Cango Inc. Reports Strong Financial Performance in Q1 2024

Cango Inc., a well-known automotive transaction service platform based in China, recently unveiled its unaudited financial results for the first quarter of 2024. The company's CEO, Mr. Jiayuan Lin, emphasized the challenges faced by the Chinese automotive industry and the importance of adapting to market pressures.

In response to these challenges, Cango implemented strategic measures such as downsizing its self-operated new car business, optimizing inventory management, and integrating 'Cango U-car' to enhance its competitive position. Additionally, the company made significant strides in cross-border used car transactions, catering to global users interested in the Chinese used car market.

Looking ahead, Cango is committed to exploring new business models and growth opportunities to ensure sustainable development through innovation and effective management.

The company's CFO, Mr. Yongyi Zhang, reported a profitable first quarter in 2024, attributing it to strategic inventory adjustments and operational efficiency enhancements. Cango achieved positive operating cash flow for the third consecutive quarter, bolstering its cash reserves for future growth.

During the first quarter of 2024, Cango recorded total revenues of RMB64.4 million (US$8.9 million), with operating income reaching RMB74.2 million (US$10.3 million). Net income for the quarter stood at RMB90.0 million (US$12.5 million), while non-GAAP adjusted net income, excluding share-based compensation expenses, was RMB95.7 million (US$13.3 million).

Looking forward to the second quarter of 2024, Cango anticipates total revenues ranging between RMB35 million and RMB45 million. The company also announced a share repurchase program and scheduled a conference call to discuss the financial results.

Cango Inc., a leading automotive transaction service platform in China, continues to focus on simplifying car purchases and financing through technological innovation and a robust supply chain ecosystem. For more information, interested readers can visit the company's website.