Cango Inc (CANG) 2025 Q2 法說會逐字稿

Good morning and good evening, everyone. Welcome to Cango Inc.'s second quarter 2025 earnings conference call. (Operator Instructions) This call is also being broadcast live on the company's IR website and is being recorded.

大家早安，晚上好。歡迎參加 Cango Inc. 2025 年第二季財報電話會議。（操作員指示）本次通話也在公司的 IR 網站上進行現場直播，並被錄音。

Joining us today are Mr. Paul Yu, Chief Executive Officer; and Mr. Michael Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct the question-and-answer 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.

今天與我們一起出席的有公司執行長 Paul Yu 先生和財務長 Michael Zhang 先生。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。

With that said, I will now turn the call over to Mr. Paul Yu, CEO of Cango. Please go ahead, sir.

說完這些，我現在將電話轉給 Cango 執行長 Paul Yu 先生。先生，請繼續。

Thank you. Good afternoon, and thank you for joining Cango's second quarter 2025 earnings call. Today marks an important milestone as we report our first quarter following Cango's strategic transformation. This isn't just another quarterly update. It showcases our complete transformation into a leading Bitcoin mining company.

謝謝。下午好，感謝您參加 Cango 2025 年第二季財報電話會議。今天是我們報告燦谷策略轉型後第一季業績的重要里程碑。這不僅僅是另一個季度更新。它展示了我們徹底轉型為領先的比特幣挖礦公司。

In just nine months, we have scaled to 50 exahash of computing power, placing us firmly among the world's top miners. As part of this transformation, we recently completed a governance and leadership restructuring, onboarding a senior management team with deep expertise across digital asset infrastructure, finance, and energy investments.

在短短九個月內，我們的運算能力已擴展到 50 exahash，穩居世界頂級礦工之列。作為此次轉型的一部分，我們最近完成了治理和領導層重組，並組建了一支在數位資產基礎設施、金融和能源投資方面擁有深厚專業知識的高階管理團隊。

This leadership team gives us the right mix of skills to hit the ground running and execute our next phase of growth. I'm optimistic about what we can achieve together as we enter a new chapter in the journey. Today, I will walk you through how our strategic execution has fundamentally repositioned us to lead the industry over the long term.

這個領導團隊為我們提供了正確的技能組合，使我們能夠立即開始工作並實現下一個階段的成長。當我們踏上新的旅程時，我對我們共同達成的成就充滿信心。今天，我將向大家介紹我們的策略執行如何從根本上使我們長期引領產業。

Let me start with our financials, where we generated RMB1 billion in total revenue in the second quarter of 2025, with Bitcoin mining contributing RMB989.4 million of that amount. However, you can see we incurred a net loss, which reflects two accounting adjustments that temporarily mask our operational strength and should be built as the essential investment in our foundation for the future.

首先介紹我們的財務狀況，2025 年第二季我們的總收入為 10 億元人民幣，其中比特幣挖​​礦貢獻了 9.894 億元。然而，您可以看到我們遭受了淨虧損，這反映了兩項會計調整，這些調整暫時掩蓋了我們的營運實力，應該作為我們未來基礎的重要投資。

First, our clean exit from China. We completed the $352 million divestiture of our legacy China asset in May, which resulted in one-off loss from discontinued operations. Second, as a part of the acquisition of mining equipment last November, we purchased 18 exahash of mining capacity, so a share-based payment.

首先，我們乾淨俐落地退出中國。我們在 5 月完成了價值 3.52 億美元的中國傳統資產剝離，這導致了因停止營運而產生的一次性損失。其次，作為去年 11 月收購採礦設備的一部分，我們購買了 18 exahash 的採礦能力，因此是基於股份的支付。

By the time the equipment was delivered in June, our stock price has nearly doubled, triggering a noncash accounting adjustment in accordance with applicable fair value accounting standards. These were strategic decisions we took into consideration to rapidly build competitive scale and sharpen our core focus. The important story is what lies beneath. Excluding these one-off adjustments, adjusted EBITDA for the quarter was RMB710.1 million, clear evidence of the underlying strength of our Bitcoin mining business.

到六月設備交付時，我們的股價幾乎翻了一番，根據適用的公允價值會計準則觸發了非現金會計調整。這些都是我們考慮的策略決策，旨在快速建立競爭規模並強化我們的核心重點。重要的故事是隱藏在背後的故事。不包括這些一次性調整，本季調整後的 EBITDA 為人民幣 7.101 億元，這清楚證明了我們比特幣挖礦業務的潛在實力。

Now let me view the progress we've made in the transformative quarter. We've already achieved one of the industries' largest scale at 50 exahash, representing approximately 6% of the global networks hashrate as of June 30, 2025. July's Bitcoin production reached 650.5 BTC, up 44.4% or approximately 200 BTC increase from June, primarily driven by the full deployment of the 50 exahash mining equipment since end of June.

現在讓我回顧一下我們在轉型季度所取得的進展。我們已經實現了 50 exahash 的產業最大規模之一，佔截至 2025 年 6 月 30 日全球網路哈希率的約 6%。7 月比特幣產量達到 650.5 BTC，較 6 月增加 44.4%，增加約 200 BTC，主要由於自 6 月底以來 50 Exahash 挖礦設備的全面部署。

In addition, in August, we strategically acquired a 50-megawatt mining site in Georgia, a move that will reduce power costs and enhance operational stability and lays the groundwork for future expansion. We maintain a fortress balance sheet with $118 million in cash and cash equivalents as of June 30, provide ample capital to fund our strategic expansion.

此外，8月份，我們策略性地收購了位於喬治亞州的一個50兆瓦的挖礦場，此舉將降低電力成本、增強營運穩定性，並為未來的擴張奠定基礎。截至 6 月 30 日，我們的資產負債表保持穩健，現金和現金等價物為 1.18 億美元，為我們的策略擴張提供了充足的資金。

Our asset-light strategy provides a distinct advantage. By acquiring Plug & Play mining rigs with minimal upfront capital, we are able to scale more quickly and cost effectively than vertically integrated competitors. Although this model resulted in higher cash costs per BTC of $83,091 during the quarter, our all-in costs remain competitive at $98,636 per BTC. This is primarily due to significantly reduced depreciation expenses from low equipment acquisition costs, which offset elevated power expenses.

我們的輕資產策略具有獨特的優勢。透過以最少的前期資本收購即插即用採礦設備，我們能夠比垂直整合的競爭對手更快、更經濟地擴大規模。儘管該模式導致本季每 BTC 的現金成本上升至 83,091 美元，但我們的總成本仍具有競爭力，為每 BTC 98,636 美元。這主要是由於設備購置成本較低導致折舊費用大幅減少，從而抵消了電力費用的上升。

As a result, our capital efficiency supports a solid return on capital employed and ensure resilience across market cycles without burden of heavy equipment financing. Additionally, our geographic diversified footprint across North and South America, Middle East and Africa helps mitigate regional risks while sustaining industry-leading efficiency.

因此，我們的資本效率支持了穩健的資本回報率，並確保了跨市場週期的彈性，而無需承擔重型設備融資的負擔。此外，我們遍布北美、南美、中東和非洲的多元化地理覆蓋有助於降低區域風險，同時保持業界領先的效率。

Our roadmap forward is clear and purposeful. In the near term, we will maximize value from our 50 exahash of mining capacity by implementing efficiency upgrades and replicating the low-cost operational model of our Georgia site.

我們的前進路線圖清晰且有目的性。短期內，我們將透過實施效率升級和複製喬治亞州礦場的低成本營運模式，最大限度地發揮 50 exahash 挖礦能力的價值。

Looking to the midterm, we plan to pilot renewable energy storage project aimed at achieving near-zero-cost mining operations while simultaneously retrofitting select facilities to support HPC applications. Over the long term, we are ultimately building a dynamic computing platform that intelligently balances Bitcoin mining and AI workloads, all powered by our expanding energy expertise. This quarter's results reflect a company making bold and strategic moves.

展望中期，我們計劃試行再生能源儲存項目，旨在實現接近零成本的採礦作業，同時改造部分設施以支援 HPC 應用。從長遠來看，我們最終將建立一個動態運算平台，智慧地平衡比特幣挖礦和人工智慧工作負載，所有這些都由我們不斷擴展的能源專業知識提供支援。本季的業績反映出該公司正在採取大膽的策略舉措。

We have accepted temporary accounting adjustments to secure lasting competitive advantages, namely meaningful scale, cost-effective infrastructure, and a focused commitment on pure-play, high-value computing. With this strong foundation firmly in place and a clear path to continued value, I will never be more confident in Cango's future.

我們接受了臨時會計調整，以確保持久的競爭優勢，即有意義的規模、具有成本效益的基礎設施以及對純粹的高價值計算的專注承諾。憑藉這條堅實的基礎和清晰的持續價值路徑，我對 Cango 的未來充滿信心。

Before I turn the call to Michael Zhang, our CFO, to take you through our financial results for the quarter in more detail, let me quickly review our legacy business. We remain focused on lean asset-light operations for our used car export platform, AutoCango. Since its launch, our platform has attracted over 6 million visits and surpassed 456,000 registered users.

在我將電話轉給我們的財務長 Michael Zhang 更詳細地介紹我們本季的財務業績之前，請讓我快速回顧一下我們的傳統業務。我們持續專注於二手車出口平台 AutoCango 的精益輕資產營運。自推出以來，我們的平台已吸引了超過 600 萬次訪問，註冊用戶超過 456,000 人。

It now hosts more than 800,000 vehicles listing with 70,000 different models on offer, connecting China's used car market with international buyers seeking quality inventory. We continue to see steady growth opportunities in this segment in the future.

目前，該網站擁有超過 80 萬輛汽車，提供 70,000 種不同型號，將中國二手車市場與尋求優質庫存的國際買家聯繫起來。我們將繼續看到未來該領域穩定的成長機會。

With that, I will turn the call to Michael.

說完這些，我就把電話轉給麥可。

Thanks, Paul. Hello, everyone, and welcome to our second-quarter 2025 earnings call. Before I started to review our financials, please note that unless otherwise stated, all numbers are in RMB terms.

謝謝，保羅。大家好，歡迎參加我們的 2025 年第二季財報電話會議。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。

Total revenues in the second quarter of 2025 were RMB1 billion. Revenue from Bitcoin mining business in the second quarter 2025 was RMB989.4 million with a total of 1,404.4 Bitcoins mined in the second quarter of 2025.

2025年第二季總收入為人民幣10億元。2025年第二季比特幣挖礦業務收入為9.894億元人民幣，2025年第二季共挖出比特幣1,404.4枚。

The average cost from mined Bitcoins, excluding depreciation of mining machines, was USD83,091 per coin with all-in costs at USD98,636 per coin during the quarter. Revenue from automobile trading income was RMB12.4 million in the second quarter of 2025.

本季度，開採比特幣的平均成本（不包括採礦機的折舊）為每枚比特幣 83,091 美元，總成本為每枚比特幣 98,636 美元。2025年第二季汽車貿易收入為人民幣1,240萬元。

Now let's move on to our cost and expenses during the quarter. Cost of revenue, exclusive of depreciation and amortization in the second quarter of 2025, was RMB836.9 million. Depreciation and amortization in the second quarter of 2025 was RMB156.4 million. General and administrative expenses in the second quarter was RMB21.7 million.

現在讓我們來討論本季的成本和費用。2025年第二季不包括折舊和攤提的營業成本為人民幣8.369億元。2025年第二季折舊及攤銷為人民幣1.564億元。第二季一般及行政開支為人民幣2,170萬元。

Due to one-off loss from discontinued operations and noncash impairment loss, we recorded an operating loss of RMB1.3 billion and a net loss of RMB2.1 billion in the second quarter of 2025, respectively. Excluding the impairment loss and one-off loss from discontinued operations, we recorded adjusted EBITDA of RMB710.1 million in the second quarter 2025 compared with RMB5.4 million in the same period of last year.

由於一次性終止營運損失及非現金減損損失，我們在2025年第二季分別錄得經營虧損人民幣13億元及淨虧損人民幣21億元。剔除減損損失及終止經營業務的一次性損失，我們2025年第二季的調整後EBITDA為人民幣7.101億元，而去年同期為人民幣540萬元。

Moving on to our balance sheet. As of June 30, 2025, we had cash and cash equivalents of RMB843.8 million. Starting from -- starting with our second-quarter 2025 results, we intend to change the reporting currency of our consolidated financial statement from RMB to US dollars, reflecting the profile of our revenue and profit after divestiture of our China asset in May 2025. The change is expected to be effective from the company's results for the third quarter of 2025, which will be reported in US dollars.

繼續我們的資產負債表。截至2025年6月30日，我們的現金及現金等價物為人民幣8.438億元。從 2025 年第二季業績開始，我們打算將合併財務報表的報告貨幣從人民幣更改為美元，以反映我們在 2025 年 5 月剝離中國資產後的收入和利潤狀況。預計該變更將從公司 2025 年第三季業績開始生效，並以美元報告。

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

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。

Thank you, management team. This is Emerson from Goldman Sachs. I have two questions. Number one, could you outline your roadmap for computing power over the next 12 months as well as the capital expenditure plans? For example, whether you will continue to acquire mining sites or order new miners.

謝謝管理團隊。我是高盛的艾默生。我有兩個問題。第一，您能否概述一下未來12個月的運算能力路線圖以及資本支出計畫？例如，您是否會繼續收購採礦場或訂購新的礦機。

Number two, we understand the previous announcements mentioned your strategic direction of green energy plus storage. Could you update us when is the new progress expected? Thank you.

第二，我們了解到先前的公告提到了你們的綠色能源加儲能戰略方向。能告訴我們預計何時會有新的進展嗎？謝謝。

Thank you, Emerson, for attending the conference call. I will take the first question, and our CEO, Paul will take the second one.

感謝艾默生參加電話會議。我來回答第一個問題，我們的執行長保羅來回答第二個問題。

For the first question, for computing power, our goal for the second half of the year is to fully unlock the value of the current 50 exahash computing power. This will be achieved by improving operational efficiency, upgrading machines, and selectively acquisition of mining site with low electricity costs.

第一個問題，對於算力來說，我們下半年的目標是完全釋放現在50exahash算力的價值。這將透過提高營運效率、升級機器以及選擇性地收購電力成本低的採礦場來實現。

One example of such a site is our newly acquired mining facility in the state of Georgia. Of course, if suitable opportunities come up, we will be open to expanding computing power through M&A as well.

我們在喬治亞州新收購的採礦設施就是此類場所的一個例子。當然，如果有合適的機會，我們也願意透過併購來擴大運算能力。

As for capital allocation, we will continue to maintain strict capital expenditure discipline. We are also evaluating opportunity in areas, including computing power expansion, green energy storage, AI HPC center, and more for long-term growth. For the second half of the year, in particular, the focus will be on selective mining site acquisition. Specifically, we are looking at sites that significantly reduce electricity costs, enhance energy, security, and support the stability of our overall operations.

至於資本配置，我們將繼續維持嚴格的資本支出紀律。我們也正在評估運算能力擴展、綠色能源儲存、AI HPC 中心等領域的機會，以實現長期成長。特別是下半年，重點將放在選擇性採礦場域收購。具體來說，我們正在尋找能夠大幅降低電力成本、增強能源、提高安全性並支援我們整體營運穩定性的站點。

More importantly, by operating this infrastructure, we will get critical hands-on management expertise. We believe this will provide a solid foundation and a strategic flexibility for future business expansion into energy plus HPC sector. Thank you.

更重要的是，透過營運該基礎設施，我們將獲得關鍵的實踐管理專業知識。我們相信這將為未來業務擴展到能源和 HPC 領域提供堅​​實的基礎和策略靈活性。謝謝。

Regarding the green energy plus storage, it is one of our most important strategic objectives. We are advancing through two parallel paths. First, we are actively seeking M&A targets globally for rapid deployment. And second, we will develop critical hands-on management experience by investing in pilot projects that are developed with experienced partners. Thank you.

關於綠色能源加儲能，這是我們最重要的策略目標之一。我們正在沿著兩條平行的道路前進。一是積極在全球尋找併購目標，實現快速部署。其次，我們將透過投資與經驗豐富的合作夥伴共同開發的試點計畫來累積重要的實際管理經驗。謝謝。

Pingyue Wu, Citic Securities.

吳平月，中信證券。

Thank you for taking my question. This is Pingyue from Citic. And I have also two questions. The first is the company previously mentioned to follow a light asset model, and we also acquired mining sites. So does it mean that the company is gradually shifting towards an integrated operation?

感謝您回答我的問題。我是中信的平月。我還有兩個問題。第一個就是前面提到公司要走輕資產模式，我們也收購了礦場。那麼這是否意味著公司正在逐步走向綜合化營運？

And my second question is, is there a plan to acquire more low electricity cost mining sites in the next phases? And are low-cost regions, such as Latin America and Middle East prioritized? And what are the screening criteria? Thank you.

我的第二個問題是，下一階段是否有計劃收購更多低電力成本的採礦場？拉丁美洲和中東等低成本地區是否優先？篩選標準是什麼？謝謝。

Thank you for your question. Acquiring those mining sites isn't solely about reducing costs. Beyond cost reduction, there are three strategic benefits. First, stable energy supply supporting our existing large-scale computing power requires reliable and consistent energy sources. Second, infrastructure and operational expertise. We gained critical operational experience that lays a solid foundation for upgrading our capacities.

感謝您的提問。收購這些採礦場的目的不僅是為了降低成本。除了降低成本之外，還有三個戰略優勢。首先，支撐我們現有的大規模運算能力的穩定能源供應需要可靠、一致的能源。第二，基礎設施和營運專業知識。我們獲得了重要的營運經驗，為提升我們的能力奠定了堅實的基礎。

Third, creating a foundation for strategic transformation. By securing low-cost power and scalable sites, we are building the infrastructure needed for future transformation into AI data centers.

第三是打造策略轉型基礎。透過確保低成本電力和可擴展站點，我們正在建立未來轉型為人工智慧資料中心所需的基礎設施。

With these benefits in mind, our criteria for selecting mining sites also fall under three pillars: low-cost electricity to maintain business competitiveness, sufficient capacity and power redundancy to support future upgrading, and stronger regional grid stability to handle high load demand after transformation.

考慮到這些好處，我們選擇採礦地點的標準也分為三大支柱：低成本電力以保持業務競爭力，足夠的容量和電力冗餘以支持未來的升級，以及更強的區域電網穩定性以應對轉型後的高負載需求。

Our asset-light strategy avoids the risk of CapEx, heavy mining models. And by managing energy sources and billable sites, we achieved duo strategic positioning for both current business support and future AI transformation. In our view, selectively acquiring mining sites doesn't change our capacity -- capital-light strategy in mining business. Instead, it enhances our operational efficiency and gradually creates a pathway towards green energy and AI computing centers.

我們的輕資產策略避免了資本支出、重採礦模式的風險。並透過管理能源和計費站點，實現了對當前業務支援和未來AI轉型的雙重策略定位。我們認為，選擇性收購礦場並不會改變我們的產能—採礦業務的輕資本策略。相反，它提高了我們的營運效率，並逐步開闢了通往綠色能源和人工智慧運算中心的道路。

Regarding the plan to acquiring more mining facilities, in general, we will continue to monitor M&A opportunities for energy projects in line with the company's strategic transformation needs. In mining set selection, we conduct an in-depth evaluations based on actual operational performance, detailed cost benefit calculations, and potential strategic synergies.

關於收購更多採礦設施的計劃，總體而言，我們將繼續監控符合公司策略轉型需求的能源專案的併購機會。在採礦套件選擇中，我們根據實際營運績效、詳細的成本效益計算和潛在的策略協同效應進行深入評估。

Regionally, the US is our current priority. Most of our miners and hosting sites are already located there, and we want to strengthen our local operations and marketing position. The Middle East, a region with attractive energy prices and policy stability, is also within our scope of consideration.

從地區角度來看，美國是我們目前的重點。我們的大多數礦工和託管站點已經位於那裡，我們希望加強我們的本地營運和行銷地位。中東地區能源價格具有吸引力，政策也較穩定，也在我們的考慮範圍內。

For specific targets, we will focus on factors such as local climate, energy prices, and policy stability. We tend to prioritize acquiring sites where we already have long-term stable collaborative relationships, good operating conditions, and sustained low power cost advantages. Thank you.

對於具體目標，我們將關注當地氣候、能源價格、政策穩定性等因素。我們傾向於優先收購那些我們已經擁有長期穩定合作關係、良好營運條件和持續低功耗成本優勢的站點。謝謝。

(Operator Instructions) [Joey Chee, Guading Securities].

（操作員指示）[Joey Chee，Guading Securities]。

Thanks, Benjamin, for taking my question. This is Joey from Guading Securities. And I have two questions as well. The first one is that we have noticed the leading mining companies like Mara, CleanSpark, et cetera, have reached 50 EH. How will Cango maintain its computing power market share? Are you facing miner supply shortage or energy efficiency bottleneck?

謝謝本傑明回答我的問題。我是 Guading Securities 的 Joey。我也有兩個問題。首先，我們注意到領先的挖礦公司如 Mara、CleanSpark 等已經達到了 50 EH。Cango將如何保持其算力市場佔有率？您是否面臨礦機供應短缺或能源效率瓶頸？

And the second one is that when promoting related infrastructure investment in the US, do you face restrictive policy risks? Thanks.

第二個問題是，你們在美國推動相關基礎建設投資時，是否面臨限制性政策風險？謝謝。

Thank you for your question. I will take the first one. As one of the largest miners with the current scale of 50 exahash per second, maintaining competitiveness isn't just about increasing the total volume of the computation of power. The critical factor, I think, is deep optimization of computing power efficiency. We have established a unique asset-light model, which focuses on strategic acquisition of secondhand on-rack miners to achieve rapid, low-cost, mining capacity expansion.

感謝您的提問。我會選擇第一個。作為目前規模達到每秒50 exahash的最大礦工之一，保持競爭力不僅僅在於增加算力總量。我覺得關鍵還是算力效率的深度優化。我們建立了獨特的輕資產模式，專注於策略性收購二手在架礦機，實現快速、低成本的挖礦能力擴張。

This strategy will continue to be a core advantage. Meanwhile, we will not cling to inefficient capacity. We closely monitor miner performance and economic metrics. We dynamically phase out inefficient capacity and upgrade to more energy-efficient miners.

這一戰略將繼續成為核心優勢。同時，我們不會固守低效率的產能。我們密切監控礦工的表現和經濟指標。我們動態地逐步淘汰低效率的容量併升級到更節能的礦機。

Miner supply shortage will not be a bottleneck. I think we've got the expertise and the relationships to acquire cost-effective power to grow our -- to cover our -- to drive our growth. Furthermore, we remain open to computing power M&A opportunities that align with our strategies. Thank you.

礦機供應短缺不會成為瓶頸。我認為我們擁有專業知識和關係，可以獲得具有成本效益的電力來發展我們的業務——覆蓋我們的業務——推動我們的成長。此外，我們對符合我們策略的運算能力併購機會持開放態度。謝謝。

Regarding US infrastructure investment, we continuously monitor changes in the policy environment. We have developed local -- we have deployed local compliance team and legal advisers to evaluate potential restrictive policies and mitigate related risks. Currently, most computing power-friendly states in the US have no restrictive policies on power access or land use for data centers.

關於美國基礎設施投資，我們持續監測政策環境的變化。我們已經發展了本地合規團隊和法律顧問，以評估潛在的限制性政策並降低相關風險。目前，美國大多數算力友善州對資料中心的電力存取、土地使用等均沒有限制性政策。

In fact, they have introduced computing power infrastructure investment services. Only a few states have strict approval process requirements for converting critical computing power to general purpose computing power. We have established regular communications with local energy regulators to ensure compliance and efficiency during project implementation. Thank you.

事實上，他們已經推出了運算能力基礎設施投資服務。只有少數幾個州對將關鍵運算能力轉換為通用運算能力有嚴格的審批流程要求。我們與當地能源監管機構建立了定期溝通，以確保計畫實施過程中的合規性和效率。謝謝。

William Gregozeski, Greenridge Global.

威廉‧格雷戈澤斯基 (William Gregozeski)，Greenridge Global。

Thanks and congratulations on all the progress you guys have made over the last 10 months on this change. I also have two questions.

感謝並祝賀你們在過去 10 個月中在這項變革上取得的所有進展。我也有兩個問題。

The cost per BTC has increased, and you mentioned you have the new mining equipment, the Georgia acquisition and then you're making optimizations. Is there a number we should be looking at for what you think the cost is going to be as you exit the year on that with your current exahash portfolio?

每個 BTC 的成本已經增加，您提到您擁有新的採礦設備、收購了喬治亞州，然後正在進行優化。您是否認為，當您以目前的 exahash 投資組合結束今年時，我們應該關注的成本是多少？

And then second question is, given how undervalued the stock is, do you plan to do any repurchases or just prioritize the cash for operational expansion?

第二個問題是，考慮到股票被低估的程度，您是否計劃進行任何回購或只是優先將現金用於營運擴張？

Thank you, William. I think I will take most of your questions. For the first one, as we just disclosed in our second-quarter results, our cash cost per BTC was approximately $83,000 with an all-in cost of around $8,000. The deployment of our new equipment in July bringing our operational hash rate to 50 exahash is a key step towards improving both metrics. The increased scale and efficiency of these new fleets are expected to increase our absolute Bitcoin production and improve our cost profile on a per coin basis.

謝謝你，威廉。我想我會回答你們大部分的問題。對於第一個，正如我們在第二季度業績中披露的那樣，我們每 BTC 的現金成本約為 83,000 美元，總成本約為 8,000 美元。我們在 7 月部署了新設備，將我們的運行哈希率提高到了 50 exahash，這是改善這兩個指標的關鍵一步。這些新船隊的規模和效率的提高預計將增加我們的絕對比特幣產量並改善我們每枚比特幣的成本狀況。

However, we are also seeing continuous upward pressure on mining costs across the sector, driven primarily by the rapid increase in global network hash rate. Therefore, while our new risks will gain us further economy of scale, we anticipate these industry-wide headwinds will also be reflecting our cost structure during the third quarter.

然而，我們也看到整個產業的採礦成本持續面臨上升壓力，這主要是由於全球網路哈希率的快速成長。因此，雖然新的風險將為我們帶來進一步的規模經濟，但我們預計這些全行業的不利因素也將在第三季反映出我們的成本結構。

And as for your second question, we absolutely agree that our current stock price doesn't reflect the instant value of our business. We firmly believe that the most sustainable way to achieve a fair value is through the continued development of our core business and enhancement of our profitability.

至於您的第二個問題，我們完全同意我們目前的股價並不能反映我們業務的即時價值。我們堅信，實現公允價值的最永續的方式是透過持續發展我們的核心業務和提高獲利能力。

Therefore, our primary focus is to strategically deploy our cash and liquidity to fund high-return operational expansion and our business transformation. This includes investing in new high-value areas such as AIDC, which we believe will drive future growth and profitability. Simultaneously, we are deeply committed to delivering returns to our investors.

因此，我們的主要重點是策略性地部署我們的現金和流動性，以資助高回報的營運擴張和業務轉型。這包括投資 AIDC 等新的高價值領域，我們相信這些領域將推動未來的成長和獲利能力。同時，我們堅定致力於為投資者帶來回報。

We will continue to take a balanced approach, carefully evaluating our business development needs with alongside capital market conditions to manage our liquidity prudently. This means we will consider all tools at our disposal, including our ongoing share repurchase program to ensure we are creating long-term value for our shareholders. Thank you.

我們將繼續採取平衡的方式，仔細評估我們的業務發展需求以及資本市場狀況，以謹慎管理我們的流動性。這意味著我們將考慮所有可用的工具，包括我們正在進行的股票回購計劃，以確保我們為股東創造長期價值。謝謝。

Kevin Dede, HC Wainwright.

凱文·德德，HC 溫賴特。

Thank you. Good afternoon. I appreciate you taking my questions. Paul and Michael, you've addressed this question a number of times, but it's still a little unclear to me. The August hash rate was almost 44 exahash of the 50 that you have deployed. I don't understand how improvements and optimization will get you that next 6 exahash. Could you maybe explain that? And how should we look at that going forward?

謝謝。午安.感謝您回答我的問題。保羅和邁克爾，你們已經多次回答過這個問題，但我還是有點不清楚。八月份的哈希率幾乎是您部署的 50 exahash 中的 44 exahash。我不明白改進和優化將如何讓你獲得接下來的 6 exahash。你能解釋一下嗎？我們該如何看待這項未來？

Thank you, Kevin, for your questions. I think first, we'd like to highlight that 43 -- I mean, near 44 exahash disclosed in our August production report represent our effective operational hash rate, although it's reached like 87%, I mean, effective rate but it still has a difference on the gap compared to -- I mean, the top miner, which is above 90%.

謝謝凱文的提問。我認為首先，我們想強調的是，我們 8 月份生產報告中披露的 43 — — 我的意思是接近 44 exahash 代表了我們的有效運行哈希率，雖然它已經達到了 87% 左右，我的意思是有效率，但與頂級礦工相比仍然存在差距，頂級礦工的哈希率在 90% 以上。

So we think -- we expect -- we still have space to improve our efficiency. I think that's the -- our main -- our major ways to improve our efficiency is to maybe to upgrade our inefficient miners and also to develop our, I mean, operational team, I think maybe we can further improve the efficiency, I mean, of the miners.

因此我們認為——我們預期——我們仍有提高效率的空間。我認為這是我們提高效率的主要方法，也許是升級我們效率低下的礦工，同時也發展我們的營運團隊，我認為也許我們可以進一步提高礦工的效率。

Paul, do you have anything to add?

保羅，你還有什麼要補充的嗎？

Yeah. I think it takes time to implement our rigs on track after acquiring all the mining machines. And also, there are a lot of curtailment in the US during the summertime. I think we will improve our operational efficiency in the future. Thank you.

是的。我認為在獲得所有採礦機後，需要時間來讓我們的礦機步入正軌。此外，美國在夏季還會出現大量限電現象。我想我們將來會提高我們的營運效率。謝謝。

Thank you, Paul. I had suspected that curtailment was certainly a factor. Okay. Just from a high level, what do you think is the most important aspect of Cango's June report? What would you really like to have resonate for investors?

謝謝你，保羅。我曾懷疑削減肯定是一個因素。好的。僅從高層次來看，您認為燦谷六月報告中最重要的方面是什麼？您真正希望投資者產生什麼共鳴？

This quarter was truly a milestone for us. First, we completed the divestiture of our China operations and the acquisition of 18 exahash in assets. We have finalized the change in ownership and established a new management structure and team. We are now fully prepared and ready to move forward.

這個季度對我們來說確實是一個里程碑。首先，我們完成了中國業務的剝離和1800億美元資產的收購。我們已經完成了所有權變更，並建立了新的管理結構和團隊。我們現在已經做好充分準備並準備繼續前進。

For a business perspective, having 50 exahash means we have officially entered the first tier of industry players. At the same time, our Bitcoin holdings continue to grow, now exceeding 5,000 BTC, and this has future solidified our mine and hold strategy.

從商業角度來看，擁有 50 exahash 意味著我們正式進入業界第一梯隊。同時，我們的比特幣持有量持續成長，目前已超過 5,000 BTC，這鞏固了我們未來的挖礦和持有策略。

On the financial side, it's especially worth highlighting that while maintaining scale with validating the effectiveness of our business model drove solid financials. We also see continued opportunities for cost optimization, which will remain a focus in our next phase.

在財務方面，特別值得強調的是，在保持規模的同時，驗證我們商業模式的有效性推動了穩健的財務狀況。我們也看到了持續的成本優化機會，這仍將是我們的下一階段的重點。

Perfect, Paul. Thank you very much. It was a very comprehensive review, and I appreciate you discussing it with me. Congratulations on all the progress you've made.

太好了，保羅。非常感謝。這是一次非常全面的評論，感謝您與我討論。恭喜你所取得的所有進步。

Thank you.

謝謝。

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

謝謝。問答環節到此結束。再次感謝您今天參加 Cango 2025 年第二季財報電話會議。祝你有美好的一天。