Q2 2024 Cango Inc Earnings Call Transcript
Key Points
- Cango Inc (CANG) has implemented strict cost control and risk management strategies, reinforcing financial stability.
- The company has decreased its credit risk exposure to a low level.
- Cango U-car app has accumulated over 130,000 page views and facilitated the transaction of 266 vehicles.
- Strategic partnerships with major used car markets have expanded supply channels and diversified vehicle offerings.
- The international used car platform, AutoCango.com, has gained traction with over 180,000 visits and more than 20,000 registered users across 207 countries.
- The automotive market remains sluggish, presenting significant challenges for the industry.
- Total revenue in the second quarter of 2024 was significantly lower at RMB45.1 million compared to RMB675.4 million in the same period of 2023.
- The company has decreased its revenue guidance for the third quarter of 2024 to between RMB20 million and RMB25 million.
- Cross-border transactions come with high logistics costs, including transportation, insurance, and warehousing expenses.
- Used car transactions involve a relatively long transaction cycle, posing challenges for cross-border used vehicle transactions.
Good morning and good evening, everyone. Welcome to Cango Inc's second quarter 2024 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 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.
Hello everyone and welcome to Cango's second quarter 2024 earnings call. In the second quarter of 2024, the automotive market remains sluggish, presenting significant challenges for the industry.
According to the China Association of Automobile Manufacturers, vehicle
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