Cango Inc. Reports Second Quarter 2021 Unaudited Financial Results

Rhea-AI Summary

Cango Inc. (NYSE: CANG) reported a remarkable 245.5% increase in total revenues for Q2 2021, reaching RMB946.7 million (US$146.6 million) from RMB274.1 million a year prior. The surge was attributed to growth in financing and car trading transactions, with financing revenues climbing 111.2% to RMB303.3 million (US$47.0 million). Despite challenges from a global chip shortage impacting operations, net income soared to RMB557.7 million (US$86.4 million). Looking ahead, the company projects revenues between RMB700 million and RMB750 million for Q3 2021.

Positive

• Total revenues increased by 245.5% to RMB946.7 million (US$146.6 million).
• Net income reached RMB557.7 million (US$86.4 million), mainly due to investment gains.
• A successful launch of B2B service platform 'Cango Haoche' enhancing dealer support.

Negative

• The global chip shortage continues to affect production and consumption.
• M1+ and M3+ overdue ratios for financing transactions slightly increased to 1.35% and 0.69%.

SHANGHAI, Aug. 19, 2021 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited financial results for the second quarter of 2021.

Second Quarter 2021 Financial and Operational Highlights

• Total revenues were RMB946.7 million (US$146.6 million), a 245.5% increase from RMB274.1 million in the same period of 2020, meeting the Company's previous guidance range. The increase was mainly driven by the increased amounts of both financing transactions the Company facilitated and car trading transactions in the second quarter of 2021.
• Car trading transactions revenues were RMB522.5 million (US$80.9 million), or 55.2% of total revenues in the second quarter of 2021.
• Automotive financing facilitation revenues were RMB303.3 million (US$47.0 million), a 111.2% increase from RMB143.6 million in the same period of 2020.
• After-market services facilitation revenues were RMB51.9 million (US$8.0 million), compared to RMB52.5 million in the same period of 2020.
• The amount of financing transactions the Company facilitated in the second quarter of 2021 was RMB7,789.7 million (US$1,206.5 million). The total outstanding balance of financing transactions the Company facilitated was RMB48,637.8 million (US$7,533.0 million) as of June 30, 2021.
• M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 1.35% and 0.69 %, respectively, as of June 30, 2021, compared to 1.23% and 0.54%, respectively, as of March 31, 2021.
• The number of dealers covered by the Company was 47,740 as of June 30, 2021, compared to 47,017 as of March 31, 2021.

Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "We entered the second quarter with a focus on navigating major challenges primarily associated with the global chip shortage. We are pleased with our second quarter performance, and thanks to solid progress in our car trading transactions business, we delivered a 245.5% year-over-year growth in total revenues, meeting our previous guidance range. The ongoing chip supply shortage, which has slowed down production and consumption in the entire auto industry, impacted our business to a certain extent and we expect the impact to linger in the second half of 2021. However, we remain dedicated to advancing key elements of our strategy and believe our solid business fundamentals give us considerable flexibility to navigate uncertain and stressful times. In late May, we launched our B2B service platform 'Cango Haoche' integrating car information with transactions, logistics, finance and insurance to directly address pain points for car dealers in the lower-tier markets. In addition, we introduced an updated service account of 'Cango Cheshenghuo' on WeChat also in the second quarter, offering consumers a one-stop service covering purchases, usage and maintenance of cars. With 'Cango Haoche' and 'Cango Cheshenghuo,' we have empowered B-end car dealers and served C-end car owners, further enhancing the bond between dealers, users and us."

"Looking ahead, we expect the impact of the supply chain-related challenges in the auto market to remain unresolved in the near term. However, we will closely monitor the situation and adapt accordingly, while staying true to our original goals and upholding our commitment to facilitating easy and enjoyable car purchase experiences for our consumers," Mr. Lin concluded.

Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "Our second quarter financial performance was in line with our expectations. Total revenues came in at RMB946.7 million, more than tripling from a year ago. We also recorded a net income of RMB557.7 million in the second quarter. While uncertainty stemming from global chip supply chain disruptions are ongoing, we remain committed to improving our operating efficiency while continually investing in the business to deliver more value to our dealers, partners and users. We fully believe that this will enable us to continue creating value for our shareholders well into the future."

Second Quarter 2021 Financial Results

REVENUES

Total revenues in the second quarter of 2021 increased by 245.5% to RMB946.7 million (US$146.6 million) from RMB274.1 million in the same period of 2020. Revenues from car trading transactions in the second quarter of 2021 were RMB522.5 million (US$80.9 million), continuing to serve as an important revenue contributor. Revenues from automotive financing facilitation and after-market services facilitation in the second quarter of 2021 were RMB303.3 million (US$47.0 million) and RMB51.9 million (US$8.0 million), respectively.

OPERATING COST AND EXPENSES

Total operating cost and expenses in the second quarter of 2021 were RMB933.5 million (US$144.6 million) compared to RMB207.4 million in the same period of 2020. This was mainly due to the related costs incurred by car trading transactions business. Primarily as a result of the increase in revenues from car trading transactions, sales and marketing expenses, general and administrative expenses and research and development expenses each decreased as a percentage of total revenues in the second quarter of 2021, compared to the same period of 2020.

• Cost of revenue in the second quarter of 2021 increased to RMB697.8 million (US$108.1 million) from RMB102.8 million in the same period of 2020. As a percentage of total revenues, cost of revenue in the second quarter of 2021 was 73.7% compared to 37.5% in the same period of 2020, and the change was primarily due to an increase in the amount of car trading transactions. For automotive financing facilitation and after-market services facilitation, cost of revenue as a percentage of relevant revenues was around 41.6% in the second quarter of 2021.
• Sales and marketing expenses in the second quarter of 2021 were RMB60.9 million (US$9.4 million) compared to RMB42.4 million in the same period of 2020. As a percentage of total revenues, sales and marketing expenses in the second quarter of 2021 was 6.4% compared to 15.5% in the same period of 2020.
• General and administrative expenses in the second quarter of 2021 were RMB64.7 million (US$10.0 million) compared to RMB66.0 million in the same period of 2020. As a percentage of total revenues, general and administrative expenses in the second quarter of 2021 was 6.8% compared to 24.1% in the same period of 2020.
• Research and development expenses in the second quarter of 2021 were RMB15.6 million (US$2.4 million) compared to RMB12.9 million in the same period of 2020. As a percentage of total revenues, research and development expenses in the second quarter of 2021 was 1.7% compared to 4.7% in the same period of 2020.
• Net loss on risk assurance liabilities in the second quarter of 2021 was RMB35.9 million (US$5.6 million) compared to a net gain of RMB42.9 million in the same period of 2020.

INCOME FROM OPERATIONS

Income from operations in the second quarter of 2021 was RMB13.2 million (US$2.1 million), compared to RMB66.7 million in the same period of 2020.

FAIR VALUE CHANGE OF EQUITY INVESTMENT

Fair value change of equity investment in the second quarter of 2021 was a gain of RMB603.4 million (US$93.5 million) compared to nil in the same period of 2020. The gain in the second quarter of 2021 is mainly due to the investment in Li Auto. As of June 30, 2021, Cango held 8,000,000 American Depositary Shares of Li Auto. Each American Depositary Share of Li Auto represents two Class A ordinary shares of Li Auto.

NET INCOME

Primarily due to the fair value change of the Company's investment in Li Auto, net income in the second quarter of 2021 was RMB557.7 million (US$86.4 million). Non-GAAP adjusted net income in the second quarter of 2021 was RMB578.3 million (US$89.6 million). Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure."

NET INCOME PER ADS

Basic and diluted net income per American Depositary Share (ADS) in the second quarter of 2021 were RMB3.85 (US$0.60) and RMB3.75 (US$0.58). Non-GAAP adjusted basic and diluted net income per ADS in the second quarter of 2021 were RMB3.99 (US$0.62) and RMB3.89 (US$0.60). Each ADS represents two Class A ordinary shares of the Company.

BALANCE SHEET

As of June 30, 2021, the Company had cash and cash equivalents of RMB1,498.9 million (US$232.2 million), compared to RMB1,631.0 million as of March 31, 2021.

As of June 30, 2021, the Company had short-term investments of RMB3,127.2 million (US$484.3 million), compared to RMB2,627.6 million as of March 31, 2021.

Business Outlook

For the third quarter of 2021, the Company expects total revenues to be between RMB700 million and RMB750 million. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

The Company's investment in Li Auto and the change in fair value of investment due to the price volatility of the stock may have a significant impact on the Company's third quarter of 2021 financial results.

Share Repurchase Program

Pursuant to the share repurchase program announced on March 2, 2021, we had repurchased 5,397,207 American depositary shares ("ADSs") with cash in the aggregate amount of approximately US$48.4 million up to July 31, 2021.

Conference Call Information

The Company's management will hold a conference call on Thursday, August 19, 2021, at 9:00 P.M. Eastern Time or Friday, August 20, 2021, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:	+1-412-902-4272
United States Toll Free:	+1-888-346-8982
Mainland China Toll Free:	4001-201-203
Hong Kong, China Toll Free:	800-905-945
Conference ID:	Cango Inc.

The replay will be accessible through August 26, 2021, by dialing the following numbers:

International:	+1-412-317-0088
United States Toll Free:	+1-877-344-7529
Access Code:	10159690

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting dealers, financial institutions, car buyers, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and engages car buyers through a nationwide dealer network. The Company's services primarily consist of automotive financing facilitation, car trading transactions, and after-market services facilitation. By utilizing its competitive advantages in technology, data insights, and cloud-based infrastructure, Cango is able to connect its platform participants while bringing them a premium user experience. Cango's platform model puts it in a unique position to add value for its platform participants and business partners as the automotive and mobility markets in China continue to grow and evolve. For more information, please visit: www.cangoonline.com.

Definition of Overdue Ratios

The Company defines "M1+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.

The Company defines "M3+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.

Use of Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses Non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operating performance.

Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of Non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Cango's non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Business Outlook" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 
Twitter: https://twitter.com/Cango_Group

Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com

 

CANGO INC. UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET (Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data）
				As of December 31, 2020		As of June 30, 2021
				RMB		RMB	US$
ASSETS:
Current assets:
Cash and cash equivalents				1,426,899,576		1,498,947,545	232,157,412
Restricted cash - current				9,693,008		34,767,022	5,384,726
Short-term investments				4,342,356,612		3,127,171,118	484,337,131
Accounts receivable, net				141,594,170		157,050,941	24,324,093
Finance lease receivables - current, net				2,035,397,525		1,717,714,853	266,040,153
Short-term consumer financing receivables, net				23,168		-	-
Financing receivables, net				20,105,893		43,575,286	6,748,952
Short-term contract asset				364,618,635		714,635,512	110,682,946
Prepayments and other current assets				558,360,959		887,766,346	137,497,498
Total current assets				8,899,049,546		8,181,628,623	1,267,172,911
Non-current assets:
Restricted cash - non-current				878,299,140		845,590,108	130,965,231
Goodwill				145,063,857		145,063,857	22,467,530
Property and equipment, net				10,311,971		21,032,036	3,257,448
Intangible assets				44,887,871		44,683,992	6,920,669
Long-term contract asset				281,374,110		474,407,237	73,476,325
Deferred tax assets				170,951,082		374,774,207	58,045,133
Finance lease receivables - non-current, net				1,454,499,864		1,186,837,807	183,817,769
Other non-current assets				261,495,158		427,327,797	66,184,648
Total non-current assets				3,246,883,053		3,519,717,041	545,134,753
TOTAL ASSETS				12,145,932,599		11,701,345,664	1,812,307,664
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debts				355,816,940		779,104,385	120,667,903
Long-term debts—current				1,228,783,730		1,122,603,494	173,869,141
Accrued expenses and other current liabilities				324,734,202		352,398,112	54,579,517
Risk assurance liabilities				460,829,299		642,664,973	99,536,129
Income tax payable				87,132,455		388,784,530	60,215,056
Total current liabilities				2,457,296,626		3,285,555,494	508,867,746
Non-current liabilities:
Long-term debts				977,791,191		836,810,348	129,605,419
Deferred tax liability				330,765,029		171,705,298	26,593,764
Other non-current liabilities				4,870,616		2,479,512	384,028
Total non-current liabilities				1,313,426,836		1,010,995,158	156,583,211
Total liabilities				3,770,723,462		4,296,550,652	665,450,957
Shareholders' equity
Ordinary shares				204,260		204,260	31,636
Treasury shares				(56,419,225)		(356,910,505)	(55,278,398)
Additional paid-in capital				4,591,455,557		4,624,962,530	716,315,480
Accumulated other comprehensive income				(115,386,427)		(147,245,016)	(22,805,349)
Retained earnings				3,955,354,972		3,283,783,743	508,593,338
Total Cango Inc.'s  equity				8,375,209,137		7,404,795,012	1,146,856,707
Total shareholders' equity				8,375,209,137		7,404,795,012	1,146,856,707
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				12,145,932,599		11,701,345,664	1,812,307,664

 

 

CANGO INC. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data)
				Three months ended June 30,					Six months ended June 30,
				2020		2021			2020		2021
				RMB		RMB	US$		RMB		RMB	US$
Revenues				274,054,751		946,746,211	146,632,316		520,052,725		2,070,532,922	320,684,714
Loan facilitation income and other related income				143,604,125		303,346,685	46,982,419		263,332,523		715,037,501	110,745,207
Leasing income				69,275,783		64,708,395	10,022,054		143,557,538		137,836,071	21,348,089
After-market services income				52,472,658		51,866,024	8,033,024		101,528,861		114,395,515	17,717,609
Automobile trading income				6,228,508		522,544,976	80,931,911		7,601,416		1,094,109,857	169,456,038
Others				2,473,677		4,280,131	662,908		4,032,387		9,153,978	1,417,771
Operating cost and expenses:
Cost of revenue				102,817,046		697,786,112	108,073,307		193,414,759		1,466,833,661	227,183,605
Sales and marketing				42,437,952		60,885,719	9,429,997		88,212,181		118,729,278	18,388,824
General and administrative				66,040,192		64,658,358	10,014,304		123,451,858		126,048,975	19,522,500
Research and development				12,901,613		15,638,883	2,422,155		25,458,298		29,233,130	4,527,635
Net (gain) loss on risk assurance liabilities				(42,928,191)		35,903,834	5,560,796		33,957,484		57,642,765	8,927,727
Provision for credit losses				26,119,771		58,636,181	9,081,588		70,214,542		99,268,133	15,374,676
Total operation cost and expense				207,388,383		933,509,087	144,582,147		534,709,122		1,897,755,942	293,924,967
Income (Loss) from operations				66,666,368		13,237,124	2,050,169		(14,656,397)		172,776,980	26,759,747
Interest and investment income				21,675,128		4,128,041	639,352		50,808,295		22,369,008	3,464,518
Fair value change of equity investment				-		603,413,645	93,456,873		-		156,488,012	24,236,907
Interest expense				(369,637)		(234,274)	(36,284)		(1,736,923)		(813,242)	(125,955)
Foreign exchange gain (loss), net				621,774		(938,526)	(145,359)		(3,439,945)		(735,132)	(113,857)
Other income				7,317,072		7,568,769	1,172,253		25,790,703		11,176,345	1,730,995
Other expenses				(527,390)		(193,817)	(30,018)		(581,495)		(6,479,822)	(1,003,597)
Net income before income taxes				95,383,315		626,980,962	97,106,986		56,184,238		354,782,149	54,948,758
Income tax expenses				(25,152,250)		(69,243,099)	(10,724,390)		(20,639,459)		(70,915,821)	(10,983,462)
Net income				70,231,065		557,737,863	86,382,596		35,544,779		283,866,328	43,965,296
Less: Net income attributable to non-controlling interests				-		-	-		3,646,196		-	-
Net income attributable to Cango Inc.'s shareholders				70,231,065		557,737,863	86,382,596		31,898,583		283,866,328	43,965,296
Earnings per ADS attributable to ordinary shareholders:
Basic				0.47		3.85	0.60		0.21		1.93	0.30
Diluted				0.47		3.75	0.58		0.21		1.89	0.29
Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders:
Basic				150,605,540		144,829,122	144,829,122		150,789,465		147,012,155	147,012,155
Diluted				150,819,440		148,579,948	148,579,948		151,899,153		150,005,282	150,005,282
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment				(5,444,800)		(42,140,854)	(6,526,787)		23,229,550		(31,858,589)	(4,934,267)
Total comprehensive income				64,786,265		515,597,009	79,855,809		58,774,329		252,007,739	39,031,029
Total comprehensive income attributable to Cango Inc.'s shareholders				64,786,265		515,597,009	79,855,809		55,128,133		252,007,739	39,031,029

 

 

CANGO INC. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data)
		Three months ended June 30,					Six months ended June 30,
		2020		2021			2020		2021
		(Unaudited)		(Unaudited)	(Unaudited)		(Unaudited)		(Unaudited)	(Unaudited)
		RMB		RMB	US$		RMB		RMB	US$
Net income		70,231,065		557,737,863	86,382,596		35,544,779		283,866,328	43,965,296
Add: Share-based compensation expenses		22,096,880		20,522,138	3,178,474		45,415,178		40,433,303	6,262,321
Cost of revenue		905,973		783,983	121,424		1,862,024		1,454,657	225,298
Sales and marketing		4,706,635		4,004,166	620,166		9,673,432		7,521,055	1,164,863
General and administrative		15,335,232		14,987,159	2,321,215		31,518,128		29,678,982	4,596,689
Research and development		1,149,040		746,830	115,669		2,361,594		1,778,609	275,471
Non-GAAP adjusted net income		92,327,945		578,260,001	89,561,070		80,959,957		324,299,631	50,227,617
Less: Net income attributable to non-controlling interests		-		-	-		3,646,196		-	-
Net income attributable to Cango Inc.'s shareholders		92,327,945		578,260,001	89,561,070		77,313,761		324,299,631	50,227,617
Non-GAAP adjusted net income per ADS-basic		0.61		3.99	0.62		0.51		2.21	0.34
Non-GAAP adjusted net income per ADS-diluted		0.61		3.89	0.60		0.51		2.16	0.33
Weighted average ADS outstanding—basic		150,605,540		144,829,122	144,829,122		150,789,465		147,012,155	147,012,155
Weighted average ADS outstanding—diluted		150,819,440		148,579,948	148,579,948		151,899,153		150,005,282	150,005,282

 

 

 

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SOURCE Cango Inc.

FAQ

What were Cango's financial results for Q2 2021?

Cango reported total revenues of RMB946.7 million (US$146.6 million) for Q2 2021, a 245.5% increase year-over-year.

What is Cango's projected revenue for Q3 2021?

Cango expects total revenues for Q3 2021 to be between RMB700 million and RMB750 million.

What factors contributed to Cango's revenue growth in Q2 2021?

The revenue growth was largely driven by increased financing and car trading transactions.

How did the global chip shortage affect Cango?

The global chip shortage impacted Cango's operations, slowing down production and consumption in the auto industry.

What is Cango's net income for Q2 2021?

Cango's net income for Q2 2021 was RMB557.7 million (US$86.4 million), significantly boosted by investment gains.