Kaixin Holdings, a China-based premium auto dealership group, reported a 65% year-over-year decline in operating income to a loss of $31.6 million in 2025. The company’s core vehicle sales operations contracted sharply with zero new or used vehicle sales recorded in recent years. Strategic moves include acquiring Zhejiang Ordinary Smile Auto Sales, entering electric truck wholesale with a $600 million order backlog, and expanding into AI education through majority ownership in XINGCAN. Liquidity remains tight with a current ratio of 0.11, prompting a 1-for-30 share consolidation completed late 2025. No dividends or share repurchases have been declared amid ongoing net losses and negative cash flow from operations.