Uxin Limited
- Open
- 1.55
- Day high
- 1.63
- Day low
- 1.53
- Prev close
- 1.52
- Volume
- 98K
- Mkt cap
- $343M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -7.3
- P/S
- 0.6
- Yield
- —
- Per share
- —
Uxin Limited (UXIN) is a Consumer Cyclical company listed on NASDAQ. The stock is down 68% over the past year.
Uxin Limited (UXIN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
UXIN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 10, 2026 | — | $-0.07 | — | $156M | — |
| Sep 29, 2025 | — | $-0.05 | — | $92M | — |
| Apr 30, 2025 | — | $-0.03 | — | $69M | — |
| Nov 25, 2024 | — | $-0.04 | — | $71M | — |
| Sep 23, 2024 | — | $-0.03 | — | $44M | — |
| Apr 9, 2024 | $-1.50 | $-2.80 | -86.7% | $58M | -47.4% |
| Aug 14, 2023 | — | $-2.45 | — | $50M | — |
| Sep 30, 2022 | — | $-3.00 | — | $87M | — |
| Dec 15, 2021 | — | $-3.00 | — | $80M | — |
| Sep 24, 2021 | — | $-2.87 | — | $43M | — |
| Dec 17, 2020 | — | $-12.00 | — | $49M | — |
| Jul 24, 2020 | $-1.09 | $-99.00 | -9020.4% | $15M | -54.5% |
Uxin Limited company profile
Overview
Uxin Limited (NYSE:UXIN) is a Chinese e-commerce company founded in 2011 and headquartered in Beijing that operates in China's used car market. The company went public on the New York Stock Exchange in June 2018. Originally starting as a commission-based platform connecting buyers and sellers, Uxin has transformed into an inventory-based retailer that purchases, reconditions, and sells used vehicles directly to consumers through its network of physical superstores and online platform.
Business
Uxin operates in China's used car retail market, which reached 17 million units in 2021 and is projected to exceed 20 million units annually. The company runs an integrated e-commerce platform that combines online vehicle browsing and purchasing with physical superstore locations called Inventory Reconditioning Centers (IRCs). The company's core business involves acquiring used vehicles from multiple sources including individual car owners (30% of acquisitions), auction companies, and car dealerships. These vehicles undergo comprehensive inspection and reconditioning processes at Uxin's facilities before being sold to end consumers. The reconditioning process has been streamlined to reduce processing time by 70% through advanced digital management systems. Uxin operates primarily as a single business segment focused on used car retail, though it also offers various car-related value-added services including warranty and repair services, delivery, title transfers, and vehicle registration. The company has been expanding into the New Energy Vehicle (NEV) segment, which includes electric and hybrid vehicles, representing 5-6% of current inventory with plans for further expansion. The company's omnichannel approach allows customers to browse vehicles online and complete purchases through self-service processes, while also providing physical locations for vehicle inspection and pickup. Currently, Uxin operates superstores in Xi'an and Hefei, with plans to expand to 2-3 additional locations.
Revenue model
Uxin generates revenue primarily through direct vehicle sales after transitioning from its original commission-based model to an inventory-based approach. The company purchases used cars, invests in reconditioning them to improve quality and marketability, then sells them at higher prices to capture the margin difference. In fiscal 2023, retail sales revenue reached RMB 1.31 billion, representing 68% year-over-year growth. The company's customers are individual consumers seeking to purchase used vehicles, with the business model focusing on providing a transparent, standardized buying experience that traditionally fragmented used car markets lack. Uxin's value proposition centers on offering inspected, reconditioned vehicles with warranties and after-sales services, addressing common consumer concerns about used car quality and reliability. Several factors influence Uxin's margins and profitability. Positive factors include the company's ability to source vehicles directly from individual owners at lower costs, operational efficiency improvements through digital management systems, and the expanding Chinese used car market driven by supportive government policies and increasing consumer acceptance. The company targets gross margins of 10% or above as operations mature. Negative margin pressures include vehicle acquisition costs, reconditioning expenses, inventory carrying costs, and competitive pricing pressures in the fragmented market. External factors such as new car price fluctuations, COVID-19 related disruptions, and economic conditions affecting consumer spending also impact margins. The company's current gross margin of 2.3% in Q4 2023 reflects the early stage of its superstore model, with expectations for improvement as operations scale and optimize.
Competitive moat
Uxin's competitive moat appears relatively narrow in the fragmented Chinese used car market. The company's primary advantages include its advanced reconditioning facilities, digital management systems, and integrated online-to-offline customer experience. The standardized inspection and reconditioning processes, combined with transparent pricing and warranty offerings, help differentiate Uxin from traditional used car dealers who often lack these capabilities. However, the used car retail business faces several competitive threats. The market remains highly fragmented with numerous local and regional players, and barriers to entry are not particularly high for well-capitalized competitors. Large automotive groups, e-commerce platforms, and technology companies could potentially enter the space with significant resources. Additionally, the business model is capital-intensive, requiring substantial inventory investments and physical infrastructure. The company's investment in specialized New Energy Vehicle capabilities and its focus on building brand recognition and customer trust provide some differentiation, but these advantages may not be sustainable long-term as the market matures and competitors develop similar capabilities. Uxin's success will likely depend on execution excellence, operational efficiency, and the ability to scale its superstore model faster than competitors can replicate its approach.
Risks & safety
Uxin's margin of safety appears concerning based on current financial metrics: **Overall Assessment**: The company faces significant financial stress with negative cash flows, high debt levels, and weak liquidity position. **Cash and Liquidity**: - Cash and short-term investments: $12.8 million (March 2023) - Free cash flow: -$39.2 million (FY 2023) - Current ratio: 0.47 (current liabilities exceed current assets) - Quick ratio: 0.28 **Debt and Solvency**: - Total liabilities: $350.2 million vs total assets: $99.0 million - Debt-to-equity ratio: -0.45 (negative equity) - The company has secured RMB 400 million in bank credit lines **Valuation Metrics**: - Negative book value and equity - Price-to-book ratio: -0.013 - EV/EBITDA: -20.95 (negative EBITDA) **Other Considerations**: - Recent $250 million investment from NIO Capital provides some financial cushion - Rapid revenue growth (26% YoY) but still unprofitable - Early-stage superstore model with profitability targets by end of 2023
Recent development
Over the past few years, Uxin has undergone a significant strategic transformation from a commission-based platform to an inventory-based retail model. The company abandoned its original marketplace approach where it facilitated transactions between buyers and sellers for commissions, instead choosing to purchase, recondition, and sell vehicles directly. The centerpiece of this transformation has been the development of Inventory Reconditioning Centers (IRCs), with facilities launched in Xi'an and Hefei. These superstores combine advanced vehicle inspection, reconditioning capabilities, and customer showrooms under one roof. The company has invested heavily in digital management systems that have reduced reconditioning time by 70% and improved operational efficiency. Uxin has also expanded into the New Energy Vehicle segment, developing specialized inspection and reconditioning processes for electric and hybrid vehicles. This represents a strategic move to capture growth in China's rapidly expanding EV market, with NEVs currently representing 5-6% of inventory and plans for further expansion. The company has strengthened its financial position through significant fundraising, securing $150 million from NIO Capital and Joy Capital, followed by an additional $100 million investment. It also completed a debt restructuring with 58.com, releasing $63 million in convertible note obligations. These capital infusions have supported the inventory-based model transition and superstore expansion plans. Recent operational improvements include expanding the delivery network to 20 cities, implementing self-service online ordering capabilities, and achieving a Net Promoter Score of 61%. The company plans to open 2-3 additional superstores and targets achieving positive EBITDA for existing locations by the end of 2023.
UXIN company profile · for informational purposes only — not investment advice.
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