Cango (CANG) Q3 2024 Earnings Call Transcript

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Thu, April 9, 2026 astatine 8:56 AM CDT 13 min read

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Monday, November 4, 2024 astatine 8 p.m. ET

• Chief Executive Officer — Jiayuan Lin

• Financial Director — Ruiyan

Jiayuan Lin: [Foreign Language]. Hello, everyone, and invited to Cango's 3rd 4th 2024 net call. [Foreign Language]. In the 3rd 4th of 2024, Cango's wide concern show remained stable, highlighted by full gross of RMB26.95 million, and operating nett of RMB35.24 cardinal and a nett net of RMB67.88 million. These coagulated results were chiefly driven by our implementation of stricter outgo power and hazard absorption strategies, which importantly improved operational efficiency. [Foreign Language]. For postal management, we reinforced monitory mechanisms and hazard assessments efficaciously maintaining a debased nonperforming indebtedness ratio and ensuring plus prime and stability. As of September 30, our full outstanding indebtedness equilibrium was astir RMB4.8 cardinal with M1+ astatine 3.17% and M3+ astatine 1.76%.

We besides reduced our recognition hazard vulnerability not afloat covered by atrocious indebtedness allowance for hazard assurance liabilities to RMB1.7 billion, the company's full cash, currency equivalents and short-term investments amounted to astir RMB3.8 billion, an summation of RMB89.27 cardinal compared to the extremity of the erstwhile quarter. [Foreign Language]. In presumption of concern development, we prioritize driving maturation arsenic the Cango U-Car app and our overseas utilized car operations. By the extremity of the 3rd quarter, the Cango U-car app had accumulated a full of 280,000 leafage views, an summation of 21% from past quarter.

We strengthened Cango's competitory advantages successful conveyance inventory during the 4th by establishing strategical partnerships with galore utilized car marketplaces enabling real-time updates of conveyance listings and ensuring a divers and abundant proviso of vehicles for Cango U-Car app. [Foreign Language]. Meanwhile, we introduced a accelerated conveyance inspection and listing work successful adjacent collaboration with nonrecreational third-party inspection teams we behaviour thorough inheritance checks and broad conveyance information assessments for each conveyance and supply buyers with elaborate conveyance past reports and inspection data, enhancing transparency successful transactions. Additionally, our nationwide logistics web offers buyers a assortment of transportation and transport options to amended conscionable divers lawsuit needs. [Foreign Language].

Our assemblage operations squad fosters idiosyncratic engagement done a scope of online and offline activities, including exclusive online auctions, on-site visits and members lone discounts. We besides continuously cod and analyse idiosyncratic feedback to refine our work processes, ensuring we consistently amended lawsuit satisfaction. [Foreign Language]. On our utilized car service, wherever we proceed to marque important advancement this quarter. Our planetary utilized car platform, AutoCango.com, has accumulated implicit 370,000 leafage views and astir 60,000 registered users since its motorboat successful March 2024. The level present offers much than 100,000 utilized car SKUs covering implicit 65,000 antithetic models. [Foreign Language].