Cango Inc. Reports Fourth Quarter and Full Year 2022 Unaudited Financial Results.

SHANGHAI: Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited financial results for the fourth quarter and full year of 2022.

Fourth Quarter 2022 Financial and Operational Highlights

Total revenues were RMB487.1 million (US$70.6 million), compared with RMB1,050.5 million in the same period of 2021. Car trading transactions revenues were RMB431.1 million (US$62.5 million), or 88.5% of total revenues in the fourth quarter of 2022, compared with RMB703.9 million in the same period of 2021.

The total outstanding balance of financing transactions the Company facilitated was RMB25,581.3 million (US$3,708.9 million) as of December 31, 2022. M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 2.61% and 1.38%, respectively, as of December 31, 2022, compared with 2.44% and 1.27%, respectively, as of September 30, 2022.

Full Year 2022 Financial and Operational Highlights

Total revenues were RMB1,980.5 million (US$287.1 million), compared with RMB3,921.7 million in the full year of 2021. Car trading transactions revenues were RMB1,596.3 million (US$231.4 million), or 80.6% of total revenues in the full year of 2022, compared with RMB2,227.2 million in the full year of 2021.

"Cango Haoche" platform had engaged 10,112 dealers in China's 31 provinces and 305 cities as of December 31, 2022. During the full year of 2022, total sales were 16,490 cars, including 8,794 new energy vehicles (NEVs), resulting in an NEV penetration rate exceeding 50%.

Since the "Cango Haoche" APP was launched at the end of the second quarter of 2022, it had attracted a total of over 660,000 page views and more than 57,000 unique visitors as of the end of December, 2022.

Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "Despite facing numerous headwinds throughout the year, Cango successfully carried out a significant transformation during 2022. Our automotive transaction service platform covering both new and used car markets has taken shape, and excellent market feedback and increasing market demand have already validated its effectiveness.

"Our platform's user base continued to grow with increasing engagement. As of December 31, 2022, 'Cango Haoche,' our new car trading platform, engaged 10,112 dealers, up 58% year-over-year. For full-year 2022, accumulated page views and unique visitors on our 'Cango...