Cango Inc.

Good morning and good evening, everyone. Welcome to Kango Inc's fourth quarter and fiscal year 2023 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. Xiaoyuan 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 be making forward-looking statements. With that said, I am now turning the call over to Mr. Xiaoyuan Lin, CEO of Kango. Please go ahead, sir.

Hello everyone and welcome to CanGo's Fourth Quarter 2023 Earnings Call. 2023 proves to be a year of resilience in the face of headwinds.

While a long-term economic recovery remained on the horizon, the confluence of domestic and international factors caused a temporary slowdown. This resulted in slower than anticipated growth and dampened consumer confidence. In the automotive sector, the traditional fuel vehicle market contracted steadily, while new energy vehicles or EVs experienced a surge in market share, sparking fierce competition within the segment. Price boards became a norm in the auto sales landscape, triggering unnecessary restructuring within the industry. These shifts favored larger players and accelerated the survival of the fittest scenario. Dealerships, particularly smaller ones in lower-tier markets, faced significant operational challenges, especially in the latter half of the year.