At the end of 2017, bitcoin prices have been in a downward trend since hitting a record high, but this has not reduced the enthusiasm of “minersâ€. Recently, well-known mining machine manufacturer Canaan Inc. disclosed that it will be listed on the Hong Kong stock market, and its annual rising profits have also received market attention.
The reporter noted that as one of the main producers of mining machines, the customer area is more representative. In 2017, the sales of Chinese customers accounted for more than 90%.
It should be noted that even in the previous three years, Jianan Zhizhi has experienced a big step-by-step growth, but the many risks facing the company cannot be ignored.
It is understood that Jia Nan is a fabless IC design company that provides advanced semiconductor solutions for complex computing problems. It is currently supplying system products designed and sold by bitcoin mining under the AvalonMiner brand.
From 2015 to 2017, Jianan Zhizhi's mining machine sales produced a leap-forward growth, selling 9,727 units, 93,800 units and 295,000 units respectively; the company's revenue during the same period was also rising, reaching 47.7 million yuan and 316 million respectively. Yuan and 1.308 billion yuan; net profit was 15.11 million yuan, 52.54 million yuan and 361 million yuan respectively.
It should be noted that although the bitcoin price has started to decline from December 2017, in the first quarter of this year, Jianan’s mining machine sales still experienced significant growth. In the first quarter of 2018, Jia Nan Zhizhi sold 101,100 mining machines, compared with 36,700 units sold in the same period last year.
According to the data, Jianan Zhizhi started its business in Beijing in 2013 and set up its headquarters in Hangzhou in 2015 and began mass production of chips. Before 2017, the company's strategy focused on the domestic market, followed by international sales. In 2017, its international sales accounted for only 8.5% of total sales. In addition to domestic sales, its international sales are mainly sold to the United States, Sweden and other places.
The reporter noted that Jia Nan Zhizhi cooperated with TSMC, Riyueguang, Changjiang Electronics Technology (20.390, 0.57, 2.88%) in the production process.
The company plans to list in Hong Kong stocks, and its financing plan will be used for the following aspects: first, chips for research and development of artificial intelligence algorithms and applications; second, chips for research and development of blockchain algorithms and applications. The third is to expand the relevant business by investing in overseas strategies and establishing offices around the world; and fourth, to optimize the company's supply chain.
Still facing multiple risksFrom the past three years and the first quarter of this year, the sales of Jianan Zhizhi are indeed growing rapidly. However, the large fluctuations in bitcoin prices and changes in market acceptance are still existing risks for the company.
Jia Nan Zhi Zhi also pointed out that the development of blockchain technology is still in the early stage, and it may not be widely accepted by the market in the future. The development of Bitcoin is still at an early stage and any adverse developments in the Bitcoin market, including differences in the perception of the decentralization nature of Bitcoin, will also have a negative impact on the company's operating performance. In addition, the status of Bitcoin in the cryptocurrency, mining methods, etc., will also affect the business of Jianan Zhizhi.
In addition, the reporter also noticed that most of the income of Jianan Zhizhi comes from the sale of mining machines, and the sales of mining machines have declined for various reasons, which has a greater impact on the overall income of the company.
In fact, the negative evaluation of Bitcoin in society is endless. Ma Yun also said, "I think the blockchain is not a bubble, bitcoin is."
There are also research institutions looking at bitcoin and seeing other cryptocurrencies. Dongzheng Futures pointed out that bearish bitcoin, and said, "We believe that there is a callback pressure on the cryptocurrency as a whole, and it is possible to reduce the price of bitcoin to $1,000. In the long run, optimistic about blockchain technology, you can choose a startup company. The cryptocurrency and blockchain technologies are interdependent. In the future, cryptocurrencies with platforms and practical application scenarios are more optimistic, such as Ethereum based on Ethereum and Ripple, which solves cross-border payments."
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