Uxin Limited

Ladies and gentlemen, thank you for standing by and welcome to UXIN's earnings conference call for the quarter ended September 30, 2020. At this time, all participants are in the 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 Nancy Song, Investor Relations Director of UXIN. Please go ahead.

Thank you, operator. Hello, everyone. Welcome to UCN's earnings conference call for the quarter ended September 30th, 2020. On the call today are DK, our founder and CEO, and Jianzeng, our CFO. DK will review business operations and company highlights, followed by Jian, who will discuss financials and guidance. They will both be available to answer questions during the Q&A session that follows. Before we start, I would like to remind you that this call may contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Detention Reform Act of 1995. These statements are based on management current knowledge and assumptions about future events that involve known or unknown risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements. Yuxin does not undertake any obligations to update any forward-looking statement, except as required under applicable law. For more information about the potential risks and uncertainties, please refer to our findings with ICC. With that, I will now turn the call over to our CEO. DK, please go ahead.

Thank you, Nancy. Hello, everyone. Thank you for joining our earnings conference call today. The September quarter marked our transition to an inventory-owned model. Now, we are pleased to report that we have successfully made the transition, which gives us better control over order flow and supply chain management, with our online product and service offering being continuously optimized. We are also very pleased with the progress we may be better serving our customer as a national-wide online used car dealer. Not only have we raised the bar in delivering enhanced customer experience, but we also validated our efforts by receiving improved customer satisfaction feedback during the quarter. The completion of our shift to an inventory-owned model Coupled with our unique offering of an online used car buying experience, further strength our ability to maximize customer value through our dedicated approach, offering quarterly value-for-money used cars alongside best-in-class purchasing services. In fine-tuning our products and services, We focused on three initiatives during the September quarter in order to deliver better customer experience. First, we adjust used car quality by adopting stricter standards in selecting and inspecting cars and improve the car conditions by introducing standard and well-rounded reconditioning services. In terms of car quality, by leveraging the massive used car data gathered from our historical car inspection and through our experience in progressing car insurance claims over the past three years, we have developed an extensive and deep understanding of car performance from certain makes and models. in relation to manufactured dates of mileage. This data-driven know-how allows us to effectively exclude through type of cars with manufacturing defector of relatively high failure rates. In addition, we also raised the standards for inspecting cars to further ensure that the car's components are all in great shape. These standards enhance the quality of our overall used car inventory and allow us to gain greater customer satisfaction and trust in Yixin. In terms of car condition, an additional step of refurbishment enhance the car's like-new condition, allow us to consistently offer customer a more attractive and greater value alternative to buying a new car. Second, with the use of highly effective online communication tools and methods, we conducted and continued to refine the process of serving our customers online throughout the life cycle of our purchasing and driving of cars. Let me explain. Once a customer places a purchase order with us, there will be a dedicated service team assigned to this customer. The service team consists of an online sales consultant who is responsible for handling the purchase order, and online service consultant, sorry, for handling all paperwork, all documents for title transfer and license plate restitution. And auto financing specialist who is responsible for processing loan application related documentation if the customer finance his car. and an after sales manager who is responsible for responding to any after sales inquiries such as car maintenance for insurance clients after the customer drives away his car. As we standardize the way of delivering services at each key sales and after sales point, we significantly increased the responsiveness of our service personal and improved customer satisfaction as a result of our service deliver. Third, we shorted the waiting period between initial order and final deliver of the cars. We further improved the entire fulfillment process include optimization of logistic plan and car delivery, as well as execution of more timely title transfer. We also introduced new policies that customers are entitled to, for certain clients, if customers receive the car later than our promised delivery time. As a result of this enhancement, we saw our NITA Promoter Score, or NPS, significantly increase to 30 for the reported quarter from only 10 from the June quarter. It was mentioning as well that our NPS exceeded 45 in the month of September, indicating the increasing transition of our products and service as well as growing customer loyalty as we benefit from improved customer satisfaction and greater willingness to recommend Yuxin to others. We are confident that we can secure around 1,400 deposit required purchase order this month. dedication to offering quality value-for-money used car and best-in-class purchasing services, which are also our key growth drivers, contributed markedly to satisfying the increased demand from a new group of customers who are more willing to pay a premium for high-quality car and services. Capitalized by these two drives, the expansion of our customer base and the increase in transaction volume does present us with a different growth path. But we believe this new customer group has the potential to consistently contribute to our long-term growth and we are already starting to receive more purchase order from customer referrals. Once we hit a critical mass as our new customer base expands, we believe that customer trust and word of mouth referrals will translate into solid and sustainable long-term volume growth. For the solid in our brand and market position, We are confident that this will provide a firm foundation for our further business development and for generating more long-term value for shareholders. With that, I'd like to turn the call over our CFO to walk you through the financial results. John, please go ahead.