This document provides an overview of the Bit continent project, including: - A description of blockchain technology and its key characteristics of decentralization, ability to indefinitely increase the size of the ledger, and encrypted and sequential record keeping. - Examples of potential financial applications of blockchain like registration, asset ownership verification, smart contracts, payments, insurance, and more. - Details on bitcoin mining, the process by which transactions are confirmed and recorded on the blockchain, and how miners generate revenue from block rewards and transaction fees. - An explanation of how bitcoin originated and its fixed supply that is distributed over time through the mining process with block rewards that are cut in half every four years.

1. Bit continent project
2018 year 7 month2018 year 7 month2018 year 7 month2018 year 7 month

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3. 1
3
Eye recordEye record
Investment
Highlights Industry Overview
2 Company Profile2 Company Profile
4 Business risk4 Business risk

4. Charpter 1
Industry Overview

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. 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. 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. 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. 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. -
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. 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. Charpter 2
Company Profile

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Charpter 3
Investment Highlight

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. 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. 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. • 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