Core Viewpoint - ICG plc is changing its performance fee recognition method to enhance visibility and reduce management judgment, with the new approach expected to be implemented in H1 FY26, leading to a one-off gain and increased guidance for future performance fees [2][3][8]. Financial Impact - The company has grown equity-like fee-earning AUM by 3.0x over the last five years, which has the potential to generate higher performance fees [2]. - A one-off gain of £65 – 75 million is expected in H1 FY26 results, with total performance fees anticipated to be between £90 – 95 million [3]. - The recognition of performance fees will be more visible in future periods, particularly in the early years of a fund's life, without affecting the total amount of performance fees over the fund's life [4][6]. Accounting Changes - The new performance fee recognition will be reflected in both the company's Alternative Performance Measures (APM) and statutory (IFRS) accounts, with minimal differences expected [5]. - Performance fee recognition will begin when the successor vintage holds a first close and the investment period of the current vintage ends, removing management judgment regarding timing [9]. Guidance Update - The medium-term guidance for performance fees has been increased, now expected to represent 10-20% of total fee income, up from the previous 10-15% [8]. - The FMC operating margin is projected to exceed 54%, an increase from the previous expectation of 52% [10]. Company Overview - ICG is a global alternative asset manager with $123 billion in AUM, operating from over 20 locations and investing in various asset classes [13][14].

Core Viewpoint - The article discusses the financial performance and market position of Cong Chain (ICG), highlighting its revenue growth and significant decline in net profit, alongside its operational model and market strategy [1]. Financial Performance - As of June 30, 2025, Cong Chain reported total revenue of 176 million RMB, representing a year-on-year growth of 19.22% [1]. - The net profit attributable to the parent company was 4.255 million RMB, showing a substantial decrease of 88.03% compared to the previous year [1]. Company Overview - Cong Chain Group Limited is a holding company registered in the Cayman Islands, operating through its subsidiaries in China [1]. - The company began operations in December 2017 with the establishment of Shanghai International Chain Technology Co., Ltd. in Shanghai, China [1]. - Cong Chain is a provider of integrated solutions, which include high-performance ASIC chips and supporting software and hardware for blockchain applications [1]. Business Model - The company employs a fabless business model, focusing on both front-end and back-end IC design, which is a critical part of the IC product development chain [1]. - Cong Chain has established a strong supply chain management with leading foundries, which helps ensure product quality and stable production output [1].

Group 1 - The core viewpoint of the article highlights the financial performance and stock movement of Cong Chain (ICG), which saw a 3.06% increase in stock price, reaching $2.02 per share, with a total market capitalization of $122 million as of August 22 [1] - As of June 30, 2025, Cong Chain reported total revenue of 176 million RMB, reflecting a year-on-year growth of 19.22%, while the net profit attributable to the parent company was 4.255 million RMB, showing a significant decline of 88.03% year-on-year [1] - Cong Chain Group Limited is a holding company registered in the Cayman Islands, operating through its subsidiaries in China, and was established in December 2017 with the founding of Shanghai International Chain Technology Co., Ltd. in Shanghai [1] Group 2 - The company is a provider of integrated solutions, which include high-performance ASIC chips and supporting software and hardware for blockchain applications [1] - Cong Chain adopts a fabless business model, focusing on both front-end and back-end IC design, which are critical components of the IC product development chain [1] - The company has established a strong supply chain management with leading foundries, ensuring product quality and stable production output [1]

Group 1 - The stock price of Cong Chain (ICG) increased by 12.43% on August 21, reaching $2.08 per share, with a trading volume of $221,700 and a total market capitalization of $126 million [1] - As of March 31, 2025, Cong Chain reported total revenue of 132 million RMB, representing a year-on-year growth of 445.47%, while the net profit attributable to the parent company was -33.997 million RMB, a decrease of 129.79% year-on-year [1] Group 2 - Cong Chain is a holding company registered in the Cayman Islands, operating through its subsidiaries in China, with Shanghai International Chain Technology Co., Ltd. established in December 2017 [2] - The company provides integrated solutions consisting of high-performance ASIC chips and supporting software and hardware for blockchain applications, utilizing a fabless business model focused on IC design [2] - Cong Chain has established a strong supply chain management with leading foundries, ensuring product quality and stable production output [2]

Group 1 - The stock of Cong Chain (ICG) opened up by 4.32% on August 20, reaching $1.93 per share, with a total market capitalization of $11.7 million [1] - As of March 31, 2025, Cong Chain reported total revenue of 132 million RMB, representing a year-on-year increase of 445.47%, while the net profit attributable to the parent company was -33.997 million RMB, a decrease of 129.79% year-on-year [1] Group 2 - On August 14, Cong Chain is scheduled to disclose its mid-year report for the fiscal year 2025 after market hours [2] - Cong Chain Group Limited is a holding company registered in the Cayman Islands, operating through its subsidiaries in China, with its Chinese subsidiary, Shanghai International Chain Technology Co., Ltd., established in December 2017 [2] - The company is a provider of integrated solutions, focusing on high-performance ASIC chips and auxiliary software and hardware for blockchain applications, utilizing a fabless business model [2]

Core Insights - The stock price of Cong Chain (ICG) increased by 5.09% on August 18, reaching $2.27 per share, with a total market capitalization of $138 million [1] - For the fiscal year ending March 31, 2025, Cong Chain reported total revenue of 132 million RMB, representing a year-on-year growth of 445.47%, while the net profit attributable to shareholders was a loss of 33.997 million RMB, a decrease of 129.79% compared to the previous year [1] Company Overview - Cong Chain Group Limited is a holding company registered in the Cayman Islands, operating through its subsidiaries in China [2] - The company began operations in December 2017 with the establishment of Shanghai International Chain Technology Co., Ltd. in Shanghai, China [2] - Cong Chain is a provider of integrated solutions, which include high-performance ASIC chips and supporting software and hardware for blockchain applications [2] - The company employs a fabless business model, focusing on both front-end and back-end IC design, which is a key component of the IC product development chain [2] - Cong Chain has established a strong supply chain management with leading foundries, ensuring product quality and stable production output [2]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was RMB 43.2 million or $6 million, a decline compared to Q2 2024 due to lower sales from mining machines [5] - Cost of revenue decreased to RMB 32.9 million or $4.6 million for Q2 2025, a 20% decrease from Q2 2024 [6] - Loss from operations was RMB 16.2 million or $2.3 million for Q2 2025, compared to income from operations of $8 million in Q2 2024 [7] - Net income for Q2 2025 was RMB 38.3 million or $5.3 million, affected by lower revenues but offset by gains in fair value of cryptocurrency [8] - For the first half of 2025, revenues were RMB 24.5 million or $3.5 million, with net income of RMB 4.3 million or $600,000 [9] Business Line Data and Key Metrics Changes - The core business, Altcoin mining machines, remains the primary revenue contributor, with a strategic self-funded dollar cost averaging ease accumulation strategy implemented since Q1 2024 [4] - The Web3 application development business includes the launch of Go Show Pay and Go Show Wallet, contributing to the overall strategy [5] Market Data and Key Metrics Changes - The decline in allele price during Q2 2025, combined with new tariffs, negatively impacted mining machine sales [5] - The price of Ethereum increased by approximately 34% during the period, contributing to gains in fair value of cryptocurrencies [7][8] - The company holds a total of 8,816 Ethereum units as of June 30, 2025, representing a 25.5% increase from Q1 2025 [11] Company Strategy and Development Direction - The company focuses on launching new products and enhancing mining machine efficiency, with significant R&D investments of $5.8 million in 2025 [10] - Future growth strategies include optimizing Ethereum accumulation and yield generation strategies, aiming for an annualized yield of up to 10% [13] - The company plans to explore new Altcoin projects and upgrades to existing mining products to expand market share [12] Management's Comments on Operating Environment and Future Outlook - Management expects revenue for the second half of the year to be impacted by softer sales due to Altcoin price volatility, but remains committed to long-term R&D investments [14] - The company believes that its ability to pivot quickly and innovate is critical for long-term success in a rapidly changing market [14][15] Other Important Information - The balance sheet remains strong, with cash and cash equivalents totaling $71.6 million as of June 30, 2025 [9] - The company has been identified as one of the top Ethereum treasury holders among public companies globally [11] Q&A Session Summary Question: Focus on Ethereum accumulation strategy - The company primarily uses its own funds for a dollar cost averaging strategy for Ethereum purchases, with potential for moderate financing in the future depending on market conditions [17][18] Question: Yield on Ethereum treasury - The company plans to allocate over 80% of its Ethereum holdings towards yield-generating activities, but not all in one place [19][20] Question: Pipeline of Altcoin projects - The company has a strong revenue growth from the Allele miner series and plans to launch new Altcoin mining products, including a new Dogecoin miner expected to enter mass production in 2026 [24][25] Question: R&D spending outlook - R&D expenses are expected to be lower in the second half of 2025 compared to the first half, with new products being launched [33]

Financial Performance - Q2 2025 revenue was RMB 43.2 million ($6.0 million), impacted by lower mining machine sales compared to Q2 2024 [15] - Q2 2025 net income was RMB 38.3 million ($5.3 million), offset by gains on fair value of cryptocurrency due to increased ETH holdings and a ~34.0% increase in ETH price [15] - H1 2025 revenue increased to RMB 175.6 million ($24.5 million) due to higher sales of Aleo series mining machines [15] - H1 2025 net income was RMB 4.3 million ($0.6 million), affected by lower revenues and a ~28.0% lower ETH price [16] Investments and Assets - R&D investments totaled RMB 41.6 million ($5.8 million), mainly for developing new mining machines and upgrading existing ones [17] - As of June 30, 2025, the cash position was RMB 512.6 million ($71.6 million), including cash, equivalents, deposits, and government securities [17] - Total current assets as of June 30, 2025, were RMB 677.1 million ($94.5 million) [21] - Total assets as of June 30, 2025, were RMB 1,059.6 million ($148 million) [21] Ethereum Strategy - The company held 8,816 ETH-based cryptocurrencies as of June 30, 2025 [27] - The company is enhancing ETH yield through lending and derivatives-based strategies, cooperating with FalconX [23, 27]

Core Viewpoint - Intchains Group Limited has reported a significant increase in its Ethereum (ETH) holdings and has adopted a long-term dollar-cost averaging strategy to enhance yield performance while navigating market volatility [1][5][9]. Financial Highlights - Revenue for Q2 2025 was RMB 43.2 million (US$ 6.0 million), a decrease of 64.9% from RMB 123.0 million in Q2 2024, primarily due to cyclical fluctuations and lower demand for mining machines [12][17]. - For H1 2025, revenue increased by 19.2% to RMB 175.6 million (US$ 24.5 million) compared to RMB 147.3 million in H1 2024, driven by strong sales of altcoin mining products [28]. - The company reported a net income of RMB 38.3 million (US$ 5.3 million) for Q2 2025, down 24% from RMB 50.4 million in Q2 2024 [24]. Operational Highlights - The company increased its ETH holdings to 8,816 ETH as of June 30, 2025, up 26% from March 31, 2025, and 55% from December 31, 2024 [1][9]. - The company has invested approximately RMB 41.6 million in R&D for new mining machines and upgrades since the beginning of 2025 [28]. - New product launches include the Aleo Mining Series and Goldshell Byte, which are designed to enhance competitiveness in the mining sector [28]. Strategic Focus - The company is committed to a long-term dollar-cost averaging strategy for ETH, which aims to build a digital asset reserve while mitigating short-term market volatility [5][8]. - Future strategies include expanding ETH reserves and launching yield-generating initiatives with FalconX to improve profitability [6][11]. - The company anticipates that these strategic moves will lead to tangible growth in 2026, capturing market share in the next altcoin cycle [7]. Cryptocurrency Management - The fair value of the company's cryptocurrency assets, excluding stablecoins, was RMB 157.7 million, primarily consisting of approximately 8,816 ETH valued at RMB 157.4 million (US$ 22.0 million) [12]. - The company plans to deploy a portion of its ETH holdings into yield-generating activities, including staking and liquidity provisioning [10]. Market Position - Intchains Group Limited has been identified as one of the top ETH treasury holders among public companies globally, reflecting its strategic focus on digital asset management [12][28].

Core Viewpoint - Wellington Management Group LLP has crossed a significant threshold in voting rights for ICG PLC, now holding a total of 5.03% of voting rights as of August 13, 2025, which indicates a strategic move in their investment position [1][10]. Group 1: Issuer and Shareholder Details - The issuer is ICG PLC, a UK-based company, with the ISIN GB00BYT1DJ19 [1]. - Wellington Management Group LLP, based in Boston, USA, is the entity subject to the notification obligation regarding the acquisition of voting rights [1][7]. Group 2: Voting Rights and Positions - On the date the threshold was crossed, Wellington Management held 14,637,104 voting rights, representing 4.86% of direct voting rights and 0.17% through financial instruments, totaling 5.03% [1][2]. - The previous notification indicated a slightly lower position of 4.95% [1]. Group 3: Financial Instruments - Wellington Management holds financial instruments with a similar economic effect, including 490,424 voting rights (0.17%) associated with equity instruments that expire on May 15, 2033 [4]. Group 4: Control Structure - The control structure of Wellington Management Group LLP includes several layers of controlled undertakings, ultimately leading to Wellington Management Group LLP itself, which holds 5.03% of voting rights [5][9].