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Canaan grab 604 million yuan gross profit in 2017

According to the public disclosure of Canaan Inc submitted to HKEX, some key figures are revealed for the first time. The Company has been developing AI ASICs since 2016, volume production of which is scheduled at Q4 2018. Its $1 billion financing plan will be used in the following areas:

1. Development of chips for artificial intelligence algorithms and applications;

2. Development of chips for blockchain algorithms and applications;

3. It is used to expand overseas business and establishing offices around the world;

4. It is used to optimize the company’s supply chain.

Canaan Creative was founded in Beijing under the name of Avalonminer in 2013. Zhang Nangeng, the founder of Canaan, invented the first bitcoin mining ASICs in 2013. As of March 2018, Zhang, Chairman and CEO of the Company, holds 17.6% stake of the Company. Li Jiaxuan, 33 years old, is the chief financial officer of the company and holds 17.2006% equity. Li Jiaxuan used to be an IC engineer at China Star Microelectronics. Liu Xiangfu, 35 years old, holds 17.613% equity. Kong Jianping, 33 years old, holds 7.85113% equity. The Company has 234 full-time staff, 94 of which work for research and development.


The gross profit of Canaan Inc in 2015, 2016, and 2017 were 13.88 million yuan, 132 million yuan, and 604 million yuan respectively, and the gross profit margins were 29.1%, 41.7%, and 46.2% respectively. The operating profits were 1.799 million yuan, 56.63 million yuan and 38.58 million yuan. The operating profit margins were 3.8%, 17.9%, and 29.5%, respectively. The profit for the year was 15.11 million yuan, 52.544 million yuan, and 360 million yuan with profit margin of 3.2%, 16.6% and 27.6% respectively.

For the first 3 month in 2018, Canaan Inc sold a total of 101,143 sets of AvalonMiner (of which 678 sets were A721, 16,195 sets were A741, 1,703 sets were A740, 2000 sets were A761, 80,377 sets were A821 and 230 sets were A841), compared to 36,668 in the same period in 2017. Currently, hashrate provided by Avalonminer accounts for 19.5% of the total network, ranking 2nd in the world.


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