth quarter, achieving over 30% quarter over quarter growth.

Speaker Change: Blink consecutive quarters and for the full year retail transaction volume reached nearly 22000 units representing a year over year increase of more of 130%.

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Charlotte: This remarkable growth was underpinned by operational execution across our business, we scaled our inventory levels in a disciplined manner ending the year with the stock roughly three times higher than at the start of 2024.

DK: This remarkable growth was underpinned by enhanced operational execution across our business. We scaled our inventory levels in a disciplined manner, and in the year we stocked 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.

Charlotte: At the same time, we maintained an efficient inventory turnover cycle of approximately 30 days, we just supported sustained sales growth.

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DK: Second, while maintaining a fast-growing scale, Uxin has achieved the highest brand fame and customer reputation in the second-hand car industry in the area of the vendor. In the past few years, we have continued to collect real customer feedback in the vendor operation, optimize the after-sales service system, and improve the speed and service quality of after-sales customer service response. In the fourth quarter of 2024, our NPS reached 65, which averaged about 60 points last year, improving the highest level of the industry to a new level. Second, as we scaled our operations, we also continued to strengthen brand equity and customer loyalty in the core markets where our superstores operate.

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Charlotte: Second as we scaled our operations. We also continue to strengthen brand equity and customer loyalty in the core markets, where all of our superstores operate reactively collected and analyzed customer feedback to refine our after sales service processes and clothing and response times and elevate.

DK: 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 China's used car retail market.

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 Chinas used car retail landscape.

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DK: At the same time, we are constantly upgrading and investing in digital engines, fully utilizing data to build the core capabilities of smart driving in various business links. Recently, we have also started to integrate big models into business operations, improving the decision-making efficiency in pricing, preparation, and customer service. The application of digital technology makes business management more standardized and copyable, opening a solid foundation for the large-scale copy industry in the super market model. 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.

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Speaker Change: At the same time, we continued to strengthen our digital capabilities leveraging data to build intelligent technology agreement and decision making across every aspect of our operations.

DK: 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.

Speaker Change: We began integrating large language models and into our business processes to FERC.

Speaker Change: <unk> deficiency in areas, such as pricing vehicle reconditioning and customer acquisition the use of digital technologies is.

Speaker Change: Enabling greater stabilization and scalability out crossover platform laying a solid foundation for the large scale replication and extension of our Super store model.

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DK: Finally, it is worth mentioning that our financial situation is getting healthier and we have successfully achieved EBITDA profit goal in the fourth quarter of 2024 after the company's one-year adjustment. With the increase in sales, we are gradually showing a large-scale advantage in terms of business costs. The gross profit level has also increased from 4.8% in the last quarter to 7% in the fourth quarter of this year. With the continuous growth of the new plant industry and the continuous growth of the business scale, we are confident that we will achieve greater profit in the future. Lastly, our financial position continues to strengthen.

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Speaker Change: And 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 lower sales volume growth and we are starting to execute meaningful economies of scale our gross margin.

DK: In the fourth quarter of 2024, we delivered a 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 4.8% in the fourth quarter of 2023 to 7% in the same period of 2024. With additional superstores coming online and our business scale expanding, we are confident in our ability to deliver sustainable and growing profitability in the quarters and years to come.

Speaker Change: Moved from four 8% in the fourth quarter of 2020, 327% in the same period of 'twenty 'twenty four with additional superstores coming online.

Speaker Change: Our business scale, expanding we are confident in our ability to deliver sustainable and growing profitability in the quarters and years ahead.

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DK: Looking ahead to 2025, we will continue to use the super large-scale vending machine model as a basis to steadily promote new areas of exhibition business, expand business scale and profitability level. 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 will continue to release the existing production capacity of the plant and increase the market share in the cities where the plant is located. At present, the production capacity of two plants in Xi'an and Hefei has not reached 50%.

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Speaker Change: Looking ahead to 2025, we will continue to build on the foundation of our large scale superstore model executing a disciplined our regional expansion strategy to further scale, our operations and drive profitability.

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DK: In 2025, we will continue to steadily increase the existing storage scale of the plant, maintain efficient sales turnover, and promote the continuous rise in sales. First, we aim to unlock additional capacity at our existing superstores and increase our market share in their respective cities. Currently, both our Xi'an and Hefei superstores are operating at less than 50% of their full capacity. In 2025, we plan to continue ramping up inventory at these locations while maintaining efficient turnover cycles to support sustainable growth in retail volume.

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Speaker Change: First we aim to unlock additional capacity at our existing Super scores and increase our market share in their respective cities currently get both our superstores.

Speaker Change: Superstores are operating at less than 50% over their full capacity in 2025, we plan to continue ramping up inventory.

Speaker Change: Since while maintaining efficient terminal work cycles to support sustained growth in retail volume.

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DK: Second, the opening of two to four new supermarkets in the new area to improve the network of online and offline cooperation. We announced that Uxin will reach a cooperation agreement between Wuhan and Zhengzhou. Wuhan and Zhengzhou have a population of more than 12 million and a volume of 5 million cars, which is the ideal area to expand Uxin second-hand car supermarkets. Wuhan supermarket has entered the market in February 2025. The Zhengzhou supermarket will open in the second half of 2025. The selection and landing of supermarkets in other cities are also actively promoted, laying the foundation for the expansion of new supermarkets in the coming years.

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Speaker Change: Second we plan to open between schedule for new Superstores key regional markets, while strengthening our integrated online and offline retail ecosystem.

DK: Second, we plan to open between three to four new superstores in key regional markets while strengthening our integrated offline retail ecosystem. As previously disclosed, Uxin has entered into partnerships with the local governments in Wuhan and Zhengzhou to establish new superstore operations. Both cities have populations exceeding 12 million and vehicle ownership bases of over 5 million units, representing highly ideal markets for expansion. Our Wuhan superstore began trial operations in February of 2025 and our Zhengzhou superstore is on track to open in the second half of the year. In parallel, we are actively identifying and preparing additional locations to support new store launches in the coming years.

Speaker Change: As previously disclosed even seen has entered into partnerships with the local governments.

Speaker Change: Zhengzhou to establishing new support score operations.

Speaker Change: Cds have populations existing exceeding 12 million and vehicle ownership base is up over 5 million units, representing highly ideal markets for expansion, although highly superstores began trial operations in February of 2025, and I'll, let some dose per scoring is on track to open in the second.

Speaker Change: Half of the year in parallel we are actively identifying and preparing additional well locations to support new store launches in the coming years.

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DK: Third, regarding the 2025 annual operating target, we expect retail sales to grow by more than 100% again and to achieve EBITDA profit after the annual adjustment for the first time, while ensuring the long-term health of the financial situation while increasing in scale. Third, for our full-year operational targets in 2025, we aim to achieve another year of over 100% growth in retail transaction volume and to deliver our first full-year positive adjusted As we pursue expansion, we remain committed to maintaining the long-term health of our financial position. Today, there are more than 350 million Chinese cars in the market.

Speaker Change: Third for our full year operational targets in 2025, we aim to achieve another year of over 100% growth in retail transaction volume and to deliver our first full year positive adjusted EBITDA as we pursue new expansion, we remain committed to maintaining the long term health of ours.

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DK: As more and more cars enter the re-traffic market, the second-hand car race will continue to grow at a high speed in the next 5 to 10 years. The Chinese second-hand car market is moving towards a new stage of brandization, professionalization, and digitalization.

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DK: Uxin, as a leading company in the Chinese second-hand car industry, will continue to lead the second-hand car industry through advanced modern retail experience, professional second-hand car manufacturing capabilities, and efficient digital operating systems. We will do our best to provide the best second-hand car products and services for our customers, and bring a long-term return to all shareholders who have experienced the storm with the company. Now China's car ownership has surpassed 350 million vehicles. As an increasing number of these vehicles enter the secondary market, the trim and R&D used car sector is expected to maintain strong growth momentum over the next 5 to 10 years.

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Speaker Change: Now final car ownership has surpassed 315 million vehicles as an increasing number of vehicles center of the secondary market, but trailing R&D used car sector expected to maintain strong growth momentum over the next five to 10 years the sector is evolving.

DK: The sector is evolving towards a new phase of growth defined by brand-oriented, large-scale, and standardized development. As a pioneer and leader in China's used car industry, Uxin is well-positioned to lead this transformation. Through our modernized retail experience, professional vehicle reconditioning capabilities, and a highly efficient data-driven operating model, we are setting new benchmarks for the sector's advancement. We remain fully committed to delivering the best used car products and services to our customers and to generate long-term value for our shareholders, many of whom have supported us through every phase of our journey.

Speaker Change: Towards a new phase of growth and defined by brand oriented log scale and standardized development, that's a pioneer and a leader in China's used car industry.

Speaker Change: It's well positioned to meet these transformation story.

Speaker Change: <unk> modernized retail experienced professional vehicle reconditioning capabilities and a highly efficient data driven operating model, we are setting new benchmarks for the sectors advancement.

Speaker Change: Main fully committed to delivering the best used car products and services to our customers and generate.

Speaker Change: Long term volume for all of our shareholders many of whom have supported us.

Speaker Change: This phase of our journey.

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DK: That's all for my sharing today.

John: Next, our CFO John will show you the financial situation. John, please.

Speaker Change: And with that I'd like to turn the call over to our CFO to walk you through the financial results. John. Please go ahead.

John: And with that, I'd like to turn the call over to our CFO to walk you through the financial results. John, please go ahead.

John: Okay. Thank you Dk, Idaho, and Gaussian geopolitical or that you think that goes to that how would you quote.

John: Okay, thank you DK.

John: Hello everyone, I am very happy to have the opportunity to share with you the financial situation of the company today. Thank you, PK, and hello, everyone. I will now share an update on our financial performance. We have seen a strong growth in sales in the fourth quarter of 2024. Our sales volume in the quarter was 8554 units, which is a 42% increase compared to the previous year. It was a 178% increase compared to the same period last year, which is a 10% increase compared to the same period in the second quarter of 2020. We have seen a 10% increase in the same volume in the third quarter in a row.

Yeah. Thank you Dk and Hello, everyone I will now share an update on our financial performance.

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Speaker Change: We delivered another quarter of strong results in the fourth quarter of 2024 retail transaction volume reached 8564 units, representing a 42% increase quarter over quarter, and a 178% increase year over year significantly outperforming the overall.

John: We delivered another quarter of strong results in the fourth quarter of 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% during the same period. This marks the third consecutive quarter in which our retail volume has grown by more than 100% year-over-year. This quarter's total retail revenue is RMB5.53 billion The return has increased by 25% and the share price has increased by 73% The average retail vehicle sales average was RMB10.4 million in the same period last year and has dropped to RMB6.5 million this quarter The sales have increased significantly and offset the...

Speaker Change: China used car market, which recorded a year over year growth rate of approximately 10%. During the same period. This marks the third consecutive quarter in which our retail volume has grown by more than 100% year over year.

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John: The downturn in price is affecting income level. Our current vehicle inventory meets the needs of the vast majority of consumers. The average price of a single vehicle is at a relatively reasonable level. We expect sales to remain stable. Total retail revenue for the quarter was 553 million RMB, up 25% sequentially and 73% year-over-year. Our average selling price, or ASP, for retail vehicles decreased from 104,000 RMB in the same quarter last year to 65,000 RMB this quarter, primarily due to the broader shift in vehicle mix. However, the substantial increase in sales volume more than offset the impact of lower ASP on overall revenue.

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George: Total retail revenue for the quarter was 553 million RMB off 25% sequentially and 73% year over year, our average selling price or ASP for retail vehicles decreased from 104000 RMB in the same quarter last year to 16 <unk> pumps.

George: It might be this quarter, primarily due to the broader shift in vehicle mix.

George: I've heard of a substantial increase in sales volume more than offset the impact of lower a S. P. A R.

John: Our current inventory is well-positioned to meet the needs of a broad base of consumers, and we expect ASP to remain stable going forward.

George: Our current inventory is well positioned to meet the needs of a broad base of consumers and we expect a S. P to remain stable going forward.

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John: In terms of sales volume, the sales volume of the fourth quarter is 885 units, which is 15% lower than before and 31% lower than before. The total sales volume is 2,550,000 yuan. The total sales volume of the fourth quarter is 5.97 billion RMB, which is 20% higher than before and 45% higher than before. On the wholesale side, we sold 885 units in the fourth quarter, Wholesale revenue for the quarter was $25.5 million. Combined in retail and wholesale operations, total revenue for the fourth quarter was 597 million RMB, representing a 20% securitization increase and a 45% year-over-year increase.

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Speaker Change: On the wholesale side, we sold 885 units in the fourth quarter, representing a 17% sequential decline.

Speaker Change: 31% year over year decline wholesale revenue for the quarter was $25 5 million RMB, combining retail and wholesale operations total revenues for the fourth quarter was 597 million RMB, representing a 20% sequential increase and a 45% year over year increase.

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John: This quarter's profit margin is 7%, which is equal to the previous quarter. At the same time last year, 4.8% increased by 2.2%. The profit margin of the last two quarters is relatively stable. With the warm-up of the market environment and the increase in service productivity, we expect that the profit margin will increase significantly. Our worst margin for the fourth quarter was 7%, remaining stable compared to the previous quarter and improving by 2.2 percentage points from 4.8% in the same period last year. Over the past two quarters, we have maintained the gross margin at a relatively stable level.

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Speaker Change: Our gross margin for the fourth quarter was 7% remaining stable compared to the previous quarter and improving by two two percentage points from four 8% in the same period last year.

Speaker Change: Over the past two quarters, we have maintaining the gross margin at a relatively stable level and looking ahead with a recovering market environment and increasing penetration of value added services, we see meaningful upside potential for further gross margin expansion.

John: Looking ahead with a recovering market environment and increasing penetration of value-added services, we see meaningful upside potential for further gross margin expansion. While our performance has significantly improved, we have also continued to strictly manage our cost and expenses. This quarter, after the adjustment, EBITDA's first transfer of funds was a loss of 43.8 million yuan last year. While delivering strong revenue and volume growth, we continue to implement strict cost and As a result, we achieved positive adjusted EBITDA for the first time in the fourth quarter, compared to an adjusted EBITDA loss of 43.8 million RMB in the same period last year.

Speaker Change: Well it means that you're a G. P. R C and talk with T cell lymphomas shoot you Tricia Yankovich tumbling theme quality.

Speaker Change: Apogee to Gee I'm quite proud of how the EBITDAR show to dredge up.

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Speaker Change: While delivering strong revenue and volume growth, we continued to implement strict cost and expense control as a result, we achieved positive adjusted EBITDA for the first time in a footnote.

Speaker Change: For the quarter compared to an adjusted EBITDA loss of $43 8 million RMB in the same period last year.

Speaker Change: Are you already are sounion jinyan, they get teaching clock alright housing in children that even shows show down should the Hawaii Chinchy batches of Chile, Colombia, some downtime Vijay ebay essentially.

John: As for the performance of the whole year of 2024, the retail sales of the whole year of 2024 were 21,777 units, which increased by 134%. The retail revenue of the whole year was 15.92 billion RMB, which increased by 56%. The total revenue was 18.14 billion RMB, which increased by 30%. The EBITDA loss after the adjustment was 80.08 million RMB, which was 9,630,000 RMB less than the previous year, which was almost 54% less than the previous year.

Speaker Change: Kenyan Livingsocial Sherwood nty you'd be home be turned down by the new ship.

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John: As for the specific data of the whole year, we have disclosed the detailed information I will not go into details here. Turning to our full year 2024 results, retail transaction volume totaled 21,773 units, representing a 134% year-over-year growth. Full year retail revenue was 1.592 billion RMB, up 56% year-over-year. Total revenue reached 1.814 billion RMB, an increase of 30% year-over-year. Our full year adjusted EBITDA loss narrowed significantly to 80.8 million RMB, an improvement of 96.3 million RMB compared to 2023, representing a year-over-year improvement of nearly 54%.

Speaker Change: Now while your churn in the judicial would you or does that come out of cheap out when you're in Bodrum, though Peter what assurances that she Judy would you put that E ratio.

Speaker Change: Turning to our full year 'twenty 'twenty four results retail transaction volume totaled.

Speaker Change: 1773 units, representing a 134% year over year growth full year retail revenue was 1 billion and a 1.592 billion RMB.

Speaker Change: 56% from the year year over year total revenue reached 1.814 billion RMB, an increase of 30% year over year, our full year adjusted EBITDA loss narrowed to significantly to 18 point 88 million RMB.

Speaker Change: Movement of $96 3 million RMB compared to 2023, representing a year over year improvement of nearly 54%.

John: We have disclosed additional details regarding our full-year financial performance in our recently published fourth quarter and annual results, so I will not repeat all the figures.

Speaker Change: Has disclosed additional details regarding our full year financial performance in our recently published fourth quarter and annual results. So I will not repeat all the figures here.

Speaker Change: What women's Oh, when you're saying you had hosted a Whitehall down since you buy Bosch wasn't making their own sushi.

John: In addition, in March 2025, we completed a financing agreement with investors of US$27.8 million. The amount of US$1.9 million has been paid. Our cash reserves have increased significantly, which can meet the business development needs of the company this year. After a careful assessment, the authorities believe that the company will meet the operating needs of the company in the next year and for a longer period of time.

Speaker Change: You can do by what made you know quite young you can joke law.

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Speaker Change: Can you assure you that gymboree you shouldn't if you will how do they go somewhere like India, and China again, that's what I'm, calling a bunch routinely on the sheet you shouldn't you probably won't do choose Twilio Guan Sushi junior Nitromed Ied that'd be awesome.

John: In the audit report, a statement on the major mainstays of mainstream operations was removed. In addition, in March 2025, we completed a $27.8 million financing agreement with our investors, of which $19 million have already been funded. This significantly strengthened our cash position, ensuring that we have sufficient liquidity to support our business development needs throughout 2025. So following a prudent assessment of our funding plan and operational outlook, our auditor concluded that our financial resources are adequate to support operations for at least the next 12 months and beyond. And accordingly, the substantial doubt about going concern disclosure has been removed from our audit opinion.

Speaker Change: In addition in March 2025, we completed a $27 8 million financing agreement with all of our investors of which $19 million has already been funded this has significantly strengthened our cash position and showing that we have sufficient liquidity to support our bid.

Speaker Change: This deployment needs throughout the 2025, so following a prudent and assessment of our funding plan and operational outlook. Our auditor concluded our financial resources are adequate to support operations for at least the next 12 months and beyond and accordingly.

Speaker Change: Substantial thought about going concern disclosure has been removed from our audit opinion.

Speaker Change: Well you are they are when you're easy to the Utica well.

John: Regarding the performance outlook for the first quarter of 2025, although the first quarter was affected by the long spring holiday, which is the traditional end of the second-hand car, our retail sales are expected to be 7,400 to 7,500 units, which is more than 100% increase compared to the previous quarter, which is also more than 100% increase compared to the previous quarter. The total sales revenue is expected to be 4.9 billion RMB to 500 million RMB. Turning to our outlook for the first quarter of 2025, while the first quarter is traditionally a systemically soft period for the used car industry due to Chinese New Year holiday, we expect retail transaction volume to be between 7,400 and 7,500.

Speaker Change: Quite easy to show that Cynthia chunky other unique Oh sure auto trader trying to combat that.

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Speaker Change: Michelle Ruche, So Michelle I'll show you guys sit didn't you'll either be thought we'd be.

Speaker Change: Turning to our outlook for the first quarter of 2025, while the first quarter is traditionally a seasonally soft period for the used car industry due to Chinese new year holiday, we expect retail transaction volume to be between 70000, and 407 7500 units purpose.

John: representing more than 140% year over year growth. This will mark our fourth consecutive quarter of year over year retail volume growth exceeding 100%. Total revenue for the first quarter is expected to be between RMB490 million and RMB500 million.

Speaker Change: <unk> more than a 140% year over year growth.

Speaker Change: Mark our fourth consecutive quarter of year over year retail volume growth exceeding 40%.

Speaker Change: Total revenue for the first quarter is expected to be between 419 million RMB in the.

Speaker Change: 500 million RMB.

Speaker Change: Well, yes, that's a trophy U D K sounds like Glen Canyon that yet.

John: I would like to repeat DK's performance outlook for the whole year In 2025, we plan to implement 24 new markets With the continuous release of the existing two markets and the gradual landing of new markets We are very confident that we will maintain more than 100% retail sales increase throughout the year in 2025 and achieve EBITDA profits throughout the year And lastly, to reiterate DK's earlier comments on our full-year outlook, in 2025, we plan to open two to four new superstores. With the continued run-up of our existing two locations and the launch of new stores, we are confident in maintaining over 100% year-over-year retail volume growth for the full year and achieving positive full-year adjusted EBITDA.

Speaker Change: Oh, one yet well known to you why you are just super she might chonko reading it.

Speaker Change: It does show you don't come by chance have the trickiest your phone calls she might chime through below the well then say tayo she can't Oh, Dear Oh, when you're in Kenya power Chicago passenger you buy the Michel showed up.

Speaker Change: She had jinyan Jintao don't you paid out the unique.

Speaker Change: And lastly to reiterate because earlier comments on our full year outlook in 2025, we plan to open two to four new superstores was the continued ramp up of our existing existing two locations I think launch of new stores, we are confident in maintaining over 100%.

Speaker Change: Year over year retail volume growth for the full year and it should have been positive full year adjusted EBITDA.

Speaker Change: You sound social imaging gets you basically like the offerings on the needle excuse me correct two chairman Magee types, you went backwards yet.

John: 以上就是我们今天准备和大家分享的内容 以上就是我们今天准备和大家分享的内容 谢谢各位,主持人我们可以开始问答环节 谢谢各位,主持人我们可以开始问答环节 And that concludes our prepared remarks for today.

Speaker Change: And that concludes our prepared remarks for today operator, we are now ready to take questions.

Operator: Operator, we are now ready to take questions. Thank you.

Speaker Change: Yeah.

Speaker Change: Thank you. So at this time, we will be conducting a question and answer session. If.

Operator: At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star then 1 on your telephone keypad. A confirmation tone will indicate your line is in the question. You may press star and then 2 if you wish to remove your question from the line. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start button. Again, if you would like to ask a question, please press star and then 1 now.

Speaker Change: If you would like to ask a question. Please press Star then one on your telephone keypad.

Speaker Change: A confirmation tone will indicate your line is in the question queue.

Speaker Change: You May press Star and then two if you wish to have your question from the queue.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys again, if you would like to ask a question. Please press star and then one now.

Fei Dai: The first question that we have comes from Fei Dai of TF Securities. Please go ahead.

Speaker Change: The first question that'd be half comes from Shea Die off T. F Securities. Please go ahead.

John: Uh, you know, how Can you hear me? Yes, no problem First of all, congratulations to the company for achieving such excellent results. My first question is, in the past year, the company's cash has always been at a relatively low level. But we noticed that in this quarter's ER, Shen Jishi has removed the company's substantial debt. I would like to ask, what is the current level of the company's cash reserve? Is it enough to support the development of subsequent business, including investment in new markets? including the investment in new superstores? Thank you.

Speaker Change: Uh huh.

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Speaker Change: If he got dealerships tend to women for you Don.

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Speaker Change: Yeah.

Speaker Change: You see here with a fragile don't call to humanity.

Speaker Change: Over the past year, the Companys cash balance that's been dead capital.

Speaker Change: I will now he says that in your first quarter results.

Speaker Change: And one of them substantial don't recall team.

Speaker Change: Our ability to continue as a going concern could.

Speaker Change: Could you please update us on your current cash position and the way it is.

Speaker Change: Sufficient to support future business development, including investments in real superstars. Thank you.

John: Okay, I'm John. I'll answer this question. In the past year, we have tried to invest as much money as possible in the inventory of car sizes. Our capital balance has been relatively low in the past four quarters. As the size of the inventory increases, the company's sales are also growing rapidly. At the same time, our profit level is also constantly improving. Investors are becoming more and more confident in the company and are also supporting the company further. Investment supports the expansion and development of the company's business. Based on the term sheet we signed in 2024, we have officially signed a $2,780 financing agreement with investors in March 2025.

Speaker Change: Oh, Yeah go into what I believe that now.

Speaker Change: What would be the union.

Johnson: A woman Johnson.

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Speaker Change: Which is of course, a year with a quote unquote by debt that you are or aren't Allison, yes, south extent, given that term sheet woman's 18 year on year. When you say event with Jose Antonio change, we're now into that faster and making their own fleet.

John: The final payment of $19 million has been completed. Subsequent payments are also under normal approval. The company's current status is a significant improvement compared to last year. The auditor has also evaluated the company's future business plan and various financial arrangements in detail. He believes that the company's funds can support future business development. Therefore, this year's financial report also cancels doubts about the company's continued operation. It no longer has any doubt about the company's continued operation.

Speaker Change: Uh Huh Jung Dai Ichi and you'll have an email question trying to juggle engine hokey that telcos that don't have the typical okay.

Speaker Change: Sure.

Speaker Change: Junior shooters change. So you should you should know yet what you end up picking who.

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John: I don't want to be specialized in the upcoming debates And VVP party has great potential How do you guys decide Hi this is John and I'll take this question. Over the past year we prioritized allocating our capital to expanding inventory levels which resulted in maintaining a relatively low cash As our inventory expanded, our sales volume grew rapidly, our profitability improved, and investor confidence in Uxin strengthened significantly. This led to further investment to support our business expansion. Based on the term sheet we signed in 2024, we entered into a formal financing agreement with investors in March 2025 for an aggregate amount of 27.8 million US dollars.

Speaker Change: Yeah.

John: Hi, This is John and I'll I'll take this question over the past year, we prioritize allocating our capital spending and inventory levels, which resulted in maintaining a relatively low cash balance as the only inventory splendid order and sales volume grew rapidly our profitability improved and Mr. Tucker.

John: And using strengthened significantly that's what I have seen further investment to support our business expansion.

John: Based on the essentially we signed in 2024, we entered into a formal financing agreement with investors in March 2025 for an aggregate amount of $27 8 million U S. Dollars of this amount $19 million has already been funded with the remainder in the process of being <unk>.

John: Of this amount, 19 million dollars has already been funded with the remainder in the process of being delivered. As a result, our current cash position has improved significantly compared to the end of last year. Following a careful review of our operational plans and funding arrangements, our auditor concluded that our financial position is sufficient to support future operations and expressed substantial doubt regarding our ability to continue as a going concern. Regarding our new vendor, our investment is based on the rhythm. At the initial stage, we only have the equipment to prepare for the factory. The funds for the car and operation will gradually increase with the expansion of the inventory scale.

John: As a result, our current cash position has improved significantly compared to the end of last year.

John: Following a careful review of our operational plans and funding.

John: Arrangements, our auditor concluded at our financial position is sufficient to support future operations in Colombia and expressed substantial vault regarding our ability to continue as a going concern.

John: Cleveland and then she might chime woman that's in total with the SMT has I'll call you with it.

Speaker Change: Nah, that's bullshit that you've done that.

John: Sure.

John: And that's no class hugging the city with stage I'll quote Mclean why that's on top of it we're getting some jobs and put.

John: In addition to using our own funds, we will also use other funds to supplement. For example, local governments will support our local business through direct investment. This is the model in Wuhan and Zhengzhou. In addition, we reduce the use of free funds by using bank and financial institutions' inventory financing products in vehicle purchases. Overall, the scale and rhythm of the use of free funds for the development of a new product is highly controllable.

John: What else you don't see it in July and the Walmart how would even see that as you can see here.

John: Uh huh.

John: And who do you want to know what did he get holds we'd ask you to them.

John: Now what some total digital Murcia International Shadow Shadow wash. It. So I don't know that you pulled out of cycle with no not yet.

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Speaker Change: Yeah, Hi, Paul you can see much in the field with industrial Mcqueen Waxahachie adult social called Oklahoma.

John: Yeah.

John: Now regarding new superstore investments, the capital expenditures will be phased. Aside from the initial setup costs for reconditioning facilities, vehicle purchases and operating expenses are gradually deployed as inventory scales. In addition to using our own cash, we also leverage other funding sources. For example, local governments provide direct investment support for our operations in certain cities such as Wuhan and Zhengzhou. Furthermore, we utilize inventory of financing services from banks and financial institutions to reduce our own capital commitments for vehicle purchases. Overall, the amount and pace of our capital deployment for new superstores are highly manageable and under control.

John: Now regarding new superstore investments the capital expenditures will be phased aside from the initial setup costs for reconditioning facilities that vehicle.

John: Vehicle purchases and operating expenses are gradually deployed has inventory skills. In addition to using our own cash and we also leverage other funding sources. For example, local governments provide direct investment support for our operations in certain cities such as.

Speaker Change: Joe Joe for the Warner we utilized inventory of financing services for banks.

Speaker Change: The financial institutions to reduce our all in capital commitments for vehicle purchases.

Speaker Change: The amount and pace of our capital deployment for new superstores are highly manageable and under control.

Speaker Change: And so in theory in our minutes, we'll try and quantify don't breakout talent. She that she had kind of a bunch of projects.

John: In general, our financial situation is developing in a long-term and healthy direction. Under the management of our exquisite cash, and the continuous strong support of investors, our current capital level is enough to support the growth of the existing sales market and the new sales market for the next 25 years. So to summarize my answer, our financial position is steadily progressing on a solid trajectory with disciplined cash management and strong investor support. Our current cash reserves are sufficient to fund the growth of our existing superstores and the rollout of new superstores throughout 2025.

Speaker Change: A woman can see that it was changing the nature of that.

Speaker Change: And that shows you the poteet UK women with tenants and issue I'm sure. It's weak, it's a hour and yet the shale Micron agreement Hershey Micromet jacket.

Speaker Change: So to summarize my I'm, sorry, our financial position is steadily progressing on a solid trajectory with disciplined cash management and a strong investor support our current cash reserves are sufficient to fund the growth of our instincts that exist in superstores and the rollout of new.

Speaker Change: First sourced throughout 2025.

Speaker Change: Hi, Joshua Jacob you'd agree that he's here.

John: This is my answer to this question. Thank you. And that's our answer to your first question. Thank you.

Speaker Change: That's all.

Speaker Change: Answer to your first question.

Speaker Change: Yeah.

Speaker Change: Hum.

Speaker Change: When you guys are in conflict with that that's what you're taking any help you tell me.

Fei Dai: My second question is that the company's stock price has experienced a notable increase over the past year. Could management share your views on the current stock performance? Thank you.

Speaker Change: I mean, California tone to it.

Speaker Change: Yeah.

Speaker Change: To accomplish that.

Speaker Change: <unk> experienced a notable increase all bunch of Pennsylvania could management share your views on the crude.

Speaker Change: Uh huh.

Speaker Change: Thank you.

Speaker Change: Okay.

John: Okay, I will answer this question. First of all, thank you very much for your attention to the company's share price. I think the rise of the share price to a certain extent has attracted the attention of investors to the second-hand car industry in China, recognition of Uxin's business model, and confidence in Uxin's future development. I will take this question as well. First, we appreciate your interest in our stock performance. We believe that the increase in our share price reflects, to a certain extent, investors' growing interest in China's used car industry, their recognition of Uxin's business model, and their confidence in Uxin's future growth prospects.

Speaker Change: But once you're in the high feel what al Queda.

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Speaker Change: I will take this question as well first we appreciate that you are interested in our stock performance we believe.

Speaker Change: The increase in our share price reflects its western extent investors growing interest in China's used car industry their recognition of the Houston business model and their confidence in Houston.

Speaker Change: Future growth prospects.

Speaker Change: That shows you not I'm glad you should you should your D C. Despite.

John: First of all, China has the world's number one car insurance, 3.5 billion The second-hand car market is already a race track worth billions of RMB Compared to developed countries, the exchange rate of new cars and second-hand cars is 1 to 3 China is only 1 to 0.6 China's second-hand car market still has more than four times the space Uxin is the only U.S. listed company that focuses on second-hand car retail I believe investors will pay attention to Uxin as long as they pay attention to China's second-hand car industry As you know, China is the world's largest automobile market with over 350 million vehicles in operation.

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Speaker Change: But you're always going to come from which elite trying to iron ore trade even showed the maple charter to yet Cherokee impulsive entry out going to Australia.

Speaker Change: Yeah, you know you don't like going to valuation.

Speaker Change: I still know China is world's largest automobile market with over 450 million vehicles in operation.

John: The used car sector represents a trillion RMB opportunity. Compared to developed markets where the ratio of used cars to new car transactions is approximately 3 to 1, China's ratio stands at just 0.6 to 1, indicating more than four times the potential growth Uxin is currently the only U.S. listed company exclusively focused on used car retail in China. We believe that as long as investors are paying attention to China's used car sector, Uxin will naturally be a key focus. Secondly, in the second-hand car retail industry in China, our business model of super-large vending machines is unique.

Speaker Change: The used car sector represents a trillion RMB opportunity compared to the developed markets, where the ratio of used car new car transactions is approximately three to one China's ratio stands at just.

Speaker Change: 621, indicating more than four times the potential growth opportunity usually is currently the only U S listed company exclusively focused on used car retail in China, We believe that as long as investors are paying attention to China's used car sector Houston will naturally be a key part.

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Speaker Change: The auto trader Angel children, or how would you start by touching on Cheyenne wash. It should also be true.

John: We use the experience of new retail, advanced manufacturing and digital management methods to revive the traditional second-hand car business and also gain high-level recognition from customers. Just now, DK also introduced that our NPS is the highest level in the industry. Our Xi'an and Hefei vending machines have become the purpose of second-hand car shopping in the area where they are located. Second, among used car retailers in China, our large-scale superstore model is truly differentiated. By combining a modern retail experience, advanced vehicle reconditioning capabilities, and a highly digitized management system, we are reshaping the traditional used car business.

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Speaker Change: The second amount of used car retailers in China, our largest scale superstore model is truly differentiated by combining a modern retail experience.

Speaker Change: And the minus the vehicle reconditioning capabilities and a highly digital digitized our management.

Speaker Change: System, we are reshaping the traditional used car business, our best our model has been strongly endorsed by our customers as reflected in our industry leading.

John: Our model has been strongly endorsed by customers as reflected in our industry-leading net promoter score. Our Xi'an and Hefei superstores have already become leading destinations for used car purchases in their respective regions. Third, our business will continue to grow in the next few years. We are planning to open 2-4 new stores in 2025 At the same time, many new areas of the wheat fields are also being landed and promoted. As each wheat field becomes more mature, our business is expected to be at a high-speed development level in the next few years. Third, we expect our business to sustain high growth over the coming years.

Speaker Change: Promoter score.

Speaker Change: Our CN and fluffy superstores have already become a leading destination for used car purchases in their respective regions.

Speaker Change: The center.

Speaker Change: Are you worried that with aging adult Boucher sushi bulk shook out on top.

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Speaker Change: Also the fact that nobody else.

Speaker Change: The third we expect our business to sustain high growth over the coming years in 2025, we plan to open two to four new superstores and we're actively got a bunch of things in development.

John: In 2025, we plan to open two to four new superstores and we're actively advancing the development of additional sites in other regions. As each superstore matures operationally, we expect to remain on a trajectory of strong and accelerating growth for the foreseeable future. Of course, our goal is to provide a long-term return to the shareholders and investors of the company. What we can do is to focus on the business development at this stage and do our best to do the business well. At the same time, we will also update you on the progress of the business in time.

Speaker Change: Development of additional sites.

Speaker Change: In other regions as supposed score matures operationally and we expect to remain on a trajectory of strong and accelerating growth for the foreseeable future.

Speaker Change: Oh, well, then we'll be out I'm not sure when it comes to those who don't posted another challenge, but well known sort that you'll see some more tender, but you do it right into the year with a junior in Photoshop.

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John: I hope you can continue to pay attention to the company's business performance. Our ultimate goal is to create long-term value for our shareholders. At this stage, we are fully focused on educating, sorry, executing our business strategy and delivering operational... At the same time, we're committed to keeping investors informed about our business progress in a timely manner. We sincerely appreciate your continued attention and support.

Speaker Change: Gotcha.

Speaker Change: Okay.

Speaker Change: Our ultimate goal is to create long term value for our shareholders. At this stage, we are fully focused on educating sorry, executing our business strategy and delivering operational excellence.

Speaker Change: At the same time, and we're committed to keeping your investors informed.

Speaker Change: About our business progress in a timely manner.

Speaker Change: Sincerely appreciate your continued attention and support.

Speaker Change: Okay character, what we'd actually ship.

John: OK, this is my answer. And that's all the answers to your questions.

Speaker Change: And that's that's our I'm sorry to to your questions.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Thank you at this stage there are no further questions on the conference call I'll now hand over to Jack for any questions.

Operator: At this stage, there are no further questions.

Operator: I will now hand over to Jack for We actually have another question from Gary Dvorsak with What is Our Research, who has sent over his questions beforehand. So we'll take this opportunity to answer that as well. His question is, given the recent trade tensions between China and the US, how does management view the outlook for China's used car market in 2025? Are there going to be any major challenges anticipated? Okay, thank you for the question. The trade friction between China and the US will have a certain impact on the new car industry. For China's second-hand car industry, because the second-hand car industry is mainly in China, it is a complete inner loop.

Speaker Change: Oh, we are we actually have another question from Gary.

Speaker Change: Gary Sports Schachter with what is our research or has assembled.

Speaker Change: These questions beforehand. So we'll take this opportunity to answer that as well.

Speaker Change: His question is given the recent trade tensions between China and the U S. How does management and the outlook for Chinas used car market in 2025 are there going to be any major challenges anticipated.

Speaker Change: Very good.

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Joel: Hi, Joel.

Speaker Change: Lindsay and headwinds you sure called me, though when you go to Macy's in des Moines, one size answer like that.

Joel: Great.

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Joel: Certainly.

Speaker Change: Hey, guys.

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John: At present, we have not seen a direct impact. Overall, we are still relatively optimistic about the prospects of the second-hand car market in China in 2025.

Speaker Change: The business of decay and I will answer this question, while trade tensions between China and the U S may have some impact on the new car industry. We believe there will be minimal direct impact on chinas used car market.

DK: This is DK, and I will answer this question. While trade tensions between China and the U.S. may have some impact on the new car industry, we believe there will be minimal direct impact on China's used car market. Our business is primarily domestic, operating within China's internal circulation economy. And at this time, we have not observed any direct effect. In order to deal with the intensification of the Sino-US trade friction conflict, the Chinese government has taken many measures to stimulate domestic demand, and expanded the subsidy policy to save money. In 2025, the subsidy will be tripled to RMB 300 billion, which will cover the multiple areas of car refurbishment.

Speaker Change: Our business is primarily a domestic operating within chinas internal circulation economy and at this time, we have not observed any direct effects.

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DK: Business departments have also expressed their support for the second-hand car industry, and will organize and carry out a car traffic consumer reform trial, promote the high-efficiency traffic of second-hand cars, develop the car market, and save on car replacement and acceleration. The supply of second-hand cars to high-quality car owners will increase, and traffic will also improve. Overall, we remain relatively optimistic about the outlook for China's used car market in 2025. In response to escalating trade frictions, the Chinese government has introduced multiple measures to stimulate domestic demand. These include expanding the trade-in subsidy program with total subsidies across sectors, such as automotive and home appliances, doubling to 300 million RMB in 2025.

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Speaker Change: Overall, we remain relatively optimistic about the outlook for Chinas used car market in 2025 in response to escalating trade frictions training.

Speaker Change: Trainees government has introduced multiple measures to stimulate domestic demand. Please include expanding the trade in the subsidy program with total subsidies across sectors, such as automotive and home appliances Bubbling to 300 million in R&D in 2025, the Ministry of Commerce.

DK: The Ministry of Commerce has also reiterated its support for the used car industry, announcing initiatives to reform auto circulation consumption and promote efficient used car transactions in the broader automotive aftermarket. As more replacement occurs, the supply of high-quality used vehicles is expected to increase further accelerating transaction volume. On the other hand, if the trade friction continues for a long time and the economy is negatively affected, more consumers will value the high cost of second-hand cars and increase the demand in the second-hand car industry. On the other hand, if trade tensions persist and broader economic headwinds materialize, we believe more consumers will shift to focus more on value for money, leading to increased demand for used vehicles.

Speaker Change: It's also really really.

Speaker Change: Support for the used car industry announced initiatives to reform, although circulation consumption and promote efficient Mister car transactions in the broader automotive aftermarket that's more replacement activity occurs the supply of high quality used vehicles ethics.

Speaker Change: Did it increase further acts.

Speaker Change: Celebration and transaction volumes.

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Speaker Change: On the other hand, if trade tensions persist and broader economic headwinds materialize, we believe more consumers will shift to focus more on value for money leading to increased demand for used vehicles.

Speaker Change: Do you see are yeah.

DK: For Uxin, with the release of existing plant capacity and the new plant industry, the new year's retail sales have maintained an increase of more than 100%. No matter how the external environment changes, in the next few years, our development speed will continue to exceed the development speed of the entire industry. We will also continue to pay attention to the market dynamics, adjust the strategy in time to respond to external environmental changes, and ensure the long-term stability of the company's business. For Uxin, with the ongoing ramp-up of our existing superstores and the launch of new locations, we expect to maintain over 100% growth in our retail sales volume in the coming year.

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For the year will transform wouldn't be Nevada.

Speaker Change: What you've seen with the ongoing ramp up of our existing Super stores and the launch of new locations, we expect to maintain over 100% growth.

Speaker Change: In our retail sales volume in the coming year, regardless of external market fluctuations. We believe the upward trajectory will continue to significantly outpace that of the industry average in the years ahead.

DK: Regardless of external market fluctuations, we believe that our growth trajectory will continue to significantly outpace that of the industry average in the years ahead. We will also continue to monitor market dynamics closely and adjust our strategies as needed to ensure our sustainable long-term development.

Speaker Change: We're also continuing to monitor the market dynamics closely and adjust our strategies as needed to ensure that our company.

Speaker Change: To ensure a word a sustainable long term development.

Eric: And that's our I'll, let Eric talk a little bit onto the system.

Operator: And that's all we are going to talk about today. Yeah, that's that's that's all we answer to the question. Operator, we can we can move on. Thank you, sir. At this stage, there are no further questions on the conference call.

Eric: Yeah. That's that's that's all where the answer to the question operator, we tend we came along.

Eric: Yeah.

Eric: Thank you. So at this stage there are no further questions on the conference call would you like to make any closing comments.

Jack Wang: Would you like to make any closing comments? Thank you. Thank you all for joining today's call and for your continued support in Uxin. We look forward to speaking to you again soon. Thank you, everyone. Thank you.

Eric: Okay. Thank you. Thank you all for joining today's call and for your continued support in Houston, We look forward to speaking to you again soon in the future.

Eric: Thank you everyone.

Speaker Change: Thank you ladies and gentlemen that then computes today's conference. Thank you for joining US you may now disconnect your lines.

Speaker Change: [music].