Uxin Limited (UXIN): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Uxin Limited (UXIN) makes money in China's competitive used car market, so I've broken down their entire strategy into a clean Business Model Canvas, drawing on the latest figures we have as of late 2025. Honestly, running a national omni-channel operation built on massive physical superstores-like the ones they're building with local government backing-is complex, but the numbers tell a clear story: Q2 2025 saw total revenues hit RMB658 million with a 5.2% gross margin, driven primarily by retail sales. If you want to see the key partnerships, the high-volume inventory strategy, and where their costs are really landing, dive into the nine blocks below; it's the clearest snapshot you'll find of their current operational reality.

Uxin Limited (UXIN) - Canvas Business Model: Key Partnerships

You're looking at Uxin Limited's strategic alliances, the backbone that lets them scale their omni-channel approach across China. These aren't just casual agreements; they are deep, capital-intensive collaborations, especially with local government bodies.

Local Government and State-Owned Enterprise Collaboration for Physical Footprint

Uxin Limited is actively executing its superstore expansion by partnering with local government authorities and state-owned enterprises (SOEs) to secure prime real estate and operational support. This strategy is key to establishing their physical inspection and reconditioning centers nationwide. For instance, Uxin announced a strategic partnership in October 2025 with local government authorities in Guangzhou to jointly invest in a new used car superstore. Similarly, a partnership was announced in November 2025 with Tianjin local government authorities for a superstore development. The company is also jointly investing with a local state-owned enterprise for the Yinchuan superstore facility. This follows prior superstore openings or partnerships in Xi'an, Hefei, Wuhan, and Zhengzhou.

The scale of these physical assets is significant. The new Guangzhou superstore is designed to accommodate above 3,000 vehicles for display and sale. Generally, Uxin's superstores have inventory capacities ranging from 2,000 to 8,000 vehicles. The Wuhan superstore, for example, commenced trial operations in February 2025.

Here's a quick look at the major government-backed facility projects:

Location	Partner Type	Announced/Operational Date	Planned Vehicle Capacity
Guangzhou	Local Government Authorities & Guangzhou Development District Transportation Investment Group	October 2025 Announcement	Above 3,000
Tianjin	Local Government Authorities	November 2025 Announcement	More than 3,000
Yinchuan	Local Government Authorities & Local State-Owned Enterprise	November 2025 Announcement	Approximately 3,000
Wuhan	Local Government Authorities	Trial operations began February 2025	Not explicitly stated for this one, but part of the network

Guangzhou Development District Transportation Investment Group Involvement

The partnership in Guangzhou is specifically with the Guangzhou Development District Transportation Investment Group. This entity is described as a leading industrial investment and operations platform within Guangzhou City. The reported scale of this partner is substantial, boasting total assets of nearly RMB10 billion. This collaboration is intended to strengthen Uxin Limited's market presence across Southern China.

Furthermore, Uxin has established relationships with other investment-focused entities. For the Uxin Hefei subsidiary, an equity investment agreement was made with Hefei Construction Investment. As of June 30, 2025, rental payments from the Hefei subsidiary were converted into equity interests in Uxin Hefei, with the first-year rental of approximately RMB147.1 million converting to about 12.02% equity interest, and the second-year rental of approximately RMB127.7 million converting to about 8.40% equity interest.

Equity Funding from Financing Partners

Financing partners are crucial for fueling this expansion. Uxin Limited secured a significant equity funding round from Fame Dragon Global Limited, which is an investment vehicle of NIO Capital. In March 2025, Uxin signed definitive agreements for this investment. The deal involved the purchase of over 5,738,268,233 Class A Ordinary Shares for a total consideration of approximately US$27,876,506 (or US$27.88 million). By the end of the second quarter of 2025, specifically as of June 30, 2025, Uxin had received US$19.0 million from Fame Dragon Global. This capital injection is expected to bolster operations and strategic initiatives.

Logistics and Transportation Networks

Uxin Limited's omni-channel strategy relies on leveraging its pioneering online platform to serve customers nationwide. This requires robust logistics and transportation networks for nationwide vehicle distribution, although specific partner names or associated financial metrics for this segment weren't detailed in the latest announcements, the capability is inherent in serving customers across China. The superstores themselves, like the one in Tianjin, are intended to serve as a regional hub for the Beijing-Tianjin-Hebei area.

Key partnership types involve:

• Securing land and investment for physical superstores with local government entities.
• Joint investment in facilities with local state-owned enterprises, such as in Yinchuan.
• Receiving substantial equity funding from investment vehicles like Fame Dragon Global, linked to NIO Capital.
• Converting operational leases into equity stakes with local investment groups, as seen with Hefei Construction Investment.

Finance: draft 13-week cash view by Friday.

Uxin Limited (UXIN) - Canvas Business Model: Key Activities

You're looking at the core engine driving Uxin Limited's growth right now, which is all about scale and integration. The key activities are heavily weighted toward physical infrastructure and the digital systems that manage it all.

Large-scale used car reconditioning and refurbishment operations

Uxin Limited's operations center on high-volume, standardized vehicle preparation. This isn't just a quick clean-up; it's a core competency that supports the quality promise of the superstores. The Wuhan Superstore, for example, is designed with a reconditioning facility capable of inspecting and refurbishing up to 60,000 vehicles annually at full capacity. This activity directly underpins the retail offering.

The integration of reconditioning directly into the superstore model is key for throughput. The newly opened Zhengzhou facility also integrates an advanced reconditioning factory. This physical capacity is essential for meeting the projected volume targets, such as the forecast retail transaction volume between 13,500 units and 14,000 units for the three months ended September 30, 2025.

Managing the omni-channel retail ecosystem (online/offline integration)

You're managing a system where the online platform drives traffic to the physical hubs, and the physical hubs convert that traffic into sales. The Wuhan Superstore, which began trial operations in February 2025, was already exceeding expectations with monthly sales of 1,400 units in the second quarter of 2025. This shows the online-to-offline conversion is working well in established hubs.

Customer trust, a direct result of this integrated approach, is high. Uxin Limited's Net Promoter Score (NPS) has been maintained at an industry-leading 65. The company describes its model as leveraging the online platform to serve customers nationwide while establishing regional leadership through offline superstores.

Efficient inventory management with a healthy 30-day monthly turnover

The efficiency here is non-negotiable for managing capital. Uxin Limited has consistently maintained a healthy inventory turnover cycle of approximately 30 days. This is significantly lower than the Chinese industry average, which is cited as being between 55 to 60 days.

This rapid turnover is critical for supporting sales growth. For instance, the retail transaction volume in the quarter ended June 30, 2025, was 10,385 units, which was achieved while keeping inventory days stable at around 30.

Digital business management system refinement and operation

The physical expansion is only possible because the digital backbone is being refined. While specific dollar amounts for R&D or system refinement aren't broken out in the latest operational highlights, the success of the physical rollout implies robust digital support. The company is focused on digital empowerment. The operational efficiency, evidenced by the 30-day inventory turnover, is a direct outcome of this digital management.

The digital system refinement supports the overall transaction volume growth, which saw a 153.9% year-over-year increase in retail transaction volume in Q2 2025.

Strategic expansion of the superstore network across key regional hubs

The expansion strategy is focused on replicating the successful superstore model in high-potential metropolitan areas. As of late 2025, Uxin Limited operates large-scale used car superstores in Xi'an, Hefei, Wuhan, and Zhengzhou. The company had a plan to open between two to four new superstores in 2025.

The newest additions include the Wuhan Superstore (trial operations February 2025) and the Zhengzhou Superstore (opened September 27, 2025). Furthermore, Uxin Limited announced a partnership for a Tianjin Used Car Superstore, expected to begin operations in the first half of 2026, with capacity for more than 3,000 vehicles for display and sale. Another partnership for a Yinchuan superstore, with capacity for approximately 3,000 vehicles, was also announced.

Here's a quick look at the scale of these key physical assets:

Superstore Location	Status (as of late 2025)	Display Capacity (Vehicles)	Reconditioning Facility
Wuhan	Operational (Trial Feb 2025)	Up to 5,000	Up to 60,000 annually
Zhengzhou	Operational (Opened Sep 2025)	Up to 5,000	Integrated advanced factory
Tianjin (Planned)	Partnership Announced	More than 3,000	Large-scale integrated
Yinchuan (Planned)	Partnership Announced	Approximately 3,000	Not specified

The typical inventory capacity across Uxin Limited's superstores ranges from 2,000 to 8,000 vehicles.

The financial performance reflects this operational focus:

• Retail transaction volume for Q2 2025 was 10,385 units.
• Total revenues for Q2 2025 reached RMB658.3 million (US$91.9 million).
• Gross margin for Q2 2025 was 5.2%.
• The forecast for Q3 2025 gross profit margin is around 7.5%.

Finance: draft 13-week cash view by Friday.

Uxin Limited (UXIN) - Canvas Business Model: Key Resources

You're looking at the core assets Uxin Limited uses to run its omni-channel used car business as of late 2025. These are the tangible and intangible things they own or control that are essential for their value proposition.

Physical Infrastructure: Large-scale used car superstores are central to the operation, allowing for high-volume retail and reconditioning. Uxin Limited currently operates a network that includes established locations in Xi'an, Hefei, Wuhan, and Zhengzhou. Furthermore, expansion is underway with planned superstores in other key markets.

The capacity of these physical hubs is significant, with existing superstores typically holding inventory between 2,000 to 8,000 vehicles. The newest Zhengzhou superstore, which opened on September 27, 2025, has a capacity to display up to 5,000 vehicles.

Uxin Limited is actively expanding this physical footprint through strategic partnerships:

• Tianjin superstore: Expected capacity of more than 3,000 vehicles.
• Yinchuan superstore: Expected capacity of approximately 3,000 vehicles.
• Guangzhou superstore: Designed to accommodate above 3,000 vehicles.

These superstores integrate vehicle reconditioning and inspection facilities. For instance, the Wuhan Superstore, which began trial operations in February 2025, has a reconditioning facility capable of inspecting and reconditioning up to 60,000 vehicles annually at full capacity. The planned Tianjin location will also integrate a large-scale reconditioning facility.

The intangible assets are just as critical. Uxin Limited relies on its proprietary online platform to serve customers nationwide. This platform is supported by extensive industry data accumulated over more than ten years of operation, which helps establish strong used car management and operation capabilities.

Financially, the company maintains liquidity through its holdings and financing activities. As of the quarter ended June 30, 2025, Uxin Limited reported its cash position:

Financial Metric (as of June 30, 2025)	Amount (RMB in millions)	Amount (US$ in millions)
Cash and cash equivalents	25,112	9,530
Restricted cash	767	5

The company's strategy also involves securing capital through financing, though the specific US$27.8 million from Fame Dragon was not confirmed in the latest reports. The company's current ratio as of Q2 2025 was 0.44, suggesting short-term obligations exceeded liquid assets.

The physical assets are quantified by their scale, as shown below:

Superstore Location	Status/Announcement Date	Stated/Planned Inventory Capacity
Xi'an, Hefei, Wuhan	Operational	2,000 to 8,000 vehicles (typical range)
Zhengzhou	Opened September 27, 2025	Up to 5,000 vehicles
Tianjin	Partnership announced November 2025	More than 3,000 vehicles
Yinchuan	Partnership announced November 2025	Approximately 3,000 vehicles
Guangzhou	Partnership announced October 2025	Above 3,000 vehicles

Finance: draft 13-week cash view by Friday.

Uxin Limited (UXIN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Uxin Limited (UXIN) over other options in China's used car market. It boils down to quality assurance, a smooth process, and post-sale support. Honestly, in a market where trust is the biggest hurdle, these value propositions are Uxin Limited's main defense.

High-quality, value-for-money used vehicles

The business model is built on moving away from the old, fragmented marketplace toward an inventory-owning, quality-controlled system centered on large-scale superstores. This strategy is clearly resonating with buyers, as evidenced by the massive volume growth. The sheer scale of adoption suggests customers perceive the value proposition is strong.

• Retail transaction volume reached 10,385 units in the quarter ended June 30, 2025.
• This volume represented a 153.9% year-over-year increase for the same period.
• Total revenues for the quarter ending June 30, 2025, hit RMB 658.3 million (US$91.9 million).
• Retail vehicle sales revenue accounted for RMB 607.6 million (US$84.8 million) of that total.

Reliable, one-stop, and hassle-free transaction experience

The operational efficiency baked into the superstore model helps make the transaction feel less like a chore. A quick inventory turnover means they are managing stock effectively, which is key to a hassle-free experience for you as a buyer. Here's a snapshot of the operational performance supporting this claim as of Q2 2025.

Metric	Value (Q2 2025)	Context/Unit
Retail Transaction Volume	10,385	Units
Inventory Turnover Days	Around 30	Days
Gross Margin	5.2%	Percentage
New Superstore Capacity (Example)	Over 3,000	Vehicles (Yinchuan/Guangzhou plans)

Superior after-sales services and product guarantees

Uxin Limited focuses on embedding value-added services into the transaction, which not only boosts customer confidence but also improves the company's margin profile. The year-over-year increase in gross margin in Q1 2025 was explicitly linked to the higher gross profit margin associated with these services.

• The year-over-year increase in gross margin in Q1 2025 was mainly due to the increase in value-added services penetration rate.
• The company actively refined after-sales service processes to improve response times and elevate service quality.

Transparency and trust through standardized reconditioning

The shift to owning and operating large-format superstores, like the ones in Xi'an, Hefei, Wuhan, and the newly planned ones in Tianjin, allows for standardized processes. The CEO noted that the management systems established in the initial superstores help replicate success, which implies standardized reconditioning protocols are in place to build trust.

• Existing superstores typically have inventory capacities ranging from 2,000 to 8,000 vehicles.
• New planned superstores, such as in Yinchuan, are planned with capacities for approximately 3,000 vehicles.

High customer satisfaction, evidenced by a Net Promoter Score (NPS) of 65

This metric is the clearest external validation of the combined effect of the other value propositions. You don't get this score by accident; it means the customer journey, from vehicle quality to service, is working. This score has been a consistent benchmark for the company.

• Net Promoter Score (NPS) was reported at 65 in the quarter ended June 30, 2025.
• This score was maintained for five consecutive quarters as of Q2 2025.
• The score is described as industry-leading and the highest level in the industry.

Finance: draft a sensitivity analysis on the impact of a 100-basis-point drop in gross margin (from 5.2% to 4.2% in Q2 2025) on operating loss by next Tuesday.

Uxin Limited (UXIN) - Canvas Business Model: Customer Relationships

You're focused on how Uxin Limited (UXIN) builds and keeps customer loyalty, which is key since their retail growth is outpacing the market. Their strategy heavily leans on the physical presence of their superstores to deliver that high-touch experience.

Dedicated in-store sales and service teams at superstores

Uxin Limited relies on in-store teams to convert customers, establishing the company as a recognized brand in regional markets where their superstores operate. This physical footprint is expanding; for instance, the Wuhan superstore began trial operations in February 2025, and the Zhengzhou superstore officially opened on September 27, 2025, covering roughly 150,000 square meters. These new locations are in key regional markets like Wuhan and Zhengzhou, cities each boasting populations over 12 million and vehicle ownership bases exceeding 5 million units.

High-touch, customer-centric approach to build regional brand trust

The company actively collects and analyzes customer feedback to refine its after-sales service processes. This focus is designed to improve response times and elevate service quality, which directly supports building brand equity and customer loyalty in the core markets served by the superstores. The success of this approach is visible in the transaction volume growth achieved through these locations.

Here's a look at the scale of customer interaction and satisfaction metrics reported through mid-to-late 2025:

Metric	Period/Quarter	Value
Net Promoter Score (NPS)	Q2 2025	65
Net Promoter Score (NPS)	Q4 2024	65 (up from average of 60 prior year)
Retail Transaction Volume (Units)	Q2 2025	10,385 units
Retail Transaction Volume (Units)	Q1 2025	7,545 units
Inventory Turnover Days	Q2 2025	Stable at around 30 days

The retail transaction volume in Q2 2025 hit 10,385 units, a 153.9% year-over-year increase. That's a lot of happy customers.

Automated and digital support via the online platform

Alongside the in-person experience, Uxin Limited continues to strengthen its digital capabilities. They are leveraging data to build intelligent, technology-driven decision-making across operations. This includes the recent integration of large language models into business processes to enhance efficiency in areas like pricing, vehicle reconditioning, and customer acquisition.

Maintaining industry-leading customer satisfaction for five consecutive quarters

Customer satisfaction remains a top priority, as evidenced by consistent high scores. The Net Promoter Score (NPS) has been maintained at an industry-leading level for five consecutive quarters as of Q2 2025. The reported NPS figures confirm this commitment:

• NPS reached 65 in Q2 2025.
• NPS reached 65 in Q4 2024.
• One report notes the NPS rose to 66%.

Finance: draft 13-week cash view by Friday.

Uxin Limited (UXIN) - Canvas Business Model: Channels

You're looking at how Uxin Limited (UXIN) gets its product-quality used cars-to the customer as of late 2025. It's a clear mix of big physical locations and a strong digital backbone.

Large-scale offline Used Car Superstores (physical retail presence)

Uxin Limited (UXIN) establishes market leadership in selected regions through its large-format physical retail presence. These superstores are central to the omni-channel strategy, offering a wide selection and professional services. Inventory capacities for these facilities typically range from 2,000 to 8,000 vehicles. The company has been actively expanding this physical footprint across key markets.

Here's a look at the scale and recent additions to the physical network:

• Uxin Limited (UXIN) operates large-scale used car superstores in Xi'an, Hefei, Wuhan, and Zhengzhou.
• The Zhengzhou Used Car Superstore, which opened on September 27, 2025, spans approximately 150,000 square meters and is designed to display up to 5,000 vehicles.
• The Wuhan Superstore began trial operations in February 2025.

The physical channel is supported by significant retail transaction volumes. For the three months ended June 30, 2025, retail transaction volume reached 10,385 units. Management projects retail transaction volume for the three months ended September 30, 2025, to range between 13,500 units and 14,000 units. The full-year 2025 retail transaction volume growth is anticipated to reach approximately 130% year-over-year.

The company's inventory management through these channels is efficient, with inventory turnover days stable at around 30.

The expansion continues with new planned facilities:

Location	Announced Capacity (Vehicles)	Status/Role
Yinchuan	Approximately 3,000	New Superstore via partnership.
Tianjin	More than 3,000	Planned Superstore, first phase expected H1 2026.
Guangzhou	More than 3,000	New Superstore via partnership.

Pioneering online platform for nationwide customer reach

Uxin Limited (UXIN) leverages its pioneering online platform to serve customers across the nation. This digital reach complements the regional focus of the superstores. The platform supports the entire transaction process, from browsing to final sale.

Regional hubs (e.g., Tianjin for Beijing-Tianjin-Hebei area) for distribution

The large superstores are also positioned as key operational centers. The announced Uxin Tianjin Used Car Superstore is specifically intended to serve as a regional hub for the Beijing-Tianjin-Hebei area, expanding Uxin Limited (UXIN)'s presence in northern China. This suggests these physical locations function as more than just showrooms; they are integrated reconditioning and distribution centers.

Mobile applications and digital interfaces for browsing and transactions

The digital interfaces, including mobile applications, are critical for customer acquisition and service delivery. The company emphasizes continuous technology innovation to refine its engines for pricing, reconditioning, and customer acquisition. Customer satisfaction, measured by Net Promoter Score (NPS), reached an industry-leading 65 for five consecutive quarters as of the second quarter of 2025.

Key digital performance indicators as of Q2 2025:

• Net Promoter Score (NPS): 65.
• Inventory turnover days: Around 30.

Finance: draft 13-week cash view by Friday.

Uxin Limited (UXIN) - Canvas Business Model: Customer Segments

You're looking at Uxin Limited's customer base as of late 2025, which clearly splits between direct-to-consumer retail and business-to-business wholesale operations. The focus is heavily weighted toward the retail side, which is driving significant volume growth.

Retail Consumers seeking high-quality, inspected used cars

This segment is the primary engine for Uxin Limited, driven by the omni-channel strategy that leverages online platform reach with offline superstore inspection and reconditioning centers. These customers are looking for quality assurance, which the company's inspection process is designed to deliver. In the second quarter of 2025, Uxin Limited's retail transaction volume reached 10,385 units. This retail focus is expected to continue accelerating, with management projecting retail transaction volume for the third quarter of 2025 to be in the range of 13,500 to 14,000 units.

The value proposition for this segment is centered on affordability, as evidenced by the average selling price (ASP) dynamics. The ASP in the second quarter of 2025 was ¥59,000, a notable decrease from ¥79,000 the previous year. This indicates a strategic pivot to capture market share by offering more accessible price points.

Wholesale Dealers/Buyers purchasing non-retail standard vehicles

This segment consists of dealers who purchase vehicles that Uxin Limited determines do not meet their internal retail standards. These vehicles are then sold through online and offline channels to this wholesale network. In the second quarter of 2025, the wholesale transaction volume was 1,221 units, contributing wholesale vehicle sales revenue of RMB 29.9 million. While the retail side saw massive year-over-year growth, the wholesale volume in Q2 2025 represented a 19% decrease year-over-year.

Used car buyers in major Chinese economic hubs (e.g., Guangzhou, Tianjin)

Uxin Limited's physical expansion, centered around its superstore model, targets dense consumer bases in key metropolitan areas. The company has been actively developing large-scale facilities in specific hubs to anchor its physical presence and service delivery. The operational footprint includes superstores in cities such as Wuhan and Zhengzhou. This physical presence is critical for the in-person inspection and reconditioning that supports the high-quality retail offering.

Customers seeking value in the ¥59,000 average selling price range

This group is defined by their price sensitivity and focus on value, directly aligning with the current retail ASP. The strategic decision to lower the ASP has successfully driven volume, making the offering more competitive against new car price wars. Here's a quick look at the revenue split reflecting the retail focus:

Metric (Q2 2025)	Value (RMB)	Transaction Volume (Units)
Total Revenue	RMB 658 million	11,606 (Total)
Retail Vehicle Sales Revenue	RMB 607 million	10,385 (Retail)
Wholesale Vehicle Sales Revenue	RMB 29.9 million	1,221 (Wholesale)

The data shows that retail sales account for approximately 92% of the total revenue in Q2 2025, underscoring that the customer base actively seeking value in the lower-to-mid price range is the company's core target.

The key characteristics of the customer segments Uxin Limited is serving include:

• Retail customers prioritizing inspected, high-quality used vehicles.
• Wholesale dealers buying non-retail standard inventory.
• Buyers concentrated in major economic hubs with superstore access.
• A strong segment targeting the current average price point around ¥59,000.

Finance: draft 13-week cash view by Friday.

Uxin Limited (UXIN) - Canvas Business Model: Cost Structure

You're looking at the expense side of Uxin Limited's (UXIN) operations as of late 2025. Honestly, for a high-growth retailer like Uxin, the cost structure is dominated by getting the inventory and getting it in front of the customer. Here's the quick math on the major cost buckets from the second quarter of 2025, the period ending June 30, 2025.

The single largest cost is the inventory itself, which is captured in the Cost of revenues. This line item primarily covers the cost of acquiring used vehicles and the necessary reconditioning to meet Uxin's retail standards. For Q2 2025, this figure stood at RMB624.1 million. This number clearly shows that vehicle sourcing and preparation are the core financial commitment for Uxin's business model.

Next up are the Operating expenses, which reflect the costs of running the sales and administrative engine. Total operating expenses for the quarter were RMB96 million. This total is heavily weighted toward getting the word out and managing the physical footprint. We can break down the major components of that RMB96 million:

Expense Category	Q2 2025 Amount (RMB millions)	Notes
Sales and Marketing Expenses	74.2	Primarily staffing and customer acquisition efforts.
Research and Development Expenses	3.1	For digital systems and in-house engines.
Implied G&A and Other Operating Costs	18.7	Calculated as Total OpEx (96.0) minus S&M (74.2) and R&D (3.1).

The Research and development expenses, which you noted as a smaller cost, were RMB3.1 million for the quarter. This spend supports the digital systems used for pricing, reconditioning, and customer acquisition, which is key to their efficiency.

You also need to account for the cost of capital. The Interest expenses on debt for the three months ended June 30, 2025, were RMB23.1 million. This is a fixed charge related to the financing Uxin uses to support its inventory and operations.

Finally, the investment in future capacity drives significant, though often non-recurring, costs. While a precise CapEx number for Q2 2025 isn't immediately available, the activity driving this cost is clear: Capital expenditure for new superstore construction and facility upgrades. Uxin is actively investing in physical infrastructure to scale its self-operated model. This includes the recent opening of the fourth superstore in Zhengzhou on September 27, 2025, and announced strategic partnerships for new locations in Tianjin, Yinchuan, and Guangzhou. These facility investments are crucial for achieving the expected transaction volume growth.

The cost structure is clearly focused on two main areas:

• Vehicle Cost: The massive RMB624.1 million in cost of revenues.
• Customer Acquisition & Footprint: The RMB74.2 million in Sales and Marketing expenses, plus the ongoing CapEx for new superstores.

Finance: draft 13-week cash view by Friday.

Uxin Limited (UXIN) - Canvas Business Model: Revenue Streams

You're looking at how Uxin Limited actually brings in the cash, and right now, it's all about moving metal. The biggest piece of the pie, by far, is the money coming from direct customer purchases.

Retail vehicle sales revenue is the dominant stream, hitting RMB607.6 million for the three months ended June 30, 2025. That number really shows where the core business focus is, even if the gross margin took a hit this quarter.

Here's the quick math on how the total revenue stacked up for Q2 2025:

Revenue Component	Q2 2025 Amount (RMB million)
Retail Vehicle Sales Revenue	607.6
Wholesale Vehicle Sales Revenue	29.9
Other Revenue	20.8
Total Revenues	658.3

Wholesale vehicle sales revenue, which comes from selling off units that don't meet retail standards, brought in RMB29.9 million in Q2 2025. That's a definite secondary stream, supporting inventory flow.

Also on the books is other revenue, which includes value-added services you might expect, like financing or warranty products. That added up to RMB20.8 million for the quarter.

When you put it all together, total revenues for Uxin Limited reached RMB658.3 million in Q2 2025. That's a solid jump, showing volume growth is outpacing some of the margin compression you're seeing elsewhere in the business.

The overall profitability picture on those sales was tight, though. The gross profit margin for Q2 2025 landed at 5.2% on total revenues. Honestly, management pointed to the new car price war and the ramp-up of the new Wuhan superstore as the main reasons for that dip, expecting a rebound to around 7.5% next quarter.

To be fair, the revenue base is built on a few distinct activities:

• Retail vehicle sales, the primary driver.
• Wholesale vehicle sales from non-retail inventory.
• Other revenue from value-added services.

Finance: draft 13-week cash view by Friday.