Good morning and evening, everyone. Welcome to Cango's first quarter 2025 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 Mr. Yongyi Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct the Q&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. With that said, I am now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please go ahead, sir. [Foreign language] Hi everyone, and welcome to Cango's first quarter 2025 earnings call. [Foreign language] In the first quarter of 2025, Bitcoin further solidified its dominance despite significant volatility in the cryptocurrency market. Amid global economic uncertainty, Bitcoin demonstrated strong resilience and stability as a safe-haven asset. On the policy front, the Trump administration's supportive stance towards the crypto market has undoubtedly fostered a more favorable regulatory environment. The establishment of a strategic Bitcoin reserve and pro-digital currency appointments are expected to provide clearer direction and more stable expectations for the industry's future development. [Foreign language] Cango entered the Bitcoin mining industry in November 2024. Over the past few months of exploration and operation, Cango has not only achieved business growth but also unlocked new development opportunities. [Foreign language] In the first quarter of 2025, Cango reported total revenue of $145 million, with $144 million contributed by our Bitcoin mining operations. Gross profit for the quarter reached $13.61 million, operating loss stood at $21.42 million, primarily due to a decline in Bitcoin prices toward the end of March, which led to a decrease in the fair value of the company's Bitcoin holdings. As of the end of the quarter, Cango maintained a strong cash position, with total cash equivalents and short-term investments amounting to $347 million, providing solid support for future business expansion. [Foreign language] While actively expanding our Bitcoin business, we continue to reduce our total outstanding loan balance and significantly improve loan quality. As of March 31st, 2025, our total outstanding loan balance was approximately RMB 2.6 billion, with M1+ and M3+ ratios of 2.86% and 1.59%, respectively. In addition, our credit risk exposure, not covered by full debt allowance or full risk assurance liabilities, further declined to RMB 760 million, down 30% from RMB 1.08 billion as of December 31, 2024. [Foreign language] Till now, we held a total computing power of 32 EH/s, accounting for approximately 4% of the global average hash rate in Q1. Our mining machines are deployed across North America, South America, the Middle East, and Africa, a globally diversified setup that enables us to optimize resource allocation. Nearly 90% of our currently operational miners are water-cooled S19 XP models. In addition, the delivery of an additional 18 EH/s of computing power is progressing as planned, and it is expected to be completed by July 31. Once finalized, our total hash rate capacity will reach 50. [Foreign language] Since entering the Bitcoin mining industry, we have remained focused on improving our operational metrics. In the first quarter, we mined a total of 1,541 Bitcoins. As of the end of April, our total Bitcoin holdings reached 2,944.8 coins, ranking 14th globally among publicly listed companies and fifth among listed mining firms. Throughout Q1, our average monthly effective hash rate consistently exceeded 30 EH/s, with a coin yield of 16.6 Bitcoins per EH/s, placing us among the top three publicly listed mining companies. Our efficiency rate is as high as 94%. In addition, in terms of energy efficiency, our average power efficiency for the quarter was 21.6 J/TH, with efficiency of 21.5 J/TH for March. [Foreign language] As we move into 2025, we remain firmly committed to deepening our focus on the Bitcoin mining business. We have strong confidence in the stability of Bitcoin's supply and its long-term value appreciation potential. As such, we will adopt a mine-and-hold strategy, prioritizing both self-mining and long-term holding. [Foreign language] Looking ahead, we will focus on gradually integrating and optimizing our existing computing power resources to maximize efficiency. At the same time, we will actively pursue MMA opportunities, seeking high-quality targets to further scale up our operations. We believe that greater scale will unlock broader growth opportunities, attract top talent, and enhance both our market competitiveness and industry recognition. [Foreign language] On our traditional automotive business, we remain focused on lean SLI operations for our used car export platform, AutoCango. Since its launch, the platform has attracted over 2.37 million visits and more than 290,000 registered users. Today, AutoCango has more than 480,000 used car listings, covering over 68,000 unique models. AutoCango aims to connect China's used car market with overseas buyers, making it easier for international customers to access high-quality vehicle inventory from China. Looking ahead, Cango will continue to strengthen its global presence and enhance AutoCango's platform capabilities to deliver an even better experience for our users. [Foreign language] I'd like to hand over the call to our CFO, Mr. Yongyi Zhang, to share our financial highlights for the first quarter of 2025. Thanks, Jiayuan. Hello everyone, and welcome to our first quarter 2025 earnings call. Before I start to review our financials, please note that unless otherwise stated, all numbers are in RMB terms, and all percentage comparisons are on a year-over-year basis. Total revenue in the first quarter of 2025 was RMB 1.1 billion, compared with RMB 64.4 million in the same period, 2024. The significant year-over-year increase was primarily driven by the Bitcoin mining business launched in November 2024. Revenue from Bitcoin mining business in the first quarter of 2025 was RMB 1 billion, with a total of 1,541 Bitcoin mined in the first quarter of 2025. The average cost to mine Bitcoin, excluding depreciation of mining machines, was $70,602.1 per coin in the quarter. Revenue from automotive trading-related income in the first quarter of 2025 was RMB 7.6 million, compared with RMB 64.4 million in the same period, 2024. Now let's move on to our cost and expenses during the quarter. Cost and revenue in the first quarter of 2025 increased to RMB 955.1 million from RMB 29.1 million in the same period, 2024. The year-over-year increase was primarily driven by the cost of Bitcoin mining business. Sales and marketing expenses in the first quarter decreased to RMB 0.4 million from RMB 3.5 million in the same period of 2024. General and administrative expenses in the first quarter increased to RMB 92.5 million from RMB 37.9 million in the same period, 2024. Research and development expenses in the first quarter decreased to RMB 0.3 million from RMB 1.1 million in the same period, 2024. Net gain on contingent risk assurance liability in the first quarter of 2025 was RMB 5.3 million, compared with RMB 15 million in the same period, 2024. Net recovery on provision for credit losses in the first quarter of 2025 was RMB 28.7 million, compared with RMB 66.3 million in the same period, 2024. We recorded RMB 155.5 million in loss from operations in the first quarter of 2025, compared with income from operations of RMB 74.2 million in the same period, 2024. Net loss in the first quarter of 2025 was RMB 207.3 million. Adjusted EBITDA in the first quarter of 2025 was RMB 27.6 million. Move on to our balance sheet. As of March 31st, 2025, the company had a cash and cash equivalent of RMB 2.5 billion, compared with RMB 1.3 billion as of December 31st, 2024. As of March 31st, 2025, the company had a short-term investment of RMB 5.2 million, compared with RMB 1.2 billion as of December 31st, 2024. Looking ahead to the rest of 2025, we are on track to grow our deployed hash rate to approximately 50 before the end of July. This concludes our prepared remarks. Operators, we are now ready to take questions. We will now begin the question and answer session. To ask a question, you may press star, then one on a touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. The first question comes from Emerson Zhao with Goldman Sachs. Please go ahead. [Foreign language] Thank you, Management. I have Emerson from Goldman Sachs. I have two questions. The first question is, what is your view on the, trends in the cryptocurrency market so far? The second question is, how is the company going to respond, to increasing challenges brought about by increasing computing power around the world, as well as increasing mining difficulties? [Foreign language] Thank you, Emerson, for your questions. The current cryptocurrency market presents both opportunities and challenges. We believe that as technology advances and the market continues to mature, cryptocurrencies will play an increasingly important role. We will closely monitor market developments and flexibly adjust our strategies to better seize emerging opportunities. [Foreign language] On your second question on the challenges of increasing computing power around the world and increasing mining difficulty, our responses include: firstly, we will continue to optimize the efficiency of our existing mining operations to ensure high productivity. At the same time, we are working to expedite the delivery of our second batch of computing power, totaling 18 EH/s, and continue to monitor further acquisition opportunities to further enhance our overall production capacity. [Foreign language] Thank you. The next question comes from Joy Chai with [Sinolink Securities]. Please go ahead. [Foreign language] Thank you, Management, for taking my questions. I'm from Sinolink Securities. I have a order of three questions. The first question is, I noticed that the metrics and data for the company in April saw quite a big decrease. Could you give us more colors or the reasons behind these declines? The second question is that, do you see more pressure from increasing power costs or electricity costs on the company? What are the plans that the company has to address this challenge? My third question is a more general question regarding the future strategy of the company, because we have seen quite a lot of changes in the company over the past year. Could you, again, give us more details on your future strategic direction? [Foreign language] Thank you for your questions. On your first question, in April we mined 470 coins, an 11.3% decrease compared to March. This was mainly due to the second largest monthly increase in global network hash rate on record, as well as an 8% rise in mining difficulty compared to March. Meanwhile, we maintained a high level of mining efficiency with our deployed hash rate remaining steady at 32 EH/s. In the first quarter, our average operational hash rate was about 30 EH/s, and the efficiency was 93.8%, relatively stable compared to the previous quarter. [Foreign language] For your second question, yes, the company is currently experiencing relatively high electricity costs, primarily due to the premium associated with power procurement under the hosted operation model. However, it is important to note that this model allows us to avoid a heavy capital investment and large staffing costs required for building and operating our own mining facilities. As a result, we have significantly reduced the capital expenditures and operating costs on the infrastructure and operations front. To continuously refine our cost structure, the company has launched a global energy strategy. On one hand, we are conducting detailed cost analysis of existing hosting agreements to explore potential room for renegotiation. On the other hand, we have formed a dedicated team to carry out on-site researches in energy-rich regions such as the Middle East and Australia, with a focus on evaluating the feasibility of partnerships in low-cost clean energy projects, including solar and natural gas. Through a diversified energy supply system, we aim to reduce costs and enhance operational efficiency. [Foreign language] On your third question, our future strategic direction, we will remain focused on optimizing our mining operations, enhancing efficiency, and exploring new market opportunities. At the same time, we will strengthen our partnerships to jointly drive industry advancement. We will also continue to proactively pursue sustainable and more cost-efficient energy sources. [Foreign language] Thank you. The next question comes from [Jiayuan Lin, Jiayuan Research. Please go ahead. [Foreign language] Thank you for taking my questions. I have three questions. The first question is that the Bitcoin mining business actually accounted for 99% of your quarterly revenue. Do you see any concentration risk in terms of your revenue streams here, and how is your plan to balance or diversify your business lines? My second question is regarding the operating loss. Do you consider using derivatives to hedge against volatilities in your fair value? My third question is regarding cash flow. Investors are interested in cash flow positions. My question is, do you have any plan in the future for equity financing or other financing plans? [Foreign language] On your first question, while the majority of our revenue currently comes from Bitcoin mining, we believe that focusing on mining at this stage is aligned with our overall strategy. Meanwhile, we remain confident in the potential of our used car export business and will concentrate on operating AutoCango, our satellite platform, for used car exports. Looking ahead, we plan to gradually explore additional business opportunities based on market conditions to diversify our operations. At the same time, we will continue to refine our mining business to ensure its stable and sustainable growth. [Foreign language] On your second question of operating loss, the operating loss in this quarter was primarily due to the decline in Bitcoin prices in March. We believe that fluctuations in Bitcoin's price are primarily short-term in nature, and we remain confident in its long-term value. In addition, we are introducing risk management tools in phases. For the near term, we are signing medium to longer-term contracts with power suppliers to lock in electricity prices and reduce cost pressures. At the same time, we are actively seeking low-cost renewable energy sources. Looking ahead, we are also exploring the feasibility of more relevant risk management tools and will adopt them prudently to mitigate potential risks. [Foreign language] Regarding cash flow, we currently have sufficient liquidity to support mining operations at 32 EH/s, including a $400 million annual credit facility provided by our partners. Given our relatively low debt-to-equity ratio, we still have ample room to take on additional leverage. As such, we plan to prioritize debt financing over equity financing. [Foreign language] Thank you. The next question comes from Michael Donovan with H.C. Wainwright, please go ahead. Hello, thank you for taking my question. This is Michael Donovan from Kevin Dede' s team. Let's start with the 18 EH/s you still have to deploy. Can you provide more clarity on that, and has the deal with Ursalpha been finalized? You mentioned July. When can we expect the 18 EH/s to be online, at the end of July, or is there anything that would hold us up? My second question is around your Bitcoin HODL strategy that you mentioned on the call. Do you have any plans to use your Bitcoin in terms of lending, or have any plans to earn yield on the Bitcoin? Thank you. [Foreign language] [Foreign language] Thank you for your questions. I will hand over your questions to our CFO, Yongyi Zhang. [Foreign language] Thank you for your question. On your first question, on the 18 EH/s deal, actually we started to complete the, to close the deal by the end of July because we have already reached agreements on the main terms, except for some small details, and we are still finalizing the small details. [Foreign language] To be more specific about the terms and conditions, revisions, actually in April, you know, we received some overall request on our domestic or PRC deal. So, that's why we need to make some revisions to the 18 EH/s deal terms and conditions. In fact, our plan is that, for this February, sorry, I mean this Friday, we are going to have an AGM, extraordinary general manager, extraordinary shareholders meeting, I mean, to have the shareholders meeting to deliberate the PRC deal. We start that after the AGM, the extraordinary shareholders meeting, then we will be able to complete the PRC deal and then, thereby, you know, completing our planned revision to the 18 EH/s deal. [Foreign language] Your second question, yes, our strategy is a mine- and- hold. So right now our focus is still on increasing our Bitcoin holdings. However, when our holdings reach, you know, a certain size, then we will definitely consider taking on some transactions to improve, to earn more yield on Bitcoin. [Foreign language] Thank you. That concludes our question and answer session. Thank you once again for joining Cango's first quarter 2025 earnings conference call today. Have a great day.