Quarterly earnings report of Jianan Technology: Revenue exceeded 400 million yuan, an increase of nearly 10 times from the previous quarter

原文标题：《 嘉楠科技发布一季度财报：收入 4 亿元 海外收入占比近 8 成 》

原文来源： 嘉楠科技

On June 1, Beijing time, Canon Technology (NASDAQ:CAN) released financial results for the first quarter of 2021. According to the financial report, thanks to the increase in the number of Bitcoin mining machines delivered in the first quarter, the revenue of Jianan Technology in the first quarter was 402.8 million yuan (RMB, the same below), with a year-on-year increase of nearly 4.9 times and a sequential increase of 9.5 times. In terms of revenue structure, the company's revenue from overseas markets accounted for 78.4% of the total revenue in the first quarter of 2021, compared with 4.9% in the same period in 2020.

The Company's gross profit for the quarter increased to RMB194.2 million from RMB2.39 million in the same period of 2020 and RMB9.09 million in the fourth quarter of 2020, and its gross profit margin increased to 48.2% from 3.5% in the same period of 2020 and 23.8% in the fourth quarter of 2020.

Net income attributable to common shareholders for the first quarter of 2021 was RMB1.2 million and non-GAAP adjusted net income was RMB143.2 million.

During the quarter, the Company incurred share-based payment expenses of approximately RMB 145.5 million in respect of restricted stock grants granted pursuant to the 2018 Revised Stock Incentive Plan. The equity compensation mechanism further stimulates the effectiveness of the company's teams in all business lines, enhances internal cohesion through the shareholding of senior executives and employees, stabilizes investor confidence, and locks in the company's business prospects and long-term value.

At the end of the first quarter, the Company had received an advance of RMB1.210.6 billion due to an increase in down payments for sales orders of Bitcoin mining machines in the coming quarters. During the same period, the Company's cash and cash equivalents amounted to RMB 1,337.8 million.

The following are the company's main financial data for the first quarter:

Income:Revenue for the first quarter of 2021 increased to RMB402.8 million (US $61.48 million) from RMB68.27 million for the same period in 2020 and RMB38.25 million for the fourth quarter of 2020. The year-on-year and sequential increases were mainly due to the increase in mining machinery sales.

Ratio of overseas income:In terms of revenue structure, excluding Hong Kong revenue, overseas revenue accounted for 78.4% of the company's total revenue in the first quarter of 2021, compared with 4.9% in the same period of 2020.

Sales force:In the first quarter of 2021, the company's sales finally reached 1.98 million Th /s, an increase of 122.2% compared with the first quarter of 2020, and an increase of 900% compared with the fourth quarter of 2020. The sequential increase in sales was mainly due to an increase in the number of bitcoin miners delivered during the quarter.

Cost:Costs for the first quarter of 2021 increased to RMB208.6 million (US $31.83 million) from RMB65.89 million for the same period in 2020 and RMB29.16 million for the fourth quarter of 2020. Year-over-year and sequential increases in costs are consistent with revenue growth.

Gross profit and gross margin: Gross profit increased to RMB194.2 million (US $29.64 million) for the first quarter of 2021 from RMB2.39 million for the same period in 2020 and RMB9.09 million for the fourth quarter of 2020. Gross margin for the first quarter of 2021 increased to 48.2% from 3.5% for the same period in 2020 and 23.8% for the fourth quarter of 2020.

Total operating expenses:Total operating expenses for the first quarter of 2021 were RMB207.9 million (US $31.73 million), compared to RMB73.52 million for the same period in 2020 and RMB80.1 million for the fourth quarter of 2020.

Research and development expenses:Research and development expenses in the first quarter of 2021 were RMB58.16 million (US $8.88 million), up 39.2% from RMB41.79 million in the same period of 2020, and up 45.2% from RMB40.06 million in the fourth quarter of 2020.

Equity Incentive:The Company's share-based fees incurred from restricted stock grants granted in the first quarter of 2021 pursuant to the Revised 2018 Stock Incentive Plan amounted to approximately RMB 145.5 million.

Operating loss:Operating loss for the first quarter of 2021 narrowed to RMB 13.67 million yuan (US $2.09 million) from RMB 71.13 million yuan for the corresponding period of 2020 and RMB 71 million yuan for the fourth quarter of 2020.

Net profit attributable to shareholders:Net income attributable to common shareholders was RMB1.2 million (US $190,000) for the first quarter of 2021, compared to a loss of RMB39.95 million for the same period in 2020 and a loss of RMB72.05 million for the fourth quarter of 2020.

Non-GAAP Adjusted Net Income:Non-GAAP adjusted net income was RMB143.2 million (US $21.85 million) for the first quarter of 2021, compared to a loss of RMB38.22 million for the same period in 2020 and a loss of RMB73.12 million for the fourth quarter of 2020. Non-GAAP adjusted net income/loss excludes equity incentive expenses.

Net Earnings per Share:For the first quarter of 2021, both basic net income and diluted net income per American depositary share (ADS) were RMB0.01 (US $0.00). In comparison, the basic net loss and diluted net loss per ADS for the same period in 2020 were both RMB0.25 and RMB0.46 per ADS for the fourth quarter of 2020. Each ADR represents 15 shares of the Company's Class A common stock.

Payment received in advance:Advance receivables as at March 31, 2021 were RMB1,210.6 million (US $184.8 million), an increase from RMB430.4 million as at December 31, 2020, mainly due to increased down payments on sales orders for Bitcoin mining machines in the coming quarters.

Cash flow:As at March 31, 2021, the Company had cash and cash equivalents of RMB 1,337.8 million (US $204.2 million) as compared to RMB 391.3 million as at December 31, 2020. As a result of the Company's redemption of certain wealth management products in the first quarter of 2021, short-term investments decreased to RMB8.5 million (US $1.3 million) as at March 31, 2021 from RMB62.39 million as at December 31, 2020. Short-term investments held are highly liquid and can be paid back at any time.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia