Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

Commission File Number: 001-38590

CANGO INC.

8F, New Bund Oriental Plaza II

556 West Haiyang Road, Pudong New Area

Shanghai 200124

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

EXHIBIT INDEX

Exhibit 99.1 — Cango Inc. Reports Third Quarter 2024 Unaudited Financial Results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CANGO INC.

	By:	/s/ Yongyi Zhang
	Name:	Yongyi Zhang
	Title:	Chief Financial Officer

Date: November 6, 2024

Exhibit 99.1

Cango Inc. Reports Third Quarter 2024 Unaudited Financial Results

SHANGHAI, Nov. 4, 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 third quarter of 2024.

Third Quarter 2024 Financial and Operational Highlights

Total revenues were RMB27.0 million (US$3.8 million), compared with RMB353.6 million in the same period of 2023. Income from operations was RMB35.2 million (US$5.0 million) for the three months ended September 30, 2024, compared with a loss of RMB87.8 million in the same period last year. Net income was RMB67.9 million (US$9.7 million) for the three months ended September 30, 2024, compared with a loss of RMB49.1 million in the same period last year.

The total outstanding balance of financing transactions the Company facilitated was RMB4.8 billion (US$685.7 million) as of September 30, 2024. Our credit risk exposure has decreased to a lower level, with only RMB1.7 billion (US$ 246.1 million) of outstanding loan balances where the Company bears credit risks that have not been provided with full bad debt allowance or full risk assurance liabilities. M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 3.17% and 1.76%, respectively, as of September 30, 2024, compared with 2.93% and 1.57%, respectively, as of June 30, 2024.

Total balance of cash and cash equivalents and short-term investments increased by RMB89.3 million (US$12.7 million) compared with that as of June 30, 2024.

Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, “In the third quarter of 2024, our business was primarily focused on the Cango U-car app and AutoCango.com, our international used car platform. We strengthened Cango U-car app’s competitive advantages in vehicle inventory during the quarter by establishing strategic partnerships with numerous used car marketplaces, enabling real-time updates of vehicle listings and ensuring a diverse and abundant supply of vehicles on the Cango U-car app. For AutoCango.com, we have been continuously refining content development and search engine optimization to boost brand exposure and expand our market reach. Since its launch in March 2024, AutoCango.com has grown rapidly, accumulating over 370,000 page views, nearly 60,000 registered users and offering more than 100,000 used car SKUs covering over 65,000 models. Going forward, we will strengthen our data analysis capabilities to gain a deeper understanding of our target markets and user demographics and implement data-based, scientific marketing strategies to propel our balanced global development.”

“While steadily advancing our existing business, we are also actively pursuing forward-looking, strategic investment opportunities worldwide. By establishing an international cooperation network, strengthening communication with leading global companies, and actively participating in the collaborative development of overseas projects, we aim to showcase Cango’s strength and vision on a broader stage and create greater value for all of our stakeholders,” concluded Mr. Lin.

Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, “We are pleased to report another solid quarter thanks to our continued focus on rigorous cost control and robust risk management. As we continue to develop our business and actively explore growth opportunities overseas, we maintain prudent cash management to safeguard our balance sheet. Simultaneously, we remain committed to prudent financial strategies designed to generate long-term value for our shareholders.”

Third Quarter 2024 Financial Results

REVENUES

Total revenues in the third quarter of 2024 were RMB27.0 million (US$3.8 million) compared with RMB353.6 million in the same period of 2023. Guarantee income, which represented the fee income earned on the non-contingent aspect of a guarantee, was RMB14.4 million (US$2.1 million) in the third 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 third quarter of 2024 decreased to RMB23.3 million (US$3.3 million) from RMB304.6 million in the same period of 2023. As a percentage of total revenues, cost of revenue in the third quarter of 2024 was 86.3% compared with 86.1% in the same period of 2023.

Sales and marketing expenses in the third quarter of 2024 decreased to RMB3.4 million (US$0.5 million) from RMB9.9 million in the same period of 2023.

General and administrative expenses in the third quarter of 2024 were RMB45.2 million (US$6.4 million) compared with RMB34.7 million in the same period of 2023.

Research and development expenses in the third quarter of 2024 decreased to RMB1.4 million (US$0.2 million) from RMB7.0 million in the same period of 2023.

Net gain on contingent risk assurance liabilities in the third quarter of 2024 was RMB7.1 million (US$1.0 million) compared with a net loss of RMB3.5 million in the same period of 2023.

Net recovery on provision for credit losses in the third quarter of 2024 was RMB74.4 million (US$10.6 million) compared with RMB66.9 million in the same period of 2023.

INCOME FROM OPERATIONS

Income from operations in the third quarter of 2024 was RMB35.2 million (US$5.0 million), compared with a loss of RMB87.8 million in the same period of 2023.

NET INCOME

Net income in the third quarter of 2024 was RMB67.9 million (US$9.7 million). Non-GAAP adjusted net income in the third quarter of 2024 was RMB71.3 million (US$10.2 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 third quarter of 2024 were RMB0.66 (US$0.09) and RMB0.60 (US$0.09), respectively. Non-GAAP adjusted basic and diluted net income per ADS in the third quarter of 2024 were RMB0.69 (US$0.10) and RMB0.63 (US$0.09), respectively. Each ADS represents two Class A ordinary shares of the Company.

BALANCE SHEET

As of September 30, 2024, the Company had cash and cash equivalents of RMB691.8 million (US$98.6 million), compared with RMB949.5 million as of June 30, 2024.

As of September 30, 2024, the Company had short-term investments of RMB3.1 billion (US$439.3 million), compared with RMB2.7 billion as of June 30, 2024.

Business Outlook

For the fourth quarter of 2024, the Company expects total revenues to be between RMB15.0 million and RMB17.5 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 996,640 ADSs with cash in the aggregate amount of approximately US$1.7 million up to September 30, 2024.

Conference Call Information

The Company's management will hold a conference call on Monday, November 4, 2024, at 8:00 P.M. Eastern Time or Tuesday, November 5, 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 November 11, 2024 by dialing the following numbers:

International:	+1-412-317-0088
United States Toll Free:	+1-877-344-7529
Access Code:	8025630

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 an analytical tool. 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 RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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 Liu

Cango Inc.

Tel: +86 21 3183 5088 ext.5581

Email: ir@cangoonline.com

Helen Wu

Piacente Financial Communications

Tel: +86 10 6508 0677

Email: 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 September 30, 2024
	RMB			RMB			US$
ASSETS:
Current assets:
Cash and cash equivalents		1,020,604,191			691,818,800			98,583,390

Restricted cash - current - bank deposits held for short-term investments		1,670,006,785			-			-

Restricted cash - current - others		14,334,937			12,816,134			1,826,284
Short-term investments		635,070,394			3,082,865,458			439,304,813
Accounts receivable, net		64,791,709			25,529,710			3,637,955
Finance lease receivables - current, net		200,459,435			47,126,581			6,715,484
Financing receivables, net		29,522,035			8,535,562			1,216,308
Short-term contract asset		170,623,200			55,923,363			7,969,015
Prepayments and other current assets		78,606,808			29,955,505			4,268,625
Total current assets		3,884,019,494			3,954,571,113			563,521,874

Non-current assets:
Restricted cash - non-current		583,380,417			461,367,450			65,744,336
Property and equipment, net		8,239,037			6,586,202			938,526
Intangible assets		48,373,192			47,634,678			6,787,887
Long-term contract asset		36,310,769			448,353			63,890
Finance lease receivables - non-current, net		36,426,617			9,761,388			1,390,987
Operating lease right-of-use assets		47,154,944			42,815,154			6,101,111
Other non-current assets		4,705,544			4,104,803			584,930
Total non-current assets		764,590,520			572,718,028			81,611,667
TOTAL ASSETS		4,648,610,014			4,527,289,141			645,133,541

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debts		39,071,500			-			-
Long-term debts—current		926,237			649,300			92,525
Accrued expenses and other current liabilities		206,877,626			130,806,077			18,639,717
Deferred guarantee income		86,218,888			20,638,251			2,940,927
Contingent risk assurance liabilities		125,140,991			33,692,222			4,801,103
Income tax payable		311,904,279			311,235,998			44,350,775
Short-term lease liabilities		7,603,380			8,015,363			1,142,180
Total current liabilities		777,742,901			505,037,211			71,967,227

Non-current liabilities:
Long-term debts		712,023			470,216			67,005
Deferred tax liability		10,724,133			10,724,133			1,528,177
Long-term operating lease liabilities		42,228,435			39,375,249			5,610,928
Other non-current liabilities		226,035			140,038			19,955
Total non-current liabilities		53,890,626			50,709,636			7,226,065
Total liabilities		831,633,527			555,746,847			79,193,292

Shareholders’ equity
Ordinary shares		204,260			204,260			29,107
Treasury shares		(773,130,748	)		(782,800,080	)		(111,548,119	)
Additional paid-in capital		4,813,679,585			4,747,032,306			676,446,692
Accumulated other comprehensive income		111,849,166			98,802,836			14,079,291
Accumulated deficit		(335,625,776	)		(91,697,028	)		(13,066,722	)
Total Cango Inc.’s equity		3,816,976,487			3,971,542,294			565,940,249
Total shareholders' equity		3,816,976,487			3,971,542,294			565,940,249
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		4,648,610,014			4,527,289,141			645,133,541

CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi (“RMB”) and US dollar (“US$”), except for number of shares and per share data)

	Three months ended September 30,									Nine months ended September 30,
	2023			2024						2023			2024
	RMB			RMB			US$			RMB			RMB			US$
Revenues		353,638,119			26,953,433			3,840,833			1,571,681,558			136,455,663			19,444,776
Loan facilitation income and other related income		11,345,343			819,779			116,818			27,618,224			16,310,549			2,324,235
Guarantee income		50,006,711			14,414,947			2,054,114			170,010,917			65,581,347			9,345,267
Leasing income		11,298,293			2,057,631			293,210			50,157,926			10,338,904			1,473,282
After-market services income		14,116,184			7,956,088			1,133,733			41,364,974			36,110,901			5,145,762
Automobile trading income		263,821,645			1,202,198			171,312			1,256,429,781			6,116,392			871,579
Others		3,049,943			502,790			71,646			26,099,736			1,997,570			284,651
Operating cost and expenses:
Cost of revenue		304,638,147			23,260,308			3,314,567			1,400,985,230			78,844,658			11,235,274
Sales and marketing		9,854,441			3,375,602			481,019			34,546,132			10,909,363			1,554,572
General and administrative		34,682,695			45,196,454			6,440,443			111,319,960			122,290,803			17,426,300
Research and development		6,990,685			1,424,250			202,954			22,841,206			4,192,881			597,481
Net loss (gain) on contingent risk assurance liabilities		3,541,506			(7,110,545	)		(1,013,245	)		3,475,114			(32,385,904	)		(4,614,954	)
Net recovery on provision for credit losses		(66,945,232	)		(74,429,953	)		(10,606,183	)		(105,260,489	)		(203,759,529	)		(29,035,501	)
Impairment loss from goodwill		148,657,971			-			-			148,657,971			-			-
Total operation cost and expense		441,420,213			(8,283,884	)		(1,180,445	)		1,616,565,124			(19,907,728	)		(2,836,828	)

(Loss) income from operations		(87,782,094	)		35,237,317			5,021,278			(44,883,566	)		156,363,391			22,281,604
Interest income		19,481,911			25,742,760			3,668,314			58,981,302			76,001,320			10,830,101
Net gain on equity securities		7,038,386			2,237,825			318,888			15,439,734			7,217,751			1,028,521
Interest expense		(153,088	)		-			-			(4,099,783	)		-			-
Foreign exchange (loss) gain, net		(489,215	)		(1,414,569	)		(201,574	)		2,346,525			(921,077	)		(131,252	)
Other income		21,806,106			3,053,224			435,081			29,404,718			8,470,829			1,207,083
Other expenses		(141,358	)		(216,395	)		(30,836	)		(368,492	)		(2,051,858	)		(292,387	)
Net (loss) income before income taxes		(40,239,352	)		64,640,162			9,211,151			56,820,438			245,080,356			34,923,670
Income tax (expenses) benefits		(8,847,190	)		3,238,963			461,549			9,084,706			(1,151,608	)		(164,103	)
Net (loss) income		(49,086,542	)		67,879,125			9,672,700			65,905,144			243,928,748			34,759,567
Net (loss) income attributable to Cango Inc.’s shareholders		(49,086,542	)		67,879,125			9,672,700			65,905,144			243,928,748			34,759,567
(Losses) earnings per ADS attributable to ordinary shareholders:
Basic		(0.45	)		0.66			0.09			0.52			2.34			0.33
Diluted		(0.45	)		0.60			0.09			0.50			2.16			0.31
Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders:
Basic		109,587,726			103,486,998			103,486,998			125,710,975			104,346,709			104,346,709
Diluted		109,587,726			113,911,629			113,911,629			131,630,583			112,853,015			112,853,015

Other comprehensive income (loss), net of tax
Foreign currency translation adjustment		7,806,144			(41,774,075	)		(5,952,758	)		79,837,076			(13,046,330	)		(1,859,087	)

Total comprehensive (loss) income		(41,280,398	)		26,105,050			3,719,942			145,742,220			230,882,418			32,900,480
Total comprehensive (loss) income attributable to Cango Inc.’s shareholders		(41,280,398	)		26,105,050			3,719,942			145,742,220			230,882,418			32,900,480

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 September 30,							Nine months ended September 30,
	2023			2024				2023		2024
	(Unaudited)			(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	RMB			RMB		US$		RMB		RMB		US$
Net (loss) income		(49,086,542	)		67,879,125		9,672,700		65,905,144		243,928,748		34,759,567

Add: Share-based compensation expenses		7,857,905			3,407,729		485,597		33,897,580		13,814,122		1,968,497
Cost of revenue		444,748			170,312		24,269		1,920,626		637,320		90,817
Sales and marketing		1,608,169			635,874		90,611		6,747,135		2,551,010		363,517
General and administrative		5,427,332			2,569,932		366,212		23,710,996		10,369,108		1,477,586
Research and development		377,656			31,611		4,505		1,518,823		256,684		36,577

Non-GAAP adjusted net (loss) income		(41,228,637	)		71,286,854		10,158,297		99,802,724		257,742,870		36,728,064
Net (loss) income attributable to Cango Inc.’s shareholders		(41,228,637	)		71,286,854		10,158,297		99,802,724		257,742,870		36,728,064

Non-GAAP adjusted net (loss) income per ADS-basic		(0.38	)		0.69		0.10		0.79		2.47		0.35

Non-GAAP adjusted net (loss) income per ADS-diluted		(0.38	)		0.63		0.09		0.76		2.28		0.33

Weighted average ADS outstanding—basic		109,587,726			103,486,998		103,486,998		125,710,975		104,346,709		104,346,709
Weighted average ADS outstanding—diluted		109,587,726			113,911,629		113,911,629		131,630,583		112,853,015		112,853,015