Bitmain discloses prospectus: net profit in the first half of the year increased nearly 8 times year-on-year

Bitmain disclosed its prospectus on the Hong Kong Stock Exchange today, with CICC as the exclusive sponsor.

Download prospectus: http://www.wabi.com/news/23251.html

The prospectus shows that the net profit in the first half of the year was US$743 million, an increase of nearly 8 times year-on-year. The adjusted EBITDA was US$1.152 billion. The company's net profit from 2015 to 2017 was US$48.6 million, US$113.6 million and US$701.4 million respectively. After adjustment, the net profit in 2017 reached US$953 million.

Revenue increased from US$137 million in 2015 to US$2.517 billion in 2017, with a compound annual growth rate of 328.2%, and increased from US$276 million in the first half of 2017 to US$2.846 billion in the first half of 2018, a year-on-year increase of 936.6%. Net profit increased from US$83 million in the first half of 2017 to US$743 million in the first half of 2018, a year-on-year increase of 794.8%.

In terms of business, mining machine sales account for the vast majority of the company's revenue. In 2017, mining machine sales accounted for nearly 90% of total revenue, and in the first half of 2018, mining machine sales revenue was US$2.684 billion, and this proportion was close to 95%. In addition to mining machine sales, mining pool operation revenue was US$43.21 million, accounting for 1.5% of total revenue; mining field service revenue was US$21.82 million, accounting for 0.8% of total revenue; self-operated mining revenue was US$94.34 million, accounting for 3.3% of total revenue; other revenue was US$2.23 million, accounting for 0.1% of total revenue.

Founded in 2013, Bitmain is the world's largest ASIC-based cryptocurrency mining machine company, with a global market share of 74.5% in 2017.

In September 2017, Sequoia Capital and International Data Group provided $50 million in funding for the development of artificial intelligence chips. The company is the second largest fabless chip design company in China and one of the top ten in the world in terms of revenue in 2017. It focuses on designing ASIC chips for cryptocurrency mining and artificial intelligence. In terms of revenue last year, the company is the fourth largest fabless ASIC chip design company in the world.

The prospectus shows that in the first half of 2017, domestic revenue was US$166 million, accounting for 60.5%, and foreign revenue was US$108 million, accounting for 39.5%. In the first half of 2018, domestic revenue was US$1.058 billion, accounting for 37.2%, and foreign revenue was US$1.787 billion, accounting for 62.8%.

As of June 30, 2018, the Company has opened 11 mining farms in China, located in Sichuan, Xinjiang and Inner Mongolia. These mining farms can accommodate approximately 200,000 mining machines and mainly use two mining pools, namely BTC.com and Ant Pool.

Download prospectus: http://www.wabi.com/news/23251.html