Later in the year, Intchains introduced its XTM miner series, which Yan said accounted for a significant portion of fourth-quarter net revenues.During the year, Intchains also launched the Goldshell Byte Dual Miner, which management described as allowing customers to switch between algorithm cards depending on market conditions. Yan said the machine supports mining across six different cryptocurrencies using proprietary algorithm cards. He added that the company rolled out rapid product iterations in 2025, ...

Financial Data and Key Metrics Changes - FY 2025 revenue was RMB 220.9 million (approximately $31.6 million), a decrease of 21.6% compared to FY 2024 due to cyclical fluctuations and soft demand [11] - FY 2025 cost of revenue was RMB 204.9 million (approximately $29.3 million), an increase of 56.1% impacted by impairment charges [12] - FY 2025 net loss was RMB 52 million (approximately $7.4 million), compared to a net income of RMB 51.5 million in FY 2024 [14] - As of December 31, 2025, cash position was $67.8 million, with total assets of $145.2 million and total liabilities of $6.2 million [14] Business Line Data and Key Metrics Changes - Sales of mining machines were the primary revenue source, with significant contributions from the Aleo mining machine series in the first half of 2025 [4][11] - The introduction of new mining products, including Aleo, Dogecoin, and XTM miners, contributed to increased revenues in Q1 2025 [5][7] - The Goldshell Byte Dual Miner was launched, allowing customers to maximize mining returns across six different cryptocurrencies [6] Market Data and Key Metrics Changes - The cryptocurrency market experienced significant volatility in 2025, impacting ETH pricing and overall demand for products [8] - As of December 31, 2025, the company held 8,826 ETH, an increase of 56% from 5,702 ETH a year ago [9] Company Strategy and Development Direction - The company plans to focus on continued investment in R&D, development and sale of Goldshell mining machines, and ETH accumulation and staking activities [16] - Cost optimization measures are being implemented to improve overall financial performance [18] - The company aims to enhance its ETH accumulation strategy through selective purchases and a dual platform staking approach [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the cyclical volatility in the industry and its impact on financial performance, but remains optimistic about long-term growth [4][8] - The company does not expect regulatory changes in Mainland China to have a material adverse impact on its business [15] Other Important Information - The company has expanded into the blockchain infrastructure service sector, aiming to generate synergies across its business lines [22] - The Goldshell Stake platform was launched to provide staking services for individual and institutional investors [10] Q&A Session Summary Question: Will new mining products be launched in the second half of 2026? - Yes, the company is targeting new altcoin mining machines in the second half, subject to market conditions and R&D progress [25] Question: Regarding Goldshell Stake, are the staked ETH from new users or did they come over with the acquisition? - The staked ETH includes both prior and new users, with growth occurring post-acquisition [26]