Cango Inc.

Good morning and good evening, everyone, and welcome to Cango, Inc.' 's fourth quarter and full year 2021 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 investor relations website. Joining us today are Mr. Jiayun Lin, Chief Executive Officer, and Mr. Michael Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct a Q&A session. Before we begin, I'll refer you to the safe harbor statement in the company's earnings release, which also implies to the conference today. As management will make forward-looking statements, with that being said, I am now turning the call over to Mr. Jaoyuan Lin, CEO of CanGo. Please go ahead, sir. 大家好,欢迎参加倡股2021年第四季度及全年财报电话会。

Hi, everyone. Welcome to Cango's Q4 and 4-Year 2021 Earnings Call. In the past year 2021, the epidemic has not subsided.

The global political and economic situation has been constantly changing, and it has brought challenges to society, companies, and individuals. The automotive industry we operate in is complex and complex. After the epidemic, there have been multiple tests, and the shortage of electricity has spread throughout the year. The supply chain safety has been very important. During 2021, the lingering COVID-19 pandemic and volatile global political and economic environment posed many challenges to individuals, businesses, and society at large. The automotive industry was put through multiple tests with chip power shortages,