Canxue (CANG.US) fourth quarter revenue was 130 million yuan, a decrease of approximately 70% year-on-year.

CanGu, a car trading service platform, announced its fourth quarter financial performance after the market closed on March 11, Eastern Time. The data shows that Q4 revenue was 130 million yuan (approximately 18.34 million US dollars), a decrease of about 70% compared to 487 million yuan in the same period in 2022. Non-GAAP adjusted net loss was 99.1855 million yuan (approximately 13.97 million US dollars), compared to a net loss of 540 million yuan in the same period last year. Diluted earnings per share (EPS) were 0.91 yuan (approximately 0.13 US dollars), compared to 3.99 yuan in the same period last year. Looking at the full year, total revenue for 2023 was 1.702 billion yuan (approximately 240 million US dollars), lower than 1.98 billion yuan in 2022. Non-GAAP adjusted net profit was 617,200 yuan (approximately 86,900 US dollars), compared to a net loss of 953 million yuan in the same period last year. The annual car trading revenue for 2023 was 1.3 billion yuan (approximately 185 million US dollars), accounting for 77.0% of total revenue for 2023, while it was 1.6 billion yuan in 2022. In addition, in 2023, the company merged the new car service platform "CanGu Good Car" into the used car trading platform "CanGu Excellent Car", covering services such as historical vehicle condition reports, vehicle appraisal inspections, logistics and delivery services, insurance, and supply chain financing facilitation. In the fourth quarter of 2023, the total number of third-party seller stores on the 'CanGu Excellent Car' platform reached 38, serving 3,499 small e-commerce businesses and facilitating 530 used car transactions. As of December 31, 2023, the total outstanding balance of financing transactions facilitated by the company was 10 billion yuan (1.4 billion US dollars). The M1+ and M3+ delinquency rates for all outstanding financing transactions facilitated by the company were 2.66% and 1.37%, respectively, compared to 2.42% and 1.24% as of September 30, 2023. Looking ahead, based on the company's current and preliminary views on the market and operational conditions, the company expects total revenue for the first quarter of 2024 to be between 50 million yuan and 100 million yuan. After the financial report was released, CanGu's stock price fell, with a 4.52% decrease after hours, to 1.48 US dollars as of the time of drafting.