ICG 6-K
Intchains Group Ltd (ICG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number: 001-41500
(Exact name of registrant as specified in its charter)
c/o Building 16, Lane 999, Xinyuan South Road,
Lin-Gang Special Area,
Pudong, Shanghai, 201306
People’s Republic of China
+86 021 58961080
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
INCORPORATION BY REFERENCE
This Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) filed by Intchains Group Limited (the “Company”) consists of the Company’s unaudited condensed consolidated financial statements for the six months ended June 30, 2026, which are attached hereto as Exhibit 99.1 and are incorporated by reference herein.
This Form 6-K, including its exhibit, is incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-279865) initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 31, 2024, and declared effective by the SEC on August 5, 2024, and the Company’s registration statements on Form S-8 (File Nos. 333-278211 and 333-295137) filed with the SEC on March 25, 2024 and April 17, 2026, respectively.
EXHIBIT INDEX
| Exhibit No. | Exhibit | |
| 99.1 | Unaudited condensed consolidated financial statements of Intchains Group Limited and its subsidiaries for the six months ended June 30, 2026. | |
| 101.INS | Inline XBRL Instance Document. | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INTCHAINS GROUP LIMITED | ||
| Date: September 18, 2026 | By: | /s/ Qiang Ding |
| Name: | Qiang Ding | |
| Title: | Chairman and Chief Executive Officer | |
Exhibit 99.1
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 AND JUNE 30, 2026 AND FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2026
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| F-1 |
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of | As of | ||||||||||||||
| December 31, | June 30, | ||||||||||||||
| Note | 2025 | 2026 | |||||||||||||
| RMB | RMB | US$ | |||||||||||||
| (Note 1(b)) | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| ASSETS | |||||||||||||||
| Current assets: | |||||||||||||||
| Cash and cash equivalents | 4 | ||||||||||||||
| USDC | |||||||||||||||
| Cryptocurrency, current | 8 | ||||||||||||||
| Inventories, net | 5 | ||||||||||||||
| Prepayments and other current assets, net (including due from related party in the amount of and RMB | 6, 15 | ||||||||||||||
| Short-term investments | 7 | ||||||||||||||
| Total current assets | |||||||||||||||
| Non-current assets: | |||||||||||||||
| Cryptocurrencies, non-current | 8 | ||||||||||||||
| Long-term investments | 7 | ||||||||||||||
| Property, equipment and software, net | 9 | ||||||||||||||
| Intangible assets, net | 10 | ||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||
| Deferred tax assets, net | 16 | ||||||||||||||
| Other non-current assets | |||||||||||||||
| Total non-current assets | |||||||||||||||
| Total assets | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | |||||||||||||||
| Contract liabilities | 14 | ||||||||||||||
| Income tax payable | 16 | ||||||||||||||
| Operating lease liabilities, current | |||||||||||||||
| Provision for warranty | |||||||||||||||
| Accrued liabilities and other current liabilities | 11 | ||||||||||||||
| Total current liabilities | |||||||||||||||
| Non-current liabilities: | |||||||||||||||
| Operating lease liabilities, non-current | |||||||||||||||
| Total non-current liabilities | |||||||||||||||
| Total liabilities | |||||||||||||||
| Shareholders’ equity: | |||||||||||||||
| Class A and Class B ordinary shares (US$ par value; in aggregate, shares authorized, and shares issued, and shares outstanding as of December 31, 2025 and June 30, 2026, respectively) | 12 | ||||||||||||||
| Subscriptions receivable from shareholders | ( | ) | ( | ) | |||||||||||
| Additional paid-in capital | |||||||||||||||
| Statutory reserves | |||||||||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||||||||
| Retained earnings | |||||||||||||||
| Total shareholders’ equity | |||||||||||||||
| Total liabilities and shareholders’ equity | |||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-2 |
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
| For the six months ended June 30, | |||||||||||||||
| Note | 2025 | 2026 | |||||||||||||
| RMB | RMB | US$ | |||||||||||||
| (Note 1(b)) | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Products revenue – third parties | 14 | ||||||||||||||
| Products revenue – related party | 14, 15 | ||||||||||||||
| Total revenue | |||||||||||||||
| Cost of revenue | ( | ) | ( | ) | ( | ) | |||||||||
| Gross profit/(loss) | ( | ) | ( | ) | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development expenses | ( | ) | ( | ) | ( | ) | |||||||||
| Sales and marketing expenses | ( | ) | ( | ) | ( | ) | |||||||||
| General and administrative expenses | ( | ) | ( | ) | ( | ) | |||||||||
| Total operating expenses | ( | ) | ( | ) | ( | ) | |||||||||
| Income/(loss) from operations | ( | ) | ( | ) | |||||||||||
| Interest income | |||||||||||||||
| Foreign exchange loss, net | ( | ) | ( | ) | ( | ) | |||||||||
| Change in fair value of cryptocurrencies | 8 | ( | ) | ( | ) | ( | ) | ||||||||
| Other income, net – third parties | |||||||||||||||
| Other income – related party | 15 | ||||||||||||||
| Loss before income tax expenses | ( | ) | ( | ) | ( | ) | |||||||||
| Income tax (expense)/benefit | 16 | ( | ) | ( | ) | ||||||||||
| Net income/(loss) | ( | ) | ( | ) | |||||||||||
| Foreign currency translation adjustment, net of nil tax | ( | ) | ( | ) | ( | ) | |||||||||
| Total comprehensive income/(loss) | ( | ) | ( | ) | |||||||||||
| Weighted average number of shares used in per share calculation: | |||||||||||||||
| – Basic | 17 | ||||||||||||||
| – Diluted | 17 | ||||||||||||||
| Net income/(loss) per share: | |||||||||||||||
| – Basic | 17 | ( | ) | ) | |||||||||||
| – Diluted | 17 | ( | ) | ) | |||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-3 |
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
| For the Six Months Ended June 30, 2025 and 2026 | ||||||||||||||||||||||||||||||||
| Ordinary shares | ||||||||||||||||||||||||||||||||
| Number of shares outstanding | Amount | Subscriptions receivable from shareholders | Additional paid-in capital | Statutory reserves | Accumulated other comprehensive loss | Retained earnings | Total | |||||||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | ( | ) | ||||||||||||||||||||||||||||||
| Issuance of ordinary shares | * | |||||||||||||||||||||||||||||||
| Issuance of shares for exercise of options | * | |||||||||||||||||||||||||||||||
| Vesting of employee restricted share units | * | |||||||||||||||||||||||||||||||
| Share-based compensation expense | — | |||||||||||||||||||||||||||||||
| Appropriation to statutory reserves | — | ( | ) | |||||||||||||||||||||||||||||
| Net income | — | |||||||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | ( | ) | ( | ) | |||||||||||||||||||||||||||
| Balance as of June 30, 2025 | ( | ) | ||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Vesting of employee restricted share units | * | |||||||||||||||||||||||||||||||
| Independent directors’ share awards | * | |||||||||||||||||||||||||||||||
| Share-based compensation expense | — | |||||||||||||||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||||||||||||||
| Foreign currency translation adjustment | — | ( | ) | ( | ) | |||||||||||||||||||||||||||
| Balance as of June 30, 2026 | ( | ) | ( | ) | ||||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| * |
| F-4 |
INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the six months ended June 30, | ||||||||||||
| 2025 | 2026 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| (Note 1(b)) | ||||||||||||
| (in thousands) | ||||||||||||
| Cash flows from operating activities | ||||||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ( | ) | ||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of short-term and long-term investments | ( | ) | ( | ) | ( | ) | ||||||
| Proceeds from maturities/disposals of short-term investments | ||||||||||||
| Purchases of cryptocurrencies | ( | ) | ||||||||||
| Proceeds from sale/exchange of cryptocurrencies | ||||||||||||
| Payments for purchases of property, equipment and software | ( | ) | ( | ) | ( | ) | ||||||
| Proceeds from sale of long-term investment | ||||||||||||
| Proceeds from disposal of technology and intellectual property assets to a related party | ||||||||||||
| Payment for purchase of intangible asset | ( | ) | ( | ) | ||||||||
| Net cash provided by/(used in) investing activities | ( | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from issuance of ordinary shares, net of issuance costs | ||||||||||||
| Net cash provided by financing activities | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ) | ( | ) | ( | ) | ||||||
| Net increase/(decrease) in cash and cash equivalents | ( | ) | ||||||||||
| Cash and cash equivalents at beginning of period | ||||||||||||
| Cash and cash equivalents at end of period | ||||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||
| Cash paid for income taxes | ||||||||||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||
| USDT paid to purchase ETH | ||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
| F-5 |
INTCHAINS GROUP LIMITED
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Organization and basis of presentation
| (a) | Organization and principal activities |
Intchains Group Limited (the “Company” or “Parent Company”), an exempted company with limited liability incorporated in the Cayman Islands, and its subsidiaries are collectively referred to as the “Group.” The Group focuses on the development and sale of altcoin mining products, the strategic acquisition, holding and staking of Ethereum-based cryptocurrencies, and Web3 infrastructure services, including a Proof-of-Stake cryptocurrency staking platform.
| (b) | Basis of presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by the rules and regulations of the U.S. Securities and Exchange Commission. The consolidated balance sheet as of December 31, 2025 was derived from the Group’s audited consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements as of and for the year ended December 31, 2025.
In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments considered necessary for a fair presentation of the interim periods. Results for the six months ended June 30, 2026 are not necessarily indicative of the results expected for the full year.
The
Group’s reporting currency is Renminbi (“RMB”). The unaudited U.S. dollar amounts are presented solely for the convenience
of readers and were translated at US$
2. Summary of significant accounting policies
The accounting policies applied in preparing these unaudited condensed consolidated financial statements are consistent with those applied in the Group’s audited consolidated financial statements for the year ended December 31, 2025. There were no material changes to the Group’s significant accounting policies during the six months ended June 30, 2026.
| (a) | Use of estimates |
The preparation of the Group’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates.
Accounting estimates and judgments include the recoverability of prepayments to vendors, impairment of long-lived assets, valuation of deferred tax assets, write-downs of inventories and prepayments, provision for inventory purchase commitments, valuation and recognition of share-based compensation and provision for product warranty.
Management bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ materially from these estimates.
| (b) | Fair value measurements |
The Group applies ASC 820, Fair Value Measurement, when measuring fair value and for related fair value disclosures. Fair value measurements are categorized within a three-level hierarchy based on the lowest level input that is significant to the measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable inputs other than Level 1 quoted prices; and Level 3 inputs are unobservable inputs.
| F-6 |
The fair values of the Group’s assets as of December 31, 2025 and June 30, 2026 were as follows:
| As of December 31, 2025 | As of June 30, 2026 | |||||||||||||||||||||||||||||||
| Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
| (RMB in thousands) | (RMB in thousands) | |||||||||||||||||||||||||||||||
| Time deposits | ||||||||||||||||||||||||||||||||
| Structured deposits | ||||||||||||||||||||||||||||||||
| Government securities | ||||||||||||||||||||||||||||||||
| Fund investments | ||||||||||||||||||||||||||||||||
| Money market funds | ||||||||||||||||||||||||||||||||
| Cryptocurrencies | ||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
Our financial instruments that are not re-measured at fair value include cash and cash equivalents except for the money market funds, USDC, interest receivables, other receivables, accounts payable and other liabilities. The carrying values of these financial instruments materially approximate their fair values.
| (c) | Related party transactions |
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.
(d) Recently adopted or issued accounting pronouncements
The Group did not adopt any new accounting standards during the six months ended June 30, 2026 that had a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU No. 2024-03.
3. Risks and concentration
| (a) | Concentration of credit risk |
Financial instruments that may potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and interest receivables. The Group places cash and investments with reputable financial institutions and monitors the financial strength of those institutions.
The Group’s sales arrangements usually require full prepayment before the delivery of products. For credit sales, the Group conducts credit evaluations of customers and generally does not require collateral or other security from its customers. The Group evaluates outstanding receivables, if any, for expected credit losses based on the age of receivables and other factors relating to the credit risk of specific customers.
Customers which contributed more than 10% of total revenue are as below:
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (percentage of total revenue) | ||||||||
| Customer A | * | % | ||||||
| Customer B | % | * | ||||||
| Customer C | % | * | ||||||
| Customer D | % | * | ||||||
Customer A is a related party of the Group. See Note 15.
| * |
(b) Supplier concentration
For the six months ended June 30, 2025 and 2026, the Group purchased substantially all of its integrated circuits, an important component of its mining products, from two third-party foundry partners in each period. Although only a limited number of manufacturers for such integrated circuits are available, management believes that other suppliers could provide similar integrated circuits on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would affect operating results adversely.
| F-7 |
4. Cash and cash equivalents
Cash and cash equivalents consisted of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Cash | ||||||||
| Money market funds | ||||||||
| Cash and cash equivalents | ||||||||
The following table sets forth a breakdown of cash and cash equivalents by currency denomination and jurisdiction as of December 31, 2025 and June 30, 2026:
| RMB | RMB equivalent USD | RMB equivalent SGD | Total in RMB | |||||||||||||||||||||
| China | Overseas | China | Overseas | Overseas | ||||||||||||||||||||
| (RMB in thousands) | ||||||||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||
| June 30, 2026 | ||||||||||||||||||||||||
5. Inventories, net
Inventories consisted of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Finished goods | ||||||||
| Work in process | ||||||||
| Raw materials | ||||||||
| Inventories, gross | ||||||||
| Less: inventory provision | ( | ) | ( | ) | ||||
| Inventories, net | ||||||||
During
the six months ended June 30, 2025 and 2026, the Group recorded inventory write-downs of RMB
6. Prepayments and other current assets, net
Prepayments and other current assets consisted of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| VAT deductible | ||||||||
| Prepayments to vendors | ||||||||
| Interest receivables | ||||||||
| Income tax receivables | ||||||||
| Rental and other deposits | ||||||||
| Others | ||||||||
| Prepayments and other current assets, net | ||||||||
Amounts
due from related parties included in prepayments and other current assets were and RMB
No write-down of prepayments to third-party suppliers was recognized in cost of revenue for the six months ended June 30, 2025 and 2026.
| F-8 |
7. Short-term investments and long-term investments
Short-term investments classified by security type consisted of the following:
| As of December 31, 2025 | ||||||||||||||||||
| Security type | Classification | Adjusted cost / carrying amount | Unrealized gains/(losses) | Short-term | Long-term | |||||||||||||
| (RMB in thousands) | ||||||||||||||||||
| Time deposits (Note a) | Held-to-maturity | |||||||||||||||||
| Structured deposits (Note b) | Held-to-maturity | |||||||||||||||||
| Government securities | Trading | |||||||||||||||||
| Total investments | ||||||||||||||||||
| As of June 30, 2026 | ||||||||||||||||||
| Security type | Classification | Adjusted cost / carrying amount | Unrealized gains/(losses) | Short-term | Long-term | |||||||||||||
| (RMB in thousands) | ||||||||||||||||||
| Time deposits (Note a) | Held-to-maturity | |||||||||||||||||
| Structured deposits (Note b) | Held-to-maturity | |||||||||||||||||
| Government securities | Trading | |||||||||||||||||
| Fund investments (Note c) | Equity securities | |||||||||||||||||
| Total investments | ||||||||||||||||||
Note
a: As of December 31, 2025 and June 30, 2026, all of the Group’s time deposits had contractual maturity dates within one year and
bore an expected annualized rate of return of
Note
b: As of December 31, 2025 and June 30, 2026, all of the Group’s structured deposits had contractual maturity dates within one
year and bore expected annualized rates of return ranging from
Note c: The fund investment represents an investment in a FOF collective asset management plan, which primarily invests in other asset management products. The investment is measured at fair value, with changes in fair value recognized in earnings. The fund is open for redemption on a quarterly basis.
Note
d: The table above excludes equity method investments. As of December 31, 2025, the Group had an equity method investment with a carrying
amount of RMB
8. Cryptocurrencies
Cryptocurrency holdings were comprised of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Current assets: | ||||||||
| USDT | ||||||||
| Non-current assets: | ||||||||
| ETH and staked ETH (Note a) | ||||||||
| Bitcoin | ||||||||
| Others (Note b) | ||||||||
| F-9 |
The following table presents the Group’s cryptocurrency holdings as of December 31, 2025 and June 30, 2026:
| As of December 31, 2025 | As of June 30, 2026 | |||||||||||||||||||||||
| Cryptocurrency | Quantity | Cost basis | Fair value | Quantity | Cost basis | Fair value | ||||||||||||||||||
| (RMB in thousands) | (RMB in thousands) | |||||||||||||||||||||||
| USDT | ||||||||||||||||||||||||
| ETH and staked ETH (Note a) | ||||||||||||||||||||||||
| Bitcoin | ||||||||||||||||||||||||
| Others (Note b) | ||||||||||||||||||||||||
Note
a: As of December 31, 2025 and June 30, 2026, approximately
Note b: The ‘Others’ category encompasses various cryptocurrencies that are not reported individually due to their lower significance.
The following table presents additional information about the Group’s cryptocurrencies:
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Beginning balance | ||||||||
| Purchases of cryptocurrencies in cash | ||||||||
| Cryptocurrencies received from customers | ||||||||
| Staking rewards from self-owned cryptocurrencies | ||||||||
| Operating expenses paid in cryptocurrencies | ( | ) | ( | ) | ||||
| Sales and exchanges of cryptocurrencies | ( | ) | ( | ) | ||||
| Changes in fair value of cryptocurrencies | ( | ) | ( | ) | ||||
| Foreign exchange differences | ( | ) | ( | ) | ||||
| Ending balance | ||||||||
| F-10 |
9. Property, equipment and software, net
Property, equipment and software consisted of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Cost: | ||||||||
| Building | ||||||||
| Building improvements | ||||||||
| Computers and electronic equipment | ||||||||
| Office furniture and appliances | ||||||||
| Motor vehicles | ||||||||
| Software | ||||||||
| Total cost | ||||||||
| Less: accumulated depreciation and amortization | ( | ) | ( | ) | ||||
| Less: impairment provision | ( | ) | ( | ) | ||||
| Property, equipment and software, net | ||||||||
Depreciation
and amortization expense related to property, equipment and software for the six months ended June 30, 2025 and 2026 was RMB
10. Intangible assets, net
Intangible assets consisted of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Amortized intangible assets with finite lives: | ||||||||
| Cost: Trademarks | ||||||||
| PoS technology platform | ||||||||
| Customer relationships | ||||||||
| Website | ||||||||
| Total cost | ||||||||
| Less: accumulated amortization | ( | ) | ( | ) | ||||
| Intangible assets, net | ||||||||
Amortization
expense for the six months ended June 30, 2025 and 2026 was RMB
11. Accrued liabilities and other current liabilities
Accrued liabilities and other current liabilities consisted of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Consideration payable for asset acquisition (Note a) | ||||||||
| Salary and welfare payable | ||||||||
| Other tax payables | ||||||||
| VAT received from customers related to contract liabilities | ||||||||
| Others | ||||||||
| Total | ||||||||
Note a: As of June 30, 2026, the balance primarily represented the remaining unpaid purchase price for the acquisition of the PoS technology platform from ECHOLINK LIMITED. The amount is interest-free.
| F-11 |
12. Share capital
As of June 30, 2026, the Company’s authorized share capital was US$ divided into ordinary shares of US$ each, comprising Class A ordinary shares and Class B ordinary shares.
On
March 16, 2026, Class B ordinary shares were converted into Class A ordinary shares on a
On February 27, 2026 and April 22, 2026, the Company issued and ADSs, representing and Class A ordinary shares, respectively, under the 2022 Share Incentive Plan.
As of December 31, 2025 and June 30, 2026, the Company had and Class A ordinary shares issued, of which and were outstanding, respectively, and and Class B ordinary shares issued and outstanding, respectively. As of December 31, 2025 and June 30, 2026, and ADSs, representing and Class A ordinary shares, were considered issued but not outstanding, respectively.
The Group maintains the 2022 Share Incentive Plan. Awards under the plan include restricted share units (“RSUs”), share options and share awards. Each RSU represents the right to receive two Class A ordinary shares upon vesting, and each share option represents the right to purchase two Class A ordinary shares upon exercise.
| (a) | Restricted share units |
The following table summarizes restricted share units (“RSUs”) activity during the six months ended June 30, 2026:
| Number of RSUs | Weighted-average value per RSU | |||||||
| (US$) | ||||||||
| Awarded and unvested as of December 31, 2025 | ||||||||
| Granted | ||||||||
| Vested | ( | ) | ||||||
| Canceled/forfeited | ( | ) | ||||||
| Awarded and unvested as of June 30, 2026 | ||||||||
| Vested and expected to vest as of June 30, 2026 | ||||||||
During the six months ended June 30, 2025 and 2026, the Group recognized share-based compensation expense of RMB and RMB respectively, in connection with the above RSUs.
As of June 30, 2026, unamortized compensation cost related to outstanding RSUs was RMB and was expected to be recognized over a weighted-average period of years.
| (b) | Share options |
The following table summarizes share option activity during the six months ended June 30, 2026:
| Number of share options | Weighted-average exercise price per option | Weighted-average remaining contractual life | Aggregate intrinsic value | |||||||||||||
| (US$) | (in years) | (US$) | ||||||||||||||
| Outstanding as of December 31, 2025 | ||||||||||||||||
| Granted | — | — | ||||||||||||||
| Exercised | — | — | ||||||||||||||
| Canceled/forfeited | ( | ) | — | — | ||||||||||||
| Outstanding as of June 30, 2026 | ||||||||||||||||
| Vested and exercisable as of June 30, 2026 | ||||||||||||||||
| Vested and expected to vest as of June 30, 2026 | ||||||||||||||||
During the six months ended June 30, 2025 and 2026, share-based compensation recognized by the Group related to options were RMB and RMB(), respectively.
As of June 30, 2026, unrecognized share-based compensation expense related to unvested share options was RMB and was expected to be recognized over a weighted-average period of years.
| F-12 |
| (c) | Share awards |
On May 6, 2026, the Company granted an aggregate of fully vested Class A ordinary shares, representing ADSs, to three independent directors under the 2022 Share Incentive Plan. The Group recognized share-based compensation expense of RMB in connection with these share awards during the six months ended June 30, 2026.
| (d) | Share-based compensation expense/(reversal) |
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Research and development expenses | ||||||||
| Sales and marketing expenses/(reversal) | ( | ) | ||||||
| General and administrative expenses | ||||||||
| Total share-based compensation expense | ||||||||
14. Revenue and contract liabilities
In accordance with ASC 606, the Group disaggregates revenue by customer relationship and revenue stream as follows:
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Products revenue – third parties | ||||||||
| Mining products and related components | ||||||||
| Other revenues | ||||||||
| Products revenue – related party (Note 15) | ||||||||
| Work in process and related components | ||||||||
| Total revenue | ||||||||
The Group’s revenue recognition policy under ASC 606 is unchanged from the accounting policy disclosed in the 2025 annual financial statements.
Contract
liabilities represent advance payments received from customers before the related products are delivered. The revenue recognized
during the six months ended June 30, 2025 and 2026 for the beginning balance of contract liability was RMB
| F-13 |
15. Related party transactions
On January 5, 2026, the Group entered into a business transfer agreement with Shanghai TopsFuture Microelectronics Co., Ltd. (“TopsFuture”) to sell certain inventory and self-developed technology and intellectual property assets related to a non-core chip-related business. TopsFuture is controlled by Mr. Qiang Ding, one of the Company’s ultimate controlling shareholders and its chairman and chief executive officer. Transactions with TopsFuture under the agreement were as follows:
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Products revenue – related party | ||||||||
| Other income – related party (disposal of technology and intellectual property assets) | ||||||||
During the six months ended June 30, 2026, the Group advanced an immaterial amount to TopsFuture. Balances with TopsFuture were as follows:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Amounts due from related parties included in prepayments and other current assets | ||||||||
| F-14 |
16. Income taxes
The components of provisions for income tax (expense)/benefit for the periods presented were as follows:
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Current income tax expense/(benefit) | ( | ) | ||||||
| Deferred income tax expense/(benefit) | ( | ) | ||||||
| Income tax expense/(benefit) | ( | ) | ||||||
The
effective income tax rates for the six months ended June 30, 2025 and 2026 were
Deferred income tax assets and liabilities consisted of the following:
| As of | As of | |||||||
| December 31, | June 30, | |||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Deferred tax assets: | ||||||||
| Accrued expenses and others | ||||||||
| Inventory provision | ||||||||
| Impairment on prepayments | ||||||||
| Impairment of long-lived assets | ||||||||
| Product warranty | ||||||||
| Intercompany unrealized profit | ||||||||
| Net operating loss carryforward | ||||||||
| Total deferred tax assets before valuation allowance | ||||||||
| Valuation allowance | ( | ) | ( | ) | ||||
| Total deferred tax assets | ||||||||
| Deferred tax liabilities: | ||||||||
| Unrealized gain and accrued interest income on investments | ( | ) | ( | ) | ||||
| Accelerated tax depreciation | ( | ) | ( | ) | ||||
| Total deferred tax liabilities | ( | ) | ( | ) | ||||
| Deferred tax assets, net | ||||||||
A
valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
As of December 31, 2025 and June 30, 2026, the valuation allowance was RMB
The
Group evaluates uncertain tax positions in accordance with ASC 740. As of December 31, 2025 and June 30, 2026, the Group did
| F-15 |
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (RMB in thousands, except share and per share data) | ||||||||
| Basic and diluted net earnings/(loss) per share | ||||||||
| Numerator: | ||||||||
| Net income/(loss) attributable to ordinary shareholders | ( | ) | ||||||
| Denominator: | ||||||||
| Weighted-average ordinary shares outstanding - basic | ||||||||
| Effect of dilutive potential ordinary shares | ||||||||
| Weighted-average ordinary shares outstanding - diluted | ||||||||
| Net earnings/(loss) per share attributable to ordinary shareholders: | ||||||||
| Basic net income/(loss) per share | ( | ) | ||||||
| Diluted net income/(loss) per share | ( | ) | ||||||
For the six months ended June 30, 2026, potential ordinary shares related to RSUs, share options and warrants were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive.
18. Operating segments
The Group’s chief executive officer is the chief operating decision maker (“CODM”). The CODM organizes the Group, allocates resources and assesses performance as a single operating and reportable segment managed on a consolidated basis. The accounting policies of the operating segment are the same as those described in Note 2.
| F-16 |
The significant segment expense categories regularly provided to the CODM and included in the measure of segment profit or loss include cost of revenue, research and development expenses, sales and marketing expenses, general and administrative expenses and income tax expense/(benefit), as presented in the unaudited condensed consolidated statements of operations and comprehensive income/(loss). The following table presents further disaggregation of cost of revenue and research and development expenses:
| For the six months ended June 30, | ||||||||
| 2025 | 2026 | |||||||
| (RMB in thousands) | ||||||||
| Cost of revenue (excluding the impact of write-down) | ||||||||
| Inventory provision, write-down of prepayments and provision for inventory purchase commitments | ||||||||
| Total cost of revenue | ||||||||
| Salary, bonus, welfare and share-based compensation expense | ||||||||
| New products development | ||||||||
| Depreciation | ||||||||
| Total research and development expenses | ||||||||
The Group’s segment revenue, expenses and net income/(loss) are the same as the corresponding consolidated amounts presented in the unaudited condensed consolidated financial statements. Accordingly, no reconciliation is necessary.
Other
segment items were net expenses of RMB
The CODM does not review segment assets at a level or category different from those presented in the condensed consolidated balance sheets. Accordingly, no reconciliation of segment assets to consolidated assets is necessary.
19. Commitments and contingencies
From time to time, the Group may be involved in legal proceedings arising in the ordinary course of business. As of June 30, 2026, the Group was not involved in any legal or administrative proceedings that management believes would have a material adverse effect on the Group’s financial position, results of operations or cash flows. Except as disclosed elsewhere in these unaudited condensed consolidated financial statements, the Group had no material commitments or guarantees as of June 30, 2026.
20. Subsequent events
The Company evaluated subsequent events through September 18, 2026, the date on which these unaudited condensed consolidated financial statements were issued.
In July 2026, the Company granted an aggregate of RSUs to employees under the 2022 Share Incentive Plan. Each RSU represents a contingent right to receive two Class A ordinary shares.
On
August 20, 2026, the Board of Directors approved a share repurchase program, pursuant to which the Company is authorized to repurchase
up to US$
| F-17 |