Uxin Group released its unaudited financial performance report for the quarter ended March 2024.
Zhitoon Finance learned that on July 31, Beijing time, China's leading used car retailer, Uxin Group (UXIN.US), released its unaudited financial performance report for the quarter ended March 2024. The financial report shows that in this quarter, the total revenue of Uxin Group was RMB 0.32 billion, and the total transaction volume and retail transaction volume have increased year-on-year despite the traditional off-season of the Spring Festival. Among them, the total transaction volume was 4,058 vehicles, an increase of 12.5% year-on-year; the retail transaction volume was 3,124 vehicles, which was basically flat compared to the previous quarter and an increase of 38.3% year-on-year. In this quarter, the operational efficiency and profitability of the group continued to improve, and the gross margin increased to 6.6%, compared to 4.8% in the previous quarter and 2.3% in the same period last year. The group's adjusted EBITDA loss continues to decrease and reached its lowest level in history.
At the same time, Uxin Group also released its annual report for the fiscal year ended March 2024. During this fiscal year, the gross margin of the group was 5.9%, an increase of 1.2% compared to the previous fiscal year, a growth of 500%; the group's adjusted EBITDA loss was RMB 0.176 billion, a decrease of nearly 40% year-on-year.
The financial report shows that Uxin's offline super stores and online nationwide purchase model have been recognized by the government, capital, and consumers. Uxin's used car super store has become the first brand of used cars recognized by consumers in the region. The customer net promoter score (NPS) has remained around 60 points for 10 consecutive quarters, the highest level in the industry. The standardized, process-oriented and digitized operation system has basically matured in the past year, and the operational capacity and efficiency far exceed the industry average level.
The financial report disclosed that in July of this year, Uxin's used car and Zhengzhou Airport Economic Zone reached a strategic cooperation, and co-built the Uxin (Zhengzhou) Intelligent Re-manufacturing Co., Ltd. project with an investment of RMB 0.17 billion to be responsible for the operation of the project.
Dai Kun, the founder, chairman, and CEO of Uxin Group, said that the company will continue to promote a significant increase in sales and is expected to achieve a year-on-year growth of 150% in retail sales next fiscal year. The company will achieve overall EBITDA profitability in a single quarter by the end of 2024. In addition to the Zhengzhou project, Uxin Group is also promoting the landing of the super store implementation plan in multiple cities, which will continue to promote the future national expansion and business growth of Uxin. Uxin will continue to adhere to creating long-term value for customers, leading the transformation and upgrading of China's used car industry.