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Blockchain stocks,Q2 financial report of Jianan Technology: the mining business is growing rapidly, and the third quarter's revenue is expected to decline by 17% to 32% year-on-year

Time : 29/01/2022 Author : jhyde4 Click : + -
        According to the financial report, Jianan technology achieved a revenue of 1.65 billion yuan in this quarter, with a year-on-year increase of 52.8% and a month on month increase of 21.9%. The company's net profit attributable to ordinary shareholders was 608.9 million yuan (US $90.909 million), an increase of 37.9% month on month and 148.6% year-on-year. However, Jianan technology, which has maintained a growth in revenue in the past two years, expects that the revenue in the third quarter of 2022 will decrease by 17% to 32% compared with the same period last year. According to the financial report, as of June 30, 2022, the revenue of Jianan technology in the second quarter was 1.652.7 billion yuan (US $246.7 million), an increase of 21.9% compared with 1.356.1 billion yuan in the first quarter of 2022, and a year-on-year increase of 50.8% compared with 1.081 billion yuan in the same period of last year.
 
        In the financial report, Jianan technology explained that the month on month growth was mainly due to the increase in total sales power, and the year-on-year growth was mainly due to the increase in the average sales price per t. As of June 30, 2022, the total sales capacity of Jianan technology in the second quarter was 5.484 million Th / s, an increase of 27.5% compared with 4.3 million Th / s in the first quarter of 2022, and a decrease of 7.7% compared with 5.9 million Th / s in the second quarter of 2021. From the perspective of revenue contribution of each business, the financial report shows that the sales of mining machinery products contributed 1.6 billion yuan (US $239 million) in the second quarter, accounting for 96.97% of the total revenue.
 
        Compared with 97.64% of the revenue in the first quarter, the proportion of this business decreased. In the second quarter, mining contributed 52.1 million yuan (US $7.78 million), accounting for 3.15% of the total revenue. Compared with 32.38 million yuan contributed by this business in the first quarter, it increased by 60.9% month on month. As for the growth of mining business, Jianan technology explained in the financial report that it was mainly due to the improvement of mining machine power. However, Jianan technology, whose revenue has been growing in the past two years, is not optimistic about the revenue forecast of the third quarter. It is estimated that the revenue in the third quarter will be between 900 million yuan (US $134.4 million) and 1.1 billion yuan (US $164.2 million), down 17% to 32% compared with the third quarter of 2021.
 
        Jianan technology said in the financial report that this forecast reflects the company's current and preliminary views on the market and operating conditions, which may change. As of June 30, 2022, the cash and cash equivalents held by Jianan technology were 2.640 billion yuan (US $394.2 million), which was basically the same as the first quarter's 2.643 billion yuan (US $417 million). Zhang Nangeng, chairman and CEO of Jianan technology, said in the financial report that in order to support global expansion, Jianan technology has further integrated its overseas business at its international headquarters in Singapore; Jianan technology expanded its supply chain to Southeast Asia in the second quarter and completed the first batch of delivery.
 
        "In the second quarter, we continued to work with mining partners to expand our mining business and generate more and more bitcoins while improving power supply." Zhang Nangeng said in the financial report that we are fully aware of the downward pressure on bitcoin prices since the fourth quarter of last year, and it is expected that this will bring a long-term adverse wind to our performance in the next few quarters. Nevertheless, we believe in the unique value of bitcoin and its long-term prospects. Jianan technology added 180 bitcoins in the second quarter. According to the financial report, as of June 30, 2022, the company held cryptocurrency assets with a value of 51.3 million yuan (US $7.7 million), including 346.84 bitcoins.
 
        According to the company's first quarter financial report, it held 166.96 bitcoins in the first quarter. In addition, on March 16, Jianan technology announced that the board of directors had approved a stock repurchase plan, and the company planned to provide funds for the repurchase from the cash balance. Repurchase up to US $100 million of American Depositary Shares (ads) within the next 24 months from now on (each ads represents 15 class a ordinary shares). According to the financial report, as of August 12, 2022, Jianan technology had repurchased a total of US $10.3 million worth of shares, with an average price of US $3.63. The reporter of the blockchain daily noted that Jianan technology has also gained additional positions from some institutions. Since the first quarter of 2022, polunion capital partners increased their positions of 22800 shares of Jianan technology for the first time, they increased their positions of 1.3802 million shares in the second quarter.
 
        Jingshun capital increased its position of 846600 shares in the first quarter, and increased its position of 3855800 shares in the second quarter. Pioneer pilot has increased its position for four consecutive quarters since it held 4.2133 million shares of Jianan technology in the third quarter of 2021. In the second quarter of 2022, it continued to increase its position of 1.7548 million shares. At present, it holds a total of 6.1339 million shares, becoming the seventh largest shareholder of Jianan Technology.
 
        
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