Cango Inc. Q2 FY2023 Earnings Call

Operator: Good morning, and good evening, everyone. Welcome to Cango, Inc.'s Second Quarter 2023 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. Yongyi Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conclude -- we will conduct a question-and-answer session. 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. With that said, I would now like to turn the call over to Mr. Jiayuan Lin, CEO of Cango. Please proceed, sir. Jiayuan Lin: [Foreign Language] Unidentified Company Representative: Hi, everyone, and welcome to Cango's Second Quarter 2023 Earnings Call. Jiayuan Lin: [Foreign Language] Unidentified Company Representative: 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. Jiayuan Lin: [Foreign Language] Unidentified Company Representative: In response to the market trends, our focus throughout Q2 of 2023 has been to enhance our service capabilities across our platform. This was achiev