Q3 2024 Cango Inc Earnings Call Transcript
Key Points
- Cango Inc (CANG) reported a stable overall business performance with a total revenue of RMB26.95 million, an operating profit of RMB35.24 million, and a net profit of RMB67.88 million for the third quarter of 2024.
- The company successfully implemented stricter cost control and risk management strategies, significantly improving operational efficiency.
- Cango Inc (CANG) maintained a low non-performing loan ratio through reinforced monitoring mechanisms and risk assessments, ensuring asset quality and stability.
- The Cango U-Car App saw a 21% increase in page views from the previous quarter, indicating growth in user engagement and interest.
- Cango Inc (CANG) made significant progress in its international used car platform, Auto Kle.com, which accumulated over 370,000 page views and nearly 60,000 registered users since its launch in March 2024.
- Total revenues in the third quarter of 2024 were RMB27.0 million, a significant decrease compared to RMB353.6 million in the same period of 2023.
- The company's cash and cash equivalents decreased to RMB691.8 million as of September 30, 2024, from RMB949.5 million as of June 30, 2024.
- Cango Inc (CANG) predicts a further decline in total revenues for the fourth quarter of 2024, estimating between RMB15 million and RMB17.5 million.
- General and administrative expenses increased to RMB45.2 million in the third quarter of 2024, compared with RMB34.7 million in the same period of 2023.
- The company faces challenges in integrating with overseas markets and optimizing Auto Cango's features and services to enhance user experience and expand market reach.
Good morning and good evening, everyone. Welcome to Cango Inc third quarter, 2024 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 Miss Reenan Financial Director of Tango.
Following management's prepared remarks, we will conduct a Q&A session before I 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 am now turning the call to Mr Gia Yunlin CEO of KO. Please go ahead.
Hello everyone and welcome to Cango's third quarter, 2024 earnings call.
TJ.
In the third quarter of 2024. Kano's overall business performance remains stable highlighted by total revenue of RMB26.95 million. An operating profit of RMB35.24 million and a net profit of RMB67.88
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