0001725123 2025-06-30--12-31 2025 Q2 false 0001725123 2025-01-01 2025-06-30 0001725123 cang:ShareRepurchaseProgram2019ShareRepurchaseProgram2021ShareRepurchaseProgram2022AndShareRepurchaseProgram2023Member us-gaap:CommonClassAMember 2025-01-01 2025-06-30 0001725123 cang:ShareRepurchaseProgram2019ShareRepurchaseProgram2021ShareRepurchaseProgram2022AndShareRepurchaseProgram2023Member cang:AmericanDepositarySharesMember 2025-01-01 2025-06-30 0001725123 cang:AmericanDepositarySharesMember 2025-01-01 2025-06-30 0001725123 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-06-30 0001725123 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-06-30 0001725123 us-gaap:CommonStockMember 2024-01-01 2024-06-30 0001725123 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001725123 us-gaap:TreasuryStockCommonMember 2025-06-30 0001725123 us-gaap:RetainedEarningsMember 2025-06-30 0001725123 us-gaap:ParentMember 2025-06-30 0001725123 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001725123 us-gaap:TreasuryStockCommonMember 2024-12-31 0001725123 us-gaap:RetainedEarningsMember 2024-12-31 0001725123 us-gaap:ParentMember 2024-12-31 0001725123 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001725123 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001725123 us-gaap:TreasuryStockCommonMember 2024-06-30 0001725123 us-gaap:RetainedEarningsMember 2024-06-30 0001725123 us-gaap:ParentMember 2024-06-30 0001725123 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001725123 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0001725123 us-gaap:TreasuryStockCommonMember 2023-12-31 0001725123 us-gaap:RetainedEarningsMember 2023-12-31 0001725123 us-gaap:ParentMember 2023-12-31 0001725123 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001725123 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001725123 us-gaap:CommonStockMember 2025-06-30 0001725123 us-gaap:CommonStockMember 2024-12-31 0001725123 us-gaap:CommonStockMember 2024-06-30 0001725123 us-gaap:CommonStockMember 2023-12-31 0001725123 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-06-30 0001725123 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-06-30 0001725123 2025-04-01 2025-04-30 0001725123 2025-01-01 2025-01-31 0001725123 cang:ShareIncentivePlan2025Member us-gaap:SubsequentEventMember 2025-10-21 0001725123 2025-04-15 0001725123 2025-01-02 0001725123 cang:ShareIncentivePlan2025Member us-gaap:SubsequentEventMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2025-10-21 2025-10-21 0001725123 cang:ShareIncentivePlan2025Member us-gaap:SubsequentEventMember 2025-10-21 2025-10-21 0001725123 country:VG cang:BitcoinMiningBusinessSegmentMember 2025-01-01 2025-06-30 0001725123 cang:OtherCountriesMember cang:InternationalAutomobileTradingBusinessSegmentMember 2025-01-01 2025-06-30 0001725123 cang:OtherCountriesMember 2025-01-01 2025-06-30 0001725123 cang:InternationalAutomobileTradingBusinessSegmentMember 2025-01-01 2025-06-30 0001725123 cang:BitcoinMiningBusinessSegmentMember 2025-01-01 2025-06-30 0001725123 cang:InternationalAutomobileTradingIncomeMember 2025-01-01 2025-06-30 0001725123 cang:CryptoAssetMiningMember 2025-01-01 2025-06-30 0001725123 srt:MinimumMember cang:OfficeAndElectronicEquipmentMember 2025-06-30 0001725123 srt:MaximumMember cang:OfficeAndElectronicEquipmentMember 2025-06-30 0001725123 cang:OfficeAndElectronicEquipmentMember 2025-06-30 0001725123 us-gaap:OfficeEquipmentMember 2024-12-31 0001725123 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-06-30 0001725123 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-06-30 0001725123 cang:EmployeesMember 2024-12-31 0001725123 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0001725123 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0001725123 us-gaap:RetainedEarningsMember 2024-01-01 2024-06-30 0001725123 country:VG 2025-01-01 2025-06-30 0001725123 country:KY 2024-01-01 2024-06-30 0001725123 country:HK 2024-01-01 2024-06-30 0001725123 us-gaap:CommonClassBMember 2025-01-01 2025-06-30 0001725123 us-gaap:CommonClassBMember 2024-01-01 2024-06-30 0001725123 us-gaap:MaterialReconcilingItemsMember 2025-01-01 2025-06-30 0001725123 country:US 2025-01-01 2025-06-30 0001725123 cang:MiningMachineLoanMember us-gaap:SubsequentEventMember 2025-08-14 2025-08-14 0001725123 cang:MiningMachineLoanMember us-gaap:SubsequentEventMember 2025-08-14 0001725123 us-gaap:OperatingSegmentsMember cang:InternationalAutomobileTradingBusinessSegmentMember 2025-01-01 2025-06-30 0001725123 cang:OneBitcoinMiningCustomerMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-06-30 0001725123 us-gaap:CommonClassBMember 2025-06-30 0001725123 us-gaap:CommonClassAMember 2025-06-30 0001725123 us-gaap:CommonClassBMember 2024-12-31 0001725123 us-gaap:CommonClassAMember 2024-12-31 0001725123 2023-12-31 0001725123 us-gaap:MaterialReconcilingItemsMember 2025-06-30 0001725123 2024-06-30 0001725123 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember cang:PrcBusinessMember 2025-05-27 0001725123 us-gaap:SellingAndMarketingExpenseMember us-gaap:SegmentDiscontinuedOperationsMember 2025-01-01 2025-06-30 0001725123 us-gaap:GeneralAndAdministrativeExpenseMember us-gaap:SegmentContinuingOperationsMember 2025-01-01 2025-06-30 0001725123 us-gaap:CostOfSalesMember us-gaap:SegmentDiscontinuedOperationsMember 2025-01-01 2025-06-30 0001725123 us-gaap:SellingAndMarketingExpenseMember us-gaap:SegmentDiscontinuedOperationsMember 2024-01-01 2024-06-30 0001725123 us-gaap:ResearchAndDevelopmentExpenseMember us-gaap:SegmentDiscontinuedOperationsMember 2024-01-01 2024-06-30 0001725123 us-gaap:GeneralAndAdministrativeExpenseMember us-gaap:SegmentContinuingOperationsMember 2024-01-01 2024-06-30 0001725123 us-gaap:CostOfSalesMember us-gaap:SegmentDiscontinuedOperationsMember 2024-01-01 2024-06-30 0001725123 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0001725123 us-gaap:ParentMember 2024-01-01 2024-06-30 0001725123 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-06-30 0001725123 2025-04-15 2025-04-15 0001725123 2025-01-02 2025-01-02 0001725123 us-gaap:ParentMember 2025-01-01 2025-06-30 0001725123 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0001725123 us-gaap:OperatingSegmentsMember cang:InternationalAutomobileTradingBusinessSegmentMember 2025-06-30 0001725123 cang:EnterpriseIncomeTaxLawMember 2025-01-01 2025-06-30 0001725123 cang:ShareIncentivePlan2025Member us-gaap:SubsequentEventMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2025-10-21 2025-10-21 0001725123 2025-06-27 2025-06-27 0001725123 2025-01-27 2025-01-27 0001725123 2025-06-27 0001725123 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember cang:BitcoinMiningBusinessSegmentMember 2025-06-30 0001725123 us-gaap:OperatingSegmentsMember srt:AsiaMember cang:BitcoinMiningBusinessSegmentMember 2025-06-30 0001725123 us-gaap:OperatingSegmentsMember srt:AfricaMember cang:BitcoinMiningBusinessSegmentMember 2025-06-30 0001725123 us-gaap:OperatingSegmentsMember cang:OtherCountriesMember cang:BitcoinMiningBusinessSegmentMember 2025-06-30 0001725123 srt:NorthAmericaMember 2025-06-30 0001725123 srt:AsiaMember 2025-06-30 0001725123 srt:AfricaMember 2025-06-30 0001725123 cang:OtherCountriesMember 2025-06-30 0001725123 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember cang:BitcoinMiningBusinessSegmentMember 2024-12-31 0001725123 us-gaap:OperatingSegmentsMember srt:AsiaMember cang:BitcoinMiningBusinessSegmentMember 2024-12-31 0001725123 us-gaap:OperatingSegmentsMember srt:AfricaMember cang:BitcoinMiningBusinessSegmentMember 2024-12-31 0001725123 us-gaap:OperatingSegmentsMember cang:OtherCountriesMember cang:BitcoinMiningBusinessSegmentMember 2024-12-31 0001725123 us-gaap:OperatingSegmentsMember cang:BitcoinMiningBusinessSegmentMember 2024-12-31 0001725123 us-gaap:MaterialReconcilingItemsMember srt:AsiaMember 2024-12-31 0001725123 us-gaap:MaterialReconcilingItemsMember 2024-12-31 0001725123 srt:NorthAmericaMember 2024-12-31 0001725123 srt:AsiaMember 2024-12-31 0001725123 srt:AfricaMember 2024-12-31 0001725123 cang:OtherCountriesMember 2024-12-31 0001725123 us-gaap:CommonClassAMember 2025-01-01 2025-06-30 0001725123 us-gaap:CommonClassAMember 2024-01-01 2024-06-30 0001725123 country:KY 2025-01-01 2025-06-30 0001725123 country:HK 2025-01-01 2025-06-30 0001725123 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember cang:PrcBusinessMember 2025-01-01 2025-06-30 0001725123 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember cang:PrcBusinessMember 2024-01-01 2024-06-30 0001725123 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember cang:PrcBusinessMember 2024-12-31 0001725123 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember cang:PrcBusinessMember 2025-05-27 2025-05-27 0001725123 cang:NewEnergyInnovationPteLtdMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltTechnologyLlcMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsRpLimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsOmLimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenvoltInnovationsLlcMember 2025-01-01 2025-06-30 0001725123 cang:GreenvoltInnovationsLimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenvoltInnovationsHkLimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsEtLimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsCanadaLimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsCaLimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsAa2LlcMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsAa2LimitedMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsAa1LlcMember 2025-01-01 2025-06-30 0001725123 cang:GreenVoltInnovationsAa1LimitedMember 2025-01-01 2025-06-30 0001725123 cang:EcoHashLlcMember 2025-01-01 2025-06-30 0001725123 cang:AutocangoLimitedMember 2025-01-01 2025-06-30 0001725123 2024-01-01 2024-06-30 0001725123 us-gaap:OperatingSegmentsMember cang:BitcoinMiningBusinessSegmentMember 2025-01-01 2025-06-30 0001725123 us-gaap:OperatingSegmentsMember 2025-01-01 2025-06-30 0001725123 us-gaap:SubsequentEventMember 2025-08-14 0001725123 us-gaap:OperatingSegmentsMember cang:BitcoinMiningBusinessSegmentMember 2025-06-30 0001725123 us-gaap:OperatingSegmentsMember 2025-06-30 0001725123 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001725123 us-gaap:FairValueMeasurementsRecurringMember 2025-06-30 0001725123 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001725123 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001725123 2025-06-30 0001725123 2024-12-31 iso4217:USD xbrli:pure xbrli:shares cang:D cang:tranche iso4217:USD xbrli:shares cang:segment

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
​

​

FORM 6-K

​

​

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934
​

For the month of November 2025

​

​

Commission File Number: 001-38590

​

​

CANGO INC.

​

​

3131 McKinney Avenue

Dallas, Texas 75204, U.S.A.

(Address of principal executive offices)

​

​

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F

​

Form 20-F ☒ | ​ | Form 40-F ☐

​

​

​

​

EXHIBIT INDEX

​ | ​ | ​
Exhibit 99.1 | ​ | Unaudited Interim Condensed Consolidated Financial Statements of Cango Inc. as of December 31, 202 4 and June 30, 202 5 and for the Six Months Ended June 30, 202 4 and 202 5
​ | ​ | ​
Exhibit 99.2 | ​ | Management’s Discussion and Analysis of Financial Condition and Results of Operations
​ | ​ | ​
101.INS | ​ | Inline XBRL Instance Document-this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
​ | ​ | ​
101.SCH | ​ | Inline XBRL Taxonomy Extension Schema Document
​ | ​ | ​
101.CAL | ​ | Inline XBRL Taxonomy Extension Calculation Linkbase Document
​ | ​ | ​
101.DEF | ​ | Inline XBRL Taxonomy Extension Definition Linkbase Document
​ | ​ | ​
101.LAB | ​ | Inline XBRL Taxonomy Extension Label Linkbase Document
​ | ​ | ​
101.PRE | ​ | Inline XBRL Taxonomy Extension Presentation Linkbase Document
​ | ​ | ​
104 | ​ | Cover Page Interactive Data File (embedded within the Inline XBRL document)

​

​

​

SIGNATURE

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

​

​ | ​ | ​
​ | CANGO INC.
​ | By: | /s/ Yongyi Zhang
​ | Name: | Yongyi Zhang
​ | Title: | Chief Financial Officer
Date: November 17, 2025 | ​ | ​

​

​

​

​

​

​

​

​

​