Zhejiang Canaan Technology Limited’s Net Profit Dropped 66.3% in First Quarter of 2023

Zhejiang Canaan Technology Limited (浙江迦南科技股份有限公司) (300412.SZ) reported a net profit of 6.2 million yuan in the first quarter of 2023, down 66.3% year-on-year.

Meanwhile, the company posted 199.7 million yuan in revenue, down 5% year-on-year.

At the end of the reporting period, it had 2.5 billion yuan in total assets and 1.5 billion yuan in total liabilities, with a liability-to-asset ratio of 57.1%.