Nano Labs Ltd (NA) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Nano Lab's second half of 2024 earnings conference call. (Operator Instructions) This conference is being recorded today, Tuesday, March 25, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 Nano Lab 2024 年下半年收益電話會議。（操作員指示）本次會議將於今天，即 2025 年 3 月 25 日星期二進行錄製。

Joining us today from Nano Labs are the company's Chairman and Chief Executive Officer, Mr. Jianping Kong; and the company's Chief Financial Officer, Mr. Bing Chen. On our call today, Mr. Kong will give you an overview of the company's performance. Mr. Chen will share the details of the company's financial results. After that, we will conduct a question-and-answer session to take your questions.

今天與我們一起參加活動的有 Nano Labs 的公司董事長兼首席執行官孔建平先生；以及公司首席財務官陳兵先生。在今天的電話會議上，孔先生將向您概述公司的表現。陳先生將分享公司財務表現的詳細資訊。之後，我們將舉行問答環節來回答大家的提問。

Before we continue, I would like to remind you that some of the information discussed on this call will contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the US Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks and uncertainties or other factors is included in the company's filings with the Securities and Exchange Commission.

在我們繼續之前，我想提醒您，本次電話會議中討論的一些資訊將包含經修訂的 1934 年證券交易法第 21E 條規定和 1995 年美國私人證券訴訟改革法定義的前瞻性陳述。此類陳述基於管理層當前的預期以及當前的市場和營運條件，並與涉及已知或未知風險、不確定性和其他因素的事件有關，所有這些因素都難以預測且其中許多超出了公司的控制範圍，可能導致公司的實際結果、業績或成就與前瞻性陳述中的結果、業績或成就存在重大差異。關於這些和其他風險、不確定性或其他因素的更多資​​訊包含在公司提交給美國證券交易委員會的文件中。

During today's call, Mr. Kong and Mr. Chen will deliver their remarks in Chinese, and the company's representative will provide the corresponding English translation. With that, I will now turn the call over to Mr. Kong, the company's Chairman and Chief Executive Officer.

在今天的電話會議上，孔先生和陳先生將以中文發表講話，公司代表將提供相應的英文翻譯。現在，我將把電話轉給公司董事長兼執行長孔先生。

Mr. Kong, please go ahead.

請孔先生說。

(interpreted) Thank you, operator, and everyone, for joining Nano Lab's second half of 2024 earnings conference call today. On our call today, I will provide an overview of our recent development and our strategic initiatives in the future.

(翻譯)感謝接線員和大家參加今天 Nano Lab 的 2024 年下半年收益電話會議。在今天的電話會議上，我將概述我們最近的發展和未來的策略舉措。

The year 2024 represents numerous opportunities as the company continues to expand its business. As demand for digital currency transactions and cryptocurrency adoption continue to rise, we have officially established the Bitcoin value investment as a new business sector and designated Bitcoin as our primary reserve assets. As of the date of this earnings conference call, the company holds about 400 BTC with a total purchase price of around $40 million.

2024 年代表無數機遇，因為公司將繼續擴展業務。隨著數位貨幣交易和加密貨幣採用的需求不斷增長，我們已正式將比特幣價值投資確立為一個新的業務部門，並將比特幣指定為我們的主要儲備資產。截至本財報電話會議召開之日，該公司持有約 400 個 BTC，總購買價約 4,000 萬美元。

Additionally, in December 2024, we launched an upgraded complete machine equipped with the Cuckoo 3.0 innovation chip, which delivers enhanced performance and meets all leading standards. This significant improvement provide us with key competitive advantages to further expand our market share. With the rapid evolution of AI, we plan to develop AI applications with the Web3.0 ecosystem, focusing on integration of AI and Web3.0 technologies.

此外，2024年12月，我們推出了搭載Cuckoo 3.0創新晶片的升級整機，效能增強，滿足所有領先標準。這項重大改進為我們提供了關鍵的競爭優勢，進一步擴大了我們的市場佔有率。隨著AI的快速發展，我們計畫透過Web3.0生態開發AI應用，專注於AI與Web3.0技術的融合。

Through visionary and insightful strategic planning and consistent execution, we remain committed to deepening our expertise in the Web3.0 space. We believe these efforts will create substantial value and drive strong results for our stakeholders.

透過富有遠見和洞察力的策略規劃和持續的執行，我們將繼續致力於深化我們在 Web3.0 領域的專業知識。我們相信，這些努力將為我們的利害關係人創造巨大的價值並帶來強勁的業績。

Thank you for your support and trust. Next, I will turn the call over to our Chief Financial Officer, Mr. Chen, for a closer review of our financial results. Mr. Chen, please go ahead.

感謝您的支持與信任。接下來，我將把電話轉給我們的財務長陳先生，以便更仔細地審查我們的財務結果。陳先生，請說。

(interpreted) Thank you, Mr. Kong. Good morning, everyone. On behalf of the management team, I will provide a brief financial overview of the second half of 2024.

(翻譯) 謝謝您，孔先生。大家早安。我將代表管理團隊簡要介紹 2024 年下半年的財務狀況。

In the second half of 2024, our net revenue was RMB15.86 million, USD2.21 million compared to RMB26.07 million in the same period last year. This decline was primarily due to decreased sales volume of the iPollo V Series product. However, we recorded a gross profit of RMB11.57 million, USD1.61 million for the second half of 2024 compared to a gross loss of RMB40.55 million in the same period of 2023.

2024年下半年，我們的淨收入為人民幣1,586萬元，較去年同期的2,607萬元增加221萬美元。下降的主要原因是 iPollo V 系列產品銷量下降。然而，2024 年下半年我們錄得毛利 1,157 萬元人民幣、161 萬美元，而 2023 年同期的毛虧損為 4,055 萬元。

Cost of revenue for the second half of fiscal year 2024 were RMB4.28 million, USD0.6 million compared to RMB66.62 million in the same period of 2023. The decline was mainly due to the decrease in sales volume and less inventory write-down recorded.

2024財年下半年的收入成本為人民幣428萬元，美元60萬美元，而2023年同期為人民幣6,662萬元。下降主要是因為銷售量下降及存貨減損減少所致。

Total operating expenses for the second half of fiscal year 2024 decreased by 38.7% to RMB51.39p million, USD7.15 million, down from RMB83.84 million in the same period of 2023. Selling and marketing expenses dropped by 17.7% to RMB4.8 million, USD0.67 million compared to RMB5.83 million in the same period of 2023. This decrease was mainly due to the decrease in employee salary expenses.

2024財年下半年總營業費用較2023年同期的8,384萬元人數下降38.7%至5,139萬元人民幣、715萬美元。銷售和行銷費用為人民幣 480 萬元（67 萬美元），較 2023 年同期的 583 萬元人民幣下降 17.7%。此減少主要由於僱員薪酬支出減少。

General and administrative expenses increased by 30.5% (sic - see press release, "13.5%") to RMB25.38 million, USD3.83 million (sic - see press release, "USD3.5 million") for the second half of 2024 from RMB22.38 million for the same period of 2023. The decrease in general and administrative expenses was primarily due to the increase in depreciation expenses.

2024 年下半年，一般及行政開支從 2023 年同期的人民幣 2,238 萬元增加 30.5%（原文如此 - 參見新聞稿，“13.5%”）至人民幣 2,538 萬元、383 萬美元（原文如此 - 參見新聞稿，“350 萬美元”）。一般及管理費用的減少主要由於折舊費用增加所致。

Research and development expenses decreased by 61.9% to RMB28.93 million, USD4.06 million (sic - see press release, "RMB21.2 million, USD3.0 million") for the second half of 2024 from RMB32.97 million (sic - see press release, "RMB55.6 million") for the same period of 2023. The decrease in research and development expenses was primarily due to the decrease in salary expenses, material fees, and equipment fees.

研發費用從 2023 年同期的 3,297 萬元人民幣（原文如此 - 參見新聞稿「5,560 萬元人民幣」）減少 61.9% 至 2024 年下半年的 2,893 萬元人民幣、406 萬美元（原文如此 - 請參閱新聞稿「2,120 萬美元）。研發費用的減少主要由於薪資費用、材料費用、設備費用的減少。

Loss from operations was RMB39.82 million, USD5.54 million for the second half of 2024 compared with loss from operations of RMB124.4 million for the same period of 2023. Net loss was RMB60.39 million, USD8.4 million for the second half of 2024 compared to a net loss of RMB120 million in the same period of 2023.

2024 年下半年營業虧損為人民幣 3,982 萬元（554 萬美元），而 2023 年同期營業虧損為 1.244 億元。2024 年下半年淨虧損為人民幣 6,039 萬元（840 萬美元），而 2023 年同期淨虧損為 1.2 億元。

Basic and diluted loss per share was RMB6.01, USD0.84 for the second half of 2024 compared to basic and diluted loss per share of RMB19.12 in the same period of 2023. As of December 31, 2024, the company had cash and cash equivalents of RMB32.43 million, USD4.51 million compared with RMB48.16 million as of December 31, 2023.

2024 年下半年每股基本虧損及攤薄虧損為 6.01 元、0.84 美元，而 2023 年同期每股基本虧損及攤薄虧損為 19.12 元。截至 2024 年 12 月 31 日，公司現金及現金等價物為人民幣 3,243 萬元、美元 451 萬美元，而 2023 年 12 月 31 日為人民幣 4,816 萬元。

We remain confident in our business strategy and ability to execute. We will continue to leverage the strength of our technology to capture development opportunities, drive long-term growth and create additional value for our shareholders.

我們對我們的業務策略和執行能力仍然充滿信心。我們將持續利用技術優勢抓住發展機遇，推動長期成長，為股東創造更多價值。

Now, I would like to turn the call over to the operator for questions-and-answer session.

現在，我想將電話轉給接線員進行問答環節。

(Operator Instructions) Claire Harrison, private investor.

（操作員指示）克萊爾·哈里森（Claire Harrison），私人投資者。

Hi. Thank you, Mr. Kong and Mr. Chen. So why is the company considered increase its holdings of Bitcoin? Thank you.

你好。謝謝孔先生和陳先生。那麼該公司為什麼要考慮增持比特幣呢？謝謝。

(interpreted) We believe Bitcoin is a strategic asset with long-term value for reserves and plays a crucial role in the Web3.0 ecosystem. Additionally, its limited supply makes it potential against inflation with significant room for appreciation over time.

(解釋) 我們相信比特幣是一種具有長期儲備價值的策略資產，並在 Web3.0 生態系統中發揮至關重要的作用。此外，其有限的供應量使其具有抵禦通貨膨脹的潛力，並且隨著時間的推移具有很大的升值空間。

More importantly, Bitcoin can serve as foundational infrastructure, creating opportunities for Web3.0 development. Furthermore, many countries have officially recognized Bitcoin as a national strategic reserve asset, reinforcing our confidence in its long-term value and potential.

更重要的是，比特幣可以作為基礎設施，為Web3.0的發展創造機會。此外，許多國家已正式承認比特幣為國家戰略儲備資產，這增強了我們對其長期價值和潛力的信心。

Alfred Wu, private investor.

吳先生（Alfred Wu），私人投資者。

Hello. My question is what considerations have driven the company's recent financing activities? Thank you.

你好。我的問題是，哪些考慮推動了該公司最近的融資活動？謝謝。

(interpreted) Our recent financing activities were driven by business adjustments and expansion initiatives, particularly our increased investment in Bitcoin as a strategic asset. During discussions with strategic investors, we found strong alignment between their industry outlook and our long-term vision. Recognizing this synergy, we see the opportunity to introduce these investors at the right time and successfully secured financing.

(解釋) 我們最近的融資活動是由業務調整和擴張舉措推動的，特別是我們對比特幣作為戰略資產的投資增加。在與策略投資者的討論中，我們發現他們的行業前景與我們的長期願景高度一致。認識到這種協同作用，我們看到了在合適的時間引入這些投資者的機會，並成功獲得了融資。

Stephanie Bell, private investor.

史蒂芬妮·貝爾，私人投資者。

My question is, what is the company's plan for future development? Thank you.

我想問一下公司未來的發展計畫是怎麼樣的？謝謝。

(interpreted) Historically, our business has primarily focused on chip technology expanding into metaverse computing and ecological applications. Looking ahead, we see immense opportunities within the broader metaverse ecosystem, and we will continue exploring emerging market opportunities. We will start from the design of cryptocurrency IC, chips, and we will be committed to the development of AI plus Web3.0 in the future.

(解釋) 從歷史上看，我們的業務主要集中在晶片技術上，並擴展到元宇宙運算和生態應用。展望未來，我們在更廣泛的元宇宙生態系統中看到了巨大的機遇，我們將繼續探索新興市場的機會。我們將從加密貨幣IC，晶片的設計開始，未來將致力於AI加Web3.0的發展。

Eva Hoffman, private investor.

伊娃霍夫曼，私人投資者。

Thank you, management team. A question is, the company's income is not significant at present. Do you have any expectations for the future? Thank you.

謝謝管理團隊。一個問題是，目前該公司的收入並不可觀。對未來有什麼期待嗎？謝謝。

(interpreted) Our Cuckoo 3.0 equipped machines are being steadily shifted, and their impact will be reflected to some extent in this year's business performance. Our current focus is on optimizing product management and operations while staying prepared to seize emerging market opportunities as they arise.

(翻譯) 我們搭載Cuckoo 3.0的機器正在穩步轉移，其影響將在一定程度上反映在今年的業績上。我們目前的重點是優化產品管理和運營，同時做好準備抓住新興市場機會。

And that concludes the question-and-answer season. Let me turn the call over to Mr. Chen for closing remarks.

問答環節到此結束。請容許我把電話轉給陳先生，請他作最後發言。

(interpreted) Thank you very much for joining this conference call. If you have any questions, please contact us through email at ir@nano.com, or reach our IR counsel, Ascent Investor Relations at [Tina -- investors@ascent-ir.com]. Management will respond to your questions as soon as possible.

（翻譯）非常感謝您參加本次電話會議。如果您有任何疑問，請透過電子郵件 ir@nano.com 聯絡我們，或聯絡我們的投資者關係顧問 Ascent Investor Relations，地址為：[Tina——investors@ascent-ir.com]。管理層將盡快回覆您的問題。

We appreciate your interest and support in Nano Labs and look forward to speaking with you again next time.

我們感謝您對 Nano Labs 的關注和支持，並期待下次再次與您交談。

Thank you again for attending Nano Lab's second half of 2024 earnings conference call. This concludes our call for today, and we thank you all for listening in. Goodbye.

再次感謝您參加 Nano Lab 2024 年下半年收益電話會議。今天的通話到此結束，感謝大家的收聽。再見。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。