HONG KONG SAR - Media OutReach Newswire - 30 August 2024 - Ingdan, Inc. ("Ingdan, Inc." or the "Company", stock code: 400.HK; with its subsidiaries (the ''Group'')) - an innovative technology services platform conglomerate, with its core businesses "Comtech" and "Ingdan" – announces its unaudited interim results for the six months ended June 30, 2024 (the "First Half of 2024" or the "Period").
Financial Highlights for the First Half of 2024
During the Period, benefiting from the increased demand for AI computing power and the growing demand for chips from industries related to AI technology, the Group recorded revenue of approximately RMB4,321.4 million, representing an increase of approximately 11.9% as compared to approximately RMB3,863.5 million for the corresponding period in 2023. Gross profit was approximately RMB457.6 million, representing a decrease of approximately 5.1% year-on-year, primarily due to the impact of increased sales volume from larger customers on the overall gross margin. Profit from operations was approximately RMB228.2 million, representing a decrease of approximately 7.9% year-on-year. Despite the impact of higher interest costs of US dollars on the Company's profit before tax, profit attributable to equity shareholders of the Company still increased to approximately RMB112.7 million, a year-on-year growth of 21.8%. As of June 30, 2024, the Company's cash and bank balances (including pledged deposits) totalled approximately RMB821.4 million; bank loans were RMB1,725.4 million; the inventory value was RMB4,034.4 million; the number of basic ordinary shares issued by the Group was 1,394,262,732, and the weighted average number of ordinary shares of diluted earnings per share was 1,370,992,000.
Deepening AI Computing Power Supply Chain, Comtech Empowers Industry Innovation and Operations Efficiency
As a core supplier in the AI computing power supply chain, Comtech serves a broad spectrum of sectors, including computing centers, data centers, AI servers, AI switch networking products, optical modules and a wide range of AI applications field. Comtech works closely with global leading chip manufacturers and has been an agent for the products of over 80 core chip companies, including Nvidia, Xilinx, Intel, AMD, ST and other well-known international manufacturers, as well as numerous domestic chip makers.
With years of successful business operations, Comtech has accumulated extensive application technology experience and industrial resources, enabling it to provide chip application technology solutions and supply chain management services to tens of thousands of customers in downstream of the innovation industry. At the same time, with the help of proprietary AI technology, LLMs and professional knowledge bases, Comtech can provide intelligent and automated solutions in the areas of chip selection, hardware design, software development, and system integration. By utilizing AI technology and big data analysis, Comtech has achieved intelligent management of the supply chain, significantly enhancing operational efficiency while reducing costs. Additionally, Comtech holds a number of proprietary intellectual properties, giving it a competitive advantage in the fields of AI chip application and intelligent supply chain. By combining advanced AI technologies and deep industry expertise, Comtech continues to improve its service quality, create greater value for its customers, and lead the industry in technological innovation to maintain its market competitiveness.
Ingdan Expands into the New Energy Industry, Ingdan Academy Facilitates Digital Transformation of the Chip Industry
Ingdan focuses on the new energy industry, dedicating efforts to developing the industry for two-wheeler battery replacement and re-utilization. By building a reliable asset management platform for traceable lithium battery life-cycle data, it provides customized solutions for two-wheeler battery replacement, power re-utilization and energy storage. Ingdan has strategically focused on the two-wheeler battery cloud services, aiming to capture the market trend of new energy smart battery clouds, in order to seize the RMB100 billion "blue ocean" market opportunity. The project would enable the Group to sustain profitability while contributing to the advocacy of the product standardization of China's two-wheeler battery replacement industry, supporting the realization of the national "double carbon" goal of carbon peaking and carbon neutrality.
Based on the Group's resources and technological strengths in the chip industry, Ingdan Academy provides technical services and talent training for the industry. Through technical training, Ingdan Academy assisted upstream AI chip manufacturers in promoting their products and technologies in the market, while growing AI technical talents to help downstream AI application companies to swiftly adopt the latest AI technologies and products, and enhance enterprises' AI capabilities. Furthermore, Ingdan Academy provides enterprises with locally deployed AI LLM application solutions and helps enterprises achieve multidisciplinary AI digital transformations. To date, Ingdan Academy has successfully trained over 2,000 chip application engineers. Through talent training and technical support, Ingdan Academy will support Shenzhen in becoming a leading chip application industry hub in China and globally, making a greater contribution to the development of the national chip industry.
Outlook
Mr. Jeffrey Kang, CEO of Ingdan, Inc., said, "With the development of the market, AI technologies continue to be implemented commercially. AI has become a crucial foundation for enterprises' digitalization and intelligentization. In this process, chip applications, intelligent hardware, and big data play key roles for various industries to accelerate their pace in digital transformations. Capitalizing on its industrial strengths, we will accelerate its presence in the AI industry chain by actively capturing development opportunities brought about by AI technology. Through Comtech, we will continue to research and develop, and enhance the design of chip application solutions in order to meet AI technologies' demand for high-performance chips and computing power supply chain, aiming to become the core supplier of the AI computing power supply chain. Meanwhile, Ingdan has effectively integrated the complete intelligent hardware application solutions through "Ingdan Cloud" with products to speed up the successful application of AI products. We will continue to upgrade our service platform to provide complete service coverage for the entire AI industry chain, capitalize on business opportunities arising from the intelligent transformation in China, and lead the Company to become a pioneer in the AI ​​chip application industry."
Caution Statement
The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions presented or contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and the Company makes no undertaking to update the information in this document to reflect any developments that occur after the date of the presentation. It is not the Company's intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company, or its financial or trading position or prospects. Neither of the Company nor any of its affiliates, advisers or representatives accept any responsibility or have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
This document may contain statements that reflect the Company's current intent, beliefs, and expectations about the future as of the respective dates indicated herein. These forward-looking statements do not guarantee future performance and are based on a number of assumptions about the Company's operations and factors beyond the Company's control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from those described in these forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives has any obligation, nor do they undertake, to update these forward-looking statements for any events or developments including the occurrence of unanticipated events that occur subsequent to such dates.
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