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Intchains Group Ltd. - ADR is a technology company specializing in the design and provision of high-performance application-specific integrated circuit (ASIC) chips for blockchain and altcoin mining applications. It offers integrated solutions that include these ASIC chips, along with ancillary software, hardware, and the proprietary Xihe Platform, which incorporates self-developed blockchain proof-of-work algorithms, cryptographic algorithms, and systematic data analysis processes. The company supports key blockchain algorithms such as Blake2bsha3, sha512MD160, Cryptonight V4, Eaglesong, and Blake2s, enabling efficient and scalable chip development for mining products like BOX and LITE series home miners. Intchains Group Ltd. - ADR also engages in strategic acquisition and holding of Ethereum-based cryptocurrencies as long-term reserves and develops Web3 applications, including staking services across major blockchain networks. Operating primarily in the semiconductor and blockchain sectors, it serves distributors and contributes to next-generation IoT and AI-driven blockchain infrastructure. Founded in 2017 and headquartered in Pudong, Shanghai, China, it plays a key role in advancing altcoin mining and Web3 technologies.
$0.82
$0.00 (-0.12%)
EOD Jul 17, 2026
The business is unprofitable at the operating level (-43.49% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 21.6% YoY. Margins deteriorated 47.4pp alongside, both lines moving the wrong way.
ROIC dropped from 1.12% to -7.64%, capital efficiency is deteriorating. Negative free cash flow of -¥98M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
¥221M
▼ -21.6% YoY
Net Income (TTM)
-¥48M
▼ -192.3% YoY
Op. Margin
-43.49%
▼ -47.4pp YoY
ROIC
-7.64%
▼ -8.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-¥98M
▲ +34.2% YoY
Op. Cash Flow (TTM)
-¥86M
▲ +37.9% YoY
Net Debt
-¥467M
Net Cash Position
Cash & Equiv.
¥468M
3Y CAGR: -22.5%
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Intchains Group (ICG)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Intchains Group scores 20/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full . This is analysis, not investment advice.
Intchains Group scores 20 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a -43.5% operating margin and a -7.6% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. you should weigh ICG's valuation and scores 20/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.