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Intchains Group Limited Reports First Quarter 2024 Unaudited Financial Results

Intchains Group Limited Reports First Quarter 2024 Unaudited Financial Results

Intchains集團有限公司公佈2024年第一季度未經審計的財務業績
聰鏈集團 ·  05/16 12:00

SHANGHAI, China – May 16, 2024 – Intchains Group Limited (Nasdaq: ICG) ("we," or the "Company"), a provider of integrated solutions consisting of high-performance computing ASIC chip-based solutions products and a corporate holder of cryptocurrencies based on Ethereum, or ETH, today announced its unaudited financial results for the first quarter ended March 31, 2024.

中國上海——2024年5月16日——Intchains集團有限公司（納斯達克股票代碼：ICG）（“我們” 或 “公司”）是一家由高性能計算ASIC芯片解決方案產品組成的綜合解決方案提供商，也是基於以太坊（ETH）的加密貨幣的公司持有人，今天公佈了截至2024年3月31日的第一季度未經審計的財務業績。

First Quarter 2024 Operating and Financial Highlights
2024 年第一季度運營和財務摘要
  • Sales volume of ASIC chips remained steady at 494,235 units for the first quarter of 2024, compared to 497,854 units for the same period of 2023. ASIC chip sales for the first quarter of 2024 consisted of 410,162 units sold directly to customers and 84,073 units embedded in computing equipment for blockchain applications that we began offering to customers in the fourth quarter of 2023.
  • Revenue was RMB24.3 million (US$3.4 million) for the first quarter of 2024, representing a decrease of 6.8% from RMB26.0 million for the same period of 2023.
  • Net loss was RMB14.8 million (US$2.1 million) for the first quarter of 2024, compared to net income of RMB4.7 million for the same period of 2023.
  • As of March 31, 2024, the fair value of our cryptocurrency assets was RMB23.6 million (US$3.3 million), primarily comprised of approximately 825 ETH, with a total fair value of RMB21.9 million (US$3.1 million).
  • 2024年第一季度，澳大利亞證券投資委員會芯片的銷量穩定在494,235輛，而2023年同期爲497,854輛。2024年第一季度的ASIC芯片銷售量包括直接向客戶銷售的410,162片，以及嵌入在計算設備中的84,073單元，用於區塊鏈應用，我們於2023年第四季度開始向客戶提供這些芯片。
  • 2024年第一季度的收入爲人民幣2430萬元（合340萬美元），較2023年同期的人民幣2,600萬元下降了6.8％。
  • 2024年第一季度的淨虧損爲人民幣1,480萬元（合210萬美元），而2023年同期的淨收入爲人民幣470萬元。
  • 截至2024年3月31日，我們的加密貨幣資產的公允價值爲人民幣2360萬元（合330萬美元），主要由約825個以太幣組成，總公允價值爲2190萬元人民幣（310萬美元）。

Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, "During the first quarter of 2024, the industry demonstrated a clear upward trajectory. As a market leader, Intchains fully leveraged its resources and technological advantages to seize rising opportunities within the industry and along the value chain. While we remain committed to fostering growth and progress across our current business lines, we are actively exploring new products and business models. In the first quarter of 2024, we began trial production and sales of our newly introduced Goldshell-branded Box series computing equipment for blockchain applications. These devices feature the latest ASIC chips, designed and manufactured using a 12nm process node, which swiftly garnered widespread market acclaim and bolstered recognition of our cutting-edge technology and brand. As we progress through 2024, we will continue to enhance our R&D capabilities and develop additional ASIC chip products tailored for applications across the WEB3 industry.

董事會主席兼首席執行官丁強先生評論說：“在 2024 年第一季度，該行業呈現出明顯的上升軌跡。作爲市場領導者，Intchains充分利用其資源和技術優勢，抓住行業內和價值鏈上不斷增加的機會。在我們繼續致力於促進當前業務領域的增長和進步的同時，我們正在積極探索新產品和商業模式。2024年第一季度，我們開始試生產和銷售新推出的用於區塊鏈應用的Goldshell品牌Box系列計算設備。這些設備採用最新的ASIC芯片，使用12納米工藝節點設計和製造，迅速獲得了廣泛的市場讚譽，並增強了對我們尖端技術和品牌的認可。隨着我們在2024年取得進展，我們將繼續增強我們的研發能力，並開發更多爲WEB3行業的應用量身定製的ASIC芯片產品。

Mr. Ding added, "We have begun implementing a pivotal cryptocurrency acquisition strategy in this quarter to expand our investment in cryptocurrencies with ETH-based cryptocurrencies serving as our primary long-term asset reserve. We believe that this initiative will fully unlock the value of our capital, while enhancing Intchains' competitiveness and our role in the development of the WEB3 industry, propelling sustainable growth for both the Company and the industry."
丁先生補充說：“我們已在本季度開始實施一項關鍵的加密貨幣收購策略，以擴大對加密貨幣的投資，將基於ETH的加密貨幣作爲我們的主要長期資產儲備。我們相信，這一舉措將充分釋放我們的資本價值，同時增強Intchains的競爭力和我們在WEB3行業發展中的作用，推動公司和行業的可持續增長。”
First Quarter 2024 Financial Results
2024 年第一季度財務業績
Revenue
收入
Revenue was RMB24.3 million (US$3.4 million) for the first quarter of 2024, representing a decrease of 6.8% from RMB26.0 million for the same period of 2023. The decrease in revenue was primarily attributable to a one-off sale of intelligent router products in the first quarter of 2023, which generated RMB1.2 million in revenue. When excluding this one-off sale, revenue from our ASIC chip products remained relatively stable between the two periods, with no significant fluctuations in either the sales volume or average selling price of our ASIC chip products.
2024年第一季度的收入爲人民幣2430萬元（合340萬美元），較2023年同期的人民幣2,600萬元下降了6.8％。收入下降主要歸因於2023年第一季度智能路由器產品的一次性銷售，創造了人民幣120萬元的收入。不包括這次一次性銷售，我們的ASIC芯片產品的收入在這兩個時期之間保持相對穩定，我們的ASIC芯片產品的銷量或平均銷售價格均沒有顯著波動。
Cost of Revenue
收入成本
Cost of revenue was RMB15.3 million (US$2.1 million) for the first quarter of 2024, representing an increase of 15.2% from RMB13.2 million for the same period of 2023. The increase was primarily driven by a RMB4.4 million inventory write-down for certain products in the first quarter of 2024, reflecting our expectation of challenging market conditions facing these products.
2024年第一季度的收入成本爲人民幣1,530萬元（合210萬美元），較2023年同期的人民幣1,320萬元增長了15.2％。增長的主要原因是某些產品在2024年第一季度減記了440萬元人民幣的庫存，這反映了我們對這些產品面臨挑戰的市場條件的預期。
Operating Expenses
運營費用

Total operating expenses were RMB38.1 million (US$5.3 million) for the first quarter of 2024, representing an increase of 168.3% from RMB14.2 million for the same period of 2023. The increase was primarily due to an increase in research and development expenses, sales and marketing expenses, and general and administrative expenses, partially offset by a net gain on fair value of cryptocurrency.

2024年第一季度的總運營支出爲人民幣3,810萬元（合530萬美元），較2023年同期的人民幣1,420萬元增長了168.3％。增長主要是由於研發費用、銷售和營銷費用以及一般和管理費用的增加，但部分被加密貨幣公允價值的淨收益所抵消。

  • Research and development expenses increased by 357.0% to RMB36.5 million (US$5.1 million) for the first quarter of 2024 from RMB8.0 million for the same period of 2023. The increase was primarily due to higher expenses related to mask costs for our research and development projects, as well as increased personnel-related expenses.
  • Sales and marketing expenses increased by 27.2% to RMB1.6 million (US$0.2 million) for the first quarter of 2024 from RMB1.3 million for the same period of 2023, mainly driven by increased share-based incentive expenses.
  • General and administrative expenses increased by 9.5% to RMB5.4 million (US$0.7 million) for the first quarter of 2024 from RMB4.9 million for the same period of 2023, mainly driven by increased share-based incentive expenses.
  • Gain on fair value of cryptocurrency, net, for the first quarter of 2024 was RMB5.4 million (US$0.7 million), compared to nil in the same period of 2023. We early-adopted the amendments required pursuant to ASU 2023-08 on January 1, 2024, using a modified retrospective transition method with a cumulative-effect adjustment recorded to the opening balance of retained earnings as of January 1, 2024. The cumulative-effect adjustment of RMB0.3 million was recorded as an increase to the opening balance of retained earnings as of January 1, 2024. We measured cryptocurrency at fair value and included the gains and losses from remeasurement in net income. The gain pertains to the change in cryptocurrency's fair value from the adoption date, January 1, 2024, to March 31, 2024, which was mainly due to the increased price of ETH.
  • 研發費用從2023年同期的人民幣800萬元增長了357.0％，至2024年第一季度的人民幣3,650萬元（合510萬美元）。增長的主要原因是與我們的研發項目口罩成本相關的支出增加，以及與人事相關的費用增加。
  • 銷售和營銷費用從2023年同期的人民幣130萬元增長了27.2％，至2024年第一季度的人民幣160萬元（20萬美元），這主要是由基於股份的激勵支出增加所推動的。
  • 一般和管理費用從2023年同期的人民幣490萬元增長了9.5％，至2024年第一季度的人民幣540萬元（70萬美元），這主要是由基於股份的激勵支出增加所推動的。
  • 2024年第一季度的加密貨幣公允價值淨收益爲人民幣540萬元（70萬美元），而2023年同期爲零。我們於2024年1月1日提前通過了亞利桑那州立大學2023-08所要求的修正案，採用了修改後的追溯過渡方法，對截至2024年1月1日的留存收益期初餘額進行了累積效應調整。截至2024年1月1日，人民幣30萬元的累積效應調整是留存收益期初餘額的增加。我們以公允價值衡量加密貨幣，並將調整的收益和損失計入淨收益。收益與加密貨幣公允價值從採用日期（2024年1月1日至2024年3月31日）的變化有關，這主要是由於以太坊價格上漲所致。
Interest Income
利息收入
Interest income increased by 17.2% to RMB4.2 million (US$0.6 million) for the first quarter of 2024 from RMB3.5 million for the same period of 2023, mainly attributable to our effective cash management.
利息收入從2023年同期的人民幣350萬元增長了17.2％，至2024年第一季度的人民幣420萬元（合60萬美元），這主要歸因於我們有效的現金管理。
Other Income, Net
其他收入，淨額
Other income, net, decreased by 96.6% to RMB0.1 million (US$ nil) for the first quarter of 2024 from RMB4.1 million for the same period of 2023. The decrease was primarily due to a decrease in grants received from the local government, which have no repayment obligations.
其他淨收入從2023年同期的人民幣410萬元下降了96.6％，至2024年第一季度的人民幣10萬元（零美元）。減少的主要原因是地方政府提供的補助金減少，地方政府沒有還款義務。
Net Income/(Loss)
淨收益/（虧損）
As a result of the foregoing, we recorded a net loss of RMB14.8 million (US$2.1 million) for the first quarter of 2024, compared to a net income of RMB4.7 million for the same period of 2023.
由於上述原因，我們在2024年第一季度錄得1480萬元人民幣（合210萬美元）的淨虧損，而2023年同期的淨收入爲人民幣470萬元。
Basic and Diluted Net Earnings/(Loss) Per Ordinary Share
每股普通股的基本和攤薄後的淨收益/（虧損）
Basic and diluted net loss per ordinary share were RMB0.12 (US$0.02) for the first quarter of 2024, compared to basic and diluted net earnings per ordinary share of RMB0.04 for the same period of 2023. Each ADS represents two of the Company's Class A ordinary shares.
2024年第一季度的每股普通股基本和攤薄淨虧損爲人民幣0.12元（0.02美元），而2023年同期普通股基本和攤薄後的每股淨收益爲人民幣0.04元。每股ADS代表公司的兩股A類普通股。
Recent Developments
最近的事態發展

We have begun implementing a pivotal cryptocurrency acquisition strategy in this quarter to expand the Company's investments in cryptocurrencies. Pursuant to this strategy, the Company plans to acquire ETH-based cryptocurrencies using cash flows generated from operations. We view our holdings of ETH-based cryptocurrencies as long-term holdings and expect to continue to accumulate ETH-based cryptocurrencies. We have not set any specific target for the amount of ETH-based cryptocurrencies we seek to hold, and we will continue to monitor market conditions in determining whether to purchase additional ETH-based cryptocurrencies. Going forward, ETH-based cryptocurrencies will serve as a crucial long-term asset reserve for us.

我們已在本季度開始實施一項關鍵的加密貨幣收購策略，以擴大公司對加密貨幣的投資。根據這一戰略，公司計劃使用運營產生的現金流收購基於以太坊的加密貨幣。我們將持有的基於ETH的加密貨幣視爲長揸，並預計將繼續積累基於ETH的加密貨幣。我們尚未爲我們尋求持有的基於ETH的加密貨幣數量設定任何具體目標，我們將繼續監測市場狀況，以確定是否購買更多基於ETH的加密貨幣。展望未來，基於ETH的加密貨幣將成爲我們至關重要的長期資產儲備。

Conference Call Information
電話會議信息
The Company's management team will host an earnings conference call to discuss its financial results at 9:00 P.M. U.S. Eastern Time on May 16, 2024 (9:00 A.M. Beijing Time on May 17, 2024). Details for the conference call are as follows:
該公司的管理團隊將在美國東部時間2024年5月16日晚上9點（北京時間2024年5月17日上午9點）舉行業績電話會議，討論其財務業績。電話會議的詳細信息如下：
Event Title:
Date:
Time:
Registration Link:
活動標題：
日期：
時間：
註冊鏈接：
Intchains Group Limited First Quarter 2024 Earnings Conference Call
May 16, 2024
9:00 P.M. U.S. Eastern Time
https://register.vevent.com/register/BI6390b60244b94f14ae203c00c53a2f4e
Intchains Group Limited 2024 年第一季度業績電話會議
2024年5月16日
美國東部時間晚上 9:00
https://register.vevent.com/register/BI6390b60244b94f14ae203c00c53a2f4e

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.

所有參與者必須使用上面提供的鏈接在電話會議之前完成在線註冊流程。註冊後，每位參與者將收到一組撥入號碼和個人訪問密碼，用於加入電話會議。

Additionally, a live and archived webcast of the conference call will also be available at the Company's website at: https://intchains.com/.

此外，電話會議的網絡直播和存檔直播也將在公司網站上播出，網址爲： https://intchains.com/。

About Intchains Group Limited
關於Intchains集團有限公司
Intchains Group Limited is a provider of integrated solutions consisting of high-performance computing ASIC chip products for blockchain applications and a corporate holder of cryptocurrencies based on ETH. The Company utilizes a fabless business model and specializes in the front-end and back-end of IC design, the two major components of the IC product development chain. The Company has established strong supply chain management with a leading foundry, which helps to ensure its product quality and stable production output. The Company's products consist of high-performance computing ASIC chips with high computing power and superior power efficiency, computing equipment incorporating its ASIC chips, and ancillary software and hardware, all of which cater to the evolving needs of the blockchain industry. The Company has built a proprietary technology platform named "Xihe" to develop a wide range of ASIC chips with high efficiency and scalability. To support its WEB3 industry development initiatives, the Company acquires and holds ETH-based cryptocurrencies as its long-term asset reserve using liquid assets that exceed its working capital requirements. For more information, please visit the Company'swebsite at:
Intchains Group Limited是一家綜合解決方案提供商，該解決方案由用於區塊鏈應用的高性能計算ASIC芯片產品和基於ETH的加密貨幣的公司持有者組成。該公司採用無晶圓廠的商業模式，專門從事集成電路設計的前端和後端，這是 IC 產品開發鏈的兩個主要組成部分。該公司與一家領先的鑄造廠建立了強大的供應鏈管理，這有助於確保其產品質量和穩定的產量。該公司的產品包括具有高計算能力和卓越能效的高性能計算ASIC芯片、採用其ASIC芯片的計算設備以及輔助軟件和硬件，所有這些都滿足了區塊鏈行業不斷變化的需求。該公司已經建立了一個名爲 “Xihe” 的專有技術平台，用於開發各種具有高效率和可擴展性的ASIC芯片。爲了支持其WEB3行業發展計劃，該公司使用超過其營運資金要求的流動資產收購併持有基於以太幣的加密貨幣作爲其長期資產儲備。欲了解更多信息，請訪問該公司的網站：
https://intchains.com/
https://intchains.com/
.
。
Exchange Rate Information
匯率信息
The unaudited United States dollar ("US$") amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB7.2203 on the last trading day of the first quarter of 2024 (March 29, 2024). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
所附財務報表中披露的未經審計的美元（“美元”）金額僅爲方便讀者而列報。爲方便讀者，將金額從人民幣折算成美元，是按2024年第一季度最後一個交易日（2024年3月29日）的中午買入匯率1.00美元=人民幣7.2203元計算的。沒有人陳述人民幣金額本來可以或可能按這種匯率兌換成美元。
Forward Looking Statements
前瞻性陳述
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company's ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company's ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
本公告中的某些陳述是前瞻性陳述。這些前瞻性陳述涉及已知和未知的風險和不確定性，基於公司當前對未來事件的預期和預測，公司認爲這些預期和預測可能會影響其財務狀況、經營業績、業務戰略和財務需求。前瞻性陳述包括但不限於以下方面的陳述：（i）我們的目標和戰略；（ii）我們未來的業務發展、形成狀況和經營業績；（iii）收入、成本或支出的預期變化；（iv）我們行業的增長和競爭趨勢；（v）我們對產品需求和市場接受度的預期；（vi）我們經營所在市場的總體經濟和商業狀況；（vii) 與我們的業務和行業相關的政府政策法規；(viii)基於ETH的加密貨幣市場價格的波動；出售基於ETH的加密貨幣的收益或損失；公司持有的基於ETH的加密貨幣的會計處理方式的變化；交易基於ETH的加密貨幣市場的流動性下降；安全漏洞、網絡攻擊、未經授權的訪問、私鑰丟失、欺詐或其他導致公司基於以太坊的加密貨幣損失的事件；對與金融相關的基於以太坊的加密貨幣的價格和採用率的影響該行業各參與者的困難和破產；以及（viii）上述任何一項所依據或與之相關的假設。投資者可以通過諸如 “可能”、“可能”、“將”、“應該”、“期望”、“計劃”、“打算”、“預測”、“相信”、“估計”、“預測”、“潛力”、“項目” 或 “繼續” 等詞語或短語來識別這些前瞻性陳述，或者這些術語或其他類似術語的否定詞。除非法律要求，否則公司沒有義務公開更新或修改任何前瞻性陳述以反映隨後發生的事件或情況或預期的變化。儘管公司認爲這些前瞻性陳述中表達的預期是合理的，但它無法向您保證此類預期是正確的。公司提醒投資者，實際業績可能與預期業績存在重大差異，並鼓勵投資者在公司的註冊聲明和向美國證券交易委員會提交的其他文件中審查可能影響其未來業績的其他因素。
For investor and media inquiries, please contact:
投資者和媒體垂詢，請聯繫：

Intchains Group Limited
Investor relations
Email: [email protected]

Intchains集團有限公司
投資者關係
電子郵件： [電子郵件保護]

Piacente Financial Communications

皮亞森特金融通訊

In China
Helen Wu
Tel: +86-10-6508-0677
Email: [email protected]

在中國
吳海倫
電話：+86-10-6508-0677
電子郵件： [電子郵件保護]

In The United States
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]

在美國
布蘭迪·皮亞森特
電話：+1-212-481-2050
電子郵件： [電子郵件保護]

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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