Full Year 2025 Nano Labs Ltd Earnings Call

March 30, 2026

Speaker #1: Thank you for standing by, and welcome to the Nano Labs Limited Second Half 2025 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session.

Tina Xia: Thank you for standing by, and welcome to the Nano Labs Ltd H2 2025 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Jianping Kong, CEO of the company. Please go ahead. Jianping Kong, you can now begin your presentation.

Operator: Thank you for standing by, and welcome to the Nano Labs Ltd H2 2025 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Jianping Kong, CEO of the company. Please go ahead. Jianping Kong, you can now begin your presentation.

Speaker #1: If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Kong, CEO of the company.

Speaker #1: Please go ahead, Mr. Kong. You can now begin your presentation.

Speaker #2: Okay

Jianping Kong: 感谢主持人和今天所有参加Nano Labs二零二五年下半年财报电话会议的朋友。在我们今天的电话会议上，我将概述公司近期发展以及公司未来的战略举措。

Speaker #3: Nano Labs

Speaker #4: 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 The year 2025 , the web three industry experience robust growth with the continued improvement Global crypto market environment , including enhanced crypto assets , infrastructure , and increasing market participation .

Tina Xia: Thank you, operator and everyone, for joining Nano Labs H2 2024 Earnings Conference Call today. Of course today I will provide an overview of our recent development and our strategic initiatives going forward.

[Translator 1]: Thank you, operator and everyone, for joining Nano Labs H2 2024 Earnings Conference Call today. Of course today I will provide an overview of our recent development and our strategic initiatives going forward.

Jianping Kong: 2025年，Web3行业整体呈现出蓬勃发展的态势。随着全球加密市场环境的持续改善，包括数据资产基础设施的不断完善以及市场参与度的提升，加密市场及Web3相关领域迎来了新一轮的增长与机遇。

Tina Xia: In 2025, the Web3 industry experienced robust growth with the continuous improvement of the global crypto market environment, including enhanced crypto assets, infrastructure, and increasing market participation. The crypto market and Web3 related sectors entered a new phase of growth and opportunity.

[Translator 1]: In 2025, the Web3 industry experienced robust growth with the continuous improvement of the global crypto market environment, including enhanced crypto assets, infrastructure, and increasing market participation. The crypto market and Web3 related sectors entered a new phase of growth and opportunity.

Speaker #4: The crypto market and Web3-related sectors entered a new phase of growth and opportunity.

Jianping Kong: 在对BNB战略价值及长期发展前景进行了全面而审慎的内部评估后，我们决定率先启动并持续推进BNB储备的建设。截止2025年12月31号，公司共持有三万六千六百六十二枚BNB，并拥有三千三百三十八枚BNB的应收抵押资产。通过稳步提升BNB的持仓规模，我们不仅优化了数字资产的配置，也为未来业务拓展与生态合作奠定了良好的基础。

Speaker #3: Leading The

Speaker #4: Following a comprehensive and prudent internal assessment of the strategic value and long-term perspectives of EMV, we initiated and continued to advance the buildout of our BMB reserves.

Tina Xia: Following a comprehensive and prudent internal assessment of the strategic value and long-term perspectives of BNB, we initiated and continued to advance to the build out 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 steadily increasing our BNB holdings, we have optimized our crypto assets allocation and created favorable conditions for the future business expansion and ecosystem cooperation.

[Translator 1]: Following a comprehensive and prudent internal assessment of the strategic value and long-term perspectives of BNB, we initiated and continued to advance to the build out 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 steadily increasing our BNB holdings, we have optimized our crypto assets allocation and created favorable conditions for the future business expansion and ecosystem cooperation.

Speaker #4: As of December 31st , 2025 . The company held a total of 126,662 Bnb's , along with . Along with a receivable quattro of 3338 BNB .

Speaker #4: By steadily increasing our BNB holdings, we have optimized our crypto assets allocation and created favorable conditions for future business expansion and ecosystem collaboration.

Jianping Kong: 在资本运作方面，公司于2025年顺利完成两轮融资，为战略转型、数字资产储备扩充、新业务方向的探索提供了有力支持。

Speaker #3: We

Speaker #4: 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.

Tina Xia: 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 the explorations of new business directions.

[Translator 1]: 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 the explorations of new business directions.

Jianping Kong: 2025年3月，我们正式推出新一代产品Apollo Cloud PC A1 Mini，该产品自带支持OpenCloud AI Agent系统。未来我们还计划陆续推出Cloud OS系统及更多的硬件产品，进一步拓展AI Agent的全链路生态服务能力。与此同时，为进一步提升股东价值，并展示公司管理层对公司长期发展的信心，我们于2025年10月宣布了一项最高达$2,500万的股份回购计划。目前该计划已启动，并预计将在长期内稳步推进。展望未来，我们将持续关注新行业趋势与市场动态，在保持业务稳健发展的同时，进一步推进数字资产的战略储备，并积极探索AI Agent生态中的更多商业机会。

Speaker #3: Typekit. Apollo Cloud PC menu. That will cloud OS in and responses 20. Two. In.

Speaker #4: In March 2026 , we officially launched our next generation product , the Apollo Cloud PC oh one , mini , designed to support the open cloud AI agent system .

Tina Xia: In March 2026, we officially launched our next-generation product, the Apollo Cloud PC A1 Mini, designed to support the Open Cloud AI Agent system. Going forward, we plan to introduce the Cloud OS system and additional hardware products to further expand our full-chain ecosystem services for AI agents. 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 $25 million in October 2025. The program has commenced and is expected to be implemented steadily over the long term. Looking ahead, we will continue to closely monitor industry trends and market dynamics while maintaining stable operations. We will further advance our crypto assets strategy, strategic reserves, and actively explore broader opportunities with the AI agent ecosystem.

[Translator 1]: In March 2026, we officially launched our next-generation product, the Apollo Cloud PC A1 Mini, designed to support the Open Cloud AI Agent system. Going forward, we plan to introduce the Cloud OS system and additional hardware products to further expand our full-chain ecosystem services for AI agents. 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 $25 million in October 2025. The program has commenced and is expected to be implemented steadily over the long term. Looking ahead, we will continue to closely monitor industry trends and market dynamics while maintaining stable operations. We will further advance our crypto assets strategy, strategic reserves, and actively explore broader opportunities with the AI agent ecosystem.

Speaker #4: Going forward, we plan to introduce the cloud OS system and additional hardware products to further expand our Force ecosystem services for AI agents.

Speaker #4: 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 25 million USD in October 2025 .

Speaker #4: The program has commenced and is expected to be implemented safely over the long term. Looking ahead, we will continue to closely monitor industry trends and market dynamics while maintaining stable operations.

Speaker #4: We will further advance our crypto assets strategy, strategic reserves, and actively explore broader opportunities with the AI agent ecosystem. Thank you for your support and trust.

Jianping Kong: 感谢各位一直以来对本公司的信任与支持。接下来我们将把电话转给我们的首席财务官陈斌先生，由他对我们的财务业绩进行更详细的阐述。陈斌先生，请您继续。

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

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

Speaker #4: Next, I will turn the call over to our Chief Financial Officer, Mr. Chen, for a closer review of our financial results.

Speaker #4: Mr. Chen, please go ahead.

Bing Chen: 感谢孔建平先生。大家早上好，我将代表管理团队简要介绍2025年下半财年的财务表现。2025年下半财年，公司净收入为人民币1,870万元，或270万美元，去年同期为人民币1,590万元，同比增长18.1%。净收入增长主要由于Apollo微型的产品销量增加。2025年下半年，毛亏损为人民币2,910万元，或410万美元，去年同期为毛利润人民币1,160万元。2025年下半财年，公司的营业收入成本为人民币4,780万元，或680万美元，2024年同期为人民币430万元，主要原因是存货计减和可抵扣增值税减值。

Speaker #5: Wei Yuan Zhang, your... You received an... We... Renminbi for ¥1. Who change?

Speaker #4: Thank you . Mr. . Good morning , everyone . On behalf of the management team , I will provide a brief financial overview of the second half of 2025 .

Bing Chen: Thank you, Mr. Kong. Good morning everyone. On behalf of the management team, I will provide a brief financial overview of H2 2025. In H2 2025, our net revenue was RMB 80.7 million, equivalent to $2.7 million, compared to RMB 50.9 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 Apollo V series products. We recorded a gross loss of RMB 29.1 million, equivalent to $4.1 million, for H2 2025, compared to a gross profit of RMB 11.6 million in the same period of 2024.

[Translator 2]: Thank you, Mr. Kong. Good morning everyone. On behalf of the management team, I will provide a brief financial overview of H2 2025. In H2 2025, our net revenue was RMB 80.7 million, equivalent to $2.7 million, compared to RMB 50.9 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 Apollo V series products. We recorded a gross loss of RMB 29.1 million, equivalent to $4.1 million, for H2 2025, compared to a gross profit of RMB 11.6 million in the same period of 2024.

Speaker #4: In the second half of 2025 . Our . Net revenue was RMB 18.7 million equals to 2.7 million US dollars , compared to RMB 50.9 million in the same period last year .

Speaker #4: Increase of 18.1% . This includes increased was primarily due to the increase in sales volume of the Apollo five series products . We recorded a gross loss of RMB 29.1 million equals to 4.1 million USD .

Speaker #4: For the second half of 2025, compared to a gross profit of RMB 11.6 million in the same period of 2020. Four.

Speaker #4: Cost of revenues for the second half of fiscal year of 20 2025 were R&B , 47.8 million equals to 6.8 US dollar million , compared to RMB 4.3 million in the same period of 2020 .

Bing Chen: Cost of revenues for the H2 of fiscal year 2024 were RMB 47.8 million, equal to $6.8 million, compared to RMB 4.3 million in the same period of 2023. The decline was mainly due to the write-downs of inventories and value-added tax recoverable.

[Translator 2]: Cost of revenues for the H2 of fiscal year 2024 were RMB 47.8 million, equal to $6.8 million, compared to RMB 4.3 million in the same period of 2023. The decline was mainly due to the write-downs of inventories and value-added tax recoverable.

Speaker #4: The decline was mainly due to the write-downs of inventories and value-added tax recoverable.

Jianping Kong: 2025年下半财年的总营业收入上升233.9%，至人民币8,990万元，或1,280万美元。2024年同期营业支出为人民币6,710万元。2025年下半年财年，公司的销售费用较2024年同期的人民币480万元下降了56.2%，至人民币210万元，或30万美元，主要原因是员工薪金支出的减少。

Speaker #5: In our By 1 million . 22 vitamin B The R b ¥1 million .

Speaker #4: Total operating income for the second half of fiscal year 2025 increased by 233.9% to RMB 89.9 million, which equals $12.8 million US dollars.

Bing Chen: Total operating income for H2 of fiscal year 2025 increased by 233.9% to RMB 89.9 million, equals to $12.8 million increase from RMB 67.1 million in the same period of 2024. Selling and marketing expenses dropped by 56.2% to RMB 2.1 million, equals to $0.3 million compared to RMB 4.8 million in the same period of 2024. This decrease was mainly due to the decrease in employee salary expenses.

[Translator 2]: Total operating income for H2 of fiscal year 2025 increased by 233.9% to RMB 89.9 million, equals to $12.8 million increase from RMB 67.1 million in the same period of 2024. Selling and marketing expenses dropped by 56.2% to RMB 2.1 million, equals to $0.3 million compared to RMB 4.8 million in the same period of 2024. This decrease was mainly due to the decrease in employee salary expenses.

Speaker #4: Increase from RMB 67.1 million in the same period of 2024. Selling and marketing expenses dropped by 56.2% to RMB 2.1 million, equal to $0.3 million USD, compared to RMB 4.8 million in the same period of 2020.

Speaker #4: This decrease was mainly due to the decrease in employee salary expenses.

Speaker #5: In our

Bing Chen: 2025年下半年财年管理费用较2024年同期的人民币2,540万元增加30.3%，至人民币3,310万元，或470万美元。管理费用增加主要是由于专业服务费的增加。

Speaker #4: General and administrative expenses increased by 30.3% to RMB 33.1 million, equivalent to $4.7 million, for the second half of 2025. For our R&D, RMB 25.4 million for the same period of 2024. The increase in general and administrative expenses was primarily due to the increase in professional service fees.

Bing Chen: General and administrative expenses increased by 30.3% to RMB 33.1 million equal to $4.7 million for H2 2025 from RMB 25.4 million for the same period of 2024. The increase in general and administrative expenses was primarily due to the increase in professional service fees.

[Translator 2]: General and administrative expenses increased by 30.3% to RMB 33.1 million equal to $4.7 million for H2 2025 from RMB 25.4 million for the same period of 2024. The increase in general and administrative expenses was primarily due to the increase in professional service fees.

Jianping Kong: 研发费用较2024年下半财年的人民币2,120万元减少了76.9%，至2025年同期的人民币490万元，或70万美元。研发费用的减少主要原因是工资支出、材料费和设备费用的减少。

Speaker #5: By the renminbi, yuan yuan for the

Speaker #4: Research and expenses decreased by 76.9% to RMB 4.9 million, which equals $0.7 million USD, for the second half of 2025. This is down from RMB 21.2 million for the same period of 2024 for R&D.

Bing Chen: Research and development expenses decreased by 76.9% to RMB 4.9 million, equivalent to $0.7 million, for H2 2025 from RMB 21.2 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.

[Translator 2]: Research and development expenses decreased by 76.9% to RMB 4.9 million, equivalent to $0.7 million, for H2 2025 from RMB 21.2 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.

Speaker #4: The decrease in research and development expenses was primarily due to the decrease in salary expenses, material fees, and equipment fees.

Bing Chen: 2025年下半财年营业利润为人民币6,080万元，或870万美元。2024年同期营业亏损为人民币5,560万元。2025年下半财年的其他收入为人民币3,820万元，或540万美元。2024年同期其他收入为人民币170万元，主要是由于BNB持有者获得的币安平台空投收益以及加密货币投资产品的收益。2025年下半财年净利润为人民币1.377亿元或1,960万美元，2024年同期净亏损为人民币6,040万元。2025年下半财年，普通股基本和稀释后的每股收益为人民币6.2元或0.9美元。2024年同期，普通股基本和稀释后的每股亏损为人民币6.0元。截至2025年12月31日，公司现金及现金等价物为人民币850万元或120万美元，截至2024年12月31日，该数值为人民币3,270万元。

Speaker #5: Yuan 20 . 20 . One . Also PMP , the PMP who total Yuan Yuan 20 . To yuan To be Renminbi . Yuan Yuan Yuan .

Speaker #4: Profit from operations was RMB 60.8 million, which equals $8.7 million USD, for the second half of 2025, compared with a loss from operations of RMB 55.6 million for the same period of 2020.

Bing Chen: Profit from operations was RMB 60.8 million equal to $8.7 million for H2 2025 compared with loss from operations of RMB 55.6 million for the same period of 2024. Other income was RMB 38.2 million equal to $5.4 million for H2 2025 compared to RMB 1.7 million for the same period of 2024. The change was due to the Binance launch pool and the airdrop income for BNB holders, and income for crypto investment products. Net income was RMB 137.7 million equal to $19.6 million for H2 2025, compared to a net loss of RMB 60.4 million in the same period of 2024.

[Translator 2]: Profit from operations was RMB 60.8 million equal to $8.7 million for H2 2025 compared with loss from operations of RMB 55.6 million for the same period of 2024. Other income was RMB 38.2 million equal to $5.4 million for H2 2025 compared to RMB 1.7 million for the same period of 2024. The change was due to the Binance launch pool and the airdrop income for BNB holders, and income for crypto investment products. Net income was RMB 137.7 million equal to $19.6 million for H2 2025, compared to a net loss of RMB 60.4 million in the same period of 2024.

Speaker #4: Other income was RMB 38.2 million, which equals $5.4 million USD for the second half of 2025, compared to RMB 1.7 million for the same period of 2024.

Speaker #4: The change was due to the Binance launch port and the airdrop income for BNB holders, and income for crypto investment products. Net income was RMB 137.7 million, which equals $19.6 million USD.

Speaker #4: For the second half of 2025, compared to a net loss of RMB 60.4 million in the same period of 2020. For basic and diluted earnings per share, it was RMB 6.2.

Bing Chen: Basic and diluted earnings per share was RMB 6.2 equals to $0.9 for H2 2025 compared to basic and diluted loss per share of RMB 6 in the same period of 2024. As of December 31, 2025, the company had cash and cash equivalents of RMB 8.5 million equals to $1.2 million compared with RMB 328.4 million as of December 31, 2024.

[Translator 1]: Basic and diluted earnings per share was RMB 6.2 equals to $0.9 for H2 2025 compared to basic and diluted loss per share of RMB 6 in the same period of 2024. As of December 31, 2025, the company had cash and cash equivalents of RMB 8.5 million equals to $1.2 million compared with RMB 328.4 million as of December 31, 2024.

Speaker #4: Equals to $0.90 US dollar for the second half of 2025, compared to basic and diluted loss per share of R&B six.

Speaker #4: In the same period of 2024 . As of December 31st , 2025 , the company had cash and cash equivalents of RMB 8.5 million equals to 1.2 million US dollars , compared with RMB 32 eight 4 million as of December 31st , 2024 .

Bing Chen: 我们坚信我们未来业务发展的战略和执行能力，我们将继续发挥我们的技术优势，抓住发展机遇，推动公司的长期增长，并为股东创造更多的价值。现在我将电话交给主持人来进行问答环节。

Speaker #5: The

Speaker #4: We remain confident in our business strategy and ability to execute it . We will continue to leverage the strengths of our technology to capture development opportunities , drive long term growth , and create additional value for our shareholders .

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

[Translator 1]: 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. Now, I would like to turn the call over to the operator for questions and answer session.

Speaker #4: Now, I would like to turn the call over to the operator for the question and answer session.

Speaker #1: Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced.

Operator 2: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up your handset to ask your question. The first question today comes from Irina Rubano, a private investor. Please go ahead.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up your handset to ask your question. The first question today comes from Irina Rubano, a private investor. Please go ahead.

Speaker #1: If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up your handset to ask your question. The first question today comes from Irina Rubino with a private investor.

Speaker #1: Please go ahead

Speaker #6: Hi. Thank you for the presentation. My question is, what is the company's long-term strategic plan regarding BNB Holdings?

Irina Rubano: Hi, thank you for the presentation. My question is, what is the company's long-term strategic plan regarding its BNB holdings?

[Analyst 1]: Hi, thank you for the presentation. My question is, what is the company's long-term strategic plan regarding its BNB holdings?

Bing Chen: 请问公司目前持有BNB的长期战略计划是什么？这个问题问孔总。

Jianping Kong: 在评估数字资产发展趋势及BNB长期发展潜力后，公司将BNB作为公司核心数字资产战略储备。从长期来看，公司计划持续持有并在合适的时机稳步增持BNB，保持相对稳定的BNB储备规模。此策略也有助于提升公司数字资产的配置能力，同时能加强与Web3生态的协同，为公司长期战略发展提供稳定的基础资产。

Speaker #3: By I Will be More

Speaker #4: Okay. After comprehensively evaluating the development trends of crypto assets and the long-term potential of BNB, our company has designed native BNB as a core component of its crypto asset strategy.

Bing Chen: 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 and thereby providing a solid asset foundation for the company's long term strategic development.

Speaker #4: Strategic reserves: Over the long term, we plan to continue holding BNB and to gradually increase our holdings at appropriate times, maintaining relatively stable reserve levels.

Speaker #4: This strategy is expected to enhance the company's crypto asset allocation capabilities, while strengthening synergies with the Web 3.0 ecosystem and providing a solid asset for the company's long-term strategic development.

Irina Rubano: Okay, thank you.

[Analyst 1]: Okay, thank you.

Speaker #7: Thank you

Speaker #1: Next question comes from Alfred Wu , a private investor . Please go ahead Alfred , your line is open . You may ask your question Perhaps your line is muted .

Operator 2: Next question comes from Alfred Wu, a private investor. Please go ahead. Alfred, your line is open. You may ask your question. Perhaps your line is muted, Alfred. Please ask your question. We appear to have lost connection with Alfred. The next question comes from Claire Harrison, a private investor. Please go ahead.

Operator: Next question comes from Alfred Wu, a private investor. Please go ahead. Alfred, your line is open. You may ask your question. Perhaps your line is muted, Alfred. Please ask your question. We appear to have lost connection with Alfred. The next question comes from Claire Harrison, a private investor. Please go ahead.

Speaker #1: Alfred, please ask your question. We appear to have lost connection with Alfred. The next question comes from Claire Harrison, a private investor.

Speaker #1: Please go ahead

Speaker #8: Okay . Thank you . Benjamin , I have two questions . My first question is why did the company launch a share of repurchase program

Claire Harrison: Okay, thank you, Ma'am. I have some questions. My first question is, why did the company launch a share repurchase program?

[Analyst 2]: Okay, thank you, Ma'am. I have some questions. My first question is, why did the company launch a share repurchase program?

Bing Chen: Uh,

Speaker #3: She When the

Speaker #4: Thank you . In October 2025 , we announced a share repurchase program of up to 25 million USD . Based on the following considerations .

Tina Xia: Thank you. In October 2025, we announced a share repurchase program of up to $25 million based on the following considerations. 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 markets. The company will implement the repurchase program in a steady and disciplined manner over time, taking into account market conditions and capital allocation plans. Thank you.

Bing Chen: Thank you. In October 2025, we announced a share repurchase program of up to $25 million based on the following considerations. 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 markets. The company will implement the repurchase program in a steady and disciplined manner over time, taking into account market conditions and capital allocation plans. Thank you.

Speaker #4: First , to enhance shareholder value and deliver long term returns . Second , to Demonstrat management's positive outlook on the company's long term development .

Speaker #4: Third, to signal confidence in the company's long-term growth and operations to the capital markets, the company will implement the repurchase program in a steady and disciplined manner over time, taking into account market conditions and capital allocation plans.

Speaker #4: Thank you

Speaker #8: Thank you. And my second question: what was the rationale behind launching the IPO? A cloud PC, a one-minute product.

Claire Harrison: Thank you. My second question, what was the rationale behind the launch of the Apollo Cloud PC A1 Mini product?

[Analyst 2]: Thank you. My second question, what was the rationale behind the launch of the Apollo Cloud PC A1 Mini product?

Bing Chen: Uh,

Speaker #4: IPO, I. Polo Cloud PC, A1 minute, the

Speaker #3: Apollo PC , a1 Open . Cloud . AI agent . The CTO I agent Cloud OS the agent . Agent . Training

Speaker #4: Thank you . As you may know , one of the most prominent concepts in the AI space today is open cloud . The Apollo Cloud PC , L1 mini is the company's next generation AI agent .

Tina Xia: Thank you. As you may know, one of the most prominent concepts in the AI space today is Open Cloud. The Apollo Cloud PC A1 Mini is the company's next generation AI agent hardware product designed to support the Open Cloud AI agent system. We believe that AI agents are likely to become a key form of next generation intelligent applications and have therefore chosen to proactively invest in the related infrastructure. 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 Cloud OS system and additional agent hardware products to support a full-chain AI agent ecosystem. Thank you.

[Analyst 2]: Thank you. As you may know, one of the most prominent concepts in the AI space today is Open Cloud. The Apollo Cloud PC A1 Mini is the company's next generation AI agent hardware product designed to support the Open Cloud AI agent system. We believe that AI agents are likely to become a key form of next generation intelligent applications and have therefore chosen to proactively invest in the related infrastructure. 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 Cloud OS system and additional agent hardware products to support a full-chain AI agent ecosystem. Thank you.

Speaker #4: Hardware products are designed to support the open cloud AI agent system. We believe that AI agents are likely to become a key form of native, intelligent applications, and have therefore chosen to proactively invest in the related infrastructure.

Speaker #4: Our company has already gained significant brand visibility in the market , with the product sales and ecosystem development development . Progress steadily going forward , we plan to launch the cloud OS system and additional agent hardware products to support a fortune AI agent ecosystem .

Speaker #4: Thank you

Speaker #1: The next question comes from Ella Rosenblatt, a private investor. Please go ahead.

Operator 2: The next question comes from Ella Rosenblatt, a private investor. Please go ahead.

Operator: The next question comes from Ella Rosenblatt, a private investor. Please go ahead.

Speaker #9: Hi . Management team . Thank you for your presentation . So my question is , what are the company's key long term business development directions

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

[Analyst 3]: Hi, management team. Thank you for your presentation. My question is, what are the company's key long-term business development directions?

Speaker #5: And BNP When are AI . When Ebola . Colo . PC Also tissue close to AI Union for full high power website in .

Speaker #5: To the GUI .

Speaker #4: Our company's future business development will focus on two primary directions. First, our crypto asset reserve strategy—continuing to advance a CMB-centered crypto asset reserve strategy and steadily expanding asset allocation.

Bing Chen: Our company's future business developments 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 the commercialization of hardware products such as the Apollo Cloud PC, introducing the Cloud OS system, and building an AI agent application and service ecosystem to capture opportunities arising from the transition from Web3 to Web4. Thank you for your question. Please go ahead.

Speaker #4: When market conditions are favorable. Second, AI agent ecosystem development is advancing the launch and commercialization of hardware products such as the Apollo Cloud PC.

Speaker #4: Introducing the cloud OS system and building an AI agent application and service ecosystem to capture opportunities arising from the transition from Web3 to web.

Speaker #4: Thank you for your question. Please go ahead.

Speaker #1: And that concludes the question and answer session. Let me turn the call back over to Mr. Chen for closing remarks.

Operator 2: That concludes the question and answer session. Let me turn the call back over to Bing Chen for closing remarks.

Operator: That concludes the question and answer session. Let me turn the call back over to Bing Chen for closing remarks.

Speaker #5: Okay, I, at Nano Labs, the AI Q1 assistant, Investor Relations, Tunku Yuxiang, investor assistant, am becoming Nano Labs the—

Bing Chen: 感谢。非常感谢各位参加本次电话会议。如果您有任何问题，请通过电子邮件联系我们 ir@nano.cn，或联系我们的 IR 顾问 Ascent Investor Relations，通过邮箱 tina.xiao@ascent-ir.com，管理层将尽快回复您的问题。我们感谢您对 Nano Labs 的兴趣与支持，期待下次再与各位交谈。

Speaker #4: Thank you very much for joining this conference call. If you have any questions, please contact us through email at Aya at Nano Labs, or reach our IR console.

Bing Chen: Thank you very much for joining this conference call. If you have any questions, please contact us through emails at ir@nano.cn or reach our IR consultant 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.

Speaker #4: Ascent . Ascent Investor Relations at Tina dot Xiao at 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

Speaker #1: Thank you again for attending Nano Labs' second half 2025 Earnings Conference Call. This concludes our call today, and we thank you all for listening in.

Operator 2: Thank you again for attending Nano Labs's H2 2025 earnings conference call. This concludes our call today, and we thank you all for listening in. Goodbye.

Operator: Thank you again for attending Nano Labs's H2 2025 earnings conference call. This concludes our call today, and we thank you all for listening in. Goodbye.

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