Intchains Group Limited

The grade, in three tenses

Headline 4.2 out of ten, 7 of 9 metrics filed and 2 estimated: past 5.3 out of ten, present 4.0 out of ten, future 3.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2022. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.0 out of ten. +32.3% a year over 6 filed years; profitable in 4 of 6. 39th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 4.7 out of ten. CrossAssetData estimate 4.7/10, confidence 35 of 100 (one part). 47th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 4.8 out of ten. ROE -5%: lost 5¢ per shareholder dollar. Leverage 4%: owes 4¢ per asset dollar. 48th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 2.0 out of ten. bottom 20% of 97 in its family; net margin -21.5%. 20th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 4.3 out of ten. bottom 43% of 94 in its family for room to expand. 43rd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.5 out of ten. bottom 35% of 93 in its family for growth drivers. 35th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 1.6 out of ten. bottom 16% of 88 in its family for expectations against reality. 16th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-13 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-09-18. Filings on record since 2022. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-13.

The people

Qiang Ding founded the business and has been chairman and chief executive since it began in December 2017. Before that he was a software engineer at Shanghai Jade Microelectronics, a senior engineer at Freescale Shanghai from 2006 to 2009, and then head of research and development and deputy general manager at Shanghai InfoTM Microelectronics until January 2018. Chaohua Sheng, a co-founder, has been chief technology officer from the start and a director since December 2021; he was chief technology officer of Shanghai Freqchip Microelectronics and, before that, a research and development manager at OmniVision Technologies. Chaowei Yan, chief financial officer since December 2021, joined in May 2021 after audit work at Ernst & Young Hua Ming in Shanghai and at KPMG Huazhen. [1, 2, 3, 4, 5, 6, 7]

Control sits with the two founders. The company has two classes of shares, and each Class B share carries ten votes to a Class A share's one. Ding holds about 34% of the shares and 64% of the votes, Sheng about 14% of the shares and 26% of the votes, and the directors and officers together command 90% of the votes. [2, 4, 8, 9, 10]

Three independent directors have sat on the board since March 2023, the month the company completed its initial public offering on the Nasdaq Capital Market: Conway Kong-Wai Lee, a partner of Ernst & Young for 29 years; Dr. Qingyang Gu, an associate professor at the Lee Kuan Yew School of Public Policy of the National University of Singapore; and Dr. Weiping Ma, chief executive of West China Cement from 2015 to 2023. On the record this site holds, all six directors and officers filed their first insider reports with the SEC in March 2026. [11, 12, 13, 14, 15, 16, 17, 18]

At the end of 2025 Intchains had 127 full-time employees, substantially all in mainland China, down from 133 at the end of 2023 and of 2024. Seven in ten, 88 people, work in research and development; 13 work in sales and marketing, 17 in administration and nine in finance and accounting. [19, 20, 21]

How it operates

Intchains describes itself as an altcoin company, altcoins being cryptocurrencies other than Bitcoin. It designs ASIC chips, each built for the one mining algorithm of a coin such as Litecoin, Dogecoin, Aleo, Kaspa or Alephium, and sells them built into its own mining machines under the Goldshell brand: 15 series and more than 30 models since 2024. It stopped selling bare chips by June 2024, so machines now bring in essentially all revenue. It also keeps Ethereum (ETH) as its main long-term reserve, about 9,070 ETH bought for about RMB166.4 million, and runs Goldshell Stake, which stakes coins for individual and institutional holders on four blockchains, Ethereum, Avalanche, Manta and Conflux, meaning it puts them to work on those networks to earn a yield. [22, 23, 24, 25, 26, 27, 28, 29, 30]

Its buyers are mainly distributors and individual miners, and a few of them carry the business: three customers took 35.1%, 27.0% and 22.4% of 2025 revenue, after 31.2%, 19.6% and 10.2% in 2024. Buyers choose on published performance figures, and many find Goldshell through third-party websites that rank mining machines. Substantially all customers paid in full before delivery, and payment in cryptocurrency is accepted. Each machine gets a launch price that then floats with the market price of the coin it mines, which the filing calls industry practice. [31, 32, 33, 34, 35, 36]

Revenue is tagged by where customers are based. Mainland China brought in RMB173.5 million in 2025, 78.6% of the total and up 35.3%; Hong Kong fell 78.2% to RMB23.5 million and other countries 47.8% to RMB23.8 million. All revenue once came from customers in China. Buying the assets of the Goldshell brand in February 2024 and launching Goldshell machines abroad that March brought the first overseas buyers, mainly in the United States and Hong Kong; customers in the United States took about 7.8% of 2025 revenue. [37, 38, 39, 40, 41, 42]

Intchains is fabless, meaning it designs its chips and hires others to make them. Its main wafer maker is an unnamed leading foundry it calls the Foundry Partner, used since 2018 with no long-term contract: it prepays in full to secure capacity and waits about four months for wafers. Wafers from the Foundry Partner made up 54.8% of everything it bought in 2025, after 68.4% in 2024. Outside firms package and test the chips, two contract manufacturers in the PRC assemble the machines, and finished machines ship straight from their plants. Some of its chips have been made in the United States since 2024 and pay tariffs when imported into China. [43, 44, 45, 46, 47, 48, 49]

The listed company is a Cayman Islands holding company that works through subsidiaries in the PRC, with its head office in the Lin-Gang Special Area of Pudong, Shanghai. It files its annual report on Form 20-F with accounts prepared under US GAAP, the American accounting rules, and it reports in Renminbi, the Chinese yuan (RMB); the dollar amounts in the report are convenience translations at RMB6.9931 to the dollar. [50, 51, 52, 53, 54]

The specifics

Shanghai Intchains was founded in December 2017. To raise money abroad it reorganized in the second half of 2021 under a Cayman Islands holding company, which listed on the Nasdaq Capital Market in March 2023. In February 2024 it bought assets of the Goldshell Web3 hardware brand and moved from selling chips to selling whole machines; in December 2025 it bought a proof-of-stake technology platform for $1.3 million and launched Goldshell Stake. In January 2026 it agreed to sell its non-core chip research business for up to RMB18.0 million to Shanghai TopsFuture Microelectronics, a company controlled by its chairman and chief executive, Qiang Ding. [7, 55, 17, 40, 26, 56, 57]

Its edge, as it tells it, is the speed of its chip design. Its in-house Xihe platform, built on its own mining and cryptographic algorithms, has produced six chip tape-outs, finished designs sent for manufacture, since 2024, and the company says every tape-out it has made has worked. It claims it can go from a coin's algorithm to chips in mass production in five to eight months, against ten to 14 for its peers. It holds 16 patents in the PRC, 38 registered chip layout designs, 21 software copyrights and 32 trademarks. It names no competitor, saying only that many well-known domestic and international players compete with it, some of them larger, and that new entrants include established chip companies. [58, 59, 60, 61, 62, 63]

Chinese regulation shapes this business. China has treated cryptocurrency mining as a phased-out industry since a September 2021 circular and prohibits investment in it. The filing says such rules reach its customers in the PRC rather than the company itself; but a notice issued by ten PRC authorities in February 2026 newly and explicitly prohibits the sale of mining equipment within the PRC. Abroad, some of its products won exemptions from American tariffs on Chinese imports, while other exports to the United States still pay the higher tariffs. [64, 65, 66, 67, 68, 69]

Three matters of control and audit stand out. All its ETH sits in Coinbase exchange accounts, where Coinbase, not the company, holds the private keys. In connection with its audits for 2023, 2024 and 2025, a material weakness, a serious gap in internal controls, was identified in how it safeguards the private keys to its crypto wallets, and its 2023 cash flow statement was revised to correct investments that had been misclassified as cash. It has also changed auditors twice: Mazars resigned in June 2024 when its partners joined Forvis, and the audit committee dismissed Forvis Mazars in January 2025 and appointed MaloneBailey. [70, 71, 72, 73, 74]

What drives growth, line by line

Revenue fell 21.6% in 2025 to RMB220.9 million, after rising 242.7% in 2024 from RMB82.2 million. The filing puts it down to the market's cycle: its Aleo machines lifted sales in the first half of 2025, then demand softened in the second half and pulled selling prices down. With larger provisions against inventory, gross margin fell from 53.7% to 7.2%, and the company swung to a RMB104.7 million operating loss from a RMB2.9 million operating profit. [75, 76, 77, 78]

Mining Products. RMB220.6 million, 99.9% of revenue, down 21.6% from RMB281.4 million. With bare chips no longer sold since 2024, the line is almost all mining machines. The company sold more units in 2025, 29,930 against 22,036, at a much lower average, about RMB7,284 a unit against RMB10,918. The AE BOX series, which mines Aleo and launched in the first quarter of 2025, sold the most, 11,568 units, and brought in nearly half of machine revenue. [37, 26, 79, 80, 81]

Other Revenue. RMB238.0 thousand, 0.1% of revenue, down 40.5%: maintenance of machines past their warranty and sales of products for Web3 applications. Its two Web3 products, Goldshell Pay, a payment service for merchants, and Goldshell Wallet, a wallet kept off the network for security, are still in trial, and the company does not expect them to add materially to profit soon. [37, 82, 83]

What comes next, in the company's own words: it expects to stake the bulk of its ETH treasury in 2026, on FalconX and on its own Goldshell Stake, to earn returns from idle assets, and Goldshell Stake plans to expand gradually into international markets. As of the report, 2,600 of its 9,070 ETH were staked, 1,000 on FalconX and 1,600 on Goldshell Stake, and outside holders had staked 1,359 ETH on Goldshell Stake. [84, 85, 86, 87]

What the desk infers (inferred, not filed)

• Intchains' margins are set by the coins its machines mine, not by its own costs: because it floats its prices with the coin market, a softer market reaches it at once as lower selling prices and inventory write-downs, which is how 2025 brought more units sold but less revenue and a thin gross margin. Because: It sets a launch price for each machine and adjusts it as the price of the coin it mines moves. [36] Units sold rose from 22,036 to 29,930 while the average per unit fell from about RMB10,918 to RMB7,284. [79] The filing ties the lower selling prices to softer demand in the second half of 2025, and adds higher inventory provisions. [77] Cost of revenue took impairment charges on excess inventory of certain mining machines, and gross margin fell from 53.7% to 7.2%. [88, 78] Confidence 80 of 100. Wrong if: A year in which the average revenue per unit falls while gross margin rises, or in which selling prices hold up while demand for the coins its machines mine weakens.
• The three buyers behind more than four fifths of 2025 revenue are most likely distributors based in mainland China that resell the machines, rather than miners running them there. Because: Its customers are mainly distributors and individual end users, and three of them took 35.1%, 27.0% and 22.4% of 2025 revenue. [31] Revenue is tagged by where customers are based, and customers based in mainland China brought in 78.6% of 2025 revenue. [38, 37] China lists cryptocurrency mining among eliminated industries and prohibits investment in it. [65] Confidence 55 of 100. Wrong if: A filing that names any of the three largest 2025 customers as a miner operating the machines itself inside mainland China.
• China's February 2026 notice turns what the filing describes as an indirect risk into a direct one: it bans the very sale of mining equipment within the PRC, where customers based in mainland China brought in most of 2025 revenue. Because: The filing says China's crypto rules do not directly affect the company, which does not engage in the listed activities, and could reach it only through its customers in the PRC. [66] The February 2026 notice newly and explicitly prohibits the sale of virtual currency mining equipment within the PRC. [67, 68] Mining products were 99.9% of 2025 revenue, and customers based in mainland China brought in 78.6% of it, up 35.3%. [37, 38] Confidence 70 of 100. Wrong if: A filing showing that sales to customers based in mainland China are concluded and delivered outside the PRC, beyond the reach of the notice.

Sources

1. Intchains Group Limited, Form 20-F filed 2026-04-13: “Mr. Qiang Ding, has been serving as our chairman of the board of directors and chief executive officer since our inception.”
2. Intchains Group Limited, Form 20-F filed 2026-04-13: “Before founding our Group, Mr. Ding was a software engineer at Shanghai Jade Microelectronics Co., Ltd. from April 2005 to July 2006. He was then a senior engineer at Freescale Shanghai Co., Ltd. from July 2006 to August 2009. Mr. Ding served as the director of research and development and deputy general manager at Shanghai InfoTM Microelectronics Co., Ltd. from September 2009 to January 2018.”
3. Intchains Group Limited, Form 20-F filed 2026-04-13: “Mr. Chaohua Sheng, has been serving as our chief technology officer since our inception and our director since December 2021.”
4. Intchains Group Limited, Form 20-F filed 2026-04-13: “Before founding our Group, he served as the chief technology officer at Shanghai Freqchip Microelectronics Co., Ltd. from January 2014 to February 2018. He was a research and development manager at OmniVision Technologies Co., Ltd. from July 2010 to April 2013.”
5. Intchains Group Limited, Form 20-F filed 2026-04-13: “Mr. Chaowei Yan, has been serving as our chief financial officer since December 2021.”
6. Intchains Group Limited, Form 20-F filed 2026-04-13: “Prior to joining us in May 2021, Mr. Yan served as an audit manager at Ernst & Young Hua Ming LLP Shanghai Branch from October 2014 to May 2021. He served as an auditor at KPMG Huazhen LLP from 2012 to 2014.”
7. Intchains Group Limited, Form 20-F filed 2026-04-13: “We began our operations in December 2017 when Shanghai Intchains Technology Co., Ltd., or Shanghai Intchains, was founded in Shanghai, China.”
8. Intchains Group Limited, Form 20-F filed 2026-04-13: “Qiang Ding (1) — 41,192,420 33.87 64.04 Chaohua Sheng (2) — 16,759,820 13.78 26.06”
9. Intchains Group Limited, Form 20-F filed 2026-04-13: “Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to ten votes per share on all matters submitted.”
10. Intchains Group Limited, Form 20-F filed 2026-04-13: “Directors and Executive Officers Combined 9,492 57,952,240 47.66 90.10”
11. Intchains Group Limited, Form 20-F filed 2026-04-13: “Mr. Conway Kong-Wai Lee has been serving as our independent director since March 2023.”
12. Intchains Group Limited, Form 20-F filed 2026-04-13: “Mr. Lee served as a partner of Ernst & Young for 29 years from September 1980 to September 2009.”
13. Intchains Group Limited, Form 20-F filed 2026-04-13: “Dr. Qingyang Gu has been serving as our independent director since March 2023.”
14. Intchains Group Limited, Form 20-F filed 2026-04-13: “Dr. Gu has been an associate professor of the Lee Kuan Yew School of Public Policy of the National University of Singapore since August 2009”
15. Intchains Group Limited, Form 20-F filed 2026-04-13: “Dr. Weiping Ma has been serving as our independent director since March 2023.”
16. Intchains Group Limited, Form 20-F filed 2026-04-13: “Dr. Ma served as an executive director and the chief executive officer of West China Cement Limited, a company listed on the Hong Kong Stock Exchange (stock code: 2233), from 2015 to 2023.”
17. Intchains Group Limited, Form 20-F filed 2026-04-13: “In March, 2023, we completed our initial public offering on the Nasdaq Capital Market.”
18. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
19. Intchains Group Limited, Form 20-F filed 2026-04-13: “We had 127 full-time employees as of December 31, 2025, substantially all of whom were in mainland China.”
20. Intchains Group Limited, Form 20-F filed 2026-04-13: “We had 133, 133 and 127 employees as of December 31, 2023, 2024 and 2025 in China, respectively. As of December 31, 2025, we had 88 employees focus on research and development, 13 employees focus on sales and marketing, 17 employees in administration department and 9 employees in finance and accounting department.”
21. Intchains Group Limited, Form 20-F filed 2026-04-13: “As of December 31, 2025, our research and development team comprised a total of 88 employees, or approximately 69.3% of our total number of employees.”
22. Intchains Group Limited, Form 20-F filed 2026-04-13: “We are an innovative altcoins development company that primarily engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies and the active development of innovative Web3 applications.”
23. Intchains Group Limited, Form 20-F filed 2026-04-13: “Our ASIC chips are designed for a number of popular alternative cryptocurrencies other than Bitcoin, including Litecoin, Dogecoin (“Doge”), Aleo, Kaspa (“KAS”), Alephium (“ALPH”), among others.”
24. Intchains Group Limited, Form 20-F filed 2026-04-13: “As the cryptographic algorithms involved for mining different types of cryptocurrencies vary, we have developed various unique ASIC chip designs to power our mining hardware.”
25. Intchains Group Limited, Form 20-F filed 2026-04-13: “Since 2024, we have introduced 15 series of altcoin mining machines, marketed primarily under our “Goldshell” brand, with over 30 distinctive models designed for mining cryptocurrencies that we consider to be promising such as Dogecoin, Alphium, Kaspa, Aleo and MinoTari.”
26. Intchains Group Limited, Form 20-F filed 2026-04-13: “By June 2024, we had fully discontinued the sale of standalone ASIC chips, with our revenue now generated entirely from altcoin mining machines that integrate our ASIC chips.”
27. Intchains Group Limited, Form 20-F filed 2026-04-13: “since the first quarter of 2024, we have been implementing a pivotal Ethereum treasury strategy to expand our investments in cryptocurrencies, with ETH-based cryptocurrencies serving as our primary long-term asset reserve.”
28. Intchains Group Limited, Form 20-F filed 2026-04-13: “As of the date of annual report, we held an aggregate of approximately 9,070 ETH, acquired at an aggregate purchase price of approximately RMB166.4 million (US$23.7 million)”
29. Intchains Group Limited, Form 20-F filed 2026-04-13: “Goldshell Stake provides cryptocurrency staking services for both individual and institutional crypto investors, covering four prominent blockchains: Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX).”
30. Intchains Group Limited, Form 20-F filed 2026-04-13: “Partnering with FalconX, to generate yield by staking ETH holdings on the FalconX platform, producing interest income through a combination of lending and derivatives-based strategies”
31. Intchains Group Limited, Form 20-F filed 2026-04-13: “The customer base for our altcoin mining products primarily comprised distributors and individual end-users. For the year ended December 31, 2025, we had three customers each contributing more than 10% of our revenue, accounting for 35.1%, 27.0% and 22.4%, respectively.”
32. Intchains Group Limited, Form 20-F filed 2026-04-13: “For the year ended December 31, 2024, we had three customers each accounted for over 10% of our revenue, accounting for 31.2%, 19.6% and 10.2%, respectively, of our revenue.”
33. Intchains Group Limited, Form 20-F filed 2026-04-13: “Industry-specific third-party websites regularly publish rankings of altcoin mining products based on performance criteria, and many customers connect with us through these platforms.”
34. Intchains Group Limited, Form 20-F filed 2026-04-13: “For the year ended December 31, 2025, substantially all of our customers paid the full purchase price before product delivery.”
35. Intchains Group Limited, Form 20-F filed 2026-04-13: “We accept cryptocurrency as the payment form, and recognize revenue and recognize the cost of cryptocurrency based on the fiat currency amount indicated in the sales contract.”
36. Intchains Group Limited, Form 20-F filed 2026-04-13: “Additionally, we have adopted a floating pricing mechanism, consistent with industry practice. We normally set an initial price for our product at launch and adjust the price as market conditions evolve. When the market price of a cryptocurrency fluctuates, we will adjust the price of our products accordingly.”
37. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
38. Intchains Group Limited, Form 20-F filed 2026-04-13: “The geographical region of revenue generated is based on the location where the customers based or the services were provided”
39. Intchains Group Limited, Form 20-F filed 2026-04-13: “We have historically generated all of our revenue from customers based in China. Since 2024, we have been continuously expanding our overseas presence in line with our global business development strategy.”
40. Intchains Group Limited, Form 20-F filed 2026-04-13: “In February 2024, we acquired certain assets related to the Goldshell WEB3 infrastructure brand, aiming to enter the downstream production and sales sector for altcoin mining machines, as well as other WEB3 infrastructure-related hardware and software products.”
41. Intchains Group Limited, Form 20-F filed 2026-04-13: “Subsequently, we launched our Goldshell-branded altcoin mining machines targeting overseas markets in early March 2024. As a result, we began generating revenue from customers in overseas countries and regions, primarily in the United States and Hong Kong.”
42. Intchains Group Limited, Form 20-F filed 2026-04-13: “For the year ended December 31, 2025, customers in the U.S. accounted for approximately 7.8% of our total revenue.”
43. Intchains Group Limited, Form 20-F filed 2026-04-13: “We do not directly manufacture ASIC chips. Instead, we adopt a fabless model, whereby we conduct front-end and back-end designs of our ASIC chips, which are then manufactured, packaged and tested and assembled by world-class wafer foundry and OSAT (outsourced semiconductor assembly and test) partners that we cooperate with.”
44. Intchains Group Limited, Form 20-F filed 2026-04-13: “We work with our foundry partners, including the Foundry Partner, one of the world’s leading semiconductor foundries, which is also our primary wafer fabrication partner, to produce wafers for our ASIC chips.”
45. Intchains Group Limited, Form 20-F filed 2026-04-13: “After we place our orders, and once our foundry partners accept our orders, we are required to prepay in full in order to secure production capacity from them. It takes an average of approximately four months from the time when we place our order to the delivery of wafers. We started our cooperation with the Foundry Partner in 2018, and we do not maintain any long-term contract or framework agreement.”
46. Intchains Group Limited, Form 20-F filed 2026-04-13: “For the years ended December 31, 2023, 2024 and 2025, the value of the wafers we purchased from the Foundry Partner accounted for 66.0%, 68.4% and 54.8%, respectively, of our total procurement for the respective years.”
47. Intchains Group Limited, Form 20-F filed 2026-04-13: “To ensure efficient assembly and production, we have partnered with two contract manufacturers based in the PRC to assemble our altcoin mining machines.”
48. Intchains Group Limited, Form 20-F filed 2026-04-13: “The finished altcoin mining machines are delivered directly from their production bases.”
49. Intchains Group Limited, Form 20-F filed 2026-04-13: “as some of our ASIC chips, sourced from the United States since 2024, are manufactured in facilities located in the United States and are subject to the tariff when imported into China.”
50. Intchains Group Limited, Form 20-F filed 2026-04-13: “Intchains Group Limited, are a holding company incorporated in the Cayman Islands and conduct our operations primarily through our PRC subsidiaries.”
51. Intchains Group Limited, Form 20-F filed 2026-04-13: “Our principal executive offices are located at Building 16, Lane 999, Xinyuan South Road, Lin-Gang Special Area, Pudong, Shanghai, 201306, the People’s Republic of China”
52. Intchains Group Limited, Form 20-F filed 2026-04-13: “Our financial statements have been prepared in accordance with U.S. GAAP.”
53. Intchains Group Limited, Form 20-F filed 2026-04-13: “The Group uses Renminbi (“RMB”) as its reporting currency.”
54. Intchains Group Limited, Form 20-F filed 2026-04-13: “Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB6.9931 on the last trading day of 2025 (December 31, 2025)”
55. Intchains Group Limited, Form 20-F filed 2026-04-13: “With the growth of our business and in order to facilitate international capital raising, we underwent an offshore reorganization in the second half of 2021. In June 2021, Intchains Group Limited was incorporated in the Cayman Islands as our offshore holding company.”
56. Intchains Group Limited, Form 20-F filed 2026-04-13: “In December 2025, we acquired a PoS technology platform for $1.3 million and officially launched the commercial operation of our independent PoS platform, Goldshell Stake.”
57. Intchains Group Limited, Form 20-F filed 2026-04-13: “on January 5, 2026, we entered into a business transfer agreement (the “Agreement”) with Shanghai TopsFuture Microelectronics Co., Ltd. (“TopsFuture”), an entity controlled by Mr. Qiang Ding, our chairman and chief executive officer, to divest its non-core chip R&D business for a total consideration of up to RMB18.0 million.”
58. Intchains Group Limited, Form 20-F filed 2026-04-13: “The platform integrates our self-developed blockchain PoW algorithms and related cryptographic algorithms, as well as our systematic data analysis process.”
59. Intchains Group Limited, Form 20-F filed 2026-04-13: “We continued to leverage our technological expertise in ASIC chip design through our proprietary “Xihe” Platform, which has enabled us to successfully complete tape-outs for six ASIC chips since 2024, providing us with the technological foundation needed to develop altcoin mining products for our customers.”
60. Intchains Group Limited, Form 20-F filed 2026-04-13: “Furthermore, from our past tape-outs with 100% success rate, we own the most critical silicon data that gives us advantages to deliver the most advanced product ahead of our competitors. For emerging market opportunities, we can quickly analyze the relevant algorithms, offer ASIC solutions and achieve mass production of the ASIC chips in five to eight months, compared to ten to 14 months generally needed by our industry peers.”
61. Intchains Group Limited, Form 20-F filed 2026-04-13: “As of the date of this annual report, we have registered 32 trademarks (including 2 in mainland China and 30 outside mainland China) and a total of 16 patents in the PRC, including nine inventions and seven utility model patents. As of the same date, we have registered 21 software copyrights and 38 IC layout-design rights in mainland China.”
62. Intchains Group Limited, Form 20-F filed 2026-04-13: “Our competitors include many well-known domestic and international players, and we face competitors that are larger than us and have advantages over us in terms of economies of scale and financial and other resources.”
63. Intchains Group Limited, Form 20-F filed 2026-04-13: “as we compete not only with existing players that have been focusing on mining, but also new entrants that include well- established players in the semiconductor industry”
64. Intchains Group Limited, Form 20-F filed 2026-04-13: “Pursuant to the Circular of the Regulating Cryptocurrency Mining Activities promulgated by eleven PRC governmental authorities including the PBOC on September 3, 2021, which aims to dispose of the “hidden risks” in cryptocurrency mining as it pursues China’s carbon-neutrality goals, and cryptocurrency mining is to be classified as a phased-out industry.”
65. Intchains Group Limited, Form 20-F filed 2026-04-13: “cryptocurrency mining activities are listed as the backward production processes and equipment under the eliminated category, and as such, investments in activities in the elimination category, including cryptocurrency mining activities, are prohibited in China.”
66. Intchains Group Limited, Form 20-F filed 2026-04-13: “The policies and regulations relating to the cryptocurrency industry do not have a direct impact on the Company, because the Company does not engage in any of the above described activities. However they could have an impact on the Company’s customers in the PRC, which could indirectly impact the demand for the Company’s productions.”
67. Intchains Group Limited, Form 20-F filed 2026-04-13: “February 6, 2026, ten PRC governmental authorities, including the PBOC, issued the Notice on Further Preventing and Disposing of Risks Relating to Virtual Currencies”
68. Intchains Group Limited, Form 20-F filed 2026-04-13: “newly and explicitly prohibits the sale of virtual currency mining equipment within the PRC”
69. Intchains Group Limited, Form 20-F filed 2026-04-13: “As of the date of this annual report, following prior increases in U.S. tariffs on Chinese imports, while some of our products have received exemptions, certain exports to the U.S. remain subject to increased tariffs.”
70. Intchains Group Limited, Form 20-F filed 2026-04-13: “We hold all of our ETH in Coinbase Exchange accounts, where Coinbase, not us, controls the private keys to these assets.”
71. Intchains Group Limited, Form 20-F filed 2026-04-13: “In connection with the audit of our consolidated financial statements as of and for the years ended December 31, 2023, 2024 and 2025, a material weakness was identified as there was a lack of appropriate controls and segregation of duties over safeguarding of the private key in response to the risks of material misstatement related to the rights and obligations to crypto wallets.”
72. Intchains Group Limited, Form 20-F filed 2026-04-13: “Our consolidated statement of cash flows for the fiscal year ended December 31, 2023 has been revised for errors made with regard to misclassification of short-term and long-term investments to cash and cash equivalents.”
73. Intchains Group Limited, Form 20-F filed 2026-04-13: “Effective June 1, 2024, as a result of the transaction between Mazars USA LLP (“Mazars”) and FORVIS, LLP (“FORVIS”), whereby substantially all of the partners and employees of Mazars joined FORVIS and FORVIS changed its name to Forvis Mazars, LLP (“Forvis Mazars”), Mazars resigned as the Company’s independent public accounting firm”
74. Intchains Group Limited, Form 20-F filed 2026-04-13: “Effective January 3, 2025, the Audit Committee of the Company’s Board of Directors dismissed Forvis Mazars and appointed MaloneBailey, LLP (“MaloneBailey”) as the successor auditor.”
75. The record on this page: the filed annual figures (EDGAR's company facts)
76. Intchains Group Limited, Form 20-F filed 2026-04-13: “Revenue was RMB220.9 million (US$31.6 million) in 2025, representing a decrease of 21.6% from RMB281.8 million for the same period in 2024. The decrease was primarily due to cyclical fluctuations in the market, whereby our ALEO mining machine series contributed to increased revenues during the first half of 2025, and overall demand for our products became softer during the second half of 2025.”
77. Intchains Group Limited, Form 20-F filed 2026-04-13: “Softer market demand in the second half of 2025 led to lower selling prices for our altcoin mining products, resulting in lower gross margins in 2025 compared to 2024. The decrease was also attributable to higher inventory provisions for certain products in 2025.”
78. Intchains Group Limited, Form 20-F filed 2026-04-13: “Our overall gross profit margin was 11.0%, 53.7% and 7.2%, respectively, for the same years.”
79. Intchains Group Limited, Form 20-F filed 2026-04-13: “Total 8,496 135,168 62.86 240,587 22,036 10,917.91 218,019 29,930 7,284.30”
80. Intchains Group Limited, Form 20-F filed 2026-04-13: “AE BOX series — — — — — — 108,519 11,568 9,380.96”
81. Intchains Group Limited, Form 20-F filed 2026-04-13: “AE BOX series ALEO ION575/ION577 37~54 Mh/s 9.73~10.45J/Mh Launched in the first quarter of 2025”
82. Intchains Group Limited, Form 20-F filed 2026-04-13: “Primarily including the revenue in connection with the maintenance services of the mining products that exceed the warranty period and the sales of products for WEB3 applications.”
83. Intchains Group Limited, Form 20-F filed 2026-04-13: “we launched two initiatives since the second half of 2024, including Goldshell Pay, a payment solution for merchants and Goldshell Wallet, an air-gapped security wallet. Both projects are currently in the trial stages and are not expected to contribute materially to our profits in the near future.”
84. Intchains Group Limited, Form 20-F filed 2026-04-13: “expect to accelerate our ETH staking activities, through gradually staking the bulk our ETH treasury holdings on FalconX and Goldshell Stake, in 2026, to generate incremental returns from idle assets.”
85. Intchains Group Limited, Form 20-F filed 2026-04-13: “As of the date of annual report, we have 9,070 units of ETH in our treasury holding and 2,600 units of ETH staked in both platforms. Among the total units of ETH used in staking, 1,000 is staked on the FalconX platform, and 1,600 is staked on its proprietary Goldshell Stake.”
86. Intchains Group Limited, Form 20-F filed 2026-04-13: “Furthermore, a total of 1,359 units of ETH were staked on its proprietary Goldshell Stake by third parties”
87. Intchains Group Limited, Form 20-F filed 2026-04-13: “Leveraging our global customer base, Goldshell Stake plans to gradually expand into international markets.”
88. Intchains Group Limited, Form 20-F filed 2026-04-13: “Cost of revenues was impacted by impairment charges recorded against excess inventory of certain altcoin mining machines.”

Where the revenue comes from

Product and service lines in fiscal 2025: Mining Products 100%, Other Revenue under 1%. By geography: China 79%, Other Countries 11%, Hong Kong 11%. As tagged in its annual report (Form 20-F, filed 2026-04-13).

Who runs it

Qiang, Ding (CEO); Zhuo, Yue (nmn) (Chief Financial Officer); Yan, Chaowei (CFO); Chaohua, Sheng (Chief Technology Officer); Gu, Qingyang (director); Lee, Conway Kong Wai (director); Ma, Weiping (director). 7 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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