Cango Income Statement 2025-2011 | CANG

Brief overview of income trends at Cango

The overview follows changes across a five-year period. Cango reported revenue of 1.4 billion yuan in 2019 and 804 million yuan by 2024. The total change was −44.1%, with a CAGR of approximately −11%. The decline points to a contraction in the scale of the business.

The five-year change in gross profit reached −82.8%: from 1 billion yuan to 175 million yuan. Cost of revenue developed less favorably than sales and pressured gross profitability. Gross profit as a share of revenue changed from 70.7% to 21.8%. A lower margin indicates deterioration in the economics of the core business.

EBITDA was 334 million yuan at the beginning and 266 million yuan at the end of the period (−20.3%). Operating profitability strengthened faster than the scale of sales. EBITDA margin was 23.2% at the start and 33.1% at the end. The business generated more EBITDA from each unit of revenue.

Net income changed from 391 million yuan to 300 million yuan (−23.3%). Revenue converted into net income more efficiently.

The five-year change in capitalization reached −67%: from 2.4 billion yuan to 785 million yuan. The valuation did not keep pace with the reported progress.

What the figures show

The results contain several connected negative signals. The strongest signals are higher operating efficiency. The most visible risks are declining capitalization, pressure from direct costs and a weaker final result. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.