Group 1 - Intchains Group Limited is engaged in providing altcoin mining products, acquiring and holding Ethereum-based cryptocurrencies, and developing innovative Web3 applications [2] - The Chief Financial Officer, Charles Yan, will participate in two investor conferences in December, allowing for one-on-one meetings with investors [1] - The Noble Capital Markets Annual Emerging Growth Equity Conference will take place on December 3, with ICG's main presentation scheduled for 2:30 pm ET [3] - The Benchmark Annual Discovery One-on-One Investor Conference is set for December 4 at the New York Athletic Club [3]

Core Insights - ICG and Amundi have formed a long-term strategic partnership aimed at developing private market products targeted at wealth investors, leveraging ICG's investment expertise and Amundi's distribution capabilities [1][2][4] Partnership Details - The initial focus will be on creating two European evergreen funds in private equity secondaries and private debt, with plans to expand the range of investment strategies over time [2] - Amundi intends to acquire a 9.9% non-dilutive economic interest in ICG, reinforcing the strategic alignment of the partnership [3][11] - The partnership includes a Master Commercial Agreement with an initial term of 10 years, allowing for a rolling 5-year renewal [10][29] Strategic Goals - The collaboration aims to enhance ICG's access to the wealth channel, complementing its existing institutional offerings [3][4] - Amundi will act as the exclusive global distributor for ICG's evergreen and certain other products, while ICG will provide these products to Amundi's distribution business [5][6] Market Positioning - This partnership aligns with Amundi's strategic priorities to strengthen its leadership in the private assets market, catering to the growing demand for diversification and long-term savings among wealth investors [7][8] - The partnership is expected to drive significant growth in assets under management for ICG, benefiting shareholders [2][8] Governance and Shareholding - Amundi will have the right to nominate a non-executive director to ICG's Board, subject to certain conditions [26] - The structure of the shareholding includes provisions to ensure that Amundi's stake does not dilute existing shareholders, including a share buyback of approximately 5.26% of ICG's issued share capital [15][18] Company Background - ICG is a global alternative asset manager with $124 billion in assets under management, specializing in various investment strategies [32] - Amundi is a leading European asset manager, managing over €2.3 trillion in assets, and aims to provide a comprehensive range of investment solutions [34]

Core Insights - The company has demonstrated strong client demand and investment performance, leading to significant growth in assets under management (AUM) and fee income [3][4][9] Financial Performance - AUM increased to $124.3 billion, representing a 14% year-on-year growth, while fee-earning AUM rose to $83.8 billion, up 12% [8][9] - Management fee income reached £333.6 million, a 16% increase compared to the previous period, with performance fee income rising to £97.6 million [10][41] - Group profit before tax was £351.6 million, a 77% increase year-on-year, with earnings per share rising to 102.8p, up 78% [10][27] Fundraising and Deployment - The company raised $9 billion in the half-year, driven by European IX and European Infrastructure II funds [9][11] - Deployment of funds totaled $6.1 billion, with realisations amounting to $3.9 billion [11] Strategic Partnerships - A long-term strategic partnership with Amundi was announced to enhance the development and distribution of private market products targeted at wealth investors [6][9] Medium-term Guidance - The company aims to raise at least $55 billion in aggregate fundraising between April 2024 and March 2028, with an operating margin target exceeding 54% [12] Business Activity Overview - Structured Capital and Secondaries raised $4.0 billion, while Real Assets raised $3.3 billion, indicating strong fundraising activity across various strategies [11][31] - The effective management fee rate on fee-earning AUM was 0.98%, reflecting a stable fee structure [41] Investment Company Overview - The Investment Company focuses on seeding new strategies and investing alongside established strategies to align interests among shareholders, clients, and employees [47]

Core Viewpoint - Chinese concept stocks experienced significant gains, with notable increases in share prices for several companies on November 18. Group 1: Stock Performance - CongChain Group (ICG) saw a rise of 32.38%, closing at 1.390, with a trading volume of 2.8959 million [1] - Burning Rock Medical (BNR) increased by 30.15%, closing at 15.280, with a trading volume of 2.4965 million [1] - Intelligent Global Technology (CGT) rose by 20.70%, closing at 0.8086, with a trading volume of 12.696 million [1] - Conade Bio (CNTB) experienced a gain of 17.45%, closing at 2.490, with a trading volume of 5.4173 million [1] - CTRL Group (MCTR) increased by 17.02%, closing at 1.1000, with a trading volume of 0.1421 million [1]

Financial Data and Key Metrics Changes - Q3 2025 revenue decreased to RMB 9.1 million due to lower sales of mining machines, resulting in an operational loss of RMB 41.8 million [4] - Nine months 2025 revenues were RMB 184.7 million, a decrease of 11% compared to the same period in 2024 [6] - Nine months 2025 loss from operations was RMB 21 million, compared to income from operations of RMB 39.8 million in the same period of 2024 [7] - Net income for nine months 2025 was RMB 78.7 million, an increase from RMB 38.7 million in nine months 2024 [7] - As of September 30, 2025, cash position was $66.5 million, with total assets of $160.6 million and total liabilities of $5.6 million [8] Business Line Data and Key Metrics Changes - Cryptocurrency mining machines remain the primary revenue contributor, accounting for the entirety of total net revenue [4] - The company experienced a decrease in revenue due to the transition of the Aleo Miner series project into a stable stage, leading to softer demand [4][5] - Nine months 2025 cost of revenue increased by 42.9% to RMB 108.2 million, impacted by impairment charges against excess mining machines inventory [6] Market Data and Key Metrics Changes - The cryptocurrency and mining machine industry is characterized by cyclical volatility, affecting quarterly performance [4][5] - The company’s results are better measured on a year-to-date basis due to the lack of fixed seasonal patterns in crypto projects [5] Company Strategy and Development Direction - The company’s growth strategy for 2026 and beyond focuses on the development and sale of Gold Shield mining machines and ETH accumulation [8] - A commitment to R&D is emphasized, with approximately $9 million invested year-to-date to drive technological advancement [9] - New product launches, including the XTM mining series and the Dogecoin mining machine, are expected to contribute significantly to revenue in 2026 [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic market environment and the need for agility and innovation to capture emerging trends [5] - The company is optimistic about the potential of new product launches and strategic partnerships to drive growth [12][14] - The acquisition of a proof-of-stake technology platform is seen as a significant step to enhance blockchain infrastructure capabilities [13][14] Other Important Information - The company has initiated staking a portion of its ETH treasury holding with FalconX, aiming to diversify ETH staking initiatives [12] - The partnership with FalconX focuses on optimizing ETH acquisition and pursuing yield generation strategies [12] Q&A Session Summary Question: Timing of Dogecoin launch in 2026 - The Dogecoin mining machine is expected to be launched in the first half of 2026, contributing revenue in the second half of 2026 [16] Question: Role of staking platform post-acquisition - The acquisition of the staking platform is still in process, with preliminary work ongoing to ensure a smooth integration once completed [17] Question: Marketing strategy for the staking platform - The new staking platform will be branded under the company's own brand, with decisions on the specific branding still to be made [19] Question: R&D investment outlook - R&D expenses are expected to decrease in Q4 2025, with no new chip launches anticipated in that quarter [20]

Financial Performance (Q3 2025 vs Q3 2024) - Revenue decreased to RMB 9.1 million ($1.3 million) from RMB 60.3 million due to market cyclicality and softer demand[16] - Net income increased significantly to RMB 74.4 million ($10.5 million) from RMB 3.2 million, primarily due to gains on fair value of cryptocurrency holdings related to a ~67.5% increase in ETH price[16] Financial Performance (9M 2025 vs 9M 2024) - Revenue decreased to RMB 184.7 million ($25.9 million) from RMB 207.6 million, affected by market cyclicality in Q3, offset by strong ALEO miner sales in Q1[16] - Net income increased to RMB 78.7 million ($11.1 million) from RMB 38.7 million, driven by gains on fair value of cryptocurrency holdings related to a ~21.4% increase in ETH price and a 3,117 unit increase of ETH holdings[17, 18] Investments and Assets - R&D investments totaled RMB 64.2 million ($9.0 million), focused on developing new mining machines and upgrading existing ones[19] - Cash position as of September 30, 2025, was RMB 473.6 million ($66.5 million), including cash, equivalents, deposits, and government securities[19] - Total current assets were RMB 663.5 million ($93.2 million), and total assets were RMB 1,143.0 million ($160.6 million) as of September 30, 2025[22] ETH Accumulation and Staking - The company held 8,819 units of ETH, valued at RMB 262.8 million as of September 30, 2025[23] - 1,000 units of ETH, approximately 11.3% of total ETH holdings, were staked on the FalconX platform to generate yields[23] - Intchains plans to acquire a Proof-of-Stake (PoS) platform for $1.3 million to enhance ETH yield through diversified staking[24, 25]

Core Insights - Intchains Group Limited has initiated ETH staking with FalconX, starting with 1,000 ETH, as part of its strategy to enhance its cryptocurrency staking business and maximize returns on its ETH treasury [1][7][11] Financial Highlights Q3 2025 Financial Results - Revenue for Q3 2025 was RMB 9.1 million (US$ 1.3 million), a significant decrease of 84.8% from RMB 60.3 million in Q3 2024, primarily due to cyclical market fluctuations and reduced demand for mining machines [9][15] - The company reported a loss from operations of RMB 41.8 million (US$ 5.9 million) compared to an income of RMB 16.2 million in the same period last year [18] - Net income increased to RMB 74.4 million (US$ 10.5 million), a 2258.4% rise from RMB 3.2 million in Q3 2024, largely due to a gain of RMB 107.2 million (US$ 15.1 million) from the change in fair value of cryptocurrencies, attributed to a 67.5% increase in ETH prices [22][20] 9M 2025 Financial Results - Revenue for the first nine months of 2025 was RMB 184.7 million (US$ 25.9 million), down 11.0% from RMB 207.6 million in the same period of 2024 [26] - The company experienced a loss from operations of RMB 21.0 million (US$ 3.0 million) compared to an income of RMB 39.8 million in 2024 [30] - Net income for 9M 2025 was RMB 78.7 million (US$ 11.1 million), up from RMB 38.7 million in the same period of 2024 [34] Operational Highlights - The company has focused on developing new mining products, including the XT BOX home miner and XT CARD for dual-mining, which have received positive customer feedback [6][8] - Intchains has paused the purchase of ETH-based cryptocurrencies during the quarter to manage capital effectively, but remains committed to its long-term dollar-cost averaging strategy [7][11] - The acquisition of a Proof-of-Stake technology platform for $1.3 million is expected to enhance the company's staking capabilities across multiple blockchains, including Ethereum, Avalanche, Manta, and Conflux [5][11] Strategic Initiatives - The company plans to leverage both the FalconX platform and the newly acquired PoS platform to stake the majority of its ETH holdings, aiming to generate additional returns [7][11] - Looking ahead to 2026, the growth strategy will focus on hardware development and digital asset accumulation, including the launch of a new DOGE mining product [8][10]

Financial Performance - Q3 2025 revenue was RMB9.1 million (US$1.3 million), a decrease of 84.8% from RMB60.3 million in Q3 2024[16] - Loss from operations for Q3 2025 was RMB41.8 million (US$5.9 million), compared to income of RMB16.2 million in Q3 2024[19] - Net income for Q3 2025 increased by 2258.4% to RMB74.4 million (US$10.5 million) from RMB3.2 million in Q3 2024[23] - Non-GAAP adjusted net income for Q3 2025 was RMB76.7 million (US$10.8 million), compared to RMB6.4 million in Q3 2024[25] - Revenue for the first nine months of 2025 was RMB184.7 million (US$25.9 million), a decrease of 11.0% from RMB207.6 million in the same period of 2024[28] - Net income was RMB78.7 million (US$11.1 million) for 9M 2025, compared to RMB38.7 million for the same period of 2024[37] - Non-GAAP adjusted net income was RMB85.1 million (US$12.0 million) for 9M 2025, up from RMB45.7 million for the same period of 2024[38] - The company reported a net income of RMB 78,687 for the nine months ended September 30, 2025, compared to RMB 38,716 in 2024, representing a growth of 103%[50] Expenses and Costs - Cost of revenue for 9M 2025 was RMB108.2 million (US$15.2 million), an increase of 42.9% from RMB75.7 million in 9M 2024[29] - Total operating expenses for 9M 2025 were RMB97.6 million (US$13.7 million), an increase of 5.9% from RMB92.1 million in 9M 2024[30] - Research and development expenses remained steady at RMB64.2 million (US$9.0 million) for 9M 2025, compared to RMB63.6 million for the same period of 2024[34] - Sales and marketing expenses increased by 20.3% to RMB6.7 million (US$0.9 million) for 9M 2025 from RMB5.6 million for the same period of 2024[34] - General and administrative expenses increased by 15.7% to RMB26.6 million (US$3.7 million) for 9M 2025 from RMB23.0 million for the same period of 2024[34] - Operating expenses increased to RMB 97,577, up 6% from RMB 92,138 in 2024, with research and development expenses remaining relatively stable[50] Cryptocurrency and Investments - Change in fair value of cryptocurrencies resulted in a gain of RMB107.2 million (US$15.1 million) in Q3 2025, compared to a loss of RMB13.1 million in Q3 2024[21] - The change in fair value of cryptocurrencies resulted in a gain of RMB79.3 million (US$11.1 million) for 9M 2025, compared to a loss of RMB7.9 million for the same period in 2024[35] - The company initiated ETH staking with FalconX, deploying 1,000 ETH, which is 11.3% of its total ETH treasury holdings[10] - The acquisition of a Proof-of-Stake platform for $1.3 million is expected to enhance the company's cryptocurrency staking business[10] - The company held a total cryptocurrency market value of approximately USD 23,528,521 as of September 30, 2025[56] - The average cost per unit of Bitcoin held was USD 103,296, with a highest market price of USD 124,533 during the quarter[56] Shareholder Information - Basic and diluted net income per ordinary share were both RMB0.65 (US$0.09) for 9M 2025, compared to RMB0.32 for the same period of 2024[39] - Total assets increased to RMB1,142.97 million (US$160.55 million) as of September 30, 2025, from RMB1,089.51 million as of December 31, 2024[48] - Total shareholders' equity rose to RMB1,102.83 million (US$154.91 million) as of September 30, 2025, compared to RMB1,013.07 million as of December 31, 2024[48] - The weighted average number of shares used in the basic net income per share calculation was 120,740,661 for the nine months ended September 30, 2025[50] Interest Income - Interest income decreased by 30.9% to RMB8.6 million (US$1.2 million) for 9M 2025 from RMB12.5 million for the same period of 2024[32] - The company’s interest income decreased to RMB 8,602 for the nine months ended September 30, 2025, down from RMB 12,457 in 2024[50]

Core Viewpoint - Intchains Group Limited has signed a definitive agreement to acquire a Proof-of-Stake technology platform for $1.3 million, enhancing its capabilities in the blockchain space and positioning the company for growth in decentralized finance [1][2]. Group 1: Acquisition Details - The acquisition involves a PoS technology platform currently operated by DxPool, which will be rebranded under Intchains after the acquisition [1]. - The acquisition is expected to close in approximately 30 business days, contingent on meeting relevant closing conditions, and will not include any of the seller's debts or liabilities [1]. - The target consists primarily of intangible assets, including systems, technological infrastructure, and existing customer relationships necessary for staking operations [3]. Group 2: Strategic Importance - This acquisition represents a strategic step for Intchains to build long-term shareholder value by expanding into high-margin, technology-driven services to meet the growing demand for cryptocurrency staking [2]. - The addition of the PoS platform will diversify Intchains' technology offerings and contribute to its business ecosystem, which includes altcoin mining and Web3 application development [4]. Group 3: Future Plans - Upon completion of the acquisition, Intchains plans to leverage the new PoS platform alongside its existing FalconX platform to stake a significant portion of its ETH holdings, which currently includes 1,000 ETH, representing approximately 11.3% of its total ETH treasury [5]. - The company aims to maximize staking returns and diversify its ETH holdings as part of its treasury yield-generating strategy [5]. Group 4: Leadership Perspective - The Chairman and CEO of Intchains emphasized that the acquisition aligns with the company's strategy to expand its presence in next-generation blockchain infrastructure and enhances its technological capabilities [6].

Core Viewpoint - Intchains Group Limited will release its financial results for the third quarter and nine-month periods ended September 30, 2025, on November 13, 2025, after market close [1]. Financial Results Announcement - The financial results will be discussed in a conference call scheduled for 8:00 pm U.S. Eastern Time on November 13, 2025, which corresponds to 9:00 am Beijing Time on November 14, 2025 [2]. Contact Information - For inquiries, Intchains Group Limited provides contact details for its Investor Relations team, including email addresses and phone numbers for both the company and The Equity Group [6].