Uxin: 1Q In-line with Loss Widen; 2Q Margin Under Pressure on Falling Vehicle Price

研报英文原文证据摘录

Uxin: 1Q In-line with Loss Widen; 2Q Margin Under Pressure on Falling Vehicle Price

service hub covering Hebei,

Tianjin, and the broader North China market.

n Yinchuan: Announced in November 2025, Uxin is partnering with local

government authorities to construct a 3,000-vehicle capacity superstore.

Located in northwestern China, Yinchuan is the capital of the Ningxia Hui

Autonomous Region and a key hub in China's westward development. The

city has a population of nearly 3 million and over 1.4 million registered

vehicles, ranking among the top cities in China by per-capita vehicle

ownership.

Uxin's "Superstore" Model Aims to Dominate Local Used Car Markets

As China's leading used-car retailer, Uxin is differentiating itself through a network

of "super-large-scale" offline stores. This business model relies on massive facilities

(over 30,000 sqm) that distinguish the company from smaller "large-scale" (3,000-

30,000 sqm) and "mid-to-small scale" (<3,000 sqm) competitors. Uxin has

established a super-large-scale offline store network currently in six cities (Hefei,

Xi'an, Wuhan, Zhengzhou, Jinan, and Tianjin) and plans for at least three more

(Chongqing, Shiajiazhuang and Yinchuan) in 2026. By establishing these

superstores as prominent local landmarks, Uxin's vehicle display capacity often

surpasses even the largest traditional used-car markets in a given city. The core

strategy is to create must-visit offline shopping destinations that attract significant

organic customer traffic, providing a competitive edge through superior customer

appeal, cost-effective marketing, and centralized operational expertise.

Valuation and Risk

We choose a five-year forecast horizon for our DCF, capturing Uxin's superstore

ramp up in the next few years.