Highlights of the Annual Results for the Year Ended December 31, 2023:

• The growing market demand for AI chips has led to a continuous rise in AI chip orders for Comtech, resulting in a total revenue of RMB8,863.4 million during the Year.
• In 2023, the gross profit amounted to approximately RMB1,029.9 million, with the net profit of approximately RMB319.9 million, and a profit attributable to equity shareholders of the Company of approximately RMB210.7 million.
• Ingdan focuses on new energy smart batteries, which will drive the development of the "Ingdan Cloud" big data service.

HONG KONG SAR - Media OutReach Newswire - 28 March 2024 - Ingdan, Inc. ("Ingdan, Inc." or the "Company", stock code: 400.HK; with its subsidiaries (the "Group'')), a technology services company serving the global chip industry and artificial intelligence ("AI") and Internet of Things ("IoT", together "AIoT") ecosystem, with its core businesses "Comtech" and "Ingdan", announces its audited consolidated results for the year ended December 31, 2023 ("2023" or the "Year"). Financial Highlights for the Full Year of 2023 During the Year, the rapid innovation of artificial intelligence ("AI") has driven the digitalization of various industries, resulting in an increase in demand for AI chips. Accordingly, the demand for the Group's AI chips has increased. However, as affected by supply shortage of AI chips and coupled with the slowdown in the growth of demand for chips in industries such as consumer electronics, the overall sales dropped. [1]According to data from the Semiconductor Industry Association (SIA), in 2023, semiconductor industry sales decreased 14.0% in China, and 8.2% globally, as compared to 2022. Meanwhile, the market demand for chips has returned from shortage to normal industry level towards the end of 2023. Despite this challenging environment, the Group's revenue declined during the Year but still relatively outperformed the market. During the Year, the Group recorded total revenue of RMB8,863.4 million, a year-on-year decrease of 7.0%; gross profit was RMB1,029.9 million, a year-on-year decrease of 7.5%; profit from operations was RMB465.4 million, a year-on-year decrease of 13.0%; net profit was RMB319.9 million, a year-on-year decrease of 29.3%; profit attributable to equity shareholders of the Company was RMB210.7 million, a year-on-year decrease of 33.0%. As of December 31, 2023, the Company's cash and bank balances (including pledged deposits) totaled RMB725.5 million, bank loans were RMB1,597.4 million, and the inventory value was RMB4,506.1 million; the number of basic ordinary shares issued by the Group was 1,394,262,732, and the weighted average number of ordinary shares of diluted earnings per share was 1,371,028,000. Global AI Chip Market Continues to Grow, Comtech Benefiting from Steady Demand In 2023, the popularity of Generative AI such as ChatGPT has once again driven the AI boom. The thriving AI market trend in China has driven the growth in demand for AI orders for Comtech. However, due to the impact of supply shortage, the inventory of AI chips was insufficient to fulfill the number of orders. While the delay of deliveries in the first half of the Year had been resolved in the second half, the overall annual sales volume was affected. [2]According to the report from the International Data Corporation ("IDC"), the global semiconductor industry is expected to rebound due to increased inventory rationalization, visibility in the channel, and increasing demand pull from AI server and end point device manufacturers. The outlook for the global chip market has been revised from "Trough" to "Sustainable Growth", and IDC estimated that global semiconductor sales will achieve a year-on-year growth of 20.2% to US$632.8 billion in 2024. As a technology service platform for the chip industry, Comtech focuses on the application, design, and distribution of IC chips. It covers over 50% of global major high-end chip suppliers and many leading domestic chip makers upstream, as well as tens of thousands of enterprises in five major fields downstream, including smart vehicles, digital infrastructure, industrial interconnection, energy control and big consumption. With the gradual recovery of the domestic economy, the continuous development of the technology industry, and favourable national policies, the outlook for China's semiconductor industry is optimistic, as it meets the increasing demand for chips and brings more growth momentum to the chip business. Comtech continued to actively push for the development of chips applications during the Year, and has achieved technological breakthroughs in cutting-edge technological features in the industries of artificial intelligence-generated content (''AIGC''), logistics robots and electronic rearview mirrors for smart vehicles, empowering a number of China's innovative enterprises, so as to prepare for capitalizing on future market recovery....