Episode Details

Uxin Limited (UXIN) Q2 2026 — UXIN closed September 24 at $1.30, up 19.3% from $1.09, on 16.08 million ADSs traded; the regular-session range was $1.1707 to $1.41. Uxin nearly doubled retail vehicle volume, but inventory-price pressure drove gross margin to negative 0.7%. The next print must prove that the reset restored vehicle economics while financing and dilution remain central to common-equity value. THE CALL: HOLD (2/5, LOW) — Probability-weighted value ~$1.12 vs ~$1.30 today. KEY METRICS: - Retail volume 19,610, up 88.8% YoY - Revenue RMB1,151.2M, up 74.9% YoY - Gross margin −0.7% vs 5.2% YoY - GAAP operating loss RMB151.9M; net loss RMB178.4M - Quarterly operating cash flow −RMB63.8M - Current ratio 0.74×; selected net claims ~$279.9M - Q3 outlook: retail volume 20,500–21,000 and gross margin above 6% What to watch: Gross margin above 6%, positive quarterly operating cash flow and full settlement of stated subscription cash with an exact updated ADS count; analyst thresholds, not guidance. Full research packet: https://chargedalpha.com/research/uxin-q2-2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.