On April 9, Jianan Yunzhi released its first unaudited financial statement since its listing on the NASDAQ in the United States. The financial report shows that the company's total net income for the year was RMB 1.4226 billion (USD 204.3 million), with a net loss of RMB 1.0345 billion (USD 148.6 million), including a net loss of RMB 798.2 million (USD 114.7 million) in the fourth quarter.
Kanan's revenue in the fourth quarter of 2019 was 463 million yuan (about 66.5 million US dollars), an increase of 66.8% from the 278 million yuan in the same period last year . The cost in the fourth quarter was 1.137 billion yuan, a significant increase from the 266 million yuan in the same period last year, which was mainly due to a write-down of 729 million yuan (approximately 104.7 million US dollars) in inventory and advances. The price of Bitcoin has continued to fall since the end of October last year, leading to a decline in the demand for mining machines and the price of mining machines.
For the whole year of 2019, the total computing power of the mining machines sold by Jianan Yunzhi increased from 7.2 million T / s in 2018 to 10.5 million T / s, an increase of 47.1% , accounting for approximately the total increase of Bitcoin's total network computing power last year. 20%. However, despite the small number of mining machines sold in 18 years, Jianan Yunzhi achieved profit in 2018, with a net profit of 122.4 million yuan.
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The financial report said that the company's first challenge in 2020 is the outbreak of the new coronary pneumonia. The epidemic has adversely affected the health of the people, general business activities, the economy, financial markets, and cryptocurrency market activities. Therefore, Jianan Zhizhi lowered his expectations for the business in 2020. In the first quarter of 2020, the company expects total revenue to be no less than 60 million yuan.
After the release of the financial report, US stocks opened on April 9 (Thursday), and Jianan Technology plunged 6.82%. As of press time, the stock price was reported at US $ 3.28. Based on the issue price of the Jianan Technology IPO of US $ 9, it has fallen more than 60% since its listing and the total market value has fallen to US $ 519 million.
Previously, before the release of the Jianan Yunzhi Financial Report, the Standards Consensus had issued the "Janan Yunzhi Research Report". The report pointed out that although Jianan Yunzhi announced that the first three quarters of 2019's performance growth was lower than expected, the growth rate of the entire industry was also declining due to the Bitcoin bear market. However, the company's free cash flow and revenue both declined significantly, along with higher cost of sales. There may be a slight decline in the future. According to the report, the target price of Jianan Technology is only US $ 2.21.