Nano Labs Ltd (NA) 2025 Q2 法說會逐字稿

(interpreted) Ladies and gentlemen, thank you for standing by. Welcome to Nano Lab's First Half of 2025 earnings conference call. (Operator Instructions) This conference is being recorded today, Friday, August 15, 2025. 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.

（翻譯）女士們、先生們，謝謝你們的支持。歡迎參加 Nano Lab 2025 年上半年財報電話會議。（操作員指示）本次會議將於今天（2025 年 8 月 15 日，星期五）進行錄製。今天與我們一起出席活動的還有 Nano Labs 公司董事長兼執行長孔建平先生和財務長陳兵先生。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。

After that, we will conduct a question-and-answer session to take your questions. Before we continue, I would like to remind you that some 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.

之後，我們將進行問答環節來回答大家的提問。在我們繼續之前，我想提醒您，本次電話會議討論的一些資訊將包含《1934 年證券交易法》第 21E 條所定義的前瞻性陳述。依照 1995 年美國私人證券訴訟改革法案的修訂和定義。此類聲明是基於管理層目前的預期以及當前的市場和營運條件，涉及已知或未知的風險、不確定性和其他因素，所有這些因素都難以預測，其中許多因素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聲明中的結果、業績或成就存在重大差異。

Further information regarding these and other risks, uncertainties or factors is included in the company's filings with the Securities and Exchange Commission. During today's call, Mr. Kong, Mr. Chen will deliver their remarks in Chinese, and the company's representative will provide corresponding English translations.

有關這些和其他風險、不確定性或因素的更多資​​訊包含在公司向美國證券交易委員會提交的文件中。在今天的電話會議上，孔先生、陳先生將以中文發言，公司代表將提供對應的英文翻譯。

With that, I will now turn the call over to Mr. Kong, the company's Chairman and Chief Executive Officer.

現在，我將把電話轉給公司董事長兼執行長孔先生。

Thank you, operator, and everyone for joining Nano Lab's First Half of 2025 Earnings Conference Call today. On our call today, I will provide an overview of our recent development and our strategic initiatives in the future. The year 2025 marks a major transformation for the company as in light of the evolving industry landscape and the onset of a new market cycle. We focus our resources and efforts on expanding our work to asset strategic reserve as the market continues to embrace cryptocurrency transactions and cryptocurrency reserves, we have taken the size of first step of concentrating our capital currency reserve in BMB. I'm showing in a new stage of development. As of the date of this earnings conference call, the company holds over RMB128,000. Meanwhile, building on our existing mining machine business, we continue to explore new market opportunities while maintaining stability in our current operations.

感謝接線生和大家今天參加 Nano Lab 2025 年上半年財報電話會議。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。隨著產業格局的不斷變化和新市場週期的開始，2025年標誌著公司的重大轉型。我們將資源和精力集中在擴大資產策略儲備工作，隨著市場持續接受加密貨幣交易和加密貨幣儲備，我們已經邁出了將資本貨幣儲備集中在BMB的第一步。我正處於一個新的發展階段。截至本次業績電話會議召開日，本公司持有逾12.8萬元。同時，在現有礦機業務的基礎上，我們繼續探索新的市場機會，同時保持現有業務的穩定性。

Reviewing the first half of 2025, we have undertaken decisive and strategy transformation since the beginning of this year. We accelerated our expansion and collaboration in the crypto currency field. Meanwhile, we undertook additions yet prudent initiative at currency investments and reserves through various approaches, including the continuous expansion of our strategic cryptocurrency reserve in both financing and proprietary funds as well as the strategic equity investment in SA, a BMB reserve company hereby solid defining our BMB strategic reserve layout. At the same time, we expanded into the emerging stable coin sectors as part of our diversified were strategy.

回顧2025年上半年，我們從今年開始就進行了果斷、策略性的轉型。我們加快了在加密貨幣領域的擴張和合作。同時，我們透過多種方式對貨幣投資和儲備進行補充和審慎的佈局，包括透過融資和自營資金不斷擴充我們的加密貨幣策略儲備，以及對BMB儲備公司SA進行策略性股權投資，從而完善我們的BMB策略儲備佈局。同時，作為多元化策略的一部分，我們將業務擴展到新興的穩定幣領域。

Looking forward, we remain vigilant for emerging opportunities and the vast potential for innovation in the web space and the AI driving transformative era. Through the [vilernary] and insightful strategic planning, along with decisive and consistent extrusion, we believe these efforts will generate substantial value for our stakeholders and drive long-term prosperity for the company. Thank you for your support and trust.

展望未來，我們將持續關注網路領域和人工智慧驅動變革時代的新興機會和巨大創新潛力。透過積極而富有洞察力的策略規劃，以及果斷而持續的努力，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，並推動公司的長期繁榮。感謝您的支持與信任。

Next, I will turn the call over to our Chair Financial Officer, Mr. Chen, for a closer review of our financial results. Mr. Chen, please go ahead.

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，請講。

Thank you, Mr. Kong. Good morning, everyone. On behalf of the management team, I will provide a brief financial overview of the first half of 2025. In the first half of 2025, our net revenue was RMB8.28 million, USD1.16 million compared to RMB24.74 million in the same period last year.

謝謝您，孔先生。大家早安。我將代表管理團隊簡要介紹 2025 年上半年的財務概況。2025年上半年，我們的淨收入為人民幣828萬元，較去年同期的人民幣2,474萬元成長116萬美元。

The decline was primarily due to the decreased sales volume of the iPollo V Series product. We recorded a gross loss of RMB10.71 million, USD1.5 million for the first half of 2025 compared to a gross profit of RMB30,000 in the same period of 2024. Cost of revenue for the first half of fiscal year 2025 were RMB18.99 million, USD2.6 million compared to RMB24.1 million in the same period of 2024. The decline was mainly due to the decrease in sales volume and write-down of inventory and value-added tax recoverable.

下降的主要原因是 iPollo V 系列產品銷量下降。2025 年上半年，我們錄得毛虧損 1,071 萬元人民幣，150 萬美元，而 2024 年同期的毛利為 3 萬元。2025財年上半年的營收成本為人民幣1,899萬元，即260萬美元，而2024年同期為人民幣2,410萬元。下降主要由於銷量下降以及存貨及應收增值稅的減記。

Total operating expenses for the first half of fiscal year 2025 decreased by 53.5% to RMB27.3 million, USD3.82 million, down from RMB58.72 million in the same period of 2024. Selling and marketing expenses dropped by 39.6% to RMB2.62 million, USD0.37 million compared to RMB4.33 million in the same period of 2024. This decrease was mainly due to the decrease in sales commission and salaries.

2025財年上半年總營業費用下降53.5%至人民幣2,730萬元、382萬美元，低於2024年同期的人民幣5,872萬元。銷售和行銷費用為人民幣 262 萬元，合 37 萬美元，而 2024 年同期為人民幣 433 萬元，下降 39.6%。減少的主要原因是銷售佣金和薪資減少。

(inaudible) Decreased by 15.4% to RMB21.54 million USD3.01 million for the first half of 2025, from RMB25.45 million for the same period of 2024. The decrease in general and administrative expenses were primarily due to the decrease in professional fees and employee salary expenses.

（聽不清楚）從 2024 年同期的 2,545 萬元減少 15.4% 至 2025 年上半年的 2,154 萬元（301 萬美元）。一般及行政開支的減少主要是由於專業費用及員工薪資開支的減少。

Research and development expenses decreased by 89.1% to RMB3.16 million USD0.44 million for the first half of 2025 from RMB28.93 million for the same period of 2024, the decrease in research and development expenses, including salary expenses design fee service fee, material cost, et cetera, was mainly due to the strategy and adjustment in research and development activities in 2025. Loss from operations was RMB38.03 USD5.31 million for the first half of 2025 compared with loss from operations of RMB58.69 for the same period of 2024.

研發費用由2024年同期的人民幣2,893萬元減少89.1%至2025年上半年的人民幣316萬元（美元44萬美元），研發費用的減少包括工資費用設計費服務費、材料成本等，主要由於2025年研發活動的策略及調整所致。2025年上半年營業虧損為3,803萬元人民幣（531萬美元），而2024年同期營業虧損為5,869萬元。

Net loss was RMB11.78 million, USD1.65 million for the first half of 2025, compared to a net loss of RMB9.15 million in the same period of 2024. Basic and diluted loss per share was RMB0.43, USD0.06 for the first half of 2025 from [petro] basic and diluted loss per share of RMB8.46 in the same period of 2024.

2025年上半年淨虧損為人民幣1,178萬元，合165萬美元，而2024年同期淨虧損為人民幣915萬元。2025 年上半年每股基本和稀釋虧損為人民幣 0.43 元、美元 0.06 元，而 2024 年同期每股基本和稀釋虧損為人民幣 8.46 元。

As of June 30, 2025, the company had cash and cash equivalents of RMB33.44 million, USD50.77 million compared with RMB36.43 million as of December 31, 2024. We remain confident in our business strategies 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.

截至 2025 年 6 月 30 日，公司現金及現金等價物為人民幣 3,344 萬元、美元 5,077 萬美元，而截至 2024 年 12 月 31 日為人民幣 3,643 萬元。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 question-and-answer session.

現在我想將電話轉給接線員進行問答環節。

(Operator Instructions) Your first question comes from Claire Harrison.

（操作員指示）您的第一個問題來自克萊爾·哈里森。

Thank you, management team. My question is why has the company choose BMD as their core reserve asset?

謝謝管理團隊。我的問題是，為什麼該公司選擇BMD作為核心儲備資產？

BMD is one of the most representative prepare assets not only has a highly active ecosystem also demonstrates often the long-term growth potential and the resilience, supported by its model and transform value. Therefore, we hold [VNB] as a cryptocurrency for our core strategic objectives.

BMD是最具代表性的儲備資產之一，不僅擁有高度活躍的生態系統，還展現出長期成長潛力和韌性，這得益於其模型和轉化價值。因此，我們將[VNB]作為加密貨幣來維護我們的核心戰略目標。

Your next question comes from Armstrong.

您的下一個問題來自阿姆斯壯。

My question is if I direct holding in DNB, what other measures will currently take to strengthen its strategic reserves.

我的問題是，如果我直接持有DNB，目前還會採取哪些其他措施來加強其策略儲備。

We will adopt diversified approaches to advance our BMB strategic reserve plan, including acquiring controlling or minority stakes in VNB strategic reserve companies as well as investing in enterprises with strong ecosystem synergies. These diversified measures will help us build a more stable strategy lay out.

我們將採取多元化的方式推進BMB策略儲備計劃，包括收購VNB策略儲備公司的控股權或少數股權，以及投資具有強大生態系統協同效應的企業。這些多元化的舉措，將幫助我們建構更穩健的策略佈局。

Your next question comes from Ella Rosenblatt.

您的下一個問題來自 Ella Rosenblatt。

My question is, will the company consider reserving other cryptocurrencies or will focus solely on BMD?

我的問題是，公司會考慮保留其他加密貨幣，還是只專注於 BMD？

Currently, the company is focused on BNB as its core reserve FX is based on a comprehensive assessment of EMV ecosystem maturity asset stability and long-term growth potential. However, we will continue to monitor other crypto assets with strategic value and ecosystem support. In the future, we do not rule out allocating a small portion of diversified assets at the right time and in well-defined scenarios to optimize our portfolio and enhance the resilience against market circles. Overall, though, our company will remain centered on VNB to maintain strategic focus and expansion strategy.

目前，該公司專注於BNB作為其核心儲備外匯，是基於對EMV生態系統成熟度資產穩定性和長期成長潛力的全面評估。不過，我們將繼續關注具有戰略價值和生態系統支援的其他加密資產。未來我們不排除在適當的時機、適當的情境下配置少量多元化資產，以優化投資組合，增強抵禦市場波動的能力。總體而言，我們公司仍將以 VNB 為中心，保持策略重點和擴張策略。

Our next question comes from (inaudible)

我們的下一個問題來自（聽不清楚）

Does the company have any financing plans for 2025? And what are the considerations behind such plans?

公司對2025年有什麼融資計畫嗎？這些計劃背後有何考慮？

The company initiatives and partially complete strategy financing in 2025, the primary purpose of this financing is to support the continued expansion of our BNB strategic reserve scale. Going forward, we will continue to consider various financing options to further support the growth of our BNB strategy with sales plan thereby ensuring better execution of our rep related business initiatives.

公司於2025年主動並部分完成策略融資，本次融資的主要目的是支持我們BNB策略儲備規模的持續擴大。展望未來，我們將繼續考慮各種融資方案，以進一步支持我們的 BNB 策略和銷售計劃的成長，從而確保更好地執行我們與代表相關的業務計劃。

That concludes the question-and-answer session. 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。

Thank you very much for joining this conference call. If you have any questions, please contact us e-mail at ir@nano.cn will reach our IR as an Investor Relations at (inaudible) Management will respond to your questions as soon as possible. We appreciate your interest and support in Nano Labs and look forward to speaking with you again next time.

非常感謝您參加本次電話會議。如果您有任何疑問，請透過 ir@nano.cn 與我們聯繫，我們將以投資者關係人員的身份聯繫我們的 IR（聽不清楚）管理層，並儘快回覆您的問題。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。

Again, for attending Nano Lab's first half of 2025 Earnings Conference Call. This concludes our call for today. We thank you all for listening in. Goodbye.

再次感謝您參加 Nano Lab 2025 年上半年收益電話會議。今天的通話到此結束。感謝大家的收聽。再見。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。