Cango Inc (CANG) 2023 Q2 法說會逐字稿

Good morning, and good evening, everyone. Welcome to Cango, Inc.'s Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

大家早安，晚上好。歡迎參加 Cango, Inc. 2023 年第二季財報電話會議。 （操作員說明）

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 Officer of the company. Following management's prepared remarks, we will conclude -- we will conduct a question-and-answer session.

該電話會議也在該公司的 IR 網站上進行了現場直播。今天加入我們的是執行長林嘉源先生；張勇毅先生，公司財務長。在管理階層準備好的發言之後，我們將進行總結－我們將舉行問答會議。

Before we begin, I would like to refer you to the safe harbor statement in the company's earnings release, which also applies to the conference call today as management will make forward-looking statements.

在我們開始之前，我想向您推薦公司收益發布中的安全港聲明，該聲明也適用於今天的電話會議，因為管理層將做出前瞻性聲明。

With that said, I would now like to turn the call over to Mr. Jiayuan Lin, CEO of Cango. Please proceed, sir.

話雖如此，我現在想把電話轉給燦谷執行長林嘉源先生。請繼續，先生。

(foreign language)

（外語）

[Interpreted] Hi, everyone, and welcome to Cango's Second Quarter 2023 Earnings Call.

【解讀】大家好，歡迎參加 Cango 2023 年第二季財報電話會議。

(foreign language)

（外語）

[Interpreted] Despite ongoing stimulus policies from both central and local authorities used car consumption, consumer confidence stayed low in the first half of 2023. Moreover, the intense price war in China's auto market disrupted the pricing structure of the automotive industry, creating a widespread sense of caution.

【解讀】儘管中央和地方持續出台二手車消費刺激政策，但2023年上半年消費者信心仍處於低位。此外，中國汽車市場激烈的價格戰擾亂了汽車行業的價格結構，引發了廣泛的市場競爭。謹慎的感覺。

(foreign language)

（外語）

[Interpreted] In response to the market trends, our focus throughout Q2 of 2023 has been to enhance our service capabilities across our platform. This was achieved by gaining a deep understanding of dealer demand and continuously refining our resource allocation along the automotive value chain. Consequently, we were able to make further strides in diversifying revenue streams anchored in automotive transactions, capitalizing on the potential of our business model. In Q2, the company reported total revenues of CNY 680 million, representing a robust year-on-year increase of 134%. Of these revenues from car trading transactions accounted for CNY 560 million, making a significant year-on-year growth of 157% and a contribution of 83% of our overall revenue.

【解讀】針對市場趨勢，我們2023年第二季的重點在於增強我們整個平台的服務能力。這是透過深入了解經銷商需求並不斷完善我們在汽車價值鏈上的資源配置來實現的。因此，我們能夠在以汽車交易為基礎的收入來源多元化方面取得進一步進展，充分利用我們業務模式的潛力。第二季度，公司總營收為6.8億元人民幣，較去年同期強勁成長134%。其中汽車交易收入達5.6億元，較去年大幅成長157%，佔整體營收的83%。

Moreover, by the end of June 2023, the total outstanding balance of financing transactions we facilitated decreased from CNY 20.7 billion as of March 31, 2023 to CNY 16.6 billion, thereby further mitigating our risk exposure. The M1+ and M3+ overdue ratios also saw a decrease from 2.33% and 1.29% as of March 31, 2023 to 2.12% and 1.09%, respectively.

此外，截至2023年6月末，我們促成的融資交易未償餘額總額從2023年3月31日的207億元減少至166億元人民幣，進一步降低了我們的風險敞口。 M1+和M3+逾期比率也分別從截至2023年3月31日的2.33%和1.29%下降至2.12%和1.09%。

(foreign language)

（外語）

[Interpreted] Now I'd like to share more details on the major progress we've made with our different business lines.

[解讀]現在我想詳細介紹我們在不同業務領域的主要進展。

(foreign language)

（外語）

[Interpreted] Firstly, new car trading transaction, we witnessed a total of 5,893 cars sold through Cango Haoche within the second quarter, reflecting a year-on-year growth of 157.2% and a quarter-over-quarter increase of 52.3%. In the first half of 2023, Cango Haoche recorded a total of 9,760 car sales, indicating a modest year-on-year growth of 7%. As of June 2023, the total number of dealers engaged on Cango Haoche rose to 11,066, a year-on-year growth of 34.3%. Furthermore, the Cango Haoche app saw over 1 million page views by the end of Q2, attracting more than 96,000 unique visitors.

【解讀】首先是新車交易交易，第二季燦路好車共銷售汽車5,893輛，較去年成長157.2%，季增52.3%。 2023年上半年，燦高好車共銷售9,760輛汽車，較去年同期小幅成長7%。截至2023年6月，燦路好車的經銷商總數增至11,066家，較去年同期成長34.3%。此外，截至第二季末，Cangohaoche 應用程式的頁面瀏覽量超過 100 萬次，吸引了超過 96,000 名獨立訪客。

(foreign language)

（外語）

[Interpreted] We improved our transaction supporting services in the second quarter to provide one-stop service experience for dealers and help them grow their business and profitability. For example, we launched auto and non-auto insurance products to help dealers cross-sell and increase customer loyalty while creating new profit streams.

【解讀】我們第二季完善了交易支援服務，為經銷商提供一站式服務體驗，幫助經銷商成長業務和獲利。例如，我們推出汽車和非汽車保險產品，幫助經銷商交叉銷售，提高客戶忠誠度，同時創造新的利潤來源。

(foreign language)

（外語）

[Interpreted] We also added a car loan product to the Cango Haoche app, allowing car buyers to pay in full or installments. Dealers only need to input car buyer information, pay the down payment and the deposit and can enjoy a seamless one-stop service from ordering to loan applications and administration. These solutions help dealers reduce inventory-related cash flow process due to asset turnover ratio and lower operating costs.

【解讀】我們也在燦哥好車APP中新增了車貸產品，支援購車者全額或分期付款。經銷商只需輸入購車資訊、支付首付和押金，即可享受從訂購到貸款申請和管理的一站式無縫服務。這些解決方案可協助經銷商減少與庫存相關的現金流量流程，提高資產週轉率並降低營運成本。

(foreign language)

（外語）

[Interpreted] Cango Haoche aims to support small and medium-sized dealers by addressing their various business challenges such as vehicle inventory, auto financing, warehousing and logistics. To this end, we started a pilot cross-region delivery program for new car services in some parts of China in the second quarter, and it was very successful. As we move forward, we will understand dealer's diverse needs better and use our digital infrastructure to support their full sales cycle with digital services from manufacturing to sales, improving efficiency at every step. Through these initiatives, we will boost dealer's efficiency and loyalty and help the auto industry grow in the long term.

【解讀】燦果好車旨在協助中小型經銷商解決車輛庫存、汽車金融、倉儲物流等各種業務挑戰。為此，我們第二季在國內部分地區啟動了新車服務跨區域交付試點，效果非常成功。隨著我們的前進，我們將更了解經銷商的多樣化需求，並利用我們的數位化基礎設施，透過從製造到銷售的數位化服務來支持他們的整個銷售週期，提高每一步的效率。透過這些舉措，我們將提高經銷商的效率和忠誠度，並幫助汽車產業的長期發展。

(foreign language)

（外語）

[Interpreted] Regarding our outlook for the new car market, new car sales increased in May and June, but decreased by 6.3% month-on-month and 2.3% year-on-year in July, according to CTCA data with more sales promotions by vehicle manufacturers and possible shop price swings, especially in the weak consumption environment. Our focus in the next stage of the new car trading business will be on avoiding potential vehicle inventory risk, and we will control our transaction scales more carefully.

【解讀】對於新車市場的展望，CTCA數據顯示，5、6月份新車銷量有所增長，但7月份環比下降6.3%，年比下降2.3%，促銷力度加大受汽車製造商和可能的商店價格波動的影響，特別是在消費疲軟的環境下。下一階段新車交易業務的重點將是規避潛在的車輛庫存風險，並更謹慎地控制交易規模。

(foreign language)

（外語）

[Interpreted] Next, on used car trading, we improved the functions of Cango U-Car in the second quarter using our advanced big data and digital technologies. The Cango U-Car app provides secure, reliable and efficient services to used car dealers and individuals nationwide, such as historic vehicle condition reports, vehicle evaluations, online auctions, online car searches, used car listings and self-operated or proprietary used car purchases. By the end of second quarter of 2023, we had 6,900 registered used car dealers on the Cango U-Car app, a mini program with over 611,000 page views and over 31,000 unique visitors. In the second quarter, we sell 651 used cars on Cango U-Car.

【解讀】接下來，在二手車交易方面，我們利用先進的大數據和數位技術，在第二季完善了Cango U-Car的功能。 Cango U-Car應用程式為全國二手車經銷商和個人提供安全、可靠、高效的服務，如歷史車況報告、車輛評估、線上拍賣、線上汽車搜尋、二手車清單以及自營或專有二手車購買。截至 2023 年第二季末，我們在 Cango U-Car 應用程式上註冊了 6,900 家二手車經銷商，該小型程式的頁面瀏覽量超過 611,000 次，獨立訪客超過 31,000 名。第二季度，我們在 Cango U-Car 上銷售了 651 輛二手車。

(foreign language)

（外語）

[Interpreted] Our proprietary vehicle inventory is the core of Cango U-Car's full service capabilities and our main advantage. It comes from the auto financing business we have developed over the last decade, which includes tradings and repossessed cars from over 2 million auto financing customers as well as other high-quality used car sources. We will keep exploring more potential vehicle inventory resources in the future by increasing the channels to acquire used cars from individuals, raising transaction conversion rates -- raising transaction conversion rates and strengthening repossessed cars and conversion channels, we will make Cango U-Car more distinctive and competitive in vehicle inventory.

【解讀】我們的自有車輛庫存是燦谷優車全方位服務能力的核心，也是我們的主要優勢。它來自我們過去十年發展的汽車金融業務，包括超過200萬汽車金融客戶的交易和回收汽車以及其他優質二手車來源。未來我們將持續挖掘更多潛在的車輛庫存資源，增加個人收購二手車的管道，提高交易轉換率－提高交易轉換率，強化回收車和轉換管道，讓燦果優車更有特色並在車輛庫存方面具競爭力。

(foreign language)

（外語）

[Interpreted] We upgraded Cango U-Car's online functions in June after getting the online auction license in April. All registered used car dealers now are able to list their used cars for B2B options. This gives used car dealers and other tech-powered sales channels, helping them sell faster and better.

【解讀】繼4月份獲得線上拍賣牌照後，我們於6月份對Cango U-Car的線上功能進行了升級。所有註冊的二手車經銷商現在都可以列出他們的二手車以進行 B2B 選項。這為二手車經銷商和其他由技術驅動的銷售管道提供了幫助，幫助他們更快更好地銷售。

(foreign language)

（外語）

[Interpreted] We also set up an in-house inspection team in the second quarter to provide more professional services as we cover more of a used car trading transaction service chain. Our trained technicians over professional services such as vehicle condition checks, price evaluations and documentation verification, besides our on-site service team of over 100 experts is now offering basic vehicle inspection and other related services, working closely with vehicle inspection professionals to improve our overall service efficiency.

【解讀】我們在第二季也成立了內部檢查團隊，隨著我們覆蓋更多的二手車交易交易服務鏈，提供更專業的服務。我們訓練有素的技術人員提供車輛狀況檢查、價格評估和文件驗證等專業服務，此外，我們由100多名專家組成的現場服務團隊現在提供基本的車輛檢查和其他相關服務，與車輛檢查專業人員密切合作，以提高我們的整體水準服務效率。

(foreign language)

（外語）

[Interpreted] Digital capabilities are essential to improve service capacity across the platform. As we drive changes in our platform business ecosystem, we have also been working on worldwide digital transformation. By using a data-centric approach to improve operating efficiency and optimize business processes, we have made our core resources smarter with digital operations, lowering costs and increasing efficiency. We also plan to use data exchanges to share our industry expertise and the know-how we have gained over the last decade with more stakeholders in powering more segments and industries.

【解讀】數位化能力對於提升全平台服務能力至關重要。在推動平台業務生態系統變革的同時，我們也致力於全球數位轉型。透過以數據為中心，提高營運效率、優化業務流程，讓核心資源透過數位化營運更加智慧，降低成本、提高效率。我們還計劃利用數據交換與更多利益相關者分享我們在過去十年中獲得的行業專業知識和專有技術，為更多細分市場和行業提供動力。

(foreign language)

（外語）

[Interpreted] We listed our first data product on Shanghai data exchange in May with our 'Car Dealer Operational Index Query.' It covers the operational data of more than 80,000 ForEx dealer and non-ForEx dealers nationwide and rank dealers from multiple dimensions, such as enterprise information, operating information, risk information, et cetera. It provides reference indicators for the overall operations of dealers. It is the first data index that includes comprehensive operational information on car dealers in lower-tier markets in the country, and it can be a tool for assessing the financial position and ongoing concern of core dealers in these markets. We will keep innovating in technology and keep industry grow healthily and steadily.

【解讀】5月，我們在上海數據交易所上線了第一個數據產品「汽車經銷商經營指數查詢」。涵蓋全國8萬多家外匯交易商及非外匯交易商的經營數據，從企業資訊、營運資訊、風險資訊等多個構面對交易商進行排名。為經銷商整體營運提供參考指標。這是首個包含國內低線市場汽車經銷商綜合營運資訊的數據指數，可作為評估這些市場核心經銷商的財務狀況和持續關注度的工具。我們將持續技術創新，維持產業健康穩定發展。

(foreign language)

（外語）

[Interpreted] And I will turn the call over to our Chief Financial Officer, Michael Zhang, for a review of the company's financial performance.

[解讀] 我會將電話轉給我們的財務長 Michael 張，以審查公司的財務表現。

Thanks, Jiayuan. Hello, everyone, and welcome to our second quarter 2023 earnings call. Before I started to review our financials, please note that unless otherwise stated, all numbers are in RMB terms and all percentage comparisons are on a year-over-year basis. Our total revenue for the second quarter grew by 133.6% and to RM CNY 675.4 million, of which, the car trading transaction business revenues were CNY 562.8 million or 83.3% of total revenues.

謝謝嘉源。大家好，歡迎參加我們的 2023 年第二季財報電話會議。在我開始審查我們的財務數據之前，請注意，除非另有說明，所有數字均以人民幣計算，所有百分比比較均以同比為基礎。我們第二季的總收入成長了133.6％，達到6.754億人民幣，其中汽車交易交易業務收入為5.628億人民幣，佔總收入的83.3％。

Now let's move on to our cost and expenses during the quarter. Total operating costs and expenses in the second quarter of 2023 were CNY 684.4 million compared was CNY 643.3 million in the same period of 2022. Cost of revenue in the second quarter of 2023 was CNY 615.8 million compared with CNY 272.7 million in the same period of 2022. As a percent of total revenues, cost of revenue in the second quarter 2023 was 91.2% compared with 94.3% in the same period of 2022.

現在讓我們繼續討論本季的成本和支出。 2023年第二季的總營運成本和費用為人民幣6.844億元，而2022年同期為人民幣6.433億元。2023年第二季的收入成本為人民幣6.158億元，而2022年同期為人民幣2.727億元。2022 年。以佔總收入的百分比計算，2023年第二季的收入成本為91.2%，而2022年同期為94.3%。

Sales and marketing expenses in the second quarter 2023 decreased to CNY 4.2 million from CNY 41.8 million in the same period of 2022. As a percentage of total revenues, sales and marketing expenses in the second quarter 2023 were 1.8% compared with 14.5% in the same period of 2022. General and administrative expenses in second quarter 2023 decreased to CNY 36.8 million CNY 124.7 million in the same period of 2022. As a percentage of total revenues, general and administrative expenses in the second quarter 2023 were 5.5% compared with 43.1% in the same period of 2022. Research and development expenses in the second quarter 2023 decreased to CNY 7.7 million from CNY 12.9 million in the same period 2022. As a percentage of total revenues, research and development expenses in the second quarter 2023 were 1.1% compared with 4.4% in the same period of 2022.

2023年第二季的銷售和行銷費用從2022年同期的4,180萬元下降至420萬元。佔總收入的百分比，2023年第二季的銷售和行銷費用為1.8%，而2023年第二季度的銷售和行銷費用為14.5%。2023年第二季的一般及管理費用由2022年同期的1.247億元人民幣減少至3,680萬元。佔總收入的百分比，2023年第二季的一般及管理費用為5.5%，而2022年同期為43.1% 2022年同期的%。2023年第二季的研發費用從2022年同期的1,290萬元下降至770萬元。2023年第二季的研發費用佔總數收入的百分比為1.1 %，而 2022 年同期為 4.4%。

Net loss on contingent risk assurance liabilities in the second quarter 2023 was CNY 1.6 million. Provision for credit losses in the second quarter of 2023 was CNY 10.2 million. We recorded a loss from operations of CNY 8.9 million in the second quarter of 2023 compared with CNY 354.1 million in the same period 2022. Net income in the second quarter of 2023 was CNY 36.2 million. Non-GAAP adjusted net income in the second quarter of 2023 was CNY 48.2 million.

2023年第二季或有風險保證負債淨損失為160萬元人民幣。 2023年第二季信用損失準備金為1,020萬元人民幣。 2023 年第二季度，我們的營運虧損為 890 萬元人民幣，而 2022 年同期為 3.541 億元。2023 年第二季度的淨利潤為 3,620 萬元。 2023年第二季非美國通用會計準則調整後淨利為4,820萬元。

On a per share basis, basic and diluted net income per ADS in the second quarter of 2023 were CNY 0.27 and CNY 0.26 respectively, and non-GAAP adjusted net basic and diluted net income per ADS in the second -- in the same period was CNY 0.36 and CNY 0.35, respectively.

以每股計算，2023 年第二季每股美國存託股基本及稀釋淨利分別為0.27 元人民幣及0.26 元人民幣，同期非GAAP 調整後每股美國存託股基本淨利、稀釋後淨利潤為分別為0.36元和0.35元。

Moving on to our balance sheet. As of June 30, 2023, we had cash and cash equivalents of CNY 589.4 million compared with CNY 696.6 million as of March 31, 2023. As of June 30, 2023, the company had short-term investment of CNY 2.1 billion compared with CNY 2 billion as of March 31, 2023. Looking ahead to the third quarter of 2023, we are now predicting our total revenues to be between CNY 300 million and CNY 350 million. Please note that this forecast reflects our current and preliminary view on market and operational conditions, which are subject to change.

繼續我們的資產負債表。截至2023年6月30日，我們的現金及現金等價物為人民幣5.894億元，而截至2023年3月31日為人民幣6.966億元。截至2023年6月30日，公司的短期投資為人民幣21億元，而截至2023年3月31日，我們的短期投資為人民幣21億元。截至2023 年3 月31 日，我們的收入為20 億元。展望2023 年第三季度，我們預計總收入將在3 億元至3.5 億元之間。請注意，這項預測反映了我們對市場和營運狀況的當前初步看法，這些看法可能會改變。

This concludes our prepared remarks. Operator, we are now ready to take questions.

我們準備好的演講到此結束。接線員，我們現在準備好回答問題。

(Operator Instructions) And our first question today will come from Helen.

（操作員說明）今天我們的第一個問題將來自海倫。

(foreign language) As a stimulus-led policies, we see posts like the consumption have been gradually released since August. So could management comment on the auto market in the second half of the year?

（外文）作為刺激主導的政策，我們看到像消費這樣的貼文從8月開始就逐漸釋放出來。那麼管理階層能否對下半年的汽車市場做出評論呢？

(foreign language)

（外語）

[Interpreted] First of all, thank you for your question. As the stimulus policies are being implemented, we do see an effect on the car sales and also on the car market as a whole. However, if you look at the July numbers, the retail sales volume of passenger vehicles in July was about 1.77 million, decreasing by 6.3% quarter-over-quarter and down 2.3% year-on-year according to data from China Passenger Car Association, CPCA. And this indicates that the higher than expected livery figures were actually mainly due to order backlogs in the previous periods. Also the base for comparison, i.e., the numbers of the same period last year was relatively high. So the auto market overall sales volume may decline actually in the second half of the year.

[解讀]首先謝謝你的提問。隨著刺激政策的實施，我們確實看到了對汽車銷售以及整個汽車市場的影響。但如果看7月的數據，中國乘用車協會數據顯示，7月乘用車零售量約為177萬輛，環比下降6.3%，同比下降2.3%。 ，CPCA。這表明，高於預期的塗裝數據實際上主要是由於前期訂單積壓所致。還有比較的基數，即去年同期的數字比較高。所以下半年車市整體銷售實際上可能會下滑。

(foreign language)

（外語）

That's all from me.

這就是我的全部。

Okay. Now a follow-on question. (foreign language) Now, let me try to translate it. As like Chinese automakers actually started to tap into the overseas market since this year, wondering if management can share with us like more color if the company has any plans to explore the global market as well?

好的。現在是一個後續問題。 （外語）現在，讓我試著翻譯一下。就像中國汽車製造商實際上從今年開始進入海外市場一樣，不知道管理層是否可以與我們分享，例如該公司是否也有計劃開拓全球市場？

(foreign language)

（外語）

[Interpreted] Regarding this question, actually, we are positively cautious about the plan of going overseas and the business units are starting the feasibility. And as we are not auto manufacturer and do not control the production process, the car export business model and potential profitability still needs to be explored. Thank you.

【解讀】對於這個問題，其實我們對出海的計畫持積極謹慎的態度，各業務部門也正在啟動可行性研究。而且由於我們不是汽車製造商，不控制生產過程，汽車出口的商業模式和潛在的獲利能力仍然需要探索。謝謝。

Our next question will come from Sophia Xu with Goldman Sachs.

我們的下一個問題將來自高盛的 Sophia Xu。

(foreign language)

（外語）

[Interpreted] I have 2 questions. The first question is on the macro environment. As we understand that on August 9, the U.S. President Joe Biden signed the executive order that will prohibit some new U.S. investments in China in sensitive technologies. So as a new -- company listed on New York Stock Exchange, will Cango be affected by this order? And how will the company cope with it? That's the first question. And the second question is related to your company's business. So could you share with us more information on the gross margin of both the new car and used car business?

[解釋]我有2個問題。第一個問題是關於宏觀環境。據了解，8月9日，美國總統拜登簽署行政命令，禁止美國在中國進行一些新的敏感技術投資。那麼，作為一家在紐交所上市的新公司，Cango 會受到這項命令的影響嗎？公司將如何因應？這是第一個問題。第二個問題與你們公司的業務有關。那麼您能否與我們分享更多有關新車和二手車業務毛利率的資訊？

(foreign language)

（外語）

[Interpreted] Okay. So on your first question on the executive order, we have seen the order and operated coverage and news as China's leading automotive transaction service platform on services are not perfected by the orders sector. Moreover, the order exempt publicly traded securities and some other investments, and we will definitely follow the situation closely.

[解釋]好的。所以關於你關於行政命令的第一個問題，我們看到了命令和運營的報導和新聞，因為中國領先的汽車交易服務平台在服務上還沒有通過命令部門完善。而且，該命令豁免了公開交易證券和其他一些投資，我們一定會密切關注事態發展。

(foreign language)

（外語）

[Interpreted] On your second question, the gross margin of new car transactions is generally about 1%. It really depends on the car model with some models reaching 2%. Our business model involves centralized purchasing cars from OEMs and then selling them to small- and medium-sized dealers. As we do not control the production process, our gross margin on new car transactions is relatively low. Since our peers maintain a similar gross margin level, we believe these gross margin will remain stable for a while.

【解讀】關於你的第二個問題，新車交易的毛利率一般在1%左右。這實際上取決於車型，有些車型達到2%。我們的商業模式是從整車廠集中購買汽車，然後銷售給中小型經銷商。由於我們不控制生產過程，我們的新車交易毛利率相對較低。由於我們的同行保持相似的毛利率水平，我們相信這些毛利率將在一段時間內保持穩定。

(foreign language)

（外語）

[Interpreted] And on used cars, the price of used cars really depends on the condition of the cars, the gross profit for each car can vary from RMB 1,000 to RMB 2,000. That's all from me. Thank you.

【解讀】而對二手車來說，二手車的價格其實取決於車況，每輛車的毛利可以從1,000元到2,000元不等。這就是我的全部。謝謝。

Thank you. That concludes our question-and-answer session. I would now like to turn the conference over back to Mr. Jiayuan Lin for any closing remarks.

謝謝。我們的問答環節到此結束。現在我想將會議轉回給林嘉遠先生做閉幕詞。

(foreign language)

（外語）

[Interpreted] Thank you all for your interest in and support for Cango. And that concludes today's earnings call. Thank you.

【解讀】感謝大家對Cango的關注與支持。今天的財報電話會議到此結束。謝謝。

Thank you very much. The conference has now concluded. Thank you, everybody, for joining today's presentation. You may now disconnect your lines.

非常感謝。會議現已結束。謝謝大家參加今天的演講。現在您可以斷開線路。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]