Operator: Ladies and gentlemen, thank you for standing by and welcome to Yuxin's earnings conference call for the quarter ended December 31st, 2025. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a Q&A session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the call over to your host for today's conference call, Ms. Ali Wong. Please go ahead, Ali.
Ali Wong: Thank you, operator. Hello, everyone. Welcome to UCI's earnings conference call for the fourth quarter and full year ended December 31st, 2025. On the call with me today, we have DK, our founder and CEO, and John Lin, our CFO. DK will review business operations and company highlights followed by John, who will discuss financials and guidance. They will both be available to answer your 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 to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our filings with the SEC. Now, with that, I'll turn the call over to our CEO, BK. Please go ahead, sir.
DK: Thank you, host. Hello, everyone. Thank you for your long-term attention and support. I am very happy to meet with investors again through the phone call. In order to communicate with investors in and out of the country, I will share with you the progress of the past year in English and our thoughts and aspirations for the future.
Ali Wong: Good day to everyone, and thank you for your continued interest and support. It's a pleasure to welcome you on our earnings call today. To better communicate with our domestic and international investors, I will be discussing our performance over the last year, as well as providing insights into our prospects in both Chinese and English.
DK: 中国当前的汽车保有量已经接近3.7亿台。 The large storage base is continuing to release the potential of car traffic. In 2025, the second-hand car transaction volume broke 20 million for the first time. The output rate corresponding to the car storage volume is about 5.5%. If we follow the 10% to 15% output rate level of the mature national market, based on the current storage volume level calculation, the second-hand car transaction scale is expected to reach 35 million to 50 million units per year.
Ali Wong: China's vehicle ownership has approached 370 million units, forming a large and growing base that continues to unlock significant potential for vehicle recirculation. In 2025, used car transaction volume in China exceeded 20 million units for the first time, accounting for approximately 5.5% of total vehicle ownership, well below the 10% to 15% level typically seen in more mature markets. As that percentage rises toward that level, annual used car transaction volume could reach 35 million to 50 million units based on current vehicle ownership alone.
DK: 消费者对于产品服务和体验的要求越来越高,不再停留于有车可买就满意的状态, 而是越来越关注车况透明,价格合理,体验专业和售后保障。 我们始终相信,在这样一个万亿级且仍处于早期发展阶段的行业中,谁能真正系统性地解决这些痛点,才有机会引领中国二手车行业的升级与变革。 Consumer expectations for products, services, and overall experience in the used car industry continue to rise.
Ali Wong: We have observed that they are no longer satisfied with availability alone and increasingly value transparency in vehicle conditions, fair pricing, professional service, and reliable after-sales support. We believe that in this trillion RMB market, which remains at an early stage of development, those who can systematically address these pain points will be well-positioned to lead the transformation and upgrading of China's used car industry.
DK: Against this backdrop, Yuxin is redefining used car transactions through a modern retail approach.
Ali Wong: We leverage our advanced self-operated reconditioning factories to ensure vehicle quality and provide a one-stop purchasing experience and comprehensive after-sales support through our offline super stores and online marketplace. As a result, buying and selling used cars could become as simple, transparent, and trustworthy as purchasing standardized retail products.
DK: 2025年 Although the new car market continued the fierce price competition in the past two years, it brought challenges to the sales and profit of the second-hand car industry, but the company's business continued to grow very strongly. The sales of retail in the whole year reached 51,100 units and increased by 135% in the same year, and increased by more than 130% in the same year for two consecutive years. The total income reached 3.2 billion yuan and increased by 79% in the same year.
Ali Wong: In 2025, despite continued intense price competition in the new car market, which created challenges for the used car industry, our business maintained strong growth momentum. Our full-year retail transaction volume reached 51,110 units. up 135% year over year, marking the second consecutive year of more than 130% growth. Total revenues reached 3.24 billion RMB, representing a 79% increase year over year. Meanwhile, as both inventory and sales continue to scale up, our inventory turnover days for vehicles available for sale remain stable at approximately 30 days.
DK: We also officially opened a large supermarket in 2025. On the basis of Hefei and Xi'an, we have opened three new markets in Wuhan, Zhengzhou and Jinan. We have established a management system that can be copied across regions. The business of Xi'an and Hefei, the two old markets, continues to climb. The market share in the city is more than 20%. Wuhan, as the first repurposed market after the model was set up, the sales growth rate and profit level are significantly better than the previous two markets. Zhengzhou and Jinan's business performance has been further improved since the opening of the Wuhan market.
Ali Wong: During the year, we also began large-scale replication and nationwide expansion of our superstore model. Building on our existing superstores in Hefei and Xi'an, we opened three new superstores in Wuhan, Zhengzhou, and Jinan. establishing a scalable operating system that can be replicated across regions. Our mature superstores in Xi'an and Hefei continue to ramp up, each achieving over 20% market share in their respective cities. Wuhan, as the first replicated superstore after our model had been validated, delivered stronger sales growth and profitability than our earlier superstores at the same stage. Zhengzhou and Jinan super stores further improved upon Wuhan's performance.
DK: Supporting these results is our long-term accumulation and continuous strengthening of core capabilities. First of all, it is the continuous optimization of pricing capabilities. We have the most self-driving second-hand vehicles in the industry, and the data is still accumulating at a rapid rate every year, so that our pricing model can be trained more accurately. The rapid response of the digitalized system helps us to maintain real-time market competitiveness at the two ends of sales. Therefore, we can better counter the risk of industry fluctuation, maintain high turnover efficiency, and systematically improve the level of car profit.
Ali Wong: These achievements are supported by core capabilities that we have built over time and continue to strengthen. First, our pricing capability continues to evolve. We have accumulated the industry's largest set of real transaction data from our self-operated used car sales. And this data continues to grow, roughly doubling each year. This enables our pricing model to become increasingly precise. Our digital systems respond rapidly to market changes, allowing us to maintain real-time pricing competitiveness on both sourcing and sales. As a result, we are well positioned to navigate industry volatility and systematically improve vehicle-level profitability while sustaining high inventory turnover efficiency.
DK: 其次是行业内创新的工厂、仓储、零售一体化业务模式。 我们的每一个卖场都配套有一个二手车再制造工厂。 We have established the largest, most advanced, and most efficient high-quality second-hand car supply capability in China. We have established a relatively traditional car model in terms of quality control, efficiency, cost optimization, and other aspects. Second, we have built an innovative, integrative factory warehousing retail business model.
Ali Wong: Each of our super stores is supported by a used car reconditioning factory, forming China's largest, most advanced, and most efficient supply system for high-quality used vehicles. We have established scalable advantages over traditional dealers in quality control, reconditioning efficiency, and cost optimization. Leveraging the reconditioning capabilities at our self-operated factories We have expanded the used car service value chain and are able to provide full lifecycle vehicle services, including financing, insurance, extended warranties, accessories, and repair and maintenance services, similar to those offered by new car dealers. Compared with traditional used car dealers that primarily offer financing services, our revenue streams are more diversified with greater potential for profitability improvements.
DK: At the same time, our super market size is more than 2,000 units. It is the second-hand car retail destination in the area. The second-hand market is more helpful in building customer trust. Our staff service, the price of goods, and the experience design allow consumers to feel the professional, transparent, and trustworthy second-hand trading experience when entering a new market. Currently, our NPS has reached 67. Customer satisfaction and reputation continue to maintain the industry leading level.
Ali Wong: Meanwhile, most of our super stores carry inventory of more than 2,000 vehicles and serves as a landmark used car retail destination in its local market. Landmark Super Stores help build customer trust through our in-store service vehicle display, and experience design, customers can enjoy a professional, transparent, and trustworthy retail experience at our superstores. Our net promoter score has reached 67, and customer satisfaction and brand reputation remain at industry-leading levels. We believe that our sales conversion efficiency, together with our ability to generate organic traffic through a strong word of mouth, provides us with significant advantages over traditional used car dealers.
DK: We have seen clearly that YouXin is moving forward at a high speed through verification and continuous self-strengthening. Looking forward to 2026, we will continue to increase the inventory and sales level of the existing five dealerships, and plan to open four to six super dealerships in 2026, and further improve the super dealer network within the national scope. We clearly see that Yuxin is advancing rapidly along a validated and continuously strengthening development path.
Ali Wong: Looking ahead to 2026, we will continue to increase inventory and sales across our existing five superstores. and we plan to open four to six additional super stores during the year, further strengthening our nationwide network. Based on these plans, we expect both our full-year retail transaction volume in 2026 and revenue to grow by more than 100%.
DK: The modernization of the Chinese second-hand car industry has just begun. Youxin is in a huge market opportunity. The modernization of China's used car industry has only just begun.
Ali Wong: and using its position to benefit from a significant market opportunity. We also recognize that truly sustainable growth is not simply about speed, but is built on the coordinated improvement of scalability, operational efficiency, and customer value. We will remain focused on delivering better products and more professional services to our customers, while driving higher standards for solutions across the industry and creating long-term value for our shareholders. Once again, thank you for your trust and support. With that, I'd like to turn the call over to our CFO to walk you through the financial results.
John Lin: John, please. Okay. Thank you, DK. Hello, everyone. 很高兴今天有机会和大家分享公司的财务情况。 Thank you, DK, and hello everyone.
Ali Wong: I will now share an update on our financial performance.
John Lin: 我们在2025年第四季度再一次实现了强劲的业绩增长。 季度零售销量是19,160台,环比增长37%,较去年同期大幅增长124%。 远超四季度同期,中国二手车市场整体6%的同比增速。
Ali Wong: 那我们的零售销量就在高速增长的轨道上。 We delivered another quarter of strong results in the fourth quarter of 2025. Retail transaction volume reached 19,160 units, representing a 37% sequential increase and a 124% increase year-over-year, significantly outperforming the overall China used car market. which recorded a year-over-year growth rate of approximately 6% during the same period. This demonstrates that our retail business remains firmly on a path of rapid growth.
John Lin: 本季度的零售收入总额是11.29亿元, 环比增长38%,同比增长104%。 零售车辆的平均售价ASP由去年同期的6.5万元 降至本季度的5.9万元。 Total retail revenue for the quarter was 1.129 billion RMB.
Ali Wong: up 38% sequentially and 104% year-over-year. Our average selling price or ASP for retail vehicles decreased from 65,000 RMB in the same quarter last year to 59,000 RMB this quarter, a slightly increase from 58,000 RMB in the last quarter. While ASP declined as we shifted toward a more affordable inventory mix, The strong growth in transaction volume largely offset the pricing impact and supported overall revenue expansion. Our current inventory structure is well aligned with mainstream consumer demand, and we believe pricing has now stabilized at a rational level. As such, we expect ASP to remain relatively steady in the near term.
John Lin: In terms of car sales, there are 2,474 car sales in the fourth quarter, with 31% increase in return and 180% increase in share. On the wholesale side, we sold 2,474 units in the fourth quarter, up 31% sequentially and 180% year-over-year.
Ali Wong: Wholesale revenue for the quarter was 38.2 million RMB. Combining retail and wholesale operations, total revenue for the fourth quarter was 1.198 billion RMB, representing a 36% sequential increase and a 101% year-over-year increase.
John Lin: 本季度的毛利率是6.68%, 相较上个季度的7.5%,下降0.7个百分点。 这主要是由于今年四季度, Our growth margin for the fourth quarter was 6.8%, down 0.7 percentage points from 7.5% in the last quarter.
Ali Wong: This was primarily due to promotional activities in the new car market during the fourth quarter, which put pressure on profitability across the used car industry. In addition, we opened a new superstore in Zhengzhou in September and another in Tiananmen in December. And newly opened superstores typically operate at lower growth margins during the early stages of ramp-up.
John Lin: Operating expenses also increased during the quarter, primarily due to the initial ramp-up of our new super stores, including investments in staffing and infrastructure.
Ali Wong: As a result, our adjusted EBITDA loss was 27.2 million RMB.
John Lin: As for the performance in the previous year of 2025, the total sales of the previous year was 51,110 units, which increased by 135% in total. The previous year's sales revenue was 30.21 billion RMB, which increased by 90% in total. The total revenue was 32.4 billion RMB, which increased by 79% in total. In 2025, we opened three stores in Wuhan, Zhengzhou and Jinan.
Ali Wong: Turning to our full-year 2025 results, retail transaction volume totaled 51,110 units, representing a 135% year-over-year increase. Full-year retail revenue was 3.021 billion RMB, up 19% year-over-year. Total revenue reached 3.24 billion RMB, an increase of 79% year-over-year. In 2025, we opened three new super stores in Wuhan, Zhengzhou, and Jinan, marking a new phase of rapid nationwide replication and expansion. These new super stores have ramped up more quickly than our earlier locations, continuing to drive growth in both our sales volume and overall financial performance.
John Lin: 前年的毛利率是6.7%与24年基本持平,尽管新卖场的初期运营阶段的毛利水平较低,但由于老卖场毛利贡献的持续提升,使我们在快速扩张的同时依然可以保持毛利率的稳定。 Gross margin for the full year was 6.7%, remaining stable compared with last year.
Ali Wong: Despite lower margins during the early ramp-up stages of newly opened super stores, this continued improvement in profitability from our mature super stores enabled us to maintain stable margins while expanding rapidly.
John Lin: 费用方面,销售管理和研发费用总共是4.5亿,费用率是13.9%,较去年的24.3%大幅下降。
Ali Wong: Turning to expenses, SDNA and R&D expenses totaled 450 million RMB, representing 13.9% of total revenue, a significant improvement from 24.3% last year, reflecting meaningful progress in cost control and operating levers.
John Lin: The EBITDA loss after the adjustment of the whole year is 57.9 million RMB, which is 28% of the net loss. The EBITDA margin after the adjustment is 1.8%, which is 2.7% better than last year. Regarding other specific data, we have disclosed detailed information in the new quarter report and annual data. I will not go into details here.
Ali Wong: Adjusted EBITDA loss for the full year was 57.9 million RMB, narrowing by 28% year over year. Adjusted EBITDA margin was minus 1.8%, an improvement of 2.7 percentage points from last year. We have disclosed additional details regarding our full year financial performance and our recently published fourth quarter and annual results, so I will not repeat all the figures here.
John Lin: 关于2026年一季度的业绩展望, Turning to our outlook for the first quarter of 2026.
Ali Wong: While the first quarter is traditionally a seasonally soft period for the used car industry due to the Chinese New Year holiday, we expect retail transaction volume to be between 16,200 and 16,500 units, representing year-over-year growth of over 110%. Total revenue is expected to be between 1.05 billion RMB and 1.07 billion RMB.
John Lin: Lastly, to reiterate BK's comments on our full year outlook, in 2026, we plan to open four to six new super stores
Ali Wong: With sales volume and inventory continuing to ramp up at our existing super stores, along with new store openings, we're confident in achieving over 100% year-over-year growth in both retail transaction volume and revenues in 2026.
John Lin: This concludes our prepared remarks today.
Ali Wong: Operator, we're ready for questions.
Operator: We will now begin the question and answer session. To ask a question, you may press star then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. The first question today comes from Dai Wenjie with SWS. Please go ahead.
Dai Wenjie: Okay, thank you. Thank you, government, and I'm Dai Wenjie. My first question is the company delivered another quarter of its growth growth in both sales volume and revenue. Amendment also provides some color on the changes in gross margins. As you plan to open to 46 new superstars this year, how should we think about the growth margin going into 2026 and ASP? Could you recommend to share your latest view of the cost-pricing trends this year? Are you starting to see some signs of stabilization? Thank you.
Interpreter: 我来翻译一下这个问题。 Let me translate this question first.
Ali Wong: 这个季度公司在销量和收入方面依然保持着非常强劲的增长。 管理层刚刚也分析了本季度毛利率的变动。 考虑到今年有4-6个新卖场的投入,想请教下关于今年的毛利率是什么的展望。 另外想请管理层更新一下目前对2026年二手车价格走势的判断,是否已经观察到ASD起稳的趋势。
John Lin: 好的,这个问题我来回答一下。 Thank you for the question.
Ali Wong: Let me take this one.
John Lin: Okay,我是这样的。二五年四季度公司的毛利比三季度有所回落,其中最主要的原因是受新卖场开业的影响。 The opening of Zhengzhou on September 27, and Jinan in early December. In order to attract customers to open the market at the beginning of the opening of the new market, our sales price gap will be lower than that of the old market. At the same time, the penetration rate of increased service, such as finance and insurance, also needs to be improved for a certain time. As we increase the market share in the region, the brand and reputation will be improved. We expect that the new market will take about six to nine months to reach the market share. Another reason is that in December of 2025, the sales of new cars had a more obvious downward trend. So, the dealers generally took different levels of new car sales. This will also have a certain impact on the market share of second-hand cars.
Ali Wong: Growth margin declined sequentially in the fourth quarter, mainly due to the ramp-up of newly opened superstores. We opened our Zhengzhou Superstore in September and our Jinan Superstore in December. During the initial ramp-up phase, we adopted a more competitive pricing strategy to drive traffic and establish market presence, resulting in a narrower spread between sourcing costs and selling prices compared to our mature stores. In addition, the penetration of value-added services also takes time to ramp up. As our market share and brand recognition improve in these markets, it generally takes around six to nine months for new stores to reach the gross margin level of our mature stores. At the same time, our new car market experienced a slowdown in sales last December, and dealers stepped up promotional activities, which put pressure on used car margins.
John Lin: According to our operating data for the first quarter of 2026,
Ali Wong: We have already seen meaningful improvement in the growth margins of our newly open super stores in Zhengzhou and Jinan. Overall growth margin has begun to recover compared to the fourth quarter of 2025, and we expect it to return to above 7%.
John Lin: Okay. Regarding the sale and sale of military-grade AST, according to the statistics of the Technology Transmission Association, The trading volume of Chinese second-hand vehicles has been rising since the fourth quarter of last year. We can see this trend from the actual business. We see that in the fourth quarter of 2025 and the first quarter of 2026, the sales of ASP in both quarters are constantly increasing. In the fourth quarter of 2025, the sales of ASP is 50,000 yuan, which means that there is an increase in the third quarter. We see that the ASP in the first quarter of 2026 will be more than 60,000 yuan,
Ali Wong: regarding ASP, according to data from the China Automobile Dealers Association, the national average transaction price of used cars has started to recover since the fourth quarter of last year. We're seeing a similar trend in our own operating data. Our retail ASP increased sequentially for two consecutive quarters, reaching 59,000 RMB. in the fourth quarter of 2025, and we expect it to exceed 61,000 RMB in the first quarter of 2026.
John Lin: 此外受到原材料成本的提升, 购置税补贴也在退坡, 国家的各种消费补贴的退坡和各种反内卷职业的影响。 我们预期二十五年整个新车市场的价格体系, 相较过去三年会更稳定一些。 In addition, superfactors such as rising raw material costs
Ali Wong: the phase out of purchase tax incentives and government subsidies, as well as regulatory guidance aimed at reducing excessive price competition, we expect new car pricing to become more stable in 2026 compared with the past three years. More stable new car pricing will also support used car prices. As a result, we expect our retail AST to show a stable to upward trend in 2026 compared with 2025. Given that we expect retail transaction volume to grow by over 100% year-over-year in 2026, revenue growth is expected to outpace transaction volume growth.
John Lin: That's my answer.
Ali Wong: Thank you.
Dai Wenjie: Thank you. Thank you.
Operator: The next question comes from Fei Dai with TF Securities. Please go ahead.
Fei Dai: I have a question on customer acquisition. How should we think about the customer acquisition channels for new superstars compared with your mature stores? Are there any key differences? Thank you.
DK: 谢谢戴飞,这个问题我来回答。 关于货客的情况,新卖场的货客现在主要是三个渠道。 首先,优信是中国奥尔车行业的知名品牌, 所以无论进入哪个城市, 优信奥尔车APP上都会有对应城市的流量和积累。 这一点是优信和很多区域型车商不太一样的地方。 Thank you for the question.
Ali Wong: Let me address your question. Customer acquisition for new super stores mainly comes from three channels. First, using is a well-recognized brand in China's used car market. As a result, whenever we enter a new city, we already have a certain level of traffic accumulation on the used and used car app in that market. This is a key difference compared with many regional dealers. In other words, during the initial ramp-up phase of a new superstore, we are able to leverage our existing brand awareness and online traffic base to reactivate and re-engage existing users, bringing in the first batch of users and leads into the new markets.
DK: Second, we will surround the opening of new stores and focus on a series of publicity and public broadcasts. In addition to new media brands, the company's current new stores are cooperating with local governments. Local governments usually provide some relevant publicity resources and local broadcast support. This kind of resource will also play an active role in the local rapid recognition of new stores and reach potential customers.
Ali Wong: Second, we typically carry out a series of marketing and PR campaigns around new Superstore openings. In addition to targeted marketing on digital platforms, we also collaborate with local governments when launching new Superstores. Local governments often provide promotional resources and local media support, which helps us quickly build awareness and reach potential customers in the new market.
DK: Third, we also partner with vertical automotive platforms and media to capture traffic and leads from third-party channels.
Ali Wong: Given the competitiveness of our vehicle quality and pricing, we are able to achieve strong exposure and conversion on these platforms.
DK: 随着新卖场在本地经营时间的拉长,卖场所在城市逐渐形成购车目的地效应。
Ali Wong: As the new stores continue to operate and mature in local markets, the cities where our super stores are located gradually become destination markets for car purchases, and walk-in traffic increases over time. At the same time, as transaction volume scales up, customer satisfaction and brand reputation continue to build, and referrals from existing customers also increase, further improving conversion and creating a positive customer acquisition cycle.
DK: 总体而言,新卖场不断成熟的过程中,基于好的产品和服务,好的客户体验而产生的自然流量占比是持续上升的, 获得成本也在持续下降。
Ali Wong: Overall, as new super stores continue to mature, the proportion of traffic generated by our strong product offering, service quality, and customer experience continues to increase, and our customer acquisition costs continue to decline.
Interpreter: 谢谢,这是我的回答。 That's my answer. Thank you.
Fei Dai: 谢谢,John. 希望公司越来越好。
Operator: The next question comes from Xinxing Li with China Merchant Securities. Please go ahead.
Li Xinxin: Thank you for this Q&A session. Hello, Manager Chen. I'm Li Xinxin, an analyst at Zhangshan Technology. Congratulations on the rapid growth of your business. And once again, congratulations to your company for entering a new stage of national expansion. My question is, I'd like to ask Manager Chen, from a long-term perspective, how does your company determine the opening space within the country? In the future, how many supermarkets will the country have the opportunity to set up? I'll translate it for you. Congratulations on entering a new phase of nationwide expansion. From a long-term perspective, could management shed some color on your store expansion potential across China and how many super stores you think you can ultimately roll out over time?
DK: Thank you for your question. I'll answer this question. I'm DK. Thank you for the question.
Ali Wong: Let me take this one. As of the end of 2025, we had five super stores in operation. In March this year, we opened a new super store in Tianjin. We expect to open four to six super stores in 2026.
DK: with a goal of having more than 10 stores in operation by the end of 2026. We are very confident in our long-term store expansion potential across China, primarily because of the sheer size of the used car market.
Ali Wong: China's vehicle ownership has already exceeded 350 million units, and on top of this large space, there are many cities that are well-suited for deploying Yuxin's large-scale used car super stores. Our assessment of store expansion potential is mainly based on the level of vehicle ownership in each city, as well as our target market share.
DK: A relatively broad calculation is that a car storage capacity in a city of about 500,000 people, we think it can match 1,000 storage-scale U-shaped markets. Because in such a city, if the future second-hand car trading output rate reaches 10% to 15%, then there should be 50,000 to 80,000 second-hand cars every year. According to the current U-shaped old market, which has reached a market rate of more than 20%, U-shaped markets can achieve more than 10,000 annual trading volume, corresponding to 1,000 storage-scale.
Ali Wong: At a high level, for a city with vehicle ownership of 500,000, we believe it can support a used superstore with around 1,000 units of inventory. Assuming 10% to 15% of vehicle ownership is transacted as used cars annually, such a city would generate annual used car transactions of approximately 50,000 to 80,000 units. Based on the over 20% market share that our mature stores have already achieved, a UC Superstore could achieve annual sales of over 10,000 units, which corresponds to an inventory level of around 1,000 units.
DK: 按照这个逻辑,今天中国有30个以上的城市, 汽车保有量超过300万台, 可以支撑5000台规模的卖场。 有70个以上的城市,保有量超过100万台, 可以支撑2000台以上的卖场。 There are more than 30 cities in China with vehicle ownership exceeding 3 million.
Ali Wong: which can support super stores with over 5,000 units of inventory. There are more than 70 cities with vehicle ownership exceeding 1 million, which can support super stores with over 2,000 units of inventory. In addition, there are more than 100 cities with vehicle ownership exceeding 500,000, which can support super stores with over 1,000 units of inventory. In the long run, Thank you. That was my answer. Thank you.
Operator: This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.
Ali Wong: Thank you all for participating on today's conference call.
Interpreter: We look forward to reporting to you soon.
Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
