PRINCETON, N.J., Sept. 24, 2026 /PRNewswire/ -- Refuel Agency, an enterprise-grade media and marketing agency with more than 35 years of experience reaching culturally specific audiences at scale, today announced its 2026 Multicultural Explorer study. The research examines Hispanic, Black/African American and general-market consumers, while introducing Afro-Latino consumers as a standalone segment for the first time.

The data led the way in building out this new segment for the Refuel research team. Reviewing prior fielding, powered through Influyente by Refuel Agency, analysts noticed Afro-Latino respondents behaving like neither the Hispanic nor Black audiences they'd been grouped with in a broader "other" category. At 31% adoption of AI tools like Gemini, the highest of any segment measured, Afro-Latino consumers emerged as the most AI-forward multicultural audience in the study, even as they rank among the most family-centered in leisure behavior, with 58% living in households with children and a strong preference for entertaining and cooking at home. That contradiction (digitally leading-edge, culturally traditional) was consistent enough that it could no longer be filed under "other."

"We found that Afro-Latino audiences were behaving in ways that neither the Hispanic nor Black datasets could fully explain on their own," said David Mesas, Head of Multicultural Markets at Refuel Agency. "Their distinct media habits, technology adoption and purchase behaviors make a deeper understanding of this audience essential for brands that want to engage them effectively and authentically."

The study demonstrates why Hispanic and Black audiences cannot be treated as a single multicultural media strategy. Hispanic and Afro-Latino respondents both showed a greater likelihood to rent and lower rates of single-person homeownership, a finding with implications for housing, financial services, retail and local-market planning. The research also tracks differences across Hispanic audiences by identity, language, media behavior and purchase patterns, reinforcing the need for nuanced approaches to a diverse consumer population.

Refuel built a full standalone Afro-Latino track for 2026, fielded at a total 2,600 respondents, matching the scale applied to Hispanic and Black segments this year. The larger samples reflect a shift toward rigorous methodology as Refuel fields growing demand for proprietary data from state and federal organizations, alongside brand and agency clients; demand sharpened by real gaps the study surfaces, including Hispanic and Afro-Latino respondents both skewing toward renting, with the lowest single-person homeownership rates measured.

Afro-Latino consumers are the most digitally advanced, AI-forward segment in the study, yet also the most loyal and hardest to poach. Marketers often assume heavy digital researchers are quick to switch brands. Afro-Latino consumers break that pattern: they research aggressively but stick with the brands they choose.

This research directly feeds Refuel's proprietary audience AI models, sharpening how the agency targets, plans, and measures performance for multicultural campaigns.

Learn more about how Refuel's research helps brands reach youth better than any other agency at Refuel Research & Intelligence.

About Refuel Agency

Refuel Agency is an enterprise-grade media and marketing agency with more than 35 years of experience helping brands reach hard-to-reach, culturally specific audiences at scale. Learn more at refuelagency.com.

SOURCE Refuel Agency

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MALMÖ, Sweden, Sept. 24, 2026 /PRNewswire/ -- The EU's Empowering Consumers for the Green Transition Directive (EmpCo), begins to apply September 27, 2026, and is welcomed by Duni Group. It means that companies making environmental claims to consumers in the EU will need to ensure that they are clear, specific, substantiated, and supported by credible evidence.

The directive does not introduce a separate sustainability claims framework. Instead, it strengthens existing EU consumer protection rules by targeting misleading environmental claims, unreliable sustainability labels and vague expressions such as "green" or "eco-friendly" when they are not supported by recognized and relevant environmental performance. Duni Group welcomes clearer rules for sustainability communication.

For businesses, the EmpCo Directive raises the floor on sustainability-related claims to consumers. It sets a stronger minimum level for responsible communication but also encourages companies to improve the quality and credibility of the claims they make. Generic or broad claims will no longer be sufficient unless they can be properly explained and substantiated. Instead, claims should be linked to specific products, packaging, materials or verified improvements.

Avoid greenwashing

An important change is the restriction on sustainability labels that are not based on a certification scheme or established by public authorities. In practice, this means companies can't use own-created symbols, icons or labels that may give consumers the impression of independent verification.

"The aim is to make sustainability communication more transparent, comparable and trustworthy. Clearer rules can help reduce greenwashing, improve consumer trust, and strengthen the credibility of companies that take sustainability communication seriously. For us, this is not only about compliance, but about communicating responsibly and building long-term trust," says Erik Lindroth, Sustainability Director, Duni Group.

One of the challenges for companies operating in several EU countries is that the directive will be implemented through national legislation and enforced by local authorities. This means that similar claims, translated into different languages and used in different markets, may be interpreted differently depending on the local regulatory context.

"The subjectivity in the implementation creates a business risk and a source of uncertainty. Also, a hard deadline, rather than a transition period, makes compliance more challenging, as most companies have products that are already in distribution," says Erik Lindroth.

Some claims may be relatively clear-cut, while others will remain subject to interpretation. Questions such as what is sufficiently specific, what evidence is adequate, and how a claim is understood by the average consumer may require dialogue between companies, customers, external stakeholders, and regulators. This makes robust internal processes and careful wording essential.

Prepared for Green Claims Directive

"Duni Group has followed the development of EU sustainability claims regulation closely and has prepared for the proposed Green Claims Directive over the past three years. While the Green Claims Directive has been postponed to an unspecified date, the EmpCo Directive and the corresponding national laws in EU Member States are now the highest requirements industries must follow when making sustainability-related claims," says Erik Lindroth.

The EmpCo Directive raises expectations for how companies communicate environmental performance to consumers. For Duni Group, it reinforces an approach already built on scientific substantiation, specificity, internationally recognized standards, and credible certifications. By continuing to work with clear, relevant and well-supported sustainability claims, the Group can help consumers make better-informed choices and contribute to a more trustworthy market.

Petra Lamorell

Interim Head of Communications

+46 (0)76-8 740 387

[email protected]

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/duni-group/r/empco-directive--credible-sustainability-claims,c4398666

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PRINCETON, N.J., Sept. 24, 2026 /PRNewswire/ -- Refuel Agency, a media and marketing agency with 35+ years reaching hard-to-reach audiences at scale, today announced its 2026 Youth, College & Young Adult Explorer, a redesigned edition of its proprietary research series.

The study separates the total 1,545 respondents into four life-stage segments — teens (15-17), young adults (18-24), adults (25+), and college versus non-college students — rather than treating "youth" as one group anchored on the college decision. The redesign followed a data point Refuel's research team could not ignore: roughly 40% of the youth population does not attend college, so a study built only around the college decision was missing a substantial share of the audience.

"If four in ten young people aren't taking the traditional college path, a study that only asks about college decisions is only describing six in ten of them," said Liz Carmo, EVP Audience & Brand at Refuel Agency. "We wanted to track what happens after the teen years, whether that's college, no college, or something in between."

The study's most consequential finding: the social-brand-discovery peak has shifted past the teen years. Young adults (not teens) lead brand discovery on TikTok (30% versus 28%) and Instagram (29% versus 23%). Adults now log nearly twice the weekly hours on social platforms that teens do: 40 versus 24, with college students at 40.

"Most brand media plans still treat the teen years as the social-media high-water mark. Our data says the opposite," said Liz Carmo, EVP Audience & Brand at Refuel Agency. "Brands allocating youth budgets on a decade-old assumption are reaching the wrong audience at the wrong intensity."

Reach and conversion diverge, too. Social ads lead attention (51%), followed by influencer content (50%), but each converts only 29% of those exposed. Tangible incentives beat passive reach: campus free-food promotions converted 62% of exposed college students, and coupons converted 67% of teens and 70% of young adults. Sampling prompted 60% to research or buy, including 42% who purchased.

The study surfaces a financial paradox: young adults have the lowest credit-card ownership (58% versus 75% for adults) and lowest average spend ($676 versus $982), yet report the highest average number of investments held of any segment — a generation bypassing credit for a different entry into the financial system.

Parental influence recedes fast after the teen years. Parents lead 73-83% of teen decisions on autos, phones, insurance, and finance, including 78% of teen auto purchases; by college, 58% of students decide their own auto purchases.

This research directly feeds Refuel's proprietary audience AI models, sharpening how the agency targets, plans, and measures performance for youth and young adult campaigns.

Learn more about how Refuel's research helps brands reach youth better than any other agency at Refuel Research & Intelligence.

About Refuel Agency

Refuel Agency is a media and marketing agency with 35+ years helping brands reach hard-to-reach, culturally specific audiences at scale. Learn more at refuelagency.com.

SOURCE Refuel Agency

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WhalesBot Launches EliteMind, Bringing Physical AI Into STEM & AI Education

Powered by W-Hong LLM, EliteMind lets students take AI models and programs from digital learning into real-world sensing, reasoning and action.

SHANGHAI, Sept. 23, 2026 /PRNewswire/ -- WhalesBot, a global leader in STEM and AI education, has announced EliteMind, a modular Physical AI robot designed to bring AI learning into the physical world for elementary and middle school students. With EliteMind, students can develop their own models and programs in WhalesBot's learning platform, then deploy them directly for testing and hands-on experimentation, turning digital AI projects into tangible, interactive experiences.

Powered by W-Hong LLM, WhalesBot's AI model built for STEM and AI education, EliteMind brings perception, reasoning, and physical action together in a complete Physical AI loop. It integrates intent recognition, voice interaction, visual understanding, and AI-powered creation with physical control, giving students a hands-on way to understand how AI works in the physical world. Its lightweight, modular design allows sensors and actuators to be combined across different robotic configurations, enabling students to build and explore a range of real-world AI applications.

EliteMind connects with OceanLevel, WhalesBot's AI literacy learning platform, to bridge structured AI learning and hands-on practice in the physical world. Within this system, WhalesBot OceanLevel provides age-appropriate AI courses, AI tools, model training, and programming, while EliteMind brings what students learn and build in the digital environment into the real world for practice, testing, and feedback. Together, they bring AI understanding, digital creation, and hands-on practice into one continuous learning experience.

"As AI increasingly operates in real-world systems, AI education also needs to move beyond the screen," said Xufeng Fei, CEO of WhalesBot, who has advocated for STEM and AI education for decades. "With EliteMind, we aim to support a learning journey from foundational AI literacy to hands-on practice and competition, helping students build practical AI skills step by step."

The launch of EliteMind further strengthens WhalesBot's growing portfolio of AI products powered by W-Hong LLM and adds a new physical dimension to its STEM & AI Learning Ecosystem. Looking ahead, WhalesBot will continue to develop new ways to help students move from understanding AI to building with it and applying it in the real world.

For more information about EliteMind and the WhalesBot STEM & AI Learning Ecosystem, visit https://www.whalesbot.ai/

About WhalesBot

WhalesBot Technology, founded in 2018 and headquartered in Shanghai, China, provides STEM and AI education solutions for learners aged 3 to 22, with more than 1 million units sold in over 81 countries and regions. WhalesBot also sponsors ENJOY AI, an international STEM and robotics competition built around creative robotics and coding challenges.

Connect with WhalesBot:

SOURCE WhalesBot

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Envision Energy Unveils EN-252/16.7 Offshore Wind Turbine to Deliver High Performance and Reliability in High-Wind Environments

HAMBURG, Germany, Sept. 24, 2026 /PRNewswire/ -- Envision Energy, a global leader in green technology, launched the EN-252/16.7, its next-generation offshore wind turbine developed for high-wind environments and tailored to the requirements of international offshore markets. With 16.7 MW rated power, a high-performance rotor and an integrated powertrain, the new turbine is designed to deliver higher energy production, greater reliability and increased project ROI.

The EN-252/16.7 builds on Envision's proven Model Z platform and more than a decade of offshore wind development and operational experience. The Model Z platform has been in operation since 2023, providing a foundation of operating data and engineering experience for the next generation of offshore turbines. The international EN-252/16.7 is tailored with a Europe-specific high-performance rotor and is being developed through extensive component- and system-level validation. The turbine combines high-capacity generation with vertically integrated key component technologies, advanced safety and grid capabilities, and AI-powered lifecycle monitoring through Envision's Galileo system.

Christian Schrimpf, Executive Vice President of Offshore Wind at Envision Energy, said: "The next phase of offshore wind is not simply about increasing turbine scale. The real value of scale lies in how effectively it translates into higher energy production, greater reliability and stronger economics across the project lifecycle. With the EN-252/16.7, we are bringing these capabilities together to help customers capture more value from offshore wind over the long term."

Higher Performance for increased project ROI

With 16.7 MW rated power and a swept-area-to-power ratio of approximately 2.99 square meters per kilowatt, the EN-252/16.7 is designed to increase energy production from high-wind offshore resources. For a gigawatt-scale offshore wind farm, the turbine can deliver approximately 1-2% higher annual energy production while reducing turbine quantity by around 10% compared with currently available turbines, contributing to an estimated 2-4% reduction in levelized cost of energy (LCOE), depending on site conditions and project configuration. For suitable site-specific conditions, the turbine can also be uprated, creating further potential to reduce turbine numbers and capital expenditure for the project (CAPEX).

Proven Engineering for Long-Term Reliability

The EN-252/16.7 is supported by extensive component- and system-level validation through Envision's in-house testing facilities. Testing includes drivetrain system loading tests and more than 600 hours of highly accelerated life testing for drivetrain, helping capture component boundaries and system interactions under demanding operating conditions.

Reliability is further supported by Envision's vertically integrated approach to the development and manufacturing of key components. The company has accumulated experience across approximately 12,000 gearboxes, 12,000 main-bearing sets, 25,000 blade sets, 23,000 generators and 28,000 converters.

Safety and Resilience in Extreme Conditions

The EN-252/16.7 is designed to support safe and resilient operation under demanding offshore conditions, including extreme wind events, withstanding a 10-minute average extreme wind speed of up to 58.5 m/s and a three-second gust once in 50-year of up to 82 m/s. Safety is further supported by the turbines integration capability with energy storage. Combined with Envision BESS, the system can provide long-duration backup power for critical turbine devices and safety-related functions when external grid power is unavailable, including during pre-commissioning and severe storm or typhoon conditions.

The turbine further incorporates grid-forming control, black-start capability and stable operation under weak-grid and grid-fault conditions. Autonomous operating capabilities further support continuous power supply to critical turbine systems when conventional grid support is disrupted, extending resilience from extreme-weather protection to electrical and operational continuity.

AI-Powered Lifecycle Optimization

The EN-252/16.7 extends reliability into turbine operation through Envision's AI-driven Galileo system, which supports earlier fault detection and more proactive maintenance throughout the turbine lifecycle. Commercially applied across more than 20,000 turbines since 2020, Galileo uses more than 30 functional models to monitor major components and critical failure modes, providing early-warning reports approximately one to six months in advance per different conditions

Earlier fault detection supports more timely maintenance planning, helping reduce unplanned interventions and lifecycle operating expenditure (OPEX). The turbine also includes an AI-turbine interface to support future upgrades and the continued evolution of intelligent turbine operations.

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CRRC Completes Production of 110-Meter Recyclable Wind Turbine Blade, Achieving Over 95% Recovery of Key Materials

HAMBURG, Germany, Sept. 24, 2026 /PRNewswire/ -- CRRC (SHA: 601766) announced the completion in Sheyang, Jiangsu Province, of its internally developed 110-meter high-performance recyclable wind turbine blade. Designed for efficient material separation and recovery, the blade achieves a recovery rate exceeding 95% for key raw materials. The milestone marks a significant step toward the commercial-scale recycling of ultra-large wind turbine blades and provides a solution for managing blades at the end of their service life.

China's renewable power buildout is driving up demand for decommissioning and disposal. In the years ahead, China's new onshore and offshore wind installations are expected to exceed 470 GW. That rapid expansion brings a growing problem: as increasing numbers of wind turbines reach the end of their service life, managing the resulting waste is becoming a major challenge for the industry's sustainable growth. Industry estimates suggest that by 2030, more than 30,000 wind turbines will have been retired in China, representing 44.73 GW of capacity and generating 947,900 metric tons of wind-related solid waste. Recovering and reusing materials from retired blades has therefore become a critical challenge for the entire industry.

The blade represents a breakthrough in both materials and recycling technology. It uses a recyclable material system centered on a high-efficiency, debondable infusion resin. While fully meeting the demanding performance requirements for high strength, stiffness and fatigue life, the blade uses reversible chemical debonding technology to separate the resin efficiently from the reinforcing fibers. Once recovered, materials including the resin and fibers can be reused in wind equipment, automotive manufacturing, infrastructure construction and other high-value applications. This moves wind turbine blades beyond the traditional "single-use" model, enabling closed-loop recovery and high-value reuse of their constituent materials.

The recyclable blade system can support customers' efforts to meet international sustainability objectives and reporting obligations, including those under the EU's Corporate Sustainability Reporting Directive (CSRD). It is also well suited to high-capacity offshore wind turbines and combines safety, environmental performance and cost-effectiveness. Together, these advantages strengthen CRRC's position as it brings its offshore wind equipment to international markets and competes in the global renewable energy sector.

CRRC is continuing to invest in circular technologies for the wind power industry. In March 2025, the company developed China's first TMT82 recyclable thermoset-resin blade. Using an innovative resin system based on reversible chemical bonds, the technology enables efficient depolymerization and separation of the resin and fibers while retaining the strong mechanical performance of conventional blades—overcoming a key technical barrier to blade-material recyclability.

In April 2025, CRRC launched China's first mobile, high-efficiency, intelligent processing system for decommissioned blades, creating a flexibly deployable "smart mobile recycling factory." The system introduces a dual-mode processing model combining distributed and centralized operations that overcomes the geographic limitations of traditional fixed facilities, reduces the transportation and disposal challenges associated with retired blades, and enables processing at scale. Its processing capacity exceeds applicable national standards, establishing a new approach to the large-scale recovery and reuse of thermoset wind turbine composites.

SOURCE CRRC Corporation Limited

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GEOSAT BECOMES FIRST EUROPEAN PARTNER IN THE SDG DATA ALLIANCE

PARTNERSHIP OPENS THE DOOR TO SATELLITE DATA

FOR OVER 3,000 ISLANDS

NEW YORK, Sept. 24, 2026 /PRNewswire/ -- GEOSAT, a Earth Observation satellite operator, has become the first European company to join the SDG Data Alliance, the coalition mobilising data to accelerate the UN Sustainable Development Goals and Antigua & Barbuda Agenda for Small Island Developing States (SIDS).

The Partnership Agreement with the PVBLIC Foundation, which convenes the Data Alliance, was signed in New York during the high level week of the 81st UN General Assembly.

Membership places GEOSAT within a select group of partners that work with the United Nations and international partners, with the goal of taking VHR satellite images and data to over 3,000 islands across almost 40 island states, the Alliance's focus nations.

Through the Data Alliance, national and regional champions will be identified to lead implementation. GEOSAT will supply the imagery and, together with other Alliance partners, will turn it into actionable intelligence and better decisions. Joint procurement can give island nations capabilities few could secure alone, from land management to agriculture, forestry, coastal monitoring, and emergency response.

FROM EUROPE TO SIDS 

GEOSAT brings to the Data Alliance the operational experience of an Established European Operator (recognised by the European Commission and Copernicus as one of only 5 VHR satellite operators in this category). It delivers satellite coverages to municipalities, countries and to Europe, bringing space to people. In partnership with Airbus, Geosat delivered VHR 24, the first fully European coverage of Europe. It supplies thousands of images every year in critical scenarios and contributes to the International Charter on Space and Major Disasters.

Membership builds on work already under way. In 2023, GEOSAT supported the launch of the Maldives Space Research Organisation (MSRO), contributing to its first pilot, the Goidhoo Earth Observation Pilot - a project later showcased at the UM Peace Forum in Paris. Geosat has already begun working on the first pilots for implementation with the Data Alliance.

"Satellite images and Space-based information are critical assets to support populations in climate change adaptation. By joining the SDG Data Alliance, Geosat commits to continue working to bring space to people, leveraging local knowledge and value chains that can lead to the sustainable use of Earth Observation for social development." said Francisco Vilhena da Cunha, GEOSAT CEO.

TO EDITORS:

- Key figures: over 3,000 islands in potential reach; 40 island states; 2 pilots in preparation.

- SDG Data Alliance: international coalition convened by the PVBLIC Foundation, a New York based non profit.

- Very high resolution (VHR): imagery able to distinguish objects under one metre on the ground.

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Bank al Etihad Enters the UAE Market Through Strategic Partnership with Ethmar International Holding

AMMAN, Jordan and ABU DHABI, UAE, Sept. 24, 2026 /PRNewswire/ -- Bank al Etihad, one of Jordan's largest banks, has announced its entry into the United Arab Emirates through a strategic partnership with Ethmar International Holding (EIH), a leading Abu Dhabi-based institutional investment holding group, along with other UAE-based investors. The parties have signed a Memorandum of Understanding (MoU) to establish a new bank in Abu Dhabi Global Market (ADGM).

This strategic partnership represents a significant milestone in Bank al Etihad's regional growth journey, expanding its footprint beyond Jordan and Iraq and positioning the Bank within one of the world's leading international financial centers.

A New Platform for Cross-Border Growth

The new bank will operate under a Category 1 banking license within ADGM, providing a robust platform for serving regional and international clients and companies conducting business across markets outside the UAE mainland.

The new bank will provide an integrated platform through which Bank al Etihad can facilitate cross-border business, support transactions across its target markets, and develop relationships with new corporate, institutional and high-net-worth clients.

The initiative forms part of Bank al Etihad's broader growth strategy, drawing on more than five decades of banking expertise to strengthen its regional relevance, diversify its products and revenue streams, and deepen its connectivity with major regional and international markets.

The proposed bank will operate within ADGM's internationally recognized regulatory framework and under the supervision of the Financial Services Regulatory Authority (FSRA), and in compliance with the regulatory requirements and controls in effect in both the United Arab Emirates and the Hashemite Kingdom of Jordan. Subject to obtaining all the necessary official approvals.

About Bank al Etihad

Bank al Etihad has served customers since 1987 and is one of Jordan's leading financial services groups. Through a sustained trajectory of regional growth - including its 2017 acquisition of a controlling stake in Safwa Islamic Bank, its 2024 expansion into Iraq, its 2025 merger with INVESTBANK, and acquisition of Egyptian Arab Land Bank's Jordan operations - Bank al Etihad Group has grown to nearly JOD 11 billion in total assets and approximately JOD 1 billion in total equity, continuing to strengthen its regional footprint.

About Ethmar International Holding

Ethmar International Holding (EIH) is an Abu Dhabi-based investment holding company focused on building and investing in businesses, platforms and partnerships across sectors that contribute to economic growth and long-term value creation. From Abu Dhabi, EIH develops strategic partnerships that connect regional opportunities with broader international markets.

SOURCE Bank al Etihad

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Uxin Reports Unaudited Financial Results for the Quarter Ended June 30, 2026

BEIJING, Sept. 24, 2026 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the quarter ended June 30, 2026.

Highlights for the Quarter Ended June 30, 2026

- Transaction volume was 21,899 units for the three months ended June 30, 2026, representing an increase of 20.3% from 18,211 units in the last quarter and an increase of 88.7% from 11,606 units in the same period last year.

- Retail transaction volume was 19,610 units, representing an increase of 18.6% from 16,530 units in the last quarter and an increase of 88.8% from 10,385 units in the same period last year.

- Total revenues were RMB1,151.2 million (US$169.7 million) for the three months ended June 30, 2026, representing an increase of 7.2% from RMB1,073.7 million in the last quarter and an increase of 74.9% from RMB658.3 million in the same period last year.

- Gross margin was -0.7% for the three months ended June 30, 2026, compared with 7.0% in the last quarter and 5.2% in the same period last year.

- Loss from operations was RMB151.9 million (US$22.4 million) for the three months ended June 30, 2026, compared with RMB66.6 million in the last quarter and RMB43.1 million in the same period last year.

- Non-GAAP adjusted EBITDA[1] was a loss of RMB119.8 million (US$17.7 million), compared with a loss of RMB34.3 million in the last quarter and a loss of RMB16.5 million in the same period last year.

[1] This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, furnished as Exhibit 99.1 to our Current Report on Form 6-K on September 24, 2026 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP Results" for a reconciliation and additional information on non-GAAP measures.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "Despite a sharp decline in used car prices during the second quarter of 2026, our retail transaction volume reached 19,610 vehicles, up 89% year over year and 19% sequentially. Our Net Promoter Score remained at 65 or above for the ninth consecutive quarter, maintaining our industry-leading customer satisfaction. In response to the market downturn, we moved quickly to sell through inventory affected by decreasing prices. While this put significant pressure on near-term profitability, it allowed us to realign our inventory more quickly with the new pricing environment."

Mr. Dai continued, "Over the past several months, we have further strengthened our operations through this period of adjustment. Our pricing is more accurate, inventory turnover is significantly faster, and per-vehicle profitability continues to recover. With a more measured approach to inventory purchasing, we expect retail transaction volume of 20,500 to 21,000 vehicles in the third quarter. Our focus remains on improving store-level performance and overall operating efficiency to translate our growing scale into stronger profitability."

Mr. Feng Lin, Chief Financial Officer of Uxin, stated, "Total revenue reached RMB1.15 billion in the second quarter, including RMB1.08 billion in retail vehicle sales revenue, which increased 78% year over year and approximately 7% sequentially. The rapid decline in automotive market prices, together with our decision to accelerate inventory sales, weighed on profitability. Gross margin declined to negative 0.7%, and our adjusted EBITDA loss was RMB120 million. We view the pressure on second-quarter profitability as largely a near-term consequence of the market's sharp price adjustment. With market volatility easing and our operating efficiency improving, we believe the business is back on track for healthy, long-term growth. We expect our overall gross margin to recover to above 6% for the third quarter."

Financial Results for the Quarter Ended June 30, 2026

Total revenues were RMB1,151.2 million (US$169.7 million) for the three months ended June 30, 2026, representing an increase of 7.2% from RMB1,073.7 million in the last quarter and an increase of 74.9% from RMB658.3 million in the same period last year. The increases were mainly due to the increase in retail vehicle sales revenue.

Retail vehicle sales revenue was RMB1,080.8 million (US$159.3 million) for the three months ended June 30, 2026, representing an increase of 6.5% from RMB1,015.0 million in the last quarter and an increase of 77.9% from RMB607.6 million in the same period last year. For the three months ended June 30, 2026, retail transaction volume was 19,610 units, representing an increase of 18.6% from 16,530 units last quarter and an increase of 88.8% from 10,385 units in the same period last year. The quarter-over-quarter increase in retail vehicle sales revenue was mainly due to the increase in retail transaction volume. The Company's new superstore in Tianjin commenced trial operations in March 2026 and saw rapid increases in both inventory levels and sales. The year-over-year increase was mainly due to the 88.8% increase in retail transaction volume, the rapid growth in sales volume was primarily driven by the Company's new superstores in Wuhan, Zhengzhou, Jinan and Tianjin, which commenced trial operations in February, September, December 2025 and March 2026, respectively.

Wholesale vehicle sales revenue was RMB37.4 million (US$5.5 million) for the three months ended June 30, 2026, compared with RMB27.9 million in the last quarter and RMB29.9 million in the same period last year. For the three months ended June 30, 2026, wholesale transaction volume was 2,289 units, representing an increase of 36.2% from 1,681 units last quarter and an increase of 87.5% from 1,221 units in the same period last year. Wholesale vehicle sales represent vehicles purchased by the Company from individuals that do not meet the Company's retail standards and are subsequently sold through online and offline channels.

Other revenue was RMB33.0 million (US$4.9 million) for the three months ended June 30, 2026, compared with RMB30.8 million in the last quarter and RMB20.8 million in the same period last year.

Cost of revenues was RMB1,159.8 million (US$170.9 million) for the three months ended June 30, 2026, compared with RMB998.6 million in the last quarter and RMB624.1 million in the same period last year.

Gross margin was -0.7% for the three months ended June 30, 2026, compared with 7.0% in the last quarter and 5.2% in the same period last year. The decreases in gross margin were mainly due to market conditions across the automotive industry, including: i) short‑term aggressive price reductions in the new‑car sector drove a rapid downturn in used‑vehicle market prices, which put substantial temporary pressure on the gross margin of the Company's existing used vehicle inventory; ii) rising oil prices suppressed customer demand for gasoline cars and increased inventory turnover pressure, which compressed the Company's gross margin. As market conditions began to stabilize and following the Company's new strategy for accelerating inventories turnover, the company entered a new steady and efficient procurement-to-sales cycle. The Company expects that its overall gross margin will gradually recover to above 6.0% in the third quarter of 2026.

Total operating expenses were RMB145.3 million (US$21.4 million) for the three months ended June 30, 2026. Total operating expenses excluding the impact of share-based compensation were RMB135.3 million.

- Sales and marketing expenses were RMB119.2 million (US$17.6 million) for the three months ended June 30, 2026, representing an increase of 3.0% from RMB115.8 million in the last quarter and an increase of 60.6% from RMB74.2 million in the same period last year. The quarter-over-quarter increase was mainly due to the increased marketing expenses for promotion activities. The year-over-year increase was mainly due to the increased employee compensation for the sales teams as a result of the increase in headcount.

- General and administrative expenses were RMB22.0 million (US$3.2 million) for the three months ended June 30 2026, representing a decrease of 6.0% from RMB23.4 million in the last quarter and an increase of 13.0% from RMB19.4 million in the same period last year. The quarter-over-quarter decrease was mainly due to the reduction in compensation for personnel performing general and administrative functions. The year-over-year increase was mainly due to the increased employee compensation as a result of the increase in the number of superstores.

- Research and development expenses were RMB4.1 million (US$0.6 million) for the three months ended June 30, 2026, representing an increase of 40.4% from RMB2.9 million in the last quarter and an increase of 33.1% from RMB3.1 million in the same period last year. The increases were mainly due to the launch of new projects for R&D activities.

Other operating income, net was RMB2.0 million (US$0.3 million) for the three months ended June 30, 2026, compared with RMB0.5 million in the last quarter and RMB19.4 million in the same period last year. The year-over-year decrease was mainly due to the decline of gains from derecognition of certain long-aged liabilities.

Loss from operations was RMB151.9 million (US$22.4 million) for the three months ended June 30, 2026, compared with RMB66.6 million in the last quarter and RMB43.1 million in the same period last year.

Interest expenses were RMB25.0 million (US$3.7 million) for the three months ended June 30, 2026, compared with RMB23.9 million in the last quarter and RMB23.1 million in the same period last year.

Net loss from operations was net loss of RMB178.4 million (US$26.

Bairong AI Rolls Out Market‑Capitalization‑Linked Equity Incentive, Deeply Aligning Long‑Term Interests Between Key Leader and All Shareholders

BEIJING, Sept. 24, 2026 /PRNewswire/ -- Bairong AI Inc. (HKEX: 6608) recently issued an announcement, announcing the conditional grant of 24,395,000 Share Awards to Mr. Zhang Shaofeng, founder, chairman of the Board and chief executive officer of the Company. Vesting of such Share Awards is directly linked to the Company's market capitalization performance. At the same time, the Company has refreshed the Restricted Share Unit ("RSU") Scheme limit, continuously improving its long‑term incentive and corporate governance system. The arrangement closely binds management's personal rewards to the growth of shareholder value, supporting the Group's AI strategic upgrade and large‑scale implementation of its RaaS (Result‑as‑a‑Service) model.

The conditional grant totals 24,395,000 Share Awards, representing approximately 6.58% of the total Class B Shares in issue (excluding any treasury Shares) as at the date of grant. The conditional grant shall take effect subject to acceptance by the Grantee and approval by the Shareholders at an extraordinary general meeting ("EGM"). Different from conventional vesting schemes mainly based on time, this incentive does not adopt pure time‑based unlocking criteria. Vesting of all five tranches of Share Awards is subject to progressive market‑capitalization‑linked performance targets. Relevant tranches can only vest if corresponding market capitalization targets are achieved within the vesting period.

The performance targets are divided into five progressive market‑capitalization tiers: the first tier requires the arithmetic average of the Company's market capitalization to reach or exceed HK$6,000,000,000 for any 15 consecutive trading days; the second tier HK$7,000,000,000; the third tier HK$8,000,000,000; the fourth tier HK$9,000,000,000; and the fifth tier requires the market capitalization to reach or exceed HK$10,000,000,000 for any 183 consecutive trading days. Each tier of market capitalization target corresponds to a fixed proportion of the Share Awards. All tranches are also subject to the condition that Mr. Zhang continues to serve as chairman of the Board and/or executive Director through the relevant vesting date. If multiple market‑capitalization targets are satisfied within the same period, the corresponding tranches may vest simultaneously. The overall vesting period commences on the date falling six months after the date of grant and ends on the fourth anniversary of the date of grant.

Meanwhile, a 24‑month lock‑up undertaking applies to vested Share Awards to further extend management's share‑holding period and consolidate the long‑term community of interests. The incentive scheme is also equipped with a complete clawback mechanism. In cases of material misconduct or integrity‑related breaches, the Company may cause unvested awards to lapse or demand repayment of corresponding value of shares to safeguard the interests of the Company and its shareholders. The Group will not provide any financial assistance to Mr. Zhang for his acquisition of the Shares under the conditional grant.

The Board and the Remuneration Committee stated that this equity incentive aims to fully recognize Mr. Zhang's critical contributions since the establishment of the Company. As a technology‑oriented founder, Mr. Zhang has spearheaded the Company's build‑up of full‑stack AI capabilities and led the team to iterate multiple domain‑specific foundation models. The Company's voice foundation model ranked first on the public comprehensive evaluation leaderboard in the VoiceBench benchmark assessment. He championed and implemented the RaaS (Result‑as‑a‑Service) business model, built the three‑tier Results Cloud platform, promoted the large‑scale deployment of silicon workforce, and directly linked AI value to clients' business outcomes to realize business‑model innovation. Under his leadership, Bairong AI's enterprise‑grade AI Agent capabilities have expanded from the financial industry to diverse sectors including logistics, securities brokerage, banking and operators, continuously broadening the Group's growth curve.

"This market‑capitalization‑anchored incentive follows the core logic that rewards stem from genuine enhancement of shareholder value. Management can obtain incentive returns only when the Company's market capitalization keeps rising, realizing high alignment of interests among management, core founder and all shareholders," the Remuneration Committee commented. As the grant triggers approval thresholds under the Listing Rules, an extraordinary general meeting will be convened for review and approval by independent shareholders, and the relevant circular will be disseminated to Shareholders in due course.

About Bairong AI Inc. (6608.HK)

Bairong AI Inc. is an integrated AI service provider in China with capabilities in both domain‑specific foundation model R&D and enterprise‑grade AI Agent implementation. Pioneering the RaaS (Result‑as‑a‑Service) business model, the Company has built the three‑tier Results Cloud platform to enable large‑scale deployment of silicon workforce. It delivers quantifiable outcome‑oriented AI services to industries including logistics, airlines, operators and banking. Committed to creating tangible business value through technology implementation, Bairong AI keeps advancing full‑stack AI technology iterations and drives enterprise AI to evolve from tool‑level applications toward delivery of verifiable business outcomes.

SOURCE Bairong AI Inc.

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