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Gary Dvorchak

Managing Director at Water Tower Research

Gary Dvorchak is a Managing Director at The Blueshirt Group, where he leads Asia-focused investor relations for companies listed on the NYSE and Nasdaq, and he also hosts investor events in partnership with Water Tower Research. Over his career, Dvorchak has covered leading technology and cleantech companies such as Tuya Inc. and numerous Asia-based U.S. listed firms, drawing on a track record as a portfolio manager and analyst that includes co-founding an investment boutique with a successful closed-end fund IPO and co-managing over $4 billion in institutional assets. He began his investment career at Hambrecht & Quist, held senior roles at EGM Capital, Aviance Capital Management, and Provident Investment Counsel, and moved into investor relations in the 2010s after contributing extensively to financial media. Dvorchak earned his MBA from Northwestern's Kellogg School and holds the Chartered Financial Analyst (CFA) designation, reflecting his long-standing professional credentials and recognition in capital markets.

Gary Dvorchak's questions to Uxin (UXIN) leadership

Question · Q1 2025

Inquired about the company's current business mix of New Energy Vehicles (NEVs) and future plans for NEV exposure, given the rapid growth of used NEV transactions in China.

Answer

The company reported that NEVs accounted for about 9% of their retail sales from January to April 2025, exceeding the national average. They do not manage inventory based on fuel type but on quality standards. As the overall EV market expands, their NEV share is expected to grow naturally, and they are prepared to capture this opportunity.

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Question · Q1 2025

Gary Dvorchak of Water Tower Research asked about the role of New Energy Vehicles (NEVs) in Uxin's business, questioning their current share of sales and the company's strategy for future NEV exposure.

Answer

CEO DK confirmed the rapid growth in China's used NEV market. He stated that from January to April 2025, NEVs constituted approximately 9% of Uxin's retail sales, a figure growing over 100% year-over-year and exceeding the national average. DK clarified that the company's inventory strategy is quality-driven, not based on powertrain type, and expects Uxin's NEV mix to grow naturally in line with the broader market's structural shift.

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Question · Q4 2024

Gary Dvorchak of Water Tower Research asked for management's outlook on China's used-car market for 2025, considering the potential impact of U.S.-China trade tensions and other major challenges.

Answer

Dai Kun, an executive, stated that direct impacts from trade tensions on the domestic used-car market are expected to be minimal. He expressed optimism for 2025, highlighting that the Chinese government has introduced measures to stimulate domestic demand, such as expanded trade-in subsidy programs. Kun also suggested that broader economic headwinds could increase consumer demand for value-oriented used vehicles, benefiting Uxin. He reiterated confidence in achieving over 100% retail sales volume growth, significantly outpacing the industry average.

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