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].

Financial Performance - Q1 2025 revenue reached $18.2 million, a 78.5% increase compared to Q4 2024[7], driven by Aleo series miners which accounted for 74.8% of total revenue[35, 99] - Gross profit for Q1 2025 was $10.4 million, a 287.9% increase compared to $2.7 million in Q4 2024, with a gross margin of 56.9%, a 30.7 percentage point increase[7] - The company reported an income from operations of $5.1 million in Q1 2025, compared to a loss of $5.0 million in Q4 2024[7] - Net loss for Q1 2025 was $4.7 million, impacted by a $9.8 million loss on the fair value of cryptocurrency holdings due to a 46% decrease in ETH price[35] Ethereum Accumulation - As of March 31, 2025, the company held approximately 7,023 ETH, a 23.2% increase compared to 5,702 ETH as of December 31, 2024[7, 16, 101] Product Innovation - The company launched the Aleo miner series in February 2025, with rapid iterations to maintain market leadership, achieving competitive daily returns among POW mining rigs[7, 44, 49] - Goldshell Byte, a leading dual-mining machine, was launched on March 26, 2025, allowing for the replacement of mining cards according to market conditions[7, 57] Market Position - Intchains' Q1 2025 revenue growth outpaced peers in the crypto mining sector, achieving a 78.6% QoQ increase[38] - The company was a rare crypto mining company with positive operating profit of $5.1 million in Q1 2025[7, 39] Future Outlook - The company aims to upgrade the mining efficiency of Dogecoin mining products to increase market share[90] - The company projects H1 2025 revenue to be between RMB 180 million and RMB 200 million[91]