Cango Inc.

Good morning and evening, everyone. Welcome to Cango Inc.' '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. Ji-Ran Lin, Chief Executive Officer, and Mr. Yong-Yi 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. Jairon Lin, CEO of Tango. Please go ahead, sir.

Hi everyone, and welcome to Canggu's first quarter 2025 earnings call. In the first quarter of 2025, despite significant changes in the currency market, Bitcoin's leading position has been further strengthened. In times of global economic instability, Bitcoin has shown its stability and strong anti-fraud capability as a currency asset. In terms of policy, the Trump administration's support for the encrypted currency market has undoubtedly created a more favorable monitoring environment for the entire industry. The establishment of Bitcoin strategic reserves and the appointment of key department officials who are more friendly to the digital currency will be expected to provide a clearer direction and a more stable period for industry development.

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.