Nano Labs Ltd (NA) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' first half of 2026 earnings conference call. (Operator Instructions) This conference is being recorded today, Friday, 28, 2026.

各位女士、先生，感謝您稍候。歡迎參加 Nano Labs 2026 年上半年業績電話會議。（接線員指示）本次會議於今日（2026 年 8 月 28 日，星期五）錄音。

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 and 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.

今天與會的 Nano Labs 管理層包括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。在今天的電話會議中，孔先生將為您概述公司的經營表現，陳先生將分享公司財務業績的詳細情況。之後，我們將進行問答環節，回答各位的提問。

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.

在我們繼續之前，我想提醒各位，本次電話會議中討論的部分資訊將包含前瞻性陳述，該等陳述符合經修訂的《1934 年證券交易法》第 21E 條之含義，並依據《1995 年美國私人證券訴訟改革法》之定義作出。此類陳述基於管理層當前預期以及當前市場與營運狀況，並涉及包含已知或未知風險、不確定性及其他因素的事件；上述因素均難以預測，且其中許多超出公司控制範圍，可能導致公司的實際結果、表現或成就與前瞻性陳述中所表達或暗示者存在重大差異。

Further information regarding these and other risks, uncertainties or factors is included in the company's filings with the Securities and Exchange Commission.

有關上述及其他風險、不確定性或因素的進一步資訊，已載於公司向美國證券交易委員會（SEC）提交的文件中。

During today's call, Mr. Kong and Mr. Chen will deliver their remarks in Chinese, and the company's representative will provide corresponding English translations.

在今天的電話會議中，孔先生與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。

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

接下來，我將把電話會議交給公司董事長兼首席執行官孔先生。孔先生，請開始。

(interpreted) Thank you, operator, and everyone, for joining Nano Labs first half of 2026 conference call today. For our call today, I will provide an overview of our recent development and our strategic initiatives going forward. In the first half of 2026 as the Web3 industry continued to mature, the global digital asset market underwent a profound structural evolution. Against this backdrop, we increasingly recognized the systematic opportunities arising from the integration of artificial intelligence and Web3. This convergency not only has the potential to reshape blockchain infrastructure but also to unlock new application scenarios and business model.

（口譯）感謝接線員，也感謝各位今天參加 Nano Labs 2026 年上半年業績電話會議。在今天的會議中，我將概述我們近期的發展情況以及未來的策略舉措。2026 年上半年，隨著 Web3 產業持續成熟，全球數位資產市場經歷了深刻的結構性演進。在此背景下，我們日益認識到人工智慧與 Web3 融合所帶來的系統性機會。這種融合不僅有潛力重塑區塊鏈基礎設施，也能解鎖新的應用場景與商業模式。

Guided by this perspective, Nano Labs launched its next generation product, the iPollo ClawPC A1 Mini during the first half of the year and continuing to advance the development of open cloud ecosystem, spanning smart devices, operating systems, hardware, software and application layers. The company continues to implement its digital asset reserve strategy based on long-term assessment of the digital asset market and the broader blockchain ecosystem, management has formally incorporated digital assets into the company's capital allocation framework as a strategic component. As of the date of this income report, the company held the long-time results of 30,000 BNB. The company believes that a prudent and disciplined approach to digital asset allocation will not only have strengthened its balance sheet but also provide greater support for ecosystem collaboration and enhance flexibility for future strategic planning.

在此觀點指引下，Nano Labs 於上半年推出了下一代產品 iPollo ClawPC A1 Mini，並持續推進開放雲端生態系統的建設，涵蓋智慧裝置、作業系統、硬體、軟體及應用層。公司基於對數位資產市場及更廣泛區塊鏈生態的長期評估，持續實施數位資產儲備策略；管理層已正式將數位資產納入公司的資本配置框架，作為策略性組成部分。截至本次財報發布之日，公司長期持有 30,000 枚 BNB。公司相信，審慎且有紀律的數位資產配置方式，不僅能強化資產負債表，也將為生態協作提供更有力的支持，並提升未來策略規劃的彈性。

Meanwhile, to further enhance shareholder value and demonstrate management's confidence in the company's long-term development, the company continues to advance its share repurchase program of up to USD25 million, originally announced in October 2025. As of August 2026, the company had completed repurchase of Class A ordinary shares for a total consideration of USD3.2 million, and we will continue to advance the program in steady and disciplined manner over the long term.

同時，為進一步提升股東價值並展現管理層對公司長期發展的信心，公司持續推進於 2025 年 10 月首次公告、總額最高 2,500 萬美元的股份回購計畫。截至 2026 年 8 月，公司已回購 A 類普通股，總對價為 320 萬美元；我們將在長期內以穩健且有紀律的方式持續推進該計畫。

Looking forward, Nano Labs will continue to explore opportunities arriving from the convergence of AI, Web3 and next-generation computing infrastructure through continuous technology innovation, deeper strategic partnerships and ecosystem development, the company aims to strengthen its technologic capabilities, expand its strategic footprint and create sustainable long-term value for shareholders. Thank you for your support and trust.

展望未來，Nano Labs 將透過持續的技術創新、更深入的策略合作夥伴關係以及生態系統建設，持續探索 AI、Web3 與下一代運算基礎設施融合所帶來的機會。公司旨在強化技術能力、擴大策略版圖，並為股東創造可持續的長期價值。感謝各位的支持與信任。

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

接下來，我將把電話會議交給我們的首席財務官陳先生，請他更詳細地介紹我們的財務業績。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 first half of 2026. In the first half of 2026, our net value was RMB2.8 million, USD0.4 million, compared to RMB8.3 million in the same period last year.

（口譯）謝謝孔先生。各位早安。我謹代表管理團隊，對 2026 年上半年的財務情況作簡要概述。2026 年上半年，我們的淨收入為人民幣 280 萬元（約合 40 萬美元），相比去年同期人民幣 830 萬元。

This decrease in net value was primarily due to the drop of sales volume of iPollo V-Series. We recorded a gross loss of RMB5.8 million, USD0.9 million for the first half of 2026 compared to RMB10.7 million in the same period of 2025.

淨收入下降主要由於 iPollo V 系列銷量下滑。2026 年上半年我們錄得毛損人民幣 580 萬元（約合 90 萬美元），而 2025 年同期為人民幣 1,070 萬元。

Cost of revenue for the first half of fiscal year 2026 is RMB8.6 million, USD1.3 million compared to RMB19 million in the same period of 2025. The decline was mainly due to the decrease in sales volume. Total operating expenses for the first half of fiscal year 2026 were RMB285.8 million, USD42 million compared to the total operating income of RMB21.3 million for the same period of 2025. Selling and marketing expenses increased by 17% to RMB3.1 million, USD0.4 million from RMB2.6 million for the same period of 2025. This increase was mainly due to the increase in sales and marketing expansion.

2026 財政年度上半年營收成本為人民幣 860 萬元（約合 130 萬美元），而 2025 年同期為人民幣 1,900 萬元。下降主要由於銷量減少。2026 財政年度上半年總營運費用為人民幣 2.858 億元（約合 4,200 萬美元），相比 2025 年同期的總營運收入人民幣 2,130 萬元。銷售及行銷費用較 2025 年同期人民幣 260 萬元增加 17% 至人民幣 310 萬元（約合 40 萬美元）。該增加主要由於銷售及行銷拓展所致。

General and administrative expenses increased by 29.5% to RMB27.9 million, USD4.1 million for the first half of 2026 from RMB21.5 million for the same period of 2025. The increase in general and administrative expenses was primarily due to the increase in professional fees and real estate related taxes.

一般及行政費用由 2025 年同期人民幣 2,150 萬元增加 29.5% 至 2026 年上半年人民幣 2,790 萬元（約合 410 萬美元）。一般及行政費用增加主要由於專業服務費及房地產相關稅費增加所致。

Research and development expenses increased by 39.8% to RMB4.4 million, USD0.6 million for the first half of 2026 from RMB3.2 million from the same period of 2025, the increase in research and development expenses was primarily due to the increase in service fees of system development. Change in fair value of cryptocurrencies was a loss of RMB250.5 million, USD36.8 million for the first half of 2026 compared to a gain of RMB48.6 million for the same period of 2025. The increase in loss from change in fair value of cryptocurrencies was primarily due to the decreased BNB price during the first half of 2026.

研發費用由 2025 年同期人民幣 320 萬元增加 39.8% 至 2026 年上半年人民幣 440 萬元（約合 60 萬美元）；研發費用增加主要由於系統開發服務費增加所致。加密貨幣公允價值變動於 2026 年上半年錄得損失人民幣 2.505 億元（約合 3,680 萬美元），而 2025 年同期為收益人民幣 4,860 萬元。加密貨幣公允價值變動損失增加主要由於 2026 年上半年 BNB 價格下跌所致。

Loss from operations was RMB291.7 million, USD42.8 million for the first half of 2026 compared to a profit of RMB10.6 million in the same period of 2025. Other expenses was RMB18.3 million, USD2.7 million for the first half of 2026 compared to -- for the same period of 2025. The change was mainly due to the loss from change in fair value of short-term investments during the first half of 2026. Net loss was RMB316.7 million, USD46.5 million for the first half of 2026 compared to RMB11.8 million in the same period of 2025. Basic and diluted loss per share was RMB13.65, USD2 for the first half of 2026 compared with basic and diluted loss per share of RMB0.43 for the same period of 2025.

2026年上半年經營虧損為人民幣291.7百萬元（4,280萬美元），而2025年同期為盈利人民幣10.6百萬元。2026年上半年其他費用為人民幣18.3百萬元（270萬美元），而2025年同期為—。該變動主要由於2026年上半年短期投資公允價值變動產生的虧損所致。2026年上半年淨虧損為人民幣316.7百萬元（4,650萬美元），而2025年同期為人民幣11.8百萬元。2026年上半年基本及攤薄每股虧損為人民幣13.65元（2美元），而2025年同期基本及攤薄每股虧損為人民幣0.43元。

As of June 30, 2026, the company had cash and cash equivalents of RMB9.0 million, USD1.3 million compared to RMB8.5 million as of December 31, 2025.

截至2026年6月30日，公司持有的現金及現金等價物為人民幣9.0百萬元（130萬美元），而截至2025年12月31日為人民幣8.5百萬元。

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.

我們對自身的業務策略及執行能力仍充滿信心。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 question-and-answer session.

現在我想把電話交給接線員，進入問答環節。

(Operator Instructions) [Irina Robano].

（接線員指示）[Irina Robano]。

So my question is why has the company chosen to focus on AI-related business this year?

我的問題是，為什麼公司今年選擇聚焦於AI相關業務？

(interpreted) Our expansion into AI is the result of a long-term strategic evaluation rather than a short-term market trend. Over the years, we have built solid capabilities in blockchain infrastructure, hardware development, ecosystem construction and product operations as AI and Web3 increasingly covered, we see significant opportunities to leverage this strength to develop next-generation intelligent products. The launch of the iPollo ClawPC A1 Mini represented the first step in this strategy. Beyond supporting the open cloud AI agent system, the product is designed for practical applications across entertainment, content creation and office productivity. Going forward, we will continue expanding both the hardware and software components of open cloud ecosystem to support for the AI adoption.

（口譯）我們拓展AI是基於長期策略評估的結果，而非短期市場趨勢。多年來，我們在區塊鏈基礎設施、硬體研發、生態建設及產品營運方面建立了扎實能力；隨著AI與Web3的覆蓋日益擴大，我們看到可運用這些優勢來開發下一代智慧產品的重大機會。iPollo ClawPC A1 Mini的推出代表了此策略的第一步。除支援開放雲端AI代理（agent）系統外，該產品亦面向娛樂、內容創作與辦公效率等場景的實際應用而設計。展望未來，我們將持續擴展開放雲端生態系的硬體與軟體組件，以支援AI的採用。

Alfred Wu.

Alfred Wu。

My question is, what are the company's future plans for its digital assets reserves?

我的問題是，公司對其數位資產儲備未來有何規劃？

(interpreted) Digital assets have become an integral part of our long-term corporate strategy. We have designated BNB at our core strategic reserve asset based on our assessment of its ecosystem potential and long-term value. We intend to manage our reserve portfolio prudently by evaluating market conditions, liquidity needs and strategic priorities before making any additional investments. At the same time we will continue optimizing our overall digital asset allocation to enhance portfolio resilience while supporting future business development and ecosystem expansion.

（口譯）數位資產已成為我們長期公司策略的重要組成部分。基於我們對其生態潛力與長期價值的評估，我們已將BNB指定為核心策略性儲備資產。我們擬在進行任何額外投資前，審慎評估市場狀況、流動性需求及策略優先事項，以穩健管理儲備投資組合。同時，我們將持續優化整體數位資產配置，以提升投資組合韌性，並支持未來業務發展與生態擴張。

Olivia Bennett.

Olivia Bennett。

And my question is, what is the company's long-term business development strategy?

我的問題是，公司長期的業務發展策略是什麼？

(interpreted) Our long-term strategy is built on two complementary pillars. The first is maintaining a disciplined digital asset reserve strategy with BNB serving as a core strategic asset to support financial stability and long-term ecosystem development. The second is driving sustainable business growth through the integration of AI and Web3 technologies, leveraging the already deployed iPollo ClawPC A1 Mini as a starting point. We plan to continue expanding the open cloud ecosystem by introducing additional products, strengthening our software platform and exploring new commercial applications and business models. Together, these initiatives are intending to create a differentiated technology platform comparable of supporting our future growth.

（口譯）我們的長期策略建立在兩個相輔相成的支柱之上。第一是維持嚴謹的數位資產儲備策略，以BNB作為核心策略性資產，支持財務穩健與長期生態發展。第二是透過整合AI與Web3技術推動可持續的業務成長，並以已部署的iPollo ClawPC A1 Mini作為起點。我們計畫持續擴展開放雲端生態系，推出更多產品、強化軟體平台，並探索新的商業應用與商業模式。這些舉措旨在共同打造一個具差異化的技術平台，使其具備支撐我們未來成長的能力。

Hannah Winslow.

Hannah Winslow。

And my question is what are the company's expectations for its operating performance in the second half of 2026?

我的問題是，公司對2026年下半年的經營表現有何預期？

(interpreted) In the second half of 2026, we will remain focused on executing our strategy are prioritized, including advancing our digital asset initiatives and expanding our next-generation AI product ecosystem. As Mr. Kong has already discussed this initiative in detail, I will instead provide an update on our capital management efforts. The company launched its share repurchase program in December 2025. As of June 30, 2026, we had repurchased an aggregate of 1,117,401 shares and we intend to continue executing the program in accordance with its churn and prevailing market conditions.

（口譯）在2026年下半年，我們將持續專注於執行既定且優先的策略，包括推進數位資產相關舉措以及擴展下一代AI產品生態系。由於Kong先生已就該舉措作了詳細說明，我將改為更新我們的資本管理工作。公司於2025年12月啟動股份回購計畫。截至2026年6月30日，我們已累計回購1,117,401股，並擬根據該計畫的條款及當前市場狀況持續執行。

We believe the repurchase program reflects management's confidence in the company's long-term prospects. Going forward, we will continue strengthening our operating foundation, executing our strategy initiatives with discipline and creating sustainable value for our shareholders.

我們相信，回購計畫反映了管理層對公司長期前景的信心。展望未來，我們將持續強化營運基礎，以紀律性推進策略舉措，並為股東創造可持續的價值。

That does conclude our question-and-answer session. I'll now hand back for closing remarks.

以上即為我們的問答環節。現在我將把電話交回以作結語。

(interpreted) Thank you very much for joining the conference call. If you have any questions, please contact us through e-mail at ir@nano.cn or research our IR council, Ascent Investor Relations at tina.xiao@ascent-ir.com. 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.

（口譯）非常感謝您參加本次電話會議。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：tina.xiao@ascent-ir.com。管理層將盡快回覆您的問題。感謝您對Nano Labs的關注與支持，並期待下次再與您交流。

Thank you for attending Nano Labs' first half of 2026 earnings conference call. This concludes our call today, and we thank you all for listening. Goodbye.

感謝您參加Nano Labs 2026年上半年業績電話會議。本次會議到此結束，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（口譯）的部分由現場電話會議中的口譯員翻譯。該口譯員由主辦本活動的公司提供。