Cango Inc. (CANG) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.274 Good evening and welcome to the Cango Inc. 00:00:02.274 -- 00:00:06.799 fourth quarter and full year 2025 earnings conference call. 00:00:06.799 -- 00:00:09.683 All participants will be in listen-only mode. 00:00:09.683 -- 00:00:13.928 Should you need assistance, please signal a conference specialist by pressing the star 00:00:13.928 -- 00:00:17.012 key followed by zero. After 00:00:17.012 -- 00:00:20.797 today's presentation, there will be an opportunity to ask questions. 00:00:20.797 -- 00:00:24.442 Please note this event is being recorded. I 00:00:24.442 -- 00:00:26.384 would now like to turn the conference over to Mr. 00:00:26.384 -- 00:00:31.208 Paul Yu, Chief Executive Officer. Please go ahead. 00:00:31.537 -- 00:00:36.604 Thank you. Hello everyone and welcome to Kangol's fourth quarter and full year 00:00:36.604 -- 00:00:41.692 2025 earnings call. 2025 marks a landmark year 00:00:41.692 -- 00:00:44.155 in our company's history. 00:00:44.155 -- 00:00:49.263 Our first year of transformation since pivoting to Bitcoin mining in 00:00:49.263 -- 00:00:51.366 November 2024. 00:00:51.366 -- 00:00:55.272 It was a year of accelerated execution 00:00:55.272 -- 00:00:59.549 and we accomplished several critical objectives. 00:00:59.549 -- 00:01:04.556 First, asset restructuring and global deployment through a 00:01:04.556 -- 00:01:07.079 series of transactions. 00:01:07.079 -- 00:01:12.166 We relocated our asset from traditional auto finance business 00:01:12.166 -- 00:01:16.793 to our Bitcoin mining operations within six months. 00:01:16.793 -- 00:01:22.000 This helped us build a global distributed mining network. 00:01:22.000 -- 00:01:27.203 Second, leadership and management to align with our new strategy we 00:01:27.203 -- 00:01:32.59...