Source: Media Outreach
Highlights of the Annual Results for the Year Ended December 31, 2022:
- The continuous acceleration of the development of new economy industries, such as AI, Smart Vehicles, and New Energy, has propelled the surge in demand for Chips. The Group’s chip business also maintained a growth momentum, with a total revenue was RMB9,535.5 million, representing a year-on-year increase of 0.9% during the Year.
- In 2022, gross profit recorded a year-on-year increase of 19.3% to RMB1,113.3 million, net profit was approximately RMB452.4 million, a year-on-year increase of 9.7% and profit attributable to equity shareholders of the Company was approximately RMB314.4 million, representing a year-on-year increase of 6.2%.
- The Shenzhen Stock Exchange confirmed Comtech’s application for an A Share Listing on the ChiNext Board with the application process progressing steadily. This is expected to bolster the Group’s share in the domestic capital and chip markets.
- During the Year, Comtech has been granted credit facilities by 15 prominent banks in China and Hong Kong to support the Group’s long-term chip business development.
- Ingdan focuses on new energy smart batteries, which will drive the development of the “Ingdan Cloud” big data service.
- To reciprocate the sustained support of our shareholders, the Board has proposed a final dividend of HK$0.04 per share.
< >HONG KONG SAR – Media OutReach – 31 March 2023 – Ingdan, Inc. (“Ingdan,Inc.” or the “Company”, stock code: 400.HK; with its subsidiaries (the ”Group”)), formerly known as “Cogobuy Group”, a technology services company serving the global chip industry and artificial intelligence (“AI”) & internet of things (“IoT”, together “AIoT”) ecosystem, with its core businesses “Comtech” and “Ingdan”, is pleased to announce its audited consolidated results for the Year ended December 31, 2022 (“2022” or the “Year”).
Financial Highlights of the Full Year of 2022
In 2022, the rapid innovation of artificial intelligence (“AI”) drove the digitalization of industries at a high pace, leading to a further increase in the demand for chips. With surging growth in new economy industries such as Smart Vehicles, New Energy and Digital Infrastructure, demand for the Group’s industrial chips was particularly strong, thus driving the Group’s overall performance and maintaining its growth momentum. As of 31 December, 2022, the Group’s net profit was approximately RMB452.4 million, a YoY increase of 9.7%; revenue was approximately RMB9,535.5 million, a YoY increase of 0.9%; gross profit was approximately RMB1,113.3 million, a YoY increase of 19.3%. During the Year, the Group’s profit attributable to equity shareholders of the Company was RMB314.4 million, a YoY increase of 6.2%. The Company’s cash and bank balances (including short-term bank deposits and pledged deposits) was RMB867.0 million. The Group’s bank loans were RMB888.1 million. The basic common shares outstanding were 1,394,262,732, and the weighted average number of ordinary shares for the purpose of diluted earnings per share were 1,405,370,000. To reciprocate the sustained support of our shareholders, the Board proposed a final dividend of HK$0.04 per share.
Continued Growth in Chip Business; Comtech Focuses on New Economy Industries
According to the latest data released by the Semiconductor Industry Association, China remained its position as the largest individual market for semiconductors, with a total sales of US$180.4 billion in 2022.[1] With the country’s development of semiconductors at a national strategic level, numerous policies have been issued to support the chip industry, creating a favorable environment and significant opportunities for Comtech’s development and also promoting constant growth of chip business. As a technology service platform for the chip industry, Comtech focuses on the application, design, and distribution of IC chips, maintaining connections with over 50% of global major high-end chip suppliers and many leading domestic chip makers upstream and covering thousands of enterprises in five key sectors: Smart Vehicles, Digital Infrastructure, Industrial Connectivity, Energy Control and Big Consumption downstream. With the rapid rise of new economy industries and continuing expansion of the AIoT market, chips are the main driving force for supporting widespread digital transformation. The demand for chips is expected to further accelerate, and enabling the Group’s chip business to continue to grow.
By leveraging its expertise and industrial resources, Comtech has been at the forefront of the new economy. The Group has successfully combined digital technology with traditional industries through chip applications, resulting a significant enhancement of its customers’ computing capabilities and stability, while reducing costs and increase efficiency. The Group’s chip application solutions are also empowering the trillion-RMB AIoT smart hardware market, making new breakthroughs in Smart Vehicles, Smart Printing and other fields.
- Comtech has been focusing on smart vehicles. During the Year, the Group successfully integrating Microchips and AKM, to deploy in-vehicle interfaces, encryption, and audio products in the cabins of smart vehicles, providing comprehensive design and commissioning support for Aero Zhonghuan’s smart cabins project to promote the intelligent upgrade of vehicles;
- During the Year, Comtech and STMicroelectronics (ST) applied ST’s advanced single-chip microcontroller mainboard to CBD-Tech ‘s 3D printing to improve transmission and processing efficiency.
< >Comtech Continues to Prepare for its A-share Listing Application; Chip Business Received Credit Facilities Support
The Shenzhen Stock Exchange confirmed Comtech’s application for A Share Listing on the ChiNext Board on June 30, 2022. Comtech submitted the updated application proof of the prospectus and audited consolidated financial statements in early 2023 to continue its A-share listing application. During the Year, the Company officially changed its name from “Cogobuy Group” to “Ingdan, Inc.”, so as to provide investors with a clearer understanding of the main businesses of “Comtech” and “Ingdan, Inc.”. The completion of the proposed A Share Listing is expected to further expand the Group’s development in the domestic capital and chip markets. The Company will remain the ultimate controlling shareholder of Comtech, and its financial results will continue to be consolidated into the Company, providing sustainable growth of the Group’s results.
In terms of funding, Comtech was granted credit facilities by 15 prominent banks in China and Hong Kong during the Year, to support the long-term development of the Group’s chip business. The credit lines signify the high recognition of the development potential of the Group’s chip business.
Focusing on the Development of Smart New Energy Batteries to Help Ingdan Deploy its Data Cloud
Ingdan focuses on the emerging field of smart new energy batteries, which effectively improves batteries’ efficiency and circulation with intelligent control and management systems to achieve battery intelligence. Ingdan also actively conducts R&D and marketing its own AIoT intelligent hardware products, to customize AIoT intelligent hardware application solutions and products for customers, hence facilitating the development of data services for the “Ingdan Cloud”.
With recent immense progress in AI, global data volume has doubled year-on-year. “Ingdan Cloud” collects, manages, and analyses data from AIoT products, establishing a circular “AIoT products — Data — Analysis” model to further support its AIoT data empowerment business. Through the big data capabilities of “Ingdan Cloud”, Ingdan is capturing on the new opportunities brought by the rapid growth of the big data market, and building an AIoT data cloud company that will drive long-term growth within the Group’s business.
The rapid development of AI technology has accelerated the digital transformation of various industries, increasing demand for technology integrations of iPaaS for AIoT. iPaaS platform services have been widely adopted by enterprises worldwide as they make the design and application of AIoT intelligent hardware products more automated, and cross-application data sharing more convenient. To expand the iPaaS market further, Ingdan launched its own iPaaS platform to provide iPaaS services such as technology integration solutions and marketing solutions to core technology suppliers along the AIoT Chips-Devices-Cloud industry chain. Ingdan has been deepening its engagement with its five main AIoT smart hardware fields: V2X, Smart Home, Robotics, Smart Manufacturing, and Smart Medical. During the Year, the Group and Chinasoft International collaborated to promote the application of OpenHarmony in relevant ecosystems and industries. Meanwhile, the Group was actively engaged in introducing OpenHarmony open-source technology to its iPaaS services, so as to integrate various intelligent hardware products and enable standardized upgrades.
Outlook
Mr. Jeffrey Kang, CEO of Ingdan, Inc., said, “AI has emerged as an important driving force for the next wave of technological and industrial transformation. Relying on favorable policies and new economic development opportunities, AI technology has experienced rapid growth, creating massive opportunities for the chip industry and expanding development space for the Group’s chip business.
Additionally, the introduction of national policies related to the construction of digital standards and chips is expected to further accelerate digital transformation and chip development with a clearer core standard, thereby accelerating the security construction of the entire technology industrial chain. Comtech has committed to actively participating in the establishment of national standards for digital transformation and chip applications. By leveraging its own R&D capabilities and industry expertise, as well as the Group’s accumulated technological strengths, industrial advantages and experiences, it will further enhance the Group’s industrial influence and market competitiveness, promoting healthy competition and development in the industry.
Looking ahead, with the continuous evolution of AI and related technologies, the Group’s business will continue to expand with even broader development prospects. The Group’s primary focus is on the AI industrial chain, and with a plan to strengthen the business development of Comtech and Ingdan, and comprehensively building the industry closed loop of “Chips-Devices-Cloud” AIoT ecosystem. While fully tapping into the growth potential of the chip business, the Group will continue to deepen the development potential of the new energy smart batteries field, which will help the “Ingdan Cloud” big data platform enhancing the development of the data-empowerment industry. The Group will also proactively seek opportunities from digital economic transformation, while resonating to the national standards for digital transformation, driving the Group towards becoming a big data enterprise, and inject growth momentum into the Group’s earnings.
Furthermore, the Group will continue to make progress on the independent listing of Comtech on A shares, seeking more financing opportunities in the primary market. This will accelerate the expansion of the domestic trillion-RMB chip market and strengthen the profitability of its core business, creating sustainable value returns for shareholders.”
Caution Statement
The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions presented or contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and the Company makes no undertaking to update the information in this document to reflect any developments that occur after the date of the presentation. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company, or its financial or trading position or prospects. Neither of the Company nor any of its affiliates, advisers or representatives accept any responsibility or have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
This document may contain statements that reflect the Company’s current intent, beliefs, and expectations about the future as of the respective dates indicated herein. These forward-looking statements do not guarantee of future performance and are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from those described in these forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives has any obligation, nor do they undertake, to update these forward-looking statements for any events or developments including the occurrence of unanticipated events that occur subsequent to such dates.
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