Nano Labs Ltd (NA) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Nano Labs Limited second-half 2025 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 Nano Labs Limited 2025 年下半年財報電話會議。(接線員指示)

I would now like to hand the conference over to Mr. Kong, CEO of the company. Please go ahead. Mr. Kong, you can now begin your presentation.

現在我想將會議交給公司執行長孔先生。請開始。孔先生，您現在可以開始簡報。

(interpreted) Thank you, operator and everyone, for joining Nano Labs' second half of 2025 earnings conference call today. On our call today, I will provide an overview of our recent development and our strategic initiatives going forward.

(口譯) 感謝接線員，也感謝各位今天參加 Nano Labs 2025 年下半年財報電話會議。在今天的會議中，我將概述我們近期的發展，以及未來的策略性舉措。

The year 2025, the Web3 industry experienced robust growth with the continued improvement of global crypto market environment, including enhanced crypto assets, infrastructure, and increasing market penetration. The crypto market and Web3-related sectors entered a new phase of growth and opportunities.

2025 年，隨著全球加密市場環境持續改善（包括加密資產、基礎設施的強化，以及市場滲透率提升），Web3 產業呈現強勁成長。加密市場與 Web3 相關領域進入新的成長與機會階段。

Following a comprehensive and prudent internal assessment of the strategic value and long-term prospects of BNB, we initiated and continued to advance to the buildout of our BNB reserves. As of December 31, 2025, the company held a total of 126,662 BNBs, along with a receivable collateral of 3,338 BNB by daily increasing our BNB holdings. We have optimized our crypto asset allocation and created favorable conditions for future business expansion and ecosystem collaboration.

在對 BNB 的策略價值與長期前景進行全面且審慎的內部評估後，我們啟動並持續推進 BNB 儲備的建置。截至 2025 年 12 月 31 日，公司共持有 126,662 枚 BNB，並透過每日增加 BNB 持倉，同時持有 3,338 枚 BNB 的應收擔保品。我們已優化加密資產配置，為未來業務擴張與生態系合作創造有利條件。

In terms of capital operations, we successfully completed two rounds of financing in 2025, providing strong support for our strategic transformation, expansion of our crypto asset reserves, and exploration of new business directions.

在資本運作方面，我們於 2025 年成功完成兩輪融資，為策略轉型、擴充加密資產儲備，以及探索新業務方向提供了強力支持。

In March 2026, we officially launched our next-generation product, the iPollo ClawPC A1 Mini, designed to support the OpenClaw AI agent system. Going forward, we plan to introduce the Claw OS system and additional hardware products to further expand our four-six ecosystem services for AI agents.

2026 年 3 月，我們正式推出下一代產品 iPollo ClawPC A1 Mini，該產品旨在支援 OpenClaw AI 代理系統。展望未來，我們計畫推出 Claw OS 系統及更多硬體產品，以進一步擴展我們面向 AI 代理的四—六生態系服務。

Meanwhile, to enhance shareholder value and demonstrate management's confidence in the company's long-term development, we announced a share repurchase program of up to USD25 million in October 2025. The program has commenced and is expected to be implemented steadily over the long term.

同時，為提升股東價值並展現管理層對公司長期發展的信心，我們於 2025 年 10 月宣布最高 2,500 萬美元的股份回購計畫。該計畫已啟動，預期將在長期內穩步執行。

Looking ahead, we will continue to closely monitor industry trends and market dynamics while maintaining stable operations. We will further advance our crypto asset strategic reserves and actively explore broader opportunities with the AI agent ecosystem.

展望未來，我們將在維持穩健營運的同時，持續密切關注產業趨勢與市場動態。我們將進一步推進加密資產策略性儲備，並積極探索 AI 代理生態系的更廣泛機會。

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.

感謝各位的支持與信任。接下來，我將把會議交給我們的財務長陳先生，為各位更深入檢視我們的財務結果。陳先生，請開始。

(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 2025.

(口譯) 謝謝孔先生。各位早安。我將代表管理團隊，簡要說明 2025 年下半年的財務概況。

In the second half of 2025, our net revenue was RMB18.7 million, equals to USD2.7 million, compared to RMB15.9 million in the same period last year, an increase of 18.1%. This increase was primarily due to the increase in sales volume of the iPollo 5 Series products.

2025 年下半年，我們的淨營收為人民幣 1,870 萬元（約合 270 萬美元），較去年同期人民幣 1,590 萬元成長 18.1%。此成長主要來自 iPollo 5 系列產品銷量增加。

We recorded a gross loss of RMB29.1 million, equals to USD4.1 million, for the second half of 2025, compared to a gross profit of RMB11.6 million in the same period of 2024.

2025 年下半年，我們錄得毛損人民幣 2,910 萬元（約合 410 萬美元），而 2024 年同期為毛利人民幣 1,160 萬元。

Cost of revenues for the second half of fiscal year of 2025 were RMB47.8 million, equals to USD6.8 million, compared to RMB4.3 million in the same period of 2024. The decline was mainly due to the write-downs of inventories and value-added tax recoverable.

2025 會計年度下半年營收成本為人民幣 4,780 萬元（約合 680 萬美元），而 2024 年同期為人民幣 430 萬元。該下降主要由存貨及可回收增值稅的減記所致。

Total operating income for the second half of fiscal year 2025 increased by 233.9% to RMB89.9 million, equals to USD12.8 million, increased from RMB67.1 million in the same period of 2024.

2025 會計年度下半年營業總收入增加 233.9% 至人民幣 8,990 萬元（約合 1,280 萬美元），較 2024 年同期人民幣 6,710 萬元增加。

Selling and marketing expenses dropped by 56.2% to RMB2.1 million, equals to USD0.3 million, compared to RMB4.8 million in the same period of 2024. This decrease was mainly due to the decrease in employee salary expenses.

銷售及行銷費用下降 56.2% 至人民幣 210 萬元（約合 30 萬美元），較 2024 年同期人民幣 480 萬元下降。此下降主要由員工薪資費用減少所致。

General and administrative expenses increased by 30.3% to RMB33.1 million, equals to USD4.7 million, for the second half of 2025 from RMB25.4 million for the same period of 2024. The increase in general and administrative expenses was primarily due to the increase in professional service fees.

2025 年下半年一般及行政費用增加 30.3% 至人民幣 3,310 萬元（約合 470 萬美元），較 2024 年同期人民幣 2,540 萬元增加。一般及行政費用增加主要由專業服務費上升所致。

Research and development expenses decreased by 76.9% to RMB4.9 million, equals to USD0.7 million, for the second half of 2025 from RMB21.2 million for the same period of 2024. The decrease in research and development expenses was primarily due to the decrease in salary expenses, material fees, and equipment fees.

2025 年下半年研發費用下降 76.9% 至人民幣 490 萬元（約合 70 萬美元），較 2024 年同期人民幣 2,120 萬元下降。研發費用下降主要由薪資費用、材料費及設備費減少所致。

Profit from operations was RMB60.8 million, equals to USD8.7 million, for the second half of 2025, compared with loss from operations of RMB55.6 million for the same period of 2024.

2025 年下半年營業利益為人民幣 6,080 萬元（約合 870 萬美元），而 2024 年同期營業虧損為人民幣 5,560 萬元。

Other income was RMB38.2 million, equals to USD5.4 million, for the second half of 2025, compared to RMB1.7 million for the same period of 2024. The change was due to the Binance launch port and the airdrop income for BNB holders and income for crypto investment products.

2025 年下半年其他收入為人民幣 3,820 萬元（約合 540 萬美元），較 2024 年同期人民幣 170 萬元增加。該變動主要由 Binance Launchpool 以及 BNB 持有人的空投收入，及加密投資產品收入所致。

Net income was RMB137.7 million, equals to USD19.6 million, for the second half of 2025, compared to a net loss of RMB60.4 million in the same period of 2024.

2025年下半年淨利為人民幣1.377億元，折合美元1,960萬美元；相比之下，2024年同期淨虧損為人民幣6,040萬元。

Basic and diluted earnings per share was RMB6.2, equals to USD0.9, for the second half of 2025, compared to basic and diluted loss per share of RMB6 in the same period of 2024.

2025年下半年基本及攤薄每股盈餘為人民幣6.2元，折合美元0.9美元；相比之下，2024年同期基本及攤薄每股虧損為人民幣6元。

As of December 31, 2025, the company had cash and cash equivalents of RMB8.5 million, equals to USD1.2 million, compared with RMB32.84 million as of December 31, 2024.

截至2025年12月31日，公司持有的現金及現金等價物為人民幣850萬元，折合美元120萬美元；相比之下，截至2024年12月31日為人民幣3,284萬元。

We remain confident in our business strategy and ability to execute it. 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.

我們對公司的業務策略及其執行能力仍然充滿信心。我們將持續發揮技術優勢，把握發展機遇，推動長期成長，並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，我想把電話交給接線員，進入問答環節。

(Operator Instructions) Irina Rubano, Private Investor.

(接線員指示) Irina Rubano，個人投資人。

Hi. Thank you for the presentation. My question is what is the company's long-term strategic plan regarding BNB holdings?

您好。感謝簡報。我的問題是，公司對於持有BNB的長期策略規劃是什麼？

(interpreted) After comprehensively evaluating the development trends of crypto assets and the long-term potential of BNB, our company has designated BNB as a core component of its crypto asset strategic reserves. Over the long term, we plan to continue holding BNB and to gradually increase our holding at appropriate times, maintaining a relatively stable reserve level. This strategy is expected to enhance the company's crypto asset allocation capabilities while strengthening synergies with the Web3 ecosystem, thereby providing a solid asset foundation for the company's long-term strategic development.

(口譯) 在全面評估加密資產的發展趨勢以及BNB的長期潛力後，本公司已將BNB指定為加密資產策略性儲備的核心組成部分。從長期來看，我們計畫持續持有BNB，並在適當時機逐步增加持倉，維持相對穩定的儲備水位。此策略預期將提升公司的加密資產配置能力，同時強化與Web3生態系的協同效應，從而為公司長期策略發展提供穩固的資產基礎。

Thank you.

謝謝。

Claire Harrison, Private Investor.

Claire Harrison，個人投資人。

Okay. Thank you, management. I have some questions. My first question is why did the company launch a share repurchase program?

好的。謝謝管理團隊。我有一些問題。我的第一個問題是，公司為什麼啟動股票回購計畫？

(interpreted) Thank you. In October 2025, we announced a share repurchase program of up to USD25 million based on the following configurations: first, to enhance shareholder value and deliver long-term returns; second, to demonstrate management's positive outlook on the company's long-term development; third, to signal confidence in the company's long-term growth and operations to the capital market.

(口譯) 謝謝。我們於2025年10月宣布一項最高達2,500萬美元的股票回購計畫，基於以下考量：第一，提升股東價值並帶來長期回報；第二，展現管理層對公司長期發展的正面展望；第三，向資本市場傳達對公司長期成長與營運的信心。

The company will implement the repurchase program in a steady and disciplined manner over time, taking into account market conditions and the capital allocation plans. Thank you.

公司將在考量市場狀況與資本配置計畫的前提下，隨時間以穩健且自律的方式執行回購計畫。謝謝。

Thank you. And my second question is what was the rationale behind the launch of the iPollo ClawPC A1 Mini product?

謝謝。我的第二個問題是，推出iPollo ClawPC A1 Mini產品的理由是什麼？

(interpreted) Thank you. As you may know, one of the most prominent concepts in the AI space today is OpenClaw. The iPollo ClawPC A1 Mini is the company's next-generation AI agent product designed to support the OpenClaw AI agent system. We believe that AI agents are likely to become a key form of next-generation intelligent applications and had therefore chosen to proactively invest in the related infrastructure.

(口譯) 謝謝。如您所知，目前AI領域最受矚目的概念之一是OpenClaw。iPollo ClawPC A1 Mini是公司下一代AI代理（AI agent）產品，旨在支援OpenClaw AI代理系統。我們認為AI代理很可能成為下一代智慧應用的關鍵形態，因此選擇主動投資相關基礎設施。

Our company has already gained significant brand visibility in the market with the product sales and ecosystem development progressing steadily. Going forward, we plan to launch the Claw OS system and additional agent hardware products to support our fourth-gen AI agent ecosystem. Thank you.

公司已透過產品銷售在市場上獲得顯著的品牌能見度，且生態系發展正穩步推進。展望未來，我們計畫推出Claw OS系統及更多代理硬體產品，以支援我們第四代AI代理生態系。謝謝。

Ella Rosenblatt, Private Investor.

Ella Rosenblatt，個人投資人。

Hi, management team. Thank you for your presentation. So my question is what are the company's key long-term business development directions?

您好，管理團隊。感謝你們的簡報。我的問題是，公司長期業務發展的關鍵方向是什麼？

(interpreted) Our company's future business development will focus on two primary directions: first, crypto asset reserve strategy, continuing to advance its BNB-centered crypto asset reserve strategy and steadily expanding asset allocation when market conditions are favorable; second, AI agent ecosystem development, advancing the launch and commercialization of hardware products such as the iPollo ClawPC, introducing the Claw OS system, and building an AI agent application and service ecosystem to capture opportunities arising from the transition from Web3 to Web4.

(口譯) 公司未來的業務發展將聚焦兩大方向：第一，加密資產儲備策略，持續推進以BNB為核心的加密資產儲備策略，並在市場條件有利時穩步擴大資產配置；第二，AI代理生態系發展，推動iPollo ClawPC等硬體產品的推出與商業化，導入Claw OS系統，並打造AI代理應用與服務生態系，以把握從Web3向Web4轉型所帶來的機會。

Thank you for your question.

謝謝您的提問。

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

問答環節到此結束。我把電話交回給陳先生作結語。

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

(口譯) 非常感謝各位參加本次電話會議。如有任何問題，請透過電子郵件ir@nano.cn與我們聯繫，或聯絡我們的投資人關係顧問Ascent Investor Relations，電郵為tina.xiao@ascentir.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.

感謝您對Nano Labs的關注與支持，期待下次再與您交流。

Thank you again for attending Nano Labs' second half of 2025 earnings conference call. This concludes our call today, and we thank you all for your listening in. Goodbye.

再次感謝各位參加Nano Labs 2025年下半年業績電話會議。今天的會議到此結束，感謝各位收聽。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.

本逐字稿中標註為(interpreted)的部分，由現場電話會議中的口譯員口譯。該口譯員由主辦本活動的公司提供。