Good morning and good evening, everyone. Welcome to Cango Inc.'s third quarter 2023 earnings conference call. At this time, all participants are in 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 Mr. Yongyi Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct the Q and 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. As a reminder, today's conference is being recorded. With that said, I am now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please go ahead, sir. Hello, everyone, and welcome to Cango's third quarter 2023 earnings call. In the third quarter of 2023, both production and demand continued to be under strain. Despite the introduction of economic stimulus measures, overall consumer confidence has yet to fully recover. The automotive market in China is characterized by intricate dynamics. Although the post-pandemic era in 2023 saw a resurgence in consumer demand for automobiles, it has been slow to pick up pace. As a result, major auto manufacturers have rolled out discount policies on new car purchases, leading to a sustained decrease in retail prices. In the first three quarters, the overall sales in the automotive market exhibited a modest recovery, with new energy vehicles and EVs in short, and exports serving as the primary drivers of market growth. On distribution, the profitability of car dealers has been severely impacted by pricing wars. Consequently, they have transitioned towards an on-demand vehicle purchasing to alleviate inventory accumulation and operational stress. As per data released earlier by the China Automobile Dealers Association, 50% of auto dealers reported losses in the first half of this year, the highest level in recent years. Indeed, the impact extends beyond car dealers. All parties in the automotive finance, automotive financial chain, including Cango, have faced unprecedented pressure. In Q3 2023, the company's total revenues amounted to CNY 354 million, making a year-on-year decline of 15.1%. Despite incurring a net loss of CNY 49.09 million due to goodwill impairment, our overall operating efficiency and reduced financial provisions helped us achieve a smaller net loss compared to CNY 130 million in the same period of last year. As of September 30, 2023, we managed to shrink the total outstanding balance of financing transactions to CNY 13.1 billion, while maintaining M1+ and M3+ at a steady rate of 2.42% and 1.24% respectively. Since the beginning, we have strived to gain an in-depth understanding of dealers' needs. In 2022, we initiated a significant transformation of our business by venturing into the automobile trading segment. To facilitate new car trading activities, we launched the Cango Haoche app and mini program, and gradually introduced the standardized service products from October 2022. With our multi-system, all-in-one platform, Cango offers a comprehensive one-stop solution for automotive transactions across the country. Presently, we have built a robust network of warehouses and logistics operations in nearly 100 cities across 31 provinces, with over 11,000 registered new car dealers. 二手车方面，2022年5月，灿谷优车小程序推出，同年底，灿谷优车APP上线，涵盖车源、寻车、限时报价、交易支持服务和数字化服务等功能板块，充分满足二手车车商业务多样性的需求。目前，注册二手车车商已经累计超过7,000家。 In relation to used car transactions, we launched the Cango U-Car mini program in May 2022, and by the end of 2022, we introduced the Cango U-Car app to the market. Equipped with a range of features such as used car listings, car searches, online auctions, transaction support services, and digital services, Cango U-Car addresses a wide array of business needs for used car dealers. To date, the total number of registered used car dealers on our platform has surpassed 7,000. 随着灿谷产品和服务的产业链上的不断延伸，以及与车商伙伴合作的不斷深入，公司对交易业务的市场感知也越发清晰。目前，整个中国新车市场已趋饱和，新车首次购车客户明显减少，而新车增购和二手车置换的需求在持续增加。我们观察到，越来越多的新车经销商开始开展二手车零售业务，二手车商也开始尝试销售新车，渠道间的界限越来越模糊。 As we are continuing to expand our product and service offerings across the entire industry value chain and strengthen our partnerships with dealers, we are gaining a more precise understanding of the market. The new car market in China is reaching saturation, with a significant decline in first-time new car buyers. However, we notice an increasing trend among consumers to expand their car collection, as well as a growing demand for vehicle replacement and upgrades. Both 4S and non-4S dealers are exploring used car business, while used car dealers are venturing into the sale of new cars. The traditional boundaries between car sales channels are becoming increasingly blurred. 正是看到市场趋势和需求的变化，我们再次进行了战略调整，将灿谷好车并入灿谷，灿谷优车运行，面向全国汽车流通行业商户，提供一站式全程流程服务。融合后的灿谷优车平台将进一步融合资源，并提升运营效率。接下来，灿谷优车平台将主力打造多店铺模式，在自营车源、保险等店铺的基础上，挖掘并上线更多的第三方店铺，活跃，活化平台生态。目前已有几家区域性物流公司和汽车装潢服务商进驻灿谷优车平台。与此同时，我们也能通过合作伙伴的反馈，进一步完善平台功能，提升平台供应链服务，帮助下游车商更好地服务C端客户。 In light of the changing market trends and demands, we have made some adjustments to our strategy. Our goal is to offer a comprehensive end-to-end service for both new and used car dealers across the country. To achieve this, we have integrated our offerings on the Cango Haoche platform into the Cango U-Car platform. This integration and upgrade will allow us to focus our resources on Cango U-Car, and significantly enhance operational efficiency. Moving forward, we aim to develop a multi-store model and expand our ecosystem beyond self-operated stores. This will include vehicle sources, insurance services, and more, by welcoming more third-party stores to our platform. As of now, some regional logistics companies and car decoration service providers have already joined our community. Their feedback is highly valuable as it allows us to continually refine our offerings and improve our supply chain services, ultimately enabling downstream dealers to better serve end customers. 2023年第三季度，在新车交易方面，我们共售车2,399台，在售自营车辆27款，涉及18个品牌，23个车系。今年前三个季度累计售车12,138台，其中含新能源汽车3,151台。二手车交易方面，第三季度平台拍卖成交近300单，环比增长2倍，撮合成交超600单，环比增长20%。 During the third quarter of 2023, we sold 2,399 new cars, including 27 vehicle models across 18 auto brands and 23 car series. In the first nine months of 2023, we sold a total of 12,138 cars, including 3,151 new energy vehicles. In terms of used car, the auto auction transaction volume on the Cango U-Car platform reached nearly 300 in the third quarter of 2023, doubling quarter-over-quarter. We also facilitated over 600 transactions, marking a 20% increase quarter-over-quarter. 随着我们线上服务能力以及供应链服务体系的不断完善，线上线下一体协同高效运营，整体物流运营能力也进一步提升，最终达到自运转自循环。战略和服务升级的同时，加速数字化平台建设，坚持技术赋能是灿谷不变的追求。通过以大数据和技术创新为核心的驱动力，不断完善产品... 服务产品化，优化流程，在降本增效的同时，增强灿谷平台效能和运营能力，赋能更多领域和合作伙伴。今年九月，我们凭借AI资产卫士数字化创新产品...荣获了2023年CDI产品数字化创新奖，这是对灿谷实践业务全流程数字化创新的认可与背书。 As we continue to improve our online services and supply chain management, while fostering greater synergies across online and offline operations, we are building a self-reinforcing closed-loop ecosystem. In addition to strategic and service upgrades, we remain committed to accelerating our digitalization and leveraging advanced technologies to empower business. With a focus on big data and technological innovation, we are fully dedicated to standardizing our services and optimizing our processes. Our ultimate goal is to achieve heightened productivity and operational excellence, in turn, enabling our partners to achieve increased efficiency. In September, our innovative digital product, AI Asset Guard, won the 2023 CDI Product Digital Innovation Award. This recognition is a testament to the digital innovations that we have implemented across our business operations. 未来借助大数据和数字科技，通过对经销商伙伴更加精准的分类，灿谷将根据需求为他们推出有价值的产品和服务。同时，我们还将积极探索更多领域的机会，例如二手车出海业务等。我们相信，只有不断提升业务运营管理及盈利能力，增强核心竞争力，才能有持续的动力穿越当前的震荡周期。 In the future, we will leverage the power of big data and digital technologies to more accurately classify our dealer partners and launch value-adding products and services tailored to their specific needs. Additionally, we will actively explore new areas to seek growth opportunities, including the potential expansion into used car markets abroad. By continuously refining our business operations, elevating profitability, and strengthening our core competitive edges, we are confident that we can secure the sustainable momentum required to navigate the ever-evolving business environment. 下面时间交给我们的CFO张永毅，与各位分享我们在本季度的财务表现。 Next, I will hand over to Yongyi Zhang, our CFO, for a review of the company's financial performance. Thanks, Jiayuan. Hello, everyone, and welcome to our third quarter 2023 earnings call. Before I start to review our financials, please note that unless otherwise stated, all numbers are in RMB terms. All percentage comparisons are on a year-over-year basis. Our total revenues for the third quarter 2023 were CNY 353.6 million. Among them, revenues from the car trading transaction business were CNY 263.8 million, or 74.6% of total revenues. Now, let's move on to our costs and expenses during the quarter. Total operating costs and expenses in the third quarter 2023 were CNY 441.4 million, compared with CNY 608.8 million in the same period, 2022. Cost of revenue in the third quarter 2023 was CNY 304.6 million, compared with CNY 388.7 million in the same period, 2022. As a percentage of total revenues, cost of revenue in the third quarter 2023 was 86.1%, compared with 93.3% in the same period, 2022. Sales and marketing expenses in third quarter 2023 decreased to CNY 9.9 million from CNY 17.9 million in the same period, 2022. As a percentage of total revenues, sales and marketing expenses in the third quarter 2023 were 2.8%, compared with 4.3% in the same period, 2022. General and administrative expenses in the third quarter 2023 decreased to CNY 34.7 million from CNY 57.8 million in the same period, 2022. As a percentage of total revenues, general and administrative expenses in the third quarter 2023 were 9.8%, compared with 13.9% in the same period, 2022. Research and development expenses in the third quarter 2023 decreased to CNY 7 million from CNY 10.2 million in the same period, 2022. As a percentage of total revenues, research and development expenses in the third quarter 2023 were 2%, compared with 2.4% in the same period, 2022. Net loss on contingent risk insurance liability in the third quarter 2023 was CNY 3.5 million. Net recovery on provisions for credit losses in the third quarter 2023 was CNY 66.9 million. The recovery was primarily due to the positive impact from the collections of financing receivables. Impairment loss from goodwill in the third quarter 2023 was CNY 148.7 million. The provision for goodwill impairment is based on the profit forecast associated with historical trends and the prevailing current conditions of market downturn. We recorded a loss from operations of CNY 87.8 million in the same period, 2023, compared with CNY 192.3 million in the same period, 2022. Net loss in the third quarter of 2023 was CNY 49.1 million. Non-GAAP adjusted net loss in the third quarter of 2023 was CNY 41.2 million. On a per share basis, basic and diluted net loss per ADS in the third quarter of 2023 were both 0.45 respectively, and a non-GAAP adjusted basic and diluted net loss per ADS in the same period were both 0.38 respectively. Moving on to our balance sheet. As of September 30, 2023, we had cash and cash equivalents of CNY 665.6 million, compared with CNY 589.4 million as of June 30, 2023. As of September 30, 2023, the company had short-term investment of CNY 2.43 billion, compared with CNY 2.06 billion as of June 30, 2023. Looking ahead to the fourth quarter of 2023, we are now predicting our total revenues to be between CNY 100 million and CNY 150 million. Please note that these forecasts reflect our current and preliminary view on the market and operational conditions, which are subject to change. This concludes our prepared remarks. Operators, we are now ready to take questions. Thank you. If you would like to ask a question, please press star then one on your telephone keypad. If your question has been addressed and you would like to withdraw your question, please press star then two. Once again, that's star then one if you have a question. Today's first question comes from Pingan Wu with CITIC Securities. Please go ahead. Management, hello. Thank you for the opportunity to ask this question. I want to ask two questions. The first you for the opportunity to ask this question. I want to ask two questions. The first you for the opportunity to ask this question. I want to ask two questions. The first is, I would like to ask, management's views on the fourth quarter and next year's car market. Will the price war between dealers views on the fourth quarter and next year's car market. Will the price war between dealers continue? And then the second question is, I want to ask the company, actually, in the past, there has been this dividend for shareholders. So what are the plans for this year? in the past, there has been this dividend for shareholders. So what are the plans for this year? Let me translate my question. My first question is about how do we think about the auto market for the fourth quarter, 2023? And what about next year? And will the price price war between the OEMs will continue? My second question is about what's our dividend plan for this year? Thank you. 好, 谢谢。关于车市, 第三季度, 我们看到乘用车零售销量增速有所下降, 四季度因国庆和双十一的过节效应, 消费情况有所改善, 且车市即将进入年末冲量阶段, 预计仍将延续较大的终端优惠力度, 推动车市销量环比继续改善。对于明年汽车市场的看法, 我们认为主要有以下两个方面。首先, 新能源汽车将继续优先发展。根据乘联会的数据, 截至九月底, 新能源乘用车市场渗透率达到36.9%。中央和地方政府继续推出更多有针对性和有效的措施来促进消费。我们预计明年新能源汽车的普及率将继续走高。其次是二手车市场的扩大。今年前九个月, 二手车交易量为1,000-1,300多万辆, 交易额近CNY 860 billion, 这是一个近CNY 1 trillion级的市场, 我们相信中国二手车市场仍有较大的发展潜力。 Thank you very much for your questions. To answer your first question on our outlook for the auto market for next quarter and the next year. In the third quarter, we saw a slowdown in passenger vehicles, retail sales, volume growth, and sales for the fourth quarter were boosted by the National Day holiday and the Singles' Day shopping festival. As the market is approaching year-end with strong sales promotions, we expect the strong discounts to continue, driving a quarter-over-quarter increase in sales volumes. For our outlook for next year, well, I would like to share my thoughts from two perspectives. First, we think new energy vehicles will continue to outperform. According to the CPCA, that is China Passenger Car Association's data, as of the end of September, NEV's market penetration rate has already reached 36.9%, and their growth momentum is expected to continue throughout next year, driven largely by more targeted and effective incentive policies from national and regional governments. Secondly, on the used car market, we expect it to continue to grow. For the first nine months of this year, used cars total sales volume exceeded 13 million, with a total market, I mean, GMV, gross market value, close to about CNY 860 billion. This is a $1 trillion market, and we expect that China's used car market still has great growth potential. 关于分红，自上市以来，灿谷已经完成了总额近5亿美元的现金分红。同时，公司自2021年4月开始，通过股票回购项目积极地向投资人进行回馈，并提升公司股票价值。展望未来，灿谷也将在财务管理上保持谨慎，持续提升资本配置效率，优先投入于能够带来业务关键产出和价值领域，为股东创造长期价值。 On your, on your second question about the dividend payment. Well, since our IPO, Cango has distributed cash dividends totaling nearly $500 million. Meanwhile, since April 2021, the company has been actively rewarding our investors and improving stock value in various ways, including share repurchase program. Looking ahead, Cango will remain prudent regarding financial management and continue to enhance capital allocation efficiency. We will prioritize investments in areas with high, high ROI and value, creating long-term stakeholder value. 谢谢。 Thank you. That's all from me. 好，谢谢管理层。 Thank you. Our next question comes from Emerson Zhao with Goldman Sachs. Please go ahead. Thank you, management. This is Emerson from Goldman Sachs. I mainly have two questions. The first question is: After the epidemic, has the operating situation of dealers in the lower-tier markets improved somewhat? The second question is, considering the logic of merging Cango Haoche and Cango U-Car, these two platforms, can management elaborate a bit more? Thank you. Thank you very much for giving me this opportunity to ask two questions. The first question is, has the dealers' operational environment improved in the lower tier markets as the pandemic restrictions being lifted? And the second question is: What is the rationale behind the merger of the Cango Haoche platform and the Cango U-Car platform? Could you elaborate on that? 好，谢谢。比... 关于下沉市场，一直以来，灿谷主要服务的客户就集中在三四线城市，所以近两年低线市场的变化我们感受颇深。乘联会数据显示，2022年国内有40%的经销商倒闭，目前已超过半数汽车4S店处于亏损状态，平均每天约11家4S店关停，中汽贸店更是难以为继，纷纷抱团取暖，或者转型交易二手车，或者进行直播卖车、看车等新尝试。与此同时，各地区间消费需求也有差异。南方市场新能源汽车销量相比北方销量更好，新能源汽车充电桩覆盖完善地区，新能源汽车渗透率也更高，A0级以下和豪华车销，销量更好。 Thank you for your questions. On your first question on the lower tier market, while Cango's customers are primarily based in third- and fourth-tier cities, so we have deeply felt the changes in the lower-tier markets over the past two years. According to CADA's data, 40% of dealers in China shut down their businesses in 2022. More than half of dealers are now operating at a loss, and on average, about 11 4S stores close down every day. Small and medium auto dealers are having an even greater difficulty staying afloat. They have either merged with others to survive or switched to used car transactions. Some are also trying new sales channels, such as live streaming, e-commerce. At the same time, consumer demand differs from region to region. NEV sales volume is higher in southern markets compared to the north, for example, and NEV's penetration rate is also higher in cities with more charging stations. Furthermore, A0 class and below, as well as luxury cars, are selling better than other classes. 考虑合并灿谷好车和灿谷优车两个平台，主要基于近两年业务端的市場感知。我们发现整个中国新车市场已趋于饱和。从C端消费者角度看，新车首次购车客户减少，而是新车增购和二手车置换的需求增加。从B端车商角度看，4S店和汽贸店都基于消费者需求的变化，开始自己组建二手车渠道，新车和二手车店铺销售界限变得模糊了。因此我们进行双平台融合，将灿谷好车并入灿谷优车，客户可以在同一平台内进行二手车置换的同时购买新车。双平台融合后，运营效率更高，我们可以更好地服务车商。 Our decision to integrate Cango Haoche's offerings into the Cango U-Car platform is primarily based on our deep market insights gained over the past two years. We noticed that China's new car market is near saturation. On consumption, there is a noticeable decline in first-time new car buyers, while there is an upward trend in consumers looking for additional cars and rising demand for vehicle replacement and upgrades. On the distribution side, both 4S dealers and used car dealers have begun establishing their own used car sales channels in response to changing consumer needs. This is a blurred area now, because the boundary between the traditional new car and used car sales channels are becoming increasingly integrated. So that's why we are integrating the two platforms, Cango Haoche and Cango U-Car platform, so that customers can now purchase new cars while trading in their used cars on the same platform. This integration, we believe, will not only greatly improve our operational efficiency, but also will enable us to better serve our car dealers. I think that's all from my side. Thank you. Ladies and gentlemen, there are no further questions. So I'd like to hear, turn it back to management for closing remarks. 好，谢谢大家的关注和支持，今天的电话会到此结束。谢谢。 Thank you all for joining us. Thank you all for your support. That closes today's earnings call. Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.