Cango Inc (CANG) 2025 Q1 法說會逐字稿

Good morning and evening, everyone. Welcome to Cango Inc.'s First Quarter 2025 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.

大家早安、晚上好。歡迎參加 Cango Inc. 2025 年第一季財報電話會議。（操作員指示）本次電話會議也在本公司的 IR 網站上進行現場直播。今天與我們一起出席的有執行長林家元先生；以及

Yongyi Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct the Q&A session. 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. With that said, I am now turning the call over to Mr. Jiayuan Lin, CEO of Cango.

張永毅，公司財務長。在管理階層準備好發言之後，我們將進行問答環節。在我們開始之前，請參閱公司收益報告中的安全港聲明，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陳述。說到這裡，我現在將電話轉給燦谷執行長林嘉遠先生。

Please go ahead, sir.

先生，請繼續。

Hi, everyone, and welcome to Cango's first quarter 2025 earnings call. In the first quarter of 2025, Bitcoin further solidified its dominance despite significant volatility in the cryptocurrency market. Amid global economic uncertainty, Bitcoin demonstrated strong resilience and stability as a safe haven asset. On the policy front, the Trump administration's supportive stance towards the crypto market has undoubtedly fostered a more favorable regulatory environment. The establishment of a strategic Bitcoin reserve and pro-digital currency appointments are expected to provide clearer direction and more stable expectations for the industry's future development.

大家好，歡迎參加 Cango 2025 年第一季財報電話會議。2025 年第一季度，儘管加密貨幣市場波動較大，但比特幣進一步鞏固了其主導地位。在全球經濟不確定的背景下，比特幣作為避險資產展現了強大的彈性和穩定性。政策方面，川普政府對加密貨幣市場的支持立場無疑地創造了更有利的監管環境。比特幣戰略儲備的成立以及支持數位貨幣的任命有望為產業未來發展提供更明確的方向和更穩定的預期。

Cango entered the Bitcoin mining industry in November 2024. Over the past few months of exploration and operation, Cango has not only achieved business growth but also unlocked new development opportunities. In the first quarter of 2025, Cango reported total revenue of USD145 million with USD144 million contributed by our Bitcoin mining operations. Gross profit for the quarter reached USD13.61 million. Operating loss stood at $21.42 million, primarily due to decline in Bitcoin prices towards the end of March, which led to a decrease in the fair value of the company's Bitcoin holdings.

Cango於2024年11月進入比特幣挖礦業。經過幾個月的探索和運營，燦穀不僅實現了業務成長，也開啟了新的發展機會。2025 年第一季度，Cango 報告總收入為 1.45 億美元，其中 1.44 億美元來自比特幣挖礦業務。本季毛利達到1,361萬美元。營業虧損為 2,142 萬美元，主因是 3 月底比特幣價格下跌，導致公司持有的比特幣公允價值下降。

As of the end of the quarter, Cango maintained a strong cash position with total cash, cash equivalents and short-term investments amounting to USD347 million, providing solid support for future business expansion. While actively expanding our Bitcoin business, we continue to reduce our total outstanding loan balance and significantly improve loan quality. As of March 31, 2025, our total outstanding loan balance was approximately RMB2.6 billion with M1+ and M3+ ratios of 2.86% and 1.59%, respectively. In addition, our credit risk exposure not covered by full bad debt allowance or full risk assurance liabilities further declined to RMB760 million, down 30% from RMB1.08 billion as of December 31, 2024. Till now, we hold a total computing power of 32 exahashes per second, accounting for approximately 4% of the global average hash rate in Q1.

截至本季末，燦谷維持強勁的現金狀況，現金、現金等價物及短期投資總額達3.47億美元，為未來業務拓展提供堅實支持。在積極拓展比特幣業務的同時，我們不斷減少未償還貸款總額，並大幅提高貸款品質。截至 2025 年 3 月 31 日，我們的未償還貸款總額約為 26 億元，M1+ 和 M3+ 比率分別為 2.86% 和 1.59%。此外，我們未被全額壞帳準備或全額風險保證責任覆蓋的信用風險敞口進一步下降至人民幣7.6億元，較2024年12月31日的人民幣10.8億元下降30%。截至目前，我們的總算力為每秒 32 exahashes，約佔 Q1 全球平均哈希率的 4%。

Our mining machines are deployed across North America, South America, the Middle East and Africa, a globally diversified setup that enables us to optimize resource allocation. Nearly 90% of our currently operational miners are water cooled S19 XP models. In addition, the delivery of an additional 18 exahashes per second of computing power is progressing as planned and is expected to be completed by July 31. Once finalized, our total hash rate capacity will reach 50. Since entering the Bitcoin mining industry, we have remained focused on improving our operational metrics.

我們的採礦機部署在北美、南美、中東和非洲，全球多元化的設置使我們能夠優化資源配置。我們目前營運的礦機中近 90% 都是水冷 S19 XP 型號。此外，額外每秒 18 exahashes 運算能力的交付正在按計劃進行，預計將於 7​​ 月 31 日完成。一旦最終確定，我們的總哈希率容量將達到 50。自從進入比特幣挖礦行業以來，我們一直專注於改善我們的營運指標。

In the first quarter, we mined a total of 1,541 Bitcoin. As of the end of April, our total Bitcoin holdings reached 2,944.8 coins, ranking 14th globally among publicly listed companies and fifth among listed mining firms. Throughout Q1, our average monthly effective hash rate consistently exceeded 30 exahashes per second with a coin yield of 16.6 bitcoins per Eh/S, placing us among the top 3 publicly listed mining companies and our efficiency rate is as high as 94%. And in addition, we, in terms of energy efficiency, our average power efficiency for the quarter was 21.6 joules per tera hash with efficiency of 21.5 for March. As we move into 2025, we remain firmly committed to deepening our focus on the Bitcoin mining business.

第一季度，我們共開採了1541個比特幣。截至4月底，我們的比特幣總持有量達到2,944.8枚，在全球上市公司中排名第14位，在上市礦業公司中排名第五。在整個第一季度，我們的平均每月有效哈希率持續超過每秒 30 exahashes，幣產量為每 Eh/S 16.6 比特幣，使我們躋身前三名上市礦業公司之列，我們的效率率高達 94%。此外，就能源效率而言，本季我們的平均能源效率為每太拉哈希 21.6 焦耳，3 月的效率為 21.5 焦耳。隨著我們進入 2025 年，我們仍然堅定地致力於深化對比特幣挖礦業務的關注。

We have a strong confidence in the stability of Bitcoin's supply and its long-term value appreciation potential. As such, we will adopt a Mine and Hold strategy, prioritizing both self-mining and long-term holding. Looking ahead, we will focus on gradually integrating and optimizing our existing computing power resources to maximize efficiency. At the same time, we will actively pursue M&A opportunities, seeking high-quality targets to further scale up our operations. We believe that greater scale will unlock broader growth opportunities, attract top talent and enhance both our market competitiveness and industry recognition.

我們對比特幣供應的穩定性及其長期價值升值潛力充滿信心。因此，我們將採取「挖礦並持有」策略，優先考慮自我挖礦和長期持有。展望未來，我們將致力於逐步整合和優化現有的算力資源，以最大限度地提高效率。同時，我們將積極尋求併購機會，尋找優質目標，進一步擴大我們的業務規模。我們相信，更大的規模將帶來更廣泛的成長機會，吸引頂尖人才，並增強我們的市場競爭力和產業認可。

On our traditional automotive business, we remain focused on lean asset-light operations for our used car export platform, AutoCango. Since its launch, the platform has attracted over 2.37 million visits and more than 290,000 registered users. Today, AutoCango has more than 480,000 used car listings covering over 68,000 unique models. AutoCango aims to connect China's used car market with overseas buyers, making it easier for international customers to access high-quality vehicle inventory from China. Looking ahead, Cango will continue to strengthen its global presence and enhance AutoCango's platform capabilities to deliver an even better experience for our users.

在我們的傳統汽車業務方面，我們仍然專注於二手車出口平台 AutoCango 的精益輕資產營運。平台自上線以來，瀏覽量已超過237萬人次，註冊用戶超過29萬人。如今，AutoCango 擁有超過 480,000 條二手車信息，涵蓋超過 68,000 種獨特車型。AutoCango 旨在將中國二手車市場與海外買家聯繫起來，使國際客戶更容易獲得來自中國的高品質汽車庫存。展望未來，Cango將繼續加強其全球影響力並增強AutoCango的平台功能，為我們的用戶提供更好的體驗。

Now I'd like to hand over the call to our CFO, Mr. Yongyi Zhang, to share our financial highlights for the first quarter of 2025.

現在，我想把電話交給我們的財務長張永毅先生，分享我們 2025 年第一季的財務亮點。

Thanks, Jiayuan. Hello, everyone, and welcome to our first quarter 2025 earnings call. Before I started to review our financials, please note that unless otherwise stated, all numbers are in RMBterms and all percentage comparisons are on a year-over-year basis. Total revenue in the first quarter of 2025 were RMB1.1 billion compared with RMB64.4 million in the same period 2024. The significant year-over-year increase was primarily driven by the Bitcoin mining business launched in November 2024.

謝謝嘉源。大家好，歡迎參加我們的 2025 年第一季財報電話會議。在我開始審查我們的財務狀況之前，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。2025年第一季總收入為人民幣11億元，而2024年同期為人民幣6,440萬元。年比大幅成長主要得益於 2024 年 11 月推出的比特幣挖礦業務。

Revenue from Bitcoin mining business in the first quarter of 2025 was RMB1 billion with a total of 1,541 Bitcoin mined in the first quarter of 2025. The average cost to mine Bitcoin, excluding depreciation of mining machine, was USD70,602.1 per coin in the quarter. Revenue from automotive trading-related income in the first quarter of 2025 was RMB7.6 million compared with RMB64.4 million in the same period 2024. Now let's move on to our cost and expenses during the quarter. Cost of revenue in the first quarter of 2025 increased to RMB955.1 million from RMB29.1 million in the same period 2024.

2025年第一季比特幣挖礦業務收入為10億元人民幣，2025年第一季共挖出1,541個比特幣。本季度，比特幣挖礦的平均成本（不包括礦機折舊）為每枚比特幣 70,602.1 美元。2025年第一季汽車交易相關收入為人民幣760萬元，2024年同期為人民幣6,440萬元。現在讓我們來討論本季的成本和費用。2025年第一季的收入成本從2024年同期的2,910萬元增加到9.551億元。

The year-over-year increase was primarily driven by the cost of Bitcoin mining business. Sales and marketing expenses in the first quarter decreased to RMB0.4 million from RMB3.5 million in the same period of 2024. General and administrative expenses in the first quarter increased to RMB92.5 million from RMB37.9 million in the same period 2024. Research and development expenses in the first quarter decreased to RMB0.3 million from RMB1.1 million in the same period 2024. Net gain on contingent risk assurance liability in the first quarter of 2025 was RMB5.3 million compared with RMB15 million in the same period 2024.

年比成長主要是由於比特幣挖礦業務成本的推動。第一季銷售及行銷費用從2024年同期的350萬元下降至40萬元。第一季的一般及行政開支從2024年同期的3,790萬元增加到9,250萬元。2024年第一季研發費用從同期的110萬元下降至30萬元。2025 年第一季或有風險保證責任淨收益為人民幣 530 萬元，而 2024 年同期為人民幣 1,500 萬元。

Net recovery on provision for credit losses in the first quarter of 2025 was RMB28.7 million compared with RMB66.3 million in the same period 2024. We recorded RMB155.5 million in loss from operations in the first quarter of 2025 compared with income from operations of RMB74.2 million in the same period 2024. Net loss in the first quarter of 2025 was RMB207.3 million. Adjusted EBITDA in the first quarter of 2025 was RMB27.6 million. Moving on to our balance sheet.

2025 年第一季信貸損失準備金淨回收為 2,870 萬元，而 2024 年同期為 6,630 萬元。2025 年第一季度，我們的營業虧損為 1.555 億元人民幣，而 2024 年同期的營業收入為 7,420 萬元。2025年第一季淨虧損為人民幣2.073億元。2025年第一季調整後EBITDA為人民幣2,760萬元。繼續我們的資產負債表。

As of March 31, 2025, the company had cash and cash equivalents of RMB2.5 billion compared with RMB1.3 billion as of December 31, 2024. As of March 31, 2025, the company had short-term investment of RMB5.2 million compared with RMB1.2 billion as of December 31, 2024. Looking ahead to the rest of 2025, we are on track to grow our deployed hash rate to approximately 50 Eh before the end of July. This concludes our prepared remarks. Operator, we are now ready to take questions.

截至 2025 年 3 月 31 日，公司現金及現金等價物為人民幣 25 億元，而截至 2024 年 12 月 31 日為人民幣 13 億元。截至 2025 年 3 月 31 日，該公司的短期投資為人民幣 520 萬元，而截至 2024 年 12 月 31 日為人民幣 12 億元。展望 2025 年剩餘時間，我們預計在 7 月底之前將部署的哈希率提高到約 50 Eh。我們的準備好的演講到此結束。接線員，我們現在可以回答問題了。

(Operator Instructions) Emerson Zhao, Goldman Sachs.

（操作員指示）高盛的 Emerson Zhao。

I'm Emerson from Goldman Sachs. I have 2 questions. The first question is what is your view on the trends in the cryptocurrency market so far? And the second question is, how is the company going to respond to increasing challenges brought about by increasing computing power around the world as well as increasing mining difficulty.

我是高盛的艾默生。我有兩個問題。第一個問題是，您對迄今為止加密貨幣市場的趨勢有何看法？第二個問題是，公司將如何應對全球算力不斷提升以及挖礦難度不斷增加所帶來的挑戰。

Thank you, Emerson, for your questions. So the current cryptocurrency market presents both opportunities and challenges. We believe that as technology advances and the market continues to mature, cryptocurrencies will play an increasingly important role. We will closely monitor market developments and flexibly adjust our strategies to better seize emerging opportunities. So on your second question, on the challenges of increasing computing power around the world and increasing mining difficulty.

謝謝你，艾默生，提出這個問題。因此，目前的加密貨幣市場既存在機遇，也存在挑戰。我們相信，隨著技術的進步和市場的不斷成熟，加密貨幣將發揮越來越重要的作用。我們將密切關注市場發展，靈活調整策略，更好地抓住新興機會。關於你的第二個問題，關於增加全球運算能力和增加挖礦難度的挑戰。

Well, our responses include, firstly, we will continue to optimize the efficiency of our existing mining operations to ensure high productivity. And at the same time, we are working to expedite the delivery of our second batch of computing power totaling 18 exahashes per second and continue to monitor further acquisition opportunities to further enhance our overall production capacity.

我們的應對措施包括：首先，我們將繼續優化現有採礦作業的效率，以確保高生產力。同時，我們正在努力加快交付第二批總計每秒 18 exahashes 的運算能力，並繼續監控進一步的收購機會，以進一步提高我們的整體生產能力。

[Joy Chay], Sinolink Securities.

[Joy Chay]，國金證券。

Thank you management for taking my questions. I'm from Sinolink Securities. So I have altogether 3 questions. The first question is I noticed that the metrics and data for the company in April saw quite a big decrease. So could you give us more color on the reasons behind these declines?

感謝管理層回答我的問題。我是國金證券的。所以我總共有 3 個問題。第一個問題是，我注意到公司四月的各項指標和資料下降幅度比較大。那麼，您能否進一步解釋一下這些下降背後的原因呢？

And the second question is that, do you see more pressure from increasing power costs or electricity cost on the company? And what are the plans that the company have to address this challenge? And my third question is a more general question regarding the future strategy of the company because we have seen quite a lot of changes in the company over the past year. And so could you give us more details on your future strategic direction?

第二個問題是，您認為電力成本或電費上漲是否會對公司造成更大的壓力？那麼公司有什麼計畫來應對這項挑戰呢？我的第三個問題是一個更普遍的問題，關於公司的未來策略，因為我們看到公司在過去一年中發生了相當多的變化。那麼，您能否向我們詳細介紹您未來的策略方向？

Thank you for your questions. On your first question, in April, we mined 470 coins, a 11.3% decrease compared to March, and this was mainly due to the second largest monthly increase in global network hash rate on record as well as an 8% rise in mining difficulty compared to March. Meanwhile, we maintained a high level of mining efficiency with our deployed hash rate remaining steady at 32 exahashes per second. In the first quarter, our average operational hash rate was about 30 and the efficiency was 93.8%, relatively stable compared to the previous quarter. And for your second question, yes, the company is currently experiencing relatively high electricity costs, primarily due to the premium associated with power procurement under the hosted operation model.

感謝您的提問。關於您的第一個問題，4月份我們挖到了470個幣，比3月份減少了11.3%，這主要是因為全球網路哈希率出現了有史以來第二大的月度增幅，而且挖礦難度比3月份增加了8%。同時，我們保持了較高的挖礦效率，部署的哈希率穩定在每秒 32 exahashes。第一季我們的平均運行哈希率在30左右，效率為93.8%，與上一季相比比較穩定。關於您的第二個問題，是的，公司目前的電力成本相對較高，主要是由於託管營運模式下電力採購的溢價。

However, it is important to note that this model allows us to avoid a heavy capital investment and large staffing costs required for building and operating our own mining facilities. As a result, we have significantly reduced the capital expenditures and operating costs on the infrastructure and operations front. To continuously refine our cost structure, the company has launched a global energy strategy. On one hand, we are conducting detailed cost analysis of existing hosting agreements to explore potential room for renegotiation. On the other hand, we have formed a dedicated team to carry out on-site researchers in energy-rich regions such as the Middle East and Australia with a focus on evaluating the feasibility of partnerships in low-cost clean energy projects, including solar and natural gas.

然而，值得注意的是，這種模式可以讓我們避免建造和營運自己的採礦設施所需的大量資本投資和大量的人員成本。因此，我們大幅降低了基礎設施和營運方面的資本支出和營運成本。為了不斷優化成本結構，公司推出了全球能源策略。一方面，我們正在對現有的託管協議進行詳細的成本分析，以探索潛在的重新談判空間。另一方面，我們組建了專門的團隊，在中東、澳洲等能源豐富的地區進行現場調查，重點評估包括太陽能、天然氣等低成本清潔能源專案合作的可行性。

Through a diversified energy supply system, we aim to reduce costs and enhance operational efficiency. And on your third question, our future strategic direction, we will remain focused on optimizing our mining operations, enhancing efficiency and exploring new market opportunities. At the same time, we will strengthen our partnerships to jointly drive industry advancements. And we will also continue to proactively pursue sustainable and more cost-efficient energy sources.

透過多元化的能源供應系統，我們旨在降低成本並提高營運效率。關於您的第三個問題，我們未來的策略方向，我們將繼續專注於優化我們的採礦業務，提高效率和探索新的市場機會。同時，我們將加強合作關係，共同推動產業進步。我們也將繼續積極尋求可持續、更具成本效益的能源。

[Jack Sun, Elonxi Research].

[Jack Sun，Elonxi Research]。

I have 3 questions. The first question is that, well, the Bitcoin mining business actually accounted for 99% of your quarterly revenue. So do you see any concentration risk in terms of your revenue stream here? And what is your plan to balance or diversify your business lines? And my second question is regarding the operating loss.

我有 3 個問題。第一個問題是，比特幣挖礦業務實際上佔了你們季度收入的 99%。那麼，您是否認為您的收入來源有集中風險？您有什麼計劃來平衡或多樣化您的業務線？我的第二個問題是關於經營虧損。

So do you consider using derivatives to hedge against volatilities in your fair value? And my third question is regarding cash flow. Investors are interested in cash flow positions. So my question is, do you have any plan in the future for equity financing or other financing plans?

那麼您是否考慮使用衍生性商品來對沖公允價值的波動？我的第三個問題是關於現金流。投資者對現金流狀況感興趣。所以我的問題是，未來你們有股權融資或其他融資計畫嗎？

On your first question, while the majority of our revenue currently comes from Bitcoin mining, we believe that focusing on mining at this stage is aligned with our overall strategy. Meanwhile, we remain confident in the potential of our used car export business and will concentrate on operating AutoCango, our asset-light platform for used car exports. Looking ahead, we plan to gradually explore additional business opportunities based on market conditions to diversify our operations. At the same time, we will continue to refine our mining business to ensure its stable and sustainable growth. On your second question on operating loss.

關於第一個問題，雖然我們目前的大部分收入來自比特幣挖礦，但我們認為現階段專注於挖礦符合我們的整體策略。同時，我們對二手車出口業務的潛力仍然充滿信心，並將專注於營運我們的輕資產二手車出口平台AutoCango。展望未來，我們計劃根據市場狀況逐步探索更多業務機會，以實現業務多元化。同時，我們將持續完善礦業業務，確保其穩定、永續的成長。關於您的第二個問題，即經營虧損。

Well, the operating loss in this quarter was primarily due to the decline in Bitcoin prices in March, and we believe that fluctuations in Bitcoin's price are primarily short term in nature, and we remain confident in its long-term value. In addition, we are introducing risk management tools in phases. For the near term, we are signing medium- to longer-term contracts with power suppliers to lock in electricity prices and reduce cost pressures. And at the same time, we are actively seeking low-cost renewable energy sources. Looking ahead, we are also exploring the feasibility of more relevant risk management tools and will adopt them prudently to mitigate new potential risks.

嗯，本季的營業虧損主要是由於 3 月份比特幣價格的下跌，我們認為比特幣價格的波動主要是短期性的，我們對其長期價值仍然充滿信心。此外，我們正在分階段引入風險管理工具。短期內，我們正在與電力供應商簽訂中長期合同，以鎖定電價並降低成本壓力。同時，我們也積極尋求低成本的再生能源。展望未來，我們也正在探索更多相關風險管理工具的可行性，並將審慎採用，以降低新的潛在風險。

Regarding cash flow, we currently have sufficient liquidity to support mining operations at 32 exahashes per second, including a USD400 million annual credit facility provided by our partners. Given our relatively low debt-to-equity ratio, we still have ample room to take on additional leverage. As such, we plan to prioritize debt financing over equity financing.

關於現金流，我們目前擁有足夠的流動資金來支持每秒 32 exahashes 的採礦作業，其中包括合作夥伴提供的每年 4 億美元的信貸額度。鑑於我們的債務權益比率相對較低，我們仍然有足夠的空間來承擔額外的槓桿。因此，我們計劃優先考慮債務融資而不是股權融資。

Michael Donovan, H.C. Wainwright.

多諾萬、H.C. 溫賴特。

It's Michael Donovan from Kevin Dede's team. Let's start with the 18 exahash you still have to deploy. Can you provide more clarity on that? And has the deal with Ursalpha been finalized? And you mentioned July.

他是 Kevin Dede 團隊的 Michael Donovan。讓我們從您仍需部署的 18 exahash 開始。您能否對此提供更清晰的解釋？與 Ursalpha 的交易已經最終確定了嗎？您提到了七月。

So when can we expect the 18 exahash to be online at the end of July? Or is there anything that would hold this up? And then my second question is around your Bitcoin HODL strategy that you mentioned on the call. Do you have any plans to use your Bitcoin in terms of lending or have any plans to earn yield on the Bitcoin?

那麼我們什麼時候可以期待 18 exahash 在 7 月底上線呢？或者有什麼可以阻止這一進程？我的第二個問題是關於您在電話中提到的比特幣 HODL 策略。您是否有計劃使用比特幣進行借貸，或者是否有計劃從比特幣中賺取收益？

Thank you for your questions. I will hand over your questions to our CFO, Yongyi Zhang.

感謝您的提問。我會將您的問題轉交給我們的財務長張永毅。

Thank you for your question. So on your first question on the 18 EH deal, actually, we expect to complete -- to close the deal by the end of July because we have already reached agreements on the main plans and except for the -- some small details, and we still -- we are still finalizing the small details. To be more specific about the terms and conditions revisions. Actually, in April, we received some -- also a request on our domestic or PRC deal. So that's why we need to make some revisions to the 18 EH due terms and conditions.

感謝您的提問。因此，關於您關於 18 EH 交易的第一個問題，實際上，我們預計將在 7 月底完成該交易，因為我們已經就主要計劃達成協議，除了一些小細節，我們仍然 - 我們仍在敲定小細節。更具體地說明條款和條件的修訂。實際上，四月我們收到了一些關於我們國內或中國交易的請求。所以這就是為什麼我們需要對 18 EH 到期條款和條件進行一些修改。

So in fact, our plan is that for this February -- sorry, I mean, this Friday, we are going to have AGM, Extraordinary Shareholders Meeting, I mean, to have the Shareholders Meeting to deliberate the PRC deal. And so we expect that after the Extraordinary Shareholders Meeting, then we will be able to complete the PRC deal and then thereby completing our planned revision to the 18 EH deal. On your second question, yes, our strategy is Mine and Hold. So right now, our focus is still on increasing our Bitcoin holdings. However, when our holdings reach a certain size, then we will definitely consider taking on some transactions to improve to earn more yields on Bitcoin.

所以事實上，我們的計劃是在今年二月——抱歉，我的意思是本週五，我們將召開年度股東大會，即特別股東大會，我的意思是召開股東大會來審議 PRC 交易。因此，我們預計在特別股東大會之後，我們將能夠完成 PRC 交易，從而完成對 18 EH 交易的計劃修訂。關於你的第二個問題，是的，我們的策略是「開採並保留」。因此現在我們的重點仍然是增加比特幣持有量。但是當我們的持倉達到一定規模的時候，那麼我們一定會考慮進行一些交易，以提高比特幣的收益。

And that concludes our question-and-answer session. Thank you once again for joining Cango's first quarter 2025 earnings conference call today. Have a great day.

我們的問答環節到此結束。再次感謝您今天參加 Cango 2025 年第一季財報電話會議。祝你有美好的一天。