Cango Inc. (NYSE:CANG) Q2 2023 Results Conference Call August 23, 2023 9:00 PM ET Company Participants Jiayuan Lin - CEO Yongyi Zhang - CFO Conference Call Participants Sophia Xu - Goldman Sachs Operator Good morning, and good evening, everyone. Welcome to Cango, Inc.'s Second Quarter 2023 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. Yongyi Zhang, Chief Financial Of ...

Cango Inc. (NYSE:CANG) Q1 2023 Earnings Conference Call June 8, 2023 9:00 PM ET Company Participants Jiayuan Lin - CEO Yongyi Zhang - CFO Conference Call Participants Shelley Wang - Morgan Stanley Operator Good morning, and good evening, everyone. Welcome to Cango, Inc.'s First Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. The call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. ...

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, ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2022 reached RMB 416.4 million, surpassing previous guidance, with car trading transaction revenues contributing RMB 347.2 million, accounting for over 83% of total revenues [21][24] - Total operating costs and expenses decreased to RMB 608.8 million from RMB 839.6 million year-over-year, with cost of revenue dropping to RMB 388.7 million from RMB 610.5 million [22] - Net loss for Q3 2022 was RMB 130.3 million, with a diluted net loss per ADS of 0.96 [24] Business Line Data and Key Metrics Changes - The car trading transaction business remains a core revenue driver, with revenues from this segment accounting for over 80% of total revenues [30] - The Cango Haoche platform had 9,350 dealers across 31 provinces and 305 cities, with a total of 12,639 cars sold in the first nine months of 2022, including 7,677 new energy vehicles [7][8] - The Cango U-Car mini program accumulated over 290,000 pageviews and 15,000 unique visitors, with more than 3,000 registered dealers by the end of Q3 2022 [14][15] Market Data and Key Metrics Changes - The automotive market in China is facing challenges due to COVID-19 and external economic conditions, impacting consumer behavior and demand [3][20] - Government policies aimed at facilitating used car transactions are expected to stimulate the market, with measures to lift restrictions on cross-regional transfers of used vehicles [17][18] Company Strategy and Development Direction - The company is focused on enhancing its car trading transaction business and implementing a dual platform strategy for both new and used car markets [3][4] - Cango U-Car is seen as a strategic component for future development, leveraging the company's expertise in lower-tier markets to capture opportunities in the used car segment [19] - The company aims to build a digital supply chain to improve operational models for dealers and enhance service capabilities [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the future outlook, citing ongoing uncertainties due to COVID-19 and macroeconomic conditions [20] - The company plans to tighten risk controls and improve operational efficiency to manage overdue ratios, which have slightly increased due to pandemic impacts [11][34] Other Important Information - The company has made significant progress in standardizing services on the Cango Haoche app, enhancing dealer experience and engagement [29] - The balance sheet shows cash and cash equivalents of RMB 745 million as of September 30, 2022, down from RMB 1,250.7 million in June 2022 [24] Q&A Session Summary Question: Outlook for 2023 car market - Management noted that while OEMs are introducing more models, production capacity remains under pressure due to chip constraints, and consumer demand will depend on pandemic controls [27][28] Question: Progress of transformation and breakeven expectations - The company is refining its standardized products and expects to launch a used car transaction platform by the end of the year, with a focus on scaling the business model in 2023 [29][30] Question: Automotive financing facilitation and overdue ratio - Management indicated a proactive reduction in the automotive financing facilitation business due to macroeconomic conditions, with overdue ratios expected to remain stable for some time [34] Question: Dealership network size and market share expectations - The current dealer network includes about 12,000 dealers, with efforts focused on migrating dealers to the platform and enhancing user experience [35] Question: Shareholder value and capital allocation - The company is committed to maximizing shareholder value through careful capital allocation, including dividends and potential investments, without a specific preference among options [39] Question: Inventory build-up and market demand - Management acknowledged the uncertainty in consumer demand due to the pandemic, monitoring the situation closely while noting a rising demand for electric vehicles [40]

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 ...