With that, let me introduce our presenter. We're fortunate to have with us Mr. John Lin, CFO. John, please take it away. Okay, thanks, Michael. Hello everyone. My name is John Lin, CFO of Uxin Limited. I'm thrilled to have this opportunity to share some of the exciting work we have done in China's used car market. Since the first day of our founding, Uxin aimed to lead the transformation of China's used car industry. Right now in China, I think Uxin may be the only company that is running the used car retailing business in a super large scale and has the operational and technical capabilities to expand its business model nationwide across China. Our goal is to become the world's largest and most trusted used car retailer. We believe such a company can only emerge from the U.S. and China, and we hope we can achieve that vision in the long term. Let me start by telling you how huge the market potential is in China's used car industry. China right now has 350 million cars running on the streets, the largest in the world. Very much like the U.S., it's another country on wheels. However, its used car business is far from mature compared to the U.S. I think in the U.S., the annual used car retail transaction is about 2.3 times the new car sales. In China, the annual used car transaction is only 60% of the new car sales. It is very obvious, the used car market size will achieve at least four to five times its current level. We forecast that by around 2030, we believe China's annual used car transaction will surpass its new car sales. This is definitely a high certainty market. China's used car retailing is very fragmented, actually. Around 95% of the transactions are done through small dealers with 10 to 20 inventories. The picture on the left side is a picture of a typical used car marketplace in China. We don't see that often in the States. There may be 1,000 to 2,000 used cars in the marketplace, spreading among maybe 100 to 200 small dealers. If a customer wants to buy, say, a BMW 3 Series, he needs to go to every corner of the market, talk to tens of dealers, evaluating whether he can believe them, check the conditions, negotiating on prices. At the end of the day, he's probably still not quite sure whether he can buy a good quality used car. We say this is like shopping in a bazaar market. In most marketplaces, the shopping environment is messy, disordered, and not very well maintained. How will China's used car industry transform and evolve? We believe it will follow the trajectories of retailing business, as we're all familiar with. One way is to transform online to e-commerce business, like Amazon, JD.com, or Carvana. The other way is to transform from the bazaar market to a supermarket, and then eventually a warehouse market, like Costco, IKEA, or CarMax in the U.S. Uxin is actually doing both. Our business is building offline to build offline superstores in the capital cities or economically prosperous cities across China, and at the same time, selling every car online to customers in the regions where we don't have an offline presence. This is a business model best fitting China's current development stage. I will show you later that offline superstores have provided us overwhelming competing advantages. This page is our flagship store in Hefei. When it reaches its full capacity, it will probably be the largest used car shopping mall in the world. It has a floor area of roughly 450,000 square meters, about 60 plus football fields. It can hold up to 10,000 cars displayed at the same time. Every superstore has a reconditioning factory, and this Hefei factory may have the most advanced inspection and reconditioning capabilities in the world as well. It can supply 80,000 to 100,000 high-quality used cars for selling every year. Right now, our market share in Hefei is around 20%. With our inventory ramping up continuously, our market share will continue to grow. This page is our Xi’an superstore. It can hold up to 3,000 used cars for display at the same time, and its factory can produce 30,000 to 40,000 high-quality used cars annually. The Xi’an store is actually our standard superstore model to replicate across China. The successful operation of the Xi’an superstore gave us a lot of confidence of running a superstore at a similar size. Our market share in Xi’an right now is about 18%, and it will continue to increase since it hasn't reached its full inventory capacity yet. Uxin plans to open three new superstores in 2025. The Wuhan superstore was already opened in March this year. It's exactly the same model as our Xi’an superstore. It started with 250 inventories, and right now, six months later, its monthly sales are around 1,500, actually faster than what we initially expected. It's already very close to break even. Our market share in Wuhan is around 8% now, and of course, it will continue to increase as well. For cities where we don't have a superstore, say in Beijing or Shanghai, customers can buy our cars through our mobile phone apps. The same car is displayed both in-store and online. Customers can get all the information of the cars online, place orders, purchase, value-added services, and they just need to pay like $150 to $300 for shipping. We will deliver the car to the customer's front door. A quick summary here. Uxin is running a used car retailing business in China, like a combination of both Carvana and CarMax. In all the cities we entered, Uxin has actually already started the consolidation of regional market share. Compared to traditional used car dealers, Uxin's business model has overwhelming advantages. Here are the four core advantages of Uxin's business model. First, we have unparalleled shopping experience. It's much easier for Uxin to build trust with our customers through the model retailing experience, far more better than the bazaar market. Second, our top-level reconditioning capabilities is the guarantee of the good quality used car in a super large scale. It has the industry's leading operational efficiency and cost advantages as well. Third, with like in this business for more than 15 years that we dedicated and made a lot of innovation, Uxin has developed standardized operation process and systems, all driven by data and technology. This is very important because it is the fundamental requirement of replicating and expanding used car business across China, building superstores across China. This is the foundation. Last but not least, Uxin may be the only used car retailer in China who can truly leverage inventory financing. Our cash or capital return is much higher than other dealers. First, let me show you the used car shopping experience in our store. You know the biggest pain point of customers buying a used car in China is the trust issue. They're very skeptical and probably have heard a lot of sad stories from their friends or online. From the first sight they see us, we actually intentionally create a journey of credit enhancement, a credit enhancing journey. We have a very big store, so they know we cannot escape easily. Our showrooms or even the toilets are clean and tidy. They know we are seriously running this business. By the way, our Hefei store was designed by the studio which designs sites for Costco worldwide. We adopted a lot of philosophies of Costco sites to build a feeling for our customers they are shopping with good prices. Similar brands and the models are grouping together. Every car has a detailed, transparent inspection and recondition report. Our sales representatives are professional and helping. Less push for transaction, but more professional advice. After placing an order via the mobile phone app, the customers can enjoy a cup of coffee at the customer services area. At the same time, they can shop for loans, insurance, accessories, warranty, or other services. Also, every store has a DMV on site, so customers can have the titles transferred within the same day of shopping. Our superstores offer a one-stop, hassle-free shopping experience for the used car for our customers buying a used car. Our stores already become the used car buying destinations of the region we are in. We keep tracking the customer's purchase behavior within three months since the first visit they come to our stores. About 40% to 50% of the customers bought from Uxin. About 30% bought new cars in the end. 25% didn't buy any car. Only less than 5% would buy from another used car dealer. As long as a potential used car buyer knows us, comes for an exploration visit, we got nearly like a 50% win rate. The high sales conversion rate leads to actually high sales turnover. The average sales turnover of used car dealers in China is around 55 to 60 days. Uxin was like 60 days during COVID in 2022. Now our sales turnover is around 30 days, even for a newly opened store like Wuhan. On top of that, our business has more sources of revenues compared with traditional dealers. For most small dealers, they only make money from press bread as well as China rebates of selling loan products. For Uxin, we sell loans, insurance, warranties, accessories, and maintenance, etc., with a high penetration rate. The capabilities of selling value-added services enable us to sell at an even lower listing price than those small dealers, but we actually earn more. As I shared earlier, our reconditioning factory is top class in the world. Every car entering the factory has a customized reconditioning plan. The mechanics, body repair, painting, ladder repairing, etc., are done in parallel, all routed by our transparent factory system. We adopted many smart repair technologies. For example, if a windshield of a car was cracked by a storm, when we acquire this car, we can easily ask, say, $1,000 less. When we repair it with our smart technology, it costs us, say, $10. Our payment systems meet all environmental requirements of the government. Actually, we are certified as China Green Island products. Our factory is very environmentally friendly. We can make every car to a like-new condition. As I shared earlier, every car has its unique reconditioning plan, so we can balance between conditions and prices, the prices the customer is willing to pay. Behind all the hardcore work of the factory is our transparent factory system, which was built and perfected in the past years. This drives the overall reconditioning efficiency. In 2022, when we didn't have a factory and outsourced reconditioning, it took us about two weeks to finish reconditioning for a car. With all the hard work and efforts in building our own factory, right now it takes less than three days for a car from entering the factory to finishing all the work and being ready to list for sale. Shorter days in the factory significantly lower the risk of price turbulence during the launch day in the factory. Our factories give us cost advantages. For example, for reconditioning costs of cars to a similar quality, it may take our U.S. counterparties more than $1,500. It takes roughly $450 if we outsource in China, and only takes Uxin around $150 if we recondition in-house. Our third advantage is our digitized operation system. Compared to selling new cars, used cars are non-standard products. Used car retailing has a more complicated chain of operation, from car acquisition, inspection, recondition, listing for sale, online and offline purchase and delivery, after-sale services, etc. For each step, Uxin developed a standardized operating process and managed through our digitized system. Based as they were built on over 2 million cars data ever transacted through our platform, over 10 million cumulative customer inquiries, over, say, 300,000 real transactions with self-owned inventory. Our business model is run on those data and operation standards. Our business model is run on the standardized operation. No matter where we open the new superstore in China, we're confident that our new store will be as competitive as our existing stores. One very important example of our data and digital advantage is our AI pricing model. You know that most of the precious data in the used car business is the real selling price for a specific used car model. Only if you sell the car yourself can you get a real transaction price. You probably cannot fully trust pricing references if you get it from others. Because Uxin is already one of the largest retailers, and our transaction volume is growing, say, over 100% year over year, our data accumulation and thus the advantage of pricing data is a perfect case of economy of scale. Our pricing model is fundamentally a competitiveness model. There are about 600,000 used cars listed for sale online in China every minute. We give a competitiveness score for each of them from 1 to 10, with 10 the best. The scoring is done four times a day. We refresh the model, the scoring four times a day. We then position our own cars at a score around 7 to 8, just building enough to attract the customers to contact us and visit us in store. As I shared earlier, we have a close to 50% win rate. Last but not least, we may be the only used car retailer who can truly leverage inventory financing. What does it mean? If the acquisition of a car price is $15,000, around $5,000 is paid with Uxin's own money, and the rest $10,000 from the bank. We have a financial leverage in the operation. We already have industry-leading operation combined with this financial leverage. The annual capital return of a superstore at a mature stage will be over 150% plus. Compared with traditional small dealers, their annual return is roughly 15% to 20% if they are operating in a good state. I just shared our core advantages. How do they transform to financial results? In 2024, our year-over-year retail transaction volume growth was 134%. Our guidance for 2025 this year is the retail growth will be over 100%. In Q1 this year, 2025, our retail growth was around 140%. It is reasonable to assume the momentum in Q1 will then continue throughout the year. For profitability, we achieved the first quarterly positive adjusted EBITDA in Q4 2024. We are working hard on achieving full-year adjusted EBITDA break even in 2025. Our business growth potential is huge. We don't see limits on expansions in the short to mid-term. There are more than 100 cities in China where we can build superstores with 2,000 or plus inventory levels. At least another 100 cities, we can build superstores with 1,000 plus inventories. For this year, 2025, we will open, in addition to the Wuhan superstore opening in March, we will open another two. One is Zhengzhou superstore. Very soon, we'll be open very soon. We will open Jinan superstore in around December. For the top 20 cities with the largest vehicle ownership in China, we will enter five of them by the end of 2025. We target to enter 15 or more of the top 20 cities by the end of 2027. I think the competing advantage will be built all over China. For our mid to long-term goal, we plan to achieve 50 superstores by 2030. We hope we can sell 1.5 million cars retailed annually and around $15 billion annual revenue. We hope by 2035, we can have 150 or more superstores across China and can achieve 4 million annual used car transactions annually. That's pretty much of what we prepared for today. Michael, I think we can now open for questions and discussions. Terrific. Thank you, John. Very interesting presentation. The first question comes from M&M Investment Management. You spoke a lot about the advantages you have in terms of profitability in your business in some of the slides. The question from Mike at M&M regards your competitive advantage, your moat that keeps out the competition. He lists a few competitors: Guazi, Dongjiaodi, Tao Jieche, Aokangda. I don't know them. Of course, you would. Maybe could you comment on that? Sure. I think there are many business models relating to used car business, right? Each part has different roles, plays different roles. Let me start one by one. For AutoHome, I mean, for retailing business, Uxin may be the only one that is doing the retail business in a super large scale. For AutoHome, it's actually monetizing information, the leads of selling and buying cars. They are not doing retailing. For Guazi, it's actually an online platform. It's more like a real estate agent. They selling, they tell the customers they're selling the cars from those small dealers. It's a very different model. It's an agency model, platform model. We are Uxin. We own our inventory. We're selling our own used cars. It's very different. Guazi and Uxin are actually not competitors. For Dongjiaodi, the majority of his business is very similar to AutoHome. They try to open some, they try to enter the retail business, but more like a supermarket scale. They have like three to four sites with like 200 to 300 units of inventory. The majority of their business is not on, of their used car business is on the information, monetizing the information, the leads. Similar to AutoHome. That's why I say Uxin may be the only one doing retail business in a super large scale. Of course, other players like Yixin, they're doing used car financing and new car financing as well. It's a financing company. Others, you may hear, actually, like the 4S Storage Groups. They are actually, they are selling used cars, but most of them, I'm saying 99% of their sellings are wholesale. The buyers are not end customers. That's very small dealers. We actually, we also buy from about 5% to 10% of our inventories were purchased from those 4S stores. It's more like a source of car acquisition, used car acquisition channel. The more you get to know about the players in the used car fields in China, you will find Uxin is actually the only one that is seriously doing the retail business in a super large scale like CarMax, Carvana in China. That's my answer to the question. Very good. Thank you for that. There were also a number of questions about financing. You mentioned you have access to inventory financing. Do you foresee a need for more equity financing? How would you propose to prevent dilution? I think the question, let me clarify the question. In addition to inventory financing, do we need equity financing to fill our expansion, right? I think in the long run, every mature superstore, its annual profit can support the opening of a new superstore every year. In the short term, we don't have enough mature stage superstores. If we want to ramp up the expansion speed quickly, say prepare for the five, four to six new stores next year in 2026, we may need more equity financing, but not in a very big amount. Maybe around, we need for every new superstore, we need around $5 million to $6 million US dollars. If we want to open another five to six stores, then we may need some more equity financing, but not in a very big, large amount. Okay. Just time for a couple more questions here. There were quite a few that people offered. One focused on pricing of used cars in China. With such an increasing volume of new cars, is that putting any pressure on used car prices? Okay, the question is about whether we see pressures from new car pricing competitions, right? We actually, in China, the new car pricing war started in 2023, actually. Every time the war started, it is a big challenge to the used car industry players, retail players like us. From this year, I think the Chinese government already started to control, to seize the pricing war of new car makers because it's actually too, it's not a positive, it's not very positive or healthy for the industries to compete on pricing at a very extreme, to a very extreme level, which is, I mean, only one to two companies or not only a number of car makers actually make money, making money, making profit from making a new car. That's not healthy at all. We already see that trend that this pricing war has stopped. We now see, we actually, you know, adjust up our retail price about around 50% of our inventories back in July. We now see, we can see a seize of pricing war on new car business in China. Actually, for Uxin Limited, because we are selling the cars like running a big portfolio, right? Like, so every car, if several models of the cars lower their prices, affect only a portion of our portfolio. We can absorb the impact, all of us impact. Also, because our sales turnover is the fastest in China, we only got hurt, say, in the first 30 days. For the second 30 days, where most of the models still hold the inventory, we're already starting to make money because the acquisition price is adjusted, would be adjusted automatically, right? We have our pricing system. Which means the first maybe 30 days, we earn less or actually may lose money. For the second 30 days, of course, the next round we will make money again. That's why running Uxin Limited, we are doing retailing business in a super large scale, which also gives us some advantages in absorbing the used car pricing war impact. That's my question. I answered the question. Very interesting presentation, John. We've come to the end of our time. You told us a lot. Thank you very much for joining us. Everybody in the audience, if we didn't get to your question, I'm sorry for that. Just follow up with your Uxin rep and we'll make sure we run down the answer for you. Again, thank you for joining us. We look forward to seeing you next time. Okay, thank you, everyone. Thank you, Michael. Have a good night. Sorry, have a good day. It's night in China. Okay, good night.