大事提醒： 8月14日，聪链将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 资料显示，聪链集团有限公司是一家在开曼群岛注册成立的控股公司,通过其中国子公司在中国开展业 务。2017年12月,上海国际连锁科技有限公司(简称上海国际连锁)在中国上海成立,公司开始运营。 8月21日，聪链(ICG)盘中上涨12.43%，截至00:33，报2.08美元/股，成交22.17万美元，总市值1.26亿美 元。 财务数据显示，截至2025年03月31日，聪链收入总额1.32亿人民币，同比增长445.47%；归母净利 润-3399.7万人民币，同比减少129.79%。 聪链集团有限公司是一家集成解决方案提供商,该解决方案由高性能ASIC芯片和用于区块链应用的辅助 软件和硬件组成。该公司采用无晶圆厂的商业模式,专门从事IC设计的前端和后端,这是IC产品开发链的 主要组成部分。该公司与领先的铸造厂建立了强大的供应链管理,这有助于确保其产品质量和稳定的生 产产量。 本文源自：金融界 作者：行情君 ...

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].

Group 1 - The U.S. stock market saw a collective rise in cryptocurrency-related stocks, with Bit Origin increasing by over 16%, Canaan Technology by over 7%, and others like Smart Chain Group and 9F Inc. also showing significant gains [1] - President Trump signed an executive order allowing alternative assets, including private equity, real estate, and cryptocurrencies, to enter 401(k) retirement savings plans, potentially unlocking approximately $12.5 trillion in retirement account funds [1] - This move is expected to inject substantial capital into the private equity sector, which is in need of funding, and is also a significant part of Trump's efforts to promote the cryptocurrency industry [1] Group 2 - Specific stock performance includes Bit Origin at 16.56%, Canaan Technology at 7.57%, Smart Chain Group at 5.68%, and 9F Inc. at 4.87%, among others [2] - Other notable increases include Top Win International at 4.76%, KULR Technology at 4.09%, and BTCS Inc. at 4.22% [2] - The overall trend indicates a positive sentiment towards cryptocurrency stocks following the executive order [1][2]

8月14日，聪链将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 资料显示，聪链集团有限公司是一家在开曼群岛注册成立的控股公司,通过其中国子公司在中国开展业 务。2017年12月,上海国际连锁科技有限公司(简称上海国际连锁)在中国上海成立,公司开始运营。 聪链集团有限公司是一家集成解决方案提供商,该解决方案由高性能ASIC芯片和用于区块链应用的辅助 软件和硬件组成。该公司采用无晶圆厂的商业模式,专门从事IC设计的前端和后端,这是IC产品开发链的 主要组成部分。该公司与领先的铸造厂建立了强大的供应链管理,这有助于确保其产品质量和稳定的生 产产量。 8月8日，聪链(ICG)开盘上涨5.68%，截至21:30，报2.79美元/股，成交1.08万美元，总市值1.68亿美元。 本文源自：金融界 财务数据显示，截至2025年03月31日，聪链收入总额1.32亿人民币，同比增长445.47%；归母净利 润-3399.7万人民币，同比减少129.79%。 大事提醒： 作者：行情君 ...

7月31日，聪链(ICG)开盘上涨2.84%，截至21:30，报2.9美元/股，成交6581.0美元，总市值1.75亿美元。 资料显示，聪链集团有限公司是一家在开曼群岛注册成立的控股公司,通过其中国子公司在中国开展业 务。2017年12月,上海国际连锁科技有限公司(简称上海国际连锁)在中国上海成立,公司开始运营。 聪链集团有限公司是一家集成解决方案提供商,该解决方案由高性能ASIC芯片和用于区块链应用的辅助 软件和硬件组成。该公司采用无晶圆厂的商业模式,专门从事IC设计的前端和后端,这是IC产品开发链的 主要组成部分。该公司与领先的铸造厂建立了强大的供应链管理,这有助于确保其产品质量和稳定的生 产产量。 财务数据显示，截至2025年03月31日，聪链收入总额1.32亿人民币，同比增长445.47%；归母净利 润-3399.7万人民币，同比减少129.79%。 大事提醒： 8月14日，聪链将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Intermediate Capital Group (ICG) reported strong growth in assets under management (AUM) and fundraising activities for the first quarter of FY26, indicating a positive investment landscape and robust demand for its funds [2][4][12]. AUM Performance - As of June 30, 2025, ICG's AUM reached $123 billion, reflecting a 3% growth over the last three months and a 15% increase year-on-year, with a compound annual growth rate (CAGR) of 18% over the last five years [2][4]. - Fee-earning AUM stood at $82 billion, up 4% in the quarter and 11% year-on-year [2][4]. Fundraising and Deployment - Total fundraising for Q1 FY26 amounted to $3.4 billion, driven primarily by Europe IX ($1.5 billion) and Infrastructure Europe II ($1.2 billion) [3][4]. - The deployment of funds in Q1 FY26 was $2.8 billion, with realisations totaling $1.1 billion [3][4]. Investment Strategies - The investment landscape remains attractive for various strategies, including structured capital, secondaries, and real assets equity [4]. - Infrastructure Europe II has shown strong momentum, with a total fund size of €2.5 billion, significantly higher than its predecessor [4]. Financial Metrics - At the end of Q1 FY26, ICG had $34 billion in dry powder, indicating substantial available capital for future investments [5]. - The balance sheet investment portfolio was valued at £2.9 billion, with total available liquidity of £1.1 billion and net financial debt of £477 million [14]. Foreign Exchange Rates - The average GBP to EUR exchange rate for Q1 FY26 was 1.1759, while the GBP to USD rate was 1.3507, reflecting fluctuations that may impact international operations [9]. Company Overview - ICG is a global alternative asset manager with over three decades of experience, focusing on generating attractive returns across various investment strategies [12][13].

Core Points - The Company has applied for the admission of 1,096 Ordinary Shares to the Official List of the Financial Conduct Authority and for trading on the London Stock Exchange, expected on 13 June 2025 [1] - Following the Admission, the total number of Ordinary Shares in issue will be 294,371,321, with 3,733,333 shares held in Treasury, resulting in 290,637,988 voting rights [2] Summary by Sections Admission of Shares - The application for the admission of 1,096 Ordinary Shares is related to the vesting of awards under the Intermediate Capital Group Omnibus Plan 2020 [1] - The expected date for Admission is 13 June 2025 [1] Total Shares and Voting Rights - After Admission, the total number of Ordinary Shares will be 294,371,321 [2] - The number of voting rights available to shareholders will be 290,637,988, which can be used for calculations regarding interest notifications under the FCA's Disclosure Guidance and Transparency Rules [2]

Intchains Group (ICG) Q1 2025 Earnings Call May 22, 2025 08:00 PM ET Company Participants Minty Wang - Head of Investor RelationsChaowei Yan - Chief Financial Officer Conference Call Participants Mark Palmer - Equity Research AnalystMatthew Galinko - SVP & Senior Research Analyst Operator Good day, ladies and gentlemen. Thank you for standing by, and welcome to Ink King's First Quarter twenty twenty five Earnings Conference Call. Today's call is being recorded. If you have any objections, you may disconnect ...