Q4 2024 Uxin Ltd Earnings Call Transcript
Key Points
- Uxin Ltd (UXIN) achieved a 38% increase in retail sales during the traditionally slow season of the spring festival, selling 3,124 units from January to March 2024.
- The company's gross profit margin rose from 1.2% in fiscal year 2023 to 5.9% in fiscal year 2024, indicating improved profitability.
- Uxin Ltd (UXIN) has significantly reduced its reconditioning costs per vehicle by 50% compared to the previous fiscal year through bulk procurement, SMART repairs, and 3D printing technology.
- The company has implemented a highly cost-effective customer acquisition strategy, reducing advertising and promotion expenses by more than 50% compared to last year.
- Uxin Ltd (UXIN) projects a year-over-year retail sales growth of 150% for fiscal year 2025 and aims to achieve company-wide adjusted EBITDA profitability starting from the third quarter of the fiscal year.
- The competitive pricing strategies initiated by car manufacturers have disrupted the price structure of the used car market, leading to a substantial decline in profitability across the industry.
- The average selling price (ASP) of retail vehicles decreased from RMB 117,000 in the same period last year to RMB 86,000 this quarter, impacting revenue.
- Wholesale transaction volume in the fourth quarter decreased by 31% year-over-year to 934 units, leading to a total wholesale revenue of RMB 39.7 million.
- Adjusted EBITDA for the fiscal year of 2024 was a loss of RMB 176 million, despite a nearly 40% reduction in losses compared to the fiscal year of 2023.
- The construction of the new superstore in Zhengzhou is expected to take some time and will not be completed until next year, delaying potential profitability.
Ladies and gentlemen, thank you for standing by and welcome to the Uxin Limited Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time.
I would now like to introduce your host for today's call, Mr. Jack Wang. Please go ahead, Jack.
All right. Thank you, Operator. Hello, everyone. Welcome to Uxin's Earnings Conference Call for the Fourth Quarter and Full Fiscal Year ended March 31st, 2024.
On the call with me today, we have D.K., our Founder and CEO; as well as John Lin, our CFO. D.K. will review business operations and company highlights, followed by John, who will discuss financials and guidance. They will both be available to answer 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
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