The analysts estimate that most of Bitmain's revenue was generated by selling miners powered by the company's chips. "The rest was largely generated by mining itself and, to a much lesser extent, by collecting management fees from the mining pools it operates and renting out the mining power of its mining farms through cloud services."
Bitcoin hashrate is around 22 000 Petahashes or 22 000 000 Terahash.
The S9 is making 14 Ths.
That would mean the entire network is around 1.5 million S9 mining or equivalent.
Last batch was 1450$, before they doubled their price but that happen too late in December.
So, saying that all the miners mining now were produced by Bitmain and all of them in this last year alone, AND all of them sold, they would still have made only 2.2 billions in sale (not profit).
Even with a gross margin percent of 75%, that still fall way behind the prediction.
But I doubt the model.
I'm pretty sure that most of their profits come from actual mining rather than selling miners.
They are known for doing stuff like that.
What I find far more scary is how much they might have made in profits just by "hodling" their coins.