Q2 2026 Uxin Ltd Earnings Call
Operator 3: Ladies and gentlemen, thank you for standing by, and welcome to Uxin earnings conference call for the quarter ended 30 June 2026. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a Q&A session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the call over to your host for today's conference call, Ms. Ali Wang. Please go ahead, Ally.
Operator: Ladies and gentlemen, thank you for standing by, and welcome to Uxin earnings conference call for the quarter ended 30 June 2026. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a Q and A session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the call over to your host for today's conference call, Ms. Ally Wang. Please go ahead, Ally.
Speaker #1: After management's prepared remarks, there will be a Q&A session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time.
Speaker #1: I would now like to turn the call over to your host for today's conference call, Ms. Ali Wang. Please go ahead, Ali.
Speaker #2: Thank you, operator. Hello, everyone. Welcome to Uxin's earnings conference call for the second quarter ended June 30, 2026. On the call with me today, we have DK, our founder and CEO, and Jiao Lin, our CFO.
Ali Wang: Thank you, operator. Hello, everyone. Welcome to Uxin's earnings conference call for the second quarter ended 30 June 2026. On the call with me today, we have DK, our founder and CEO, and Feng 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. 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. Now with that, I will turn the call over to our CEO, DK. Please go ahead, sir.
Ally Wang: Thank you, operator. Hello, everyone. Welcome to Uxin's earnings conference call for the second quarter ended 30 June 2026. On the call with me today, we have D.K., our Founder and CEO, and Feng Lin, our CFO. D.K. will review business operations and company highlights, followed by Feng, who will discuss financials and guidance. They will both be available to answer your questions during the Q and A session that follows. 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. Now with that, I will turn the call over to our CEO, D.K. Please go ahead, sir.
Speaker #2: 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 #2: 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.
Speaker #2: For detailed discussions of the risks and uncertainties, please refer to our filings with the SEC. Now, with that, I’ll turn the call over to our CEO, Kun Dai.
Speaker #2: Please go ahead, sir.
Speaker #3: 大家好。很高兴再次通过电话会议的形式与各位投资者交流。感谢大家来参加我们的夜间电话会议。今天我想先介绍一下本季度的经营情况，并分享我们针对市场变化所做的一些调整。
[Company Representative] (Uxin): 大家好，很高兴再次通过电话会议的形式与各位投资者交流。感谢大家来参加我们的业绩电话会。今天我想先介绍一下本季度的经营情况，并分享我们针对市场变化所做的一些调整。
Kun Dai: [Non-English content]
Speaker #2: Hello everyone, and thank you for joining Uxin's earnings conference call today. It is a pleasure to reconnect with our investors through this call, and we appreciate your continued interest and support.
Ali Wang: Hello, everyone, and thank you for joining Uxin's earnings conference call today. It is a pleasure to reconnect with our investors through this call, and we appreciate your continued interest and support. I would like to begin with an overview of our operating performance this quarter, and then discuss some of the adjustments we have made in response to changing market conditions.
Ally Wang: Hello, everyone, and thank you for joining Uxin's earnings conference call today. It is a pleasure to reconnect with our investors through this call, and we appreciate your continued interest and support. I would like to begin with an overview of our operating performance this quarter, and then discuss some of the adjustments we have made in response to changing market conditions.
Speaker #2: I would like to begin with an overview of our operating performance this quarter, and then discuss some of the adjustments we have made in response to changing market conditions.
Speaker #3: 2026年汽车行业进入了淘汰赛，新车市场今年以来持续承压。二季度国内新车乘用车销量同比下降超过20%，其中燃油车降幅接近40%。相比之下，二手车市场需求表现出更强的韧性。二季度全国二手车交易量同比仅下降约1.4%，但新车，尤其是燃油车价格的快速下探，也持续向二手车市场传导，加速了行情的出清。上半年约有近3万家实体二手车商退出了行业，预计全年要退出5到6万家。整个二手车行业将淘汰超过20%。
[Company Representative] (Uxin): 2026年，汽车行业进入了淘汰赛。新车市场今年以来持续承压。二季度国内新车乘用车销量同比下降超过20%，其中燃油车降幅接近40%。相比之下，二手车市场需求表现出更强的韧性。二季度全国二手车交易量同比仅下降约1.4%。新车，尤其是燃油车价格的快速下探，也持续向二手车市场传导，加速了行情的出清。上半年约有近3万家实体二手车商退出了行业，预计全年要退出5到6万家，整个二手车行业将淘汰超过20%。
Kun Dai: [Non-English content]
Speaker #2: 2026 has become a year of accelerated consolidation for China's automotive industry. The new car market has remained under pressure since the beginning of the year.
Ali Wang: 2026 has become a year of accelerated consolidation for China's automotive industry. The new car market has remained under pressure since the beginning of the year. In the second quarter, new passenger vehicle sales in China declined by more than 20% year-over-year, with internal combustion engine or ICE car sales down nearly 40%. By comparison, demand in the used car market has shown greater resilience, with nationwide used car transactions declining by only about 1.4% year-over-year in the second quarter. However, the rapid decline in new car prices, particularly for ICE cars, continued to flow through to the used car market, accelerating industry consolidation. Nearly 30,000 brick-and-mortar used car dealerships exited the market during the H1 of the year, and we expect 50,000 to 60,000 dealerships to exit for the full year, representing more than 20% of the industry.
Ally Wang: 2026 has become a year of accelerated consolidation for China's automotive industry. The new car market has remained under pressure since the beginning of the year. In the second quarter, new passenger vehicle sales in China declined by more than 20% year-over-year, with internal combustion engine or ICE car sales down nearly 40%. By comparison, demand in the used car market has shown greater resilience, with nationwide used car transactions declining by only about 1.4% year-over-year in the second quarter. However, the rapid decline in new car prices, particularly for ICE cars, continued to flow through to the used car market, accelerating industry consolidation. Nearly 30,000 brick-and-mortar used car dealerships exited the market during the H1 of the year, and we expect 50,000 to 60,000 dealerships to exit for the full year, representing more than 20% of the industry.
Speaker #2: In the second quarter, new passenger vehicle sales in China declined by more than 20% year over year, with internal combustion engine, or ICE, car sales down nearly 40%.
Speaker #2: By comparison, demand in the used car market has shown greater resilience, with nationwide used car transactions declining by only about 1.4% year over year.
Speaker #2: In the second quarter, however, the rapid decline in new car prices—particularly for ICE cars—continued to flow through to the used car market, accelerating industry consolidation.
Speaker #2: Nearly 30,000 brick-and-mortar used car dealerships exited the market during the first half of the year, and we expect 50,000 to 60,000 dealerships to exit for the full year, representing more than 20% of the industry.
Speaker #3: 二季度Uxin业绩表现显著优于行业大盘。我们的零售销量达到19,610台，同比增长89%，环比增长19%。客户净推荐值NPS继续维持在68的行业最高水平。二季度的价格波动对我们的毛利造成了阶段性影响。我们也主动加快了库存调整和车辆出清。进入三季度以后，我们的单车盈利快速恢复，预计三季度整体毛利率将重新回到6%以上。
[Company Representative] (Uxin): 二季度，优信业绩表现显著优于行业大盘。我们的零售销量达到19,610台，同比增长89%，环比增长19%。客户净推荐值NPS继续维持在68的行业最高水平。二季度的价格波动对我们的毛利造成了阶段性影响，我们也主动加快了库存调整和车辆出清。进入三季度以后，我们的单车盈利快速恢复，预计三季度整体毛利率将重新回到6%以上。
Kun Dai: [Non-English content]
Speaker #2: Uxin significantly outperformed the broader market in the second quarter. Our retail transaction volume reached 19,610 units, up 89% year over year and 19% sequentially.
Ali Wang: Uxin significantly outperformed the broader market in the second quarter. Our retail transaction volume reached 19,610 units, up 89% year-over-year and 19% sequentially. Our net promoter score, or NPS, remained at 68, continuing to rank among the highest in the industry. Price volatility during the second quarter had a temporary impact on our growth margin, and we proactively accelerated inventory adjustments and sell-through. Since the beginning of the third quarter, our per unit profitability has recovered rapidly, and we expect our overall growth margin to recover to above 6%.
Ally Wang: Uxin significantly outperformed the broader market in the second quarter. Our retail transaction volume reached 19,610 units, up 89% year-over-year and 19% sequentially. Our net promoter score, or NPS, remained at 68, continuing to rank among the highest in the industry. Price volatility during the second quarter had a temporary impact on our growth margin, and we proactively accelerated inventory adjustments and sell-through. Since the beginning of the third quarter, our per unit profitability has recovered rapidly, and we expect our overall growth margin to recover to above 6%.
Speaker #2: Our Net Promoter Score, or NPS, remained at 68, continuing to rank among the highest in the industry. Price volatility during the second quarter had a temporary impact on our gross margin, and we proactively accelerated inventory adjustments and sell-through.
Speaker #2: Since the beginning of the third quarter, our per-unit profitability has recovered rapidly, and we expect our overall gross margin to recover to above 6%.
Speaker #3: 今年以来，我们也在持续推进业务数字化和系统化的升级。随着交易数据不断积累，我们的定价系统在定价准确率、车辆覆盖率和响应时效性方面都有了明显的提升。能够更加快速、准确地应对市场变化。定价能力的提升也直接反映在了经营效率上。目前我们的整体周转率已经从过去的30天左右缩短到了20天左右。
[Company Representative] (Uxin): 今年以来，我们也在持续推进业务数字化和系统化的升级。随着交易数据不断积累，我们的定价系统在定价准确率、车辆覆盖率和响应时效性方面都有了明显的提升，能够更加快速准确地应对市场变化。定价能力的提升也直接反映在了经营效率上。目前我们的整体周转率已经从过去的30天左右缩短到了20天左右。
Kun Dai: [Non-English content]
Speaker #2: Since the beginning of this year, we have also continued to advance the digitalization of our business while systematically upgrading our operations. As we accumulate more transaction data, our pricing system has improved significantly in pricing accuracy, coverage, and response times, enabling us to respond to market changes more quickly and accurately.
Ali Wang: Since the beginning of this year, we have also continued to advance the digitalization of our business while systematically upgrading our operations. As we accumulate more transaction data, our pricing system has improved significantly in pricing accuracy, coverage, and response time, enabling us to respond to market changes more quickly and accurately. These improvements in our pricing capabilities are also reflected in our operating efficiency. Our overall inventory turnover has now shortened from approximately 30 days to approximately 20 days.
Ally Wang: Since the beginning of this year, we have also continued to advance the digitalization of our business while systematically upgrading our operations. As we accumulate more transaction data, our pricing system has improved significantly in pricing accuracy, coverage, and response time, enabling us to respond to market changes more quickly and accurately. These improvements in our pricing capabilities are also reflected in our operating efficiency. Our overall inventory turnover has now shortened from approximately 30 days to approximately 20 days.
Speaker #2: These improvements in our pricing capabilities are also reflected in our operating efficiency. Our overall inventory turnover has now shortened from approximately 30 days to approximately 20 days.
Speaker #3: 我们认为2026年会成为中国二手车行业模式迭代的起点。传统经营模式正在加速地退出，行业正在从过去相对分散、非标准化的经营方式逐步向规模化、标准化和数字化的零售模式转变。未来两三年，也将是中国二手车市场格局重新形成的关键阶段。
[Company Representative] (Uxin): 我们认为2026年会成为中国二手车行业模式迭代的起点。传统经营模式正在加速地退出，行业正在从过去相对分散、非标准化的经营方式，逐步向规模化、标准化和数字化的零售模式转变。未来两三年也将是中国二手车市场格局重新形成的关键阶段。
Kun Dai: [Non-English content]
Speaker #2: We believe 2026 could mark the beginning of a new phase in the evolution of China's used car industry. Traditional operating models are rapidly losing ground, while the industry is gradually shifting from a fragmented and non-standardized model toward a more scaled, standardized, and digitalized retail model.
Ali Wang: We believe 2026 could mark the beginning of a new phase in the evolution of China's used car industry. Traditional operating models are rapidly losing ground, while the industry is gradually shifting from a fragmented and non-standardized model toward a more scaled, standardized, and digitalized retail model. We believe the next 2 to 3 years will be a critical period for the reshaping of China's used car market.
Ally Wang: We believe 2026 could mark the beginning of a new phase in the evolution of China's used car industry. Traditional operating models are rapidly losing ground, while the industry is gradually shifting from a fragmented and non-standardized model toward a more scaled, standardized, and digitalized retail model. We believe the next 2 to 3 years will be a critical period for the reshaping of China's used car market.
Speaker #2: We believe the next two to three years will be a critical period for the reshaping of China's used car market.
Speaker #3: 在这个过程中，Uxin会继续保持领先身位。过去几年，我们已经完成了超级卖场模式的验证，并在车辆定价、检测整备、库存周转和客户服务等核心运营能力上持续积累优势。现在，我们能够保持20天左右的高库存、高速库存周转，并拥有良好的单车盈利水平。现有卖场的销量和运营效率将会持续爬坡。新卖场包括银川、广州、无锡、重庆、石家庄和绍兴在内的6个项目正在建设。同时，我们也在稳步推进与更多城市新的合作，持续扩大Uxin仓储卖场在全国范围内的布局。
[Company Representative] (Uxin): 在这个过程中，优信会继续保持领先地位。过去几年，我们已经完成了超级卖场模式的验证，并在车辆定价、检测、整备、库存周转和客户服务等核心运营能力上持续积累优势。现在我们能够保持20天左右的高速库存周转，并拥有良好的单车盈利水平。现有卖场的销量和运营效率将会持续打破。新卖场包括银川、广州、无锡、重庆、石家庄和绍兴等六个项目正在建设。同时，我们也在稳步推进与更多城市新的合作，持续扩大优信仓储卖场在全国范围内的布局。
Kun Dai: [Non-English content]
Speaker #2: Throughout this transition, Uxin will continue to maintain its leading position. Over the past several years, we have validated our Superstore model and continued to strengthen our core operating capabilities across vehicle pricing, transaction and reconditioning, inventory turnover, and customer service.
Ali Wang: Throughout this transition, Uxin will continue to maintain its leading position. Over the past several years, we have validated our super store model and continue to strengthen our core operating capabilities across vehicle pricing, inspection and reconditioning, inventory turnover, and customer service. Today, we are able to maintain a rapid inventory turnover of approximately 20 days while achieving healthy per unit profitability. Sales volumes and operating efficiency at our existing super stores will continue to ramp up, while 6 new super stores in Yinchuan, Guangzhou, Wuxi, Chongqing, Shijiazhuang, and Shaoxing are currently under development. At the same time, we are steadily advancing discussions with additional cities on new partnerships as we continue to expand our warehouse-style super store network nationwide.
Ally Wang: Throughout this transition, Uxin will continue to maintain its leading position. Over the past several years, we have validated our super store model and continue to strengthen our core operating capabilities across vehicle pricing, inspection and reconditioning, inventory turnover, and customer service. Today, we are able to maintain a rapid inventory turnover of approximately 20 days while achieving healthy per unit profitability. Sales volumes and operating efficiency at our existing super stores will continue to ramp up, while 6 new super stores in Yinchuan, Guangzhou, Wuxi, Chongqing, Shijiazhuang, and Shaoxing are currently under development. At the same time, we are steadily advancing discussions with additional cities on new partnerships as we continue to expand our warehouse-style super store network nationwide.
Speaker #2: Today, we are able to maintain a rapid inventory turnover of approximately 20 days, while achieving healthy per-unit profitability. Sales volumes and operating efficiency at our existing superstores will continue to ramp up, while six new superstores in Yinchuan, Guangzhou, Wuxi, Chongqing, Shijiazhuang, and Shaoxing are currently under development.
Speaker #2: At the same time, we are steadily advancing discussions with additional cities on new partnerships, as we continue to expand our warehouse-style superstore network nationwide.
Speaker #3: 最后我想分享一下我们三季度的经营展望。我们当前的周转和利润都回到了健康和良性的水平，但我们总体判断，当前车市风险依旧存在且高企。因此，我们整体会采用审慎的经营策略，将库存周转、单车盈利和资金效率放在更重要的位置。我们预计三季度零售销量将达到20,500台到21,000台之间，继续保持接近50%的同比增长。
[Company Representative] (Uxin): 最后，我想分享一下我们三季度的经营展望。我们当前的周转和利润都回到了健康和良性的水平，但我们总体判断当前车市风险依旧存在且高企。因此我们整体会采用审慎的经营策略，将库存周转、单车盈利和资金效率放在更重要的位置。我们预计三季度零售销量将达到20,500台到21,000台之间，继续保持接近50%的同比增长。
Kun Dai: [Non-English content]
Speaker #2: Finally, I would like to share our outlook for the third quarter. Our inventory turnover and profitability have both returned to healthy levels. However, we believe risks in the automotive market remain elevated.
Ali Wang: Finally, I would like to share our outlook for Q3. Our inventory turnover and profitability have both returned to healthy levels. However, we believe risks in the automotive market remain elevated. We are therefore maintaining a prudent operating approach, placing greater emphasis on inventory turnover, per unit profitability, and capital efficiency. For Q3, we expect retail transaction volume to reach between 20,500 and 21,000 units, representing year-over-year growth of nearly 50%.
Ally Wang: Finally, I would like to share our outlook for Q3. Our inventory turnover and profitability have both returned to healthy levels. However, we believe risks in the automotive market remain elevated. We are therefore maintaining a prudent operating approach, placing greater emphasis on inventory turnover, per unit profitability, and capital efficiency. For Q3, we expect retail transaction volume to reach between 20,500 and 21,000 units, representing year-over-year growth of nearly 50%.
Speaker #2: We are therefore maintaining a prudent operating approach, placing greater emphasis on inventory turnover, per-unit profitability, and capital efficiency. For the third quarter, we expect retail transaction volume to reach between 20,500 and 21,000 units, representing year-over-year growth of nearly 50%.
Speaker #3: 我今天的分享先到这里。接下来我们的CFO John会为大家展示财务上的情况。John，please。
[Company Representative] (Uxin): 我今天的分享先到这里。接下来我们的CFO John会为大家展示财务上的情况。John，please。
Kun Dai: [Non-English content]
Speaker #2: With that, I will turn the call over to our CFO to walk you through the financial results. John, please.
Ali Wang: With that, I will turn the call over to our CFO to walk you through the financial results. John, please.
Ally Wang: With that, I will turn the call over to our CFO to walk you through the financial results. John, please.
Speaker #3: 感谢DK。大家好。接下来由我来与大家分享公司的财务情况。
Feng Lin: 感谢DK。大家好，接下来由我来与大家分享公司的财务情况。
Feng Lin: [Non-English content]
Speaker #2: Thank you, DK. Hello, everyone. I will now walk you through our financial performance.
Ali Wang: Thank you DK. Hello everyone, I will now walk you through our financial performance.
Ally Wang: Thank you DK. Hello everyone, I will now walk you through our financial performance.
Speaker #3: 在二季度，我们的零售销量是19,610台，同比增长89%，环比增长19%。在整体汽车市场承压的情况下，我们的库存周转维持在30天左右，保持了远超行业水平的业务增长。
Feng Lin: 在二季度，我们的零售销量是19,610台，同比增长89%，环比增长19%。在整体汽车市场承压的情况下，我们的库存周转维持在30天左右，保持了远超行业水平的业务增长。
Feng Lin: [Non-English content]
Speaker #2: In the second quarter, our retail transaction volume reached 19,610 units—up 89% year-over-year and 19% sequentially. Despite continued pressure across the broader automotive market, we maintained inventory turnover of approximately 30 days and delivered business growth well above industry levels.
Ali Wang: In Q2, our retail transaction volume reached 19,610 units, up 89% year-over-year and 19% sequentially. Despite continued pressure across the broader automotive market, we maintained inventory turnover of approximately 30 days and delivered business growth well above industry levels.
Ally Wang: In Q2, our retail transaction volume reached 19,610 units, up 89% year-over-year and 19% sequentially. Despite continued pressure across the broader automotive market, we maintained inventory turnover of approximately 30 days and delivered business growth well above industry levels.
Speaker #3: 本季度的零售车辆销售收入是10.8亿元，同比增长78%，环比增长7%。零售车辆的平均售价，也就是ASP，为5.5万元。去年同期是5.9万元，上季度是6.1万元。虽然市场价格下降导致了ASP有所回落，但销量的快速增长抵消了这一影响。我们目前的车辆的价格带可以基本覆盖绝大部分主流消费者的购车需求。随着汽车市场价格波动逐步的缓和，我们预计车辆的ASP不会再出现大幅的下滑。整体将保持在相对稳定的水平。
Feng Lin: 本季度的零售车辆销售收入是10.8亿元，同比增长78%，环比增长7%。零售车辆的平均售价，也就是ASP，为5.5万元，去年同期是5.9万元，上季度是6.1万元。虽然市场价格下降导致了ASP有所回落，但销量的快速增长抵消了这一影响。我们目前的车辆的价格带可以基本覆盖绝大部分主流消费者的购车需求。随着汽车市场价格波动逐步的缓和，我们预计车辆的ASP不会再出现大幅的下滑，整体将保持在相对稳定的水平。
Feng Lin: [Non-English content]
Speaker #2: Retail vehicle sales revenue totaled RMB 1.08 billion, up 78% year-over-year and approximately 7% sequentially. The average selling price, or ASP, of our retail vehicles was RMB 55,000, compared with RMB 59,000 in the same period last year and RMB 61,000 last quarter.
Ali Wang: Retail vehicle sales revenue totaled 1.08 billion RMB, up 78% year-over-year and approximately 7% sequentially. The average selling price, or ASP of our retail vehicles was 55,000 RMB, compared with 59,000 RMB in the same period last year and 61,000 RMB last quarter. While lower market prices resulted in a decline in ASP, the rapid growth in sales volume offset this impact. Our current price range covers the car buying needs of the vast majority of mainstream consumers. As price volatility in the automotive market gradually eases, we do not expect ASP to decline significantly from current levels and expect it to remain relatively stable overall.
Ally Wang: Retail vehicle sales revenue totaled 1.08 billion RMB, up 78% year-over-year and approximately 7% sequentially. The average selling price, or ASP of our retail vehicles was 55,000 RMB, compared with 59,000 RMB in the same period last year and 61,000 RMB last quarter. While lower market prices resulted in a decline in ASP, the rapid growth in sales volume offset this impact. Our current price range covers the car buying needs of the vast majority of mainstream consumers. As price volatility in the automotive market gradually eases, we do not expect ASP to decline significantly from current levels and expect it to remain relatively stable overall.
Speaker #2: While lower market prices resulted in a decline in ASP, the rapid growth in sales volume offset this impact. Our current price range covers the car-buying needs of the vast majority of mainstream consumers. As price volatility in the automotive market gradually eases, we do not expect ASP to decline significantly from current levels and expect it to remain relatively stable overall.
Speaker #3: 车辆批售方面，二季度的批售销量是2,289台，同比增长88%，环比增长36%。批售收入是3,740万元。综合零售批售和其他业务，本季度公司的总收入是11.5亿元，同比增长75%，环比增长7%。
Feng Lin: 车辆批售方面，二季度的批售销量是2289台，同比增长88%，环比增长36%。批售收入是3740万元。综合零售、批售和其他业务，本季度公司的总收入是11.51亿元，同比增长75%，环比增长7%。
Feng Lin: [Non-English content]
Speaker #2: Turning to our wholesale business, our wholesale transaction volume was 2,289 units in the second quarter, up 88% year-over-year and 36% sequentially. Total wholesale revenue was RMB 37.4 million. Combining both retail and wholesale, total revenue for the quarter reached RMB 1.151 billion, up 75% year-over-year and 7% sequentially.
Ali Wang: Turning to our wholesale business. Our wholesale transaction volume was 2,289 units in Q2, up 88% year-over-year and 36% sequentially. Total wholesale revenue was at RMB37.4 million. Combining both retail and wholesale, total revenue for the quarter reached RMB1.151 billion, up 75% year-over-year and 7% sequentially.
Ally Wang: Turning to our wholesale business. Our wholesale transaction volume was 2,289 units in Q2, up 88% year-over-year and 36% sequentially. Total wholesale revenue was at RMB37.4 million. Combining both retail and wholesale, total revenue for the quarter reached RMB1.151 billion, up 75% year-over-year and 7% sequentially.
Speaker #3: 二季度汽车市场的价格，特别是燃油新车价格，在短期内的快速调整，对我们库存的存量库存的毛利造成了比较直接的影响。我们主动加快了售价格影响的车辆的出清，因此本季度的毛利率出现了比较大的波动，是负的0.7%。去年同期是5.2%，上季度是7%。
Feng Lin: 二季度汽车市场的价格，特别是燃油新车价格在短期内的快速调整，对我们存量库存的毛利造成了比较直接的影响。我们主动加快了受价格影响的车辆的出清，因此本季度的毛利率出现了比较大的波动，是负的0.7%，去年同期是5.2%，上季度是7%。
Feng Lin: [Non-English content]
Speaker #2: During the second quarter, auto prices—particularly prices for new ICE cars—underwent a rapid adjustment over a relatively short period, which had a direct impact on the growth margin of our existing inventory.
Ali Wang: During Q2, auto prices, particularly prices for new ICE cars, underwent a rapid adjustment over a relatively short period, which had a direct impact on the gross margin of our existing inventory. We also proactively accelerated the sell-through of cars affected by these price fluctuations. As a result, our gross margin fluctuated significantly during the quarter, reaching -0.7%, compared with 5.2% in the same period last year and 7% in the previous quarter.
Ally Wang: During Q2, auto prices, particularly prices for new ICE cars, underwent a rapid adjustment over a relatively short period, which had a direct impact on the gross margin of our existing inventory. We also proactively accelerated the sell-through of cars affected by these price fluctuations. As a result, our gross margin fluctuated significantly during the quarter, reaching -0.7%, compared with 5.2% in the same period last year and 7% in the previous quarter.
Speaker #2: We also proactively accelerated the sell-through of cars affected by these price fluctuations. As a result, our gross margin fluctuated significantly during the quarter, reaching negative 0.7%, compared with 5.2% in the same period last year and 7% in the previous quarter.
Speaker #3: 随着前期库存基本完成的重置，同时公司也进一步加快了库存的周转。目前我们已经进入了更加稳健高效的采销平衡。进入三季度之后，我们的单车的盈利明显恢复。我们预计三季度整体的毛利率会回升到6%以上。
Feng Lin: 随着前期库存基本完成了重置，同时公司也进一步加快了库存的周转，目前我们已经进入了更加稳健高效的采销平衡。进入三季度之后，我们的单车的盈利明显恢复，我们预计三季度整体的毛利率会回升到6%以上。
Feng Lin: [Non-English content]
Speaker #2: With the earlier inventory reset now largely complete, and inventory turnover further accelerating, we have achieved a more stable and efficient balance between procurement and sales.
Ali Wang: With the earlier inventory reset now largely complete and inventory turnover further accelerating, we have achieved a more stable and efficient balance between procurement and sales. Since the beginning of Q3, our per-unit profitability has recovered significantly, and we expect our overall gross margin to recover to above 6% in Q3.
Ally Wang: With the earlier inventory reset now largely complete and inventory turnover further accelerating, we have achieved a more stable and efficient balance between procurement and sales. Since the beginning of Q3, our per-unit profitability has recovered significantly, and we expect our overall gross margin to recover to above 6% in Q3.
Speaker #2: Since the beginning of the third quarter, our per-unit profitability has recovered significantly, and we expect our overall gross margin to recover to above 6% in the third quarter.
Speaker #3: 费用方面，我们继续保持严格的成本费用管控。尽管业务规模和卖场的网络在持续的扩大，我们二季度的销售和市场费用整体是保持稳定。经调整后的EBITDA亏损为1.2亿元人民币，主要反映了毛利率下降带来的阶段性影响。
Feng Lin: 费用方面，我们继续保持严格的成本费用管控。尽管业务规模和卖场的网络在持续地扩大，我们二季度的销售和市场费用整体是保持稳定。那经调整后的EBITDA亏损为1.2亿元人民币，主要反映了毛利率下降带来的阶段性影响。
Feng Lin: [Non-English content]
Speaker #2: Turning to expenses, we continue to maintain strict cost discipline. Despite the continued expansion of our business and superstore network, our sales and marketing expenses remained broadly stable during the quarter. Adjusted EBITDA loss was RMB 120 million, primarily reflecting the temporary impact of the lower gross margin.
Ali Wang: Turning to expenses, we continue to maintain strict cost discipline. Despite the continued expansion of our business and superstore network, our sales and marketing expenses remained broadly stable during the quarter. Adjusted EBITDA loss was RMB120 million, primarily reflecting the temporary impact of the lower gross margin.
Ally Wang: Turning to expenses, we continue to maintain strict cost discipline. Despite the continued expansion of our business and superstore network, our sales and marketing expenses remained broadly stable during the quarter. Adjusted EBITDA loss was RMB120 million, primarily reflecting the temporary impact of the lower gross margin.
Speaker #3: 关于三季度的业绩展望，我们在谨慎的库存采购策略上提升了周转速度，预计零售销量将在25,500台到21,000台之间。总的销售收入将在11.6亿元到11.9亿元人民币之间。整体的毛利率回升至6%以上。随着毛利水平的恢复和运营效率的不断提升，我们预计公司的盈利情况也将进一步改善。
Feng Lin: 关于三季度的业绩展望，我们在谨慎的库存采购策略上提升了周转速度，预计零售销量将在20,500台到21,000台之间，那总的销售收入将在11.6亿元到11.9亿元人民币之间，整体的毛利率回升至6%以上。随着毛利水平的恢复和运营效率的不断提升，我们预计公司的盈利情况也将进一步改善。
Feng Lin: [Non-English content]
Speaker #2: Moving to our outlook for the third quarter, we are accelerating inventory turnover while maintaining a prudent inventory procurement strategy. We expect retail transaction volume to be between 20,500 and 21,000 units.
Ali Wang: Moving to our outlook for Q3. We are accelerating inventory turnover while maintaining a prudent inventory procurement strategy. We expect retail transaction volume to be between 20,500 and 21,000 units, with total revenue between RMB1.16 billion and RMB1.19 billion, and gross margin recovering to above 6%. As our growth margin recovers and operating efficiency improves, we expect our profitability to improve further.
Ally Wang: Moving to our outlook for Q3. We are accelerating inventory turnover while maintaining a prudent inventory procurement strategy. We expect retail transaction volume to be between 20,500 and 21,000 units, with total revenue between RMB1.16 billion and RMB1.19 billion, and gross margin recovering to above 6%. As our growth margin recovers and operating efficiency improves, we expect our profitability to improve further.
Speaker #2: With total revenue between RMB 1.16 billion and RMB 1.19 billion, and gross margin recovering to above 6%, as our gross margin recovers and operating efficiency improves, we expect our profitability to improve further.
Speaker #3: 最后，跟大家同步一下我们融资的进展。我们近期又收到来自蔚来资本的400万美元的投资款。蔚来资本剩余400万美金也的投资的交割也在按计划的推进，并且蔚来资本已经确认将继续按照2.86美元每ADS的价格完成交割。与此同时，愉悦资本也在积极推进其对公司投资的ODI的备案。
Feng Lin: 最后，跟大家同步一下我们融资的进展。我们近期又收到来自蔚来资本的400万美元的投资款，蔚来资本剩余400万美金的投资的交割也在按计划地推进，并且蔚来资本已经确认将继续按照每ADS 2.86美元的价格完成交割。与此同时，愉悦资本也在积极推进其对公司投资的ODI的备案。
Feng Lin: [Non-English content]
Speaker #2: Finally, I would like to provide an update on our financing. We recently received $4 million in investment proceeds from Neo Capital, and the closing of the remaining $4 million investment is proceeding as planned.
Ali Wang: Finally, I would like to provide an update on our financing. We recently received $4 million in investment proceeds from NIO Capital, and the closing of the remaining $4 million investment is proceeding as planned. NIO Capital has confirmed that it will proceed with the remaining investment at $2.86 per ADS. Meanwhile, Joy Capital is also actively advancing the overseas direct investment or ODI filing process for its investment in the company.
Ally Wang: Finally, I would like to provide an update on our financing. We recently received $4 million in investment proceeds from NIO Capital, and the closing of the remaining $4 million investment is proceeding as planned. NIO Capital has confirmed that it will proceed with the remaining investment at $2.86 per ADS. Meanwhile, Joy Capital is also actively advancing the overseas direct investment or ODI filing process for its investment in the company.
Speaker #2: Neo Capital has confirmed that it will proceed with the remaining investment at $2.86 per ADS. Meanwhile, Joy Capital is also actively advancing the overseas direct investment, or ODI, filing process for its investment in the company.
Speaker #3: 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。
Feng Lin: 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。
Feng Lin: 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。
Speaker #2: That concludes our prepared remarks for today. Thank you, everyone. Operator, we are now ready to begin the Q&A session.
Ali Wang: That concludes our prepared remarks for today. Thank you, everyone. Operator, we are now ready to begin the Q&A session.
Ally Wang: That concludes our prepared remarks for today. Thank you, everyone. Operator, we are now ready to begin the Q&A session.
Speaker #1: We will now begin the question-and-answer session.
Operator 3: We will now begin the question-and-answer session.
Operator: We will now begin the question-and-answer session.
Speaker #3: 我们收到了三个来自投资人的问题。第一个问题是公司目前库存周转已经从过去约30天进一步缩短到20天左右，想请问下这样的高周转是如何实现的。这是特殊市场环境下主动降低库存的结果，还是蔚来希望长期维持的经营水平？ We received three questions from investors. The first question is: Uxin has further shortened its inventory turnover from approximately 30 days to around 20 days.
Ali Wang: 我们收到了三个来自投资人的问题。第一个问题是公司目前库存周转已经从过去约30天进一步缩短到20天左右，想请问一下这样的高周转是如何实现的？这是特殊市场环境下主动降低库存的结果，还是未来希望长期维持的经营水平？
Ally Wang: 我们收到了三个来自投资人的问题。第一个问题是公司目前库存周转已经从过去约30天进一步缩短到20天左右，想请问一下这样的高周转是如何实现的？这是特殊市场环境下主动降低库存的结果，还是未来希望长期维持的经营水平？
Ali Wang: We received three questions from investors. The first question is, Uxin has further shortened its inventory turnover from approximately 30 days to around 20 days.
Ally Wang: We received three questions from investors. The first question is, Uxin has further shortened its inventory turnover from approximately 30 days to around 20 days.
Speaker #3: Could management discuss how you have been able to achieve such rapid turnover? Is this primarily the result of proactively reducing inventory in response to the current market environment, or is this an operating level you expect to maintain over the long term?
Operator 2: Could management discuss how you have been able to achieve such rapid turnover?
Ally Wang: Could management discuss how you have been able to achieve such rapid turnover?
[Company Representative] (Uxin): Is this primarily the result of proactively reducing inventory in response to the current market environment, or is this an operating level you expect to maintain over the long term? 谢谢您的问题，我来回答您的问题。我们现在能够把库存周转从过去的30天左右缩短到20天左右，尤其在第三季度，最近两个月是这样的一个周转的表现。背后首先是基于AI的运用。我们升级研发了一系列的技术能力，AI相关的技术能力正在逐步地应用到定价、调价和风险预警这些核心的环节中。我们的定价的准确率、覆盖率和响应速度都显著地、持续地提升，所以目前对于库存周转效率的改善比较明显。Thank you for the question.
Ally Wang: Is this primarily the result of proactively reducing inventory in response to the current market environment, or is this an operating level you expect to maintain over the long term?
Speaker #3: Okay. 那谢谢您的问题。我来回答您的问题。那我们现在能够把库存周转从过去的30天左右缩短到20天左右，尤其在过去的，尤其在第三季度最近两个月是这样的一个周转的表现。那背后首先是基于AI的运用。我们升级研发了一系列的技术能力，正在AI相关的技术能力正被逐步的应用到定价、调价和风险预警这些核心的环节中。那我们的定价的准确率、覆盖率和响应速度都显著的持续的提升。所以目前对于库存周转效率的改善比较明显。
Feng Lin: 谢谢您的问题，我来回答您的问题。我们现在能够把库存周转从过去的30天左右缩短到20天左右，尤其在第三季度，最近两个月是这样的一个周转的表现。背后首先是基于AI的运用。我们升级研发了一系列的技术能力，AI相关的技术能力正在逐步地应用到定价、调价和风险预警这些核心的环节中。我们的定价的准确率、覆盖率和响应速度都显著地、持续地提升，所以目前对于库存周转效率的改善比较明显。
Ally Wang: Thank you for the question.
Speaker #2: Thank you for the question. There are several factors behind our ability to shorten inventory turnover from approximately 30 days to around 20 days. First, we have been applying AI across our operations.
Ali Wang: There are several factors behind our ability to shorten inventory turnover from approximately 30 days to around 20 days. First, we have been applying AI across our operations. A range of technology capabilities we have developed and upgraded are gradually being deployed across key areas such as pricing, price adjustments, and risk alerts. The accuracy, coverage, and response speed of our pricing capabilities have continued to improve, and we are already seeing a meaningful improvement in inventory turnover efficiency.
Ally Wang: There are several factors behind our ability to shorten inventory turnover from approximately 30 days to around 20 days. First, we have been applying AI across our operations. A range of technology capabilities we have developed and upgraded are gradually being deployed across key areas such as pricing, price adjustments, and risk alerts. The accuracy, coverage, and response speed of our pricing capabilities have continued to improve, and we are already seeing a meaningful improvement in inventory turnover efficiency.
Speaker #2: A range of technology capabilities we have developed and upgraded are gradually being deployed across key areas, such as pricing, price adjustments, and risk alerts.
Speaker #2: The accuracy, coverage, and response speed of our pricing capabilities have continued to improve, and we're already seeing a meaningful improvement in inventory turnover efficiency.
Speaker #3: 第二是我们的全链路的运营系统进一步的高度的集成。我们一直在持续的升级我们的检测整备、库存管理、CRM这些核心的系统。那通过我们一系列的技术手段加强对车辆状态、市场需求和客户需求的判断来提高车辆的匹配和交易的效率。那随着各个环节我们的业务环节连接的更加紧密，车辆从采购到销售的整体效率也自然会进一步的提升。
Operator 2: 第二是我们的全链路的运营系统进一步地高度集成。我们一直在持续地升级我们的检测、整备、库存管理、CRM这些核心的系统。通过我们一系列的技术手段，加强对车辆状态、市场需求和客户需求的判断，来提高车辆的匹配和交易的效率。那随着各个环节，我们的业务环节连接得更加紧密，车辆从采购到销售的整体效率也自然会进一步提升。Second, we have further integrated our end-to-end operating systems.
Feng Lin: 第二是我们的全链路的运营系统进一步地高度集成。我们一直在持续地升级我们的检测、整备、库存管理、CRM这些核心的系统。通过我们一系列的技术手段，加强对车辆状态、市场需求和客户需求的判断，来提高车辆的匹配和交易的效率。那随着各个环节，我们的业务环节连接得更加紧密，车辆从采购到销售的整体效率也自然会进一步提升。
Ally Wang: Second, we have further integrated our end-to-end operating systems.
Speaker #2: Second, we have further integrated our end-to-end operating systems. We continue to upgrade our core systems across inspection and reconditioning, inventory management, and CRM, using technology to improve our assessment of car conditions.
Ali Wang: We continue to upgrade our core systems across inspection and reconditioning, inventory management, and CRM, using technology to improve our assessment of car conditions, market demand, and customer needs, and to increase the efficiency of car matching and transactions. As these different parts of our operations become more closely connected, the overall efficiency from procurement through sales has also improved.
Ally Wang: We continue to upgrade our core systems across inspection and reconditioning, inventory management, and CRM, using technology to improve our assessment of car conditions, market demand, and customer needs, and to increase the efficiency of car matching and transactions. As these different parts of our operations become more closely connected, the overall efficiency from procurement through sales has also improved.
Speaker #2: Market demand and customer needs, and to increase the efficiency of car matching and transactions. As these different parts of our operations become more closely connected, the overall efficiency from procurement through sale has also improved.
Speaker #3: 那对于二手车零售的库存持有的时间越长所承担的价格的风险就会越大。更快的周转可以显著缩小我们的风险的敞口。那现在这样的市场出现波动的时候就会减少库存减值带来的损失。因此从完整的经济周期来看，高周转不仅不会牺牲单车盈利，反而更有助于实现一个稳定健康的综合的单车的盈利。那同时高周转也意味着我们的库存资金和人员可以支撑更大的销售的规模。那我们的人效和资金的使用效率也会持续的提升。我们的经营杠杆也会进一步的释放。
[Company Representative] (Uxin): 那对于二手车零售，库存持有的时间越长，所承担的价格的风险就会越大。更快的周转可以显著缩小我们的风险的敞口。那现在这样的市场出现波动的时候，就会减少库存减值带来的损失。因此，从完整的经济周期来看，高周转不仅不会牺牲单车盈利，反而更有助于实现一个稳定健康的综合的单车的盈利。那同时，高周转也意味着我们的库存资金和人员可以支撑更大的销售的规模，那我们的人效和资金的使用效率也会持续提升，我们的经营杠杆也会进一步地释放。The longer a used car remains in inventory, the greater the price risk we assume.
Feng Lin: 那对于二手车零售，库存持有的时间越长，所承担的价格的风险就会越大。更快的周转可以显著缩小我们的风险的敞口。那现在这样的市场出现波动的时候，就会减少库存减值带来的损失。因此，从完整的经济周期来看，高周转不仅不会牺牲单车盈利，反而更有助于实现一个稳定健康的综合的单车的盈利。那同时，高周转也意味着我们的库存资金和人员可以支撑更大的销售的规模，那我们的人效和资金的使用效率也会持续提升，我们的经营杠杆也会进一步地释放。
Ally Wang: The longer a used car remains in inventory, the greater the price risk we assume.
Speaker #2: The longer a used car remains in inventory, the greater the price risk we assume. Faster turnover significantly reduces our risk exposure and helps limit inventory impairment losses when the market fluctuates.
Ali Wang: Faster turnover significantly reduces our risk exposure and helps limit inventory impairment losses when the market fluctuates. Therefore, when viewed across a full operating cycle, faster turnover does not come at the expense of per-unit profitability. Instead, it helps us achieve more stable and healthier overall per-unit profitability. At the same time, faster turnover allows the same amount of inventory capital and the same workforce to support a larger sales volume. As workforce and capital efficiency continue to improve, we also expect to unlock greater operating leverage.
Ally Wang: Faster turnover significantly reduces our risk exposure and helps limit inventory impairment losses when the market fluctuates. Therefore, when viewed across a full operating cycle, faster turnover does not come at the expense of per-unit profitability. Instead, it helps us achieve more stable and healthier overall per-unit profitability. At the same time, faster turnover allows the same amount of inventory capital and the same workforce to support a larger sales volume. As workforce and capital efficiency continue to improve, we also expect to unlock greater operating leverage.
Speaker #2: Therefore, when viewed across a full operating cycle, faster turnover does not come at the expense of per-unit profitability. Instead, it helps us achieve more stable and healthier overall per-unit profitability.
Speaker #2: At the same time, faster turnover allows the same amount of inventory capital and the same workforce to support a larger sales volume. As workforce and capital efficiency continue to improve, we also expect to unlock greater operating leverage.
Speaker #3: 所以对于Uxin，对于我们来说，20天左右的周转不是一个短期的防守策略，而是我们希望长期去保持的一个核心的运营目标。
[Company Representative] (Uxin): 所以对于优信，对于我们来说，20天左右的周转不是一个短期的防守策略，而是我们希望长期去保持的一个核心的运营目标。 So for us, inventory turnover of around 20 days is not a short-term defensive strategy. It is a core operating target that we intend to maintain over the long term. 谢谢，这是我对这个问题的回答。 Thank you. That's my answer.
Feng Lin: 所以对于优信，对于我们来说，20天左右的周转不是一个短期的防守策略，而是我们希望长期去保持的一个核心的运营目标。
Speaker #2: For us, an inventory turnover of around 20 days is not a short-term defensive strategy. It is a core operating target that we intend to maintain over the long term.
Ally Wang: So for us, inventory turnover of around 20 days is not a short-term defensive strategy. It is a core operating target that we intend to maintain over the long term.
Speaker #3: 谢谢。这是我对这个问题的回答。
Feng Lin: 谢谢，这是我对这个问题的回答。
Speaker #2: Thank you. That's my answer. 第二个问题是二季度车市经历了较大幅度调整。想请管理层分享一下近期二手车市场行情和竞争格局有哪些变化？对2026年剩余时间的行业走势怎么看？ The second question is: The automotive market experienced a significant adjustment in the second quarter. Could management share what you have been seeing recently in terms of used car market conditions and the competitive landscape?
Ally Wang: Thank you. That's my answer.
Ali Wang: 第二个问题是：二季度车市经历了较大幅度调整，想请管理层分享一下近期二手车市场行情和竞争格局有哪些变化，对2026年剩余时间的行业走势怎么看？
Ally Wang: 第二个问题是：二季度车市经历了较大幅度调整，想请管理层分享一下近期二手车市场行情和竞争格局有哪些变化，对2026年剩余时间的行业走势怎么看？
Ali Wang: The second question is: the automotive market experienced a significant adjustment in Q2. Could management share what you have been seeing recently in terms of used car market conditions and the competitive landscape? How do you view the industry outlook for the remainder of 2026?
Ally Wang: The second question is: the automotive market experienced a significant adjustment in Q2. Could management share what you have been seeing recently in terms of used car market conditions and the competitive landscape? How do you view the industry outlook for the remainder of 2026?
Speaker #2: How do you view the industry outlook for the remainder of 2026?
Speaker #3: 好。谢谢这个提问。这个问题我来回答。从近期市场表现来看，汽车消费整体仍然偏弱。7月和8月全国乘用车零售同比下降超过20%，其中燃油车零售同比下降约40%。这种压力也在向二手车市场传导。7月份全国二手车交易量同比下跌了6%，8月份同比下跌了11%。
[Company Representative] (Uxin): 好，谢谢这个提问，这个问题我来回答。从近期市场表现来看，汽车消费整体仍然偏弱。7月和8月全国乘用车零售同比下降超过20%，其中燃油车零售同比下降约40%。这种压力也在向二手车市场传导。7月份全国二手车交易量同比下跌了6%，8月份同比下跌了11%。
Kun Dai: 好，谢谢这个提问，这个问题我来回答。从近期市场表现来看，汽车消费整体仍然偏弱。7月和8月全国乘用车零售同比下降超过20%，其中燃油车零售同比下降约40%。这种压力也在向二手车市场传导。7月份全国二手车交易量同比下跌了6%，8月份同比下跌了11%。
Speaker #2: Thank you for the question. Based on recent market performance, overall auto consumption remains relatively weak. Nationwide passenger vehicle retail sales declined by more than 20% year over year in both July and August, with ICE car retail sales down approximately 40%.
Ali Wang: Thank you for the question. Based on recent market performance, overall auto consumption remains relatively weak. Nationwide passenger vehicle retail sales declined by more than 20% year-over-year in both July and August, with ICE car retail sales down approximately 40%. This pressure has also carried over into the used car market. Nationwide used car transactions declined by 6% year-over-year in July and by 11% in August.
Ally Wang: Thank you for the question. Based on recent market performance, overall auto consumption remains relatively weak. Nationwide passenger vehicle retail sales declined by more than 20% year-over-year in both July and August, with ICE car retail sales down approximately 40%. This pressure has also carried over into the used car market. Nationwide used car transactions declined by 6% year-over-year in July and by 11% in August.
Speaker #2: This pressure has also carried over into the used car market. Nationwide used car transactions declined by 6% year-over-year in July, and by 11% in August.
Speaker #3: 从价格端来看，我们认为二季度最剧烈的价格调整已经过去了。那二季度新车，特别是燃油车价格在短期内快速下探，对二手车价格形成了特别明显的冲击。进入三季度以后，虽然市场仍有一定的压力，但已经没有再出现单月大幅下跌的极端情况。整体正在逐步的趋稳。
[Company Representative] (Uxin): 从价格端来看，我们认为二季度最剧烈的价格调整已经过去了。那二季度新车，特别是燃油车价格在短期内快速下探，对二手车价格形成了特别明显的冲击。进入三季度以后，虽然市场仍有一定压力，但已经没有再出现单月大幅下跌的极端情况，整体正在逐步地趋稳。
Kun Dai: 从价格端来看，我们认为二季度最剧烈的价格调整已经过去了。那二季度新车，特别是燃油车价格在短期内快速下探，对二手车价格形成了特别明显的冲击。进入三季度以后，虽然市场仍有一定压力，但已经没有再出现单月大幅下跌的极端情况，整体正在逐步地趋稳。
Speaker #2: Regarding pricing, we believe the most severe adjustment occurred in the second quarter. New car prices, particularly for ICE cars, declined rapidly over a relatively short period, which had a significant impact on used car prices.
Ali Wang: On pricing, we believe the most severe adjustment occurred in Q2. New car prices, particularly prices for ICE cars, declined rapidly over a relatively short period, which had a significant impact on used car prices. Since the beginning of Q3, the market has remained under some pressure, but we have not seen the kind of sharp monthly declines that occurred in Q2. Overall market conditions are gradually stabilizing.
Ally Wang: On pricing, we believe the most severe adjustment occurred in Q2. New car prices, particularly prices for ICE cars, declined rapidly over a relatively short period, which had a significant impact on used car prices. Since the beginning of Q3, the market has remained under some pressure, but we have not seen the kind of sharp monthly declines that occurred in Q2. Overall market conditions are gradually stabilizing.
Speaker #2: Since the beginning of the third quarter, the market has remained under some pressure, but we have not seen the kind of sharp monthly declines that occurred in the second quarter.
Speaker #2: Overall, market conditions are gradually stabilizing.
Speaker #3: 与此同时，行业的初期仍在继续。今年上半年已有接近3万家实体二手车商退出了市场。我们预计全年可能会有5万到6万家退出，行业淘汰比例超过20%。那这一轮调整会加快行业格局的重塑，市场份额也会进一步向具备规模化、标准化和数字化能力的企业去集中。
[Company Representative] (Uxin): 与此同时，行业的出清仍在继续。今年上半年已有接近3万家实体二手车商退出了市场，我们预计全年可能会有5万到6万家退出，行业淘汰比例超过20%。那这一轮调整会加快行业格局的重塑，市场份额也会进一步向具备规模化、标准化和数字化能力的企业去集中。
Kun Dai: 与此同时，行业的出清仍在继续。今年上半年已有接近3万家实体二手车商退出了市场，我们预计全年可能会有5万到6万家退出，行业淘汰比例超过20%。那这一轮调整会加快行业格局的重塑，市场份额也会进一步向具备规模化、标准化和数字化能力的企业去集中。
Speaker #2: At the same time, industry consolidation is continuing. Nearly 30,000 brick-and-mortar used car dealerships exited the market in the first half of this year, and we expect 50,000 to 60,000 dealerships to exit the market for the full year.
Ali Wang: At the same time, industry consolidation is continuing. Nearly 30,000 brick-and-mortar used car dealerships exited the market in H1 of this year, and we expect 50,000 to 60,000 dealerships to exit the market for the full year, representing more than 20% of the industry. We believe this market adjustment will accelerate the reshaping of the industry, with market share becoming increasingly concentrated among companies with scale, standardized operations, and digital capabilities.
Ally Wang: At the same time, industry consolidation is continuing. Nearly 30,000 brick-and-mortar used car dealerships exited the market in H1 of this year, and we expect 50,000 to 60,000 dealerships to exit the market for the full year, representing more than 20% of the industry. We believe this market adjustment will accelerate the reshaping of the industry, with market share becoming increasingly concentrated among companies with scale, standardized operations, and digital capabilities.
Speaker #2: Representing more than 20% of the industry, we believe this market adjustment will accelerate the reshaping of the industry, with market share becoming increasingly concentrated among companies with scale, standardized operations, and digital capabilities.
Speaker #3: 对于Uxin来说，这也是扩大市场份额的机会。三季度我们在库存采购上保持相对审慎。当库存周转缩短到20天左右，同时零售销量预计将保持接近50%的同比增长，大幅跑赢行业。
[Company Representative] (Uxin): 对于优信来说，这也是扩大市场份额的机会。三季度我们在库存采购上保持相对审慎，让库存周转已缩短到20天左右。同时零售销量预计将保持接近50%的同比增长，大幅跑赢行业。
Kun Dai: 对于优信来说，这也是扩大市场份额的机会。三季度我们在库存采购上保持相对审慎，让库存周转已缩短到20天左右。同时零售销量预计将保持接近50%的同比增长，大幅跑赢行业。
Speaker #2: For Uxin, this also creates an opportunity to gain market share. We have maintained a relatively prudent approach to inventory procurement in the third quarter.
Ali Wang: For Uxin, this also creates an opportunity to gain market share. We have maintained a relatively prudent approach to inventory procurement in Q3 while shortening inventory turnover to around 20 days. At the same time, we expect our retail transaction volume to continue growing by nearly 50% year-over-year, significantly outperforming the broader industry.
Ally Wang: For Uxin, this also creates an opportunity to gain market share. We have maintained a relatively prudent approach to inventory procurement in Q3 while shortening inventory turnover to around 20 days. At the same time, we expect our retail transaction volume to continue growing by nearly 50% year-over-year, significantly outperforming the broader industry.
Speaker #2: While shortening inventory turnover to around 20 days, at the same time, we expect our retail transaction volume to continue growing by nearly 50% year over year, significantly outperforming the broader industry.
Speaker #3: 进入四季度以后，二手车市场通常会进入传统旺季。我们的判断是市场波动大概率不会再像二季度那么剧烈，但目前风险依然是存在的，因为我们会根据，因此我们会根据这个市场稳定的程度来审慎地管理我们的库存。如果价格进一步稳定，我们就会加快库存采购。如果市场仍有波动，那我们就会保持一个高周转，用更快的周转和更高的资金效率来实现规模的增长，降低价格波动带来的影响。
[Company Representative] (Uxin): 进入四季度以后，二手车市场通常会进入传统旺季。我们的判断是市场波动大概率不会再像二季度那么剧烈，但目前风险依然是存在的。因此我们会根据这个市场稳定的程度来审慎地管理我们的库存，如果价格进一步稳定，我们就会加快库存采购。如果市场仍有波动，那我们就会保持一个高周转，用更快的周转和更高的资金效率来实现规模的增长，降低价格波动带来的影响。
Kun Dai: 进入四季度以后，二手车市场通常会进入传统旺季。我们的判断是市场波动大概率不会再像二季度那么剧烈，但目前风险依然是存在的。因此我们会根据这个市场稳定的程度来审慎地管理我们的库存，如果价格进一步稳定，我们就会加快库存采购。如果市场仍有波动，那我们就会保持一个高周转，用更快的周转和更高的资金效率来实现规模的增长，降低价格波动带来的影响。
Speaker #2: The fourth quarter is typically a peak season for the used car market. Our current view is that market volatility is unlikely to be as severe as it was in the second quarter.
Ali Wang: The Q4 is typically a peak season for the used car market. Our current view is that market volatility is unlikely to be as severe as it was in Q2, although risks remain. We will therefore adjust our inventory levels prudently based on market conditions. As prices stabilize further, we will accelerate inventory procurement; if volatility persists, we will continue to maintain rapid inventory turnover and drive sales growth through fast turnover and greater capital efficiency to reduce the impact of price fluctuations.
Ally Wang: The Q4 is typically a peak season for the used car market. Our current view is that market volatility is unlikely to be as severe as it was in Q2, although risks remain. We will therefore adjust our inventory levels prudently based on market conditions. As prices stabilize further, we will accelerate inventory procurement; if volatility persists, we will continue to maintain rapid inventory turnover and drive sales growth through fast turnover and greater capital efficiency to reduce the impact of price fluctuations.
Speaker #2: Although risks remain, we will therefore adjust our inventory levels prudently based on market conditions. If prices stabilize further, we will accelerate inventory procurement. If volatility persists, we will continue to maintain rapid inventory turnover and drive sales growth through faster inventory turnover and greater capital efficiency to reduce the impact of price fluctuations.
Speaker #3: 好，以上是我的回答。
[Company Representative] (Uxin): 好，以上是我的回答。
Kun Dai: 好，以上是我的回答。
Speaker #2: That's my answer. 第三个问题是：此前公司公告了CEO个人增持公司股票的计划。想请管理层分享一下目前的执行进展。 The third question is: the company previously announced a plan by the CEO to purchase additional company shares. Could management provide an update on the execution of this plan?
Ali Wang: That's my answer. 第 三 个 问 题 是 ： 此 前 公 司 公 告 了 CEO 个 人 增 持 公 司 股 票 的 计 划 ， 想 请 管 理 层 分 享 一 下 目 前 的 执 行 进 展 。The third question is: The company previously announced a plan by the CEO to purchase additional company shares. Could management provide an update on the execution of this plan?
Ally Wang: That's my answer. 第 三 个 问 题 是 ： 此 前 公 司 公 告 了 CEO 个 人 增 持 公 司 股 票 的 计 划 ， 想 请 管 理 层 分 享 一 下 目 前 的 执 行 进 展 。The third question is: The company previously announced a plan by the CEO to purchase additional company shares. Could management provide an update on the execution of this plan?
Speaker #3: 好。谢谢提问。这个我来回答。过去几年我们已经完成了仓储式卖场模式的验证，并开始全国范围内的布局扩张。公司的销售规模、运营效率和核心能力也在持续提升。我认为公司正走在正确的方向上。考虑到近期的股价表现，我决定动用自己的资金在二级市场增持公司的股票，用实际行动来表达对公司长期价值的信心。
[Company Representative] (Uxin): 好，谢谢提问，这个我来回答。过去几年我们已经完成了仓储式卖场模式的验证，并开始全国范围内的布局扩张。公司的销售规模、运营效率和核心能力也在持续提升。我认为公司正走在正确的方向上。考虑到近期的股价表现，我决定动用自己的资金在二级市场增持公司的股票，用实际行动来表达对公司长期价值的信心。
Kun Dai: 好，谢谢提问，这个我来回答。过去几年我们已经完成了仓储式卖场模式的验证，并开始全国范围内的布局扩张。公司的销售规模、运营效率和核心能力也在持续提升。我认为公司正走在正确的方向上。考虑到近期的股价表现，我决定动用自己的资金在二级市场增持公司的股票，用实际行动来表达对公司长期价值的信心。
Speaker #2: Thank you for the question. Over the past few years, we have validated our warehouse-style superstore model and begun expanding our footprint nationwide. Our sales volume, operating efficiency, and core capabilities have all continued to improve.
Ali Wang: Thank you for the question. Over the past few years, we have validated our warehouse style superstore model and begun expanding our footprint nationwide. Our sales volume, operating efficiency, and core capabilities have all continued to improve. I believe the company is moving in the right direction. Given the recent performance of our share price, I decided to use my own funds to purchase additional Uxin shares in the open market as a tangible demonstration of my confidence in the company's long-term value.
Ally Wang: Thank you for the question. Over the past few years, we have validated our warehouse style superstore model and begun expanding our footprint nationwide. Our sales volume, operating efficiency, and core capabilities have all continued to improve. I believe the company is moving in the right direction. Given the recent performance of our share price, I decided to use my own funds to purchase additional Uxin shares in the open market as a tangible demonstration of my confidence in the company's long-term value.
Speaker #2: I believe the company is moving in the right direction. Given the recent performance of our share price, I decided to use my own funds to purchase additional Uxin shares in the open market as a tangible demonstration of my confidence in the company's long-term value.
Speaker #3: 根据此前的公告，我控制的实体已经于6月30日设立了入10B5-1的交易计划。计划以不超过每ADS 2块8毛5的价格增持最高500万美元公司的ADS。按照相关90天冷静期的要求，这一计划将从9月28号起具备开始执行的条件。
[Company Representative] (Uxin): 根据此前的公告，我控制的实体已经于6月30日设立了入10b5-1的交易计划，计划以不超过每ADS $2.85的价格，增持最高500万美元公司的ADS。按照相关90天冷静期的要求，这一计划将从9月28号起具备开始执行的条件。
Kun Dai: 根据此前的公告，我控制的实体已经于6月30日设立了入10b5-1的交易计划，计划以不超过每ADS $2.85的价格，增持最高500万美元公司的ADS。按照相关90天冷静期的要求，这一计划将从9月28号起具备开始执行的条件。
Speaker #2: As previously announced, an entity controlled by me established a Rule 10b5-1 trading plan on June 30th to purchase up to $5 million of the company's ADS at a price of no more than $2.85 per ADS.
Ali Wang: As previously announced, an entity controlled by me established a Rule 10b5-1 trading plan on 30 June to purchase up to $5 million of the company's ADS at a price of no more than $2.85 per ADS. Following the required 90-day cooling-off period, purchases under the plan will be eligible to begin on 28 September.
Ally Wang: As previously announced, an entity controlled by me established a Rule 10b5-1 trading plan on 30 June to purchase up to $5 million of the company's ADS at a price of no more than $2.85 per ADS. Following the required 90-day cooling-off period, purchases under the plan will be eligible to begin on 28 September.
Speaker #2: Following the required 90-day cooling-off period, purchases under the plan will be eligible to begin on September 28.
Speaker #3: 后续具体的买入节奏会按照预先设定的交易计划执行，并严格遵守入10B5-1及其他相关证券交易规则。每日实际可买入金额会受到公司股票近期市场成交量等因素的制约，因此实际增持会是一个逐步执行的过程。
[Company Representative] (Uxin): 后续具体的买入节奏会按照预先设定的交易计划执行，并严格遵守Rule 10b5-1及其他相关证券交易规则。每日实际可买入金额会受到公司股票近期市场成交量等因素的制约，因此实际增持会是一个逐步执行的过程。
Kun Dai: 后续具体的买入节奏会按照预先设定的交易计划执行，并严格遵守Rule 10b5-1及其他相关证券交易规则。每日实际可买入金额会受到公司股票近期市场成交量等因素的制约，因此实际增持会是一个逐步执行的过程。
Speaker #2: The timing and pace of purchases will be determined in accordance with the pre-established trading plan and will strictly comply with Rule 10b5-1 and other applicable securities trading rules.
Ali Wang: The timing and pace of purchases will be determined in accordance with the pre-established trading plan and will strictly comply with Rule 10b5-1 and other applicable securities trading rules. The actual amount that can be purchased on any given day will also be subject to factors such as the recent trading volume of the company's ADS. As a result, the purchases will be carried out gradually over time.
Ally Wang: The timing and pace of purchases will be determined in accordance with the pre-established trading plan and will strictly comply with Rule 10b5-1 and other applicable securities trading rules. The actual amount that can be purchased on any given day will also be subject to factors such as the recent trading volume of the company's ADS. As a result, the purchases will be carried out gradually over time.
Speaker #2: The actual amount that can be purchased on any given day will also be subject to factors such as the recent trading volume of the company's ADS. As a result, the purchases will be carried out gradually over time.
Speaker #3: 我个人对公司的长期发展保持非常坚定的信心，也希望通过这次增持让我的个人利益与公司所有股东的长期利益更加紧密地绑定在一起。
[Company Representative] (Uxin): 我个人对公司的长期发展保持非常坚定的信心，也希望通过这次增持，让我的个人利益与公司所有股东的长期利益更加紧密地绑定在一起。
Kun Dai: 我个人对公司的长期发展保持非常坚定的信心，也希望通过这次增持，让我的个人利益与公司所有股东的长期利益更加紧密地绑定在一起。
Speaker #2: I remain highly confident in the company's long-term development. Through these purchases, I also hope to further align my personal interests with the long-term interests of the company and all of our shareholders.
Ali Wang: I remain highly confident in the company's long-term development. Through these purchases, I also hope to further align my personal interests with the long-term interests of the company and all of our shareholders.
Ally Wang: I remain highly confident in the company's long-term development. Through these purchases, I also hope to further align my personal interests with the long-term interests of the company and all of our shareholders.
Speaker #3: 好，以上是我的回答。谢谢。
[Company Representative] (Uxin): 好，以上是我的回答，谢谢。
Kun Dai: 好，以上是我的回答，谢谢。
Speaker #2: That's my answer. Thank you.
Ali Wang: That's my answer. Thank you.
Ally Wang: That's my answer. Thank you.
Speaker #1: This concludes our question-and-answer session. I would like to turn the conference back over to Ali Wang for any closing remarks.
Operator 3: This concludes our question and answer session. I would like to turn the conference back over to Ali Wang for any closing remarks.
Operator: This concludes our question and answer session. I would like to turn the conference back over to Ali Wang for any closing remarks.
Speaker #2: Thank you again for joining today's call and for your continued support of Uxin. We look forward to speaking with you again soon.
Ali Wang: Thank you again for joining today's call and for your continued support in Uxin. We look forward to speaking to you again soon.
Ally Wang: Thank you again for joining today's call and for your continued support in Uxin. We look forward to speaking to you again soon.
Operator 3: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
