ICGNasdaqSemiconductors & Related DevicesFiscal year ends December 31
Intchains Group Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 13, 2026
$1.33−0.03 (-2.21%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
7.2%−50.0 pts over 5 years
Operating margin
-47.4%−57.5 pts over 5 years
Net margin
-21.5%−36.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -21.6% | -22.5% | +32.2% | – | |
| Gross profit | -89.5% | -65.4% | -12.6% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 30.2% | -4.8% | |
| Return on assets | – | – | -4.5% | |
| Current ratio | – | – | 14.10 | |
| Interest coverage | – | 32.9× | – | |
| Capex to revenue | – | 0.5% | 2.1% | |
| Diluted shares | – | 100M | 121M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Intchains generated CN¥957.99M from operations and spent CN¥67.48M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥957.99M
Used
CN¥67.48M
Capital expenditureCN¥67.48M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-21.5%
×Asset turnover0.21×
×Equity multiplier1.06×
=Return on equity, FY2025-4.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -21.5% | 0.21× | 1.06× | -4.8% |
| FY2024 | 18.3% | 0.27× | 1.05× | 5.2% |
| FY2023 | -32.6% | 0.09× | 1.03× | -2.8% |
| FY2022 | 75.0% | 0.61× | 1.03× | 47.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥47.53M
- Cash generatingOperating cash flow above zero-CN¥92.93M
- Return on assets improvedROA up on the prior year5.3% → -4.4%
- Earnings backed by cashOperating cash flow above net income-CN¥92.93M vs -CN¥47.53M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose9.43 → 14.10
- No dilutionShare count did not rise120M → 121M
- Gross margin improvedGross margin up on the prior year53.70% → 7.23%
- More efficientAsset turnover rose0.29 → 0.20