Uxin Limited (UXIN), a Chinese used car retailer, on Monday posted a wider net loss for the second quarter, mainly due to higher costs. However, the company recorded a rise in revenue.
For the three-month period to June 30, Uxin registered a net loss of RMB 73.797 million, or RMB 0 per share, compared with a loss of RMB 51.471 million, or RMB 0 per share, in the same period last year.
Loss before income tax expense was RMB 67.566 million as against a loss of RMB 49.792 million in 2024. Loss from operations stood at RMB 43.140 million, less than a loss of RMB 62.484 million in the previous year.
Total operating expenses moved up to RMB 96.726 million from RMB 90.852 million. Cost of revenue was RMB 624.064 million as against last year's RMB 375.599 million.
Revenue was RMB 658.271 million, higher than RMB 401.184 million a year ago.
Feng Lin, CFO of Uxin, said: "Our strong sales growth this quarter was driven by improved inventory availability at existing stores and the continued ramp-up of our new superstore in Wuhan. Total revenues reached RMB658.3 million, including RMB607.6 million from retail vehicle sales, representing 87% year-over-year growth and 31% sequential growth. Our gross margin was 5.2%, reflecting the temporary impact of the new car price war in China, as well as the early-stage ramp-up of our Wuhan superstore."
Looking ahead, for the third quarter, the company expects retail transaction volume of 13,500 to 14,000 units, representing over a 125% year-over-year surge, total revenue of RMB830 million to RMB860 million, and gross margin recovery to around 7.5%.
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