Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIE ...

Cango Inc. (NYSE:CANG) Q4 2022 Results Conference Call March 9, 2023 8:00 PM ET Company Participants Jiayuan Lin - CEO Michael Zhang - CFO Conference Call Participants Shelley Wang - Morgan Stanley Operator Good morning, and good evening, everyone. Welcome to Cango, Inc.'s Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. Michael Zhang, ...

Cango Inc. (NYSE:CANG) Q3 2022 Earnings Conference Call November 29, 2022 8:00 PM ET Corporate Participants Jiayuan Lin - Chief Executive Officer Michael Zhang - Chief Financial Officer Conference Call Participants Shelley Wang - Morgan Stanley Sophia Xu - Goldman Sachs Brian Lantier - Zacks Operator Good morning and good evening, everyone. Welcome to the Cango, Inc.'s Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. This call is also being broadcast liv ...

Cango Inc. (NYSE:CANG) Q2 2022 Earnings Conference Call August 29, 2022 9:00 PM ET Company Participants Jiayuan Lin - Co-Founder & Chief Executive Officer Yongyi Zhang - Chief Financial Officer Conference Call Participants Shelley Wang - Morgan Stanley Sophia Xu - Goldman Sachs Operator Good morning, and good evening, everyone. Welcome to Cango Incorporated's Second Quarter 2022 Earnings Conference Call. [Operator Instructions] This call is also being broadcast live on the company's IR website. Joining us t ...

Cango Inc. (NYSE:CANG) Q1 2022 Earnings Conference Call June 8, 2022 9:00 PM ET Company Participants Jiayuan Lin - CEO Michael Zhang - CFO Conference Call Participants Shelley Wang - Morgan Stanley Sophia Xu - Goldman Sachs Operator Good morning and good evening, everyone. Welcome to Cango, Inc.'s First Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chie ...

Cango Inc. (NYSE:CANG) Q4 2021 Earnings Conference Call March 10, 2022 8:00 PM ET Company Participants Jiayuan Lin - Chief Executive Officer Michael Zhang - Chief Financial Officer Conference Call Participants Shelley Wang - Morgan Stanley David Pan - Goldman Sachs Tim Moore - Zacks Brent Lee - Bamboo Works Operator Good morning, and good evening, everyone, and welcome to Cango, Inc.’s Fourth Quarter and Full Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. This ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2021 were RMB 801 million, exceeding guidance, with a year-over-year increase [4][18] - Net loss was RMB 417 million, primarily due to the fair value change of the investment in Li Auto [4][24] - Cost of revenue increased to RMB 610.5 million, representing 76.3% of total revenue, compared to 41.6% in the same period of 2020 [19][22] Business Line Data and Key Metrics Changes - Revenues from car trading transactions were RMB 429 million, accounting for 53.6% of total revenues [4][18] - Automotive financing facilitation revenues were RMB 267 million, while aftermarket services facilitation revenues were RMB 42.7 million [4][18] - Financing transactions facilitated totaled RMB 6,211 million, down 20% quarter-over-quarter due to insufficient car supply [5] Market Data and Key Metrics Changes - The automotive market in China faced significant disruptions due to a chip shortage and COVID-19, leading to a decline in car production and sales [3][4] - The company maintained stable growth in high-end and used car segments despite overall market weakness [8] Company Strategy and Development Direction - The company aims to transform into a comprehensive automotive transaction service platform, consolidating dealers and empowering them with integrated auto supply chain services [9][13] - Cango Haoche, a B2B WeChat mini program, was launched to enhance dealer services and improve transaction efficiency [10][11] - The company is expanding its business into higher-tier cities and collaborating with luxury 4S dealers and large-scale dealer groups [31][32] Management's Comments on Operating Environment and Future Outlook - Management expects market disruptions from the chip shortage to continue into the next year, but sees opportunities in the NEV market [16][36] - The company is optimistic about the support from banks for automotive loans, as banks shift focus towards automotive assets [27] Other Important Information - The company had cash and cash equivalents of RMB 906.4 million as of September 30, 2021, down from RMB 1.5 billion as of June 30, 2021 [25] - The company expects total revenue for Q4 2021 to be between RMB 950 million and RMB 1 billion [25] Q&A Session Summary Question: What is the outlook for retail sales recovery? - The chip shortage continues to impact the auto industry, leading to inventory depletion and a drop in deliveries, affecting new car sales [26] Question: Is it easier to get car loans from banks? - There is a shift in banks' preferences towards automotive loans, and the current loan volume has been increasing steadily [27] Question: Why did gross margin decline despite revenue growth? - The car trading transactions business is low-margin, and increased costs from higher-tier market operations have impacted gross margins [28][30] Question: What is the strategy for expanding into higher-tier cities? - The company is extending its business to higher-tier cities to collaborate with luxury dealers and enhance its service platform [31][32]

Financial Data and Key Metrics Changes - Total revenue for Q2 2021 was RMB 947 million, a significant increase from the previous year [4][14] - Net income reached RMB 558 million, largely due to investment gains from Li Auto [4][18] - Automotive financing facilitation revenues grew to RMB 303 million, up 111% year-on-year [9][18] - Cost of revenue increased to RMB 697.8 million, representing 73.7% of total revenue [16][18] - Net loss on risk assurance liabilities was RMB 35.9 million, compared to a net gain of RMB 42.9 million in the same period of 2020 [17][18] Business Line Data and Key Metrics Changes - Revenues from car trading transactions reached RMB 523 million, accounting for approximately 55.2% of total revenues [4][14] - Revenues from aftermarket services facilitation were RMB 51.9 million, contributing to total revenues [8][14] - New financing transactions for cars amounted to RMB 7.79 billion, up 57.5% year-on-year [9] Market Data and Key Metrics Changes - The company had 47,740 registered dealers as of June 30, 2021, with a notable increase in high-end market segment share [10] - The penetration rate of new energy vehicles (NEVs) in China is expected to increase, aligning with national carbon emission goals [10] Company Strategy and Development Direction - Cango aims to empower dealers through integrated services, enhancing efficiency in the automotive transaction value chain [5][11] - The launch of Cango Haoche, a B2B service platform for dealers, is a strategic move to address unmet needs in lower-tier markets [5][6] - The company is committed to supporting NEV manufacturers and leveraging its extensive dealership network [11] Management's Comments on Operating Environment and Future Outlook - The global chip shortage is expected to continue impacting the automotive market, affecting production and sales [3][11] - Management anticipates challenges in the second half of 2021 due to ongoing supply chain disruptions and regulatory changes [11][19] - Despite challenges, the company remains focused on improving operational efficiency and delivering value to dealers and partners [14] Other Important Information - The company has co-developed 110 warehouses across 86 cities, enhancing supply chain operations [7] - As of June 30, 2021, total outstanding balance of financing transactions facilitated by the company was RMB 48.64 billion [9] Q&A Session Summary Question: Guidance for Q3 revenue and impact of chip shortage - Management expects Q3 revenue to be between RMB 700 million and RMB 750 million, with car trading transactions contributing about RMB 400 million [20][21] Question: Gross margin for car trading transactions - Gross margin is influenced more by car models than the chip shortage, with popular models typically having lower margins [22][24] Question: Trends in risk assurance liabilities and provisions - Management expects overdue ratios to improve by the end of Q3, following strategic adjustments made earlier in the year [26][27] Question: Performance of auto loan facilitation and aftermarket services - Revenue from auto loan facilitation nearly doubled, while aftermarket services remained flat due to changes in insurance business models [29][31] Question: Partnerships with NEV makers - Cango provides integrated services for NEV manufacturers, directly linking their systems for financing and insurance [32][33]