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  1. 1. Bit continent project 2018 year 7 month2018 year 7 month2018 year 7 month2018 year 7 month
  2. 2. Disclaimer This document is only available to a small number of specific professional investors, for their understanding of Shanghai Jin Yu Mu-hua equity investment management partnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investmentpartnership (limited partnership) hereinafter referred to " Partnership " Funds under management (hereinafter referred to as " fund " ),Related party Information and prepare investment projects. 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  3. 3. 1 3 Eye recordEye record Investment Highlights Industry Overview 2 Company Profile2 Company Profile 4 Business risk4 Business risk
  4. 4. Charpter 1 Industry Overview
  5. 5. Defined block chain Centralized clearing and decentralized • The block chain is essentially a Distributed books , A decentralized database.The block chain is essentially a Distributed books , A decentralized database.The block chain is essentially a Distributed books , A decentralized database. Implementation uses a series of block chain of data blocks associated cryptographic method produced • Each time data is written on the block chain, will create a new block , AndEach time data is written on the block chain, will create a new block , And the block header region comprises blocks. Area header contains information on the hash value of a block, etc., will link up the various blocks, to ensure that the Reliabilitythe hash value of a block, etc., will link up the various blocks, to ensure that the Reliability block chain, tamper-proof; Record the actual data stored in the block body.block chain, tamper-proof; Record the actual data stored in the block body. • With this technology architecture, block chain to achieve the following three characteristics: • Decentralized to books: When every new transaction, all nodes on the blockDecentralized to books: When every new transaction, all nodes on the block chain will receive information on their trading books, Full without any credit intermediary or a centralized clearinghouse and all transactions are completely open and can not be tampered with, fully decentralized • You can increase indefinitely giant books: Every new transaction to add a newYou can increase indefinitely giant books: Every new transaction to add a new chain block in the form of recorded data block, each block can be considered as an account book, an unlimited number of data blocks can be increased, and thus there is no upper limit to the size of giant books • Encrypted and sequential books: Accounting information is packaged into a blockEncrypted and sequential books: Accounting information is packaged into a block and encryption, time stamped, a ledger blocks forming a stamp in accordance with this order Hash ( Hash ) Value by a hash function, the block body after the actual process data, mapping out 256 Bit binary string, in principle, for the hash value of mapping out a different transaction information is differentHash ( Hash ) Value by a hash function, the block body after the actual process data, mapping out 256 Bit binary string, in principle, for the hash value of mapping out a different transaction information is differentHash ( Hash ) Value by a hash function, the block body after the actual process data, mapping out 256 Bit binary string, in principle, for the hash value of mapping out a different transaction information is differentHash ( Hash ) Value by a hash function, the block body after the actual process data, mapping out 256 Bit binary string, in principle, for the hash value of mapping out a different transaction information is differentHash ( Hash ) Value by a hash function, the block body after the actual process data, mapping out 256 Bit binary string, in principle, for the hash value of mapping out a different transaction information is different • Distributed block chain is a journal, the main function is to de-centered information stored • Block chain to achieve three main features: decentralized to books, you can increase indefinitely giant books, order books and there is encryption Header area o current timeo current time o Hash value on a blocko Hash value on a block o The hash value of the block bodyo The hash value of the block body Block body o Need to store datao Need to store data Header area o current timeo current time o Hash value on a blocko Hash value on a block o The hash value of the block bodyo The hash value of the block body Block body o Need to store datao Need to store data Center of Use the center of the financial system in the inter-agency accounts have been tracking asset flows To the center Multi-agency co-ownership of the assets authentication, to prevent fraud and manipulated VS It is a schematic block chain structure Block chain Technical Overview
  6. 6. Financial applications Achieve interconnection of all things At present, the application of the block chain from a single digital currency extended to other financial areas. The most important thing is " Smart Contract " He proposed the idea,other financial areas. The most important thing is " Smart Contract " He proposed the idea,other financial areas. The most important thing is " Smart Contract " He proposed the idea,other financial areas. The most important thing is " Smart Contract " He proposed the idea,other financial areas. The most important thing is " Smart Contract " He proposed the idea, making the scope of application of the block chain extended to the financial sector transactions, all aspects of payment, clearing and settlement of. Commercial banking services currently exist bottleneck efficiency of various aspects of the process, transaction delays, fraud and operational risks such as pain point, most expected to be resolved after the technology block chain. • Registration: as a reliable database to record information, such as the use of anti-money laundering in the storage customer identification information and transaction records • Indeed the right: If authenticity verification and transfer of land ownership, options, and other contract or property, etc. • Smart management: Using a smart contract automatically detect the availability of a variety of environments in force, once the preset program are met, the contract will be handled automatically, such as automatic payment of interest, dividends, etc. • Point Trading: Based on P2P The cross-border payments and payments, tradePoint Trading: Based on P2P The cross-border payments and payments, tradePoint Trading: Based on P2P The cross-border payments and payments, trade settlement and trading of financial derivatives contracts, etc. • Insurance field: the use of block chain technology to enhance the efficiency claims underwriting, and can be personalized pricing • Bitcoin block chain is the first application of the technology, along with Bitcoin into public view, 2016 Years there have been massive block chain start-up companies, to explore theBitcoin block chain is the first application of the technology, along with Bitcoin into public view, 2016 Years there have been massive block chain start-up companies, to explore theBitcoin block chain is the first application of the technology, along with Bitcoin into public view, 2016 Years there have been massive block chain start-up companies, to explore the application of technology, 2017 On the outbreak of the application into the industryapplication of technology, 2017 On the outbreak of the application into the industryapplication of technology, 2017 On the outbreak of the application into the industry • In the future, based on the development of infrastructure of existing Internet network, mobile communications, the block chain will further implement exchange transactions and the transfer of social capital, contracts, digital assets on the Internet to build a new machine-dependent algorithm and integrity value exchange system. Haitong International predictstransfer of social capital, contracts, digital assets on the Internet to build a new machine-dependent algorithm and integrity value exchange system. Haitong International predicts 2020 Global business based block chain to reach 1000 One hundred million U.S. dollars2020 Global business based block chain to reach 1000 One hundred million U.S. dollars2020 Global business based block chain to reach 1000 One hundred million U.S. dollars2020 Global business based block chain to reach 1000 One hundred million U.S. dollars Block chain technology development prospects With the expanding field of application block chain, block chain for knowledge gradually beyond the scope of monetary instruments or financial instruments, essentially block chain is a human mass collaboration tool that can help people in a trusted environment trade cooperation. Therefore block chain can be used in all areas of human society, these areas are still in the initial stage of exploration. • Social management: authentication, domain name, logistics, forensics, voting, personal credit information, etc. • Digital Communications: information transmission, information security safe path to expand • Things: traceability article, article security, network security, network efficiency, the network reliability • Sharing Economy: simplify identity, reputation management • IP Copyright and Entertainment: patents, copyrights, trademarks, software, games,IP Copyright and Entertainment: patents, copyrights, trademarks, software, games, movies, videos, software and other traceability spread • Healthcare: digital case, privacy protection, and other genetic data • Education: file management, educational qualifications, Cooperation
  7. 7. Bitcoin mining Mining is the bit distribution methods currency, the transaction is the currency of bits in the system over time to confirm and record the process of forming a new block on the block chain. Fee income from the system consisting of the miners reward Bitcoin and Bitcoin transfers paid by • With the use of Bitcoin expanding global Bitcoin transfers becoming more frequent, fees generated on this basis will continue to grow, so the fee will be the main benefits of the mine after digging • The current global mining machine ownership It is estimated that nearly 300 MillionThe current global mining machine ownership It is estimated that nearly 300 MillionThe current global mining machine ownership It is estimated that nearly 300 Million units, far more than has been dug up 1,700 Ten thousand Bitcoinunits, far more than has been dug up 1,700 Ten thousand Bitcoinunits, far more than has been dug up 1,700 Ten thousand Bitcoin Bit credits and charges dug Bitcoin price Consumption of electricity and oth Mining revenue • Bitcoin is a decentralized basis to block chain technology of virtual currency, it has limited the total annual amount of about every issue 4 In halved featuresBitcoin is a decentralized basis to block chain technology of virtual currency, it has limited the total annual amount of about every issue 4 In halved featuresBitcoin is a decentralized basis to block chain technology of virtual currency, it has limited the total annual amount of about every issue 4 In halved features • Competition in the accounting bitcoin block chain behavior is known as mining, recorder Bitcoin transactions are referred to the miners, the miners fee income paid by Bitcoin Bitcoin transfers and awards party system consisting of Generate new block reward Bitcoin (every four years halved) Source of income miners Record to the bill deals Fees Bitcoin mining and mechanisms Bitcoin origin and distribution The credit is the bit to Nakamoto 2009 One kind of created virtual currency based onThe credit is the bit to Nakamoto 2009 One kind of created virtual currency based onThe credit is the bit to Nakamoto 2009 One kind of created virtual currency based on decentralized block chain technology, the creation of original intention was to create a third party does not restrict or control of central government money, in order to avoid manipulation and money over other issues • Nakamoto the number of bits is fixed for the coins 2,100 Spindles, every 10Nakamoto the number of bits is fixed for the coins 2,100 Spindles, every 10Nakamoto the number of bits is fixed for the coins 2,100 Spindles, every 10Nakamoto the number of bits is fixed for the coins 2,100 Spindles, every 10 Minute blocks and generates a miner reward every 4 Years, the number of bits rewardMinute blocks and generates a miner reward every 4 Years, the number of bits rewardMinute blocks and generates a miner reward every 4 Years, the number of bits reward money halved • after 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, andafter 2012 year 11 Month and 2016 year 7 After the month award twice output by half, and now every miner dug a block reward 12.5 A Bitcoinnow every miner dug a block reward 12.5 A Bitcoinnow every miner dug a block reward 12.5 A Bitcoin • The size of each block is 1M , The size of the transaction 250 Bytes per second up can beThe size of each block is 1M , The size of the transaction 250 Bytes per second up can beThe size of each block is 1M , The size of the transaction 250 Bytes per second up can beThe size of each block is 1M , The size of the transaction 250 Bytes per second up can beThe size of each block is 1M , The size of the transaction 250 Bytes per second up can be confirmed 7 Transactions, up to a day more than able to confirmconfirmed 7 Transactions, up to a day more than able to confirmconfirmed 7 Transactions, up to a day more than able to confirm 60 Million transactions60 Million transactions Consensus mechanism bitcoin block chain is POW Effort to proveConsensus mechanism bitcoin block chain is POW Effort to proveConsensus mechanism bitcoin block chain is POW Effort to prove • Since the center of the block chain networks need to let other people on the network to witness each transaction, that is, " Accounting " . To encourage miners accounting,witness each transaction, that is, " Accounting " . To encourage miners accounting,witness each transaction, that is, " Accounting " . To encourage miners accounting,witness each transaction, that is, " Accounting " . To encourage miners accounting,witness each transaction, that is, " Accounting " . To encourage miners accounting, bookkeeping successfully obtained the right of miners will get some bitcoins and transaction fees as a reward • In the Bitcoin network, to fight for the right to bookkeeping, miners need to continually put together a string to calculate a hash value of a characteristic of conditions are met, only to find the correct solution considered successful mining
  8. 8. Source: Jianan Yun Chi Prospectus Evolution Bitcoin mining tools China's IC market size ASIC Chip AI Chip market share risingASIC Chip AI Chip market share risingASIC Chip AI Chip market share risingASIC Chip AI Chip market share rising • ASIC Mining machine is a virtual currency for use by private mining chip design of computer hardware, performance significantly better than that based on early CPU or GPU The mining machineASIC Mining machine is a virtual currency for use by private mining chip design of computer hardware, performance significantly better than that based on early CPU or GPU The mining machineASIC Mining machine is a virtual currency for use by private mining chip design of computer hardware, performance significantly better than that based on early CPU or GPU The mining machineASIC Mining machine is a virtual currency for use by private mining chip design of computer hardware, performance significantly better than that based on early CPU or GPU The mining machineASIC Mining machine is a virtual currency for use by private mining chip design of computer hardware, performance significantly better than that based on early CPU or GPU The mining machineASIC Mining machine is a virtual currency for use by private mining chip design of computer hardware, performance significantly better than that based on early CPU or GPU The mining machine • use ASIC Ore miners to enhance performance and improve income security and stability of virtual currency operators force block chain, and ASIC It will be the future of the globaluse ASIC Ore miners to enhance performance and improve income security and stability of virtual currency operators force block chain, and ASIC It will be the future of the globaluse ASIC Ore miners to enhance performance and improve income security and stability of virtual currency operators force block chain, and ASIC It will be the future of the globaluse ASIC Ore miners to enhance performance and improve income security and stability of virtual currency operators force block chain, and ASIC It will be the future of the globaluse ASIC Ore miners to enhance performance and improve income security and stability of virtual currency operators force block chain, and ASIC It will be the future of the global chip AI An important part of the marketchip AI An important part of the marketchip AI An important part of the market 37%31% 19% 13%31% 19% 13% 2017 In the world of artificial intelligence chip market2017 In the world of artificial intelligence chip market Accounting field CPU GPU FPGA ASIC 14% 36% 20% 30% 2020 In the world of artificial intelligence chip market2020 In the world of artificial intelligence chip market Field proportion (estimated) CPU GPU FPGA ASIC Bitcoin mining experienced CPU - GPU - ASIC Stage mining machine, mining performanceBitcoin mining experienced CPU - GPU - ASIC Stage mining machine, mining performanceBitcoin mining experienced CPU - GPU - ASIC Stage mining machine, mining performance gradually improved. based on CPU The mining machine: Bitcoin born early, less block chain information containedbased on CPU The mining machine: Bitcoin born early, less block chain information containedbased on CPU The mining machine: Bitcoin born early, less block chain information containedbased on CPU The mining machine: Bitcoin born early, less block chain information contained in the personal computer CPU To meet the full requirements of the network operator forces.in the personal computer CPU To meet the full requirements of the network operator forces.in the personal computer CPU To meet the full requirements of the network operator forces. based on GPU The mining machine: With the difficulty of the whole network operatorsbased on GPU The mining machine: With the difficulty of the whole network operatorsbased on GPU The mining machine: With the difficulty of the whole network operatorsbased on GPU The mining machine: With the difficulty of the whole network operators force growth, the miners get Bitcoin is also increasing. The higher end of the one or more graphics assembled GPU Mining equipment has become the first choice for the miners.GPU Mining equipment has become the first choice for the miners. based on ASIC The mining machine: ASIC Mining machine using a dedicated custombased on ASIC The mining machine: ASIC Mining machine using a dedicated custombased on ASIC The mining machine: ASIC Mining machine using a dedicated custombased on ASIC The mining machine: ASIC Mining machine using a dedicated custombased on ASIC The mining machine: ASIC Mining machine using a dedicated custom integrated circuits, can only be used for mining, compared with GPU Higher mining efficiency.integrated circuits, can only be used for mining, compared with GPU Higher mining efficiency.integrated circuits, can only be used for mining, compared with GPU Higher mining efficiency. Currently on the market mainstream ore mining machine manufacturers sell machines guilty ASIC Mining MachineryCurrently on the market mainstream ore mining machine manufacturers sell machines guilty ASIC Mining MachineryCurrently on the market mainstream ore mining machine manufacturers sell machines guilty ASIC Mining Machinery CPU GPU ASIC Feature General purpose computing calculation semi special purpose computing representative Core i7 2600k GTX 1080 Ants mining machine S9iAnts mining machine S9i Price (USD) 316 800 794 against SHA256 Operators force ( GH / s )against SHA256 Operators force ( GH / s )against SHA256 Operators force ( GH / s )against SHA256 Operators force ( GH / s )against SHA256 Operators force ( GH / s ) 0.02 2.8 14,000 Power ( W )Power ( W )Power ( W ) 120 300 1,375 Power unit counter force ( W / GHs )Power unit counter force ( W / GHs )Power unit counter force ( W / GHs ) 6,000 107 0.098 Unit counter force price (US $ / GHs )Unit counter force price (US $ / GHs )Unit counter force price (US $ / GHs ) 15,800 286 0.06 ASIC Chip and mining machines worthASIC Chip and mining machines worth 9.7% 6.1% 7.1% 13.4% 6.1% 0.0% 14.0% 12.0% 10.0% 8.5% 8.0%8.5% 8.0% 6.0% 4.0% 2.0%2,000 0 4,000 10,000 8,000 6,000 12,000 14,000 16.0% 2011 2012 2013 2014 2015 2016 Market size (million) growth rate 2016 In China's IC market size 11986 Billion, accounting for more than half of the global2016 In China's IC market size 11986 Billion, accounting for more than half of the global2016 In China's IC market size 11986 Billion, accounting for more than half of the global2016 In China's IC market size 11986 Billion, accounting for more than half of the global semiconductor market. Benefited from a series of national policies, the next few years the industry will maintain 20% The average annual growth rate around.industry will maintain 20% The average annual growth rate around.industry will maintain 20% The average annual growth rate around.
  9. 9. In the mining industry chain, located in the industrial mining machine supplier midstream, and upstream of a packaging and testing integrated circuit manufacturer, supplier, i.e. downstream cluster mine • Upstream, the mining machine manufacturers TSMC is the main supplier of wafer and foundry • The middle of the mining machine manufacturers are currently the main bit continent monopoly, other mining machine manufacturers as well as Jianan Yun Chi billion state and internationa • Among the downstream, mine is a collection of a large number of mining equipment, now gradually to the professional operation direction; miners can use their own ore mining machine (low success rate), while the pool as a collection of mine counted forces, gather Operators force miners joint mining Source: brokerage research reports, Jianan Yun Chi prospectus 1. China's mines are all a bit pool1. China's mines are all a bit pool 2. Which contains the virtual currency and ICO Token, from the application point of view can be divided into the underlying platform, vertical applications, and general technology2. Which contains the virtual currency and ICO Token, from the application point of view can be divided into the underlying platform, vertical applications, and general technology2. Which contains the virtual currency and ICO Token, from the application point of view can be divided into the underlying platform, vertical applications, and general technology2. Which contains the virtual currency and ICO Token, from the application point of view can be divided into the underlying platform, vertical applications, and general technology IC Design,IC Design, manufacture and sale of mining machine Mines Mine operators and pool miner IC manufacturerIC manufacturer IC Packaging and testing businessIC Packaging and testing business Virtual Currency Exchange Supply of wafer foundry + MiningHardware Supply The main participants Individual miners 1 1 Bit continent in midstream and downstream industry chain owned mining monopoly Virtual currency for the first time the issue ( ICO ) 2the first time the issue ( ICO ) 2the first time the issue ( ICO ) 2the first time the issue ( ICO ) 2 Mining industry chain
  10. 10. - 2,000 4,000 6,000 8,000 - 5,000 10,000 15,000 20,000 2009/01 2010/01 2017/01 2018/012011/01 2012/01 2013/01 2014/01 Bit currency against the US dollar daily trading volume (millions of dollars) 2015/01 2016/01 Bitcoin Price (USD) Unit: USD Unit: one million US dollars • 2012/11/28 Bitcoin first production by half • 2016/7/10 Yield second half bit credits • 2017/12/11 CBOE Launched the first• 2017/12/11 CBOE Launched the first official Bitcoin futures products • 2013/12/5 China's central bank financial institutions to stop using Bitcoin • 2017/9/30 China claims territory Bitcoin Exchange closed • 1/3/2009 Bitcoin network Zhengshishangxian • 2017/9/8 China demanded an end to the territory ICOChina demanded an end to the territory ICO • 2017/8/1 Bitcoin first bifurcation hard cash generated bitcoins Bitcoin historical price and volume trends Greater impact on pricing by Bitcoin mining machine price fluctuations, according to the performance and the number of mining machine deployment chip unit price ranging from a few thousand to several million. Experienced 2017 And the end of the boom 2018 After the crash the beginning of thechip unit price ranging from a few thousand to several million. Experienced 2017 And the end of the boom 2018 After the crash the beginning of thechip unit price ranging from a few thousand to several million. Experienced 2017 And the end of the boom 2018 After the crash the beginning of thechip unit price ranging from a few thousand to several million. Experienced 2017 And the end of the boom 2018 After the crash the beginning of thechip unit price ranging from a few thousand to several million. Experienced 2017 And the end of the boom 2018 After the crash the beginning of the current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.current Bitcoin prices basically stable 7000 Dollar down. Up 2018 year 7 month 15 Japan, the price of Bitcoin 6382 Dollar.
  11. 11. AI Chip application prospectAI Chip application prospect GPU , FPGA , ASIC ,GPU , FPGA , ASIC ,GPU , FPGA , ASIC ,GPU , FPGA , ASIC ,GPU , FPGA , ASIC ,GPU , FPGA , ASIC , TPC Wait AI Widely used chip, which ASICTPC Wait AI Widely used chip, which ASICTPC Wait AI Widely used chip, which ASICTPC Wait AI Widely used chip, which ASICTPC Wait AI Widely used chip, which ASIC It is developing into the mainstream chip. Big Data development, computer capacity has increased significantly, breaking the algorithm itself Applications continue to open up, has covered include deep learning, machine vision, fingerprint recognition 13 A specific applicationrecognition 13 A specific applicationrecognition 13 A specific application Artificial intelligence market by the global concern, ushered in the third golden period of development, continues to grow along with AI Enhance the penetration of smart phones, networking, car networking and other areas, AI Chip willalong with AI Enhance the penetration of smart phones, networking, car networking and other areas, AI Chip willalong with AI Enhance the penetration of smart phones, networking, car networking and other areas, AI Chip willalong with AI Enhance the penetration of smart phones, networking, car networking and other areas, AI Chip willalong with AI Enhance the penetration of smart phones, networking, car networking and other areas, AI Chip will be widely used, broad market space ASIC Creating the possibility of mass productionbe widely used, broad market space ASIC Creating the possibility of mass productionbe widely used, broad market space ASIC Creating the possibility of mass production AI Algorithm requires a special chip, AI Market growth will inevitably promote AI Chip prospectsAI Algorithm requires a special chip, AI Market growth will inevitably promote AI Chip prospectsAI Algorithm requires a special chip, AI Market growth will inevitably promote AI Chip prospectsAI Algorithm requires a special chip, AI Market growth will inevitably promote AI Chip prospectsAI Algorithm requires a special chip, AI Market growth will inevitably promote AI Chip prospectsAI Algorithm requires a special chip, AI Market growth will inevitably promote AI Chip prospects Company market capitalization (One hundred million U.S. dollars) Revenue (US $ million) Profit (billion dollars) PS PE 2016 2017 2018E 2016 2017 2018E 2016 2017 2018E 2016 2017 2018E Nvidia 1,480.0 69.1 97.1 16.7 30.5 34.5 121.5 21.42 15.24 12.18 88.84 48.57 42.90 MediaTek 151.4 88.3 78.4 7.6 8.0 1.72 1.93 19.94 18.92 52 153 1,801,501,209,060,300 2017 year2017 year 2020 year2020 year AI chip global market size (million US dollars) 10 01020304050 2017 year2017 year 2020 year2020 year ASIC AI chip market (billion dollars)ASIC AI chip market (billion dollars) 46 • according to Frost & Sullivan prediction,according to Frost & Sullivan prediction,according to Frost & Sullivan prediction, ASIC Artificial intelligence will keep the chipASIC Artificial intelligence will keep the chip industry's future 66% The average annual growth.industry's future 66% The average annual growth.industry's future 66% The average annual growth. • On the secondary market AI Chip manufacturersOn the secondary market AI Chip manufacturersOn the secondary market AI Chip manufacturers generally high valuation levels, NVIDIA is close to market value 1500 Billion, corresponding to 43 Timto market value 1500 Billion, corresponding to 43 Timto market value 1500 Billion, corresponding to 43 Timto market value 1500 Billion, corresponding to 43 Timto market value 1500 Billion, corresponding to 43 Tim 18 year PE18 year PE18 year PE • MediaTek performance dragged down by the decline, earnings in 20 Fold downthe decline, earnings in 20 Fold downthe decline, earnings in 20 Fold down
  12. 12. Charpter 2 Company Profile
  13. 13. Company Profile Company Size Honor • Group has a staff 2500 More than people, 90% More have collegeGroup has a staff 2500 More than people, 90% More have collegeGroup has a staff 2500 More than people, 90% More have collegeGroup has a staff 2500 More than people, 90% More have collegeGroup has a staff 2500 More than people, 90% More have college degrees, 40% Above have master's or doctoral degree. The coredegrees, 40% Above have master's or doctoral degree. The coredegrees, 40% Above have master's or doctoral degree. The core technology backbone from Peking University, Tsinghua University, University of Hong Kong, Chinese Academy of Sciences and other well-known universities and research institutes • 2017 Doing business income of about 25 Billion, net profit of about 112017 Doing business income of about 25 Billion, net profit of about 112017 Doing business income of about 25 Billion, net profit of about 112017 Doing business income of about 25 Billion, net profit of about 112017 Doing business income of about 25 Billion, net profit of about 11 Billion dollars (unaudited) , • China's second-largest integrated circuit chip design companies, second only to Huawei Hass, more than Spreadtrum; global benchmarking NVDIA , Intel , AMD with GoogleSpreadtrum; global benchmarking NVDIA , Intel , AMD with GoogleSpreadtrum; global benchmarking NVDIA , Intel , AMD with GoogleSpreadtrum; global benchmarking NVDIA , Intel , AMD with GoogleSpreadtrum; global benchmarking NVDIA , Intel , AMD with GoogleSpreadtrum; global benchmarking NVDIA , Intel , AMD with GoogleSpreadtrum; global benchmarking NVDIA , Intel , AMD with GoogleSpreadtrum; global benchmarking NVDIA , Intel , AMD with Google • The company vision is to lead the world in the field of supercomputing chip to become a world-class supercomputing block chain and integrated circuit design, artificial intelligence product research and development of high-tech ente company was founded on 2013 Late last year, is committed to providing high-speed, low-power computer chips, high-power, high-densitycompany was founded on 2013 Late last year, is committed to providing high-speed, low-power computer chips, high-power, high-densitycompany was founded on 2013 Late last year, is committed to providing high-speed, low-power computer chips, high-power, high-density computing servers and large-scale parallel computing software such as supercomputing chip, hardware and software products. Our products are widely used in the production of digital currency worldwide customers, its ant mining machine Antminer , Mineral pool BTC.com with Antpool Theare widely used in the production of digital currency worldwide customers, its ant mining machine Antminer , Mineral pool BTC.com with Antpool Theare widely used in the production of digital currency worldwide customers, its ant mining machine Antminer , Mineral pool BTC.com with Antpool Theare widely used in the production of digital currency worldwide customers, its ant mining machine Antminer , Mineral pool BTC.com with Antpool Theare widely used in the production of digital currency worldwide customers, its ant mining machine Antminer , Mineral pool BTC.com with Antpool Theare widely used in the production of digital currency worldwide customers, its ant mining machine Antminer , Mineral pool BTC.com with Antpool Theare widely used in the production of digital currency worldwide customers, its ant mining machine Antminer , Mineral pool BTC.com with Antpool The top two global, global mining machinery market share of more than 70% .top two global, global mining machinery market share of more than 70% .top two global, global mining machinery market share of more than 70% .
  14. 14. development path 2013 year2013 year • Market leader Long-term product performance, lowest power consumption, the global market share of the first companies to start AI AI chip projectstart AI AI chip projectstart AI AI chip project 2017 year2017 year 2013 End of the year2013 End of the year 2015 year2015 year 2016 year2016 year • Product launch The company based on the first-generation ASIC Chipthe first-generation ASIC Chipthe first-generation ASIC Chip launch Hash Serverlaunch Hash Serverlaunch Hash Server computing, and quickly occupied the market • The company set up 2013 year 10 May, based2013 year 10 May, based2013 year 10 May, based2013 year 10 May, based on a deep understanding of the block chain and a dedicated chip technology, co-founder of the company in Beijing to set up mainland bits • Continued growth 2016 Years, the total2016 Years, the total number of employees, the number of intellectual property, assets, profitability continued to grow a new generation 16nm chip16nm chip • AI chipAI chip The first generation, second generation chip cast sheet, the third generation of the test is successful AI Chiptest is successful AI Chiptest is successful AI Chip successfully developed, will soon flow sheet 2017 End of the year2017 End of the year • AI Products availableAI Products available Based on the company independent chip launch AI Applicatiindependent chip launch AI Applicatiindependent chip launch AI Applicati Solutions 2017 year 11 Month, officially2017 year 11 Month, officially2017 year 11 Month, officially2017 year 11 Month, officially released AI Accelerator andreleased AI Accelerator andreleased AI Accelerator and servers, while the official website of the official count abundance of global sales
  15. 15. Ownership Structure - Before the current round of investmentOwnership Structure - Before the current round of investmentOwnership Structure - Before the current round of investment Janke group (holding platform) Wu Ji Han (holding platform) Zhao Zhaofeng (holding platform) The more Ge Sheng, Hu said, etc. (holding platform) ESOP (Reserved) corporate investor BitMain Technologies Holdings Company (Cayman Islands) BitMain Technologies Holdings Limited (Hong Kong) Beijing Science and Technology Co., Ltd. bit continent 17 Home overseas subsidiaries17 Home overseas subsidiaries 26 Home territory of branches and subsidia26 Home territory of branches and subsidia Overseas Territory 36.58% 20.56% 6.36% 9.21% 18.71% 8.57% 100% 100%
  16. 16. core team Janke group co-founder of Union Close CEOClose CEO • proficient IC Design process and project management, there are a variety of ASIC design flow, production experience, responsible and independent in IC The ability to dproficient IC Design process and project management, there are a variety of ASIC design flow, production experience, responsible and independent in IC The ability to dproficient IC Design process and project management, there are a variety of ASIC design flow, production experience, responsible and independent in IC The ability to dproficient IC Design process and project management, there are a variety of ASIC design flow, production experience, responsible and independent in IC The ability to dproficient IC Design process and project management, there are a variety of ASIC design flow, production experience, responsible and independent in IC The ability to d • Former Beijing Unitend R & D and Director of Tsinghua University Institute of Information Technology, R & D engineers, presided over the completion ofFormer Beijing Unitend R & D and Director of Tsinghua University Institute of Information Technology, R & D engineers, presided over the completion of the design and development of a variety of chip shipments amounted to a mega • Published papers and patents about 10 To articles, is UTI One of the main contributors separate the national standard machine cardPublished papers and patents about 10 To articles, is UTI One of the main contributors separate the national standard machine cardPublished papers and patents about 10 To articles, is UTI One of the main contributors separate the national standard machine cardPublished papers and patents about 10 To articles, is UTI One of the main contributors separate the national standard machine cardPublished papers and patents about 10 To articles, is UTI One of the main contributors separate the national standard machine card Wu Han, co-founder with bogey Close CEOClose CEO • He graduated from Peking University with dual degrees in Economics and Psychology • Prior to the venture, he has been engaged in the work of investment analysts and investment managers of private equity funds of funds • 2011 Began to participate in the Bitcoin community, China is an important Bitcoin community media Babbitt ( 8btc.com ) Co-founder• 2011 Began to participate in the Bitcoin community, China is an important Bitcoin community media Babbitt ( 8btc.com ) Co-founder• 2011 Began to participate in the Bitcoin community, China is an important Bitcoin community media Babbitt ( 8btc.com ) Co-founder• 2011 Began to participate in the Bitcoin community, China is an important Bitcoin community media Babbitt ( 8btc.com ) Co-founder • 2013 Founded bits mainland, company directors and any joint CEO , Is responsible for marketing, sales, strategic investment and investor relations• 2013 Founded bits mainland, company directors and any joint CEO , Is responsible for marketing, sales, strategic investment and investor relations• 2013 Founded bits mainland, company directors and any joint CEO , Is responsible for marketing, sales, strategic investment and investor relations• 2013 Founded bits mainland, company directors and any joint CEO , Is responsible for marketing, sales, strategic investment and investor relations Fan Jing IC Senior Director of DesignIC Senior Director of Design • Be responsible for AI Cloud chip businessBe responsible for AI Cloud chip businessBe responsible for AI Cloud chip business • Former VIA IC Senior design manager, involved in the development of the North Bridge chipset, ARM SOC Such as number of chipsFormer VIA IC Senior design manager, involved in the development of the North Bridge chipset, ARM SOC Such as number of chipsFormer VIA IC Senior design manager, involved in the development of the North Bridge chipset, ARM SOC Such as number of chipsFormer VIA IC Senior design manager, involved in the development of the North Bridge chipset, ARM SOC Such as number of chipsFormer VIA IC Senior design manager, involved in the development of the North Bridge chipset, ARM SOC Such as number of chips • Former Advanced Micro Devices ASIC Design / verification, senior manager, led the Chinese team to participate in the development of the XBOX one, PS4 AndFormer Advanced Micro Devices ASIC Design / verification, senior manager, led the Chinese team to participate in the development of the XBOX one, PS4 AndFormer Advanced Micro Devices ASIC Design / verification, senior manager, led the Chinese team to participate in the development of the XBOX one, PS4 AndFormer Advanced Micro Devices ASIC Design / verification, senior manager, led the Chinese team to participate in the development of the XBOX one, PS4 AndFormer Advanced Micro Devices ASIC Design / verification, senior manager, led the Chinese team to participate in the development of the XBOX one, PS4 And other large chip R & D Gao Peng chip R & D Director • Be responsible for AI Chip design project, a variety of AI The core developers of chip architecture and key members of the design teamBe responsible for AI Chip design project, a variety of AI The core developers of chip architecture and key members of the design teamBe responsible for AI Chip design project, a variety of AI The core developers of chip architecture and key members of the design teamBe responsible for AI Chip design project, a variety of AI The core developers of chip architecture and key members of the design teamBe responsible for AI Chip design project, a variety of AI The core developers of chip architecture and key members of the design team • Former VIA Technologies China Co., chip design department head, successful production during more stars SOC Chip ProductsFormer VIA Technologies China Co., chip design department head, successful production during more stars SOC Chip ProductsFormer VIA Technologies China Co., chip design department head, successful production during more stars SOC Chip Products tension Software Rtension Software R & D Director Dr. • Be responsible for AI Chip platform unit, in research and development of hardware and software have deeper knowledge, has extensive experience inBe responsible for AI Chip platform unit, in research and development of hardware and software have deeper knowledge, has extensive experience inBe responsible for AI Chip platform unit, in research and development of hardware and software have deeper knowledge, has extensive experience in managing projects and lead the technical team • CAS Institute of Computing Ph.D., as a major R & D personnel involved in China's first proprietary video decoder chip design • He worked in several well-known IC Job design company, developed 10 More than pieces of various types of chips. In the past two years led the team toHe worked in several well-known IC Job design company, developed 10 More than pieces of various types of chips. In the past two years led the team toHe worked in several well-known IC Job design company, developed 10 More than pieces of various types of chips. In the past two years led the team toHe worked in several well-known IC Job design company, developed 10 More than pieces of various types of chips. In the past two years led the team toHe worked in several well-known IC Job design company, developed 10 More than pieces of various types of chips. In the past two years led the team to design a high-performance AI processordesign a high-performance AI processordesign a high-performance AI processor Wang Lei Software Technical Director • Be responsible for AI Ministry cloud platformBe responsible for AI Ministry cloud platformBe responsible for AI Ministry cloud platform • The semiconductor industry has more than ten years experience in software development and management • Former horizon robot any architect, responsible for deep learning chip architecture • Former Director of RDA Microelectronics software, leading smart phone chip product line software team, provides the world's lowest cost Android Smartphone solutions, shipping a mega monthAndroid Smartphone solutions, shipping a mega month
  17. 17. core advantages The explosive growth of the industry to promote A clear market positioning Excellent chip and software research and development capabilities Outstanding hardware and software optimization capabilitie • To meet the industry's explosive growth: 2015 Years later, heTo meet the industry's explosive growth: 2015 Years later, heTo meet the industry's explosive growth: 2015 Years later, he is known as the fourth industrial revolution of the block chain and artificial intelligence technology into the explosive growth phase. • New hardware market ahead of the layout: The newNew hardware market ahead of the layout: The new technology requires low latency, low power consumption, high power calculation hardware support, highly customizable Asic Chip is an inevitable trend.power calculation hardware support, highly customizable Asic Chip is an inevitable trend.power calculation hardware support, highly customizable Asic Chip is an inevitable trend. • Block chain operator force provider: In the case of foreignBlock chain operator force provider: In the case of foreign enterprises flocked development block chain technology companies choose to provide support for the force calculation block chain in • AI industry base layer ASIC Chip experts:AI industry base layer ASIC Chip experts:AI industry base layer ASIC Chip experts: Processing chip is supported AI A key factor in the development ofProcessing chip is supported AI A key factor in the development ofProcessing chip is supported AI A key factor in the development of technology, and ASIC Chip represents AI Future chips.technology, and ASIC Chip represents AI Future chips.technology, and ASIC Chip represents AI Future chips.technology, and ASIC Chip represents AI Future chips.technology, and ASIC Chip represents AI Future chips. • Technology leadership: 2016 Years, while mass productionTechnology leadership: 2016 Years, while mass productionTechnology leadership: 2016 Years, while mass production with Huawei 16nm chip. As the first domestic ASICwith Huawei 16nm chip. As the first domestic ASICwith Huawei 16nm chip. As the first domestic ASICwith Huawei 16nm chip. As the first domestic ASIC Chip, leading from GPU Across the ASIC.Chip, leading from GPU Across the ASIC.Chip, leading from GPU Across the ASIC. • Experience: From 2013 year 55nm To 2016 yearExperience: From 2013 year 55nm To 2016 yearExperience: From 2013 year 55nm To 2016 yearExperience: From 2013 year 55nm To 2016 yearExperience: From 2013 year 55nm To 2016 yearExperience: From 2013 year 55nm To 2016 yearExperience: From 2013 year 55nm To 2016 yearExperience: From 2013 year 55nm To 2016 year 16nm ,Currently 10nm It began mass production, 316nm ,Currently 10nm It began mass production, 316nm ,Currently 10nm It began mass production, 316nm ,Currently 10nm It began mass production, 316nm ,Currently 10nm It began mass production, 3 Years accumulated a wealth of development experience. • Under the premise of the same process, greatly improve chip performance BM1382 BM1384 BM1385 Process, nm 28 28 28 Hash rate, GH / s 14 18 30 Efficiency, J / GH 0.494 0.386 0.216 Improve personnel structure Adequate funding and improve industrial layout ·Adequate funding and improve industrial layout · • Artificial intelligence around the block chain and two major business lines, formed a set of chip development, platform architecture, algorithm development and other departments in recent 500 Person research team.architecture, algorithm development and other departments in recent 500 Person research team.architecture, algorithm development and other departments in recent 500 Person research team. • All from the backbone of scientific research 985/211 CollegesAll from the backbone of scientific research 985/211 CollegesAll from the backbone of scientific research 985/211 Colleges or Microsoft, Cisco, Google, Huawei and other world-class science and technology enterprises, development of rich experience. • Focus on chip development and manufacturing of equipment at the same time, a number of investment strategy block chain and artificial intelligence start-ups, improve the industrial layout. • 2017 In the introduction of a number of well-known international2017 In the introduction of a number of well-known international investment institutions, financial strength and growth to address the worries of technological development.
  18. 18. Companies targeting: the world's largest block chain leading hardware vendors AI Chip designersCompanies targeting: the world's largest block chain leading hardware vendors AI Chip designersCompanies targeting: the world's largest block chain leading hardware vendors AI Chip designers Mining Machinery Mine Pools AI chipAI chip Than his mainland mining machine mining machine brand ant ( Antminer ) GlobalThan his mainland mining machine mining machine brand ant ( Antminer ) GlobalThan his mainland mining machine mining machine brand ant ( Antminer ) Global market share up 85% , Is the highest price the market, reputation of the best productsmarket share up 85% , Is the highest price the market, reputation of the best productsmarket share up 85% , Is the highest price the market, reputation of the best products of mining machine Bit continent also operates the world's largest pool of several mine (BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing(BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing(BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing(BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing(BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing(BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing(BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing(BTC.com , ConnectBTC with AntPool And lead investor ViaBTC) Providing block chain calculated one-stop solution for miners Continental launched the bit face AI Sub-brand in the field of " Feng count " AndContinental launched the bit face AI Sub-brand in the field of " Feng count " AndContinental launched the bit face AI Sub-brand in the field of " Feng count " AndContinental launched the bit face AI Sub-brand in the field of " Feng count " AndContinental launched the bit face AI Sub-brand in the field of " Feng count " AndContinental launched the bit face AI Sub-brand in the field of " Feng count " AndContinental launched the bit face AI Sub-brand in the field of " Feng count " And released the first AI chip BM1680 And deep learning accelerator equipped with thereleased the first AI chip BM1680 And deep learning accelerator equipped with thereleased the first AI chip BM1680 And deep learning accelerator equipped with thereleased the first AI chip BM1680 And deep learning accelerator equipped with thereleased the first AI chip BM1680 And deep learning accelerator equipped with the chip SC1 / SC1 + Intelligent Video Analytics Server SS1 And drive, runtime, callingchip SC1 / SC1 + Intelligent Video Analytics Server SS1 And drive, runtime, callingchip SC1 / SC1 + Intelligent Video Analytics Server SS1 And drive, runtime, callingchip SC1 / SC1 + Intelligent Video Analytics Server SS1 And drive, runtime, callingchip SC1 / SC1 + Intelligent Video Analytics Server SS1 And drive, runtime, calling the bottom, etc.
  19. 19. Manufacturer Model Weight size Process number of chips Operators force ( TH / s )force ( TH / s )force ( TH / s ) Power ( W )( W )( W ) price 1price 1 (Yuan) price single count of a single count of force force power launch date ant S9i 5.5kant S9i 5.5k g 445 * 215 * 255mm 16nm 189 Stars189 Stars 14 1,290 4,600 329 92 2018 year 6 month2018 year 6 month2018 year 6 month2018 year 6 month Avalon A841 5.2kg 370 * 136 * 150mm 16nm 104 Stars104 Stars 13 1,290 7,600 585 99 2018 year 3 month2018 year 3 month2018 year 3 month2018 year 3 month • Continental Minerals bit global market share 85 , With the absolute industry chain advantages, performance and price than competing products in the field of mining machine will maintain a sustainContinental Minerals bit global market share 85 , With the absolute industry chain advantages, performance and price than competing products in the field of mining machine will maintain a sustainContinental Minerals bit global market share 85 , With the absolute industry chain advantages, performance and price than competing products in the field of mining machine will maintain a sustain • Bit continent has been launched for the world's second largest market capitalization of virtual currency Ethernet Square mining machine, a new generation of products are under development, while the mining machine for other virtual currencies are constantly developing, the potential demand and market potential have further upward space, depending on the bit will gradu 2017 Global mining machine market share2017 Global mining machine market share Bit continent 77 嘉楠耘 Chile 14 9 Bitcoin - Total deliveries byBitcoin - Total deliveries byBitcoin - Total deliveries by other Bit continent 85 other 15 Full currency Bit continent and Jianan Yun Chi main product comparison Minerals Business: monopoly
  20. 20. Minerals Business: Main products Product number S9 L3 / L3 + D3 T9 APW Ants mining machine Digital currency type of application Bits credits / Bitcoin cash litecoin of world currency Bitcoin / Bitcoin Cash N / A Hash number of chips 189 288 180 162 N / A 2017 Annual sales volume (Units in2017 Annual sales volume (Units in Thousands) 1,072Thousands) 1,072 249 260 35 952 Price (US $) $ 1,257Price (US $) $ 1,257 $ 1,685 $ 1,581 $ 1,031 $ 110 2017 Annual income (US $ million) 1,3472017 Annual income (US $ million) 1,3472017 Annual income (US $ million) 1,347 419 412 36 104
  21. 21. Minerals Business: comparison of competing products Renminbi the company Bit continent Jianan Yun Zhi Market share estimates BTC Minerals postMarket share estimates BTC Minerals postMarket share estimates BTC Minerals post Pay the amount of market share 78 14 Earnings income (million) 164 13 Gross profit (million) 95 6 Operating profit (million) 87Operating profit (million) 87 3 Net profit (million) 75Net profit (million) 75 4 Gross margin 58 46 Operating margin 53 26 Net profit margin 46 28 Mining machine sales accounted for sales structure 93Mining machine sales accounted for sales structure 93 99 Domestic sales accounted for 49Domestic sales accounted for 49 92 Foreign sales accounted for 43Foreign sales accounted for 43 8 Model main mine Ants mining machine T9 / S9 Avalon A7Avalon A7 Sales (million units) 111Sales (million units) 111 29 Sales (million) 90Sales (million) 90 13 The average selling price 8,122 4,402 Sales accounting 55 99 • 2017 It estimates global bitcoin mining machine deliveries to2017 It estimates global bitcoin mining machine deliveries to 214 Million units, deliveries to mainland bits 166 Million units,214 Million units, deliveries to mainland bits 166 Million units,214 Million units, deliveries to mainland bits 166 Million units,214 Million units, deliveries to mainland bits 166 Million units, accounting for 78% , Jianan Yun Chi is 29 Million units, accounting foraccounting for 78% , Jianan Yun Chi is 29 Million units, accounting foraccounting for 78% , Jianan Yun Chi is 29 Million units, accounting foraccounting for 78% , Jianan Yun Chi is 29 Million units, accounting foraccounting for 78% , Jianan Yun Chi is 29 Million units, accounting for 13.8% . The bits of all mining machine continent (also includes13.8% . The bits of all mining machine continent (also includes litecoin, reaching the World coins and other) sales 2017 In globallitecoin, reaching the World coins and other) sales 2017 In globallitecoin, reaching the World coins and other) sales 2017 In global market share is estimated 85% .market share is estimated 85% .market share is estimated 85% . • Gross margin bit continent 58% , Higher than Jianan Yun Chi's 46%Gross margin bit continent 58% , Higher than Jianan Yun Chi's 46%Gross margin bit continent 58% , Higher than Jianan Yun Chi's 46%Gross margin bit continent 58% , Higher than Jianan Yun Chi's 46% ,Net profit rate 46% , Higher than Jianan Yun Chi's 28% , Reflecting,Net profit rate 46% , Higher than Jianan Yun Chi's 28% , Reflecting,Net profit rate 46% , Higher than Jianan Yun Chi's 28% , Reflecting,Net profit rate 46% , Higher than Jianan Yun Chi's 28% , Reflecting,Net profit rate 46% , Higher than Jianan Yun Chi's 28% , Reflecting the continent profitability bit far superior Jianan Yun Zhi. • In addition to the mainland bit ore mining machine sales as well as self-employed business, accounting 7% And foreignwell as self-employed business, accounting 7% And foreignwell as self-employed business, accounting 7% And foreign mining machine sales accounting 43% For a single businessmining machine sales accounting 43% For a single businessmining machine sales accounting 43% For a single business and a single market dependence is weaker than Jianan Yun-chi. • Bit main mining machine continent compared Jianan Yun Chi higher prices, and higher gross profit mining machine 12 Percentagehigher prices, and higher gross profit mining machine 12 Percentagehigher prices, and higher gross profit mining machine 12 Percentage points. In addition to the mainland bit Bitcoin mining machine, and also produces litecoin currency of the world mining machine, mining machine mining machine number of species more diverse. And Jianan Yun Chi highly dependent on a single mining mach
  22. 22. Bit count credits force distribution tank mines • In the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls aboutIn the mining industry, the pool, the pool bit continent has three mines: BTC.com , ConnectBTC with AntPool And lead investor ViaBTC Directly or indirectly controls about half of global operators force • With its unique advantage count forces, mining bit continent to provide one-stop solution for the miners to form relative to other non-mining machine ASIC Mining machineWith its unique advantage count forces, mining bit continent to provide one-stop solution for the miners to form relative to other non-mining machine ASIC Mining machineWith its unique advantage count forces, mining bit continent to provide one-stop solution for the miners to form relative to other non-mining machine ASIC Mining machine manufacturers to enter the industry barriers BTC.com 22.1% AntPool 14.1% ViaBTC 11.2%SlushPool 9.9% F2Pool 9.9% BTC.TOP 9.3% other 23.5% S Lead investor • Directly downstream bit continent directly or indirectly controls nearly half of the world's mineral pool operator force, able to do so firmly under control of the mining machine sales - Pool operators and oresales - Pool operators and oresales - Pool operators and ore mining • Mining and power advantages of the above count-stop solution for all bits competitors can not provide the mainland, the mainland can help a bit ore mining machine customers to resolve worries Mineral pool business: the world's first market position
  23. 23. 2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon2015 In the bit began to enter the mainland AI , Its first AI ASIC " SOPHON BM1680 ( Feng count) " in 2017 year 4 May silicon success, 11 May Zhengshiliangchan salesuccess, 11 May Zhengshiliangchan salesuccess, 11 May Zhengshiliangchan sale AI Business: From Bitcoin giants to the top AI Chip designersAI Business: From Bitcoin giants to the top AI Chip designersAI Business: From Bitcoin giants to the top AI Chip designersAI Business: From Bitcoin giants to the top AI Chip designers • SOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W TheSOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W TheSOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W TheSOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W TheSOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W TheSOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W TheSOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W TheSOPHON BM1680 Using TSMC 28nm Process, floating point peak performance 2TFlops The peak power consumption 41W The average power consumption 25W Calculating data precision FP32 . This generation of products can be used to train the depth ofaverage power consumption 25W Calculating data precision FP32 . This generation of products can be used to train the depth ofaverage power consumption 25W Calculating data precision FP32 . This generation of products can be used to train the depth ofaverage power consumption 25W Calculating data precision FP32 . This generation of products can be used to train the depth ofaverage power consumption 25W Calculating data precision FP32 . This generation of products can be used to train the depth of learning ( Training ) And Reasoning ( Inference ) Two aspects, but focuses on reasoninglearning ( Training ) And Reasoning ( Inference ) Two aspects, but focuses on reasoninglearning ( Training ) And Reasoning ( Inference ) Two aspects, but focuses on reasoninglearning ( Training ) And Reasoning ( Inference ) Two aspects, but focuses on reasoninglearning ( Training ) And Reasoning ( Inference ) Two aspects, but focuses on reasoning • Continental also launched carrying bits BM1680 Chip depth study Accelerator SOPHON SC1 / SC1 +Continental also launched carrying bits BM1680 Chip depth study Accelerator SOPHON SC1 / SC1 +Continental also launched carrying bits BM1680 Chip depth study Accelerator SOPHON SC1 / SC1 +Continental also launched carrying bits BM1680 Chip depth study Accelerator SOPHON SC1 / SC1 + And Intelligent Video Analytics Server SOPHON SS1And Intelligent Video Analytics Server SOPHON SS1 The first generation AI Chip has been in mass productionThe first generation AI Chip has been in mass productionThe first generation AI Chip has been in mass production
  24. 24. AI Business: targeting three sectors Acquisition radish robotAI Business: targeting three sectors Acquisition radish robotAI Business: targeting three sectors Acquisition radish robot , AI Reasoning chip bit-depth study of the continent AI coreAI Reasoning chip bit-depth study of the continent AI coreAI Reasoning chip bit-depth study of the continent AI coreAI Reasoning chip bit-depth study of the continent AI core Piece fast iteration, iteration is generally nine months to achieve a rapid upgrade of the system. In addition it will be based on AIupgrade of the system. In addition it will be based on AI Chip to do some sub-sectors and product segments scene And programs, such as boards or trade server; ; BIG DATA with CLOUD based on AI chipBIG DATA with CLOUD based on AI chipBIG DATA with CLOUD based on AI chipBIG DATA with CLOUD based on AI chipBIG DATA with CLOUD based on AI chipBIG DATA with CLOUD based on AI chip In cooperation with industry and industry-specific cloud big data terms . robot The company acquired the dill Bu robot to achieve the layout in the field of robotics Bit continent will increase research and development of robot product line Investment in mainland-bit chips and artificial intelligence algorithms Technical support, " New species " Series of intelligent machinesTechnical support, " New species " Series of intelligent machinesTechnical support, " New species " Series of intelligent machinesTechnical support, " New species " Series of intelligent machinesTechnical support, " New species " Series of intelligent machines The product will be more rich people, but also will strengthen the function Big. In the industry layout, the mainland bit value AI +In the industry layout, the mainland bit value AI + Security, AI + Internet, and AI + Large areas of the city threeSecurity, AI + Internet, and AI + Large areas of the city threeSecurity, AI + Internet, and AI + Large areas of the city threeSecurity, AI + Internet, and AI + Large areas of the city threeSecurity, AI + Internet, and AI + Large areas of the city three data
  25. 25. Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682Completion planned within the next year and a half 4 paragraph AI Chip iteration, excluding has been released BM1680 And has been taped BM1682 ,average 9 Months generation (chip industry to 18-24 Month cycle, computing power doubles),average 9 Months generation (chip industry to 18-24 Month cycle, computing power doubles),average 9 Months generation (chip industry to 18-24 Month cycle, computing power doubles),average 9 Months generation (chip industry to 18-24 Month cycle, computing power doubles),average 9 Months generation (chip industry to 18-24 Month cycle, computing power doubles) AI Business: Chip rapid iteration Accumulated rich experience in engineeringAI Business: Chip rapid iteration Accumulated rich experience in engineeringAI Business: Chip rapid iteration Accumulated rich experience in engineering • Mature ASIC Chip designMature ASIC Chip designMature ASIC Chip design experience • Of scale brought about supply chain advantage • Top chip design and engineering team
  26. 26. Income structure A. Revenue by business type constitutesA. Revenue by business type constitutes B. By Model Minerals constitute incomeB. By Model Minerals constitute income 80.0% 18.4% 1.6% 92.1% 7.1% 0.8% 96.5% 3.3% 0.2% 67.2% 18,8% 4.2% 4.6% 0.9% 4.3% 57.9% 4.5% 1.9% 18.1% 17.7% 47.8% 1.9% 6.1% 44.2%
  27. 27. Income Statement Operating income Unit: one million US dollars Gross profit and gross margin Unit: one million US dollars Net profit and net profit margin Unit: one million US dollars R & D expenses and its proportion of total revenue Unit: one million US dollars Operating income
  28. 28. Charpter 3 Investment Highlight
  29. 29. Block chain technology and trigger a new round of industrial revolution A complete industrial chain block layout and industry influence Top chip design capability AI Chip business can be expectedTop chip design capability AI Chip business can be expectedTop chip design capability AI Chip business can be expected Relatively reasonable valuation Investment Highlights 1 2 3 4
  30. 30. Block chain is considered to be subversive innovation after the Internet will lead to a new technological innovation and industrial change on a global scale • Its decentralization characteristic information can be uncertain, established to meet the economic activities on which operating under asymmetric environment " trust " Ecosystem,Its decentralization characteristic information can be uncertain, established to meet the economic activities on which operating under asymmetric environment " trust " Ecosystem,Its decentralization characteristic information can be uncertain, established to meet the economic activities on which operating under asymmetric environment " trust " Ecosystem,Its decentralization characteristic information can be uncertain, established to meet the economic activities on which operating under asymmetric environment " trust " Ecosystem,Its decentralization characteristic information can be uncertain, established to meet the economic activities on which operating under asymmetric environment " trust " Ecosystem, have broad application in all walks of life in space • In addition to financial services, the application has been extended to block chain of things, shared by multiple economic, logistics and supply chain Block chain technology is widely applied in all walks of life scenarios Applications sub-sectors Application Description Well-known application attempts institution / Financial Services Legal tender supplement • In some African countries such as Venezuela and Zimbabwe, the country is facing serious inflation or a controlled foreign trade big country, the national currency has lost value, while Bitcoin widely used in the private sector as the preferred method of payment • N / A Banking Financial Management • Appears block chain technology, it is considered likely to prompt a revolutionary change in the industry " Singular point " . In addition to the well-known Bitcoin andAppears block chain technology, it is considered likely to prompt a revolutionary change in the industry " Singular point " . In addition to the well-known Bitcoin andAppears block chain technology, it is considered likely to prompt a revolutionary change in the industry " Singular point " . In addition to the well-known Bitcoin andAppears block chain technology, it is considered likely to prompt a revolutionary change in the industry " Singular point " . In addition to the well-known Bitcoin andAppears block chain technology, it is considered likely to prompt a revolutionary change in the industry " Singular point " . In addition to the well-known Bitcoin and other digital currencies experiment, there are many financial institutions a significant attempt o Securities Regulatory Commission, China Insurance Regulatory Commission and ants gold dress and other Chinese government agencies and companies have already started to develop applications chains of blocko Securities Regulatory Commission, China Insurance Regulatory Commission and ants gold dress and other Chinese government agencies and companies have already started to develop applications chains of block • Securities Regulatory Commission, China Insuran • Ants gold dress • Canada, the Bank of England • China Postal Savings Bank • SWIFT 1• SWIFT 1 Securities Trading • Audit and liquidation of part of the transaction, there are many advantages of block chain technology, can greatly reduce the processing time and reduce manual participation • NASDAQ Stock Exchange • Goldman Sachs Credit management and ownership Credit Management • Block chain naturally there can not be tampered with, non-repudiation properties. Meanwhile, the block chain platform will likely provide an unprecedented scale highly relevant data, these data can be accurately positioned in space and time, and strictly related to the user. Block chain-based credit data management, will greatly improve the accuracy of credit assessment, assess and reduce costs • IDG • Tencent • Ernst & Young • PwC Ownership Management • The use of block chain technology, ownership of goods is written on the digital chain, who can not be modified. And once the contract agreed circumstances arise, block chain technology will be able to ensure accurate implementation of the contract, reducing manual intervention and the implementation of part of the costs of arbitration of disputes • IBM • Wal-Mart Sharing Economy Short Term Rentals • Block chain may introduce security and can not be tampered with digital qualifications and credit management systems to help improve P2P Accommodation acceptanceShort Term Rentals • Block chain may introduce security and can not be tampered with digital qualifications and credit management systems to help improve P2P Accommodation acceptanceShort Term Rentals • Block chain may introduce security and can not be tampered with digital qualifications and credit management systems to help improve P2P Accommodation acceptanceShort Term Rentals • Block chain may introduce security and can not be tampered with digital qualifications and credit management systems to help improve P2P Accommodation acceptanceShort Term Rentals • Block chain may introduce security and can not be tampered with digital qualifications and credit management systems to help improve P2P Accommodation acceptance• Airbnb Electronic business platform • Distributed electronic business platform through multi-signature scheme and credit scoring mechanism, so many participants to assess cooperation to achieve zero cost to resolve disputes • OpenBazaar Trade Management Cross-border trade • Block chain can provide a letter of credit transaction parties together books to allow banks and other participants have confirmed through the joint transaction performance and, accordingly, thereby reducing the risk and costs • Barclays Logistics Supply Chain • By block chain, the parties may obtain a transparent and reliable unified information platform, real-time view the status, reduce logistics costs, retroactive goods production and delivery of the entire process, thus improving the efficiency of supply chain management. When a dispute, the burden of proof and tracing also become clearer and easier • Rookie • Maersk Things - • Chain and anti-block characteristics of distributed attacks things meet with the increase in equipment, edge enhancement computational requirements for fault tolerance requirements of • IBMChain and anti-block characteristics of distributed attacks things meet with the increase in equipment, edge enhancement computational requirements for fault tolerance requirements of • IBM Block chain technology and trigger a new round of industrial revolution
  31. 31. By investing in acquisitions formed a complete industrial layout Investment target amount of financing rounds Subject categories Brief introduction Circle E wheelE wheel 1.1 One hundred million U.S. dollars*1.1 One hundred million U.S. dollars*Exchange • was founded in 2013 year, Circle Is a commitment to create a world based entirely on digital currency, digital assetswas founded in 2013 year, Circle Is a commitment to create a world based entirely on digital currency, digital assetswas founded in 2013 year, Circle Is a commitment to create a world based entirely on digital currency, digital assetswas founded in 2013 year, Circle Is a commitment to create a world based entirely on digital currency, digital assetswas founded in 2013 year, Circle Is a commitment to create a world based entirely on digital currency, digital assets and block chain technology, consumer finance companies • Circle There are three categories of products: for the global currency based on digital technology and the block chain• Circle There are three categories of products: for the global currency based on digital technology and the block chain of individual users even if payment tool Circle Pay And for institutions Circle Tradeof individual users even if payment tool Circle Pay And for institutions Circle Tradeof individual users even if payment tool Circle Pay And for institutions Circle Tradeof individual users even if payment tool Circle Pay And for institutions Circle Trade • Circle It is also currently the world's largest digital assets OTC (OTC) platform• Circle It is also currently the world's largest digital assets OTC (OTC) platform• Circle It is also currently the world's largest digital assets OTC (OTC) platform• Circle It is also currently the world's largest digital assets OTC (OTC) platform OB1 A wheelA wheel 500 Ten thousand U.S. dollars*500 Ten thousand U.S. dollars* application • OB1 It is decentralized online store OpenBazaar R & D company• OB1 It is decentralized online store OpenBazaar R & D company• OB1 It is decentralized online store OpenBazaar R & D company• OB1 It is decentralized online store OpenBazaar R & D company Babbitt A wheelA wheel 1 One hundred million yuan1 One hundred million yuan Information • was founded in 2015 year 8 Month, Babbitt is a focus block chain, platforms and digital currency bitcoin realm of newswas founded in 2015 year 8 Month, Babbitt is a focus block chain, platforms and digital currency bitcoin realm of newswas founded in 2015 year 8 Month, Babbitt is a focus block chain, platforms and digital currency bitcoin realm of newswas founded in 2015 year 8 Month, Babbitt is a focus block chain, platforms and digital currency bitcoin realm of newswas founded in 2015 year 8 Month, Babbitt is a focus block chain, platforms and digital currency bitcoin realm of news reports, provide information push, exchange forums and other services Look currency B wheelB wheel 1,000 Ten thousand U.S. dollars1,000 Ten thousand U.S. dollars Information • Look currency ( BitKan )was founded in 2012 Years, it is a focus on digital currency information platformLook currency ( BitKan )was founded in 2012 Years, it is a focus on digital currency information platformLook currency ( BitKan )was founded in 2012 Years, it is a focus on digital currency information platformLook currency ( BitKan )was founded in 2012 Years, it is a focus on digital currency information platformLook currency ( BitKan )was founded in 2012 Years, it is a focus on digital currency information platform • Its flagship product is " Look currency BitKan " Mobile phone applications, able to provide industry information,Its flagship product is " Look currency BitKan " Mobile phone applications, able to provide industry information,Its flagship product is " Look currency BitKan " Mobile phone applications, able to provide industry information,Its flagship product is " Look currency BitKan " Mobile phone applications, able to provide industry information,Its flagship product is " Look currency BitKan " Mobile phone applications, able to provide industry information, required for real-time quotes, mining monitoring, wallet services, traders basic functions ViaBTC A wheelA wheel 2,000 Ten thousand yuan *2,000 Ten thousand yuan * Mine Pools • was founded in 2016 year 6 month, ViaBTC Bitcoin mining is a mining pond and cloud providers, since the line towas founded in 2016 year 6 month, ViaBTC Bitcoin mining is a mining pond and cloud providers, since the line towas founded in 2016 year 6 month, ViaBTC Bitcoin mining is a mining pond and cloud providers, since the line towas founded in 2016 year 6 month, ViaBTC Bitcoin mining is a mining pond and cloud providers, since the line towas founded in 2016 year 6 month, ViaBTC Bitcoin mining is a mining pond and cloud providers, since the line towas founded in 2016 year 6 month, ViaBTC Bitcoin mining is a mining pond and cloud providers, since the line towas founded in 2016 year 6 month, ViaBTC Bitcoin mining is a mining pond and cloud providers, since the line to keep the average global top five, accounting for mineral pool operators force the whole network operators force 11%keep the average global top five, accounting for mineral pool operators force the whole network operators force 11% Yours.org A wheelA wheel 150 Ten thousand U.S. dollars*150 Ten thousand U.S. dollars* application • Yours.org Bitcoin is cash ( BCH ) Incentive for the content of encrypted social network• Yours.org Bitcoin is cash ( BCH ) Incentive for the content of encrypted social network• Yours.org Bitcoin is cash ( BCH ) Incentive for the content of encrypted social network• Yours.org Bitcoin is cash ( BCH ) Incentive for the content of encrypted social network Blocktrail Purchase N / A data analysis • Blocktrail Bitcoin is a data analysis and start-up companies• Blocktrail Bitcoin is a data analysis and start-up companies • Bit by the mainland to seek acquisitions in its propulsion BTC.com service providedBit by the mainland to seek acquisitions in its propulsion BTC.com service providedBit by the mainland to seek acquisitions in its propulsion BTC.com service provided Simplex A wheelA wheel 700 Ten thousand U.S. dollars700 Ten thousand U.S. dollars application • Simplex It is a focus on buying Bitcoins with a credit card Israeli start-up companies• Simplex It is a focus on buying Bitcoins with a credit card Israeli start-up companies • In addition to the main business, a bit overweight mainland in recent years invested a lot of start-ups and business success in the ecological chain block • At the same time, the bit continent is also the community widely regarded as the fourth largest market capitalization encryption cash currency Bitcoin ecosystem leader • Bit continent and founder Wu bogey cold chain in the block areas, especially in the field of Bitcoin has a remarkable influence and appeal A complete industrial chain block layout and industry influence
  32. 32. • according to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, theaccording to Frost & Sullivan It predicts that the global chip market to grow from artificial intelligence 2017 Year 52 Billion dollars added value 2020 Year 153 Billion US dollars, the annual compound growth rate of 43.3%annual compound growth rate of 43.3% • At the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increaseAt the same time, expected ASIC AI chip will follow 66% The annual compound growth rate higher than the industry growth experienced by 2017 Year 10 Billion dollars to increase 2020 Year 46 One hundred million U.S. dollars2020 Year 46 One hundred million U.S. dollars2020 Year 46 One hundred million U.S. dollars2020 Year 46 One hundred million U.S. dollars AI Market development of the chip industry is expected toAI Market development of the chip industry is expected to 1.0 4.60.3 0.040.3 0.04 1.6 3.1 1.9 5.5 0.2 0.1 2.1 0.6 5.2 0.7 15.3 2012 year2012 year 2017 year2017 year 2020 Years (estimated)2020 Years (estimated) ASIC chipASIC chip FPGA GPU CPU Unit: one billion US dollars Top chip design capability AI Chip business can be expectedTop chip design capability AI Chip business can be expectedTop chip design capability AI Chip business can be expected Continental is a bit technical advantages Minerals chip designer in the head of a player, with high-performance computing chip design and manufacturing of Mature experience, will IC Design the ability to migrate to other applications in the cloud AI Chip has significant first-mover advantage and geneMature experience, will IC Design the ability to migrate to other applications in the cloud AI Chip has significant first-mover advantage and geneMature experience, will IC Design the ability to migrate to other applications in the cloud AI Chip has significant first-mover advantage and geneMature experience, will IC Design the ability to migrate to other applications in the cloud AI Chip has significant first-mover advantage and geneMature experience, will IC Design the ability to migrate to other applications in the cloud AI Chip has significant first-mover advantage and gene Supply Chain Advantage bit TSMC is the world's top mainland 5 Large customers, TSMC is currently taped saturation across the board, with a bit continentSupply Chain Advantage bit TSMC is the world's top mainland 5 Large customers, TSMC is currently taped saturation across the board, with a bit continentSupply Chain Advantage bit TSMC is the world's top mainland 5 Large customers, TSMC is currently taped saturation across the board, with a bit continent Its good relations of cooperation, preemption TSMC capacity to ensure chip shipments speed, seize opportunities Financial advantage a bit of self-feeding ability continent is extremely strong, compared to other AI Start-up companies, financial strength and sustainable trickFinancial advantage a bit of self-feeding ability continent is extremely strong, compared to other AI Start-up companies, financial strength and sustainable trickFinancial advantage a bit of self-feeding ability continent is extremely strong, compared to other AI Start-up companies, financial strength and sustainable trick Raise top talent, large investment in R & D and taped, free from the constraints of capital and financing situation

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