Intchains Group Ltd (ICG) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to the Intchains Group Limited Third Quarter 2025 Earnings Conference Call. (Operator Instructions)

感謝您的耐心等待。歡迎參加 Intchains Group Limited 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Alice Zhang with The Equity Group. You may begin.

現在我將把會議交給 Equity Group 的 Alice Zhang 主持。你可以開始了。

Thank you, operator. Good evening to everyone. Welcome to Intchains Third Quarter 2025 Earnings Conference Call.

謝謝接線生。各位晚上好。歡迎參加 Intchains 2025 年第三季財報電話會議。

Please be advised that the discussions on today's call 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 may impact its financial condition, operating results and strategic direction. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, we cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors should review other factors that may affect its future results in the company's registration statement and other filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law.

請注意，今天電話會議的討論內容將包含前瞻性陳述。這些聲明涉及已知和未知的風險和不確定性，並且是基於公司目前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期和預測。儘管公司認為這些前瞻性聲明中所表達的預期是合理的，但我們無法保證這些預期會實現，公司提醒投資者，實際結果可能與預期結果有重大差異。投資者應查看公司註冊聲明和向美國證券交易委員會提交的其他文件中可能影響其未來業績的其他因素。除法律要求外，本公司不承擔公開更新或修訂任何前瞻性聲明以反映後續事件或情況或其預期變更的義務。

Please note that in today's call, we will discuss certain non-GAAP financial measures. Please also refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in our earnings press release. The presentation and webcast replay of this conference call will be available on the Intchains website at www.ir.intchains.com.

請注意，在今天的電話會議中，我們將討論一些非GAAP財務指標。另請參閱我們獲利新聞稿中關於非GAAP指標與可比較GAAP指標的調節表。本次電話會議的簡報和網路直播回放將在 Intchains 網站 www.ir.intchains.com 上提供。

It is my pleasure to introduce Intchains' CFO, Mr. Charles Yan, who will provide an overview of third quarter and nine months 2025 financial results, recent operational achievements and the company's long-term growth strategies before opening the floor for questions. Charles, please go ahead.

我很高興向大家介紹 Intchains 的財務長 Charles Yan 先生，他將概述公司第三季和 2025 年前九個月的財務業績、近期營運成就以及公司的長期成長策略，之後將開放提問環節。查爾斯，請繼續。

Thank you, Alice, and welcome, everyone. Intchains engages in design and development of altcoin mining machines, ETH accumulation and yield-generating strategies as well as Web3 application development. Among our three main business pillars, cryptocurrency mining machines are the primary revenue contributor, currently accounting for the entirety of our total net revenue.

謝謝你，愛麗絲，也歡迎各位。Intchains 從事山寨幣挖礦機的設計和開發、ETH 累積和收益產生策略以及 Web3 應用程式開發。在我們的三大主要業務支柱中，加密貨幣挖礦機是主要的收入來源，目前占我們全部淨收入。

As we have previously discussed, our quarterly performance is heavily influenced by cyclical volatility, a common dynamic within our industry. And as expected, our Q3, our revenue was impacted by these factors. We had lower sales of mining machines as our flagship ALEO mining project which peaked in Q1 2025 has transitioned into a stable stage as market demand has gradually leveled out following the initial surge. Thus, revenue for Q3 2025 decreased to RMB9.1 million, and we recorded a loss for operations for RMB41.8 million due to softer demand for our products in the period.

正如我們之前討論過的，我們的季度業績受到週期性波動的嚴重影響，這是我們行業內常見的現象。正如預期的那樣，我們的第三季收入受到了這些因素的影響。由於我們的旗艦 ALEO 採礦項目在 2025 年第一季達到頂峰，並且隨著市場需求在最初的激增之後逐漸趨於平穩，該項目已進入穩定階段，因此我們的採礦機械銷量有所下降。因此，2025 年第三季營收下降至 910 萬元，由於該期間產品需求疲軟，我們錄得營業虧損 4,180 萬元。

Our business operates in a dynamic market environment characterized by the natural volatility of the cryptocurrency and the mining machine industry. The fast-paced landscape presents both challenges and opportunities, and our strength lies in our ability to adapt swiftly, innovate continuously and capture emerging trends ahead of the competition. We differentiate ourselves by maintaining agility and technological leadership through careful market evaluation, committed R&D investment, rapid response to industry changes and the continuous introduction and upgrading of altcoin mining projects.

我們的業務在一個動態的市場環境中運營，其特點是加密貨幣和挖礦機行業的自然波動性。快速變化的市場環境既帶來了挑戰，也帶來了機遇，而我們的優勢在於我們能夠迅速適應，不斷創新，並在競爭對手之前抓住新興趨勢。我們透過謹慎的市場評估、堅定的研發投入、對行業變化的快速反應以及不斷引入和升級山寨幣挖礦項目，保持敏捷性和技術領先地位，從而脫穎而出。

We stay ahead of evolving trends. This allows us to deliver next-generation, high-performance mining machines that empower our community to participate early in the development and the mining of emerging altcoin ecosystem. Thus, similar to the performance trends of our peer group, our results are better measured on a year-to-date basis. We believe this provides a clearer reflection of Intchains' growth and overall business execution as crypto projects do not follow a fixed seasonal pattern and allows for meaningful quarter-over-quarter comparisons. That said, I would like to summarize our nine months 2025 performance as compared to nine months of 2024 by focusing on key metrics.

我們始終走在不斷變化的趨勢的前沿。這使我們能夠提供下一代高性能礦機，使我們的社區能夠儘早參與新興山寨幣生態系統的開發和挖礦。因此，與同業的業績趨勢類似，我們的業績最好以年初至今的業績來衡量。我們認為，這能更清楚地反映 Intchains 的成長和整體業務執行情況，因為加密項目不遵循固定的季節性模式，從而可以進行有意義的季度間比較。綜上所述，我想透過重點指標來總結我們 2025 年前九個月的業績與 2024 年前九個月的業績對比。

Our nine months 2025 revenues of RMB184.7 million or $25.9 million decreased by 11% due to the cyclical fluctuations in the market and the softer demand for our products in this period. Nine months 2024 cost of revenue was RMB108.2 million or $15.2 million and an increase of 42.9%, impacted by impairment charge recorded against excess mining machines inventory for certain altcoin mining machines during the period.

受市場週期性波動和本期產品需求疲軟的影響，我們2025年前九個月的營收為人民幣1.847億元（約2,590萬美元），下降了11%。2024 年頭九個月的收入成本為人民幣 1.082 億元或 1520 萬美元，增長 42.9%，主要原因是該期間對某些山寨幣礦機的過剩礦機庫存計提了減值準備。

Nine months 2025 total operating expenses were RMB97.6 million or $13.7 million, increased by 6%, primarily as a result of higher G&A and sales expenses. Nine months 2025 loss from operations was RMB21 million or $3 million compared to income from operations of RMB39.8 million. Our nine-month 2025 interest income was RMB8.6 million or $1.2 million, decreased from nine months 2024, mainly due to the cash used to acquire ETH-based cryptocurrencies.

2025 年頭九個月的總營運費用為人民幣 9,760 萬元或 1,370 萬美元，成長 6%，主要原因是管理費用和銷售費用增加。2025 年頭九個月的經營虧損為人民幣 2,100 萬元（300 萬美元），而經營收入為人民幣 3,980 萬元。2025 年頭九個月的利息收入為人民幣 860 萬元或 120 萬美元，較 2024 年前九個月有所下降，主要原因是現金用於購買基於 ETH 的加密貨幣。

For the nine-month period, we recorded a substantial gain in fair value of cryptocurrencies of about RMB79.3 million or $11 million, primarily a result of increased ETH holding by 3,117 units since the beginning of the year and an approximate increase of 21.4% in ETH price during the period. As a result, our net income for nine months 2025 was RMB78.7 million or $11 million compared to RMB38.7 million in nine months 2024.

在過去的九個月裡，我們記錄到加密貨幣公允價值大幅增長約人民幣7930萬元或1100萬美元，這主要是由於自年初以來ETH持有量增加了3117個單位，以及ETH價格在此期間上漲了約21.4%。因此，我們2025年前九個月的淨收入為人民幣7,870萬元（1,100萬美元），而2024年前九個月的淨收入為3,870萬元。

Our balance sheet remains clean and strong. As of September 30, 2025, our cash position which consisted of cash and cash equivalents, deposits and government securities listed in long-term investment and short-term investments was $66.5 million. We had current assets of $93.2 million, total assets of $160.6 million and total liability of just $5.6 million.

我們的資產負債表依然穩健良好。截至 2025 年 9 月 30 日，我們的現金部位（包括現金及現金等價物、存款及長期投資及短期投資項下的政府證券）為 6,650 萬美元。我們當時的流動資產為 9,320 萬美元，總資產為 1.606 億美元，總負債僅 560 萬美元。

I would now like to discuss recent developments as part of our long-term growth strategies before opening the floor for the questions. For 2026 and beyond, we -- our growth is centered on the development and the sale of Goldshell mining machines and our ETH accumulation and staking activities. Our ability to identify an execution on new altcoin projects and to introduce new and competitive altcoin mining machines is built up on a continuous commitment to invest in R&D.

在正式開放提問環節之前，我想先談談我們長期成長策略的最新進展。展望 2026 年及以後，我們的發展將以 Goldshell 礦機的開發和銷售以及我們的 ETH 累積和質押活動為中心。我們之所以能夠辨識新的山寨幣專案並推出具有競爭力的新型山寨幣挖礦機，是因為我們持續致力於研發投入。

Year-to-end, Intchains has invested approximately $9 million in R&D, underscoring our dedication to driving technological advancements and sustaining long-term growth. We view R&D not merely as cost, but as a core strategic pillar that enhances our competitiveness and responsiveness to evolving market dynamics. Through these efforts, we have successfully launched several key initiatives, which include the launch of new products and the implementation of continuous upgrades across our existing product line to enhance efficiency, performance and the user experience.

今年年底，Intchains 已在研發方面投入約 900 萬美元，這凸顯了我們致力於推動技術進步和維持長期成長的決心。我們視研發為一項核心策略支柱，它不僅是一項成本，更能增強我們的競爭力，並提高我們對不斷變化的市場動態的反應能力。透過這些努力，我們成功推出了幾項關鍵舉措，包括推出新產品和在我們現有產品線中實施持續升級，以提高效率、效能和使用者體驗。

Specifically, in February, we launched ALEO miner series service, which demonstrated our capability to deliver high-performance solutions tailored to emerging blockchain ecosystem. In March, we launched the Goldshell Byte, a dual mining machine that allows for the replacement of mining costs according to the market condition.

具體來說，今年 2 月，我們推出了 ALEO 礦機系列服務，證明了我們有能力提供為新興區塊鏈生態系統量身定制的高效能解決方案。今年三月，我們推出了 Goldshell Byte，這是一款雙挖礦機，可根據市場狀況更換挖礦成本。

In September 2025, we launched our first XTM mining service which compared -- which comprises of an XT BOX mining machines and XT CARD designed for our dual miner Goldshell Byte. The introduction of our new XTM miner series marks another milestone in our product road map, reinforcing our position in the forefront of the altcoin mining hardware industry and reflecting our ability to anticipate and meet the evolving needs of global miners. We expect the XTM miners to account for a meaningful revenue contribution in Q4 2025. In addition, we also added an AL CARD designed to mine altcoin into Goldshell -- to the Byte algorithm card portfolio, enabling Byte miner to seamlessly switch between mining of six cryptocurrency in total.

2025 年 9 月，我們推出了首個 XTM 挖礦服務，該服務由 XT BOX 挖礦機和專為我們的雙挖礦機 Goldshell Byte 設計的 XT CARD 組成。我們全新 XTM 系列礦機的推出標誌著我們產品路線圖上的另一個里程碑，鞏固了我們在山寨幣挖礦硬體行業的領先地位，並體現了我們預測和滿足全球礦工不斷變化的需求的能力。我們預計 XTM 礦機將在 2025 年第四季貢獻可觀的收入。此外，我們還為 Byte 演算法卡組合添加了一款 AL 卡，該卡旨在將山寨幣挖礦到 Goldshell 中，使 Byte 礦工能夠無縫切換總共六種加密貨幣的挖礦。

In December 2025, we expect to receive our test chips of our new Dogecoin mining machine and are planning for the launch of this new mining machine in the first half of 2026. We are optimistic that upon commercial launch, this new product will become a top-tier Dogecoin mining machine, further growing the market share of our Goldshell brand and contributing to our top line growth for fiscal year 2026.

預計在 2025 年 12 月，我們將收到我們新型狗狗幣礦機的測試晶片，並計劃在 2026 年上半年推出這款新型礦機。我們樂觀地認為，這款新產品一旦商業化推出，將成為頂級狗狗幣挖礦機，進一步擴大我們 Goldshell 品牌的市場份額，並為我們 2026 財年的營收成長做出貢獻。

Moving on to our ETH strategy. As of September 30, 2025, we had 9,919 ETH-based cryptocurrencies valued at approximately $37 million. While dollar cost averaging remains our long-term ETH acquisition strategy, we paused to purchase our ETH during Q3 due to a tactical funding allocation in response to the current market environment and currently do not plan to resume purchase activities in Q4. That said, we believe in the forward-looking asset appreciation potential of ETH and are actively exploring ways to enhance our ETH strategy to further unlock the value potential of our ETH position.

接下來談談我們的以太坊策略。截至 2025 年 9 月 30 日，我們擁有 9,919 種基於 ETH 的加密貨幣，價值約 3,700 萬美元。儘管美元成本平均法仍然是我們長期的 ETH 購買策略，但由於應對當前市場環境的戰術性資金分配，我們在第三季度暫停了 ETH 的購買，目前不打算在第四季度恢復購買活動。儘管如此，我們相信 ETH 具有前瞻性的資產增值潛力，並且正在積極探索加強我們 ETH 策略的方法，以進一步釋放我們 ETH 頭寸的價值潛力。

In July, we announced a partnership with FalconX, aiming to enhance ETH acquisition efficiently and explore potential return enhancements through a structured ETH yield strategy. The cooperation focused on two key aspects: optimizing ETH acquisition utilizing FalconX customized derivative-based trading strategies; and pursue yield generation through a combination of lending and derivative-based strategy with annualized yield reaching as high as 10%. As part of this strategy, during Q3, we initiated a stake in a portion of our ETH strategy holding, about 1,000 units of ETH or approximately 11.3% of our total ETH holding within FalconX.

7 月，我們宣布與 FalconX 建立合作夥伴關係，旨在提高 ETH 獲取效率，並透過結構化的 ETH 收益策略探索潛在的收益提升。此次合作主要集中在兩個方面：利用 FalconX 客製化的衍生性商品交易策略優化 ETH 取得；以及透過借貸和衍生性商品策略相結合的方式追求收益，年化收益率最高可達 10%。作為該策略的一部分，在第三季度，我們開始持有部分 ETH 策略持倉，約 1,000 單位 ETH，約占我們在 FalconX 中 ETH 總持倉的 11.3%。

With the goal of diversifying our ETH staking initiatives and in addition to our existing cooperation with FalconX to generate ETH return, we announced earlier today that the signing of definitive agreement to acquire a proof-of-stake technology platform, this transaction marks a significant step forward in expanding our blockchain infrastructure capability and strengthening our presence in the broader staking ecosystem. Through this acquisition, we are incorporating staking operations for four prominent blockchains, Ethereum, Avalanche, Manta and Conflux, which will further enhance our ability to provide a diversified, high-quality staking services and support the continued growth of our digital assets to operations. This acquisition positions us well to serve both individual and institutional crypto industries by creating ecosystem synergies through production-ready staking operations.

為了使我們的 ETH 質押計劃多樣化，並除了我們與 FalconX 現有的合作以產生 ETH 回報之外，我們今天早些時候宣布，已簽署最終協議收購權益證明技術平台。這項交易標誌著我們在擴展區塊鏈基礎設施能力和加強我們在更廣泛的質押生態系統中的地位方面邁出了重要一步。透過此次收購，我們將整合以太坊、Avalanche、Manta 和 Conflux 這四個主要區塊鏈的質押業務，這將進一步增強我們提供多元化、高品質質押服務的能力，並支持我們數位資產業務的持續成長。此次收購使我們能夠更好地服務個人和機構加密貨幣行業，透過生產就緒的質押業務創造生態系統協同效應。

By accelerating business expansion and leveraging established relationships with decentralized projects, we aim to explore new collaboration opportunities and further strengthen our position within the blockchain infrastructure ecosystem. We believe these business initiatives currently underway should drive tangible revenue growth and bottom-line improvements in 2026.

透過加速業務擴張並利用與去中心化專案的既有關係，我們旨在探索新的合作機會，並進一步鞏固我們在區塊鏈基礎設施生態系統中的地位。我們相信，目前正在進行的這些商業舉措將在 2026 年推動實際的收入成長和利潤改善。

With the addition of the new staking operations, we have further broadened our -- broadening and strengthening our service and product portfolio, solidifying our presence in next-generation blockchain infrastructure. As our blockchain ecosystem continues to expand, we are confident that Intchains is well positioned to capture sustainable growth opportunities and enhance its role as a versatile player in this innovative and emerging sector.

透過新增質押業務，我們進一步擴展了我們的服務和產品組合，鞏固了我們在下一代區塊鏈基礎設施領域的地位。隨著區塊鏈生態系統的不斷擴展，我們相信 Intchains 已做好充分準備，抓住永續成長機遇，並提升其作為這一創新新興領域中多功能參與者的地位。

With that, operator, let's open it up for questions. Thank you.

操作員，那麼，我們開始接受提問吧。謝謝。

(Operator Instructions) Mark Palmer, The Benchmark Company.

（操作說明）馬克·帕爾默，基準公司。

Yes. With regard to the Dogecoin launch in 2026, which is a big part of the company's growth strategy for next year, how should we think about the timing of that launch and then the timing of the rollout throughout the year?

是的。關於 2026 年狗狗幣的推出（這是公司明年成長策略的重要組成部分），我們應該如何看待此次推出的時間表以及全年推廣的時間表？

Yes. Thank you for the question, Mark. Yes, our 2026 growth will be driven by the new product launch, especially Dogecoin is a key factor of our -- key contribution of our 2026. Currently, our schedule is that we expect to receive the test chip within 2025. And with that, we will know the power efficiency of our Dogecoin mining machine. And then we will deeply assess and develop the new mining machine. Currently, our plan is that the mining machine will be launched in first half of 2026 and will contribute revenue in the second half of 2026. Thank you.

是的。謝謝你的提問，馬克。是的，我們 2026 年的成長將由新產品的推出推動，尤其是狗狗幣，它是我們 2026 年的關鍵因素和主要貢獻。目前，我們的計劃是預計在 2025 年內收到測試晶片。這樣一來，我們就能知道我們的狗狗幣挖礦機的能源效率了。然後我們將對新型採礦機進行深入評估和研發。目前，我們的計劃是礦機將於 2026 年上半年推出，並於 2026 年下半年開始產生收益。謝謝。

And one follow-up question. With the announcement of the acquisition of the staking platform from ECHOLINK, assuming that, that deal closes as expected, how are you thinking about the role that staking would play within your platform? And to what extent would this be a platform you'd be using for your own staking versus what you would be able to do with third-party customers?

還有一個後續問題。隨著收購 ECHOLINK 的質押平台的消息公佈，假設這筆交易按預期完成，您認為質押在您的平台中將扮演怎樣的角色？那麼，您會在多大程度上將此平台用於您自己的質押，又會在多大程度上用於您為第三方客戶進行的操作呢？

Yes. Yes. Thank you for your question. Yes, regarding the proof-of-stake platform acquisition, the transaction has not yet been closed, and we are still in the process of completing the required closing procedures. But that said, we have already done the preliminary work, mainly around the security assessment and the infrastructure validation and the total integration plan to ensure that once the deal closes, we can move quickly and in a disciplined manner.

是的。是的。謝謝你的提問。是的，關於權益證明平台收購事宜，交易尚未完成，我們仍在辦理必要的交割手續。但即便如此，我們已經完成了初步工作，主要圍繞安全評估、基礎設施驗證和整體整合計劃，以確保一旦交易完成，我們就能以嚴謹的方式迅速推進。

After the transaction is formally completed, we will provide a more detailed update to investors, yes, including our operational road map and the collaboration with third parties and the strategic goals we aim to achieve within the platform. But currently, what is confirmed that our Ethereum, our near 9,000 Ethereum units, will be staked in this platform to generate ETH.

交易正式完成後，我們將向投資者提供更詳細的更新信息，包括我們的營運路線圖、與第三方的合作以及我們希望在平台內實現的策略目標。但目前可以確定的是，我們的以太坊（近 9,000 個以太坊單位）將質押在這個平台上以產生 ETH。

Matthew Galinko, Maxim Group.

馬修‧加林科，馬克西姆集團。

Maybe firstly, if you can answer this now and maybe you'll have to wait until after the deal closes. But do you have any expectations on how you'll market the staking platform to customers? And do you think that would be branded under Goldshell or under its existing brand?

首先，或許你現在可以回答這個問題；或許你必須等到交易完成後才能回答。但您對如何向客戶推廣質押平台有什麼期待嗎？你認為這款產品會以 Goldshell 的品牌推出，還是會沿用其現有品牌？

Yes, we will the new platform under our own brand. Now currently, we have not decided we use Intchains or Goldshell or a totally new brand to run this operation. But we think we will choose a better way to run the business. As I just mentioned before, after the transaction is formally completed, we will provide a more detailed update to investors, including our road map. Yes.

是的，我們將以我們自己的品牌推出新平台。目前，我們尚未決定使用 Intchains、Goldshell 還是一個全新的品牌來經營這項業務。但我們認為我們會選擇更好的經營方式。正如我剛才提到的，交易正式完成後，我們將向投資者提供更詳細的更新信息，包括我們的路線圖。是的。

Got it. And as a follow-up, can you provide any help for 4Q R&D? Do you expect to be investing in the December quarter? Or is the number you reported in the third quarter a relatively good one to use for fourth quarter? It should be more like second quarter. Some kind of outlook for how we should be thinking about R&D for the balance of the year.

知道了。另外，您能否為第四季研發工作提供任何協助？您預計在12月季度會有投資嗎？或者說，您在第三季報告的數字對於第四季來說是否相對可靠？應該更像是第二季。對今年剩餘時間我們應該如何看待研發工作提出一些展望。

Yes. In the Q3, we have a new product launch. Our XTM miner is launched in Q4 and the R&D expense mainly occurred in Q3. And in Q4, currently, we did not expect some a new chip to [tape] out in this quarter. So we think Q4, R&D expense will decrease. And yes. And in the next year, 2026, we have some way to decrease the total R&D expenses. So once we have some updates, we will update to you. Thank you.

是的。第三季度，我們將推出一款新產品。我們的 XTM 礦機於第四季推出，研發費用主要發生在第三季。截至目前，第四季我們預計不會有任何新晶片在本季推出。因此我們認為第四季研發支出將會下降。是的。到明年，也就是 2026 年，我們將有一些方法降低研發總支出。一旦有任何更新，我們會立即通知您。謝謝。

(Operator Instructions) And I'm showing no further questions at this time. I would like to turn it back to Charles Yan for closing remarks.

（操作說明）目前我沒有其他問題要問。我謹將發言權交還給查爾斯·嚴，請他作總結發言。

Yes. Thank you, everyone, to joining us, and we are always open to a dialogue with investors. Please feel free to reach out to us or our Investor Relations firm, The Equity Group, for any additional questions. We look forward to speaking with you again on our next quarterly call. Thank you.

是的。感謝各位的參與，我們始終願意與投資人對話。如有任何其他疑問，請隨時聯絡我們或我們的投資者關係公司 The Equity Group。我們期待在下次季度電話會議上再次與您交流。謝謝。

Thank you. And this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。