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Thank you. I would now like to turn the conference over to Alice Zhang with The Equity Group. Please go ahead.

Thank you, operator. Good evening to everyone. Welcome to Intchains' first-half 2026 earnings conference call. Please be advised that the discussions on today's call will include forward-looking statements. These statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections regarding future events that may impact its financial condition, operating results, and strategic direction. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from those anticipated results. Investors should review other factors that may affect its future results in the company's registration statement and other filings with the SEC.

The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Please refer to the reconciliation of non-GAAP measures to comparable GAAP measures in the earnings press release. The webcast replay of this conference call will be available on the Intchains' website at www.ir.intchains.com. It is my pleasure to introduce Intchains' CFO, Mr. Charles Yan, who will provide an overview of first-half 2026 financial results and the company's business strategy and focus for the remainder of the year before opening the floor for questions. Charles, please go ahead.

Thank you, Alice, and welcome everyone. Let me start with a quick look at our first-half 2026 results. The period reflected continued cyclical softness in outgoing demand, which was also impacted by the PRC mining machine sales restrictions announced in February. Revenue was RMB 11.1 million, and the total operating expenses were RMB 42 million, with a basic and diluted net loss per ordinary share of RMB 1.22. We ended the period with RMB 461.1 million in cash and cash equivalents, deposits, and government securities. Our balance sheet has allowed us to fund our next-generation chip program entirely from internal resources. Now turning into the remainder of 2026. Our progress on new product development and where we are taking the business from here. We entered this cycle with a deliberate choice.

Keep funding our next-generation mining asset development through a weaker demand environment so that we will be ready with new products when the market turns, and that decision is now paying off. In July, we successfully completed the tape-out of our new next-generation mining ASIC, a major technical milestone that keeps us on track for commercial launch in Q4 2026. This chip is architected specifically to optimize performance, balancing efficiency, reliability, and supply availability using a mature process, and is designed to improve unit economics and returns on invested capital for retail and professional miners. The successful tape-out transitions the ASIC project from design completion to the start of the manufacturing process and sets the stage for silicon validation, followed by mass production and official commercial launch.

With our capital and the R&D-intensive phase of this ASIC chip development now complete, the company has initiated engineering sample production and a laboratory validation, including performance, reliability, and thermal testing against internal benchmarks. Subject to successful validation, Intchains expects to commence initial production ramp and system-level integration in advance of a planned commercial launch targeted for Q4. Once launched through the sales of our Goldshell miner series, we believe it will broaden our addressable market across retail and professional miners, enhance the competitiveness of our hardware portfolio, and unlock new revenue streams through future system and service offerings. Looking into the second half, we believe we are moving quickly to capture the opportunities ahead. Our new mining ASIC is expected to begin contributing modest revenue in H2 2026, building a far more meaningful impact in fiscal 2027 as commercialization accelerates.

Longer term, we believe that this platform further strengthens our position as a leading active supplier of purpose-built mining ASIC systems, driving superior operational efficiency for our customers and advancing a more sustainable approach to proof-of-work infrastructure. It is a core part of our strategy to build a more resilient, diversified revenue base. Beyond this new project, we are also in the early stages of evaluating new growth opportunities in artificial intelligence, including potential acquisitions that would extend our core competencies in custom ASIC design and hardware systems integration into AI-enabled computing applications. Our goal is to reduce reliance on cryptocurrency market cycles over time and to position Intchains in a higher-value computing market adjacent to our existing hardware expertise. This work is still in early stages, and we look forward to share more details as our plans develop.

On the cost side, we continued to make progress on our cost optimization efforts. As of June 30, 2026, we had realized approximately RMB 23.1 million in annualized labor cost savings through our organizational restructuring, the divesture of our non-core chip-related business, and expanded use of AI-enabled tools across our business operations. We expect to continue these cost discipline initiatives throughout the remainder of the year. On our ETH Treasury holdings, as of June 30, 2026, the fair value of our cryptocurrency assets, excluding stablecoins such as USDC and USDT, was RMB 98.9 million, including approximately 9,176 ETH. As of August 20, 2026, the company's total units of ETH staked were 4,556, with 3,556 ETH deposited through our Goldshell Staking platform pending validation activation, and 1,000 ETH staked on FalconX platform.

Going forward, we expect to maintain a prudent ETH treasury and a staking position, preserving our existing treasury holdings and continue generating staking yields, while prioritizing capital allocation toward our next-generation ASIC program and the new AI initiatives over additional ETH accumulation. We also announced today that our board of directors had approved a share repurchase program, under which we may repurchase up to $15 million of our ADS over the next two years, funded from our existing cash balance. We believe that this program reflects our confidence in Intchains' long-term strategic direction and our commitment to creating value for shareholders. It is consistent with our disciplined approach to capital allocation, balancing returns to shareholders with continued investment in our next-generation ASIC and new AI initiatives.

Looking ahead to second half of 2026, while we expect continued market headwinds, we will remain focused on disciplined execution, commercializing our new ASIC, prioritizing cost optimization, and advancing our evaluation of AI-related growth opportunities. We believe these initiatives will position Intchains for a more diversified and resilient business over the long term. With that, operator, let's open it up for questions.

Thank you. We will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Your first question comes from the line of Mark Palmer with StoneX. Please go ahead.

Yes. Hello, good evening, and thank you for taking my question. You announced the new share repurchase program, and also discussed ongoing R&D activities, as well as the potential for M&A, especially focused on AI and AI-driven businesses. Can you talk a bit about what your capital allocation priorities are and, more broadly, what your capital allocation strategy looks like going forward? Thank you.

Thank you, Mark. Thank you for your question. Firstly, for the share repurchase program, we planned $15 million for the share repurchase program. For the R&D in current ASIC, we will handle this as usual. We will do the tape-out and buy the inventory and then sell them. So, the capital cost of the current business, it will remain the same with our prior projects. Finally, for the AI initiatives and M&A, it will depend on the project we engage. Currently, we have several projects to assess, and every project have a different capital requirement. So currently, for the AI part, we cannot give a period estimation. Thank you.

Yes. A follow-up question, please. Charles, you made reference to the fact that you're anticipating that there will be a pickup in the impact from the newly developed ASIC product in 2027. Can you talk a bit about how you're currently thinking about 2027, particularly with regard to the diversification of revenue that you made reference to, reducing reliance on crypto cycles? Also, what should we be watching for over the next few quarters in terms of milestones or signs of your progress? Thank you.

Yes. Firstly, our next milestone of the product is the product launch. It will be happening in Q4 2026, and it will contribute some revenue for the second half, but it will not be very big. For 2027, the whole mass production will be on track. So in 2027, our expectation is the revenue will be better than the last cycle. By last cycle, I mean maybe 2025 and 2024. This is our business basics. In addition, for other revenue base, we will continue to stake ETH, and it will contribute meaningful revenue compared with this year and last year. Finally, the AI initiatives. If it has some meaningful process, it will also contribute additional revenue.

I think in the current stage, we cannot estimate the current figure of that part, but I believe that 2027 will be a good year or the best year among five years of the company. Yeah. Thank you.

Thanks very much.

Yeah.

Your next question comes from the line of Matthew Galinko with Maxim Group. Please go ahead.

Hey, thanks for taking my questions. Maybe firstly, just given the environment we've been in for crypto, can you discuss any changes you're seeing in competition in the ASIC design business?

Yeah. Currently, what I can say now is that our new next-generation ASIC, the foundation of this new cryptocurrency is very good, and the competition of this new cryptocurrency is not intense. We may not be the first one entering into that area, but we believe that our product has a leading performance among all competitors. I think we are very confident on this new ASIC or new mining machine for this new coin and for 2027. On the other hand, I think the crypto environment, currently, it has some soft demand issues. Now I think for the second half and next year, the market will recover and together with our business and our revenue and the ETH price. Yeah, this is all our company's business. Yes, thank you.

Great. As a follow-up, to drill a little bit more into the capital allocation decisions, how do you view your ETH Treasury holdings with respect to other investment opportunities, including M&A, additional ASIC development, if you see opportunities? Are Treasury holdings potentially convertible into cash for M&A or other initiatives if it suits, or do you intend to hold that as a fixed asset and not really consider it as part of any kind of spend? Thank you.

Yes. I think we will not sell ETH, firstly. We are using our own fund to buy ETH. If we do not generate operating cash, it's difficult for us to pay more money on it. Our current strategy is to sell mining machine and obtain profit and use that profit to buy the ETH. For the capital allocation, we will not fully use current cash to buy ETH, but this is our current strategy. I cannot ensure if we will change in the future, but currently we are using this strategy. Our current cash will be used in R&D, mining machine sales, current business, and AI initiatives. Thank you.

Thank you. Maybe last question from me. In addition to the new machine that you're rolling out in Q4 and you expect to contribute to 2027, if we get a recovery in the crypto market, do you expect to have decent contribution from other products in your portfolio? Do you think that 2027 is going to be just predominantly driven by the new launch?

I think currently cryptocurrency is in the bear market. If the market did not recover, I think our main revenue will come from contributed by this new product. If the market recover, all the price, the Dogecoin price, the Aleo coin price recover, then we will have other contributions from this prior product line because we have finished the tape-out, so it's very quick for us to order more wafer from our fab. Thank you.

Great. Thank you.

Thank you.

I am showing no further questions at this time. I would like to turn it back to Charles Yan for closing remarks.

Yeah. Thanks again to all of you for joining us. We are always open to a dialogue with investors. Please feel free to reach out to us or to our investor relation firm, The Equity Group, for any additional questions. We look forward to speaking with you all again on our next call. Thank you.

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

Thank you for standing by. Welcome to the Intchains Group Limited Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Alice Zhang with The Equity Group. You may begin.

Thank you, operator. Good evening to everyone. Welcome to Intchains' Fourth Quarter and Full Year 2025 Earnings Conference Call. Please be advised that the discussions on today's call will include forward-looking statements. These statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections regarding future events that may impact its financial condition, operating results and strategic direction. Although the company believes that expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from anticipated results. Investor should review other factors that may affect its future results in the company's registration statement and other filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Please note that in today's call, we'll discuss certain non-GAAP financial measures. Please also refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in the earnings press release. The presentation and webcast replay of this conference call will be available on the Intchains' website at www.ir.intchains.com. It is my pleasure to introduce Interim CFO, Mr. Charles Yan, who will provide an overview of full year 2025 financial results, recent operational achievements and the company's long-term growth strategy before opening the floor for questions. Charles, please go ahead.

Thank you, Alice, and welcome, everyone. Intchains engaged in the design and development of altcoin mining machines, ETH accumulation and yield-generating strategy as well as the delivery of Web3 infrastructure services. Starting December 2025 following the completion of acquisition and the launch of our Goldshell Stake platform, we also provide cryptocurrency staking services for individual and institutional crypto investors. Altcoin mining hardware and Ethereum accumulation and staking activities are the other core pillars of our businesses with sales of our mining machine being the primary source of our revenues. As discussed in the past, we operate in an industry heavily influenced by cyclical volatility, and this has impacted net revenue for full year 2025. Despite short-term market volatility, our ability to continuously and properly deliver state-of-the-art mining products showcases our business agility supported by a long-term commitment in R&D. 2025 was highlighted by launch of series of mining products, including ALEO, Dogecoin and XTM miners. In Q1, we introduced our first ALEO mining series to the market in response to the rapid growth of the ALEO product demand. The launch achieved a strong customer adoption and contributed to substantially increased revenues in the first quarter. During the year, we also launched our groundbreaking byte -- Goldshell BYTE, dual miner, an innovative solution that allows our customers to maximize mining returns by switching seamlessly between algorithm cards according to market conditions. This new machine has generated significant market interest and law supports -- moral support mining across 6 different cryptocurrencies using our proprietary algorithm cards. Throughout 2025, these products experienced rapid iterations with multiple additional product models released for ALEO and Dogecoin miners. Late in this year, we introduced XTM miners, another high-performing minor series, which accounted for a significant portion of our Q4 net revenues. Together, these product launch have reinforced our market competency, reflecting Intchains' capabilities to seizing early market share in the innovative altcoin projects with the top-tier next-generation mines. During the year, we also continued to explore ways to evaluate -- to elevate our ETH accumulation, holding and staking strategies. On the ETH accumulation side, we continued executing our disciplined and self-funded ETH purchase strategy, always mindful of prevailing market conditions and price, more so during the second half of the year. 2025 was characterized by significant swings in ETH pricing, driven by macroeconomic uncertainty, shifting liquidity conditions and evolving institutional participation in digital assets. ETH experienced a period of sharp upward momentum followed by notable corrections, creating a volatile but opportunity-rich environment. During a year full of volatility in ETH and overall crypto market, we adopted a more mindful approach in accumulating ETH and took a conservative and strategic capital allocation approach in the second half of 2025. That said, our long-term conviction in Ethereum ecosystem hasn't changed, and ETH remains the critical assets in our cryptocurrency strategy. As of December 31, 2025, we held a total of 8,826 ETH, increasing from 5,702 a year ago, growing this position by 56%. The same volatility continued in 2026, with ETH trading within a broad range as macro and crypto sentiment fluctuated. In February, ETH stabilized in a range that highlighted opportunistic entry point for long-term accumulation. As a result, we are pleased to announce that by February 23, 2026, we hit another significant milestone of our ETH accumulation strategy with over 9,000 units of ETH and remain one of the top players of ETH' treasury holders. Moving into the staking aspect of ETH holdings. In 2025, we expanded our digital asset strategy by partnering with FalconX to support ETH's staking activities. Through FalconX institutional-grade platform, we are able to securely stake a portion of our ETH holding, generating yields while maintain operational flexibility and strong risk controls. Furthermore, in December 2025, we acquired a Proof-of-Stake platform and launched Goldshell Stake platform, which operates as we independent PoS service platform under the Goldshell brand. As part of Intchains' comprehensive Web3 infrastructure offering, we now provide poof-of-currency stake services for individual and institutional investors. Converting ETH, our launch, Manta and Conflux and expect to expand this line business to broader international markets, leveraging Goldshell's existing customer base and market presence. I will provide additional details on staking strategy for 2026 shortly. Turning to a summary of our full year 2025 financial performance as compared to full year 2024. FY 2025 revenue of RMB 220.9 million or USD 31.6 million decreased by 21.6% due to cyclical fluctuations in the market and softer demand for our products in this period, whereby our ALEO mining machine series contributed to increased revenues in the first 6 months in 2025, and overall demand for our products become softer during the second half. FY '25 cost of revenue was RMB 204.9 million or USD 29.3 million, an increase of 56.1% (sic) [ 57.1% ], impacted by impairment charges recorded against excess mining machine inventory for certain altcoin minings during the period. FY 2025 total operating expenses were RMB 120.6 million or USD 17.3 million, decreased by 18.7,%, primarily as a result of lower sales and R&D expenses and primarily due to the reduced expenses related to the preliminary and research costs conducted for new altcoin mining projects. As a result of lower revenues and gross margins, FY 2025 loss for operating was RMB 104.7 million or USD 15 million compared to the income from operations of RMB 2.9 million. FY 2025 interest income was RMB 11 million or USD 1.6 million, decreased from FY 2024 mainly due to cash used to acquire ETH-based cryptocurrency. For the full year period, we recorded a gain in fair value of cryptocurrency of RMB 4.8 million or USD 0.7 million, primarily a result of increased ETH holdings by 3,170 units since the beginning of the year, partially offset by an approximately decrease of 12.6% in ETH's price during the period. Net loss for FY 2025 was RMB 52 million or USD 7.4 million compared to a net income of RMB 51.5 million in FY 2024. We continue to maintain a strong balance sheet. As of December 31, 2025, our cash position, which consisted of cash and cash equivalents, deposits and government securities listed in long-term investments and short-term investments was USD 67.8 million. We had current assets of USD 83.2 million, total assets of USD 145.2 million and total liability of just $6.2 million. And I would now like to provide an update to sales of our altcoin mining machines in Mainland China before discussing our 2026 strategies and business focus. On February 6, notice on further preventing and handling risks related to virtual currency was issued, prohibiting the provision of service such as sale of mining machines within Mainland China by mining machine production enterprises. In response to the notice and to ensure full compliance, we are enhancing internal control policies and undertaking ratification measures. I would like to note that although our primary sales markets have consist of overseas end users as well as domestic channel partners within China, the company's business model is designed to serve a global customer base and our channel partners purchase are primarily for export purpose. So as detailed in our earnings release, management does not expect a notice to have a material adverse impact on company's business, financial condition or results of operations. Now moving on to our 2026 business strategies. For 2026 and beyond, our growth is centralized on continued investment in R&D on the development and the sale of our Goldshell mining machines and our ETH accumulation and staking activities, supplemented with cost optimization to improve overall financial performance. In first half of 2026, we remain focused on generating revenues from the sale of our existing mining machine sales that were launched in 2025, including ALEO, Dogecoin, XTM and...

Excuse me, ladies and gentlemen, please continue to stand by. Your conference will resume momentarily. Thank you. Excuse me, ladies and gentlemen, your conference will now resume. Charles, go ahead.

Sorry, everyone, let's continue for our earnings conference call. So 2026 is expected to be a year of margin improvement due to steps we took to implement cost management initiatives, including workforce reduction and organizational restructuring, aiming to enhance efficiency, optimize headcount and operate with leaner corporate level -- corporate model. We believe these initiatives will enable us to force resources on core R&D efforts to maintain a leading position in altcoin mining product industry, driving further margin expansion for FY 2026 and beyond. Prior to our altcoin hardware business, we are well equipped to enhance our ETH accumulation and restructure treasury holding strategy. In 2026, Intchains participates continuing a prudent approach in ETH purchasing by pursuing selective value-driven purchases when market conditions are favorable to gradually expand ETH's treasury holdings over time. As of December 31, 2025, the fair value of our cryptocurrency assets other than stablecoins such as USDC and USDT was RMB 187.6 million or USD 26.8 million, which includes approximately 8,826 ETH-based accrual currencies, valued at RMB 186.7 million. In 2026, Intchains continued to accumulate ETH. And as of February 23, 2026, total ETH held reached over 9,070 units. As part of our efforts to generate incremental returns from idle assets, we plan to continue our dual-platform staking approach using FalconX to stake ETH we have accumulated in our Goldshell stake platform to stake our third-party ETH. Staking on 2 platforms allows diversification, and we expect this practice of combination to maximize returns as we build our strategic ETH reserve and also from third-party staking. As an update, as of February 23, 2026, we have a total of 2,600 units of ETH or 28.7% of our total ETH treasury holding, currently staked with 1,000 units or 11% staked in -- on FalconX and 1,600 units or 18% staked in on our own Goldshell Stake platform. Additionally, Goldshell currently stake, 1,359 units of ETH currently owned by crypto investors. We remain optimistic about these initiatives, and we are implementing combining sale of new and existing altcoin mining machines and a solid ETH accumulation holding and staking strategy, along with cost-saving methods we are undertaking to drive solid top line results and improve operation margins in 2026. As a Web3 infrastructure provider, we have a market-leading altcoin hardware business and integrated hardware and software service portfolio, such as Goldshell Wallet and Goldshell Stake and a prudent long-term ETH strategy. With staking service serving as a second growth engine beyond our mining machine business, we have expanded into the blockchain infrastructure service sector. So we are looking to further generate synergies across our business lines, capture and act on additional opportunities as we emerge. With that, operator, please open it up for questions.

[Operator Instructions] Your first question comes from the line of Matthew Galinko with Maxim Group.

I think you've covered this in the prepared remarks, but just to clarify, do you expect to launch new mining products in the second half of '26 at this point?

Yes, we are targeting new altcoin mining machine in the second half, but it's also subject to market conditions and our R&D progress. Currently, we have multiple coins project is under R&D process.

Got it. And on the Goldshell Stake, I think you mentioned you have about 1,400 units of ETH staked by third-party investors. Did that come over with the acquisition? Or are those new users for the platform since you rebranded it?

I think it's both. Yes. The staked ETH is about -- we cannot -- after the acquisition, it have amount growth in the ETH units. So it's both and half are prior to the acquisition and another half post-acquisition. Thank you.

[Operator Instructions] And we have no further questions at this time. I would like to hand it back to Charles Yan for closing remarks.

Yes. Thanks again to all of you for joining us. We are always open to dialogue with investors. Please feel free to reach out to us or our Investor Relations firm, The Equity Group for any additional questions. We look forward to speaking with you all again on our next quarterly call. Thank you.

Thank you. And ladies and gentlemen, this now concludes today's conference call. Thank you all for joining. You may now disconnect.

Thank you for standing by. Welcome to the Intchains Group Limited Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Alice Zhang with The Equity Group. You may begin.

Thank you, operator. Good evening to everyone. Welcome to Intchains Third Quarter 2025 Earnings Conference Call. Please be advised that the discussions on today's call will include forward-looking statements. These statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections regarding future events that may impact its financial condition, operating results and strategic direction. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, we cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors should review other factors that may affect its future results in the company's registration statement and other filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Please note that in today's call, we will discuss certain non-GAAP financial measures. Please also refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in our earnings press release. The presentation and webcast replay of this conference call will be available on the Intchains website at www.ir.intchains.com. It is my pleasure to introduce Intchains' CFO, Mr. Charles Yan, who will provide an overview of third quarter and 9 months 2025 financial results, recent operational achievements and the company's long-term growth strategies before opening the floor for questions. Charles, please go ahead.

Thank you, Alice, and welcome, everyone. Intchains engages in design and development of altcoin mining machines, ETH accumulation and yield-generating strategies as well as Web3 application development. Among our 3 main business pillars, cryptocurrency mining machines are the primary revenue contributor, currently accounting for the entirety of our total net revenue. As we have previously discussed, our quarterly performance is heavily influenced by cyclical volatility, a common dynamic within our industry. And as expected, our Q3, our revenue was impacted by these factors. We had lower sales of mining machines as our flagship ALEO mining project which peaked in Q1 2025 has transitioned into a stable stage as market demand has gradually leveled out following the initial surge. Thus, revenue for Q3 2025 decreased to RMB 9.1 million, and we recorded a loss for operations for RMB 41.8 million due to softer demand for our products in the period. Our business operates in a dynamic market environment characterized by the natural volatility of the cryptocurrency and the mining machine industry. The fast-paced landscape presents both challenges and opportunities, and our strength lies in our ability to adapt swiftly, innovate continuously and capture emerging trends ahead of the competition. We differentiate ourselves by maintaining agility and technological leadership through careful market evaluation, committed R&D investment, rapid response to industry changes and the continuous introduction and upgrading of altcoin mining projects. We stay ahead of evolving trends. This allows us to deliver next-generation, high-performance mining machines that empower our community to participate early in the development and the mining of emerging altcoin ecosystem. Thus, similar to the performance trends of our peer group, our results are better measured on a year-to-date basis. We believe this provides a clearer reflection of Intchains' growth and overall business execution as crypto projects do not follow a fixed seasonal pattern and allows for meaningful quarter-over-quarter comparisons. That said, I would like to summarize our 9 months 2025 performance as compared to 9 months of 2024 by focusing on key metrics. Our 9 months 2025 revenues of RMB 184.7 million or $25.9 million decreased by 11% due to the cyclical fluctuations in the market and the softer demand for our products in this period. 9 months 2024 cost of revenue was RMB 108.2 million or $15.2 million and an increase of 42.9%, impacted by impairment charge recorded against excess mining machines inventory for certain altcoin mining machines during the period. 9 months 2025 total operating expenses were RMB 97.6 million or $13.7 million, increased by 6%, primarily as a result of higher G&A and sales expenses. 9 months 2025 loss from operations was RMB 21 million or $3 million compared to income from operations of RMB 39.8 million. Our 9-month 2025 interest income was RMB 8.6 million or $1.2 million, decreased from 9 months 2024, mainly due to the cash used to acquire ETH-based cryptocurrencies. For the 9-month period, we recorded a substantial gain in fair value of cryptocurrencies of about RMB 79.3 million or $11 million, primarily a result of increased ETH holding by 3,117 units since the beginning of the year and an approximate increase of 21.4% in ETH price during the period. As a result, our net income for 9 months 2025 was RMB 78.7 million or $11 million compared to RMB 38.7 million in 9 months 2024. Our balance sheet remains clean and strong. As of September 30, 2025, our cash position which consisted of cash and cash equivalents, deposits and government securities listed in long-term investment and short-term investments was $66.5 million. We had current assets of $93.2 million, total assets of $160.6 million and total liability of just $5.6 million. I would now like to discuss recent developments as part of our long-term growth strategies before opening the floor for the questions. For 2026 and beyond, we -- our growth is centered on the development and the sale of Goldshell mining machines and our ETH accumulation and staking activities. Our ability to identify and execution on new altcoin projects and to introduce new and competitive altcoin mining machines is built up on a continuous commitment to invest in R&D. Year-to-end, Intchains has invested approximately $9 million in R&D, underscoring our dedication to driving technological advancements and sustaining long-term growth. We view R&D not merely as cost, but as a core strategic pillar that enhances our competitiveness and responsiveness to evolving market dynamics. Through these efforts, we have successfully launched several key initiatives, which include the launch of new products and the implementation of continuous upgrades across our existing product line to enhance efficiency, performance and the user experience. Specifically, in February, we launched ALEO miner series service, which demonstrated our capability to deliver high-performance solutions tailored to emerging blockchain ecosystem. In March, we launched the Goldshell Byte, a dual mining machine that allows for the replacement of mining costs according to the market condition. In September 2025, we launched our first XTM mining service which compared -- which comprises of an XT BOX mining machines and XT CARD designed for our dual miner Goldshell Byte. The introduction of our new XTM miner series marks another milestone in our product road map, reinforcing our position in the forefront of the altcoin mining hardware industry and reflecting our ability to anticipate and meet the evolving needs of global miners. We expect the XTM miners to account for a meaningful revenue contribution in Q4 2025. In addition, we also added an AL CARD designed to mine altcoin into Goldshell -- to the Byte algorithm card portfolio, enabling Byte miner to seamlessly switch between mining of 6 cryptocurrency in total. In December 2025, we expect to receive our test chips of our new Dogecoin mining machine and are planning for the launch of this new mining machine in the first half of 2026. We are optimistic that upon commercial launch, this new product will become a top-tier Dogecoin mining machine, further growing the market share of our Goldshell brand and contributing to our top line growth for fiscal year 2026. Moving on to our ETH strategy. As of September 30, 2025, we had 9,919 ETH-based cryptocurrencies valued at approximately $37 million. While dollar cost averaging remains our long-term ETH acquisition strategy, we paused to purchase our ETH during Q3 due to a tactical funding allocation in response to the current market environment and currently do not plan to resume purchase activities in Q4. That said, we believe in the forward-looking asset appreciation potential of ETH and are actively exploring ways to enhance our ETH strategy to further unlock the value potential of our ETH position. In July, we announced a partnership with FalconX, aiming to enhance ETH acquisition efficiently and explore potential return enhancements through a structured ETH yield strategy. The cooperation focused on 2 key aspects: optimizing ETH acquisition utilizing FalconX customized derivative-based trading strategies; and pursue yield generation through a combination of lending and derivative-based strategy with annualized yield reaching as high as 10%. As part of this strategy, during Q3, we initiated a stake in a portion of our ETH strategy holding, about 1,000 units of ETH or approximately 11.3% of our total ETH holding within FalconX. With the goal of diversifying our ETH staking initiatives and in addition to our existing cooperation with FalconX to generate ETH return, we announced earlier today that the signing of definitive agreement to acquire a proof-of-stake technology platform, this transaction marks a significant step forward in expanding our blockchain infrastructure capability and strengthening our presence in the broader staking ecosystem. Through this acquisition, we are incorporating staking operations for 4 prominent blockchains, Ethereum, Avalanche, Manta and Conflux, which will further enhance our ability to provide a diversified, high-quality staking services and support the continued growth of our digital assets to operations. This acquisition positions us well to serve both individual and institutional crypto industries by creating ecosystem synergies through production-ready staking operations. By accelerating business expansion and leveraging established relationships with decentralized projects, we aim to explore new collaboration opportunities and further strengthen our position within the blockchain infrastructure ecosystem. We believe these business initiatives currently underway should drive tangible revenue growth and bottom line improvements in 2026. With the addition of the new staking operations, we have further broadened our -- broadening and strengthening our service and product portfolio, solidifying our presence in next-generation blockchain infrastructure. As our blockchain ecosystem continues to expand, we are confident that Intchains is well positioned to capture sustainable growth opportunities and enhance its role as a versatile player in this innovative and emerging sector. With that, operator, let's open it up for questions. Thank you.

[Operator Instructions] Our first question comes from Mark Palmer with the Benchmark Company.

Yes. With regard to the Dogecoin launch in 2026, which is a big part of the company's growth strategy for next year, how should we think about the timing of that launch and then the timing of the rollout throughout the year?

Yes. Thank you for the question, Mark. Yes, our 2026 growth will be driven by the new product launch, especially Dogecoin is a key factor of our -- key contribution of our 2026. Currently, our schedule is that we expect to receive the test chip within 2025. And with that, we will know the power efficiency of our Dogecoin mining machine. And then we will deeply assess and develop the new mining machine. Currently, our plan is that the mining machine will be launched in first half of 2026 and will contribute revenue in the second half of 2026. Thank you.

And one follow-up question. With the announcement of the acquisition of the staking platform from ECHOLINK, assuming that, that deal closes as expected, how are you thinking about the role that staking would play within your platform? And to what extent would this be a platform you'd be using for your own staking versus what you would be able to do with third-party customers?

Yes. Yes. Thank you for your question. Yes, regarding the proof-of-stake platform acquisition, the transaction has not yet been closed, and we are still in the process of completing the required closing procedures. But that said, we have already done the preliminary work, mainly around the security assessment and the infrastructure validation and the total integration plan to ensure that once the deal closes, we can move quickly and in a disciplined manner. After the transaction is formally completed, we will provide a more detailed update to investors, yes, including our operational road map and the collaboration with third parties and the strategic goals we aim to achieve within the platform. But currently, what is confirmed that our Ethereum, our near 9,000 Ethereum units, will be [ staked ] in this platform to generate ETH.

And the next question comes from the line of Matthew Galinko with the Maxim Group.

Maybe firstly, if you can answer this now and maybe you'll have to wait until after the deal closes. But do you have any expectations on how you'll market the staking platform to customers? And do you think that would be branded under Goldshell or under its existing brand?

Yes, we will the new platform under our own brand. Now currently, we have not decided we use Intchains or Goldshell or a totally new brand to run this operation. But we think we will choose a better way to run the business. As I just mentioned before, after the transaction is formally completed, we will provide a more detailed update to investors, including our road map. Yes.

Got it. And as a follow-up, can you provide any help for 4Q R&D? Do you expect to be investing in the December quarter? Or is the number you reported in the third quarter a relatively good one to use for fourth quarter? It should be more like second quarter. Some kind of outlook for how we should be thinking about R&D for the balance of the year.

Yes. In the Q3, we have a new product launch. Our XTM miner is launched in Q4 and the R&D expense mainly occurred in Q3. And in Q4, currently, we did not expect some a new chip to [ tape ] out in this quarter. So we think Q4, R&D expense will decrease. And yes. And in the next year, 2026, we have some way to decrease the total R&D expenses. So once we have some updates, we will update to you. Thank you.

[Operator Instructions] And I'm showing no further questions at this time. I would like to turn it back to Charles Yan for closing remarks.

Yes. Thank you, everyone, to joining us, and we are always open to a dialogue with investors. Please feel free to reach out to us or our Investor Relations firm, The Equity Group, for any additional questions. We look forward to speaking with you again on our next quarterly call. Thank you.

Thank you. And this concludes today's conference call. Thank you all for joining. You may now disconnect.