Intchains (ICG) 2026年上半年业绩电话会：新款ASIC预计第四季度发布

核心要点

• 智金科技（Intchains Group Limited）公布2026年上半年营收为1110万元人民币，主因周期性需求持续疲软以及2月份宣布的中国矿机销售限制对业务造成了影响。
• 总运营费用为4200万元人民币。普通股每股基本及摊薄净亏损为1.22元人民币。
• 期末现金及现金等价物、存款和政府债券总额为4.61亿元人民币，使公司能够利用自有资金推进下一代矿机ASIC项目。
• 智金科技于7月完成了下一代矿机ASIC的流片。管理层计划在2026年第四季度实现商业化推出，预计下半年将贡献小幅收入，并在2027财年做出更显著的贡献。
• 截至6月30日，公司通过重组、剥离非核心芯片业务以及扩大AI工具的使用，实现了约2310万元人民币的年化人工成本节省。
• 董事会批准了一项为期两年、最高1500万美元的ADS回购计划，资金来源于现有现金。

关键财务数据

业务与运营表现

下一代矿机ASIC在7月流片后，已从设计完成阶段进入制造阶段。工程样片和实验室验证正在进行中，涵盖针对内部基准的性能、可靠性和散热测试。

在成功通过验证的前提下，智金科技计划在2026年第四季度通过其金贝（Goldshell）矿机系列商业化推出之前，启动初始产能爬坡和系统级集成。该芯片采用成熟工艺，旨在为散户和专业矿工在效率、可靠性和供应可用性之间取得平衡。

管理层预计新产品将扩大公司的目标市场，并支持未来的系统及服务产品。管理层还预计，如果加密货币市场复苏，现有产品线也将做出贡献，并指出由于流片工作已经完成，可以快速下单订购额外的晶圆。

智金科技还在评估与AI相关的增长机会，包括潜在的收购，这可能会将其定制ASIC设计和硬件集成能力拓展至AI计算领域。这些计划目前仍处于早期阶段。

公司表示，截至2026年8月20日，已有4,556枚ETH用于质押。其中包括通过Goldshell质押平台存入、等待验证激活的3,556枚ETH，以及在Falcon X平台上质押的1,000枚ETH。

管理层业绩指引

管理层计划于2026年第四季度商业化推出新款矿机ASIC。预计该产品将在2026年下半年产生小幅收入，随着量产和商业化加速，将在2027财年做出更显著的贡献。

对于2027年，管理层表示预计新产品的收入将超过2024年和2025年周期所达到的水平。首席财务官还表示，2027年可能是公司五年期内表现最强的一年，不过并未提供具体的量化收入预测。

智金科技计划在2026年剩余时间内继续执行严格的成本控制举措。公司打算保留现有的ETH储备并获取质押收益，同时将可用现金优先用于研发、矿机运营和AI计划，而不是额外购买ETH。

风险与关注事项

• 上半年矿机需求持续处于周期性疲软状态，而中国市场的销售限制则构成了额外的逆风。
• 第四季度ASIC的推出取决于芯片验证、测试、产能爬坡和系统集成的成功。
• 管理层将当前的加密货币环境描述为熊市。如果市场未能复苏，新款ASIC预计将成为主要的收入驱动力。
• AI计划和潜在的收购项目仍处于评估阶段。其时间表、资金需求和潜在的收入贡献目前尚无法估计。
• 公司2027年的前景部分取决于新ASIC的成功商业化，而对于传统产品而言，则取决于加密货币价格和挖矿需求的复苏。

分析师问答环节亮点

在资本配置方面，管理层表示公司将利用现有现金为1500万美元的股票回购计划提供资金，同时保持对ASIC流片、库存和产品销售的正常支出。可能开展的AI项目或收购的资金需求将因机会而异，目前尚未量化。

关于ETH储备，管理层表示目前没有出售ETH的计划。目前的策略是利用矿机销售产生的利润来购买潜在的ETH，而不是投入更多现有现金。

关于竞争，管理层表示与新ASIC所针对的加密货币相关的竞争并不激烈，并有信心该产品将提供领先的性能。公司在电话会议期间未透露该加密货币的具体名称。

管理层预计，如果加密货币市场保持疲软，新ASIC将贡献大部分收入。如果狗狗币和Aleo的价格复苏，之前的产品线也可能做出贡献，因为智金科技可以向其代工合作伙伴追加晶圆订单。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Thank you for standing by. My name is Priscilla, and I will be your conference operator today. At this time, I would like to welcome everyone to the IC Group Limited First Half 2026 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Alice Zhang with Equity Group. Please go ahead.

Alice Zhang

Thank you, operator. Good evening to everyone. Welcome to Intchains' First Half 2026 Earnings Conference Call. 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, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from those 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.

Please refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in the earnings press release. The webcast replay of this conference call will be available on the Intchains' website at www.ir.inxen.com. It is my pleasure to introduce Ychen's CFO, Mr. Charles Yan, who will provide an overview of first half 2026 financial results and the company's business strategy and focus for the remainder of the year before opening the floor for questions. Charles, please go ahead.

Chaowei Yan

Thank you, Alice, and welcome, everyone. Let me start with a quick look at our first half 2026 results. The period reflected continued cyclical softness in outgoing demand, which was also impacted by the PRC mining machine sales restrictions announced in February. Revenue was RMB 11.1 million and total operating expenses were RMB 42 million with a basic and diluted net loss per ordinary share of RMB 1.22. We ended the period with RMB 461 million in cash and cash equivalents, deposits and government securities.

Our balance sheet that has allowed us to fund our next-generation chip program entirely from internal resources. Now turning into the remainder of 2026. Our progress on new product development and where we are taking the business from here. We entered this cycle with a deliberate choice, keep funding our next-generation mining ASIC development through a weaker demand environment so that we'll be ready with new products when the market turns, and that decision is now paying off.

In July, we successfully completed the tape-out of our new next-generation mining ASIC, a major technical milestone that keeps us on track for commercial launch in Q4 2026. This chip is architected specifically to optimize performance, balancing efficiency, reliability and supply availability using a mature process and is designed to improve unit economics and returns on invested capital for retail and professional miners.

The successful tape-out transitions the ASIC project from design completion to the start of the manufacturing process and sets the stage for silicon validation, followed by mass production and official commercial launch. With our capital and R&D intensive phase of this ASIC chip development now complete, the company has initiated engineering sample production and laboratory validation, including performance, reliability and thermal testing against internal benchmarks.

Subject to successful validation, Intchains expects to commence initial production ramp and system-level integration in advance of a planned commercial launch targeted for Q4. Once launched through the sales of our Goldshell Miner series, we believe it will broaden our addressable market across retail and professional miners, enhance the competitiveness of our hardware portfolio and unlock new revenue streams through future system and service offerings.

Looking into the second half, we believe we are moving quickly to capture the opportunities ahead. Our mining -- our new mining assets is expected to begin contributing a modest revenue in H2 2026, building a far more meaningful impact in fiscal 2027 as commercialization accelerates.

Longer term, we believe that this platform further strengthens our position as a leading active supplier of purpose-built mining ASIC systems, driving superior operational efficiency for our customers and advancing a more sustainable approach to proof-of-work infrastructure. It's a core part of our strategy to build a more resilient, diversified revenue base.

Beyond this new project, we are also in the early stages of evaluating new growth opportunities in artificial intelligence, including potential acquisitions that would extend our core competencies in custom ASIC design and hardware systems integration into AI-enabled computing applications. Our goal is to reduce reliance on cryptocurrency market cycles over time and to position Intchains in a higher-value computing market adjacent to our existing hardware expertise. This work is still in early stages, and we look forward to share more details as our plans develop.

On the cost side, we continued to make progress on our cost optimization efforts. As of June 30, 2026, we had realized approximately RMB 23.1 million in annualized labor cost savings through our organizational restructuring. The divestiture of our noncore chip-related business and expanded use of AI-enabled tools across our business operations. We expect to continue these cost disciplined initiatives throughout the remainder of the year. On our ETH treasury holdings, as of June 30, 2026, the fair value of our cryptocurrency assets, excluding stablecoins such as USDC and USDT was RMB 98.9 million, including approximately 9,176 ETH.

As of August 20, 2026, the company's total units of ETH stated were 4,556 with 3,556 ETH deposited through our Gold Shield staking platform pending validation activation and 1,000 ETH stakes on Falcon X platform. Going forward, we expect to maintain a prudent ETH treasury and staking position, preserving our existing treasury holdings and continue generating staking yields while prioritizing capital allocation towards our next-generation AI program and the new AI initiatives over additional ETH accumulation.

We also announced today that our Board of Directors had approved a share repurchase program, under which we may repurchase up to $15 million of our ADS over the next 2 years, funded from our existing cash balance. We believe that this program reflects our confidence in Intchains's long-term strategic direction and our commitment to creating value for shareholders. And it's consistent with our disciplined approach to capital allocation, balancing returns to shareholders with continued investment in our next-generation ASIC and new AI initiatives.

Looking ahead to second half of 2026, while we expect continued market headwinds, we will remain focused on disciplined execution, commercializing our new ASIC prioritizing cost optimization and advancing our evaluation of AI-related growth opportunities. We believe these initiatives will position Intchains for a more diversified and resilient business over the long term. With that, operator, let's open it up for questions.

Operator

[Operator Instructions] Your first question comes from the line of Mark Palmer with The Benchmark.

分析师问答

Mark Palmer

Just you announced the new share repurchase program and also discussed ongoing R&D activities as well as the potential for M&A, especially focused on AI and AI-driven businesses. Can you talk a bit about what your capital allocation priorities are? And more broadly, what your capital allocation strategy looks like going forward?

Chaowei Yan

Firstly, for the share repurchase program, we planned $15 million for the share repurchase program. And for the R&D or R&D in current asset, we will handle this as usual. We will do the tape-out and buy the inventory and then sell them. So the capital cost of the current business, it will be -- remain the same with our prior projects. And finally, for the AI initiatives and M&A, it will depend on -- it all depends on the project we engaged. Currently, we have several projects to assess and every project has a different capital requirement. So currently, for the AI part, we cannot give accurate estimation. Thank you.

Mark Palmer

Yes. And a follow-up question, please. Charles, you made reference to the fact that you're anticipating that there will be a pickup in the impact from the newly developed ASIC product in 2027.

Can you talk a bit about how you're currently thinking about 2027, particularly with regard to the diversification of revenue that you made reference to reducing reliance on crypto cycles? And also, what should we be watching for over the next few quarters in terms of milestones or signs of your progress?

Chaowei Yan

Firstly, our next milestone of the product is the product launch, it will be happening in Q4 2026. And it will contribute some revenue for the second half, but it will not be very big. But for the 2027, the whole product will be -- the whole mass production will be on track. So in 2027, our expectation is the revenue will be better than the last cycle. And last cycle, I mean, maybe 2025 and 2024.

So -- and this is our business basic. And in addition, for other revenue or other revenue base, we will continue to state ease and will contribute meaningful revenue compared with this year and last year. And finally, the AI initiatives, if it has some meaningful process, it will also contribute additional revenue. I think the -- in current stage, I think we cannot estimate the current figure of that part. But I believe the 2027 will be a good year or the best year among 5 years of the company.

Operator

And your next question comes from the line of Matthew Galinko with Maxim Group.

Matthew Galinko

Maybe firstly, can you -- just given the environment we've been in for crypto, can you discuss any changes you're seeing in competition in the ASIC design business?

Chaowei Yan

Currently, what I can say now is that our new next-generation ASIC, the foundation of this new cryptocurrency is very good and the competition of this new cryptocurrency is not intense. We may not the first one entering into that area, but we believe that our products have a leading performance among all competitors. And I think we are very confident on this new asset or new mining machine for the for this new co and for 2027.

And on the other hand, I think the crypto environment currently, it has some soft demand issues. And now I think for the second half and next year, the market will recover and together with our business and our revenue and the ETH price. This is all our company -- all our company's business, yes.

Matthew Galinko

Great. And I guess as a follow-up to drill a little bit more into the capital allocation decisions. How do you view your ETH Treasury holdings in respect to other investment opportunities, including M&A, additional ASIC development if you see opportunities? Is the are treasury holdings potentially convertible into cash for M&A or other initiatives if it suits? Or do you intend to hold that as a fixed asset and not really consider it as part of the -- any kind of spend?

Chaowei Yan

I think we will not sell ETH firstly. And -- but we're using our own fund to buy ETH. So if we did not generate operating cash, it's difficult for us to pay, pay more money on it. So our current strategy is to sell mining machine and obtain profit and use that profit to buy the ETH.

So for the capital allocation, if we will not use the -- we will not further use current cash to buy ETH, but but this is our current strategy. I cannot ensure we will -- if we will change in the future. But currently, we are using this strategy. Our current cash will used in R&D, mining machine sales, current business and AI initiatives. Thank you.

Matthew Galinko

And maybe last question for me. In addition to the new machine that you're rolling out in Q4 and you expect to contribute to 27. Do you expect any -- if we get a recovery in the crypto market, do you expect to have decent contribution from other products in your portfolio? Or do you think that 27% is going to be just predominantly driven by the new launch?

Chaowei Yan

I think if the, currently -- if the -- now currently, cryptocurrency is in the bear market. So if the market did not recover, if the market did not recover, I think we can -- our main product is this new product -- our main revenue will come from -- contributed by this new product.

But if the market recovers, the all the price, the Dogecoin price, the Aleo coin price recover, then we will have another other contributions from the prior product line because we have finished the tape-out. So it's very quick for us to order more wafer from our fab.

Operator

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

Chaowei Yan

Yes. Thanks again to all of you for joining us. We are always open to a dialogue with investors. Please feel free to reach out to us or to our Investor Relations firm, -- the Equity Group for any additional questions. We look forward to speaking with you all again on our next call. Thank you.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.