自去年11月從事採礦業務以來

中國公司對“牛效應”並不陌生，後者看到每個人都趕到最新的熱門部門，旨在採取行動。 Cango Inc.（cang.us）

Key Takeaways:

關鍵要點：

Cango (CANG.US) reported a 155.5 million yuan operating loss in 1Q25, versus a 74.2 million yuan operating profit a year earlier. Its adjusted EBITDA also fell to 27.6 million yuan from 108.4 million yuan.

Cango（Cang.us）報告了1.555億元人民幣的運營損失在1季度，而去年同期為7420萬元的營業利潤。其調整後的EBITDA也從1.084億元人民幣降至2760萬元。

The company’s net loss was 207.4 million yuan in the quarter, reversing a 90 million yuan profit.

該公司本季度的淨虧損為2.074億元，扭轉了9000萬元人民幣的利潤。

Cango said its revenue nearly doubled to 1.1 billion yuan in the first quarter of 2025 from 668 million yuan in last year’s fourth quarter.

坎戈表示，在2025年第一季度，其收入從去年第四季度的6.68億元人民幣均翻了一番，達到11億元人民幣。

Cango Inc (CANG.US) is learning that a growing pool of rivals chasing a limited pool of assets ultimately results in smaller slices of the pie, with the recently minted bitcoin miner reporting a widening operating loss and a slowdown in bitcoin output.

Cango Inc（Cang.us）正在了解到，越來越多的競爭對手追逐有限的資產庫最終導致了較小的餡餅，而最近鑄造的比特幣礦工報告了運營損失的擴大和比特幣產量的放緩。

Still, the global supply of bitcoin is still more than large enough to keep quite a few people employed, including Cango, which entered the mining business last November in a surprise pivot from its legacy businesses in auto financing and trading. Cango’s latest quarterly results, released on Wednesday, showed how the effects of growing competition are eating into the productivity of its mining operation.

儘管如此，全球比特幣的供應仍然足夠大，足以保留包括Cango在內的很多人，該公司於去年11月以其在汽車融資和交易方面的傳統業務的驚喜樞紐進入了採礦業務。 Cango在周三發布的最新季度業績表明，不斷增長的競爭的影響如何消除其採礦業務的生產力。

The company also provided some of the most detailed information to date on its global footprint, which includes mining facilities on four continents. Such diversity is part of its asset-light model that Cango believes is one of its most important strengths, giving it the flexibility to quickly add capacity and adjust its business mix by renting space in mining facilities owned by third parties.

該公司還提供了迄今為止其全球足蹟的一些最詳細的信息，其中包括四大洲的採礦設施。這種多樣性是Cango認為是其最重要的優勢之一的資產模型的一部分，它具有快速增加容量並通過在第三方擁有的採礦設施中租用空間來快速增加產能並調整其業務組合的靈活性。

While such a strategy carries greater flexibility, it also tends to come with higher costs, especially for electricity, than the self-owned facilities used by many of its rivals. Cango also revealed that it won’t be an active bitcoin trader by selling its assets whenever the market gets wobbly.

儘管這樣的策略具有更大的靈活性，但與其許多競爭對手使用的自有設施相比，它也傾向於更高的成本，尤其是電力。 Cango還透露，每當市場搖擺時，它就不會出售其資產，這將不會成為活躍的比特幣交易員。

Reflecting that, the company revealed it has yet to sell any of the bitcoins it has mined since entering the business late last year, with its bitcoin holdings totaling 2,944.8 at the end of April, according to an announcement earlier this month on its April output.

反映出這一點，該公司透露，自從去年年底從事該業務以來，它尚未出售其開采的任何比特幣，其比特幣持有量在4月底總計2,944.8。

“Given our strong confidence in the bitcoin’s long-term value appreciation potential, we have adopted a ‘Mine and Hold’ strategy, prioritizing both self-mining and long-term holding,” said Cango CEO Lin Jiayuan in the company’s latest quarterly results.

Cango首席執行官Lin Jiayuan表示：“鑑於我們對比特幣的長期價值增值潛力的信心，我們採用了'我的股票和持有'策略，優先考慮自我挖掘和長期持有。”

“Looking ahead, we will continue to consolidate and optimize our existing computing resources to maximize efficiency while actively exploring high-quality M&A opportunities to further scale our operations and deliver long-term value to all stakeholders.”

“展望未來，我們將繼續鞏固和優化現有的計算資源，以最大程度地提高效率，同時積極探索高質量的併購機會，以進一步擴展我們的運營並為所有利益相關者帶來長期價值。”

Cango’s ‘mine and hold’ strategy got one of its biggest tests in the first quarter, as the cryptocurrency’s price stumbled starting in March from previous highs of more than $100,000. The currency fell steadily from there to as low around $76,000 last month, before regaining strength to return to the $100,000 level.

Cango的“ Mine and Hold”策略在第一季度獲得了其最大的測試之一，因為加密貨幣的價格從3月開始，從先前的高點開始，超過100,000美元。上個月，這種貨幣從那裡穩步下降至76,000美元左右，然後重新恢復到100,000美元的水平。

Such volatility will inevitably affect the value of Cango’s bitcoin holdings, and, as a result, its overall performance. The company cited the March sell-off as the primary factor that pushed it into the red on an operating basis during the first quarter, as it reported a 155.5 million yuan ($21.6 million) operating loss for the period. That compares to a 74.2 million yuan operating profit a year earlier.

這樣的波動性將不可避免地影響Cango比特幣持有量的價值，從而不可避免地會影響其整體性能。該公司將3月份的拋售視為在第一季度將其推向RED的主要因素，因為它報告了該期間的1.555億元人民幣（2,160萬美元）的運營損失。相比之下，一年前的7420萬元營業利潤。

On the bottom line, the company also reported a net loss of 207.4 million yuan for the quarter, reversing a 90 million yuan profit. Most of the loss was due to unrealized losses related to fair value changes in its bitcoin holdings during the cryptocurrency’s March downturn.

在最重要的是，該公司還報告了本季度的淨虧損為20740萬元人民幣，逆轉了9000萬元人民幣的利潤。大部分損失是由於未實現的損失與加密貨幣3月下降期間其比特幣持有量的公允價值變化有關。

It remained profitable on an adjusted EBITDA basis, though its adjusted EBITDA also fell to 27.6 million yuan in the first quarter from 108.4 million yuan a year earlier.

它的EBITDA基礎上保持盈利，儘管其調整後的EBITDA在第一季度也從一年前的1.084億元人民幣降至2760萬元。

None of that is really too important for Cango, at least not right now, since the company’s cash and short-term investments have recently surged due to its growing bitcoin holdings. The company said it had 7.7 billion yuan worth of cash and short-term investments at the end of March, or more than triple the 2.5 billion yuan it had just three months earlier.

對於Cango來說，這些都不是太重要了，至少不是現在，因為該公司的現金和短期投資由於其不斷增長的比特幣持有量而飆升。該公司表示，截至3月底，它擁有77億元人民幣的現金和短期投資，或者是三個月前的25億元人民幣的三倍以上。

Its cashflow statement also showed how quickly its bitcoin mining operations generated cash despite the recent downturn in the crypto market. Cango reported strong cash from operating activities of 2.0 billion yuan in the first quarter, up from 638.4 million yuan a year earlier.

它的現金流聲明還表明，儘管加密貨幣市場最近的經濟低迷，但其比特幣採礦業務產生了現金。 Cango在第一季度的運營活動中報告了強勁的現金，高於去年同期的6.384億元。

The company also reported revenue of 1.1 billion yuan in the first quarter of 2025, nearly double the 668 million yuan it reported in last year’s fourth quarter

該公司還報告了2025年第一季度收入11億元人民幣，幾乎是去年第四季度報導的6.68億元的兩倍