自去年11月从事采矿业务以来

中国公司对“牛效应”并不陌生，后者看到每个人都赶到最新的热门部门，旨在采取行动。 Cango Inc.（cang.us）

Key Takeaways:

关键要点：

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）报告了1.555亿元人民币的运营损失在1季度，而去年同期为7420万元的营业利润。其调整后的EBITDA也从1.084亿元人民币降至2760万元。

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

该公司本季度的净亏损为2.074亿元，扭转了9000万元人民币的利润。

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，其收入从去年第四季度的6.68亿元人民币均翻了一番，达到11亿元人民币。

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，越来越多的竞争对手追逐有限的资产库最终导致了较小的馅饼，而最近铸造的比特币矿工报告了运营损失的扩大和比特币产量的放缓。

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.

尽管如此，全球比特币的供应仍然足够大，足以保留包括Cango在内的很多人，该公司于去年11月以其在汽车融资和交易方面的传统业务的惊喜枢纽进入了采矿业务。 Cango在周三发布的最新季度业绩表明，不断增长的竞争的影响如何消除其采矿业务的生产力。

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.

该公司还提供了迄今为止其全球足迹的一些最详细的信息，其中包括四大洲的采矿设施。这种多样性是Cango认为是其最重要的优势之一的资产模型的一部分，它具有快速增加容量并通过在第三方拥有的采矿设施中租用空间来快速增加产能并调整其业务组合的灵活性。

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.

尽管这样的策略具有更大的灵活性，但与其许多竞争对手使用的自有设施相比，它也倾向于更高的成本，尤其是电力。 Cango还透露，每当市场摇摆时，它就不会出售其资产，这将不会成为活跃的比特币交易员。

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.

反映出这一点，该公司透露，自从去年年底从事该业务以来，它尚未出售其开采的任何比特币，其比特币持有量在4月底总计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首席执行官Lin Jiayuan表示：“鉴于我们对比特币的长期价值增值潜力的信心，我们采用了'我的股票和持有'策略，优先考虑自我挖掘和长期持有。”

“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.”

“展望未来，我们将继续巩固和优化现有的计算资源，以最大程度地提高效率，同时积极探索高质量的并购机会，以进一步扩展我们的运营并为所有利益相关者带来长期价值。”

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”策略在第一季度获得了其最大的测试之一，因为加密货币的价格从3月开始，从先前的高点开始，超过100,000美元。上个月，这种货币从那里稳步下降至76,000美元左右，然后重新恢复到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.

这样的波动性将不可避免地影响Cango比特币持有量的价值，从而不可避免地会影响其整体性能。该公司将3月份的抛售视为在第一季度将其推向RED的主要因素，因为它报告了该期间的1.555亿元人民币（2,160万美元）的运营损失。相比之下，一年前的7420万元营业利润。

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，该公司还报告了本季度的净亏损为20740万元人民币，逆转了9000万元人民币的利润。大部分损失是由于未实现的损失与加密货币3月下降期间其比特币持有量的公允价值变化有关。

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基础上保持盈利，尽管其调整后的EBITDA在第一季度也从一年前的1.084亿元人民币降至2760万元。

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.

对于Cango来说，这些都不是太重要了，至少不是现在，因为该公司的现金和短期投资由于其不断增长的比特币持有量而飙升。该公司表示，截至3月底，它拥有77亿元人民币的现金和短期投资，或者是三个月前的25亿元人民币的三倍以上。

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.

它的现金流声明还表明，尽管加密货币市场最近的经济低迷，但其比特币采矿业务产生了现金。 Cango在第一季度的运营活动中报告了强劲的现金，高于去年同期的6.384亿元。

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

该公司还报告了2025年第一季度收入11亿元人民币，几乎是去年第四季度报道的6.68亿元的两倍