Cango Inc
(NYSE:CANG)

Cango Inc. operates an automotive transaction service platform that connects dealers, financial institutions, car buyers, and other industry participants in the People's Republic of China. It facilitates automotive financing services that include facilitating financing transactions from financial in...

Website: http://www.cangoonline.com

Founded: 2010

Full Time Employees: 3,189

Sector: Communication Services

Industry: Internet Content & Information

Chinese Technology

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• Market Cap:

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-06-30	2024-12-31	2023-12-31	2023-06-12	2022-12-31	2022-08-31	2021-12-31	2020-12-31	2020-08-25	2020-03-24	2019-12-31	2019-03-28	2018-09-04

revenues	283,990,631			542,613,363		289,191,585			274,054,751	351,290,100		321,136,126	236,287,811
bitcoin mining income	282,269,981
international automobile trading income	1,720,650
operating costs and expenses:
cost of revenue	225,447,985			480,517,980		272,661,870			102,817,046	125,416,378		158,774,653	81,181,330
general and administrative	13,014,756			39,802,530		124,670,110			66,040,192	52,318,827		52,277,614	31,350,545
provision for credit losses	1,209,459								26,119,771
impairment loss from mining machines	256,856,570
gain from changes in fair value of receivable for bitcoin collateral	-51,715,376
total operating costs and expenses	488,007,720
operating loss from continuing operations	-204,017,089
interest income	991,173			18,780,880		7,153,803						20,096,730	18,246,042
interest expense	-3,363,606			-2,294,085		-4,245,737			-369,637	-3,288,553		-4,751,027	-4,712,329
foreign exchange loss	-7,988			-984,307					621,774			764,203
other income	226,993			4,459,897		3,047,649			7,317,072	17,304,702		1,358,496	-975,669
other expenses	-78,095								-527,390	-300,706		-1,100,741
net income before income taxes from continuing operations	-206,248,612
income tax benefit	1,150,475
net income from continuing operations	-205,098,137
discontinued operations:
income from discontinued operations	-129,822,040
income tax expenses	-32,646,978			3,372,638		57,794,491			-25,152,250	-24,388,408		-200,115	-23,677,171
net income from discontinued operations	-162,469,018
net income attributable to cango inc.’s shareholders	-367,567,155			78,765,077		-285,784,991			70,231,065			55,332,677
earnings per class a and class b ordinary share:
basic
continuing operations	-0.97
discontinued operations	-0.77
diluted
weighted-average shares used for eps calculation
basic	210,845,952		243,048,785	134,769,131	274,084,890	137,612,565		300,484,860	150,605,540	151,057,825	302,417,352
diluted	210,845,952		243,048,785	140,231,084	274,084,890	137,612,565		303,900,645	150,819,440	151,057,825	303,283,658
other comprehensive income, net of tax
release accumulated other comprehensive loss	44,270,340
foreign currency translation adjustment	5,304,633			-6,020,579		173,077,605			-5,444,800	53,891,387		1,752,329	43,890,855
total comprehensive income	-317,992,182			72,744,498		-112,707,386			64,786,265	176,023,351		54,425,166	108,585,460
total comprehensive income attributable to cango inc.’s shareholders	-317,992,182			72,744,498		-112,707,386			64,786,265	171,531,416		57,739,834
loan facilitation income and other related income				2,315,400		14,599,571			143,604,125
guarantee income				64,128,746
leasing income				22,213,681		42,718,041			69,275,783
after-market services income				16,719,476		10,544,538			52,472,658
automobile trading income				429,849,643		218,612,145
others				7,386,417		2,717,290			8,702,185
operating cost and expenses:
sales and marketing				12,538,562		41,798,207			42,437,952	47,576,811		46,952,207	36,979,636
research and development				8,102,363		12,857,670			12,901,613	13,181,083		19,942,024	9,481,415
net gain on contingent risk assurance liabilities				-1,622,556
net income on risk assurance liabilities						53,144,802
provision (net recovery on provision) for credit losses				-48,554,100
total operation cost and expense				490,784,779		643,331,494			207,388,383	261,560,041		285,570,981	164,443,845
income from operations				51,828,584		-354,139,909			66,666,368	89,730,059		35,565,145	71,843,966
yoy						-494.67%			-7.21%
qoq									-25.70%			-50.50%
net gain on equity securities				3,732,355		1,655,350
other incomes				-130,885		-691,665							-7,091,835
net income before income taxes				75,392,439		-343,579,482			95,383,315	146,520,372		52,218,124	88,293,629
net income				78,765,077		-285,784,991			70,231,065	122,131,964		52,018,009	64,616,458
yoy						-334.00%			8.69%
qoq									-42.50%			-19.50%
earnings per ads attributable to ordinary shareholders
basic				0.58		-2.08			0.47	0.78
diluted				0.56		-2.08			0.47	0.78
weighted-average ads used to compute earnings per ads attributable to ordinary shareholders
basic	210,845,952		243,048,785	134,769,131	274,084,890	137,612,565		300,484,860	150,605,540	151,057,825	302,417,352
diluted	210,845,952		243,048,785	140,231,084	274,084,890	137,612,565		303,900,645	150,819,440	151,057,825	303,283,658
benefit from credit losses						138,198,835
foreign exchange gain						3,641,027				1,964,457			10,045,905
earnings per ads attributable to ordinary shareholders:
basic				0.58		-2.08			0.47	0.78
diluted				0.56		-2.08			0.47	0.78
weighted-average ads used to compute earnings per ads attributable to ordinary shareholders:
basic	210,845,952		243,048,785	134,769,131	274,084,890	137,612,565		300,484,860	150,605,540	151,057,825	302,417,352
diluted	210,845,952		243,048,785	140,231,084	274,084,890	137,612,565		303,900,645	150,819,440	151,057,825	303,283,658
net loss on risk assurance liabilities									-42,928,191	7,489,058		-6,034,709
interest and investment income									21,675,128	41,110,413
income from equity method investments												285,318	937,549
less: net income attributable to non-controlling interests
unrealized losses on available-for-sale securities												654,828	78,147
reclassification of losses to net income
provision for financing receivables										15,577,884		13,659,192
less: net income attributable to the noncontrolling interest shareholders										4,491,935		-3,314,668
net income attributable to cango inc.’s ordinary shareholders										117,640,029		55,332,677	57,460,326
unrealized gain on available-for-sale securities
less: accretion of series c preferred shares													6,991,289
net income per ads
basic												0.37	0.44
diluted												0.37	0.44
adss used in net income per ads computation
basic												151,404,946	130,053,500
diluted												151,404,946	131,667,341
note 1: each ads represents two ordinary shares.
cango inc. reconciliations of gaap and non-gaap results (amounts in renminbi (“rmb”) and us dollar (“us”), except for number of shares and per share data
add: share-based compensation expenses												13,971,836
less: purchase of subsidiary
non-gaap adjusted net income												65,989,845
non-gaap adjusted net income attributable to cango inc.’s shareholders												69,304,513
accretion of series c preferred shares
non-gaap adjusted net income attributable to cango inc.’s ordinary shareholders												69,304,513
non-gaap adjusted net income per ads-basic												0.46
non-gaap adjusted net income per ads-diluted												0.46
weighted-average ads outstanding—basic												151,404,946
weighted-average ads outstanding—diluted												151,404,946
net gain on risk assurance liabilities													-4,951,451
benefit from financing receivables													10,402,370
less: net income attributable to the non-controlling interest shareholders													164,843
net income attributable to cango inc.													64,451,615
total comprehensive income attributable to cango inc.													108,420,617

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-02	2025-09-08	2025-06-30	2025-05-15	2025-03-06	2024-12-31	2024-11-06	2024-06-14	2023-12-31	2023-11-29	2023-08-28	2023-06-30	2023-06-12	2023-03-31	2023-03-17	2022-12-31	2022-08-31	2022-06-30	2022-03-14	2021-12-31	2021-11-24	2021-09-30	2021-08-20	2021-06-30	2021-03-12	2020-12-31	2020-11-25	2020-09-30	2020-08-25	2020-06-30	2020-05-27	2020-03-31	2020-03-24	2019-12-31	2019-11-15	2019-09-30	2019-09-05	2019-06-30	2019-05-29	2019-03-31	2019-03-28	2018-12-31	2018-11-23	2018-09-30	2018-09-04	2018-06-30	2017-12-31

assets:
current assets:
cash and cash equivalents	44,897,802	843,819,740	117,792,694	2,515,712,358	1,289,629,981	1,289,629,981	691,818,800	1,155,986,847	1,020,604,191	665,591,727	589,447,322	589,447,322	696,560,010	696,560,010	378,917,318	378,917,318	1,280,691,159	1,280,691,159	1,434,806,922	1,434,806,922	906,425,650	906,425,650	1,498,947,545	1,498,947,545	1,426,899,576	1,426,899,576	1,423,290,178	1,423,290,178	2,010,317,864	2,010,317,864	2,741,016,763	2,741,016,763	2,002,314,688	2,002,314,688	1,851,224,670	1,851,224,670	1,609,621,867	1,609,621,867	2,177,957,831	2,177,957,831	2,912,901,189	2,912,901,189	3,642,758,351	3,642,758,351	3,121,436,414	3,121,436,414	803,271,000
crypto currency	41,838
short-term investments				5,188,899	1,231,171,751	1,231,171,751	3,082,865,458	2,322,320,101	635,070,394	2,434,156,645	2,055,688,107	2,055,688,107	2,017,669,166	2,017,669,166	1,941,432,848	1,941,432,848	2,116,239,567	2,116,239,567	2,598,935,704	2,598,935,704	3,588,187,133	3,588,187,133	3,127,171,118	3,127,171,118	4,342,356,612	4,342,356,612	1,140,212,355	1,140,212,355	835,048,818	835,048,818	741,536,500	741,536,500	597,265,740	597,265,740	461,521,579	461,521,579	546,167,864	546,167,864	111,660,538	111,660,538	265,869,717	265,869,717	201,454,000	201,454,000	89,250,000	89,250,000	62,380,000
accounts receivable	2,903,220	15,711,379	2,193,224	15,801,108	22,991,951	22,991,951	25,529,710	106,148,788	64,791,709	123,819,231	314,776,512	314,776,512	425,232,419	425,232,419	266,836,951	266,836,951	236,616,905	236,616,905	223,544,396	223,544,396	186,847,242	186,847,242	157,050,941	157,050,941	141,594,170	141,594,170	104,003,703	104,003,703	64,779,967	64,779,967	105,498,269	105,498,269	148,562,946	148,562,946	173,891,886	173,891,886	135,437,250	135,437,250	128,930,564	128,930,564	86,513,830	86,513,830			84,185,107	84,185,107	85,595,000
prepayments and other current assets	127,265,543	1,620,209,764	226,172,562	362,016,043	226,352,004		29,955,505	79,424,682		270,276,955	707,701,413	707,701,413	1,235,817,488	1,235,817,488	1,356,822,028	1,356,822,028	657,589,050	657,589,050	982,948,637	982,948,637	690,993,737	690,993,737	887,766,346	887,766,346	558,360,959	558,360,959
prepayments and other current assets, net - related parties	114,184,887
receivable for bitcoin collateral - current, net - related party
current assets of discontinued operations
total current assets	289,293,290	5,465,049,533	762,891,498	4,417,499,459	3,458,107,713	3,458,107,713	3,954,571,113	3,911,614,303	3,884,019,494	4,025,033,242	4,414,002,868	4,414,002,868	5,363,639,892	5,363,639,892	5,470,343,990	5,470,343,990	6,151,586,271	6,151,586,271	7,607,930,351	7,607,930,351	7,853,685,691	7,853,685,691	8,181,628,623	8,181,628,623	8,899,049,546	8,899,049,546	5,046,722,149	5,046,722,149	5,162,947,039	5,162,947,039	6,070,269,342	6,070,269,342	5,540,755,045	5,540,755,045	4,675,789,675	4,675,789,675	4,468,504,138	4,468,504,138	4,470,122,122	4,470,122,122	4,754,581,644	4,754,581,644	4,770,251,448	4,770,251,448	4,438,173,000	4,438,173,000
non-current assets:
mining machines	365,676,067	2,563,914,216	357,168,857	1,619,608,093	1,772,319,041	1,772,319,041
property and equipment	19,197,894			6,205,894	6,634,509	6,634,509	6,586,202	7,635,993	8,239,037	12,118,253	12,980,199	12,980,199	13,921,668	13,921,668	14,689,988	14,689,988	17,360,611	17,360,611	19,545,933	19,545,933	19,914,252	19,914,252	21,032,036	21,032,036	10,311,971	10,311,971	13,212,895	13,212,895	12,993,643	12,993,643	13,157,111	13,157,111	14,736,767	14,736,767	15,607,057	15,607,057	16,720,263	16,720,263	18,673,678	18,673,678	18,286,218	18,286,218	19,570,541	19,570,541	17,138,951	17,138,951
intangible assets	297,731			47,259,479	47,425,617	47,425,617	47,634,678	48,107,157	48,373,192	47,857,254	48,012,470	48,012,470	48,120,262	48,120,262	48,317,878	48,317,878	45,659,520	45,659,520	45,931,544	45,931,544	45,702,955	45,702,955	44,683,992	44,683,992	44,887,871	44,887,871	44,761,102	44,761,102	44,568,406	44,568,406	44,665,455	44,665,455	44,758,242	44,758,242	34,163,538	34,163,538	33,776,532	33,776,532	33,894,434	33,894,434	1,693,407	1,693,407	1,774,670	1,774,670	1,615,452	1,615,452
deferred tax assets	624,031	16,255,457	2,269,174							139,735,945	137,212,359	137,212,359	119,195,556	119,195,556	62,497,781	62,497,781	579,388,656	579,388,656	474,570,361	474,570,361	424,256,893	424,256,893	374,774,207	374,774,207	170,951,082	170,951,082	158,125,765	158,125,765	135,796,122	135,796,122	131,802,992	131,802,992	100,667,946	100,667,946	86,202,225	86,202,225	81,593,698	81,593,698	122,170,671	122,170,671	100,194,993	100,194,993	76,286,734	76,286,734	83,863,943	83,863,943	67,774,000
operating lease right-of-use assets	2,250,166			38,789,517	40,788,977	40,788,977	42,815,154	47,531,988	47,154,944	70,770,118	74,203,806	74,203,806	77,976,298	77,976,298	80,726,757	80,726,757
receivable for bitcoin collateral - non-current, net - related party	660,045,300
other non-current assets				359,761,832	329,761,833	329,761,833	4,104,803	4,491,801	4,705,544	6,656,956	6,886,069	6,886,069	6,899,741	6,899,741	6,633,517	6,633,517	11,839,302	11,839,302	11,568,164	11,568,164	483,107,022	483,107,022	427,327,797	427,327,797	261,495,158	261,495,158	137,016,107	137,016,107	5,423,466	5,423,466	2,881,676	2,881,676	8,415,694	8,415,694	9,128,673	9,128,673	9,493,492	9,493,492	7,827,157	7,827,157	36,687,583	36,687,583	22,078,402	22,078,402	13,343,002	13,343,002
non-current assets of discontinued operations
total non-current assets	1,048,091,189	2,580,169,673	359,438,031	2,637,561,371	2,511,215,846	2,511,215,846	572,718,028	668,743,712	764,590,520	983,907,524	1,218,627,772	1,218,627,772	1,379,409,551	1,379,409,551	1,545,908,343	1,545,908,343	2,589,285,236	2,589,285,236	3,339,173,681	3,339,173,681	3,384,457,604	3,384,457,604	3,519,717,041	3,519,717,041	3,246,883,053	3,246,883,053	5,138,730,150	5,138,730,150	2,839,217,968	2,839,217,968	3,069,552,824	3,069,552,824	3,195,819,329	3,195,819,329	3,193,150,942	3,193,150,942	3,110,840,236	3,110,840,236	3,210,038,023	3,210,038,023	2,546,558,560	2,546,558,560	1,886,659,404	1,886,659,404	956,409,430	956,409,430
total assets	1,337,384,479	8,045,219,206	1,122,329,529	7,055,060,830	5,969,323,559	5,969,323,559	4,527,289,141	4,580,358,015	4,648,610,014	5,008,940,766	5,632,630,640	5,632,630,640	6,743,049,443	6,743,049,443	7,016,252,333	7,016,252,333	8,740,871,507	8,740,871,507	10,947,104,032	10,947,104,032	11,238,143,295	11,238,143,295	11,701,345,664	11,701,345,664	12,145,932,599	12,145,932,599	10,185,452,299	10,185,452,299	8,002,165,007	8,002,165,007	9,139,822,166	9,139,822,166	8,736,574,374	8,736,574,374	7,868,940,617	7,868,940,617	7,579,344,374	7,579,344,374	7,680,160,145	7,680,160,145	7,301,140,204	7,301,140,204	6,656,910,852	6,656,910,852	5,394,582,430	5,394,582,430	1,996,868,000
liabilities and shareholders’ equity
current liabilities:
short-term debts - related party
accrued expenses and other current liabilities	155,876,879	1,173,156,960	163,766,397	1,999,990,186	1,348,300,779	1,348,300,779	130,806,077	173,238,481	206,877,626	250,241,166	471,055,350	471,055,350	906,809,557	906,809,557	890,836,699	890,836,699	365,787,374	365,787,374	719,035,380	719,035,377	471,273,484	471,273,484	352,398,112	352,398,112	324,734,202	324,734,202	225,488,717	225,488,717	164,458,100	164,458,100	174,314,809	174,314,809	278,690,234	278,690,234	177,268,347	177,268,347	215,035,436	215,035,436	218,020,870	218,020,870	211,458,501	211,458,501	156,482,317	156,482,317	204,480,289	204,480,289	328,523,000
accrued expenses and other current liabilities - related parties	3,238,821
income tax payable	82,331,907	552,982,663	82,373,495	314,258,152	311,130,341	311,130,341	311,235,998	323,337,170	311,904,279	347,884,077	339,584,975	339,584,975	337,024,292	337,024,292	313,406,680	313,406,680	322,909,760	322,909,760	481,854,102	481,854,105	371,913,283	371,913,283	388,784,530	388,784,530	87,132,455	87,132,455	40,337,168	40,337,168	34,701,923	34,701,923	59,165,631	59,165,631	67,308,814	67,308,814	39,803,161	39,803,161	7,418,417	7,418,417	67,787,225	67,787,225	53,517,717	53,517,717	55,515,820	55,515,820	42,491,257	42,491,257
short-term lease liabilities	494,271			7,639,264	7,912,420	7,912,420	8,015,363	8,654,701	7,603,380	10,283,813	10,690,027	10,690,027	10,371,809	10,371,809	9,913,073	9,913,073
current liabilities of discontinued operations
total current liabilities	241,941,878	3,339,411,019	471,343,895	3,141,235,461	1,834,905,970	1,834,905,970	505,037,211	670,155,604	777,742,901	974,070,098	1,556,057,233	1,556,057,233	2,505,830,171	2,505,830,171	2,530,902,347	2,530,902,347	2,411,661,856	2,411,661,856	3,417,702,889	3,417,702,889	3,520,682,853	3,520,682,853	3,285,555,494	3,285,555,494	2,457,296,626	2,457,296,626	2,304,595,147	2,304,595,147	2,406,812,189	2,406,812,189	3,141,698,166	3,141,698,166	2,909,120,070	2,909,120,070	2,266,416,216	2,266,416,216	2,071,298,873	2,071,298,873	2,079,652,729	2,079,652,729	1,565,380,632	1,565,380,632	848,663,197	848,663,197	418,083,359	418,083,359
non-current liabilities:
long-term debts - related party	405,132,591
deferred tax liability	1	7	1	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	10,724,133	51,471,040	51,471,040	125,506,827	125,506,827	171,705,298	171,705,298	330,765,029	330,765,029	232,160,014	232,160,014	21,120,936	21,120,936	14,392,127	14,392,127	12,329,929	12,329,929
long-term operating lease liabilities	1,854,280			35,769,502	37,044,466		39,375,249	42,027,702		67,047,629	69,622,114	69,622,114	73,658,964	73,658,964	76,533,208
non-current liabilities of discontinued operations
total non-current liabilities	406,986,872	7	1	46,511,766	47,787,717	47,787,717	50,709,636	53,561,122	53,890,626	79,584,265	83,399,507	83,399,507	136,341,522	136,341,522	163,440,981	163,440,981	462,291,252	462,291,252	538,834,322	538,834,322	765,553,213	765,553,213	1,010,995,158	1,010,995,158	1,313,426,836	1,313,426,836	946,003,928	946,003,928	333,646,491	333,646,491	513,301,347	513,301,347	335,794,013	335,794,013	230,173,405	230,173,405	314,346,370	314,346,370	300,653,809	300,653,809	480,392,744	480,392,744	614,747,261	614,747,261	209,710,048	209,710,048
total liabilities	648,928,750	3,339,411,026	471,343,896	3,187,747,227	1,882,693,687	1,882,693,687	555,746,847	723,716,726	831,633,527	1,053,654,363	1,639,456,740	1,639,456,740	2,642,171,693	2,642,171,693	2,694,343,328	2,694,343,328	2,873,953,108	2,873,953,108	3,956,537,211	3,956,537,211	4,286,236,066	4,286,236,066	4,296,550,652	4,296,550,652	3,770,723,462	3,770,723,462	3,250,599,075	3,250,599,075	2,740,458,680	2,740,458,680	3,654,999,513	3,654,999,513	3,244,914,083	3,244,914,083	2,496,589,621	2,496,589,621	2,385,645,243	2,385,645,243	2,380,306,538	2,380,306,538	2,045,773,376	2,045,773,376	1,463,410,458	1,463,410,458	627,793,407	627,793,407	736,860,000
shareholders’ equity
ordinary shares	44,171	304,281	44,171	199,087	199,087		204,260	204,260		204,260	204,260	204,260	204,260	204,260	204,260		204,260	204,260	204,260		204,260	204,260	204,260	204,260	204,260		204,260	204,260	204,260	204,260	204,260	204,260	204,260		204,260	204,260	204,260	204,260	204,260	204,260	204,260	204,260	204,260	204,260	83,145	83,145
treasury shares	-110,006,201	-749,276,642	-110,455,719	-754,199,105	-756,517,941		-782,800,080	-844,938,545		-780,461,039	-781,365,647	-781,365,647	-554,726,789	-554,726,789	-559,005,216		-546,224,976	-546,224,976	-485,263,213		-411,075,103	-411,075,103	-356,910,505	-356,910,505	-56,419,225	-56,419,225	-66,816,810	-66,816,810	-63,535,448	-63,535,448	-20,638,881	-20,638,881	-20,638,881	-20,638,881	-20,638,881	-20,638,881
additional paid-in capital	1,142,250,191	7,696,097,026	1,142,549,553	4,749,907,787	4,725,877,432		4,747,032,306	4,814,230,470		4,821,193,562	4,818,705,269	4,818,705,269	4,814,048,381	4,814,048,381	4,805,240,472		4,787,583,542	4,787,583,542	4,671,769,821		4,648,746,810	4,648,746,810	4,624,962,530	4,624,962,530	4,591,455,557	4,591,455,557	4,577,242,536	4,577,242,536	4,564,430,104	4,564,430,104	4,542,764,285	4,542,764,285	4,526,344,454	4,526,344,454	4,505,539,185	4,505,539,185	4,481,629,026	4,481,629,026	4,459,355,925	4,459,355,925	4,444,078,463	4,444,078,463	19,439,077	19,439,077	5,467,240	5,467,240
accumulated other comprehensive loss
accumulated deficit	-343,832,432	-2,359,177,914	-381,152,372	-243,166,253	-35,810,730		-91,697,028																																						-674,212,454	-674,212,454
total cango inc.’s equity	688,455,729	4,705,808,180	650,985,633	3,867,313,603	4,086,629,872		3,971,542,294	3,856,641,289		3,955,286,403	3,993,173,900	3,993,173,900	4,100,877,750	4,100,877,750	4,321,909,005		5,866,918,399	5,866,918,399	6,990,566,821		6,951,907,229	6,951,907,229	7,404,795,012	7,404,795,012	8,375,209,137	8,375,209,137	6,934,853,224	6,934,853,224	5,261,494,912	5,261,494,912	5,484,611,238	5,484,611,238	5,477,849,539	5,477,849,539	5,366,792,903	5,366,792,903	5,191,990,212	5,191,990,212
total shareholders' equity	688,455,729	4,705,808,180		3,867,313,603	4,086,629,872		3,971,542,294	3,856,641,289		3,955,286,403
total liabilities and shareholders’ equity	1,337,384,479	8,045,219,206	1,122,329,529	7,055,060,830	5,969,323,559		4,527,289,141	4,580,358,015		5,008,940,766	5,632,630,640	5,632,630,640	6,743,049,443	6,743,049,443	7,016,252,333		8,740,871,507	8,740,871,507	10,947,104,032		11,238,143,295	11,238,143,295	11,701,345,664	11,701,345,664	12,145,932,599	12,145,932,599	10,185,452,299	10,185,452,299	8,002,165,007	8,002,165,007	9,139,822,166	9,139,822,166	8,736,574,374	8,736,574,374	7,868,940,617	7,868,940,617	7,579,344,374	7,579,344,374	7,680,160,145	7,680,160,145
receivable for bitcoin collateral		2,985,308,650	416,733,018	1,464,654,137	617,057,765
short-term debts		1,613,271,396	225,204,003	790,393,522	124,584,293	124,584,293		26,650,000	39,071,500	69,071,500	230,729,960	230,729,960	334,329,950	334,329,950	349,299,134	349,299,134	252,168,334	252,168,334	579,776,131	579,776,131	991,933,733	991,933,733	779,104,385	779,104,385	355,816,940	355,816,940	432,342,745	432,342,745	807,645,729	807,645,729	1,192,890,560	1,192,890,560		1,439,749,760
accumulated other comprehensive income		117,861,429		114,572,087	152,882,024		98,802,836	132,744,094		146,196,978	138,390,834	138,390,834	60,339,323	60,339,323	66,359,902		-30,726,360	-30,726,360	-187,517,110		-153,214,761	-153,214,761	-147,245,016	-147,245,016	-115,386,427	-115,386,427	37,361,001	37,361,001	142,660,288	142,660,288	148,105,088	148,105,088	119,430,738	119,430,738	152,281,596	152,281,596	98,390,209	98,390,209	67,445,738	67,445,738	109,452,996		107,045,840		43,648,288	43,648,288
total shareholders’ equity			650,985,633								3,993,173,900	3,993,173,900	4,100,877,750	4,100,877,750	4,321,909,005		5,866,918,399	5,866,918,399	6,990,566,821		6,951,907,229	6,951,907,229	7,404,795,012	7,404,795,012	8,375,209,137	8,375,209,137	6,934,853,224	6,934,853,224	5,261,706,327	5,261,706,327	5,484,822,653	5,484,822,653	5,491,660,291	5,491,660,291	5,372,350,996	5,372,350,996	5,193,699,131	5,193,699,131
restricted cash - current				11,210,722						15,801,703	26,675,304	26,675,304	38,858,968	38,858,968					61,293,114		102,552,307	102,552,307	34,767,022	34,767,022			26,376,267	26,376,267	484,332,950	484,332,950	689,979,486	689,979,486
finance lease receivables - current				19,332,969	20,685,475		47,126,581	133,027,146		282,736,702	448,592,918	448,592,918	616,655,818	616,655,818					1,414,164,625		1,528,881,416	1,528,881,416	1,717,714,853	1,717,714,853			1,900,092,098	1,900,092,098	1,617,485,890	1,617,485,890	1,669,447,248	1,669,447,248
financing receivables				3,722,236	5,685,096	5,685,096	8,535,562	20,366,970	29,522,035	23,284,584	28,769,129	28,769,129	42,746,175	42,746,175	73,818,025	73,818,025	67,805,244	67,805,244	62,296,261	62,296,261	50,124,675	50,124,675	43,575,286	43,575,286	20,105,893	20,105,893	16,298,724	16,298,724	18,957,245	18,957,245	13,954,168	13,954,168		9,103,522
short-term contract asset				19,860,987	33,719,944	33,719,944	55,923,363	80,595,646	170,623,200	209,365,695	242,352,163	242,352,163	290,099,848	290,099,848	500,389,654	500,389,654	654,377,460	654,377,460	829,940,692	829,940,692	799,673,531	799,673,531	714,635,512	714,635,512	364,618,635	364,618,635	159,427,917	159,427,917	51,042,617	51,042,617	30,273,966	30,273,966		20,688,424
restricted cash - non-current				161,939,581	287,425,602	287,425,602	461,367,450	538,159,571	583,380,417	593,599,158	612,227,612	612,227,612	698,247,760	698,247,760		750,877,306			1,114,180,729	1,114,180,729	733,538,679	733,538,679	845,590,108	845,590,108		878,299,140	912,390,400	912,390,400	926,414,353	926,414,353	909,037,840	909,037,840		873,674,276
long-term investment				400,000,000
long-term contract asset				348,864	17,551,040	17,551,040	448,353	564,583	36,310,769	48,742,636	67,598,628	67,598,628	90,288,285	90,288,285	173,457,178	173,457,178	280,781,629	280,781,629	495,456,805	495,456,805	489,252,809	489,252,809	474,407,237	474,407,237	281,374,110	281,374,110	117,533,425	117,533,425	31,940,001	31,940,001	16,648,034	16,648,034		11,655,356
finance lease receivables - non-current				3,648,111	9,309,227		9,761,388	22,252,619		64,427,204	110,848,658	110,848,658	176,102,010	176,102,010					1,029,262,174		1,040,027,023	1,040,027,023	1,186,837,807	1,186,837,807			1,296,762,008	1,296,762,008	985,507,019	985,507,019	1,252,290,041	1,252,290,041
deferred guarantee income				7,974,712	11,787,712	11,787,712	20,638,251	55,959,307	86,218,888	128,329,126	178,334,757	178,334,757	234,202,821	234,202,821
contingent risk assurance liabilities				20,979,625	31,190,425	31,190,425	33,692,222	81,427,530	125,140,991	151,469,025	208,316,116	208,316,116	283,828,104	283,828,104
other non-current liabilities				18,131	19,118	19,118	140,038	143,886	226,035	347,239	278,451	278,451	305,422	305,422	314,287	314,287	177,972,200	177,972,200	991,610	991,610	1,598,485	1,598,485	2,479,512	2,479,512	4,870,616	4,870,616	7,071,321	7,071,321	10,818,782	10,818,782	13,658,147	13,658,147	21,796,367	21,796,367					330,595	330,595	7,599,404	7,599,404	32,870,283	32,870,283	34,710,048	34,710,048
restricted cash - current - bank deposits held for short-term investments									1,670,006,785
restricted cash - current - others					10,813,746		12,816,134	13,744,123
long-term debts—current							649,300	888,415		16,791,391					565,143,340		858,543,903	858,543,903	938,014,362		1,006,900,131	1,006,900,131	1,122,603,494	1,122,603,494	1,228,783,730								863,418,789		736,392,574	736,392,574	542,456,711	542,456,711	589,258,093	589,258,093	445,491,935	445,491,935	303,521,920	303,521,920
long-term debts							470,216	665,401	712,023	1,465,264	2,774,809	2,774,809	51,653,003	51,653,003	75,869,353	75,869,353	273,594,919	273,594,919	486,371,672	486,371,672	638,447,901	638,447,901	836,810,348	836,810,348	977,791,191	977,791,191	706,772,593	706,772,593	301,706,773	301,706,773	485,251,073	485,251,073		301,667,717
assets
restricted cash - current – others						10,813,746			14,334,937
finance lease receivables - current, net of allowance of rmb9,970,622 and rmb4,248,857 (us582,091) as of december 31, 2023 and 2024, respectively						20,685,475
prepayments and other current assets, net of allowance of rmb114,122,430 and rmb90,810,030 (us12,440,923) as of december 31, 2023 and 2024, respectively						226,352,004
receivable for bitcoin collateral, net of allowance of rmb nil and rmb 2,204,434 (us302,006) as of december 31, 2023 and 2024, respectively						617,057,765
finance lease receivables - non-current, net of allowance of rmb2,730,769 and rmb260,848 (us35,736) as of december 31, 2023 and 2024, respectively.						9,309,227
current liabilities
long-term debts – current									926,237							565,143,340				938,014,362						1,228,783,730
non-current liabilities
long-term lease liabilities						37,044,466			42,228,435							76,533,208
commitments and contingencies
retained earnings								-245,598,990		-231,847,358	-182,760,816	-182,760,816	-218,987,425	-218,987,425	9,109,587		1,656,081,933	1,656,081,933	2,991,373,063		2,867,246,023	2,867,246,023	3,283,783,743	3,283,783,743	3,955,354,972	3,955,354,972	2,386,862,237	2,386,862,237	617,735,708	617,735,708	814,176,486	814,176,486		852,508,968
current assets
finance lease receivables - current, net of allowance of rmb15,461,529 and rmb9,970,622									200,459,435
prepayments and other current assets, net of allowance of rmb nil and rmb114,122,430 (us16,073,808) as of december 31, 2022 and 2023, respectively									78,606,808
non-current assets
goodwill											148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	148,657,971	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857	145,063,857
finance lease receivables - non-current, net of allowance of rmb6,709,737 and rmb2,730,769									36,426,617
risk assurance liabilities															402,303,421	402,303,421	612,252,485	612,252,485	699,022,914	699,022,914	678,662,222	678,662,222	642,664,973	642,664,973	460,829,299	460,829,299	363,134,016	363,134,016	323,552,720	323,552,720	366,876,396	366,876,396	259,952,473	259,952,473	202,952,134	202,952,134	196,388,309	196,388,309	194,586,541	194,586,541	173,210,363	173,210,363	161,743,140	161,743,140	160,834,512	160,834,512	129,935,000
long-term debts - current											117,346,048	117,346,048	399,263,638	399,263,638													1,243,292,501	1,243,292,501	1,076,453,717	1,076,453,717	1,348,450,770	1,348,450,770		863,418,789
restricted cash—current															152,688,510		13,180,416	13,180,416							9,693,008
finance lease receivables—current															799,438,656		1,125,086,470	1,125,086,470							2,035,397,525
restricted cash—non-current															750,877,306		921,103,121	921,103,121							878,299,140
finance lease receivables—non-current															260,049,967		584,494,426	584,494,426							1,454,499,864
restricted cash – current																152,688,510				61,293,114						9,693,008																					10,060,000
finance lease receivables - current, net of allowance of rmb25,274,933 and rmb15,461,529																799,438,656
finance lease receivables - non-current, net of allowance of rmb6,941,826 and rmb6,709,737																260,049,967
short-term consumer financing receivables																									23,168		31,733	31,733	84,466	84,466	2,556,643	2,556,643
non-controlling interests																													211,415	211,415	211,415	211,415	13,810,752	13,810,752	5,558,093	5,558,093	1,708,919	1,708,919	-1,407,254	-1,407,254	3,594,671	3,594,671	8,364,793	8,364,793	13,207,057	13,207,057
finance lease receivables - current, net of allowance of rmb18,097,313 and rmb25,274,933 (us3,966,189) as of december 31, 2020 and 2021, respectively																				1,414,164,625
short-term consumer financing receivables, net of allowance of rmb2,304,639 and rmb nil (us nil) as of december 31, 2020 and 2021, respectively
finance lease receivables - non-current, net of allowance of rmb5,629,107 and rmb6,941,826 (us1,089,324) as of december 31, 2020 and 2021, respectively																				1,029,262,174
long-term investments																											2,313,864,591	2,313,864,591	551,511,101	551,511,101	554,005,818	554,005,818	547,888,818	547,888,818	573,024,376	573,024,376	441,534,200	441,534,200	492,048,117	492,048,117	292,099,059	292,099,059	291,225,956	291,225,956	191,210,777	191,210,777	191,003,000
finance lease receivables - current, net of allowance of rmb11,988,564 and rmb18,097,313 (us2,773,535) as of december 31, 2019 and 2020, respectively																										2,035,397,525
short-term consumer financing receivables, net of allowance of rmb1,277,390 and rmb2,304,639 (us353,201) as of december 31, 2019 and 2020, respectively																										23,168
finance lease receivables - non-current, net of allowance of rmb7,100,273 and rmb5,629,107 (us862,698) as of december 31, 2019 and 2020, respectively																										1,454,499,864
class a ordinary shares																										154,483								153,121
class b ordinary shares																										49,777								51,139
prepaid expenses and other current assets																											276,989,174	276,989,174	80,897,222	80,897,222	76,006,299	76,006,299	117,445,282	117,445,282	95,901,127	95,901,127	78,004,663	78,004,663	58,605,413	58,605,413	61,272,518	61,272,518	63,304,040	63,304,040	118,831,260	118,831,260	144,858,000
restricted cash																																	970,993,759		610,535,955	610,535,955	586,789,155	586,789,155	573,869,955	573,869,955	298,900,155	298,900,155	10,129,155	10,129,155	1,019,254,673	1,019,254,673
financing receivable																																	9,103,522		7,747,866	7,747,866	7,626,277	7,626,277	7,260,231	7,260,231	5,420,617	5,420,617			3,588,565	3,588,565
short-term loan principal																																	13,298,562		17,335,171	17,335,171
short-term finance leasing receivable																																	1,661,082,122		1,457,631,421	1,457,631,421	1,499,097,355	1,499,097,355	1,407,413,299	1,407,413,299	1,123,703,618	1,123,703,618	751,934,198	751,934,198
short-term contract assets																																	20,688,424
equity method investments																																							1,446,001	1,446,001	1,448,416	1,448,416	1,451,427	1,451,427	164,263,809	164,263,809	165,660,000
long-term finance leasing receivable																																	1,448,958,373		1,517,138,233	1,517,138,233	1,577,577,084	1,577,577,084	1,616,811,046	1,616,811,046	1,282,457,409	1,282,457,409	748,241,928	748,241,928
long-term contract assets																																	11,655,356
short-term borrowings																																	1,439,749,760		1,110,000,000	1,110,000,000	1,110,000,000	1,110,000,000	1,010,000,000	1,010,000,000	681,702,116	681,702,116	171,400,000	171,400,000
long-term borrowings																																	301,667,717		230,173,405	230,173,405	314,346,370	314,346,370	300,323,214	300,323,214	472,793,340	472,793,340	581,876,978	581,876,978
accumulated retained earnings																																	852,508,968		729,406,743	729,406,743	611,766,717	611,766,717	774,254,938	774,254,938
restricted cash — current																																		970,993,759
finance lease receivables - current, net of allowance of rmb9,068,793 and rmb11,988,564 (us1,722,049) as of december 31, 2018 and 2019, respectively																																		1,661,082,122
short-term consumer financing receivables, net of allowance of rmb nil and rmb1,277,390 (us183,486) as of december 31, 2018 and 2019, respectively																																		13,298,562
finance lease receivables - non-current, net of allowance of rmb4,476,043 and rmb7,100,273 (us1,019,890) as of december 31, 2018 and 2019, respectively																																		1,448,958,373
short-term loan principal and financing service fee receivables																																					5,759,707	5,759,707	4,424,291	4,424,291
total cango inc.’s (deficit) equity																																							5,301,260,861	5,301,260,861	5,251,772,157	5,251,772,157	5,185,135,601	5,185,135,601
total shareholders’ (deficit) equity																																							5,299,853,607	5,299,853,607	5,255,366,828	5,255,366,828	5,193,500,394	5,193,500,394
short-term amounts due from related parties																																													1,626,981	1,626,981
long-term amounts due from related parties
liabilities, mezzanine equity and shareholders’ equity
short-term amounts due to related parties																																													10,277,301	10,277,301
mezzanine equity
convertible preferred shares
series a-1																																													1,501,153,698	1,501,153,698
series a-3																																													307,816,408	307,816,408
series b																																													2,081,275,970	2,081,275,970
series c																																													1,488,348,221	1,488,348,221
total mezzanine equity																																													5,378,594,297	5,378,594,297	3,941,846,000
series a-2 convertible preferred shares																																													1,450	1,450
accumulated (deficit) retained earnings																																									698,036,438	698,036,438	5,058,446,424	5,058,446,424
total liabilities, mezzanine equity and shareholders’ equity																																									7,301,140,204	7,301,140,204	6,656,910,852	6,656,910,852	5,394,582,430	5,394,582,430
accumulated other comprehensive income/																																										109,452,996		107,045,840
accounts and financing receivable																																											100,671,704	100,671,704
long-term debt																																													175,000,000	175,000,000
total cango inc.’s deficit																																													-625,012,331	-625,012,331
total shareholders’ deficit																																													-611,805,274	-611,805,274
finance receivables																																															832,000
restricted cash – non-current																																															319,352,000
long-term finance lease receivables – non-current
long-term borrowings – non-current																																															175,000,000
total shareholders’ (deficit)/equity																																															-2,681,838,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-06-30

cash flows from operating activities:
net income from continuing operations	-205,098,137
adjustments to reconcile net income to net cash from operating activities:
bitcoin mining income	-282,269,981
changes in fair value of bitcoin collaterals	-51,715,376
depreciation	43,201,199
amortization of lease right-of-use assets	65,129
share-based compensation expense	3,697,862
impairment loss from mining machines	256,856,570
provision for credit losses	1,209,459
loss on disposal of property and equipment	58,587
unrealized foreign exchange loss	7,988
deferred income tax benefit	-2,269,174
changes in operating assets and liabilities:
other current and non-current assets	-12,721,537
short-term and long-term operating lease liabilities	19,003
other current and non-current liabilities	236,242,675
net cash from continuing operating activities	-12,715,733
net cash from discontinued operating activities	-14,407,658
net cash from operating activities	-27,123,391
capital expenditures	0
free cash flows	-27,123,391
cash flows from investing activities:
proceeds from redemption of other short-term investments	40,074,501
purchase of other short-term investments
purchases of mining machines	-36,292,001
proceeds from sale of discontinued operations, net of cash disposed	149,530,056
net cash from continuing investing activities	153,312,556
net cash from discontinued investing activities	-54,180,371
net cash from investing activities	99,132,185
cash flows from financing activities:
payment to repurchase treasury shares
proceeds from exercise of share options	69,407
repayment of borrowings	-174,346,597
net cash from continuing financing activities	-174,277,190
net cash from discontinued financing activities
net cash from financing activities	-174,277,190
effect of exchange rate changes on cash, cash equivalents and restricted cash	2,523,884
net decrease in cash, cash equivalents and restricted cash	-99,744,512
cash, cash equivalents and restricted cash at beginning of the period	217,537,206
cash, cash equivalents and restricted cash at the end of the period	117,792,694
less: cash, cash equivalents and restricted cash of discontinued operations at end of period
cash, cash equivalents and restricted cash of continuing operations at the end of the period	117,792,694
reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
cash and cash equivalents	117,792,694
total cash, cash equivalents and restricted cash shown in the statements of cash flows	117,792,694
supplemental disclosures of cash flow information:
cash paid for income taxes
cash paid for interest	2,098,981
non-cash investing and financing transactions
shares issued in connection with purchase of mining machines	411,352,430
short-term debt received in the form of cryptocurrencies	208,136,025
operating lease right-of-use asset released in exchange for operating lease liability	119,252
cancellation of treasury shares
net income
depreciation and amortization
loss on risk assurance liabilities
net loss on contingent risk assurance liabilities
provision (net recovery on provision) for credit losses
impairment loss from goodwill
impairment loss from inventory
interest income
guarantee income
net loss on derivative instruments
net investment loss
loss from change in fair value of receivable for bitcoin collateral
foreign exchange gain
deferred income tax expense
accounts receivable
financing receivables
contract assets
operating lease right-of-use assets
risk assurance liabilities
deferred guarantee income
contingent risk assurance liabilities
accrued expenses, other current liabilities, and other non-current liabilities
repayments of finance lease receivables
origination of finance lease receivables
purchase of held-to-maturity investment
maturities of held-to-maturity investment
disposal of property and equipment
purchases of property and equipment and intangible assets
proceeds from borrowings
distribution to shareholders
net increase in cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash at beginning of the year
cash, cash equivalents and restricted cash at the end of the year
restricted cash – current - bank deposits held for short-term investments
restricted cash – current - others
restricted cash – non-current
liabilities assumed in connection with purchase of mining machines
operating lease right-of-use asset obtained in exchange for operating lease liability
net loss
loss on contingent risk assurance liabilities
net loss on equity securities
unrealized foreign exchange gain
payment for acquiring subsidiary, net of cash acquired
provision for credit losses and other assets
proceeds from collection of short-term consumer financing receivables
proceeds from sale or redemption of other short-term investments
proceeds from available for sale financial assets
disposal of property and equipment and intangible assets
liquidation of subsidiaries
purchase of subsidiary’s equity from non-controlling interest holder
restricted cash – current
loss on equity method investment
fair value change of derivative instruments
investment income
origination of short-term consumer financing receivables
purchase of other short-term investment
proceeds from third party loans
proceeds from long-term investments
disposal of equity method investments
purchase of long-term investments
other income – change in fair value of derivative instruments
other expenses – change in fair value of derivative instruments
fair value change of equity investment
receivables from related parties
payables to related parties
proceeds from redemption of short-term investments
proceeds from repayments of loans from shareholders
purchase of short-term investments
step acquisitions, net of cash acquired
origination of loans provided to related parties and third-parties
proceeds from contribution of shareholders net of incremental costs
proceeds from initial public offering, net of issuance costs
other income – unrealized gain on equity investment with no readily determinable fair value under measurement alternative
proceeds from sale of long-term investments
origination of loans provided to shareholders
proceeds from issuance of subsidiaries’ equity to non-controlling interest holders

Cango Inc(NYSE:CANG)

Cango Inc
(NYSE:CANG)