Cango Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: RMB 416.4 million, above previous guidance.
  • Car Trading Transactions Revenue: RMB 347.2 million (approximately 83% of total revenue).
  • Car Trading Volume: 12,639 vehicles sold in the first nine months of 2022; 60% were new energy vehicles (NEVs).
  • Platform Growth: Cango Haoche app recorded over 300,000 pageviews and 27,000 unique visitors by September 30, 2022. The app hosts 9,350 dealers in 305 cities.
  • Used Car Business: Cango U-Car WeChat mini program launched, with 15,000 unique visitors and over 3,000 registered dealers.
  • Product Expansion: Launched standardized services such as deposit guarantees, maintenance, lead generation, etc.
  • Aftermarket and Financing Services: Integrated into Haoche app; financing segment scaled back due to macroeconomic risks.
  • Total Operating Costs: RMB 608.8 million, down from RMB 839.6 million in Q3 2021.
  • Net Loss: RMB 130.3 million (compared with RMB 39 million operating loss in Q3 2021); Non-GAAP net loss RMB 110 million.
  • Diluted Net Loss per ADS: RMB 0.96; Non-GAAP adjusted loss per ADS RMB 0.81.

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Operator: Good morning and good evening, everyone. Welcome to the Cango, Inc.'s Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. 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. Yong Yi 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'm now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please go ahead, sir. Jiayuan Lin: [Foreign Language] Hello everyone and welcome to Cango's third quarter 2022 earnings call. [Foreign Language] In the third quarter market conditions in China's automotive industry remain challenging due to COVID-19 resurgences across the country and the complex external operating environment. However, the change in consumption behavior brought on by the pandemic with consumers shifting to online shopping, it's reshaping the transaction model of the whole automotive industry. Beyond that [indiscernible] policies released in the last two quarters, that if it imposed new and used car sales have not only boosted confidence among industry participants, but also improved the order of the industry, laying a solid foundation for the sustai

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