Intchains (ICG) 2026 年上半年法說會：新款 ASIC 瞄準第四季推出

重點摘要

• Intchains Group Limited 公佈 2026 年上半年營收為 1,110 萬元人民幣，主要歸因於週期性需求持續疲軟，以及 2 月宣告的中國礦機銷售限制措施對業務造成影響。
• 總營運費用為 4,200 萬元人民幣。每股普通股基本與稀釋淨虧損為 1.22 元人民幣。
• 期末現金及現金等價物、存款與政府債券總計 4.61 億元人民幣，使公司能以內部資金支援其下一代礦機 ASIC 計畫。
• Intchains 已於 7 月完成其下一代礦機 ASIC 的投片 (tape-out)。管理層目標於 2026 年第四季商業化推出，預計下半年貢獻適度營收，並於 2027 財年帶來更顯著的貢獻。
• 截至 6 月 30 日，公司透過重組、出售非核心晶片業務以及增加 AI 工具的使用，實現了約 2,310 萬元人民幣的年化勞動成本節省。
• 董事會已授權一項為期兩年、金額最高達 1,500 萬美元的 ADS 庫藏股買回計畫，資金來源為現有現金。

關鍵財務數據

業務與營運表現

下一代礦機 ASIC 在 7 月完成投片後，已從設計階段進入製造階段。工程樣品與實驗室驗證正在進行中，涵蓋對照內部基準的效能、可靠性與熱測試。

在成功通過驗證的前提下，Intchains 計劃透過其 Goldshell Miner 系列產品，在 2026 年第四季商業化上市前，啟動初期產能提升與系統級整合。該晶片採用成熟製程，旨在為零售及專業礦工取得效率、可靠性與供應可用性之間的平衡。

管理層預計新產品將擴大公司的可服務市場，並支援未來的系統與服務供應。管理層亦預期，若加密貨幣市場回溫，現有產品線將能做出貢獻，並指出因投片工作已完成，可快速下單追加晶圓。

Intchains 亦在評估 AI 相關的成長機會，包括潛在的併購，這可能將其客製化 ASIC 設計與硬體整合能力拓展至 AI 運算領域。這些倡議目前仍處於早期階段。

公司表示，截至 2026 年 8 月 20 日，已有 4,556 枚 ETH 用於質押。其中包括透過 Goldshell 質押平台存入、等待驗證啟動的 3,556 枚 ETH，以及在 Falcon X 平台上質押的 1,000 枚 ETH。

管理層展望

管理層將新型礦機 ASIC 的商業化推出目標定於 2026 年第四季。該產品預計於 2026 年下半年產生適度營收，隨後隨著量產與商業化加速，將在 2027 財年帶來更顯著的貢獻。

針對 2027 年，管理層表示預計新產品的營收將超越 2024 年與 2025 年週期的水準。財務長亦表示，2027 年可能是公司五年期內表現最強勁的一年，但並未提供具體的定量營收預測。

Intchains 計劃在 2026 年剩餘時間內繼續實施成本紀律措施。公司打算保留現有的 ETH 儲備並獲取質押收益，同時優先將可用現金用於研發、礦機營運及 AI 倡議，而非額外購買 ETH。

風險與關注焦點

• 上半年礦機需求持續處於週期性疲軟狀態，而中國的銷售限制措施則構成了額外的逆風。
• 第四季 ASIC 的推出取決於晶片驗證、測試、產能提升及系統整合的成功。
• 管理層將目前的加密貨幣環境描述為熊市。在沒有復甦的情況下，新型 ASIC 預計將成為主要的營收驅動力。
• AI 倡議與潛在併購仍處於評估階段。其時間點、資金需求及潛在營收貢獻目前尚無法估計。
• 公司對 2027 年的展望部分取決於新型 ASIC 的成功商業化，以及對於舊款產品而言，加密貨幣價格與挖礦需求的復甦。

分析師問答重點

在資本配置方面，管理層表示公司將以現有現金支應 1,500 萬美元的股票買回計畫，同時維持 ASIC 投片、庫存及產品銷售的正常支出。可能進行的 AI 專案或併購之資金需求將因機會而異，目前尚未予以量化。

關於 ETH 儲備，管理層表示目前沒有出售 ETH 的計劃。目前的策略是利用礦機銷售產生的利潤來進行潛在的 ETH 購買，而不是動用額外的現有現金。

在競爭方面，管理層表示新型 ASIC 所針對的加密貨幣競爭並不激烈，並信心滿滿地表示該產品將提供領先的效能。公司在電話會議中並未透露該加密貨幣的具體名稱。

管理層預計，若加密貨幣市場維持疲軟，新型 ASIC 將主導營收。若狗狗幣 (Dogecoin) 和 Aleo 價格回升，先前的產品線亦可能帶來貢獻，因為 Intchains 可向其晶圓代工夥伴追加晶圓訂單。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.