Cango Inc 6-K, filed Mar 6, 2025

Cango Inc. (CANG)

6-K 2025-03-06 For: 2025-03-06

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Added on April 11, 2026

About this 6-K

Cango Inc filed this 6-K on March 6, 2025.

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	CANGO INC.

	By:	/s/ Yongyi Zhang
	Name:	Yongyi Zhang
	Title:	Chief Financial Officer

International:	+1-412-902-4272
United States Toll Free:	+1-888-346-8982
Mainland China Toll Free:	4001-201-203
Hong Kong, China Toll Free:	800-905-945
Conference ID:	Cango Inc.

International:	+1-412-317-0088
United States Toll Free:	+1-877-344-7529
Access Code:	6316125

	As of December 31, 2023			As of December 31, 2024
	RMB			RMB			US$
ASSETS:
Current assets:
Cash and cash equivalents		1,020,604,191			1,289,629,981			176,678,583
Restricted cash - current - bank deposits held for short-term investments		1,670,006,785			-			-
Restricted cash - current - others		14,334,937			10,813,746			1,481,477
Short-term investments		635,070,394			1,231,171,751			168,669,838
Accounts receivable, net		64,791,709			22,991,951			3,149,884
Finance lease receivables - current, net		200,459,435			20,685,475			2,833,898
Financing receivables, net		29,522,035			5,685,096			778,855
Short-term contract asset		170,623,200			33,719,944			4,619,613
Prepayments and other current assets		78,606,808			226,352,004			31,010,097
Receivable for bitcoin collateral		-			617,057,765			84,536,567
Total current assets		3,884,019,494			3,458,107,713			473,758,812

Non-current assets:
Restricted cash - non-current		583,380,417			287,425,602			39,377,146
Mining machines		-			1,772,319,041			242,806,713
Property and equipment, net		8,239,037			6,634,509			908,924
Intangible assets		48,373,192			47,425,617			6,497,283
Long-term contract asset		36,310,769			17,551,040			2,404,483
Finance lease receivables - non-current, net		36,426,617			9,309,227			1,275,359
Operating lease right-of-use assets		47,154,944			40,788,977			5,588,067
Other non-current assets		4,705,544			329,761,833			45,177,186
Total non-current assets		764,590,520			2,511,215,846			344,035,161
TOTAL ASSETS		4,648,610,014			5,969,323,559			817,793,973

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debts		39,071,500			124,584,293			17,067,978
Long-term debts—current		926,237			-			-
Short-term lease liabilities		7,603,380			7,912,420			1,083,997
Accrued expenses and other current liabilities		206,877,626			1,348,300,779			184,716,449
Deferred guarantee income		86,218,888			11,787,712			1,614,910
Contingent risk assurance liabilities		125,140,991			31,190,425			4,273,071
Income tax payable		311,904,279			311,130,341			42,624,682
Total current liabilities		777,742,901			1,834,905,970			251,381,087

Non-current liabilities:
Long-term debts		712,023			-			-
Deferred tax liability		10,724,133			10,724,133			1,469,200
Long-term operating lease liabilities		42,228,435			37,044,466			5,075,071
Other non-current liabilities		226,035			19,118			2,619
Total non-current liabilities		53,890,626			47,787,717			6,546,890
Total liabilities		831,633,527			1,882,693,687			257,927,977

Shareholders’ equity
Ordinary shares		204,260			199,087			27,274
Treasury shares		(773,130,748	)		(756,517,941	)		(103,642,533	)
Additional paid-in capital		4,813,679,585			4,725,877,432			647,442,554
Accumulated other comprehensive income		111,849,166			152,882,024			20,944,751
Accumulated deficit		(335,625,776	)		(35,810,730	)		(4,906,050	)
Total Cango Inc.’s equity		3,816,976,487			4,086,629,872			559,865,996
Total shareholders' equity		3,816,976,487			4,086,629,872			559,865,996
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		4,648,610,014			5,969,323,559			817,793,973

	For the three months ended									For the years ended
	December 31, 2023			December 31, 2024						December 31, 2023			December 31, 2024
	RMB			RMB			US$			RMB			RMB			US$

Revenues		130,237,183			668,032,884			91,520,130			1,701,918,741			804,488,547			110,214,479
Revenue from bitcoin mining		-			652,986,472			89,458,780			-			652,986,472			89,458,780
Loan facilitation income and other related income		(7,656,161	)		(534,163	)		(73,180	)		19,962,063			15,776,386			2,161,356
Guarantee income		42,110,239			8,849,830			1,212,422			212,121,156			74,431,177			10,197,029
Leasing income		7,272,645			1,196,019			163,854			57,430,571			11,534,923			1,580,278
After-market services income		24,023,492			5,116,611			700,973			65,388,466			41,227,512			5,648,146
Automobile trading income		53,203,912			168,774			23,122			1,309,633,693			6,285,166			861,064
Others		11,283,056			249,341			34,159			37,382,792			2,246,911			307,826
Operating cost and expenses:
Cost of revenue		110,877,885			550,534,892			75,422,971			1,511,863,115			629,379,550			86,224,645
Sales and marketing		4,375,457			2,189,957			300,023			38,921,589			13,099,320			1,794,599
General and administrative		45,646,503			127,873,306			17,518,571			156,966,463			250,164,109			34,272,342
Research and development		7,272,969			1,274,152			174,558			30,114,175			5,467,033			748,980
Net loss (gain) on contingent risk assurance liabilities		22,156,496			4,584,862			628,124			25,631,610			(27,801,042	)		(3,808,727	)
Net recovery on provision for credit losses		(31,224,666	)		(66,105,573	)		(9,056,426	)		(136,485,155	)		(269,865,102	)		(36,971,367	)
Impairment loss from goodwill		-			-			-			148,657,971			-			-
Loss from change in fair value of receivable for bitcoin collateral		-			25,150,893			3,445,658			-			25,150,893			3,445,658
Total operation cost and expenses		159,104,644			645,502,489			88,433,479			1,775,669,768			625,594,761			85,706,130

(Loss) income from operations		(28,867,461	)		22,530,395			3,086,651			(73,751,027	)		178,893,786			24,508,349
Interest income, net		20,183,627			30,316,565			4,153,352			79,164,929			106,317,885			14,565,491
Net gain on equity securities		8,653,285			1,570,825			215,202			24,093,019			8,788,576			1,204,030
Interest expense		-			(659,217	)		(90,312	)		(4,099,783	)		(659,217	)		(90,312	)
Foreign exchange (loss) gain, net		(1,247,296	)		2,571,854			352,343			1,099,229			1,650,777			226,156
Other income		1,297,133			(209,124	)		(28,650	)		30,701,851			8,261,705			1,131,849
Other expenses		(1,256,297	)		(65,035	)		(8,910	)		(1,624,789	)		(2,116,893	)		(290,013	)
Net (loss) income before income taxes		(1,237,009	)		56,056,263			7,679,676			55,583,429			301,136,619			41,255,550
Income tax expenses		(102,541,409	)		(169,965	)		(23,285	)		(93,456,703	)		(1,321,573	)		(181,055	)
Net (loss) income		(103,778,418	)		55,886,298			7,656,391			(37,873,274	)		299,815,046			41,074,495
Net (loss) income attributable to Cango Inc.’s shareholders		(103,778,418	)		55,886,298			7,656,391			(37,873,274	)		299,815,046			41,074,495
(Loss) income per ADS attributable to ordinary shareholders:
Basic		(0.95	)		0.54			0.07			(0.31	)		2.88			0.39
Diluted		(0.95	)		0.48			0.07			(0.31	)		2.57			0.35
Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders:
Basic		109,101,164			103,360,485			103,360,485			121,524,393			104,098,809			104,098,809
Diluted		109,101,164			116,491,043			116,491,043			121,524,393			116,516,361			116,516,361

Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment		(34,347,812	)		54,079,188			7,408,818			45,489,264			41,032,858			5,621,478

Total comprehensive (loss) income		(138,126,230	)		109,965,486			15,065,209			7,615,990			340,847,904			46,695,973
Total comprehensive (loss) income attributable to Cango Inc.’s shareholders		(138,126,230	)		109,965,486			15,065,209			7,615,990			340,847,904			46,695,973