Financial Performance and Dividends - Ebang has not issued any dividends or distributions from its PRC subsidiaries to its shareholders outside of China as of the date of the annual report[43]. - The net cash flows from Ebang to its subsidiaries for the year ended December 31, 2022, amounted to a transfer of US$45,449,000[44]. - Ebang does not anticipate that its subsidiaries will pay cash dividends in the foreseeable future[45]. - The company intends to retain most, if not all, of its available funds and future earnings for business development and growth overseas[46]. - Ebang's corporate structure may restrict its ability to receive dividends from and transfer funds to its PRC operating subsidiaries, impacting its responsiveness to market conditions[50]. - The ability to receive dividends from PRC operating subsidiaries is restricted by local laws, which may hinder the company's responsiveness to market changes[67]. - PRC law requires that 10% of net profit be set aside as reserve funds before dividends can be paid, potentially limiting distributions to shareholders[68]. - Any transfer of funds from the company to PRC subsidiaries is subject to governmental approval, which could restrict operational flexibility[69]. - Dividends and gains from the sale of shares by foreign investors may be subject to a 10% PRC withholding tax, affecting investment value[72]. - Future restrictions on currency exchange may hinder the company's ability to pay dividends in foreign currencies to shareholders[80]. Regulatory and Compliance Risks - The company is subject to various risks, including fluctuations in cryptocurrency markets and regulatory changes in foreign markets, which could adversely affect its business[51]. - The Chinese government implements strict regulations on foreign investments, which could impact Ebang's operations and financial condition[53]. - The company may be subject to a 25% Enterprise Income Tax on worldwide income if deemed a PRC "resident enterprise," significantly impacting net income[70]. - Changes in preferential tax treatments and government grants could adversely affect the company's financial condition and results of operations[73]. - The company faces uncertainties regarding indirect transfers of equity interests in PRC resident enterprises, which may be subject to a 10% withholding tax under SAT Bulletin 37[78]. - The company is subject to PRC restrictions on currency exchange, which may limit its ability to utilize cash generated in Renminbi for business activities outside of China[80]. - The M&A Rules and other PRC regulations complicate acquisitions by foreign investors, potentially delaying growth through acquisitions in China[84]. - The Overseas Listing Trial Measures require PRC domestic companies to file with the CSRC for overseas offerings, which could affect the timing and ability to complete such transactions[87]. - The Cybersecurity Review Measures mandate a review for network platform operators holding personal information of over one million users before listing securities abroad, introducing potential compliance risks[92]. - The company faces regulatory uncertainties in China that could restrict its ability to grant share incentive awards to employees or consultants who are PRC citizens[102]. Market and Economic Conditions - The company has incurred losses and negative cash flows from operating activities in the past and may not achieve profitability in the future[56]. - Changes in China's economic, political, or social conditions could materially affect Ebang's business and financial results[57]. - The global and Chinese economies face significant challenges, with a potential prolonged downturn that could adversely affect the company's business and financial condition[62]. - Labor costs in China have been increasing, with expectations for continued growth, which may impact profitability if these costs cannot be passed on to customers[63]. - Stricter regulatory requirements for labor contracts and employee benefits in China may limit the company's ability to manage labor costs effectively, potentially affecting operations[64]. Operational Risks - The company’s PRC subsidiaries have not fully paid social insurance and housing provident funds for all employees, which may lead to fines and adversely affect financial condition[65]. - The company has recorded write-downs for potentially obsolete inventory of US$6.5 million, US$0.3 million, and US$0.3 million in 2022, 2023, and 2024, respectively, which could adversely affect financial results[210]. - The company faces significant risks related to compliance with anti-corruption and anti-money laundering laws, which could lead to penalties and adverse consequences[186]. - Significant disruptions of information technology systems or security breaches could materially adversely affect business operations and result in financial, legal, and reputational harm[194]. - The reliance on third-party suppliers and logistics service providers poses risks to product quality and timely delivery, which could adversely affect business operations[215][216]. Cryptocurrency Market Dynamics - The company's operating results have been fluctuating due to the highly volatile nature of the cryptocurrency market, influenced by trading activity and regulatory changes[109]. - The demand for cryptocurrency exchange subscription and service offerings has become a more significant revenue contributor, impacting overall financial performance[111]. - The company cannot predict the impact of changes in political, business, economic, and trade relations between the U.S. and China on its operations[95]. - New tariffs imposed by the U.S. and China could significantly adversely affect the company's business and financial condition[96]. - The cryptocurrency market has faced significant challenges, including the bankruptcy of major players like Celsius, Voyager, and FTX, leading to a loss of confidence in the digital asset ecosystem[227]. - Recent reports indicate that a substantial portion of trading volume on unregulated cryptocurrency platforms may be fabricated, suggesting the actual market size could be significantly smaller than perceived[226]. - The ongoing financial distress in the crypto market has resulted in increased scrutiny from regulators and calls for more stringent regulations on crypto assets and platforms[228]. - The company has not experienced any material direct impact from recent events in the crypto market, maintaining stable financial conditions and customer relationships[228]. Competition and Market Position - The company faces intense competition, which may require price reductions or increased marketing expenses, potentially impacting profitability[218]. - The company’s revenue is concentrated in transaction fees from Bitcoin, Ethereum, and stablecoins like USDC and USDT, making it vulnerable to market fluctuations[161]. - Revenue from the crypto exchange business is heavily reliant on transaction fees, which are affected by the prices and volumes of crypto assets[157]. - The cryptocurrency exchange platform faces risks from a lack of liquid markets and potential manipulation, which may adversely affect business operations and the value of cryptocurrencies held[169]. Technology and Innovation - The company's business model is evolving, particularly in blockchain, Fintech, and renewable energy sectors, which may increase operational complexity and strain resources[108]. - The development and acceptance of cryptocurrencies are subject to significant uncertainty, which could impact the company's business strategy[165]. - The renewable energy industry is evolving, and its growth may not meet expectations due to factors like consumer acceptance and regulatory environments[134]. - The development of new technologies for mining could reduce the security of blockchain networks and affect digital asset prices[130]. Customer and Credit Risks - The top ten largest customers contributed approximately 88%, 44%, and 31% of total revenues in 2022, 2023, and 2024 respectively, indicating high customer concentration risk[198]. - 20% and 27% of total accounts receivables were due from one customer as of December 31, 2023 and 2024 respectively, highlighting concentration of credit risks[204]. - Trade receivables as of December 31, 2023 and 2024 were US$0.9 million and US$1.6 million, respectively, highlighting the risk of delayed collections impacting liquidity and financial condition[207]. Environmental and Social Risks - The company faces risks related to the environmental impact of crypto mining, which could affect public perception and regulatory scrutiny[163]. - Potential constraints on production activities due to power shortages or labor disputes could disrupt operations and negatively impact financial results[230]. Insurance and Liability Risks - The company does not maintain comprehensive insurance coverage for all business risks, which could lead to financial strain in the event of significant losses[234]. - The company may face significant liabilities and reputational harm from ongoing disputes, claims, or proceedings arising from its operations[199].

Core Insights - Johnnie Walker is launching a series of partnerships to redefine whisky enjoyment and expand its cultural impact, starting with the 76th Emmy® Awards as the Official Spirits Partner [1][2] - The brand aims to inspire a new generation of whisky drinkers through collaborations in culinary arts, entertainment, and fashion [1] Company Initiatives - Johnnie Walker Blue Label experiences will feature bespoke cocktail pairings created in collaboration with Emmy-winning actor Ebon Moss-Bachrach, chef Courtney Storer, and mixologist Charles Joly [1][2] - The partnership seeks to challenge traditional whisky norms and enhance dining experiences with modern sophistication [1][2] Culinary Pairings - Three unique cocktail pairings have been developed for the Emmy celebrations: - Caramelized Onion Burger paired with Elegance in Motion (a reimagined Whisky Sour) [2] - Steak Frites Bite paired with Dressed For Success (an elevated twist on a Rob Roy) [2] - Chicago-Style Burger paired with Lights, Coffee, Action! (a frozen coffee twist on the Espresso Martini) [2] Consumer Engagement - Following the Emmy Awards, Johnnie Walker invites fans to explore the 'Blue List', a curated selection of bars and restaurants offering Blue Label cocktails inspired by the new pairings [2] - The brand encourages engagement in major cities like California, New York, Miami, and Chicago [2] Brand Background - Johnnie Walker is the world's number one Scotch Whisky brand, with nearly 19 million cases sold annually, making it the most popular Scotch Whisky globally [2]

Core Viewpoint - Ebang International Holdings Inc. reported a significant decrease in total net revenues for the first half of fiscal year 2024, reflecting ongoing challenges while transitioning its business towards renewable energy solutions [2][4][3]. Financial Performance - Total net revenues for the first six months of 2024 were US$2.11 million, a 37.41% decrease from US$3.38 million in the same period of 2023 [2][4]. - Gross profit decreased to US$0.08 million from US$0.28 million year-over-year [2][5]. - The net loss for the first half of 2024 was US$6.65 million, an improvement from a net loss of US$8.38 million in the same period of 2023 [2][7]. Operational Highlights - The decrease in total net revenues was attributed to changes in market conditions, leading to reduced service and product revenues [4]. - Cost of revenues decreased by 34.32% to US$2.03 million, primarily due to a reduction in impairment costs [4][5]. - Total operating expenses were reduced to US$12.50 million from US$13.64 million year-over-year, with selling expenses decreasing to US$0.66 million and general and administrative expenses to US$11.84 million [5][6]. Strategic Direction - The company is focusing on expanding into the renewable energy sector, particularly in advanced solar cell manufacturing, leveraging its existing technologies and R&D capabilities [3][9]. - The CEO emphasized the importance of technological innovation to meet evolving market demands in the renewable energy industry [3]. Shareholder Information - Basic and diluted net loss per share for the first six months of 2024 was US$0.99, compared to US$1.25 in the same period of 2023 [8][23].

Revenue and Net Loss - Total net revenues in the 2023 fiscal year decreased by 85.0% to US$4.9 million, from US$32.3 million in the 2022 fiscal year[2][4] - Net loss in the 2023 fiscal year was US$38.0 million, compared to US$45.8 million in the 2022 fiscal year[2][8] - Total revenues for the year ended December 31, 2023, were $4,855,181, a significant decrease from $32,328,119 in 2022 and $51,450,247 in 2021[17] - Net loss attributable to Ebang International Holdings Inc. for 2023 was $(36,772,143), compared to $(43,888,242) in 2022 and $4,430,941 in 2021[17] - Basic and diluted net loss per ordinary share for 2023 was $(5.86), compared to $(7.03) in 2022 and $0.75 in 2021[17] - Total comprehensive loss for 2023 was $(40,312,503), compared to $(51,095,454) in 2022 and $3,720,894 in 2021[17] Gross Profit and Loss - Gross loss in the 2023 fiscal year was US$16.7 million, compared to a gross profit of US$15.4 million in the 2022 fiscal year[2][5] - Gross loss for 2023 was $(16,703,805), compared to a gross profit of $15,412,324 in 2022 and $29,223,192 in 2021[17] Operating Expenses - Total operating expenses in the 2023 fiscal year decreased by 41.7% to US$36.9 million, from US$63.4 million in the 2022 fiscal year[5] - Total operating expenses for 2023 were $36,942,914, down from $63,406,564 in 2022 and $27,192,823 in 2021[17] Cost of Revenues - Cost of revenues in the 2023 fiscal year increased by 27.4% to US$21.6 million, from US$16.9 million in the 2022 fiscal year[5] Interest Income - Interest income in the 2023 fiscal year was US$11.9 million, compared to US$4.4 million in the 2022 fiscal year[7] - Interest income for 2023 was $11,941,453, a significant increase from $4,362,832 in 2022 and $1,779,672 in 2021[17] Impairment Losses - Impairment of intangible assets in the 2023 fiscal year was US$3.7 million, related to a financial license impairment loss[6] - Impairment of goodwill in the 2023 fiscal year was US$2.3 million, representing impairment loss from a business acquisition in March 2022[6] Cryptocurrency Business - Revenue from cryptocurrency exchange and cross-border payment businesses increased by approximately 36% compared to the 2022 fiscal year[3] - Net gain on disposal of cryptocurrencies in 2023 was $744,803, with no comparable data for 2022 and 2021[17] Cash and Cash Equivalents - Cash and cash equivalents were US$241.6 million as of December 31, 2023, compared with US$251.3 million as of December 31, 2022[8] Shares Outstanding - The number of basic shares outstanding for 2023 was 6,275,118, compared to 6,247,333 in 2022 and 5,923,845 in 2021[18]

Core Viewpoint - Ebang International Holdings Inc. reported a significant decline in total net revenues for the fiscal year 2023, primarily due to adverse market conditions and the absence of one-time revenue from the previous year, while also highlighting growth in specific business segments such as cryptocurrency exchange and cross-border payments [2][4][3]. Financial Performance - Total net revenues for fiscal year 2023 decreased by 85.0% to US$4.9 million, down from US$32.3 million in 2022 [2][4]. - Gross loss for the fiscal year 2023 was US$16.7 million, compared to a gross profit of US$15.4 million in 2022 [2][5]. - Net loss for fiscal year 2023 was US$38.0 million, an improvement from a net loss of US$45.8 million in 2022 [2][8]. Revenue Breakdown - Revenue from cryptocurrency exchange and cross-border payment and foreign exchange businesses increased by approximately 36% compared to the previous fiscal year [3]. - The decline in total revenues was attributed to the bankruptcy of virtual currency banks in the U.S. and increased caution among market participants regarding cryptocurrency products [4]. Cost and Expenses - Cost of revenues increased by 27.4% to US$21.6 million in 2023, primarily due to a VAT recoverable impairment of US$16.7 million [5]. - Total operating expenses decreased by 41.7% to US$36.9 million, driven by reductions in selling and general administrative expenses [5][6]. Impairments and Losses - Impairment of intangible assets in 2023 was US$3.7 million, and impairment of goodwill was US$2.3 million, reflecting challenges from previous acquisitions [6][7]. - Loss from operations for the fiscal year was US$53.6 million, compared to a loss of US$48.0 million in 2022 [7][18]. Cash Position - Cash and cash equivalents as of December 31, 2023, were US$241.6 million, a decrease from US$251.3 million as of December 31, 2022 [8][14]. Market Outlook - The approval and listing of spot Bitcoin ETFs are seen as potential positive developments for the cryptocurrency market, despite ongoing challenges [3]. - The company aims to continue promoting innovation and adjusting business strategies in response to market changes [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A ordinary shares, par value HK$0.03 per share EBON Nasdaq Global Select Market FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ OR ☐ SHELL COMPANY REPORT ...