Intchains Group Ltd (ICG) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Intchains first quarter 2025 earnings conference call. Today's call is being recorded. If you have any objections, you may disconnect at this time.

女士們，先生們，大家好！感謝您的耐心等待，歡迎參加Intchains 2025年第一季財報電話會議。今天的電話會議正在錄音中。如果您有任何異議，請立即掛斷。

Joining us today are Mr. Chaowei Yan, Chief Financial Officer of Intchains; and Ms. Minty Wang, Director of Investor Relations. Mr. Yan will provide an overview of the company's performance and financial results. Following his remarks, we will open the floor for a question-and-answer session.

今天，Intchains 財務長嚴超偉先生和投資者關係總監王敏蒂女士將與我們一同出席。嚴先生將概述公司的業績和財務結果。之後，我們將進入問答環節。

I'll now turn the call over to Minty Wang. Please go ahead.

現在我將把電話轉給 Minty Wang。請講。

Thank you, operator. Good day, everyone. I'm Minty. Welcome to Intchains Group Limited's first quarter 2025 earnings call. On today's call, Mr. Chaowei Yan, our CFO, will present a comprehensive overview of the company's performance and financial results for the quarter.

謝謝接線生。大家好。我是Minty。歡迎參加Intchains Group Limited 2025年第一季財報電話會議。在今天的電話會議上，我們的財務長嚴朝偉先生將全面概述公司本季的業績和財務結果。

Before we begin, please note that today's discussion will include forward-looking statements. These statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections regarding future events that could affect its financial condition, operating results and strategic direction.

在開始之前，請注意，今天的討論將包含前瞻性陳述。這些陳述涉及已知和未知的風險和不確定性，基於公司當前的預期以及對可能影響其財務狀況、經營業績和策略方向的未來事件的預測。

The company undertakes no obligation and publicly update or revise any forward-looking statements to reflect subsequent events and changes in expectations, except as required by law. Although the company believes these expectations are reasonable, there's no guarantee they're provided to be accurate.

除法律要求外，本公司不承擔任何義務公開更新或修改任何前瞻性陳述以反映後續事件和預期變更。儘管本公司認為這些預期合理，但不保證其準確性。

Actual results may differ materially from these anticipated. Investors should refer to our registration statements and other filings with the SEC for additional factors that may affect future performance.

實際結果可能與預期結果有重大差異。投資者應參閱我們向美國證券交易委員會 (SEC) 提交的註冊聲明和其他文件，以了解可能影響未來業績的其他因素。

We will also discuss certain non-GAAP financial measures. Please refer to the reconciliation of these non-GAAP measures to the comparable GAAP figures in our earnings press release. The presentation and a replay of this call will be available on our website at ir.intchains.com.

我們也將討論某些非公認會計準則 (Non-GAAP) 財務指標。請參閱我們收益新聞稿中這些非公認會計準則 (Non-GAAP) 指標與可比較公認會計準則 (GAAP) 資料的對帳表。本次電話會議的簡報和重播將在我們的網站 ir.intchains.com 上提供。

With that, I will turn the call over to Mr. Chaowei Yan. Please go ahead.

現在，我將把電話轉給閻朝偉先生。請您發言。

Thank you, Minty, and thank you all for joining Intchains first quarter 2025 earnings conference call. Today, I will provide an overview of our operational and financial performance, followed by a Q&A session.

謝謝Minty，也謝謝大家參加Intchains 2025年第一季財報電話會議。今天，我將概述我們的營運和財務業績，然後進行問答環節。

We are pleased to report solid operational performance despite a challenging macroeconomic environment and a significant volatility in crypto market, particularly an 18% decline in the total market cap of cryptocurrency during the quarter. Our revenue reached $18.2 million, a 78.5% quarter-over-quarter increase and our highest since 2023.

儘管宏觀經濟環境充滿挑戰，加密貨幣市場波動劇烈，尤其是本季加密貨幣總市值下跌18%，我們仍然欣喜地報告了穩健的營運表現。我們的營收達到1,820萬美元，較上季成長78.5%，創下2023年以來的最高水準。

In our previous earnings call, we guided Q1 2025 revenue to be between $15 million to $16 million. Our results exceeded the upper end of that range. Gross margin grew by 286.9% with gross margin improving to 56.9%, up from 26.2% last quarter.

在先前的財報電話會議上，我們預計2025年第一季營收將在1,500萬美元至1,600萬美元之間。我們的業績超越了該區間的上限。毛利率成長了286.9%，從上一季的26.2%提升至56.9%。

This reflects our continued focus on the product optimization and operational efficiency. Our operating income turned positive at $5.1 million, a strong recovery from the loss in Q4 of 2024. While net income was impacted by noncash revaluation loss on Ethereum, we remain committed to our Ether accumulation strategy, increasing our holding by over 23% to 7,023 ETH.

這體現了我們對產品優化和營運效率的持續關注。我們的營業利潤轉正至510萬美元，較2024年第四季的虧損強勁回升。儘管淨利潤受到以太坊非現金重估損失的影響，但我們仍堅持以太幣增持策略，持倉量增幅超過23%，達到7,023 ETH。

This long-term approach remains central to our value creation strategy. For context, our business operates across three core segments. Firstly, we produce home miners for high-potential altcoins such as Aleo and Doge under the Goldshell brand.

這種長期策略始終是我們價值創造策略的核心。具體來說，我們的業務涵蓋三個核心領域。首先，我們以 Goldshell 品牌生產家用礦機，用於 Aleo 和 Doge 等高潛力山寨幣。

Secondly, we reinvest profits to accumulate Ether, optimizing our asset structure. Last but not the least, we actively explore Web3's innovations to drive long-term growth. As the pioneer in home mining product and a long-term Ether holder, we occupy a unique position in the US capital market.

其次，我們將利潤再投資以累積以太幣，優化我們的資產結構。最後，同樣重要的是，我們積極探索Web3的創新，以驅動長期成長。作為家庭挖礦產品的先驅和以太幣的長期持有者，我們在美國資本市場佔據著獨特的地位。

Our differentiated strategy focused on blue ocean altcoin mining sector enables us to maintain gross margin higher than industry average for bitcoin miners, regardless of market cycles. This strategic focus has allowed us to achieve a cumulative net profit for 2019 to 2024 that outperformed our peers, making us one of the few consistently profitable mining companies.

我們專注於藍海山寨幣挖礦領域的差異化策略，使我們能夠在任何市場週期中保持高於比特幣礦工行業平均水平的毛利率。這項策略重點使我們在2019年至2024年期間實現了超越同行的累計淨利潤，成為少數持續獲利的挖礦公司之一。

In early 2025, we further solidified our leadership in altcoin mining machines. Since launching the Aleo series miners in February, we have released five iterations, strengthening our market position. According to third-party miner evaluation website, our AE MAX miner currently ranked fifth in daily profitability among all the mining machines, outperforming most of bitcoin miners.

2025年初，我們進一步鞏固了在山寨幣礦機領域的領導地位。自2月推出Aleo系列礦機以來，我們已發布了五代產品，進一步鞏固了我們的市場地位。根據第三方礦機評測網站的數據，我們的AE MAX礦機目前日盈利能力在所有礦機中排名第五，優於大多數比特幣礦機。

In March, we launched the Goldshell Byte, our innovative Doge mining machine that support Aleo, Doge and Litecoin. With hot-swappable mining cards, users can switch between cryptocurrencies based on market condition to maximize returns.

三月，我們推出了創新的狗狗幣礦機 Goldshell Byte，支援 Aleo、狗狗幣和萊特幣。礦卡支援熱插拔，用戶可以根據市場行情切換不同幣種，從而實現收益最大化。

So this product showcases our technical strength to developing advanced altcoin mining machines. Looking ahead, we plan to continue refining our Dogecoin miners through chip upgrades and enhanced product design, aiming to become the top 10 player in Dogecoin mining equipment.

這款產品展現了我們研發先進山寨幣礦機的技術實力。展望未來，我們計畫透過晶片升級和產品設計優化，持續優化狗狗幣礦機，力求成為狗狗幣礦機領域的前十名。

Now let's review our financial results for the first quarter of 2025. During Q1, the price of Ether, Dogecoin and Aleo fell by 46%, 49% and 75%, respectively. However, prices have shown signs for recovery in Q2.

現在讓我們回顧一下 2025 年第一季的財務表現。第一季度，以太幣、狗狗幣和 Aleo 的價格分別下跌了 46%、49% 和 75%。不過，價格在第二季已顯示出復甦的跡象。

Despite these headwinds, we delivered a strong result. Revenue for Q1 was $18.2 million, exceeding the high end of our guidance and making our highest quarterly revenue since 2023.

儘管面臨諸多不利因素，我們仍取得了強勁的業績。第一季營收為1820萬美元，超出了我們預期的上限，創下了我們自2023年以來的最高季度營收。

This performance was largely driven by the successful launch of our Aleo miner series, which accounted for nearly 75% of our total revenue. The product's strong margin and timely launch helped us respond quickly to market demand. Revenue increased 78% quarter-over-quarter, significantly outperforming industry peers.

這項業績主要得益於我們Aleo礦機系列的成功發布，該系列產品占我們總收入的近75%。該產品的強勁利潤率和及時發布幫助我們快速回應了市場需求。營收季增78%，顯著優於同業。

Cost of revenue rose modestly from $77.5 million in Q4 to $7.9 million in Q1, growing at a much slower pace than revenue due to the high margins of Aleo miners. Operating income turned positive at $5.1 million, driven by top line growth and reduced R&D expenses as several early-stage projects concluded.

營收成本從第四季的7,750萬美元小幅上漲至第一季的790萬美元，由於Aleo礦機的高利潤率，其成長速度遠低於營收。營業利潤轉為正值510萬美元，這得益於營收成長以及隨著多個早期專案結束而減少的研發支出。

Among crypto mining companies, we are one of the few to report positive operating income in Q1 2025. Net income was negative $4.7 million compared to a profit in the previous quarter, primarily due to the $9.8 million noncash loss from revaluation of our cryptocurrency holdings, mainly due to the Ethereum price drop of 46%.

在加密貨幣挖礦公司中，我們是少數在 2025 年第一季報告正營業收入的公司之一。淨收入為負 470 萬美元，而上一季實現盈利，這主要是由於我們加密貨幣持有量重估造成的 980 萬美元非現金損失，而這主要是由於以太坊價格下跌 46%。

Despite the downturn, we maintained a steady pace of Ethereum, Ether accumulation. As of March 31, 2025, we held approximately 7,023 units of ETH, up 23.2% quarter-over-quarter. Non-GAAP net income was negative $4.4 million, also declined from the previous quarter.

儘管經濟低迷，我們仍維持了穩定的以太坊和以太幣增持速度。截至2025年3月31日，我們持有約7,023個以太幣，季增23.2%。非公認會計準則淨利為負440萬美元，較上一季也有所下降。

As of March 31, 2025, our cash, cash equivalents and short-term investments totaled $74.9 million, up from year-end 2024. Thanks to positive operating income, our USDC and cryptocurrency holdings other than Ether amounted to $16.1 million, including Ether amounted to $16.1 million. As of May 21, 2025, our total assets represented 100.7% of our market capitalization.

截至2025年3月31日，我們的現金、現金等價物及短期投資總額為7,490萬美元，較2024年底有所成長。由於正向營運利潤，我們持有的USDC及除以太幣以外的加密貨幣總額達1,610萬美元，其中以太幣總額達1,610萬美元。截至2025年5月21日，我們的總資產占我們市值的100.7%。

Looking forward, several catalysts could drive long-term upside in 2025. First is anticipated interest rate cuts potentially improving liquidity conditions. Second is our broader regulatory support for crypto-linked ETF beyond bitcoin.

展望未來，2025年，有多種因素可能推動長期上漲。首先是預期降息可能改善流動性狀況。其次是我們對除比特幣之外的加密貨幣掛鉤ETF的更廣泛的監管支持。

Third is new blockchain applications in payment and AI agent. Fourth is continued advancement in zero knowledge proofs and Ethereum protocol upgrades. And finally, the passage of New Hampshire bitcoin reserve bill, the first at the US state level, may encourage similar moves as well.

第三是支付和人工智慧代理領域的區塊鏈新應用。第四是零知識證明和以太坊協議升級的持續推進。最後，新罕布夏州比特幣儲備法案的通過，這是美國州一級首個通過的法案，或許也會促成類似的措施。

Ethereum has also undergone significant update, including the Pectra upgrade completed in May, anticipated Layer one scaling and new leadership at Ethereum Foundation. We remain confident in Ether's future and broader blockchain ecosystem and will continue to our long-term Ether accumulation strategy.

以太坊也經歷了重大更新，包括 5 月完成的 Pectra 升級、預期的 Layer 1 擴容以及以太坊基金會的新領導層。我們對 ETH 的未來以及更廣泛的區塊鏈生態系統充滿信心，並將繼續執行我們的長期 ETH 增持策略。

Looking ahead, we are optimistic about sustaining momentum into Q2 and beyond. Market sentiment is improving, and our rapid product iteration, especially in AE and Doge series, positions us well for future growth. However, taking into account tariffs and crypto market volatility, we project the first half of 2025 revenue of approximately RMB180 million to RMB200 million.

展望未來，我們對第二季及以後的持續成長動能充滿信心。市場情緒正在改善，我們快速的產品迭代，尤其是AE和Doge系列，為我們未來的成長奠定了良好的基礎。然而，考慮到關稅和加密貨幣市場的波動，我們預計2025年上半年的收入約為人民幣1.8億至2億元。

In conclusion, we remain focused on innovation, disciplined execution and long-term value creation. As we navigate the evolving crypto and Web3 landscape, our strategy is anchored in technological leadership, operational excellence and prudent capital management.

總而言之，我們始終專注於創新、嚴謹的執行和長期價值創造。在不斷發展的加密貨幣和 Web3 領域，我們的策略將以技術領先、卓越營運和審慎的資本管理為基石。

Thank you for your attention. We look forward to keeping you updated on our progress as we continue to grow across crypto market cycles.

感謝您的關注。我們期待與您分享我們的最新進展，並持續關注加密貨幣市場週期的演變。

Thank you, Mr. Yan. We'll now begin the question-and-answer session. You're welcome to ask questions in either Chinese or English. For convenience, English translation will be provided when needed.

謝謝闍先生。現在開始問答環節。您可以用中文或英文提問。為了方便提問，如有需要，我們將提供英文翻譯。

In case of discrepancies, please refer to the original language used by the management. And then, operator, please begin the Q&A session. Thank you.

如有歧義，請以管理原文為準。然後，接線生，請開始問答環節。謝謝。

(Operator Instructions)

（操作員指示）

Mark Palmer, The Benchmark Company.

馬克·帕爾默，基準公司。

Yes, thank you for taking my question and congratulations on the strong operating performance during what was a challenging quarter in the cryptocurrency industry. With regard to the mix of the company's revenue going forward, insofar as about 75% of revenue was derived from Aleo chips and miners during the first quarter.

是的，感謝您回答我的問題，也祝賀您在加密貨幣行業充滿挑戰的一個季度裡取得了強勁的營運業績。關於公司未來的營收結構，第一季約75%的營收來自Aleo晶片和礦機。

And at the same time, the company continues to develop new iterations of Doge miners. How should we think about the mix of the company's mining rigs in the second quarter and perhaps during the balance of the year?

同時，該公司也持續開發新一代的Doge礦機。我們該如何看待該公司第二季乃至全年的礦機配置？

Yeah. Thank you for your question, Mark. Yeah. Firstly, we are very optimistic about the Dogecoin future development, and we'll upgrade our Doge miner progress continuously. So we aim to become the top 10 supplier of Dogecoin miner in this industry.

是的。謝謝你的提問，馬克。是的。首先，我們非常看好狗狗幣的未來發展，並將持續升級狗狗幣礦機的開發進度。我們的目標是成為業界十大狗狗幣礦機供應商之一。

But we will also identify promising innovative projects in the future, not only Aleo miner. So we also hope to lead the market launching of corresponding miners. This is similar to how we launched the Aleo series miner in Q1.

但我們未來也會發現有前景的創新項目，而不僅僅是 Aleo 礦機。因此，我們也希望引領相關礦機的市場發布。這與我們在第一季推出 Aleo 系列礦機的方式類似。

So creating substantial returns for miners and contributing to project ecosystem and all while earning our share of the reward. So in conclusion, our future revenue will come from Doge miners, Aleo miners and new miners maybe launched in second or third quarter. Yeah. Thank you.

因此，我們不僅要為礦工創造豐厚的回報，還要為專案生態系統做出貢獻，同時也能獲得我們應得的回報。總而言之，我們未來的收入將來自Doge礦工、Aleo礦工以及可能在第二季或第三季推出的新礦工。好的，謝謝。

And one other question. I just wanted to touch base on Goldshell Byte, the new dual miner that you introduced in March. Could you talk a bit about the potential of that miner in terms of revenue generation and how we should think about the timing of that rollout?

還有一個問題。我想簡單聊聊你們三月推出的新雙挖礦機 Goldshell Byte。能否談談這款礦機在創造收入方面的潛力，以及我們該如何考慮它的推出時機？

Yeah. The Goldshell, in March 2025, our company launched Goldshell Byte. And this product currently supports mining of cryptocurrencies such as Aleo and Dogecoin. But in the future, maybe with potential compatibility for more projects in the future through the swappable mining cards.

是的。 Goldshell，我們公司在2025年3月推出了Goldshell Byte。這款產品目前支援Aleo和狗狗幣等加密貨幣的挖礦。未來，或許可以透過可更換的挖礦卡相容更多項目。

So the primary motivation behind this product was addressing a common pain point for individual miners. Every time they switch projects, they typically need to purchase entirely new machines, which also take up significant space at home.

所以，這款產品背後的主要動機是解決個體礦工的共同痛點。每次更換項目，他們通常都需要購買全新的礦機，這也會佔用家裡相當大的空間。

So in response, we introduced the standardized miner with flexible mining cards, allowing the miner to easily switch cards based on the market conditions. So from a company's perspective, this product helps us to standardize the hardware design while leveraging our technical expertise across multiple cryptocurrencies.

因此，我們推出了配備靈活挖礦卡的標準化礦機，讓礦工可以根據市場狀況輕鬆切換挖礦卡。從公司的角度來看，這款產品有助於我們標準化硬體設計，同時充分利用我們在多種加密貨幣領域的技術專長。

And for crypto industry, we hope this project will lower the barrier to enter the industry and encourage more people to participate in the crypto mining, ultimately contributing to the decentralization for more blockchain projects.

對於加密產業，我們希望這個專案能夠降低進入該行業的門檻，並鼓勵更多的人參與加密挖礦，最終為更多區塊鏈專案的去中心化做出貢獻。

And Mark, in conclusion for your first question, we think that for the first half of this year, most of our revenues were generated from the Aleo series miners. And for the second half of this year, we're seeing some revenues may come from the Goldshell Byte product, but it's kind of hard for us to give you a specific guidance.

馬克，最後，關於你的第一個問題，我們認為今年上半年我們的大部分收入來自 Aleo 系列礦機。下半年，我們預期部分收入可能來自 Goldshell Byte 產品，但我們很難給你一個具體的期望。

But for the first half of this year, we think the Aleo series miners will still be very competitive in the market among all the PoW machines. And for the whole year, just as Charles stated, we may launch some new innovative miners in this quarter or maybe in the next quarter.

但就今年上半年而言，我們認為 Aleo 系列礦機在市場上所有 PoW 礦機中仍將保持強大的競爭力。就全年而言，正如 Charles 所說，我們可能會在本季或下個季度推出一些新的創新礦機。

So we think regarding to the revenues of the whole year, we think our revenue will be compromised from the sales of the Aleo miners, innovative miners and the Dogecoin miners. But percentage of these miners will depend on the market price of these miners. So it's kind of hard for us to give you a precise percentage, yeah.

所以，就全年收入而言，我們認為 Aleo 礦機、創新礦機和狗狗幣礦機的銷售將影響我們的收入。但這些礦機的佔比將取決於它們的市場價格。所以我們很難給一個精確的佔比。

Thank you very much.

非常感謝。

Matthew Galinko, Maxim Group.

馬修‧加林科 (Matthew Galinko)，馬克西姆集團 (Maxim Group)。

Hey, thanks for taking my questions, and congratulations on the strong quarter. I noticed that inventories remain pretty high, down a little bit from the fourth quarter. But I was curious if you could comment on what we could expect from the inventory through the balance of the year.

嘿，感謝您回答我的問題，也祝賀您本季業績強勁。我注意到庫存仍然很高，比第四季略有下降。但我想請您談談今年餘下時間庫存的預期。

Yeah. In fact, most of our inventory are inventory for Dogecoin miners, and some of them are Aleo miners related chip inventory. So now we can have strong performance during this quarter. But in the future, we will adjust our price, depends on the market condition.

是的。實際上，我們的庫存大部分是狗狗幣礦機的庫存，還有一些是Aleo礦機相關的晶片庫存。所以現在我們這個季度的業績表現強勁。但未來我們會根據市場狀況調整價格。

So what we can predict is we will try our best to sell these inventories to the market instead of to write-off the inventory. But it still depends on the market condition on the next quarters. Thank you.

因此，我們可以預測的是，我們將盡力將這些庫存出售給市場，而不是註銷。但這仍然取決於下一季的市場狀況。謝謝。

Got it. And I guess as a follow-up question also on Goldshell Byte, can you talk about the kind of where you're getting the feedback from the market that, I guess, consumers want that kind of all-in-one style device for mining or ability to mine multiple currencies?

明白了。我想作為 Goldshell Byte 的後續問題，您能談談您從市場上獲得的回饋嗎？我猜，消費者想要那種用來挖礦的一體化設備，或是能夠挖多種貨幣的設備？

Is it direct feedback you're getting from existing customers? Is it kind of broad industry expectations? Or talk a little bit about that feedback.

這是你們從現有客戶那裡獲得的直接回饋嗎？還是某種程度上是業界普遍的期望？或是能簡單談談這些回饋嗎？

Okay. Yeah. Goldshell Byte was very welcomed by many individual miners. It will undoubtedly explore our customer base because we receive so many feedback from new customers. And all these will be a good entry for these new customers.

好的。是的。 Goldshell Byte 受到了許多個人礦工的熱烈歡迎。它無疑會擴大我們的客戶群，因為我們收到了許多新客戶的回饋。所有這些都將為這些新客戶提供良好的入門機會。

So our market strategy is that we use home miner to attract new customers and use professional miners to maintain them because for profit perspective, maybe the small miner like Goldshell Byte will not have a big return, but it will be a good entry for some new customers. So this is our market strategy.

所以我們的市場策略是，用家庭礦機吸引新客戶，用專業礦機維護客戶。因為從獲利角度來看，像金殼位元組這樣的小型礦機可能收益不大，但對一些新客戶來說，這是一個很好的切入點。這就是我們的市場策略。

So I think the Goldshell Byte individually maybe will not have a big proportion of our total revenue stream. But eventually, the launch of this kind of product will broaden our customer base and will have a final -- or will have a positive impact on our revenue. Thank you.

所以我認為，Goldshell Byte 單獨來看，可能在我們總收入中佔比不大。但最終，這類產品的推出將擴大我們的客戶群，並最終對我們的收入產生正面的影響。謝謝。

And still Goldshell Byte is kind of profitable product for the individual miners because, yeah, because you can check the daily proceeds through Goldshell Byte. If you use two Aleo mining cards, you may get about $25 to $1 daily profit per day. And you may get your cost of that, I think, within 400 days.

Goldshell Byte 對個人礦工來說仍然是一款盈利產品，因為你可以透過 Goldshell Byte 查看每日收益。如果你使用兩張 Aleo 挖礦卡，每天可以獲得大約 25 美元到 1 美元的利潤。我想，你可以在 400 天內收回成本。

Yeah, 300 to 400 days.

是的，300到400天。

Yes, 300 to 400 days. I think it's still more profitable for some bitcoin or other cryptocurrency mining machines.

是的，300到400天。我覺得對一些比特幣或其他加密貨幣的礦機來說，利潤還是比較高的。

Yeah. But for individual users, maybe they don't care about this 10 days. But it's an interesting product. And if they want a higher return, they will purchase our box miners or other miners instead, yeah.

是的。但對於個人用戶來說，他們可能不在乎這10天。但這是一款有趣的產品。如果他們想要更高的回報，他們會購買我們的盒式礦機或其他礦機，是的。

Yes, just like the switch in the manufacturer.

是的，就像製造商中的開關一樣。

Yeah. In terms of [return], yes.

是的。就回報而言，是的。

Thanks

謝謝

(Operator Instructions) We will now take our next question from the line of Theresa Lowe from Eastgate. All right. Theresa has left the call.

（接線員指示）現在我們將接聽來自 Eastgate 的 Theresa Lowe 的下一個問題。好的。 Theresa 已經掛斷了電話。

(Operator Instructions) We now have a follow-up question from the line of Matthew Galinko from Maxim Group.

（操作員指示）現在我們有來自 Maxim Group 的 Matthew Galinko 的後續問題。

Thanks for taking my follow up question. I just wanted to ask about R&D spending this year. I think Q1 was down from Q4. But just given your, I think, plans to launch additional new products and the success of the

感謝您回答我的後續問題。我只是想問一下今年的研發支出。我認為第一季比第四季有所下降。但考慮到你們計劃推出更多新產品，以及

Aleo miner, should we expect kind of a return to higher R&D spending at some point this year? Or can you sort of level set us?

Aleo miner，我們是否應該預期今年某個時候研發支出會回升？或者您能為我們設定一個大致的水平嗎？

R&D expense. Yeah, maybe we cannot predict this because last year and the first half of this year, we launched three new projects rapidly. So this year, currently, we have some projects in progress. But now we cannot actually predict when to do the wafer tape-outs at this time. Yeah, thank you.

研發費用。是的，我們可能無法預測這一點，因為去年和今年上半年我們快速啟動了三個新專案。所以今年，目前我們有一些項目正在進行中。但目前我們實際上無法預測何時進行晶圓流片。好的，謝謝。

Thank you.

謝謝。

(Operator Instructions) I'm not showing any further questions. And with that, we conclude our conference call for today.

（接線員指示）我沒有其他問題了。今天的電話會議到此結束。