Zhitong Finance App learned that on April 25, Beijing time, China's leading used car retailer Youxin Group (UXIN.US) released an unaudited quarterly financial results report for the third quarter of fiscal year 2024 (October-December 2023).

Although China's new car market began a new wave of price cuts in October 2023, Youxin Group maintained a strong growth trend in its used car retail business. It achieved a quarterly retail transaction volume of 3081 vehicles, an increase of 34.7% month-on-month and 5.2% year-on-year, and a significant improvement in profit levels. The adjusted EBITDA reduced losses by 43% year on year.

Youxin's offline hypermarkets and online national shopping model are widely recognized by consumers. In the current increasingly competitive environment of the used car industry, the operating efficiency advantage is obvious. The average number of days a vehicle is sold is less than 30 days, far exceeding the industry average. Youxin revealed in its quarterly report that it has begun to steadily increase inventory. By the end of 2024, the number of vehicles sold in existing stores will reach 3-4 times the current level, and the launch of new stores is progressing smoothly. Youxin's sales and revenue are expected to increase by more than 200% in fiscal year 2025 (April 2024-March 2025).

Dai Kun, founder, chairman and CEO of Youxin, said he is full of confidence in the development opportunities of China's used car industry, the competitive advantages of the Youxin hypermarket model, and the current growth momentum of the company's operations. The company has already achieved store-level profit in January 2024, and will achieve the company's overall monthly EBITDA profit by September 2024, and the company's overall single-quarter EBITDA profit from October-December 2024 (third quarter of fiscal year 2025).

Previously, the company completed a new round of financing, and Dai Kun himself participated in additional share subscriptions, and will continue to wholeheartedly lead Youxin to achieve long-term high-quality performance growth.