Canaan Inc (CAN) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Canaan Inc.'s fourth-quarter and full-year of 2024 earnings conference call. (Operator Instructions) Please note that this event is being recorded. Now, I'd like to hand the conference over to your speaker host today, Ms. Gwyn Lauber, Investor Relations Director of the company. Please go ahead, Gwyn.

女士們，先生們，感謝大家的支持，歡迎參加 Canaan Inc. 2024 年第四季和全年財報電話會議。（操作員指示）請注意，該事件正在被記錄。現在，我想將會議交給今天的演講主持人，公司投資者關係總監 Gwyn Lauber 女士。請繼續，格溫。

Thank you, operator. Hello, everyone, and welcome to our earnings conference call. Joining us today are our Chairman and CEO, Nangeng Zhang; and our CFO, Jin James Cheng; Liang Wang, Vice President of Capital Markets and Corporate Development; and Xi Zhang, Senior IR Manager, who will also be available during the question-and-answer session.

謝謝您，接線生。大家好，歡迎參加我們的收益電話會議。今天與我們一起出席的還有我們的董事長兼執行長張南庚；以及我們的財務長 Jin James Cheng；王亮，資本市場和企業發展副總裁；以及高級投資者關係經理張希 (Xi Zhang)，他也將出席問答環節。

Our CEO will start the call by providing an overview of the company and performance highlights for the quarter. Our CFO will then provide details on the company's operating and financial results for the period before we open up the call for your questions.

我們的執行長將在電話會議開始時介紹公司概況和本季的業績亮點。然後，在我們開始回答您的問題之前，我們的財務長將提供有關公司該期間營運和財務業績的詳細資訊。

Before I begin, I would like to refer you to our Safe Harbor statement in our earnings press release. Today's call will include forward-looking statements. These statements include, but are not limited to, our outlook for the company and statements that estimate or project future operating results or the performance of the company.

在我開始之前，我想先請大家參閱我們收益新聞稿中的安全港聲明。今天的電話會議將包括前瞻性陳述。這些聲明包括但不限於我們對公司的展望以及估計或預測未來營運績效或公司績效的聲明。

These statements speak only as of today, and the company assumes no obligation to revise any forward-looking statements that may be made in today's press release, call, or webcast, except as required by law. These statements do not guarantee future performance and are subject to risks, uncertainties, and assumptions. Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent annual report on Form 20-F for information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements.

這些聲明僅代表截至今天的觀點，除非法律另有規定，否則本公司不承擔修改今天的新聞稿、電話會議或網路廣播中可能做出的任何前瞻性聲明的義務。這些聲明並不保證未來的表現，並且受風險、不確定性和假設的影響。請參閱新聞稿以及我們向美國證券交易委員會提交的風險因素和文件，包括我們最近的 20-F 表年度報告，以獲取有關可能導致實際結果與此類聲明中的結果存在重大差異的風險、不確定性和假設的資訊。

In addition, during today's call and webcast, we will discuss both GAAP financial measures and certain non-GAAP financial measures, which we believe are useful as supplemental measures of the company's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP financial measures, including reconciliations with comparable GAAP results in our earnings press release, which is posted on the company's website.

此外，在今天的電話會議和網路廣播中，我們將討論 GAAP 財務指標和某些非 GAAP 財務指標，我們認為這些指標可作為公司業績的補充指標。這些非 GAAP 指標應作為 GAAP 結果的補充而不是替代或孤立地看待。您可以在公司網站上發布的收益新聞稿中找到有關這些非 GAAP 財務指標的更多披露信息，包括與可比較 GAAP 結果的對帳。

With that, I will now turn the call over to our Chairman, CEO Nangeng Zhang. Please go ahead.

現在，我將把電話轉給我們的董事長兼執行長張南庚。請繼續。

Hello, everyone. This is NG, CEO of Canaan. Thank you for joining our call. James, our CFO, and I are pleased to speak with you from our headquarters in Singapore and share our updates for the fourth quarter and the recent developments.

大家好。我是嘉楠科技的執行長 NG。感謝您加入我們的電話會議。我和我們的財務長詹姆斯很高興在新加坡總部與您交談，並分享我們第四季度的最新消息和最新發展。

In the first quarter of 2024, the trends of Bitcoin price and the total network cash rate were relatively favorable for miners. Bitcoin price steadily rose from $61,000 at the beginning of the quarter to $93,000 at the end. The total network hash rate also increased from 622 exa hash per second to 842 exa hash per second. That said, in Q4, Bitcoin price grew faster than the hash rate.

2024年第一季度，比特幣價格和全網現金率的走勢對礦工來說相對有利。比特幣價格從本季初的 61,000 美元穩步上漲至本季末的 93,000 美元。網路總哈希率也從每秒 622 exa 哈希增加到每秒 842 exa 哈希。也就是說，在第四季度，比特幣價格的成長速度快於哈希率的成長速度。

This is a typical electricity cost of $0.6 per kilowatt hour minus using our A15 machines, so their gross margin rise from about 40% at the start of the quarter to as high as 60% by the end. This created a more profitable environment for mining and boosted miners' confidence.

這是使用我們的 A15 機器的典型每千瓦時 0.6 美元減去的電力成本，因此它們的毛利率從本季度初的約 40% 上升到季末的 60%。這為採礦業創造了更有利可圖的環境並增強了礦工的信心。

We fully leverage this positive market trend and push sales and the delivery of mining machines and to grow the energized hash rate for our mining operations. We achieved approximately $89 million in total revenues this quarter, well above our guidance of $80 million. For the full year, we achieved almost $270 million in revenue, up 27.4% year-over-year.

我們充分利用這一積極的市場趨勢，推動採礦機的銷售和交付，並提高我們採礦業務的通量哈希率。本季我們實現的總營收約為 8,900 萬美元，遠高於我們預期的 8,000 萬美元。全年我們營收近 2.7 億美元，年增 27.4%。

For Mining Machine sales, we focused on new product for sales. The high performance A15 series officially entered mass product delivery in Q4. We sold 9.1 million terahashes per second of computing power, up 66% year-over-year, and up 24.7% quarter-over-quarter, reaching a record high in our company's history. This contributed $73 million to Mining Machine revenue, up 64% year-over-year and making a two-year quarterly high.

對於採礦機械銷售，我們專注於銷售新產品。高性能A15系列於第四季正式進入大量產品交付。我們銷售了910萬太赫茲的運算能力，年增66%，季增24.7%，創下公司歷史新高。這為採礦機收入貢獻了7,300萬美元，年增64%，創下兩年來的季度新高。

In this quarter, we fulfilled large orders from North American public mining companies like Cipher, CleanSpark, and HIVE, and received strong positive feedback. For the full year of 2024, North America became our largest regional market, accounting for approximately 40% of Mining Machine sales, showing the success of our expansion in the region during the past years.

本季度，我們完成了Cipher、CleanSpark、HIVE等北美上市挖礦公司的大額訂單，並獲得了強烈的正面回饋。2024年全年，北美成為我們最大的區域市場，佔採礦機械銷售額的約40%，顯示了我們過去幾年在該地區擴張的成功。

The rising Bitcoin price also helps us clear generations inventory. In Q4, the period generation products remained popular in regions with energy advantages like Southeast Asia and Africa. To date, saleable inventory of traditional models like A16 and A14 has been mostly cleared, and the A15 has become our main product. This completes the upgrade of our inventory portfolio.

比特幣價格的上漲也幫助我們清理了幾代人的庫存。四季度，期電產品在東南亞、非洲等具有能源優勢的地區依然受到青睞。目前，A16、A14等傳統型號的庫存已基本清空，A15已成為我們的主力產品。這就完成了我們庫存組合的升級。

Our first consumer product, the Nano stream mining heater, continue to be welcomed by individual users around the world. By year end, consumers from 80 countries around the global have ordered our products through our online shop.

我們的第一款消費性產品奈米流採礦加熱器繼續受到全球個人用戶的歡迎。截至年底，全球 80 個國家的消費者已經透過我們的網上商店訂購了我們的產品。

Since their launch, we received a total of 24,000 Nano orders, with more than 50% coming from customers in Europe and North America. This also helps increase our brand recognition in these regions.

自推出以來，我們共收到24,000份Nano訂單，其中50％以上來自歐洲和北美的客戶。這也有助於提高我們在這些地區的品牌知名度。

In 2025, we launched several new Avalon Home products, including the Nano 3S, Avalon Mini 3, and Avalon Q. These new products are available on our website for pre-order, with small batches being delivered in Q1.

2025年，我們推出了幾款新的Avalon Home產品，包括Nano 3S、Avalon Mini 3和Avalon Q。這些新產品可以在我們的網站上預訂，並將在第一季交付小批量產品。

As of now, total orders for these new consumer grade products have reached 12,000 units, with total amount of over $5 million. Some of these orders also come from distributor clients who have now established operation with us.

截至目前，這些新型消費級產品的總訂單量已達到12,000台，總金額超過500萬美元。其中一些訂單也來自目前已經與我們建立合作的經銷商客戶。

Considering that the Northern Hemisphere will soon enter summer, and the indoor heating demand will gradually decline, this level of pre-sale performance has greatly exceeded our expectations. It also shows that many individual customers are eager to try and participate in Bitcoin mining.

考慮到北半球即將進入夏季，室內暖氣需求將逐漸下降，這樣的預售表現已經大大超出了我們的預期。這也說明很多個人客戶都躍躍欲試，想要參與比特幣挖礦。

Our Mining business also delivered a strong, performance this quarter. We mined 186 Bitcoins, up 84% year-over-year. With higher online hash rates and a stronger Bitcoin prices, our mining revenue reached $15.3 million, up 313% year-over-year. We continued to take advantages of low electricity costs in Africa and expanded local mining capacity.

我們的採礦業務本季也表現強勁。我們開採了 186 個比特幣，年增 84%。隨著線上哈希率的提高和比特幣價格的走強，我們的挖礦收入達到了 1530 萬美元，比去年同期成長 313%。我們繼續利用非洲低電力成本的優勢，擴大當地的挖礦能力。

By the end of 2024, our total installed mining hash rate reached 5.4 exa hash per second, with 4.8 exa hash per second, and our average owning power cost remained at $0.4 per kilowatt hour.

到 2024 年底，我們的總安裝挖礦哈希率達到每秒 5.4 exa 哈希，每秒 4.8 exa 哈希，我們的平均擁有電力成本保持在每千瓦時 0.4 美元。

With Bitcoin price trending up in Q4, our mining growth margin increased to 42%, much higher than the 22% in Q3. Our efficient mining operations also help grow our Bitcoin holdings. By the end of 2024, our own Bitcoins balance sheet reached 1,293, a new high.

隨著第四季比特幣價格呈上漲趨勢，我們的挖礦成長率上升至 42%，遠高於第三季的 22%。我們高效率的採礦作業也有助於增加我們的比特幣持有量。到了2024年底，我們自己的比特幣資產負債表達到1,293，創下新高。

The rising price of Bitcoin at quarter end also resulted in fair value gain to this asset. This gain shows the preliminary benefits of our mining operations as a long-term strategy and our decision to hold Bitcoins. At our Mining business expense, we provide additional information to the capital market at the standard with the other public miners.

季度末比特幣價格的上漲也導致該資產的公允價值收益。這一收益表明了我們的挖礦業務作為長期策略所取得的初步收益以及我們持有比特幣的決定。在我們的採礦業務費用上，我們按照與其他公共礦工相同的標準向資本市場提供額外的資訊。

Starting in January 2025, we began releasing monthly Mining updates. By the end of February 2025, we announced that we had seven active joint mining projects worldwide with 6.28 exa hash installed and 5.73 exa hash energized. Our own Bitcoin holdings had reached 1,355 by the end of February.

從 2025 年 1 月開始，我們開始發布每月的採礦更新。截至 2025 年 2 月底，我們宣佈在全球擁有 7 個活躍的聯合挖礦項目，安裝了 6.28 exa 哈希值，並啟動了 5.73 exa 哈希值。截至2月底，我們自己的比特幣持有量已達1,355個。

As we previously announced, since Q1 2025, we have expanded to North American mining projects through upgraded partnerships. We are moving towards our mid-2025 goal of reaching 10 exa hash per second deployed in North America, and 15 exa hash per second globally. We expect our Mining business to achieve a new high revenue in the first quarter of 2025.

正如我們之前宣布的那樣，自 2025 年第一季起，我們透過升級的合作夥伴關係擴展到北美採礦計畫。我們正朝著 2025 年中期的目標邁進，在北美實現每秒 10 exa 哈希值，在全球範圍內實現每秒 15 exa 哈希值。我們預計我們的採礦業務將在 2025 年第一季實現新的收入高點。

Today, we are also pleased to announce that we recently signed a new cooperation agreements with two partners to expand mining capacity sites in Pennsylvania and Texas. Once these two projects gradually go online in Q2 2025, we expect to increase our operated hash rate in North America to approximately 4.7 exa hash per second. We have already built a strong and experienced operations and a business development team in North America, and they are actively in discussions with several potential partners for drug mining.

今天，我們也很高興地宣布，我們最近與兩家合作夥伴簽署了新的合作協議，以擴大賓州和德州的採礦產能。一旦這兩個項目在 2025 年第二季逐步上線，我們預計在北美營運的哈希率將提高到每秒約 4.7 exa 哈希。我們已經在北美建立了強大且經驗豐富的營運和業務開發團隊，他們正在積極與幾個潛在的合作夥伴討論藥物開採事宜。

Based on our current observations, the cryptocurrency site resources in North America markets still shows strong potential, which is in line with our earlier strategic assessment. The expansion of joint mining and the hosted mining in North America has been progressing very smoothly. As a manufacturer is miner research and development capabilities, we are increasingly welcomed by mining site owners for joint mining ventures.

根據我們目前的觀察，北美市場的加密貨幣網站資源仍然顯示出強大的潛力，這符合我們早先的策略評估。聯合採礦和北美託管採礦的擴張工作進展順利。由於製造商具有採礦研發能力，我們越來越受到採礦場所有者的歡迎，並進行聯合採礦。

The new US administration is expected to ease regulations, provide more energy resources to the industry, and the support Bitcoin mining at both the federal and state levels. Recently, our key competitors critical affiliate company has been added to the US' Entity List.

預計美國新政府將放鬆監管，為該產業提供更多能源資源，並在聯邦和州層級支持比特幣挖礦。最近，我們的主要競爭對手關鍵關聯公司已被列入美國實體名單。

We believe we will benefit from the growing tension and the rising cost in the mining hardware supply chain. And that many mining sites owners will increasingly view Canaan as a preferred partner. We also hope the reinvest more of the funds rise in US capital markets back to local projects and gradually build ourselves into a company with a strong mining footprint in the United States.

我們相信，我們將受益於採礦硬體供應鏈日益緊張和成本上升。而越來越多的採礦場地所有者將視嘉楠耘智為首選合作夥伴。我們也希望將更多在美國資本市場籌集到的資金重新投資到當地的項目中，並逐步將我們自己打造成為一家在美國擁有強大礦業影響力的公司。

Both our Mining Machine sales and the Mining operations rely on continuous R&D efforts. In the fourth quarter, we successfully wrapped up mass production of A15 series. Working closely with our foundry partners, we carried out ongoing process improvements to boost product performance and the yield rate.

我們的採礦機銷售和採礦作業都依賴持續的研發努力。第四季度，我們成功完成A15系列的量產。我們與代工合作夥伴密切合作，不斷進行製程改進，以提高產品性能和成品率。

Looking ahead, we expect to deliver more computing power using the same number of waivers, including, more high-end A15 Pro models. In addition to our standard air-cooled miners, we continue to provide customized mining solutions based on clients' specific needs and their site conditions.

展望未來，我們希望使用相同數量的豁免來提供更強大的運算能力，包括更多高階 A15 Pro 型號。除了標準的風冷礦機外，我們還根據客戶的特定需求和現場條件繼續提供客製化的挖礦解決方案。

For example, in previous collaboration with the public miner, CleanSpark, we delivered 3,800 units of our A1556I emerging code miners. These machines run stably on site, performed beyond the contract specifics, and received a very positive feedback from the client.

例如，在先前與公共礦工 CleanSpark 的合作中，我們交付了 3,800 台 A1556I 新興代碼礦工。這些機器在現場運行穩定，性能超出了合約規定，並得到了客戶的非常積極的回饋。

In 2024, although mining chips were generally not subject to US export control restrictions at the time, we continue to proactively manage our supply chain to prepare for potential regulatory changes in the future. In January 2025, the US BIS issued new rules that suddenly imposed additional constraints on the global semiconductor supply chain.

2024年，儘管當時挖礦晶片一般不受美國出口管制限制，但我們仍繼續積極管理我們的供應鏈，為未來可能出現的監管變化做好準備。2025年1月，美國BIS發布新規，對全球半導體供應鏈突然施加額外限制。

Outsource assembly and testing vendors were now effectively limited to those on an approved white list, drastically narrowing available options overnight. Thanks to our early planning, we were able to swiftly transition A15 chip packaging to OSAT partners within the white list, minimizing delays in the manufacturing process caused by the new regulations.

外包組裝和測試供應商現在實際上僅限於經批准的白名單上的供應商，可供選擇的範圍在一夜之間急劇縮小。由於我們早期的規劃，我們能夠將 A15 晶片封裝迅速過渡到白名單內的 OSAT 合作夥伴，最大限度地減少新法規導致的製造過程延遲。

Subsequently, through continued collaboration with our foundry partners to support the license applications, we were informed this month that all our in-production waivers have received the necessary license to be released even to the OSAT without approved white list status. As a result, our choices of OSAT is no longer restricted.

隨後，透過與我們的代工合作夥伴持續合作以支持許可證申請，我們在本月獲悉，我們所有的生產豁免都已獲得必要的許可證，甚至可以向沒有獲得白名單批准狀態的 OSAT 發布。因此，我們對 OSAT 的選擇不再受到限制。

This put us in a strong position to scale up production and reduce costs more quickly in response to rising market demand. It is the result of our long-standing commitment to compliance. We will continue to work to anticipate and mitigate the potential impacts of future policy changes.

這使我們能夠擴大生產規模並更快地降低成本，以應對不斷增長的市場需求。這是我們長期致力於合規的成果。我們將繼續努力預測並減輕未來政策變化的潛在影響。

Additionally, we have completed R&D on our next generation A16 mining machines and finished the takeout process. Once again, we are pushing the limits of manufacturing technology due to the advanced chip design of our products, the production in very complex and time consuming. But we continue to work closely with our foundry partners to bring the ultra-performance product to customers as soon as possible.

另外，我們下一代A16礦機已經研發完畢，完成了外帶流程。由於我們產品採用了先進的晶片設計，我們再次突破了製造技術的極限，生產過程非常複雜且耗時。但我們將繼續與代工合作夥伴密切合作，盡快為客戶提供超性能產品。

The standard air-cooled A16 is expected to reach nearly 300 terahashes per second. As usual, we will release the new products and send simple machines to customers after we finish the full system testing and obtain real world data.

標準風冷 A16 預計將達到每秒近 300 太赫茲。像往常一樣，我們將在完成完整的系統測試並獲取真實世界數據後發布新產品並將簡單的機器發送給客戶。

In our consumer product line during the first quarter of 2025, we successfully launched several new additions to the Avalon Home series. This includes the upgraded Nano 3S, Desktop Mining Heater, the Avalon Mini 3, quite home heater with integrated mining capabilities, and the Avalon Q, our first low-noise home mining device that supports 110 volts and is compatible with major global voltage standards.

在 2025 年第一季的消費產品線中，我們成功推出了 Avalon Home 系列的幾款新產品。這包括升級版 Nano 3S、桌上型挖礦加熱器、Avalon Mini 3、整合挖礦功能的家用加熱器，以及 Avalon Q，這是我們第一款支援 110 伏特並與全球主要電壓標準相容的低噪音家用挖礦設備。

Through this portable, silent, aesthetically-designed, and functionally home-oriented consumer products, we aim to make Bitcoin mining more accessible to everyday users. And the future, promote the concept of decentralization. We invite everyone to visit our official website to learn more about these products.

透過這款便攜式、靜音、美觀設計、功能齊全的家用消費產品，我們的目標是讓日常用戶更容易進行比特幣挖礦。並且未來，大力推廣去中心化的理念。我們邀請大家造訪我們的官方網站，以了解更多有關這些產品的資訊。

On the operation side, we achieved significant positive changes in the fourth quarter thanks to the large-scale delivery of our A15 products, strong growth in Mining revenue, and continued cost of optimization. Our growth loss narrowed sharply by 70.5% quarter-over-quarter to $6.4 million.

營運方面，由於A15產品的規模交付、礦業收入的強勁成長、以及成本的持續優化，我們在第四季取得了明顯的正向變化。我們的成長損失環比大幅收窄 70.5% 至 640 萬美元。

At the same time, after excluding non-cash adjustments such as fair value changes and their prudent accounting treatment, we turned profitable at the EBITDA level in Q4, which achieved and adjusted EBITDA gain of $19.3 million. This marks our first EBITDA probability since the Mining Machines market downturn began two years ago.

同時，在剔除公允價值變動等非現金調整及其審慎會計處理後，我們在第四季的EBITDA水準上實現獲利，實現調整後EBITDA收益1,930萬美元。這是自兩年前採礦機市場開始低迷以來我們首次公佈 EBITDA 機率。

Looking into 2025, we will continue to push forward with the sale and the mass delivery of our A15 series products. Thanks to their strong performance, the test bench of A15 products received a high recognition from customers and orders have been coming in actively. Our delivery schedule is now booked into May and June for this year.

展望2025年，我們將繼續推動A15系列產品的銷售和大量交付。憑藉A15產品測試台的優異表現，獲得了顧客的高度認可，訂單紛至沓來。我們的交貨時間表目前已安排在今年五月和六月。

Our key focus now is to work closely with our foundry partners to wrap up production capacity and steadily increase our delivery volume. We also aim to future improve computing power and yield rate through process optimization, which will enhance probability, product competitiveness, and customer satisfaction.

我們現在的重點是與代工合作夥伴密切合作，提高生產能力並穩步提高交付量。我們還旨在透過流程優化來提高未來運算能力和成品率，從而提高機率、產品競爭力和客戶滿意度。

In addition, we are actively balancing the allocation of money machines between Customer Orders and our Money Operations. Based on real-time market demand dynamics, we are to achieve better synergy between the two business segments.

此外，我們正在積極平衡客戶訂單和我們的資金營運之間的提款機分配。根據即時市場需求動態，實現兩大業務板塊更好的協同。

The first quarter is traditionally a slow season. We completed the first phase of our supply chain compliance adjustment mostly during the Lunar New Year holiday. So the impact on the chip production cycle was kept within a limited range.

第一季傳統上是淡季。我們主要在農曆新年假期期間完成了供應鏈合規調整的第一階段。所以對晶片生產週期的影響被控制在有限的範圍內。

However, starting in February, major changes in the global, political, and economic environment have caused a significant Bitcoin price volatility. This has negatively affected market assessment, future expectations, and especially, financing activities across the markets.

然而，從2月開始，全球政治、經濟環境發生重大變化，導致比特幣價格大幅波動。這對市場評估、未來預期、尤其是整個市場的融資活動產生了負面影響。

Given these combined factors, we are maintaining a very cautious outlook for the first quarter of 2025. We expected Q1 revenue to be approximately $75 million. We expected that in Q2, the production capacity ramps up and our Mining project deployment more towards completion. Our performance will see a big improvement compared to Q1.

考慮到這些綜合因素，我們對 2025 年第一季的前景保持非常謹慎的展望。我們預計第一季的營收約為 7500 萬美元。我們預計第二季的生產能力將提升，採礦項目的部署也將更接近完成。我們的業績將較第一季有很大提升。

We currently estimate total revenue for Q2 of 2025 to be in the range of $120 million to $150 million. We are maintaining our previously issued full-year 2025 guidance with total annual revenue expected to be in the range of $900 million to $1.1 billion. This outlook is based on the company's current market and the operational conditions.

我們目前預計 2025 年第二季的總營收將在 1.2 億至 1.5 億美元之間。我們維持先前發布的 2025 年全年指引，預計年總收入在 9 億美元至 11 億美元之間。這項展望是基於該公司當前的市場和營運狀況。

However, given the recent market volatility and uncertainty about how long it may continue, actual results may differ. From Beijing to Singapore to Silicon Valley, from delivering the first ASIC miner to going public on Nasdaq, and launching Home series mining machines, Canaan has been moving ahead on the path of decentralization.

然而，鑑於最近的市場波動以及持續多長時間的不確定性，實際結果可能會有所不同。從北京到新加坡再到矽谷，從交付第一台ASIC礦機到登陸納斯達克，推出Home系列礦機，嘉楠科技在去中心化的道路上不斷前進。

Looking back at the past year, we remain firmly committed to R&D and to delivering high-quality, high performance, and the customized Bitcoin mining solutions. Our A15 series has been embraced by demanding customers but not American market.

回顧過去的一年，我們依然堅定地致力於研發，提供高品質、高效能和客製化的比特幣挖礦解決方案。我們的A15系列受到了要求嚴格的客戶的歡迎，但卻不受美國市場的歡迎。

Our Avalon Home series, which combines Bitcoin mining and home-use functionality is designed to meet the needs of a diverse global customer base. We have continued to strengthen our global presence. Winning orders from and building our strategic partners with leading publicly listed miners in North America, thus, rising our brand awareness and the market share in the region.

我們的 Avalon Home 系列結合了比特幣挖礦和家庭使用功能，旨在滿足多樣化全球客戶群的需求。我們不斷加強我們的全球影響力。贏得北美領先上市礦業公司的訂單並與其建立策略合作夥伴關係，從而提升我們在該地區的品牌知名度和市場份額。

As a Nasdaq listed company, we are inspired by America, empowered by America, and dedicated to America. We have actively leveraged the strength of US capital markets to support our growth, and we are rapidly advancing heavy FX projects such as Mining operations in the US, which is now beginning to take shape.

作為一家納斯達克上市公司，我們受到美國的啟發、賦予美國力量並致力於美國。我們積極利用美國資本市場的力量來支持我們的成長，並且我們正在快速推進美國採礦業務等大型外匯項目，這些項目現在已初具規模。

At the same time, we continue to push forward our global strategy. We are optimizing our strategy for R&D supply chain manufacturing and the logistics. We are exploring local production to adapt to the involving compliance environment.

同時，我們持續推進全球戰略。我們正在優化研發供應鏈製造和物流策略。我們正在探索本地生產以適應複雜的合規環境。

We remain confident in the long-term potential of Bitcoin. We will stay focused on innovation, operational experience, and reinforcing our role as an important player in the Bitcoin ecosystem.

我們對比特幣的長期潛力仍然充滿信心。我們將繼續專注於創新、營運經驗，並加強我們作為比特幣生態系統中重要參與者的角色。

This concludes my prepared remarks. Thank you, everyone. I will now send the call over to our CFO, James. Thank you.

我的準備好的發言到此結束。謝謝大家。我現在將把電話轉給我們的財務長詹姆斯。謝謝。

Thank you, NG, and good day, everyone. This is James, CFO of Canaan. I'm very glad to share our Q4 financial results with you today. As NG stated at the start of the call, in quarter four last year, the trends of Bitcoin price and total network hash rates were relatively favorable for miners. We fully leveraged this positive market trend, leading to increase the sales and the delivery of mining machines, and to the growth in energized the hash rates of our own mining operations.

謝謝，NG，大家好。我是嘉楠科技的財務長詹姆斯。我很高興今天與大家分享我們的第四季財務表現。正如 NG 在電話會議開始時所說，去年第四季度，比特幣價格和總網路哈希率的趨勢對礦工來說相對有利。我們充分利用了這一積極的市場趨勢，從而增加了採礦機的銷售和交付量，並提高了我們自己的採礦業務的哈希率。

Let me give a quick summary of our financial performance for the fourth quarter. First, the computing power sold to reached the 9.1 million terahashes per second, breaking our previous record. Total revenue reached approximately $89 million, beating our guidance of $80 million and then resulting in year-over-year growth of approximately 81%, as well as the highest quarterly revenue in the past two years.

讓我簡單總結一下我們第四季的財務表現。首先，出售的運算能力達到了每秒910萬太赫茲，打破了我們之前的紀錄。總收入達到約 8,900 萬美元，超過我們預期的 8,000 萬美元，年增約 81%，並創下過去兩年來最高的季度收入。

Secondly, through the increased deployment in our mining operations, our mining revenue reached $15.3 million in this quarter and increased approximately 313% year-over-year, exceeding the pre-halving level in 2024. We mined 186 Bitcoins in this quarter, an increase of 84% year-over-year.

其次，透過加大我們在挖礦業務上的部署，本季我們的挖礦收入達到了 1,530 萬美元，年增約 313%，超過了 2024 年減半前的水準。本季我們開採了 186 個比特幣，年增 84%。

As we've reported in our monthly production updates, in quarter one, we continued the trajectory of accumulating more bitcoins. In the end of February, our total Bitcoin holding reached 1,355. We are steadily advancing towards our target of achieving 10 exa hash per second in North America and 15 exa hash per second globally by the middle of 2025.

正如我們在第一季的月度生產更新中所報告的那樣，我們繼續累積更多比特幣的軌跡。截至2月底，我們的比特幣總持有量已達1355個。我們正穩步朝著目標邁進：到 2025 年中期，在北美實現每秒 10 exa 哈希值，在全球實現每秒 15 exa 哈希值。

As announced today, we further expanded our North American Mining capacity by signing agreements with two new partners in Pennsylvania and Texas, which will add 4.7 exa hash per second to our North American Mining capacity. This will bring our global deployed Mining capacity to have potential to grow to 11 exa hash per second, with 6 exa hash per second in North America.

正如今天宣布的那樣，我們透過與賓夕法尼亞州和德克薩斯州的兩個新合作夥伴簽署協議，進一步擴大了我們的北美採礦能力，這將使我們的北美採礦能力每秒增加 4.7 exa 哈希值。這將使我們在全球部署的採礦能力有可能增長到每秒 11 exa 哈希，其中北美為每秒 6 exa 哈希。

Next, we completed the upgrade cycle of the product portfolio of our Mining Machines and the A15 series is now our main sellable product, leading to $73 million of Machine sales revenue. More than 17,000 units of the A15 series were delivered in quarter four, of which over 80% came from the large orders of public mining companies, including Cipher, CleanSpark, and HIVE. These results demonstrate that our North American focus, which began just over two years ago, is having a positive impact on our business.

接下來，我們完成了採礦機產品組合的升級週期，A15系列現在是我們的主要銷售產品，帶來了 7,300 萬美元的機器銷售收入。A15系列第四季交付量超過1.7萬台，其中80%以上來自Cipher、CleanSpark、HIVE等上市公司的大量訂單。這些結果表明，我們兩年多前開始的北美重點關注正在對我們的業務產生積極影響。

On the consumer front, our first Home series consumer product, the Avalon Nano 3, continued to gain adoption by individual users globally. In 2024, the total orders for Avalon Nano 3 reached approximately 24,000 units and contributed $2.7 million to the full-year revenue. At the beginning of 2025, our Avalon Home series was further expanded, and to date, the orders for the new products reached more than 12,000 units valued at $5 million.

在消費者方面，我們的首款家庭系列消費產品 Avalon Nano 3 繼續受到全球個人用戶的青睞。2024年，Avalon Nano 3的總訂單量達到約2.4萬台，為全年營收貢獻270萬美元。2025年初，我們的Avalon Home系列進一步擴展，迄今為止，新產品的訂單已超過12,000台，價值500萬美元。

Finally, thanks to the significant narrowing of gross loss and the upward Bitcoin price, we achieved the gain of quarterly adjusted EBITDA of $19 million for the first time since the start of market downturn two years ago. Additionally, our cash flow from production and operations turned positive, contributing $17 million in this quarter, strengthening our cash balance and allowing us to end the year with $96 million.

最後，由於毛虧損大幅收窄以及比特幣價格上漲，我們自兩年前市場開始下滑以來首次實現了季度調整後EBITDA 盈利1900萬美元。此外，我們的生產和營運現金流轉為正值，本季貢獻了 1,700 萬美元，增強了我們的現金餘額，並使我們在今年年底的現金流達到 9,600 萬美元。

Moving to our profit and the loss for the quarter. Total revenue was approximately $89 million. As I mentioned earlier, Mining revenue contributed to $15.3 million in Q4, an outstanding year-over-year increase of 313%.

轉向本季的利潤和虧損。總收入約8,900萬美元。正如我之前提到的，採礦收入在第四季度貢獻了 1,530 萬美元，年增 313%。

We mined 186 bitcoins in the quarter, year-over-year increase of 84%. This increase was primarily driven by more computing power installed for our Mining business, which reached 5.4 exa hash at the end of this quarter, resulting in a historical high.

本季我們開採了 186 個比特幣，年增 84%。這一增長主要得益於我們為採礦業務安裝的更多計算能力，本季末達到了 5.4 exa 哈希值，創下歷史新高。

As announced today, we have recently expanded our North American Mining footprint by 4.7 exa hash per second through two new projects in Pennsylvania and Texas. When fully operational, these additions will bring our worldwide Mining capacity to have the potential to grow to around 11 exa hash per second, with 6 exa hash per second in North America. We will continue to disclose the operational progress in our monthly Mining report.

正如今天宣布的那樣，我們最近透過賓夕法尼亞州和德克薩斯州的兩個新項目，將我們的北美採礦足跡擴大了 4.7 exa 哈希每秒。當這些新增功能全面投入營運後，我們全球的挖礦能力將有可能成長到每秒約 11 exa 哈希，其中北美為每秒 6 exa 哈希。我們將繼續在每月的採礦報告中揭露營運進度。

Now, turning to product revenue. Revenue from Machine sales was approximately $73 million, an increase of approximately 64% year-over-year. We delivered a total computing power sold of 9.1 million terahashes per second, representing a year-over-year increase of 66% and marking a record-high quarterly sales volume.

現在，談談產品收入。機器銷售收入約7,300萬美元，較去年同期成長約64%。我們共售出了每秒 910 萬太赫茲的算力，年增 66%，創下了季度銷售量的新高。

The average selling price, or we say ASP, remains stable at $8.1 per terahashes per second compared to $8.2 per terahashes per second in the same quarter of 2023. With the destocking of our A13 and A14 series nearly completed, we expect the average selling price to return to a more reasonable level in the first quarter of 2025. More than 17,000 A15 mining rates were delivered in Q4, of which nearly 80% were delivered to the public mining companies in North America, including Cipher, CleanSpark, and HIVE.

平均銷售價格（或我們所說的 ASP）保持穩定在每秒每太赫茲 8.1 美元，而 2023 年同期為每秒每太赫茲 8.2 美元。隨著我們A13和A14系列的去庫存工作已接近完成，我們預計平均售價將在2025年第一季恢復到更合理的水平。第四季共交付超過17,000台A15礦機，其中近80%交付給北美上市礦機公司，包括Cipher、CleanSpark、HIVE等。

Turning to the revenue from our Avalon Home series. By the end of 2024, we received the orders for approximately 24,000 units of our Nano products, reaching customers in 80 countries and contributing revenue of approximately $2.7 million since their launch.

談到我們的 Avalon Home 系列的收入。截至 2024 年底，我們已收到約 24,000 台 Nano 產品的訂單，涵蓋 80 個國家的客戶，自推出以來貢獻了約 270 萬美元的收入。

Our newly launched Avalon Mini and Avalon Q have also attracted significant attention to this consumer product line. To date, we have received orders for more than 12,000 units of this new Avalon Home products with the total amount of $5 million.

我們新推出的Avalon Mini和Avalon Q也引起了人們對此消費產品系列的極大關注。截至目前，我們已收到超過 12,000 台全新 Avalon Home 產品的訂單，總金額達 500 萬美元。

For our Mining Machine cost, we approved the $13.6 million for inventory write down in the quarter. With a successful clearance of previous generation, product inventory write down decreased to 76% year-over-year.

對於我們的採礦機成本，我們批准本季減記 1,360 萬美元。隨著上一代產品的成功清倉，產品庫存減損年減至76%。

The non-cash write down is made on the US cash rules impacting on our gross profit but with no impact on our cash balance. Excluding the above write down, our Mining Machine sales would have break even for this quarter.

非現金減記是根據美國現金規則進行的，會影響我們的毛利，但不會影響我們的現金餘額。除去上述減記，我們本季的採礦機銷售額將達到收支平衡。

Leveraging the rising Bitcoin price and our efficient management of Mining operating cost, our direct Mining margin improved to 42%. Please note that direct Mining margin is calculated by subtracting our mining operation cost for energy and hosting from our mining revenues, but without the depreciation of deploying machines. Demonstrating our robust top line growth and our effective cost optimization measures, our growth loss for the fourth quarter was $6.4 million a substantial reduction of 88% year-over-year.

利用比特幣價格的上漲和我們對挖礦營運成本的有效管理，我們的直接挖礦利潤率提高至 42%。請注意，直接挖礦利潤是透過從我們的挖礦收入中減去挖礦營運的能源和託管成本來計算的，但不包括部署機器的折舊。為了反映我們強勁的營收成長和有效的成本優化措施，我們第四季的成長損失為 640 萬美元，年比大幅減少 88%。

Turning to the expenses, our operating expenses totaled $49.3 million, increasing $10.1 million year-over-year. This rise was primarily driven by our global business expansion and our risk mitigation activities, including staff costs, professional service fees, and R&D expenditures.

談到費用，我們的營運費用總計 4,930 萬美元，比去年同期增加了 1,010 萬美元。這項成長主要得益於我們的全球業務擴張和風險緩解活動，包括員工成本、專業服務費和研發支出。

We recorded $9.3 million for one-off expenses in the quarter, including share-based compensation cancellation, one-time R&D expenditures, and consulting fees. If these one-off expenses were excluded, operating expenses will have been $39.8 million, remaining stable year over year.

我們本季的一次性費用為 930 萬美元，包括股權激勵取消、一次性研發支出和諮詢費。如果不計這些一次性費用，營業費用將為 3,980 萬美元，與去年同期相比保持穩定。

As mentioned in quarter one, 2024, we chose to adopt the SASB new accounting rules on cryptocurrency assets on January 1, 2024. These new rules allow cryptocurrencies to be carried at their fair market value.

正如 2024 年第一季所提到的，我們選擇在 2024 年 1 月 1 日採用 SASB 關於加密貨幣資產的新會計規則。這些新規則允許加密貨幣以其公平市場價值進行持有。

In the fourth quarter, the price of Bitcoin increased to around $95,000 at the year end of 2024 versus around $63,500 on September 13, 2024, contributing to an aggregate gain on crypto assets of $39 million during this quarter. All things above considered, our adjusted the EBITDA was a gain of $19.3 million, mainly driven by the solid revenue growth and a significant narrow gross loss, as well as the upward Bitcoin price. This is the first time we achieved the quarterly EBITDA profitability since quarter one, 2023.

第四季度，比特幣價格從 2024 年 9 月 13 日的 63,500 美元左右上漲至 2024 年底的 95,000 美元左右，導致本季加密資產總收益達 3,900 萬美元。綜合考慮以上因素，我們的調整後 EBITDA 獲利 1,930 萬美元，主要得益於穩健的營收成長和大幅收窄的毛虧損，以及比特幣價格的上漲。這是我們自2023年第一季以來首次實現季度EBITDA獲利。

In quarter four, 2024, we recorded a valuation allowance against our deferred tax assets, as well as unrecognized tax benefits liability. This follows the conservatism principle in accounting, and it resulted in a non-cash income tax expense of $85 million. When we generate profits in the future, this deferred tax assets can still be used to offset our income tax expenses.

2024 年第四季度，我們針對遞延所得稅資產以及未確認稅務優惠負債記錄了估價準備。這遵循了會計的穩健性原則，導致了 8,500 萬美元的非現金所得稅費用。當我們未來產生利潤時，此遞延所得稅資產仍可用於抵扣我們的所得稅費用。

In the quarter, we issued a 30,000 Series A1 preferred shares with the gross proceeds of $30 million. The third tranche of the Series A preferred shares issued in quarter three, 2024, was still recognized as a convertible liability at fair value as of the year end.

本季度，我們發行了 30,000 股 A1 系列優先股，總收益為 3,000 萬美元。2024年第三季發行的A系列優先股第三批截至年末仍以公允價值確認為可轉換負債。

This financing incurred an excess of fair value over proceeds received and the fair value changes. This non-cash accounting treatments hit our Q4 bottom line for total $4.8 million. In order to represent our performance more accurately and more comparably, we excluded the impact of this accounting treatments from our non-GAAP measures.

該融資產生的公允價值超過收到的收益以及公允價值變動。這種非現金會計處理對我們第四季的利潤產生了總計 480 萬美元的影響。為了更準確、更具可比性地反映我們的業績，我們從非公認會計準則指標中排除了該會計處理的影響。

Turning to our balance sheet and the cash flow, at the end of quarter four, we held a cash of $96 million on our balance sheet, an increase of around 34% compared to the end of Q3. During the quarter, our cash flow from production and operations turned positive, generating $17 million.

談到我們的資產負債表和現金流，在第四季度末，我們的資產負債表上持有 9,600 萬美元的現金，與第三季末相比增長了約 34％。本季度，我們的生產和營運現金流轉為正值，產生 1,700 萬美元。

A cash outflow of $71 million for production and operation was offset by a cash inflow of $82 million from sales and $6 million from export VAT refunds. In quarter four, we received the $30 million from our preferred shares financing and we paid the $22 million to secure our waiver supply.

生產經營活動產生的現金流出7,100萬美元，被銷售產生的現金流入8,200萬美元及出口增值稅退稅產生的現金流入600萬美元所抵銷。第四季度，我們從優先股融資中獲得了 3000 萬美元，並支付了 2200 萬美元以確保我們的豁免供應。

With stable cash flow and the [fourth] having completed, we have leveraged strategic financing tools to secure product capacity through pre-payments. These activities will allow us to capitalize on the upcoming bull market, while preparing for long-term Mining demand despite short-term volatility of Bitcoin price.

在現金流量穩定且[第四期]專案完成的情況下，我們利用策略融資工具透過預付款來確保產品產能。這些活動將使我們能夠利用即將到來的牛市，同時儘管比特幣價格短期波動，但仍為長期挖礦需求做好準備。

At the end of 2024, we entered into an ATM agreement. From the end of 2024 to February 19, 2025, we utilize the ATM for fundraising with net proceeds of $42.5 million at an average price of $2.08 per ATM. We did not utilize the ATM after February 19, 2025.

2024年底，我們簽訂了ATM協議。從 2024 年底到 2025 年 2 月 19 日，我們利用 ATM 進行募款，淨收益為 4,250 萬美元，每台 ATM 的平均價格為 2.08 美元。2025 年 2 月 19 日之後我們就沒有使用過 ATM。

In early March, we closed the first tranche of new Series A1 preferred shares with net proceeds of $99.7 million. Total proceeds of approximately $145 million will be used to fund the expansion of our production scale and the manufacturing or investing in our Mining operation in North America.

3 月初，我們完成了第一批新 A1 系列優先股的發行，淨收益為 9,970 萬美元。總收益約 1.45 億美元將用於資助我們擴大生產規模以及在北美製造或投資我們的採礦業務。

At the end of the Q4, the aggregate balance of inventory and the pre-payments, and other current assets was $185.5 million a decline of $40.6 million compared to the end of Q3. This decline was driven by the clearance of previous generation product inventory and upgraded the inventory composition.

第四季末，存貨及預付款項及其他流動資產的總餘額為1.855億美元，較第三季末減少4,060萬美元。這一下降是由於上一代產品庫存的清理以及庫存結構的升級。

Now, turning to our Bitcoin assets, Bitcoin held as our own holding assets, increasing the quarter, reaching a record high of 1,293 Bitcoins as of December 31. This is 81 more than 1,212 at the end of last quarter. On December 31, 2024, the share market value of our own Bitcoins totaled around $123 million.

現在，談到我們的比特幣資產，我們持有的比特幣作為我們自己的持有資產，本季不斷增加，截至 12 月 31 日達到創紀錄的 1,293 比特幣。這比上季末的 1,212 家增加了 81 家。2024 年 12 月 31 日，我們自己的比特幣的股票市值總計約為 1.23 億美元。

And our whole strategy again was approximately $66 million, higher than the original value of the Bitcoins that we gained from Mining or other operations. As of February 28, our total Bitcoin holdings increased to 1,355, as already disclosed.

我們的整個策略的價值再次約為 6600 萬美元，高於我們從挖礦或其他操作中獲得的比特幣的原始價值。截至 2 月 28 日，我們的比特幣總持有量增加至 1,355 個，正如已經披露的那樣。

By the end of 2024, we pledged 600 bitcoins for secured loans with an aggregate carrying value of $24 million, which we believe is a reasonable interest level. The secured loans enable additional liquidity for our production expansion and operations.

到 2024 年底，我們已質押 600 比特幣以獲得總帳面價值 2,400 萬美元的擔保貸款，我們認為這是一個合理的利息水準。擔保貸款為我們的生產擴張和營運提供了額外的流動性。

We also transferred 100 bitcoins into a fixed-term product with a guaranteed minimum annual return. In the future, as part of our holding strategy, we will explore more ways to increase capital liquidity through our owned crypto assets. Please note that Bitcoin pledged or transferred into fixed-term products are recognized as cryptocurrency receivables in our balance sheet, and the classification between current and the non-current assets is consistent with the periods of corresponding secured loans or fixed-term products.

我們還將 100 個比特幣轉入了保證最低年回報的定期產品。未來，作為我們持有策略的一部分，我們將探索更多透過所擁有的加密資產來增加資本流動性的方法。請注意，質押或轉入定期產品的比特幣在我們的資產負債表中被確認為加密貨幣應收款，流動資產和非流動資產的分類與相應擔保貸款或定期產品的期限一致。

In the first quarter of 2025, as CEO mentioned, we anticipate the revenue of $75 million due to the seasonality of our business compounded by the uncertain economic environment, as well as the volatility of Bitcoin prices. Based on our current visibility on orders and the waiver capacity, we anticipate revenue of $120 million to $150 million for the second quarter of 2025.

正如執行長所提到的，在 2025 年第一季度，我們預計收入為 7,500 萬美元，原因是我們業務的季節性、不確定的經濟環境以及比特幣價格的波動。根據我們目前的訂單情況和豁免能力，我們預計 2025 年第二季的營收為 1.2 億至 1.5 億美元。

This concludes our prepared remarks. We are now open for questions.

我們的準備好的演講到此結束。我們現在接受提問。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

My first question is can you give us an update on any site acquisition activity or how you're approaching procuring power infrastructure in the current environment? I'm curious if you've observed any changes or challenges here in 2025 as demand for power assets remains very strong. Thanks very much.

我的第一個問題是，您能否向我們介紹場地收購活動的最新情況，或者您在當前環境下如何購買電力基礎設施？我很好奇，由於對電力資產的需求仍然非常強勁，您是否觀察到 2025 年的任何變化或挑戰。非常感謝。

I think we have been actively looking for the sites in energy-rich regions across North America. Our corporation model is very flexible. We can do like fixed rate hosting, joint mining with profit sharing, or even acquire and build our own sites.

我認為我們一直在積極尋找北美各地能源豐富地區的站點。我們的公司模式非常靈活。我們可以做固定費率託管、聯合挖礦並分享利潤，甚至可以收購和建立自己的網站。

Right now, the site resources, we have secured a high, actually more than enough, to support our current deployment plan, which target is 10 exa hash in the first half of the year.

目前，我們已經獲得了足夠的站點資源來支援我們目前的部署計劃，我們的目標是在上半年達到 10 exa 雜湊。

Since shift our focus to US from last year, we have seen more opportunities than we originally expected. And recently, due to some changes in US policy, it seems that new power generation capacity may become available in the near future, which would be benefits us even more.

自從去年我們將重點轉移到美國以來，我們看到了比最初預期更多的機會。而且最近由於美國政策的一些變化，似乎在不久的將來可能會有新的發電能力出現，這對我們更有利。

We have also noticed that some institutional players in North America are thinking about allocating part of their power resources to AI or HPC hosting. We truly hope those efforts succeed.

我們也注意到北美一些機構參與者正在考慮將部分電力資源分配給AI或HPC託管。我們真誠希望這些努力能成功。

AI and HPC business can bring more predictable cash flow for our customers, which in turn, could attract more institutional interests and writes the overall valuation of their operations would have their broader their business, including having more power and capital available. Then, they can go to Bitcoin mining to consume the electricity.

人工智慧和高效能運算業務可以為我們的客戶帶來更可預測的現金流，從而可以吸引更多的機構興趣，並提高其營運的整體估值，從而擴大其業務範圍，包括擁有更多可用的權力和資本。然後，他們可以去進行比特幣挖礦來消耗電力。

So, well, Bitcoin mining has much lower [hash exa] needs than AI or HPC. It consumes far more energy. On the other hand, AI and HPC offer very stable cash flows. That's why we believe these two sectors are actually complementary in the mid- to long-term.

因此，比特幣挖礦對 [哈希值] 的需求比 AI 或 HPC 低得多。它消耗更多的能源。另一方面，AI和HPC提供了非常穩定的現金流。這就是為什麼我們相信這兩個行業在中長期實際上是互補的。

I hope we can see both Bitcoin mining and AI applications grow side by side going forward. Yeah, thank you.

我希望我們能夠看到比特幣挖礦和人工智慧應用在未來並駕齊驅。是的，謝謝。

Thank you very much, NG. My next question is just on overall demand. Obviously, your 2Q guidance is a nice improvement from the 1Q guidance, and so, I was wondering if you could give us a sense for what the second half could look like?

非常感謝，NG。我的下一個問題是關於整體需求。顯然，您的第二季指引較第一季指引有了很大的改進，因此，我想知道您能否讓我們了解下半年的情況？

Is demand still improving? Your annual guidance does imply a stronger second half so wondering if you could comment on how you're seeing demand today and, particularly on the pricing side and how that translates to your annual guidance.

需求是否仍在改善？您的年度指引確實暗示下半年會更加強勁，所以想知道您是否可以評論一下您如何看待當前的需求，特別是定價方面的需求，以及這如何轉化為您的年度指引。

Okay. I will say something and maybe, James, will add some numbers to your question. I think look at our actual sales performance in Q4, it was quite good. We sold 9.1 million terahashes of computing power, since -- and it's already achieved our best, yeah, it's already share our best results, historical result. And it included the deliveries to North American listed companies like Cipher, CleanSpark, and HIVE.

好的。我會說一些話，也許，詹姆斯，會為你的問題添加一些數字。我認為從我們第四季的實際銷售業績來看，情況相當不錯。從那時起，我們銷售了 910 萬太赫茲的計算能力——這已經達到了我們的最佳成績，是的，這已經是我們最好的成績，歷史成績。其中包括向 Cipher、CleanSpark 和 HIVE 等北美上市公司進行交付。

Yeah, this is reflects the success we have had in expanding our presence in North American market. In fact, customer order volumes at the end of the year, it's driven by the rise in Bitcoin price starting in November.

是的，這反映了我們在擴大北美市場影響力方面的成功。事實上，年底的客戶訂單量，是受到11月開始的比特幣價格上漲所推動的。

So, yeah, and as a result, we clear our inventory, then we start to build our new inventory. Most of the waivers will come out start from Q2 to Q3. The machines will comes out majorly in Q2 and Q3. So we can foresee that from Q2, the number will be much larger than the Q1.

是的，結果是，我們清理庫存，然後開始建立新的庫存。大多數豁免將在第二季至第三季開始實施。該機器將主要在第二季和第三季推出。所以我們可以預見從第二季開始，這個數字將比第一季大得多。

For the second half, I think that the key is maybe about the Bitcoin price or the economic environment, which is really hard for us to predict today. But what I can say is, if the different price like, we don't need another historic record high. Maybe only like 100,000 is very significant for us to achieve our annual target.

對於下半年，我認為關鍵可能在於比特幣的價格或經濟環境，這對我們今天來說很難預測。但我可以說的是，如果價格不同，我們就不需要另一個歷史記錄。可能只要10萬左右對於我們實現年度目標來說就已經很有意義了。

Yeah, I will add some color, Nick. I think from our guidance on Q1, it has already showed in 2025, quarter one, the revenue is more than double of last year, same quarter. So, the demand was strong.

是的，我會添加一些顏色，尼克。我認為從我們對第一季的指導來看，已經顯示到 2025 年第一季度，收入將是去年同期的兩倍多。因此，需求很強勁。

But as we both know, our orders and the revenue are highly correlated with Bitcoin prices. So recently, the turbulence in Bitcoin prices definitely have an impact on the speed of accumulating more contract orders and also the trajectory of the price increases. But it looks like our customer orders are still quite strong from the market and we also have our North American Mining sites building up on target.

但眾所周知，我們的訂單和收入與比特幣價格高度相關。所以近期比特幣價格的波動，對於合約訂單的累積速度，以及價格上漲的軌跡，一定會產生影響。但看起來我們的客戶訂單在市場上仍然非常強勁，而且我們的北美採礦基地也在目標建設中。

That's why, I think that we are still confident to work on towards the full year target. And, I think, we are working on that and NG just shared the capacity perspective. But demand perspective in quarter three or quarter four, we definitely need the macroenvironment turns to be more positive and the Bitcoin price climbs to new high.

因此，我認為我們仍然有信心繼續努力實現全年目標。我認為，我們正在努力實現這一目標，而 NG 剛剛分享了容量觀點。但從第三季或第四季的需求角度來看，我們肯定需要宏觀環境變得更加積極，比特幣價格攀升至新高。

And then at that time, the demand could be strong and the price trajectory could be favorable to us. And then, we will try to maximize our revenue for the full year. But currently, I think we are still stick to the annual target and we are working towards this target. Thank you, Nick.

那麼到那時，需求可能很強勁，價格走勢可能對我們有利。然後，我們將努力實現全年收入最大化。但目前，我認為我們仍然堅持年度目標，並且正在朝著這個目標努力。謝謝你，尼克。

NG, James, thank you so much for all the comments and keep up the good work.

NG，詹姆斯，非常感謝你的所有評論，繼續努力。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券的凱文卡西迪 (Kevin Cassidy)。

As we're talking about the full year revenue, can you say what your ASIC orders are with your foundry partner that may not be accounted for by customer orders just yet? How far out are your orders with the foundry versus what's your backlog?

既然我們正在談論全年收入，您能否說一下您與代工合作夥伴的 ASIC 訂單情況，這些訂單可能尚未計入客戶訂單？您與代工廠的訂單距離完成還有多久？您的積壓訂單有多少？

I think, we are just comes from bear markets. When in bear market, we typically produce based on sales orders, which helps the company control the risks about the product inventory. Currently, we are just out of the bear market and at the early stage of bull market for Mining Machines.

我想，我們剛走出熊市。在熊市的時候，我們一般會依照銷售訂單來生產，這樣有利於公司控制產品庫存的風險。目前，礦機市場剛走出熊市，正處於牛市初期。

And maybe, this month, we are in the turbulence of the bull market. So, we are gradually increasing our production, but we are not place orders at like maximum capacity.

而或許，這個月，我們正處於多頭市場的動盪之中。因此，我們正在逐步增加產量，但不會以最大產能下訂單。

When all the waivers, we must consider many factors, include but not limited to like our cost, how tight the supply chain is, and what is the minus expected probability about hash price, and the competitive landscape in the market for the next 6 to 12 months.

當放棄所有權利時，我們必須考慮許多因素，包括但不限於我們的成本、供應鏈的緊密程度、哈希價格的負預期機率是多少，以及未來 6 到 12 個月的市場競爭格局。

So for the commercial, confidential reasons, we are not disclosing the exact number for how many waivers we already ordered at this time. But it appears that the Machine production will continue through Q3.

因此，出於商業保密原因，我們目前不會透露已下令豁免的具體數量。但看起來機器的生產將持續到第三季。

If the market demand, doesn't increase significantly, it should be sufficient to meet both ourselves and our own mining operations. If demand increases, we still have time, so we have room to place additional orders to up, like some a few teens of percentage of the our capacity to fulfill the additional orders.

如果市場需求沒有大幅增加，那麼應該足以滿足我們自己和我們自己的採礦業務。如果需求增加，我們仍然有時間，因此我們有空間下更多訂單，例如用我們產能的百分之幾十來滿足額外訂單。

And if the demand weakens, we can increase, allocate to the number to our own Mining operations. So, I think, for the current -- in the capacity in the production line, it shouldn't be a major issue for the inventory. Yeah, thank you.

如果需求減弱，我們可以增加分配給我們自己的採礦業務的數量。因此，我認為，就目前生產線的產能而言，庫存不應該是一個大問題。是的，謝謝。

Great. Thanks. And you announced the A16 ASIC is 300 terahashes per second. That's a great improvement. Is there anything more than besides the -- going to the better or lower process node, any architectural changes that you're making to the ASIC that's giving you this improvement?

偉大的。謝謝。您宣布 A16 ASIC 每秒可達 300 太赫茲。這是一個很大的進步。除了採用更好或更低的製程節點之外，您對 ASIC 進行的任何架構變更是否也為您帶來了這種改進？

Yeah, I think the A16, indeed, is using the very cutting edge technology like the GA technology and even smaller, transistor sizes compared to A15, but it's not simply straightforward part of our previous generation.

是的，我認為 A16 確實使用了非常尖端的技術，例如 GA 技術，而且與 A15 相比，晶體管尺寸更小，但它並不是我們上一代產品的簡單組成部分。

I think if you look back in -- looking back into history, every generation of our products has often achieved much more significant performance improvements. And many different generations of our Mining Machines is in one node process, or even one node process upgrades, or even using the same process.

我想如果回顧歷史，我們的每一代產品往往都實現了更顯著的效能改進。而且我們的許多不同代礦機都是在一個節點製程上，甚至是在一個節點製程上升級，甚至使用同一個製程。

These performance gains are far greater than the percentage improvements indicated by manufacturers during each process of the iteration. This because our designers is doing their innovations and many technical, advancements ongoing.

這些效能提升遠大於製造商在每次迭代過程中所標示的百分比提升。這是因為我們的設計師正在進行創新和技術進步。

And also come to this stage, besides process and the design, we are already at the DTCO, the Design Technology Co-Optimization stage to even increase the performance even more. Perhaps you can notice that each generation of our products shows about 20% to 30% of the improvements, but what I must say is there isn't a magic number there to give us such a big improvements. It's more likely that we have like [50, 80] individual technical improvements. Every contributes like less than 0.5% to lead to the -- then they, collectively together, to lead to the overall result.

而且到了這個階段，除了製程和設計之外，我們已經處於 DTCO，即設計技術協同優化階段，以進一步提高效能。您可能注意到我們的每一代產品都顯示出大約 20% 到 30% 的改進，但我必須說的是，沒有一個神奇的數字可以為我們帶來如此大的改進。我們更有可能有 [50, 80] 項單獨的技術改進。每個人的貢獻都不超過 0.5%，然後他們共同作用，產生整體結果。

So as we move to advanced nodes, each new generation of technologies also needs a second time to improve, and I think the performance of ASIC and the GPUs on the same new process may also vary significantly. As a design company, we need to spend a lot of time in the early stages now to reduce these uncertainties and minimize the risks to the [hours].

所以當我們轉向先進節點的時候，每一代新技術也需要進行第二次改進，而且我認為相同新製程上的ASIC和GPU的效能也可能有很大差異。作為一家設計公司，我們現在需要在早期階段投入大量的時間來減少這些不確定性，並將專案的風險降到最低。[小時]。

Your question is maybe why there's many newcomers, even when they try to hire key technical talents from the industry, but still struggle to produce competitive products. Yeah, sorry for that (technical difficulty) thank you.

您的問題可能是，為什麼有很多新來者，即使他們試圖從行業中聘請關鍵的技術人才，但仍然很難生產出有競爭力的產品。是的，很抱歉（技術困難），謝謝。

No, thank you for the details. And just one other, is the 300 terahashes per second is for traditional air-cooled, do you have an estimate of what it would be for immersion or just liquid-cooled?

不，謝謝你的詳細資料。還有一個問題，每秒 300 太赫茲是針對傳統風冷的，您能估計一下浸沒式或液冷的計算結果嗎？

Yes. I think for today, the emergent version of the machines is more common in the market, not those constrained to US market, many different markets we see. We already observed this.

是的。我認為就今天而言，新興版本的機器在市場上更為常見，而不僅限於美國市場，我們看到許多不同的市場。我們已經觀察到了這一點。

So, yeah, I think maybe the reason is many machines is now filled with a much higher energy density and need better energy efficiency. This will bring more strict environment control needs. So liquid cooling can help to manage the heat more effectively.

所以，是的，我認為原因可能是現在許多機器的能量密度更高，需要更好的能源效率。這將帶來更嚴格的環境控制需求。因此液體冷卻可以幫助更有效地控制熱量。

So, and another reason may be, the many hardware now must stay in use longer than old days. So this makes it worthwhile to invest more in the site set up to improve the stability and up time.

因此，另一個原因可能是，現在的許多硬體必須比過去使用更長的時間。因此，值得在網站設定上投入更多，以提高穩定性和正常運行時間。

Okay. Thank you.

好的。謝謝。

Kevin Dede, HCW.

Kevin Dede，居家照護工作者。

I think, firstly, I'd just like to congratulate you on managing your supply line and deliveries to the US in light of the regulatory changes. I just thought that was very savvy of you gentlemen and the team.

我想，首先，我要祝賀您根據監管變化管理您的供應線和對美國的交付。我只是認為你們這些先生和團隊非常精明。

First, I was hoping you could offer a little more detail on how customer service has changed over the years. So I've been following you for a long time and I just like to understand what you think you're doing better now in the US in winning customers.

首先，我希望您能提供一些關於客戶服務多年來如何變化的詳細資訊。所以我關注您很長時間了，我只是想了解您認為現在在美國在贏得客戶方面做得更好的是什麼。

Yeah, I think in in recent years, the Bitcoin mining has become more global. The company has to providing maintenance and support service in a way that's closer to our customers. In addition to our standard one-year warranty for money reorders, we have now 26 service stations or spare warehouses worldwide. This helps shorten the parts delivery cycle time and allow us to provide more time maintenance and the parts services for our customers.

是的，我認為近年來，比特幣挖礦已經變得更加全球化。公司必須以更貼近客戶的方式提供維護和支援服務。除了我們對匯款重新訂購提供標準的一年保固外，我們現在在全球擁有 26 個服務站或備用倉庫。這有助於縮短零件交付週期，並使我們能夠為客戶提供更多時間的維護和零件服務。

We also adjust the location of our service points based on customer distribution to future improve service efficiency. Additionally, we, based on customer feedback, our products have shown strong operational stability that, particularly, in very high temperature and humid environments where they continue to run effectively and very reliable.

我們也會根據客戶分佈調整服務點的位置，以提高服務效率。此外，根據客戶的回饋，我們的產品表現出了強大的運行穩定性，特別是在極高的溫度和潮濕環境下，它們能夠持續有效運行，非常可靠。

And also, the return of the repair is actually very low now, especially for the A15 models. We also offer onsite, customized mining solutions based on customers' specific needs, such as emerging liquid cooling, and code development for some systems.

而且，現在維修的回報率實際上非常低，尤其是 A15 型號。我們還根據客戶的特定需求提供現場客製化的採礦解決方案，例如新興的液體冷卻和某些系統的程式碼開發。

It is ensured that our products and services can closely aligned and adaptable to our customers' diverse needs. We are receiving positive feedback.

確保我們的產品和服務能夠緊密結合並適應客戶的多樣化需求。我們收到了正面的回饋。

Thank you for recommending our success, but we're still striving for improvement. We believe we can do even better, and we aim to outperform two of our Chinese competitors in the following areas.

感謝您推薦我們的成功，但我們仍在努力改進。我們相信我們可以做得更好，我們的目標是在以下領域超越我們的兩個中國競爭對手。

First, we want to keep the failure rate of our products below the industry average, which comes from better design and high quality control during the production process. This approach, particularly, benefits for the high labor cost regions like the US.

首先，我們希望將我們產品的故障率保持在行業平均水平以下，這源於更好的設計和生產過程中的高品質控制。這種方法尤其有利於美國等勞動成本高的地區。

Second, we aim to ensure our North American team and measurements in Singapore work as one cohesive unit. Myself, along with our CFO and R&D, and the supply chain leaders are all committed to ensure high customer satisfaction.

其次，我們的目標是確保我們的北美團隊和新加坡的測量團隊作為一個有凝聚力的整體來開展工作。我自己、我們的財務長和研發部門以及供應鏈領導都致力於確保較高的客戶滿意度。

Finally, from the very beginning, we have been a company driven by the value of decentralization. Therefore, we remain open to all customer requests, evaluating them only based on whether they make business sense and benefit the industry development. We don't want to limit customers' options proactively. Thank you.

最後，從一開始，我們就是一家以去中心化價值為驅動力的公司。因此，我們對所有客戶的要求都持開放態度，僅根據它們是否具有商業意義和是否有利於行業發展來評估它們。我們不想主動限制客戶的選擇。謝謝。

NG, can you talk a little bit about your North American customer pipeline and what the sales funnel looks like? The press release alluded to a new customer for the A15XP. Can you talk about that a little bit and maybe give us a little more comfort regarding where or how you see the second half coming together?

NG，您能否談談你們的北美客戶通路以及銷售漏斗是什麼樣的？新聞稿中提到了 A15XP 的新客戶。您能否稍微談論一下這個問題，並讓我們對下半年的發展方向和前景有更清晰的了解？

I think last year we actively expanded into North American market and secured several major clients like Cipher, HIVE, and CleanSpark. North American customers' orders now represent about 40% of our product sales revenue in full-year 2024.

我想去年我們積極擴展到北美市場並獲得了像Cipher，HIVE和CleanSpark這樣的幾個主要客戶。目前，北美客戶的訂單約占我們 2024 年全年產品銷售收入的 40%。

In Q4, with the large-scale delivery of A16 orders to North America, sales from the region reached historical high. I think in our -- yeah, and also, we are -- in the second half of this year, our sales system now is increasing their global market coverage near -- last year, we nearly 200 professional offline customers.

四季度，隨著A16訂單大規模交付北美地區，該地區銷售量創歷史新高。是的，我想在今年下半年，我們的銷售系統正在擴大其全球市場覆蓋率，去年，我們有近 200 個專業線下客戶。

And following, we launched the Avalon Home series, we attracted a large number of retail customers, resulting in [explanation] growth in customer numbers. And in 2024, the total number of customers who have placed orders reached about 2,000.

隨後，我們推出了Avalon Home系列，吸引了大量零售客戶，導致客戶數量成長。而到了2024年，累計下單的客戶數量已經達到了2000家左右。

Now, the company continue to globalize. We have established special teams in regions such as North America and South Asia, giving multi-layer and comprehensive sales team that reaches customers worldwide. Currently the number of new customers is substantial, and they generally have strong competitiveness and high purchasing intention.

現在，公司繼續走向全球化。我們在北美、南亞等區域設立了專門的團隊，形成了覆蓋全球客戶的多層次、全方位的銷售團隊。目前新客戶數量可觀，且普遍競爭力強、採購意願較高。

However, I think, large orders from new customers typically take some time to settle down. If the global political and the economic situation along with the price influenced by these factors continue to rise steadily, I think this process will certainly accelerate. So, because in Q2 and Q3, our inventory, I think we our capacity -- I mean the machines will come out majorly in Q2 and Q3. I think the capacity issue happens, especially in Q1, will be much satisfied. Yeah, so, I think, personally, we are -- I mean, I'm quite optimistic in Q2 and Q3. Yeah.

不過，我認為，新客戶的大訂單通常需要一些時間才能穩定下來。如果全球政治、經濟狀況以及受這些因素影響的價格繼續穩定上漲，我認為這個過程肯定會加速。因此，因為在第二季和第三季度，我們的庫存，我認為我們的產能 - 我的意思是機器將主要在第二季和第三季問世。我認為產能問題，特別是在第一季度，會得到很大程度的解決。是的，所以，我個人認為——我的意思是，我對第二季和第三季非常樂觀。是的。

Last question from me, NGC, you mentioned that the A16 is now taped out. I'm wondering when you start placing orders for waivers for those machines?

我的最後一個問題，NGC，您提到 A16 現在已經流片了。我想知道您什麼時候開始訂購這些機器的豁免？

We start to place orders back to -- I think our first big batch is in October to November last year, and we have a second batch for those in December. So the deliveries will continue to come out from Q1 this year, and we are in the wrap up stage. The major part will come out in Q2 and Q3.

我們開始下訂單——我想我們的第一批大訂單是在去年10月至11月，第二批訂單是在12月。因此，交付將從今年第一季開始繼續，目前我們正處於收尾階段。主要部分將在第二季和第三季推出。

Okay. Thank you very much, gentlemen.

好的。非常感謝各位先生。

Sorry, I think that your question is about A16 or A15?

抱歉，我認為您的問題是關於 A16 還是 A15？

Yes, A16, right. (multiple speakers) Yeah, I was just wondering about the tape out and orders.

是的，A16，對的。（多位發言者）是的，我只是想知道錄音帶和訂單的情況。

Okay. Basically, we will send the machine, single machines to our customer in, I think it's in Q3. So we will follow the risk run and our first mass production batch at that time, yeah. This is our schedule.

好的。基本上，我們會將單一機器發送給客戶，我想是在第三季。因此，我們將遵循風險運行，並在那時進行我們的第一批大規模生產，是的。這是我們的日程安排。

Okay. Thanks, NG.

好的。謝謝，NG。

Joe Flynn, Compass Point Research and Trading.

喬·弗林（Joe Flynn），Compass Point 研究與貿易公司。

I was hoping if you could just touch on the ramp of A15 in a little more detail. I was curious how much of the initial capacity was ultimately covered by North Americans' upfront deposits? And is there any balance on those going forward?

我希望您能更詳細地介紹一下 A15 的坡道。我很好奇，北美人的預付定金最終涵蓋了多少初始產能？那麼，未來這些方面是否還能保持平衡呢？

And then, ultimately, how do you -- what's ultimately the strategy of managing the liquidity risk given the six-month lead times? And what approaches are you ultimately going to continue pursuing from that end?

那麼，最終，您如何——考慮到六個月的交貨期，管理流動性風險的最終策略是什麼？從這個目的來看，您最終會繼續採取什麼方法呢？

I think our A15 orders, we will -- I think we can deliver most of them in May. Yes. They are all pre-order.

我認為我們的 A15 訂單——我認為我們可以在五月交付大部分訂單。是的。全部都是預訂的。

Sorry, I was talking about the upfront deposits from the North American customers as it relates to the security fact capacity.

抱歉，我正在談論北美客戶的預付定金，因為它與安全事實能力有關。

I think the mostly is comes from North America, yes. And most of them is prepaid for about 50% down payment.

是的，我認為大部分來自北美。而且大部分都是預付50%左右的頭期款。

So then, what's ultimately the approach to funding the additional -- that capacity six months out as they start to roll off given the recording risk of the lead times?

那麼，考慮到交貨時間的記錄風險，最終對額外產能的資助方式是什麼——當他們開始在六個月後投產時？

I think the production for the machines is about, I think today, is about five months. But usually, our customers cannot wait for like five months from the first payment to receive the machines. So, usually we will keep our pipeline in about like three to four months.

我認為這些機器的生產時間大約是五個月。但通常情況下，我們的客戶無法從第一次付款到等待五個月才收到機器。因此，我們通常會將管道維持在大約三到四個月的時間。

That means our customers will pay the first down payment like 45%, 50%. And then, pay the other 50% before we ship the machines or they receive the machines in three or four months, yes.

這意味著我們的客戶將支付首付45%、50%。然後，在我們發貨之前或他們在三到四個月內收到機器之前支付剩下的 50%，是的。

Thanks. That's helpful. And most of my questions were asked but maybe go in different directions. Just curious if there was any portion of the R&D still dedicated to the risks A6 because there's a lot of reports out there that just expected to see huge increased demand in China. And I was wondering if there's anything came about of the partnership with Alibaba a few years ago and if you guys ultimately have the opportunities to compete in that market at all.

謝謝。這很有幫助。雖然我問的大多數問題可能涉及不同的方向。只是好奇是否仍有一部分研發工作致力於應對 A6 的風險，因為有許多報告預計中國的需求將大幅增加。我想知道幾年前與阿里巴巴的合作是否有任何成果，以及你們最終是否有機會在該市場上競爭。

Yeah, I think it's a very sensitive question. I think given the tightening regulations environment, we observed recently, especially from middle January, what I can say is we are staying very, very cautious about develop anything related to AI now.

是的，我認為這是一個非常敏感的問題。我認為，鑑於我們最近觀察到的越來越嚴格的監管環境，特別是從 1 月中旬開始，我可以說的是，我們現在對開發任何與人工智慧相關的內容都保持非常非常謹慎的態度。

So, yes, so that side, we are actively prepared for the future. Over the next two years, our plan is to invest more in building out our infrastructure in US, what I already mentioned tonight. This is our -- I mean, personally, I think this is our way to hedging against the risk of missing out the AI phase in the next, maybe, two or three years.

所以，是的，從這方面來說，我們正在積極為未來做好準備。未來兩年，我們的計劃是加大對美國基礎建設的投資，我今晚已經提到了這一點。這是我們的——我的意思是，我個人認為這是我們對沖在未來兩三年內錯過人工智慧階段的風險的方法。

If one day AI and HPC becomes the mainstream computing use case, replacing mining, we want to be ready with the power and the size, and all infrastructures and technologies there. We already in place, we would be in a very strong position to pivot quickly into the new direction. Now, this is what I can say today. Yeah, thank you.

如果有一天人工智慧和高效能運算成為主流運算用例，取代採礦，我們希望準備好其功率和規模以及所有基礎設施和技術。我們已經到位，將處於非常有利的位置，可以迅速轉向新的方向。這就是我今天能說的。是的，謝謝。

Great. Thank you.

偉大的。謝謝。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

NG, may you share some color on your progress of reaching Self-Mining hash rate growth targets and how this may impact external sales of hardware? Can internal production of Mining equipment sustain Self-Mining growth targets while also ramping your external sales to grow market share? Thank you.

NG，您能否分享一下實現自挖礦哈希率成長目標的進展情況，以及這將如何影響硬體的外部銷售？採礦設備的內部生產能否維持自主採礦的成長目標，同時也能增加外部銷售以擴大市場佔有率？謝謝。

Yeah, in the end of February this year, our company operations, we have a seven active mining partnership projects globally, with a total deploy hash rate of more than 6 exa hash and the power is close to 6 exa hash per second. And in Q1, we further expanded to existing North American Mining projects through upgrades to increase their capacity. So we are keeping our target 10 exa hash in North American in the first half of this year.

是的，截至今年 2 月底，我們公司運營，我們在全球有 7 個活躍的挖礦合作項目，總部署哈希率超過 6 exa 哈希，算力接近每秒 6 exa 哈希。並且在第一季度，我們透過升級進一步擴展到現有的北美採礦項目，以提高其產能。因此，我們在今年上半年將目標保持在北美 10 exa 雜湊。

In the first quarter, I think our North American Self-Mining business will very close to 5 exa hash per second. Yeah, because, I think currently the company's operation is very smoothly and we will build our -- that money follow our cash flow and keep our cash flow remain healthy.

在第一季度，我認為我們的北美自助挖礦業務將非常接近每秒 5 exa 哈希值。是的，因為我認為目前公司的營運非常順利，我們將建立我們的資金跟隨我們的現金流並保持我們的現金流保持健康。

I think the US government is implementing a series of politics supporting the cryptocurrency industry. The trend to a Bitcoin bull market remains intact despite short-term price fluctuations. Since the advanced process capacity required by our industry must be deployed in advance, we have chosen using financing tools to funding to fund for fundraising to lock production capacity and fulfill our Machine sales and the Self-Mining.

我認為美國政府正在實施一系列支持加密貨幣產業的政策。儘管短期價格波動，但比特幣牛市的趨勢仍然完好。由於我們產業所需的先進製程產能需要事先佈局，所以我們選擇利用融資工具來募集資金鎖定產能，完成我們的機台銷售及自挖礦。

For how to expand our market share, we are a Nasdaq listed Singapore company. Alongside these two private Chinese companies, our market share is still small compared to our major main competitors. So for us, we have opportunities, and we must focus on how to gain market share, then we can have much higher revenue.

對於如何擴大我們的市場份額，我們是一家在納斯達克上市的新加坡公司。除這兩家中國營企業外，與主要競爭對手相比，我們的市佔率仍然較小。所以對我們來說，我們有機會，我們必須專注於如何獲得市場份額，這樣我們才能獲得更高的收入。

Historically, I think our major competitors have the industry-leading products and early advantages in North America. They expand their influence with global Chinese -- (technical difficulty)

從歷史上看，我認為我們的主要競爭對手在北美擁有領先業界的產品和早期優勢。他們擴大與全球華人的影響力--（技術難度）

Participants, please do stand by while the speaker reconnects.

請與會人員等候，等待揚聲器重新連接。

Hi, this is Liu Wang, Vice President of Capital Markets and Corporate Development. I think NG is offline because of technical difficulties. We are more than happy to take your questions after this. I suggest we conclude this session.

大家好，我是資本市場和企業發展副總裁劉旺。我認為 NG 離線是因為技術故障。我們非常樂意回答您的問題。我建議我們結束本次會議。

Thank you. In that case, I would turn the call back over to the company for any closing remarks. If there were no further closing remarks, then we can conclude the call today. Thank you, everyone, for attending, and you may now disconnect.

謝謝。在這種情況下，我會將電話轉回給公司，以便發表最後評論。如果沒有其他的結束語，那麼我們今天的電話會議就可以結束了。感謝大家的參加，現在您可以斷開連線了。