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BEIJING, June 21, 2024 /PRNewswire/ -- A report from People's Daily: In the Longbao National Nature Reserve, located in Yushu Tibetan autonomous prefecture of northwest China's Qinghai province, Caicai and his fellow wetland rangers rose early to begin their daily patrol. "This is China's first breeding base for black-necked cranes. In the recent couple of days, many birds have migrated here, preparing to mate. We must make sure this place is well protected," Caicai said. His gaze softened with a special gentleness as he observed a few black-necked cranes gliding over the distance meadows through a pair of binoculars. "In recent years, more and more wild animals have settled in our reserve as the ecology here continues to thrive. We are incredibly proud of this," Caicai told People's Daily. In recent years, the Longbao National Nature Reserve has seen a steady increase in its wildlife population, thanks to the development of information-sharing platforms, partnerships with professional research monitoring teams, regular biodiversity monitoring surveys, educational activities on natural science, creation of volunteer lake patrol teams, among others. In particular, the number of birds spotted in the reserve has been on the rise year by year. Today, the reserve is home to 144 bird species from 39 families and 19 orders. More than 1.3 percent of black-necked cranes in the world live in the reserve, and the number of bar-headed geese there accounts for over 9.4 percent of the world's total. This is only a miniature of how Qinghai province treasures and protects the eco-environment. Located at the junction of the Loess Plateau and the Qinghai-Xizang Plateau, Qinghai province is hailed as China's "water tower," holding special significance in ecological conservation. In recent years, Qinghai province has made notable strides in advancing ecological protection and high-quality development on the Qinghai-Xizang Plateau. For instance, the water conservation capacity has continued to improve in the Sanjiangyuan region, which serves as the headwaters of China's three major rivers, namely the Yangtze, Yellow, and Lancang rivers. The decrease in desertified and sandy areas in Qinghai has led to an expansion of grassland, with grass yields increasing year by year. The populations of wild animals and plants are also thriving. The proportion of days with good air quality in the province exceeds 95 percent. All major rivers and lakes meet water quality standards for their designated uses. Remarkably, Qinghai now ranks first in China in terms of total wetland area. A robust nature reserve system centered on national parks is taking shape rapidly across Qinghai province, fortifying an ever-stronger ecological security shield. The impressive environmental achievements would not have been possible without science-based restoration efforts. In 2023, Qinghai converted 97,000 hectares of desertified areas into green land, exceeding the annual target by 18 percent. Thanks to the collective efforts of province-wide voluntary tree planting initiatives, over 18 million new trees were planted, involving 3 million participants. Moreover, Qinghai has further strengthened its support system for land greening by establishing an ecological and environmental monitoring network from sky to ground. At the goji berry fields of Zongjia township, Dulan county, Haixi Mongolian and Tibetan autonomous prefecture, Qinghai province, major grower Ding Ling has been guiding local workers to take care of the goji seedlings during the past few days. "The market has been very good in recent years. Thanks to Qinghai's exceptional ecological reputation, buyers speak highly of our goji berries. Our minimum income can reach 5,000 yuan ($690.95) per mu (about 0.67 hectares)," Ding told People's Daily. In 2023, 27,600 hectares of goji berries were planted in Haixi Mongolian and Tibetan autonomous prefecture. A total of 91,300 tons of dried fruit were produced therefrom, accounting for nearly 20 percent of China's overall production. The production of dried fruit generated an output value of 3.32 billion yuan, representing 42.3 percent of the prefecture's total agricultural and pastoral output value. The total value of the entire industrial chain amounted to 12 billion yuan. The booming goji berry industry in Qinghai is backed by flourishing eco-friendly approaches. Additionally, a number of key projects highlight the province's commitment to green development: the operation of the Maerdang Hydropower Station, the completion of the Yangqu dam, the construction of the world's largest liquid air energy storage demonstration project in Golmud city, the operation of the Lijiaxia Hydropower Station, among others. Qinghai is consistently striving for green and sustainable development. By the end of last year, the province secured a leading position in China for its clean and new energy capacity and non-hydro renewable energy consumption, with the total installed clean energy capacity reaching 51.07 million kilowatts. Lithium-ion battery production in the province accounts for 10 percent of the country's total. Besides, the monitored area of organic grasslands has surpassed 150 million mu (about 10 million hectares). Today, Qinghai's development is featured by its lucid waters and lush mountains, with the thriving ecosystem emerging as the most inclusive public good for the residents. In 2023, 76 percent of Qinghai's fiscal expenditure went to livelihood projects. The growth in per capita disposable personal income of all residents outpaced the overall economic growth of the province. Farmers and herdsmen saw income growth surpassing China's national average, and the urban-rural income gap continued to narrow. Across Qinghai province, from valleys to grasslands, from snow-capped highlands to desert towns, ecological conservation and livelihood improvement are mutually reinforcing.
TAIPEI, June 20, 2024 /PRNewswire/ -- Taiwan's premier whisky distiller Kavalan is launching its top-3 selling Concertmaster Port Cask Finish Single Malt Whisky in a limited-edition set, exclusively for export. Kavalan launches a set for aspiring connoisseurs. The Concertmaster Port Cask Finish (alc. 40% vol. 700ml) with notes of vanilla, coconut, and honey will be accompanied by two 50ml bottles of Kavalan's flagship expressions: Kavalan Classic and Distillery Select No. 1 both alc. 40% vol. Brand Ambassador Britney Chen said this trio is the gold standard of being universally adored and easily recognizable. "Regardless of one's familiarity with Kavalan Whisky, this set undeniably stands out as a triumph. Drawing from experience hosting masterclasses and participating in exhibitions globally, I highly endorse this as the quintessential choice for those in search of a cherished and approachable offering in the market." The gift set, featuring packaging inspired by the vibrant green hues of the mountains surrounding the distillery, will be launched in Germany, Austria, Switzerland, the Czech Republic, Japan, Hong Kong, Macao, Singapore, Malaysia, the Philippines, and Mexico. To find out where it's available near you, please contact the local distributors. Kavalan's water source, Snow Mountain, is represented on the box and bottle and the inner lining features colourful fern, as a nod to Taiwan's fertile, subtropical landscape. Product descriptions Kavalan Concertmaster Port Cask Finish — alc. 40% vol. 700ml Kavalan Concertmaster Port Cask Finish is matured in specially selected American oak casks and finished in Portuguese ruby Port barriques. A mellow, indefinably smooth whisky. Rich-bodied with natural sweetness and complexity. Colour: Rich caramel ruby Nose: honey, vanilla, coconut and candy floss.Palate: Rich bodied with natural sweetness and complexity. Kavalan Classic — alc. 40% vol. 50ml Kavalan Classic Single Malt Whisky exemplifies the sheer quality of whisky coming out of Taiwan. The distillery's craftsmanship works with the humid climate to create diversity and complexity. Fresh and clean, with hints of tropical fruits. Colour: Lively and passionate amber Nose: Tropical fruits, pear drop, vanilla, coconut.Palate: A hint of sweet mango juice with the spicy complexity. Kavalan Distillery Select No.1 — alc. 40% vol. 50ml Kavalan's Distillery Select series showcases the fine art of blending and the exquisite cask selection of Taiwan's premier distillery. Expression No. 1 is rich in tropical fruits and sweet toffee and vanilla. A taste of fruit paradise. Colour: Midnight amber Nose: Ripened tropical fruits, fragrant floral notes and warm vanilla.Palate: Butterscotch, creamy toffee, and vanilla create a soft and thick multi-layered taste. CONTACT:Britney Chen britneychen@kingcar.com.twDavid Chen davidwyc@kingcar.com.tw
Running from July 18-31, the colorful event features a dazzling array of Malaysia local mart, street food classics with premium durian fruit platter at the buffet, while also celebrating the 50th anniversary of diplomatic relations between China and Malaysia MACAU SAR - Media OutReach Newswire - 19 June 2024 - Galaxy Macau™ ("Galaxy Macau") will offer visitors an authentic taste of Malaysia's vibrant cuisine and culture from July 18-31 as the much-loved Malaysian Cultural and Food Festival returns for its 10th anniversary. As well as celebrating Malaysia's rich culinary traditions and the country's vibrant arts and culture heritage at Galaxy Macau's Oasis and East Square, this year's festival also marks the 50th anniversary of the diplomatic friendship between China and Malaysia. The festival showcases the best of Malaysian authentic street food with giant cuisines at the dinner buffet, and lovers of the country's cultural goodies and snacks will be spoiled for choice by the diverse array of classic items on offer. Galaxy Macau will offer visitors an authentic taste of Malaysia’s vibrant cuisine and culture from July 18-31 as the much-loved Malaysian Cultural and Food Festival returns for its 10th anniversary. At Oasis, local and international visitors can sample the eclectic flavors of Malaysia with an all-you-can-eat buffet that crackles with the vivid sights, sounds, and scents for which the nation is famous. Numbers of renowned Malaysian chefs will be on hand to demonstrate their expert culinary skills, and there will also be 10 hawker-style live stations cooking up delicious street food and more than 40 traditional Malaysian delicacies. Visitors can also marvel at giant versions of four classic dishes, including Malaysian-style chicken wings, extra-long satays, an enormous oyster pancake, and a towering roti canai (Indian flatbread). The festival showcases the best of Malaysian authentic street food with giant cuisines at the dinner buffet. Chef specialties on offer include Malay black char siu; curry fish heads with ladyfinger and eggplant; curry chicken with baguette; prawn with butter and oat; fried soft-shell crab with chili crab sauce; ayam goreng nasi lemak, coconut rice, crispy anchovies, and onion sambal sauce; fried sambal kangkong; and fragrant rice. At the lively hawker stalls, meanwhile, guests can enjoy an irresistible selection of freshly cooked Malaysian street food classics, including Penang's famous char kway teow; oyster omelet with coriander and homemade chili sauce; fried mee udang; roti canai, roti tissue, mamak mee goreng with eggs and sambal sauce and Indian teh tarik; BBQ chicken wings with a honey glaze; chicken and beef satay with condiments; curry laksa; bak kut teh herbal pork ribs soup with condiments; and hot plate sambal fish and sotong. Top-quality durian, hand-picked by a durian master and flown in fresh from Malaysia, available for visitors to try. Durian, Malaysia's national fruit, takes pride of place at the festival once again this year, with 4 types of top-quality durian, hand-picked by a durian master and flown in fresh from Malaysia, available for visitors to try. In addition, there is a selection of special durian drinks and desserts to sample, as well as other Malaysian favorites such as mangosteen and rambutan. The Malaysian Dinner Buffet takes place from 6pm–9pm Monday to Thursday and 5.30pm-9.30pm Friday to Sunday from July 18-31, and tickets are priced MOP 688 (+10% service charge) for adults (including a premium durian platter) and MOP 344 (+10% service charge) for children aged 3-11 years old. Children under three years old can enjoy free entry. Settle your bill with the ICBC Galaxy Macau Credit Card to enjoy an instant rebate of MOP200 per adult. GALAXY ULTIMATE member can enjoy 10%off. For enquiries and reservations, call +853 8883 2221. Over at East Square, guests can enjoy a wide selection of exciting cultural activities that will transport them to buzzing Malaysia in the blink of an eye. Over at East Square, guests can enjoy a wide selection of exciting cultural activities that will transport them to buzzing Malaysia in the blink of an eye. Transformed into a mini-Malaysia filled with Instagram-worthy photo opportunities for the duration of the festival, East Square features a Malaysia-themed pop-up market where visitors can shop traditional goodies and take a souvenir from the country home with them. There will also be a range of classic snacks, desserts, and drinks to enjoy—from calamansi juice with sour plum to nyonya kuih nine-layer pastry—while F&B outlets at East Square will be joining the celebration with a range of Malaysian food specials. In addition, visitors can immerse themselves in Malaysian culture through a variety of handicraft workshops, lively games, and traditional Malaysian music and dance performances. Visitors can immerse themselves in Malaysian culture through a variety of handicraft workshops, lively games, and traditional Malaysian music and dance performances. A unique opportunity to travel to Malaysia without leaving Macau, the 10th Malaysian Cultural and Food Festival is an event that no food lover will want to miss! Hashtag: #GalaxyMacauThe issuer is solely responsible for the content of this announcement.About Galaxy Macau Integrated Resort Galaxy Macau™, The World-class Luxury Integrated Resort delivers the "Most Spectacular Entertainment and Leisure Destination in the World". Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotel™, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau, Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meter Grand Resort Deck features the world's longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz- Carlton Spa, Macau help guests relax and rejuvenate. As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies; Galaxy Promenade is the hottest shopping destination featuring the latest in fashion and curated experiences in Macau. Spanning over 100,000-square-meter, luxury flagship stores, lifestyle boutiques and our selection of labels are among the more than 200 world-renowned brands for a world-class shopping journey; Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theaters are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind deluxe lounge that evokes the glitz and glamor of Shanghai's golden era with entertainment in luxury and style; and Foot Hub presents the traditional art of reflexology to make you feel more relaxed and revitalized. For Authentic Macau Flavours & Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at its Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events. Meeting, incentive and banquet groups are also well looked after with a portfolio of unique venues in Galaxy Macau and a professional service staff. Galaxy International Convention Center (GICC) is the latest addition to the Group's ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world- class event venue featuring 40,000-square-meter of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau. For more details, please visit www.galaxymacau.com,www.broadwaymacau.com.mo and www.galaxyicc.com.
Tourists from across the globe and thousands of Ho Chi Minh City citizens are enthusiastically joining the 10-day River Festival, celebrating the beauty of cultural heritage through innovative advancements. HO CHI MINH CITY, Vietnam, June 14, 2024 /PRNewswire/ -- The 2nd Ho Chi Minh City River Festival 2024 is organized on a larger scale than before, reinforcing the city's image as a vibrant, modern riverine metropolis rich in cultural and historical identity. The festival commences with the musical performance program "Legendary Voyage," which transforms Khanh Hoi Port into a cinematic spectacle featuring over 1,000 performers and attended by 9,000 spectators. The historical narrative unfolded with cinematic effects, utilizing modest technologies like 3D mapping and drone shows, creating an awe-inspiring and unforgettable experience. The festival offers a vibrant tapestry of cultural activities, celebrating the essence of river life. Highlights include a recreated Mekong Delta floating market, the "Trên Bến Dưới Thuyền" fruit week featuring boats brimming with flowers and fruits, soulful Southern folk songs, and captivating traditional games. Additionally, exhilarating water sports events such as the open-water swimming championship, stand-up paddleboard championship, and various river sports performances provide thrilling experiences like SUP paddling, Flyboarding, and panoramic paragliding over the Saigon River. These activities ensure a lively and immersive experience for all visitors. The culinary area on Le Loi Street (District 1) showcases 24 booths introducing various regional specialties from across Vietnam. Visitors can savor beautifully presented, delectable traditional dishes that highlight the nation's rich culinary heritage, offering a true feast for the eyes and the palate. The festival ends in a breathtaking spectacle, showcasing 1,100 drones synchronized with laser lights, a thrilling water sports performance with 100 athletes and 100 sports vehicles (including paragliders, jet skis, jetboards, flyboards, and sailing boats), and a majestic parade of cruise boats on the Saigon River known as the "Sparkling River," illuminating the river. Iconic images of traditional Vietnamese cranes and the WE LOVE HO CHI MINH CITY symbols captivate and inspire both tourists and locals alike. The River Festival 2024 not only leaves an indelible mark on the public but also significantly boosts tourism and unveils the vibrant, dynamic spirit of Ho Chi Minh City through every unforgettable experience.
SHENZHEN, China, June 13, 2024 /PRNewswire/ -- Waterdrop, an industry leader in innovative water filtration solutions, is excited to introduce its first Skin Care Face Washer. This product combines advanced filtration technology with Micro-nano Bubble Cleansing system, revolutionizing your skincare experience and becoming your ultimate at-home skincare companion. Using Waterdrop Skin Care Face Washer in the washroom The Waterdrop Skin Care Face Washer incorporates cutting-edge filtration technology to effectively remove chlorine and E. coli from tap water, ensuring a healthier water source and safeguarding your skin from potential harm. Its Micro-nano Bubble Cleansing System not only eliminates skin oils but also deeply hydrates, enhancing skin radiance. Equipped with a breathing light, smart filter reminder, and temperature display, this intelligently designed device offers an enhanced user experience. The design of the Skin Care Face Washer aims to address common issues like clogged pores, blackheads, and poor skincare product absorption resulting from inadequate cleansing, the Skin Care Face Washer aims to minimize skin sensitivities caused by residual chlorine irritation. By incorporating a countertop water purification system equipped with chlorine-eliminating, antibacterial, moisturizing, and desensitizing filters, along with the widely employed Micro-nano bubble technology used in fruit and vegetable cleaning, seawater treatment, and medical purification, this device not only provides pure water but also utilizes Micro-bubble technology to enhance cleansing efficacy, open up skin pores, and promote optimal skincare product absorption. Distinguished as a product offering both deep filtration and Micro-nano bubble cleansing, Waterdrop's pioneering Skin Care Face Washer stands out as a unique addition to the market. Unlike professional-grade medical beauty equipment typically found in beauty salons. Not only does it eliminate the need for costly medical beauty treatments, but it also delivers professional-grade results, effectively improving skin quality. As one of the pioneering brands in the water purification industry, Waterdrop offers a comprehensive product lineup, including original replacement filters, gravity water filters, countertop RO systems, under-sink RO systems, whole-house product lines, and outdoor products. Tailored to specific scenarios and needs such as home, office, skincare, gardening, car washing, and outdoor activities, Waterdrop provides efficient, convenient, and reliable water purification solutions, holding a prominent position in the international market. The Waterdrop Skin Care Face Washer is now available on at Waterdrop's Official Website, with an early bird price of $199. Use the exclusive code BEAUTYPR can be applied to receive an extra filter when placing your order. Join our social media campaign, share your first-hand experience using the Waterdrop Face Washer, and tag @WaterdropFilter for a chance to win full cashback on your purchase. About Waterdrop: Established in 2015, Waterdrop is a globally renowned provider of innovative water filtration solutions. Its exceptional product range covers original replacement filters, gravity water filters, RO systems, whole-house product lines, and outdoor product lines, earning numerous international awards. Waterdrop consistently ranks in the top 3 of Amazon's water purification category, served over 10 million families around the world. For more information, please visit https://www.waterdropfilter.com/ or contact marketing@waterdropfilter.us.
SHANGHAI, June 13, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited financial results for the first quarter of 2024. First Quarter 2024 Financial and Operational Highlights Total revenues were RMB64.4 million (US$8.9 million), compared with RMB542.6 million in the same period of 2023. Income from operations was RMB74.2 million (US$10.3 million) for the three months ended March 31, 2024, an increase of 43.1% from RMB51.8 million in the same period last year. Net income was RMB90.0 million (US$12.5 million) for the three months ended March 31, 2024, an increase of 14.3% from RMB78.8 million in the same period last year. The total outstanding balance of financing transactions the Company facilitated was RMB7.6 billion (US$1.1 billion) as of March 31, 2024. M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 2.87% and 1.51%, respectively, as of March 31, 2024, compared with 2.66% and 1.37%, respectively, as of December 31, 2023. Total balance of cash and cash equivalents, short-term investments and restricted cash - current - bank deposits held for short-term investments increased by RMB152.6 million (US$21.1 million) compared to that as of December 31, 2023. The liquidity improvement was primarily driven by the positive operating cash flow generated by decreased working capital for car trading transactions, collections of financing receivables, and loan facilitation service fees. Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "In the first quarter of 2024, the Chinese automotive industry continued to encounter significant challenges. Traditional automakers are under pressure to transform and adapt to the new energy era and emerging NEV manufacturers are facing intense market competition and severe profitability struggles. In response to these trends, Cango proactively reduced the scale of our self-operated new car business, streamlined purchasing, and optimized inventory management, mitigating the risk of declining new car prices. "In the first quarter, we completed the integration of 'Cango U-car' and further strengthened the platform's competitive advantages by ensuring a consistent supply of high-quality vehicles, optimizing dealer service experiences and supply chain management. "We also made significant strides in cross-border used car transactions during the first quarter. In March, we officially launched a cross-border information platform specifically for used car transactions. This platform brings insights into the Chinese used car market to multilingual global users, filling a gap in domestic cross-border used car transaction information services. Our ultimate goal is to build this platform into the preferred gateway for Chinese used cars to enter the international market. "Looking ahead, we will remain committed to exploring new business models and expanding growth opportunities. We firmly believe that through continuous innovation and meticulous management, Cango will drive a long-term and sustainable development," concluded Mr. Lin. Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "Our strategic efforts to scale back new car inventory and improve operational efficiency have begun to bear fruit, resulting in a profit for the first quarter of 2024. We also achieved a third consecutive quarter of positive operating cash flow, allowing us to maintain a strong cash position. We are confident that our meticulous cost control and effective liquidity management will propel Cango's long-term growth and progress." First Quarter 2024 Financial Results REVENUES Total revenues in the first quarter of 2024 were RMB64.4 million (US$8.9 million) compared with RMB542.6 million in the same period of 2023. The guarantee income, which represented the fee income earned on the non-contingent aspect of a guarantee, was RMB30.3 million (US$4.2 million) in the first quarter of 2024. This was presented separately from the contingent aspect of a guarantee pursuant to the adoption of ASC 326 since January 1, 2023. OPERATING COST AND EXPENSES Cost of revenue in the first quarter of 2024 decreased to RMB29.1 million (US$4.0 million) from RMB480.5 million in the same period of 2023. As a percentage of total revenues, cost of revenue in the first quarter of 2024 was 45.1% compared with 88.6% in the same period of 2023. Sales and marketing expenses in the first quarter of 2024 decreased to RMB3.5 million (US$0.5 million) from RMB12.5 million in the same period of 2023. General and administrative expenses in the first quarter of 2024 decreased to RMB37.9 million (US$5.3 million) from RMB39.8 million in the same period of 2023. Research and development expenses in the first quarter of 2024 decreased to RMB1.1 million (US$0.2 million) from RMB8.1 million in the same period of 2023. Net gain on contingent risk assurance liabilities in the first quarter of 2024 was RMB15.0 million (US$2.1 million) compared with RMB1.6 million in the same period of 2023. The gain was recognized due to the release of obligations from the contingent aspect of the risk assurance liabilities. Net recovery on provision for credit losses in the first quarter of 2024 was RMB66.3 million (US$9.2 million). The recovery was primarily due to the positive impact from the collections of financing receivables. INCOME FROM OPERATIONS Income from operations in the first quarter of 2024 was RMB74.2 million (US$10.3 million), an increase of 43.1% from RMB51.8 million in the same period of 2023. NET INCOME Net income in the first quarter of 2024 was RMB90.0 million (US$12.5 million). Non-GAAP adjusted net income in the first quarter of 2024 was RMB95.7 million (US$13.3 million). Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure." NET INCOME PER ADS Basic and diluted net income per American Depositary Share (the "ADS") in the first quarter of 2024 were RMB0.85 (US$0.12) and RMB0.80 (US$0.11), respectively. Non-GAAP adjusted basic and diluted net income per ADS in the first quarter of 2024 were RMB0.91 (US$0.13) and RMB0.85 (US$0.12), respectively. Each ADS represents two Class A ordinary shares of the Company. BALANCE SHEET As of March 31, 2024, the Company had cash and cash equivalents of RMB1.2 billion (US$160.1 million), compared with RMB1.0 billion as of December 31, 2023. As of March 31, 2024, the Company had short-term investments of RMB2.3 billion (US$321.6 million), compared with RMB635.1 million as of December 31, 2023. The increase was mainly due to the conversion from restricted cash – bank deposits held for short-term investments of RMB1,670.0 million on December 31, 2023 after the Company completed its subscription process. Business Outlook For the second quarter of 2024, the Company expects total revenues to be between RMB35 million and RMB45 million. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Share Repurchase Program Pursuant to the share repurchase program announced on April 23, 2024 (the "New Share Repurchase Program"), the Company had repurchased 360,858 ADSs with cash in the aggregate amount of approximately US$578,975.4 up to May 31, 2024. Conference Call Information The Company's management will hold a conference call on Wednesday, June 12, 2024, at 9:00 P.M. Eastern Time or Thursday, June 13, 2024, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-902-4272 United States Toll Free: +1-888-346-8982 Mainland China Toll Free: 4001-201-203 Hong Kong, China Toll Free: 800-905-945 Conference ID: Cango Inc. The replay will be accessible through June 19, 2024 by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Access Code: 8381005 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/. About Cango Inc. Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products centering on customer needs for auto transactions, auto financing and after-market services. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers' car purchase service platform of choice. For more information, please visit: www.cangoonline.com. Definition of Overdue Ratios The Company defines "M1+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. The Company defines "M3+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. Use of Non-GAAP Financial Measure In evaluating the business, the Company considers and uses Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the Non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Non-GAAP adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company presents the Non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income (loss) enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the Non-GAAP measure facilitates investors' assessment of its operating performance. Non-GAAP adjusted net income (loss) is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income (loss) is that it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of Non-GAAP adjusted net income (loss). Further, the Non-GAAP measure may differ from the Non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Cango's Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Business Outlook" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact Yihe LiuCango Inc.Tel: +86 21 3183 5088 ext.5581Email: ir@cangoonline.com Twitter: https://twitter.com/Cango_Group Helen WuPiacente Financial CommunicationsTel: +86 10 6508 0677Email: ir@cangoonline.com CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data) As of December 31, 2023 As of March 31,2024 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 1,020,604,191 1,155,986,847 160,102,329 Restricted cash - current - bank deposits held for short-term investments 1,670,006,785 - - Restricted cash - current - others 14,334,937 13,744,123 1,903,539 Short-term investments 635,070,394 2,322,320,101 321,637,619 Accounts receivable, net 64,791,709 106,148,788 14,701,437 Finance lease receivables - current, net 200,459,435 133,027,146 18,424,047 Financing receivables, net 29,522,035 20,366,970 2,820,793 Short-term contract asset 170,623,200 80,595,646 11,162,368 Prepayments and other current assets 78,606,808 79,424,682 11,000,191 Total current assets 3,884,019,494 3,911,614,303 541,752,323 Non-current assets: Restricted cash - non-current 583,380,417 538,159,571 74,534,240 Property and equipment, net 8,239,037 7,635,993 1,057,573 Intangible assets 48,373,192 48,107,157 6,662,764 Long-term contract asset 36,310,769 564,583 78,194 Finance lease receivables - non-current, net 36,426,617 22,252,619 3,081,952 Operating lease right-of-use assets 47,154,944 47,531,988 6,583,104 Other non-current assets 4,705,544 4,491,801 622,107 Total non-current assets 764,590,520 668,743,712 92,619,934 TOTAL ASSETS 4,648,610,014 4,580,358,015 634,372,257 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debts 39,071,500 26,650,000 3,690,982 Long-term debts—current 926,237 888,415 123,044 Accrued expenses and other current liabilities 206,877,626 173,238,481 23,993,251 Deferred guarantee income 86,218,888 55,959,307 7,750,275 Contingent risk assurance liabilities 125,140,991 81,427,530 11,277,583 Income tax payable 311,904,279 323,337,170 44,781,681 Short-term lease liabilities 7,603,380 8,654,701 1,198,662 Total current liabilities 777,742,901 670,155,604 92,815,478 Non-current liabilities: Long-term debts 712,023 665,401 92,157 Deferred tax liability 10,724,133 10,724,133 1,485,275 Long-term operating lease liabilities 42,228,435 42,027,702 5,820,769 Other non-current liabilities 226,035 143,886 19,928 Total non-current liabilities 53,890,626 53,561,122 7,418,129 Total liabilities 831,633,527 723,716,726 100,233,607 Shareholders' equity Ordinary shares 204,260 204,260 28,290 Treasury shares (773,130,748) (844,938,545) (117,022,637) Additional paid-in capital 4,813,679,585 4,814,230,470 666,763,219 Accumulated other comprehensive income 111,849,166 132,744,094 18,384,845 Retained earnings (335,625,776) (245,598,990) (34,015,067) Total Cango Inc.'s equity 3,816,976,487 3,856,641,289 534,138,650 Total shareholders' equity 3,816,976,487 3,856,641,289 534,138,650 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,648,610,014 4,580,358,015 634,372,257 CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data) Three months ended March 31 2023 2024 RMB RMB US$ Revenues 542,613,363 64,422,494 8,922,412 Loan facilitation income and other related income 2,315,400 13,821,022 1,914,189 Guarantee income 64,128,746 30,259,581 4,190,904 Leasing income 22,213,681 4,939,712 684,142 After-market services income 16,719,476 11,637,788 1,611,815 Automobile trading income 429,849,643 3,445,040 477,133 Others 7,386,417 319,351 44,229 Operating cost and expenses: Cost of revenue 480,517,980 29,058,868 4,024,607 Sales and marketing 12,538,562 3,548,273 491,430 General and administrative 39,802,530 37,923,531 5,252,348 Research and development 8,102,363 1,098,105 152,086 Net gain on contingent risk assurance liabilities (1,622,556) (15,018,246) (2,080,003) Net recovery on provision for credit losses (48,554,100) (66,339,084) (9,187,857) Total operation cost and expense 490,784,779 (9,728,553) (1,347,389) Income from operations 51,828,584 74,151,047 10,269,801 Interest income, net 18,780,880 16,503,965 2,285,773 Net gain on equity securities 3,732,355 10,984,524 1,521,339 Interest expense (2,294,085) - - Foreign exchange (loss) gain, net (984,307) 131,689 18,239 Other income, net 4,459,897 832,551 115,307 Other expenses (130,885) (535,390) (74,151) Net income before income taxes 75,392,439 102,068,386 14,136,308 Income tax benefit (expense) 3,372,638 (12,041,600) (1,667,742) Net income 78,765,077 90,026,786 12,468,566 Net income attributable to Cango Inc.'s shareholders 78,765,077 90,026,786 12,468,566 Earnings per ADS attributable to ordinary shareholders: Basic 0.58 0.85 0.12 Diluted 0.56 0.80 0.11 Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders: Basic 134,769,131 105,521,018 105,521,018 Diluted 140,231,084 112,786,810 112,786,810 Other comprehensive (loss) income, net of tax Foreign currency translation adjustment (6,020,579) 20,894,928 2,893,914 Total comprehensive income 72,744,498 110,921,714 15,362,480 Total comprehensive income attributable to Cango Inc.'s shareholders 72,744,498 110,921,714 15,362,480 CANGO INC.RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data) Three months ended March 31 2023 2024 (Unaudited) (Unaudited) (Unaudited) RMB RMB US$ Net income 78,765,077 90,026,786 12,468,566 Add: Share-based compensation expenses 14,059,098 5,717,422 791,854 Cost of revenue 747,416 254,391 35,233 Sales and marketing 2,793,396 1,046,659 144,961 General and administrative 9,907,268 4,416,372 611,660 Research and development 611,018 - - Non-GAAP adjusted net income 92,824,175 95,744,208 13,260,420 Net income attributable to Cango Inc.'s shareholders 92,824,175 95,744,208 13,260,420 Non-GAAP adjusted net income per ADS-basic 0.69 0.91 0.13 Non-GAAP adjusted net income per ADS-diluted 0.66 0.85 0.12 Weighted average ADS outstanding—basic 134,769,131 105,521,018 105,521,018 Weighted average ADS outstanding—diluted 140,231,084 112,786,810 112,786,810
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