Cango Inc (CANG) 2023 Q3 法說會逐字稿

Good morning and good evening, everyone. Welcome to Cango Inc.'s third-quarter 2023 earnings conference call. (Operator Instructions)

大家早安，晚上好。歡迎參加 Cango Inc. 2023 年第三季財報電話會議。 （操作員說明）

Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. Yongyi Zhang, Chief Financial Officer of the company. (Operator Instructions) Before we begin, I 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. As a reminder, today's conference is being recorded.

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。 （操作員說明）在我們開始之前，我請您參閱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。提醒一下，今天的會議正在錄製中。

With that said, I am now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please go ahead, sir.

話雖如此，我現在將電話轉給燦谷執行長林嘉源先生。請繼續，先生。

(Spoken in foreign language)

（用外語說）

(interpreted) Hello, everyone, and welcome to Cango's third-quarter 2023 earnings call.

（翻譯）大家好，歡迎參加 Cango 的 2023 年第三季財報電話會議。

(Spoken in foreign language)

（用外語說）

(interpreted) In the third quarter of 2023, both production and demand continue to be under strain despite introduction of economic stimulus measures. Overall consumer confidence has yet to fully recover.

(解讀)2023年第三季度，儘管出台了經濟刺激措施，生產和需求仍然面臨壓力。整體消費者信心尚未完全恢復。

(Spoken in foreign language)

（用外語說）

(interpreted) The automotive market in China is characterized by intricate dynamics. Although the post-pandemic era in 2023 saw a resurgence in consumer demand for automobiles, it has been slow to pick up pace. As a result, major auto manufacturers have rolled out discount policies or new car purchases, leading to a sustained decrease in retail prices.

（解讀）中國汽車市場的特徵是錯綜複雜的動態。 2023年後疫情時代，汽車消費需求雖回升，但成長緩慢。受此影響，各大汽車廠商紛紛推出優惠政策或新車採購，導致零售價格持續下降。

In the first three quarters, the overall sales in the automotive market exhibited a modest recovery with new energy vehicles, NEVs in short, and exports serving as the primary drivers of market growth.

前三季度，汽車市場整體銷售溫和回升，新能源汽車（簡稱新能源汽車）、出口成為市場成長的主要動力。

(Spoken in foreign language)

（用外語說）

(interpreted) On distribution, the profitability of car dealers has been severely impacted by pricing wars. Consequently, they have transitioned towards an on-demand vehicle purchasing to alleviate inventory accumulation and operational stress.

(解讀)分銷方面，汽車經銷商的獲利能力受到價格戰的嚴重影響。因此，他們已轉向按需購買車輛，以減輕庫存累積和營運壓力。

As per data released earlier by the China Automobile Dealers Association, 50% of auto dealers reported losses in the first half of this year, the highest level in recent years. Indeed, the impact extends beyond car dealers. All parties in the automotive value chain, including Cango, have faced unprecedented pressure.

中國汽車流通協會先前公佈的數據顯示，今年上半年，50%的汽車經銷商出現虧損，創近年來最高水準。事實上，影響不僅限於汽車經銷商。包括Cango在內的汽車價值鏈各方都面臨前所未有的壓力。

(Spoken in foreign language)

（用外語說）

(interpreted) In Q3 2023, the company's total revenues amounted to RMB354 million, making a year-on-year decline of 15.1% despite incurring a net loss of RMB49.09 million due to goodwill impairment. Our overall operating efficiency and reduced financial provisions helped us achieve a smaller net loss compared to RMB130 million in the same period of last year.

（解讀）2023年第三季度，公司總營收為3.54億元，儘管商譽減損淨虧損4,909萬元，但年減15.1%。我們的整體營運效率和財務撥備的減少幫助我們實現了淨虧損較去年同期的人民幣1.3億元有所減少。

As of September 30, 2023, we managed to shrink the total outstanding balance of financing transactions to RMB13.1 billion while maintaining M1+ and M3+ at a steady rate of 2.42% and 1.24%, respectively.

截至2023年9月30日，融資交易餘額減少至131億元，M1+、M3+成長率分別穩定在2.42%、1.24%。

(Spoken in foreign language)

（用外語說）

(interpreted) Since the beginning, we have strived to gain an in-depth understanding of dealers' needs. In 2022, we initiated a significant transformation of our business by venturing to the automobile trading segments.

（解讀）從一開始，我們就努力深入了解經銷商的需求。 2022年，我們開始了業務的重大轉型，進軍汽車貿易領域。

To facilitate new car trading activities, we launched the Cango Haoche app and mini program and gradually introduced the standardized service products for October 2022. With our multi-system all-in-one platform, Cango offers a comprehensive one-stop solution for automotive transactions across the country. Presently, we have built a robust network of warehouses and logistics operations in nearly 100 cities across 31 provinces with over 11,000 registered new car dealers.

為方便新車交易活動，我們推出了燦購好車APP和小程序，並於2022年10月逐步推出標準化服務產品。透過多系統一體化平台，燦購為汽車交易提供全面的一站式解決方案全國各地。目前，我們已在31個省份的近100個城市建立了強大的倉儲和物流營運網絡，擁有超過11,000家註冊新車經銷商。

(Spoken in foreign language)

（用外語說）

(interpreted) In relation to used car transactions, we launched the Cango U-Car mini program in May 2022. And by the end of 2022, we introduced the Cango U-Car app to the market, equipped with a range of features such as used car listings, car searches, online auctions, transaction support services, and digital services. Cango U-Car addresses a wide array of business needs for used car dealers. To date, the total number of registered used car dealers on our platform has surpassed 7,000.

（解讀）在二手車交易方面，我們於2022年5月推出了Cango U-Car小程序。並於2022年底向市場推出了Cango U-Car應用程序，配備了一系列功能，例如二手車列表、汽車搜尋、線上拍賣、交易支援服務和數位服務。 Cango U-Car 滿足二手車經銷商的廣泛業務需求。截至目前，平台註冊二手車經銷商總數已超過7,000家。

(Spoken in foreign language)

（用外語說）

(interpreted) As we are continuing to expand our product and service offerings across the entire industry value chain and strengthen our partnerships with dealers, we are gaining a more precise understanding of the market. The new car market in China is reaching saturation with a significant decline in first-time new car buyers.

（解讀）隨著我們不斷擴大整個產業價值鏈的產品和服務範圍，並加強與經銷商的合作夥伴關係，我們對市場有了更準確的了解。中國的新車市場已接近飽和，首次新車購買者大幅下降。

However, we noticed an increasing trend among consumers to expand their car collection as well as a growing demand for vehicle replacement or upgrades. Both ForEx and non-ForEx dealers are exploring used car business, while used car dealers are venturing to the sale of new cars. The traditional boundaries between car sales channels are becoming increasingly blurred.

然而，我們注意到消費者擴大汽車收藏的趨勢日益明顯，對車輛更換或升級的需求也不斷增長。外匯和非外匯經銷商都在探索二手車業務，而二手車經銷商則正在嘗試銷售新車。汽車銷售通路之間的傳統界線正變得越來越模糊。

(Spoken in foreign language)

（用外語說）

(interpreted) In light of the changing market trends and demands, we have made some adjustments to our strategy. Our goal is to offer a comprehensive end-to-end service for both new and used car dealers across the country. To achieve this, we have integrated our offerings on the Cango Haoche platform into the Cango U-Car platform. This integration and upgrade will allow us to focus our resources on Cango U-Car and significantly enhance operational efficiency.

（解讀）根據市場趨勢和需求的變化，我們對策略進行了一些調整。我們的目標是為全國的新車和二手車經銷商提供全面的端到端服務。為了實現這一目標，我們將 Cangohaoche 平台上的產品整合到 CangoU-Car 平台中。此次整合升級，將使我們能夠將資源集中在Cango U-Car上，並大幅提升營運效率。

Moving forward, we aim to develop a multi-store model and expand our ecosystem beyond self-operated stores. This will include vehicle sources, insurance services, and more by welcoming more third-party stores to our platform.

展望未來，我們的目標是開發多店模式，並將我們的生態系統擴展到自營店之外。這將包括車輛來源、保險服務等，並歡迎更多第三方商店加入我們的平台。

As of now, some regional logistics companies and car generation service providers have already joined our community. Their feedback is highly valuable as it allows us to continually refine our offerings and improve our supply chain services, ultimately enabling downstream dealers to better serve customers end customers.

截至目前，一些區域物流公司和汽車代服務提供者已經加入了我們的社區。他們的回饋非常有價值，因為它使我們能夠不斷完善我們的產品並改進我們的供應鏈服務，最終使下游經銷商能夠更好地為客戶提供服務。

(Spoken in foreign language)

（用外語說）

(interpreted) During the third quarter of 2023, we sold 2,399 new cars, including 27 vehicle models across 18 auto brands at 23 car series. In the first nine months of 2023, we sold a total of 12,138 cars, including 3,151 new energy vehicles. In terms of used car, the auction transaction volume on the Cango U-Car platform reached nearly 300 in the third quarter of 2023, doubling quarter over quarter. We also facilitated over 600 transactions, marking a 20% increase quarter over quarter.

（解讀）2023年第三季度，我們共銷售新車2,399輛，其中包括18個汽車品牌、23個系列的27款車型。 2023年前9個月，我們共銷售汽車12,138輛，其中新能源汽車3,151輛。二手車方面，2023年第三季Cango U-Car平台拍賣交易量達到近300輛，較上季翻倍。我們還促成了 600 多筆交易，季增 20%。

(Spoken in foreign language)

（用外語說）

(interpreted) As we continue to improve our online [service system and] supply chain management while fostering greater synergies across online and offline operations, we are building a self-reinforcing closed-loop ecosystem. In addition to strategic and service upgrades, we remain committed to accelerating our digitalization and leveraging advanced technologies to empower business.

（解讀）我們不斷完善線上服務系統和供應鏈管理，增強線上線下協同效應，建構自我強化的生態閉環。除了策略和服務升級，我們仍致力於加速數位化進程，利用先進技術為業務賦能。

With a focus on big data and technological innovation, we are fully dedicated to standardizing our services and optimizing our processes. Our ultimate goal is to achieve heightened productivity and operational excellence, in turn, enabling our partners to achieve increased efficiency.

我們專注於大數據和技術創新，全力致力於服務標準化和流程優化。我們的最終目標是提高生產力和卓越運營，從而使我們的合作夥伴能夠提高效率。

In September, our innovative digital product, the AI Asset Guard, won the 2023 CDI Product Digital Innovation Award. This recognition is a testament to the digital innovations that we have implemented across our business operations.

9月，創新數位產品AI資產衛士榮獲2023年CDI產品數位創新獎。這項認可證明了我們在整個業務運營中實施的數位創新。

(Spoken in foreign language)

（用外語說）

(interpreted) In the future, we will leverage the power of big data and digital technologies to more accurately classify our dealer partners and launch value-added products and services tailored to their specific needs.

（解讀）未來，我們將運用大數據和數位科技的力量，對經銷商夥伴進行更精準的分類，針對他們的具體需求推出加值產品和服務。

Additionally, we will actively explore new areas to seek growth opportunities, including the potential expansion into used car markets abroad by continuously refining our business operations, elevating profitability, and strengthening our core competitive edges. We are confident now we can secure the sustained momentum required to navigate the ever-evolving business environment.

此外，我們將積極探索新領域，尋求成長機會，包括透過不斷改善業務營運、提高獲利能力和增強核心競爭優勢，拓展海外二手車市場。我們現在有信心能夠獲得駕馭不斷變化的商業環境所需的持續動力。

(Spoken in foreign language)

（用外語說）

(interpreted) Next, I will hand over to Michael Zhang, our CFO, for a review of the company's financial performance.

（解說）接下來，我將請我們的CFO張明對公司的財務表現進行審查。

Thanks, Jiayuan. Hello, everyone, and welcome to our third-quarter 2023 earnings call. Before I start 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.

謝謝嘉源。大家好，歡迎參加我們的 2023 年第三季財報電話會議。在我開始回顧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價，所有百分比比較均以同比為基礎。

Our total revenues for the third quarter to quarter worth RMB353.6 million. Among them, revenues from car trading transaction business were RMB263.8 million or 74.6% of total revenues.

我們第三季至第四季的總營收為 3.536 億元。其中，汽車買賣交易業務收入為人民幣2.638億元，佔總收入的74.6%。

Now let's move on to our cost and expenses during the quarter. Total operating cost and expenses in third-quarter 2023 were RMB441.4 million compared with RMB608.8 million in the same period 2022. Cost of revenue in third-quarter 2023 was RMB304.6 million compared with RMB388.7 million in the same period in 2022. As a percentage of total revenues, cost of revenue in third-quarter 2023 was 86.1% compared with 93.3% in the same period 2022.

現在讓我們繼續討論本季的成本和支出。 2023年第三季的總營運成本和費用為人民幣4.414億元，而2022年同期為人民幣6.088億元。2023年第三季的收入成本為人民幣3.046億元，而2022年同期的收入成本為人民幣3.887 億元。2022 年。以佔總收入的百分比計算，2023 年第三季的收入成本為 86.1%，而 2022 年同期為 93.3%。

Sales and marketing expenses in third-quarter 2023 decreased to RMB9.9 million from RMB17.9 million in the same period 2022.As a percentage of total revenues, sales and marketing expenses in the third quarter of 2023 were 2.8% compared with 4.3% in the same period 2022.

2023年第三季的銷售和行銷費用從2022年同期的人民幣1,790萬元下降至人民幣990萬元。佔總收入的百分比，2023年第三季的銷售和行銷費用為2.8%，而2023年第三季的銷售和行銷費用為4.3% 2022 年同期。

General and administrative expenses in third-quarter 2023 decreased to RMB34.7 million from RMB57.8 million in the same period 2022. As a percentage of total revenues, general and administrative expenses in the third quarter of 2023 were 9.8% compared with 13.9% in the same period 2022.

2023年第三季的一般及管理費用從2022年同期的人民幣5,780萬元下降至人民幣3,470萬元。佔總收入的百分比，2023年第三季的一般及管理費用為9.8%，而2023年第三季的一般及管理費用為13.9% 2022 年同期。

Research and development expenses in the third quarter of 2023 decreased to RMB7 billion from RMB10.2 million in the same period 2022. As a percentage of total revenues, research and development expenses in third-quarter 2023 were 2% compared with 2.4% in the same period 2022.

2023年第三季的研發費用從2022年同期的人民幣1,020萬元下降至人民幣70億元。佔總營收的百分比，2023年第三季的研發費用為2%，而2023年第三季的研發費用為 2.4%。2022 年同期。

Net loss on contingent risk assurance liability in third-quarter 2023 was RMB3.5 million. Net recovery on provision for credit losses in the third quarter of 2023 was RMB66.9 million. The recovery was primarily due to the positive impact from the collections of financing receivables.

2023年第三季或有風險保證負債淨虧損為人民幣350萬元。 2023年第三季信用損失撥備淨收回額為人民幣6,690萬元。回升主要是由於應收融資款催收的正面影響。

Impairment loss from goodwill in the third quarter of 2023 was RMB148.7 million. The provision for goodwill impairment is based on the profit forecast associated with historical trends and the prevailing current conditions of market downturn.

2023年第三季商譽減損損失為人民幣1.487億元。商譽減損準備是根據歷史趨勢和當前市場低迷狀況的獲利預測而確定的。

We recorded a loss from operations of RMB87.8 million in the same period in 2023 compared with RMB192.3 million in the same period 2022. Net loss in the third quarter of 2023 was RMB49.1 million. Non-GAAP adjusted net loss in the third quarter of 2023 was RMB41.2 million.

2023 年同期，我們錄得營運虧損 8,780 萬元人民幣，而 2022 年同期為 1.923 億元。2023 年第三季淨虧損為 4,910 萬元。 2023年第三季非美國通用會計準則調整後淨虧損為人民幣4,120萬元。

On a per share basis, basic and diluted net loss per ADS in the third quarter of 2023 were both RMB0.45, respectively. And the non-GAAP adjusted basic and diluted net loss per ADS in the same period were both RMB0.38, respectively.

以每股計算，2023年第三季每股美國存託股的基本和攤薄淨虧損分別為0.45元人民幣。同期非美國通用會計準則調整後每股美國存託股基本虧損和稀釋後淨虧損分別為人民幣0.38元。

Moving on to our balance sheet, as of September 30, 2023, we had cash and cash equivalents of RMB665.6 million compared with RMB589.4 million as of June 30, 2023. As of September 30, 2023, the company had short-term investment of RMB2.43 billion compared with RMB2.06 billion as of June 30, 2023.

轉到我們的資產負債表，截至2023 年9 月30 日，我們的現金和現金等價物為人民幣6.656 億元，而截至2023 年6 月30 日為人民幣5.894 億元。截至2023 年9 月30 日，公司有短期資金定期投資為人民幣24.3億元，截至2023年6月30日為人民幣20.6億元。

Looking ahead to the fourth quarter of 2023, we are now predicting our total revenues to be between RMB100 million and RMB150 million. Please note that this forecast reflects our current and preliminary view on the market and operational conditions, which are subject to change.

展望2023年第四季度，我們預期總營收將在1億元至1.5億元之間。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) [Bing Liu, CICC Securities].

（操作員指示）[劉兵，中金證券]。

(Spoken in foreign language) Let me translate my question. My first question is about, how do we think about the auto market for the fourth-quarter 2023, and what about next year? And will the price war between the OEMs will continue? My second question is about, what's our dividend plan for this year? Thank you.

（用外語說）讓我翻譯一下我的問題。我的第一個問題是，我們如何看待2023年第四季的汽車市場，以及明年呢？整車廠之間的價格戰還會繼續嗎？我的第二個問題是，我們今年的股利計畫是什麼？謝謝。

(Spoken in foreign language)

（用外語說）

(interpreted) Thank you very much for your questions. To answer your first question on our outlook for the market for next quarter and next year, in the third quarter, we saw a slowdown in passenger vehicles' retail sales, volume growth. And sales for the fourth quarter were boosted by the National Day holiday and the Singles' Day shopping festival. As the market is approaching year end with strong sales promotions, we expect the strong discounts to continue and driving a quarter-over-quarter increase in sales volume.

（翻譯）非常感謝您的提問。首先回答你關於我們對下季度和明年市場前景的第一季度，第三季度，我們看到乘用車零售額、銷售成長放緩。第四季的銷售受到國慶假期和雙十一購物節的推動。隨著市場接近​​年底，促銷力度加大，我們預計強勁的折扣將持續下去，並推動銷量環比成長。

And for our outlook for next year, well, I'd like to share my thoughts from two perspectives. First, we think new energy vehicles will continue to outperform according to the CPCA, that is China Passenger Car Association data.

對於我們明年的展望，我想從兩個角度分享我的想法。首先，根據乘聯會數據，我們認為新能源車將繼續跑贏大盤。

As of the end of September, NEVs' market penetration rate has already reached 36.9%, and their growth momentum is expected to continue throughout next year, driven largely by more targeted and effective incentive policies from national and regional governments.

截至9月底，新能源汽車市場滲透率已達36.9%，預計明年仍將維持成長勢頭，主要得益於國家和地方政府更有針對性、更有效的激勵政策。

Secondly, on the used car market, we expect it to continue to grow. For the first nine months of this year, used car total sales volume exceeded RMB13 million with a total market -- I mean, GMV, gross market value close to about RMB860 billion. This is a trillion-dollar market, and we expect our China used car market still has great growth potential.

其次，在二手車市場上，我們預計它將繼續成長。今年前9個月，二手車總銷量超過1,300萬元人民幣，總市場──我是說GMV、總市值接近8,600億元左右。這是一個萬億級的市場，我們預計我們中國的二手車市場將有很大的成長潛力。

(Spoken in foreign language)

（用外語說）

(interpreted) On your second question about the dividend payment, since our IPO, Cango has distributed cash dividends totaling nearly USD500 million. Meanwhile, since April 2021, the company has been actively rewarding our investors, improving stock value in various ways, including share repurchase program.

(解讀)關於第二個問題，關於股利支付的問題，自上市以來，燦谷已累計派發現金股利近5億美元。同時，自2021年4月以來，公司一直積極回饋投資者，透過股票回購計畫等多種方式提升股票價值。

Looking ahead, Cango will remain prudent regarding financial management and continue to enhance capital allocation efficiency. We will prioritize investments in areas with high ROI and value, creating long-term shareholder value.

展望未來，燦谷將維持審慎的財務管理，持續提升資本配置效率。我們將優先投資於投資報酬率高、價值高的領域，為股東創造長期價值。

(Spoken in foreign language)

（用外語說）

(interpreted) Thank you. That's all from me.

（翻譯）謝謝。這就是我的全部。

[That's all from me as well].

[這也是我的全部]。

[Emerson Zhou], Goldman Sachs.

[艾默生週]，高盛。

(Spoken in foreign language)

（用外語說）

(interpreted) Thank you very much for giving me this opportunity to ask two questions. The first question is, has the dealers' operational environment improved in the lower-tier markets after pandemic restriction has been lifted? And the second question is, what is the rationale behind the merge of the Cango Haoche platform and the Cango U-Car platform? Could you elaborate on this?

（翻譯）非常感謝您給我這個機會問兩個問題。第一個問題是，疫情限制解除後，經銷商在下線市場的經營環境是否有改善？第二個問題是，Cango好車平台和Cango U-Car平台合併的理由是什麼？能詳細說明一下嗎？

(Spoken in foreign language)

（用外語說）

(interpreted) Thank you for your questions. On your first question on the lower-tier market, well, Cango's customers are primarily based in third-tier and fourth-tier cities. So we have deeply felt the changes in the lower-tier markets over the past two years.

（翻譯）謝謝你的提問。關於你的第一個問題，關於低線市場，Cango的客戶主要集中在三、四線城市。所以這兩年我們深刻感受到了下線市場的變化。

According to CPCA's data, 40% of dealers in China shut down their businesses in 2022. More than half of dealers are now operating at a loss. And on average, about 11 [ForEx stores] close down every day.

根據CPCA的數據，2022年中國40%的經銷商關門歇業，目前超過一半經銷商處於虧損狀態。平均每天約有 11 家 [ForEx 商店] 關門。

Small and medium auto dealers are having an even greater difficulty staying afloat. They have either merged with others to survive or switched to used car transactions. Some are also trying new sales channels such as livestreaming e-commerce.

中小型汽車經銷商的生存難度更高。他們要么與其他公司合併以求生存，要么轉向二手車交易。一些企業也嘗試直播電商等新的銷售管道。

At the same time, consumer demand differs from region to region. NEV sales volume is higher in southern markets compared to the north, for example, and NEVs' penetration rate is also higher in cities with more charging stations. Furthermore, A0 class and below as well as luxury cars are selling better than other classes.

同時，不同地區的消費者需求也存在差異。例如，南方市場的新能源車銷售量高於北方，充電站較多的城市新能源車的滲透率也較高。此外，A0級及以下以及豪華車的銷售也比其他等級好。

(Spoken in foreign language)

（用外語說）

(interpreted) Our decision to integrate Cango Haoche offerings into the Cango U-Car platform is primarily based on our deep market insights gained over the past two years. We noticed that China's new car market is near saturation. On consumption, there's a noticeable decline in first-time new car buyers, while there is an upward trend in consumers looking for additional cars and rising demand for vehicle replacement and upgrades.

（解釋）我們決定將 Cango 好車產品整合到 Cango U-Car 平台中，主要是基於我們在過去兩年中獲得的深入的市場洞察。我們注意到，中國的新車市場已接近飽和。消費方面，首次新車購買者明顯下降，而尋求額外購車的消費者則呈上升趨勢，車輛更換和升級需求不斷上升。

On the distribution side, both ForEx dealers and used car dealers have begun establishing their own used car sales channels in response to changing consumer needs. This is a blurred area now because the boundary between the traditional new car and used car sales channels are becoming increasingly integrated.

在分銷方面，ForEx經銷商和二手車經銷商都已開始建立自己的二手車銷售管道，以應對不斷變化的消費者需求。現在這是一個模糊的領域，因為傳統的新車和二手車銷售管道之間的界限正在變得越來越融合。

So that's why we are integrating the two platforms, Cango Haoche and Cango U-Car platforms, so that customers can now purchase new cars while trading in used cars on the same platform. This integration, we believe, will not only greatly improve our operational efficiency but also will enable us to better serve our car dealers. I think that's all from my side.

這就是為什麼我們整合Cangohaoche和CangoU-Car平台這兩個平台，以便客戶現在可以在同一平台上購買新車並交易二手車。我們相信，這種整合不僅將大大提高我們的營運效率，而且將使我們能夠更好地服務我們的汽車經銷商。我想這都是從我這邊說的。

Thank you. Ladies and gentlemen, there are no further questions. So I'd like to turn it back to management for closing remarks.

謝謝。女士們先生們，沒有其他問題了。所以我想把它轉回給管理階層做總結發言。

(Spoken in foreign language)

（用外語說）

(interpreted) Thank you all for joining us. Thank you all for your support. That concludes today's earnings call.

（翻譯）感謝大家加入我們。感謝大家的支持。今天的財報電話會議到此結束。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。