Cango Inc. (NYSE:CANG) Q3 2019 Earnings Conference Call November 14, 2019 8:00 PM ET Company Participants Jiayuan Lin – Chief Executive Officer; Yongyi Zhang – Chief Financial Officer Conference Call Participants John Cai – Morgan Stanley Lucy Li – Goldman Sachs Operator Good morning and good evening. Welcome to Cango Inc.’s Third Quarter 2019 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 toda ...

Cango Inc. (NYSE:CANG) Q2 2019 Earnings Conference Call September 3, 2019 9:00 PM ET Company Participants Jiayuan Lin - Chief Executive Officer Yongyi Zhang - Chief Financial Officer Conference Call Participants Joey Xu - Morgan Stanley Michael Li - Bank of America Merrill Lynch Operator Good morning and good evening everyone. Welcome to the Cango Inc.'s Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. This call is also being broadcast live on the compa ...

Financial Data and Key Metrics Changes - Total revenues increased by 41.3% year-on-year to RMB351.7 million in Q1 2019, outperforming the high end of the company's guidance by 6.6% [11] - Net income decreased to RMB74.4 million from RMB84 million in the same period last year, while non-GAAP adjusted net income increased by 6.7% year-on-year to RMB89.6 million [13][14] - Cost of revenue increased to RMB130.8 million, representing 37.2% of total revenues, up from 32.5% in the same period last year [12] Business Line Data and Key Metrics Changes - Auto loan facilitation business facilitated financing transactions totaling RMB6.55 billion, with an outstanding balance of RMB35.75 billion [5] - Aftermarket services contributed RMB39.8 million or 11.3% to total revenues, maintaining a high conversion rate [7][11] - The dealership network expanded to over 47,000 registered dealers in 353 cities, a 27% year-on-year increase [6] Market Data and Key Metrics Changes - Passenger car sales in China fell by 13.7% year-on-year in Q1 2019, marking a continued decline due to macroeconomic headwinds [3] - The company has established a presence in 41 cities to provide comprehensive auto solutions for Didi drivers, completing over 190 car purchase transactions [9] Company Strategy and Development Direction - The company focuses on strengthening core competencies in auto loan facilitation, expanding aftermarket services, and establishing partnerships with financial institutions and OEMs [4][10] - Plans to leverage technology innovation and competitive service quality to sustain growth momentum and cement leadership in the automotive transaction market [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position despite ongoing macroeconomic uncertainties, including the Sino-U.S. trade war [10] - The company expects total revenue for Q2 2019 to be between RMB290 million and RMB315 million, reflecting current market conditions [14] Other Important Information - General and administrative expenses increased to RMB64.8 million, driven by rising staff compensation and share-based compensation expenses [13] - The company is negotiating with potential funding partners, including major banks, to enhance its funding sources [6][30] Q&A Session Summary Question: Details on strategic collaborations with Didi and ICBC - Management highlighted a take rate of 2% to 3% for subsidized products and 5.5% for non-subsidized products, with loan origination amounts backed by ICBC reaching RMB32 million by the end of March [17][18] Question: Trends on loan price and funding cost - Management noted a downward trend in both loan pricing and funding costs [20] Question: Increase in risk assurance liability and asset quality - Management explained that the increase in risk assurance liability was due to regulatory changes affecting loan servicing, leading to higher provisioning [22] Question: New revenue growth drivers - Management indicated ongoing efforts to explore new revenue streams beyond auto sales loan facilitation and insurance [16] Question: Contribution of ICBC to future revenue growth - Management expressed confidence in future growth but refrained from providing specific estimates due to various influencing factors [24] Question: Impact of domestic car brand sales on auto loan needs - Management suggested that the Sino-U.S. trade war could boost domestic brand sales, impacting auto loan needs positively [25] Question: Proportion of dealer commission within cost of revenue - Management stated that dealer commissions account for about 45% to 50% of the cost of sales, with an average commission rate of approximately 1.2% [28]

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, 2018 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 2018 Results Conference Call March 28, 2019 9:00 AM ET Company Participants Lin Jiayuan - CEO Michael Zhang - CFO Conference Call Participants Michael Li - Bank of America Lucy Li - Goldman Sachs Eddy Wang - Morgan Stanley Operator Good day, and welcome to the Cango Incorporated Fourth Quarter and Full Year 2018 Results Conference Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to tu ...