Operator
Good night, and welcome to the Cango Inc. Fourth Quarter and Full Yr 2025 Earnings Convention Name. [Operator Instructions] Please notice, this occasion is being recorded. I might now like to show the convention over to Mr. Paul Yu, Chief Government Officer. Please go forward.
Peng Yu
CEO & Director
Thanks. Hey, everybody, and welcome to Cango’s Fourth Quarter and Full Yr 2025 Earnings Name. 2025 marks a landmark yr in our firm’s historical past, our first yr of transformation since pivoting to Bitcoin mining in November 2024. It was a yr of accelerated execution, and we achieved a number of crucial goals. First, asset restructuring and international deployment via a collection of transactions, we relocated our belongings from conventional auto finance enterprise to our Bitcoin mining operations inside 6 months. This helped us construct a worldwide distributed mining community.
Second, management and administration to align with our new technique, we’ve strengthened our board and administration crew with seasoned trade professionals. They’ve each deep experience and established networks in each digital belongings and infrastructure which has sharpened our aggressive edge within the sector. Third, itemizing construction optimization in the course of the yr, we transitioned from an ADR itemizing to a direct inventory itemizing. This transfer lays a stable basis for us to entry a broader vary of capital market instruments, attain a broader base of buyers and cut back holding prices for present shareholders.
Operationally, 2025
