Q2 2026 Nano Labs Ltd Earnings Call

August 28, 2026

Operator 2: Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' H1 2026 earnings conference call. During today's call, all participants will be in listen-only mode. This conference is being recorded today, Friday 28, 2026. 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.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' H1 2026 earnings conference call. During today's call, all participants will be in listen-only mode. This conference is being recorded today, Friday 28, 2026. 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.

Speaker #1: This conference is being recorded today, Friday, February 28, 2026. Joining us today from Nano Labs are the company's Chairman and Chief Executive Officer, Mr. Jinping Kong, and the company's Chief Financial Officer, Mr. Bing Chen.

Speaker #1: 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.

Speaker #1: 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 U.S.

Operator 2: 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 U.S. 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, uncertainties, or factors is included in the company's filings with the Securities and Exchange Commission.

Operator: 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 U.S. 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, uncertainties, or factors is included in the company's filings with the Securities and Exchange Commission.

Speaker #1: 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.

Speaker #1: 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.

Speaker #1: 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 and Mr. Chen will deliver their remarks in Chinese, and the company's representative will provide corresponding English translations.

Operator 2: 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. 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.

Operator: 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. 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.

Speaker #1: 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.

Speaker #2: Thank you.

Jianping Kong: Thank you, operator and everyone for joining Nano Labs' H1 2026 conference call today. On our call today, I will provide an overview of our recent developments and our strategic initiatives going forward.

Speaker #3: 感谢主持人和所有今天参加 Nano Labs 2026 年上半年财报电话会议的朋友。在我们今天的电话会议上，我将阐述公司近期发展及公司未来的战略举措。

Speaker #1: Thank you, Operator, and thank you, everyone, for joining Nano Labs' first half 2026 conference call today. On our call today, I will provide an overview of our recent developments and our strategic initiatives going forward.

[Company Representative] (Nano Labs): Thank you, operator and everyone for joining Nano Labs' H1 2026 conference call today. On our call today, I will provide an overview of our recent developments and our strategic initiatives going forward. In H1 2026, as the Web3 industry continued to mature, the global digital asset market underwent profound structural evolution. Against this backdrop, we increasingly recognized the systematic opportunities arising from the deep integration of AI and Web3. This convergence not only has the potential to reshape blockchain infrastructure, but also to unlock new application scenarios and business models. Guided by this perspective, Nano Labs launched its next generation product, the iPollo ClawPC A1 Mini, during H1 and continued to advance the development of OpenClaw ecosystem, spanning smart devices, operating systems, hardware, software, and application layers.

Jianping Kong: [Foreign language]

[Translator]: Thank you, operator and everyone for joining Nano Labs' H1 2026 conference call today. On our call today, I will provide an overview of our recent developments and our strategic initiatives going forward.

Speaker #3: 2026 年上半年随着 Web3 行业持续走向成熟、全球市值资产市场也在经历深刻的结构性演变。在这一背景下，我们愈发清晰地看到人工智能与 Web3 深度融合所带来的系统性机遇，不仅将有助于重塑区块链基础设施，也正在催生新的应用场景与商业模式。基于这一判断，Nano Labs 在今年上半年推出了新一代产品 Apollo Cloud PC A1 mini，并持续推进 OpenCloud 生态系统的建设，涵盖智能终端操作系统、硬件软件与应用层。

Speaker #1: In the first half of 2026, as the Web3 industry continues to mature, the global digital asset market underwent profound structural evolution. Against this backdrop, with increasingly recognized systematic opportunities arising from the deep integration of artificial intelligence and Web3, this convergence not only has the potential to reshape blockchain infrastructure but also to unlock new application scenarios and business models.

Jianping Kong: [Foreign language]

[Translator]: In H1 2026, as the Web3 industry continued to mature, the global digital asset market underwent profound structural evolution. Against this backdrop, we increasingly recognized the systematic opportunities arising from the deep integration of AI and Web3. This convergence not only has the potential to reshape blockchain infrastructure, but also to unlock new application scenarios and business models. Guided by this perspective, Nano Labs launched its next generation product, the iPollo ClawPC A1 Mini, during H1 and continued to advance the development of OpenClaw ecosystem, spanning smart devices, operating systems, hardware, software, and application layers.

Speaker #1: Guided by this perspective, Nano Labs launched its next-generation product, the Apollo Cloud PC A1 Mini, during the first half of the year, and continued to advance the development of the OpenCloud ecosystem, spanning smart devices, operating systems, hardware, software, and application layers.

Speaker #3: 公司持续落实数字资产战略储备，基于对数字资产市场及更广泛区块链生态系统的长期研判，管理层也将数字资产正式纳入公司资本配置框架，作为战略性组成部分，截至本周期报告发布之日，公司保持长期储备 70,000 枚 BNB。公司认为审慎且有纪律的数字资产配置策略不仅有助于增强资产负债表的稳健性，也将为生态合作提供更坚实的支撑，并为未来战略布局预留更大的灵活性。与此同时，为进一步提升股东价值并彰显管理层对公司发展长期发展的信心，我们将继续推进与 2025 年 10 月宣布的最高 2,500 万美元的股份回购计划，截至 2026 年 8 月 26 日共计完成 317 万美金的 Class A 普通股票回购，并将长期稳步推进，展望未来 Nano Labs 将持续深耕 AI、Web3 及下一代基础设施将会带来的机遇。通过持续技术创新、深化战略合作及生态系统的有序扩张，公司致力于进一步务实竞争优势，并为股东创造长期可持续价值。

Jianping Kong: 公司持续落实数字资产战略储备，基于对数字资产市场及更广泛区块链生态系统的长期研判，管理层将数字资产正式纳入公司资本配置框架，作为战略性组成部分。截止本中期报告发布之日，公司保持长期储备7万枚BNB。公司认为，审慎且有纪律的数字资产配置策略，不仅有助于增强资产负债表的稳定性，也将为生态合作提供更坚实的支撑，并为未来战略布局预留更大的灵活性。与此同时，为进一步提升股东价值，并彰显管理层对公司长期发展的信心，我们将继续推进于2025年10月宣布的最高2,500万美元的股份回购计划。截止2026年8月26号，共计完成317万美金的Class A普通股票回购，并将长期稳步推进。展望未来，Nano Labs将持续深耕AI、Web3及下一代基础设施交汇带来的机遇。通过持续技术创新、深化战略合作及生态系统的有序扩充，公司致力于进一步固化竞争优势，并为股东创造长期可持续价值。

Speaker #1: The company continues to employ its digital asset reserve strategy. Based on a long-term assessment of the digital asset market and the broader blockchain ecosystem, management has firmly incorporated digital assets into the company's capital allocation framework as a strategic component.

[Company Representative] (Nano Labs): The company continues to implement its digital asset reserve strategies based on a 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 interim report, the company held long term reserves of 128,000 BNB. The company believes that a prudent and disciplined approach to digital asset allocation will not only help strengthen its balance sheets, but also provide greater support for ecosystem collaboration and enhance flexibility for future strategic planning. 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 $25 million, originally announced in October 2025.

[Translator]: The company continues to implement its digital asset reserve strategies based on a 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 interim report, the company held long term reserves of 128,000 BNB. The company believes that a prudent and disciplined approach to digital asset allocation will not only help strengthen its balance sheets, but also provide greater support for ecosystem collaboration and enhance flexibility for future strategic planning. 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 $25 million, originally announced in October 2025.

Speaker #1: As of the date of this interim report, the company held a long-term reserve of 30,000 BNB. The company believes that a prudent and disciplined approach to digital asset allocation will not only help strengthen its balance sheet, but also provide greater support for ecosystem collaboration and enhance flexibility for future strategic planning.

Speaker #1: 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 $25 million, originally announced in October 2025.

Speaker #1: As of August 26, 2026, the company had completed the repurchase of Class A ordinary shares for a total consideration of $3.2 million and will continue to advance the program in a steady and disciplined manner over the long term.

[Company Representative] (Nano Labs): As of 26 August 2026, the company had completed repurchase of Class A ordinary shares for a total consideration $3.2 million and will continue to advance the program in a steady and disciplined manner over the long term. Looking forward, Nano Labs will continue to explore opportunities arising 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 technological capabilities, expand its strategic footprint, and create sustainable long term value for shareholders.

[Translator]: As of 26 August 2026, the company had completed repurchase of Class A ordinary shares for a total consideration $3.2 million and will continue to advance the program in a steady and disciplined manner over the long term. Looking forward, Nano Labs will continue to explore opportunities arising 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 technological capabilities, expand its strategic footprint, and create sustainable long term value for shareholders.

Speaker #1: Looking forward, Nano Labs will continue to explore opportunities arising from the convergence of AI, Web3, and next-generation computing infrastructure. Through continuous technological innovation, deeper strategic partnerships, and ecosystem development, the company aims to strengthen its technological capabilities, expand its strategic footprint, and create sustainable, long-term value for shareholders.

Speaker #3: 感谢各位一直以来对本公司的信任和支持。接下来我将把电话转给我们的首席财务官陈斌先生，有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。

Jianping Kong: 感谢各位一直以来对本公司的信任和支持。接下来我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。

Speaker #1: Thank you for your support and trust. Next, I will turn the call over to our Chief Financial Officer, Ms. Chen, for a closer review of our financial results.

[Company Representative] (Nano Labs): Thank you for your support and trust. Next, I will turn the call over to our Chief Financial Officer, Mr. Bing Chen, for a closer review of our financial results. Mr. Bing Chen, please go ahead.

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

Speaker #1: Ms. Chen, please go ahead.

Speaker #3: 感谢孔俊霆先生。大家早上好。我想代表管理团队主要介绍 2026 年上半财年的财务表现。2026 年上半财年，公司净收益为人民币 278 万元（约合 40 万美元），去年同期为 828 万元。净收益下降主要由于 Apollo VC 产品销量减少。2026 年上半财年，公司毛亏损为人民币 585 万元（约合 86 万美元），去年同期为毛亏损人民币 1,071 万元。2026 年上半财年，公司营业成本为人民币 8,363 万元（约合 126 万美元），而去年同期为人民币 1,899 万元，主要原因是销量的减少。

Bing Chen: 感谢孔庆君先生。大家早上好，我将代表管理团队，简要介绍2026年上半财年的财务表现。2026年上半财年，公司净收益为人民币278万元，或40万美元，去年同期为828万元。净收益下降主要由于iPollo V系列产品销量减少。2026年上半财年毛亏损为人民币585万元，或86万美元，去年同期为毛亏损人民币1,071万元。2026年上半财年，公司的营业成本为人民币863万元或126万美元，2025年同期为人民币1,899万元，主要原因是销量的减少。

Speaker #1: 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.

[Company Representative] (Nano Labs): Thank you, Mr. Bing Chen. Good morning, everyone. On behalf of the management team, I will provide a brief financial overview of the H1 of 2026. In the H1 of 2026, our net revenue was RMB 2.8 million, USD 0.4 million, compared to RMB 8.3 million in the same period last year. This decrease in net revenue was primarily due to the drop of sales volume of iPollo V series. We recorded a gross loss of RMB 5.8 million, USD 0.9 million for the H1 of 2026, compared to RMB 10.7 million in the same period of 2025. Cost of revenue for the H1 of fiscal year 2026 is RMB 8.6 million, USD 1.3 million, compared to RMB 19 million in the same period of 2025. The decline was mainly due to the decrease in sales volume.

[Translator]: Thank you, Mr. Bing Chen. Good morning, everyone. On behalf of the management team, I will provide a brief financial overview of the H1 of 2026. In the H1 of 2026, our net revenue was RMB 2.8 million, USD 0.4 million, compared to RMB 8.3 million in the same period last year. This decrease in net revenue was primarily due to the drop of sales volume of iPollo V series. We recorded a gross loss of RMB 5.8 million, USD 0.9 million for the H1 of 2026, compared to RMB 10.7 million in the same period of 2025. Cost of revenue for the H1 of fiscal year 2026 is RMB 8.6 million, USD 1.3 million, compared to RMB 19 million in the same period of 2025. The decline was mainly due to the decrease in sales volume.

Speaker #1: In the first half of 2026, our net value was RMB 2.8 million (USD 0.4 million), compared to RMB 8.3 million in the same period last year.

Speaker #1: This decrease in net value was primarily due to the drop in sales volume of the Apollo V series, which recorded a gross loss of RMB 5.8 million (USD 0.9 million) for the first half of 2026, compared to RMB 10.7 million in the same period after 2025.

Speaker #1: Cost of revenue for the first half of fiscal year 2026 was RMB 8.6 million (USD 1.3 million), compared to RMB 19 million in the same period after 2025.

Speaker #1: The decline was primarily due to the decrease in sales volume.

Speaker #3: 2026 年上半财年的总营业支出为人民币 2.9 亿元，或 4,197 万美元。2025 年同期营收为人民币 2,129 万元。2026 年上半财年，公司的销售费用较 2025 年同期的人民币 262 万元增长了 17%，至人民币 306 万元，或 45 万美元，主要原因是市场拓展力度的加大。

Bing Chen: 2026年上半财年的总营业支出为人民币2.9亿元，或4,197万美元。2025年同期营业收入为人民币2,129万元。2026年上半年，公司的销售费用较2025年同期的人民币262万元增长了17%，至人民币306万元或45万美元。主要原因是销售市场拓展力度的加大。

Speaker #1: Total operating expenses for the first half of fiscal year 2026 were RMB 285.8 million, or $42 million, compared to total operating income of RMB 21.3 million for the same period of 2025.

[Company Representative] (Nano Labs): Total operating expenses for the H1 of fiscal year 2026 were RMB 285.8 million, USD 42 million, compared to the total operating income of RMB 21.3 million for the same period of 2025. Selling and marketing expenses increased by 17% to RMB 3.1 million, USD 0.4 million, from RMB 2.6 million for the same period of 2025. This increase was mainly due to the increase in sales marketing expansion.

[Translator]: Total operating expenses for the H1 of fiscal year 2026 were RMB 285.8 million, USD 42 million, compared to the total operating income of RMB 21.3 million for the same period of 2025. Selling and marketing expenses increased by 17% to RMB 3.1 million, USD 0.4 million, from RMB 2.6 million for the same period of 2025. This increase was mainly due to the increase in sales marketing expansion.

Speaker #1: Selling and marketing expenses increased by 17% to RMB 3.1 million (USD 0.4 million), from RMB 2.6 million for the same period of 2025. This increase was mainly due to the expansion in sales and marketing activities.

Speaker #3: 2026 年上半财年，管理费用较 2025 年同期的人民币 2,154 万元增加了 29.5%，使人民币 2,9790 万元或 410 万美元。管理费用增加主要是由于专业服务费和不动产相关税收税费的增加。

Bing Chen: 2026年上半财年管理费用较2025年同期的人民币2154万元增加了29.5%，至人民币2790万元或410万美元。管理费用增加主要是由于专业服务费和不动产相关税费的增加。

Speaker #1: General and administrative expenses increased by 29.5% to RMB 27.9 million, or USD 4.1 million, for the first half of 2026. For the same period of 2025, these expenses were RMB 21.5 million. The increase in general and administrative expenses was primarily due to higher professional fees and real estate-related taxes.

[Company Representative] (Nano Labs): General and administrative expenses increased by 29.5% to RMB 27.9 million, USD 4.1 million for the H1 of 2026, from RMB 21.5 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.

[Translator]: General and administrative expenses increased by 29.5% to RMB 27.9 million, USD 4.1 million for the H1 of 2026, from RMB 21.5 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.

Speaker #3: 研发费用较 2025 年上半财年的人民币 316 万元增长了 39.8%，至 2026 年同期的人民币 442 万元，或 65 万美元。研发费用的增加主要原因是系统研发服务费的增加。

Bing Chen: 研发费用较2025年上半财年的人民币316万元增长了39.8%，至2026年同期的人民币442万元或65万美元。研发费用的增加主要原因是系统研发服务费的增加。

Speaker #1: Research and development expenses increased by 39.8% to RMB 4.4 million, or USD 0.6 million, for the first half of 2026. Compared with RMB 3.2 million for the same period of 2025, the increase in research and development expenses was primarily due to higher service fees for system development.

[Company Representative] (Nano Labs): Research and development expenses increased by 39.8% to RMB4.4 million, $0.6 million for H1 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.

[Translator]: Research and development expenses increased by 39.8% to RMB4.4 million, $0.6 million for H1 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.

Speaker #3: 2026 年上半财年，加密货币公允价值变动产生的亏损为人民币 2.5 亿元或 3,677 万美元。2025 年同期公允价值变动收益为人民币 4,861 万元，加密货币的公允价值损失的增加主要原因是 2026 年上半年 BNB 价格的下跌。

Bing Chen: 2026年上半财年，加密货币公允价值变动产生的亏损为人民币2.5亿元或3,677万美元。2025年同期公允价值变动收益为人民币4,861万元。加密货币的公允价值损失的增加主要原因是2026年上半年BNB价格的下跌。

[Company Representative] (Nano Labs): Change in fair value of cryptocurrencies was a loss of RMB250.5 million, $36.8 million for H1 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 H1 2026.

[Translator]: Change in fair value of cryptocurrencies was a loss of RMB250.5 million, $36.8 million for H1 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 H1 2026.

Speaker #1: Change in fair value of cryptocurrencies was a loss of RMB 250.5 million (USD 36.8 million) for the first half of 2026, compared to a gain of RMB 48.6 million for the same period of 2025.

Speaker #1: The increase in loss from the change in fair value of cryptocurrencies was primarily due to the decrease in BNB price during the first half of 2026.

Speaker #3: 2026 年上半财年，营业亏损为人民币 2.9 亿元或 4,283 万美元。2025 年同期营业利润为人民币 1,058 万元。2026 年上半财年的其他支出为人民币 1,831 万元或 269 万美元。2025 年同期为 0，这一变动的主要归因于 2026 年上半年短期投资公允价值变动产生的亏损。2026 年上半财年，净亏损为人民币 3.2 亿元或 4,650 万美元。2025 年同期亏损为人民币 1,178 万元。2026 年上半财年普通基本和稀释后的每股亏损为人民币 13.65 元或 2 美元。2025 年同期普通股稀释后的每股亏损为人民币 0.43 元，截至 2026 年 6 月 30 日，公司现金等价物为人民币 896 万元或 132 万美元，截至 2026 年 25 年 12 月 31 日，该数字为人民币 850 万元。

Bing Chen: 2026年上半财年营业亏损为人民币2.9亿元或4,283万美元。2025年同期营业利润为人民币1,058万元。2026年上半财年的其他支出为人民币1,831万元或269万美元，2025年同期为0。这些变动主要归因于2026年上半年短期投资公允价值变动产生的亏损。2026年上半财年净亏损为人民币3.2亿元或4,650万美元，2025年同期亏损为人民币1,178万元。2026年上半财年普通股基本和稀释后的每股亏损为人民币13.65元或2美元。2025年同期普通股稀释后的每股亏损为人民币0.43元。截至2026年6月30日，公司现金及现金等价物为人民币896万元或132万美元。截至2025年12月31日，该数值为人民币850万元。

[Company Representative] (Nano Labs): Loss from operations was RMB91.7 million, $42.8 million for H1 2026, compared to a profit of RMB10.6 million in the same period of 2025. Other expenses was RMB18.3 million, $2.7 million for H1 2026, compared to nil for the same period of 2025. The change was mainly due to the loss from change in fair value of short-term investments during H1 2026. Net loss was RMB316.7 million, $46.5 million for H1 2026, compared to RMB11.8 million in the same period of 2025. Basic and diluted loss per share was RMB13.65, $2 for H1 2026, compared with basic and diluted loss per share of RMB0.43 for the same period of 2025.

[Translator]: Loss from operations was RMB91.7 million, $42.8 million for H1 2026, compared to a profit of RMB10.6 million in the same period of 2025. Other expenses was RMB18.3 million, $2.7 million for H1 2026, compared to nil for the same period of 2025. The change was mainly due to the loss from change in fair value of short-term investments during H1 2026. Net loss was RMB316.7 million, $46.5 million for H1 2026, compared to RMB11.8 million in the same period of 2025. Basic and diluted loss per share was RMB13.65, $2 for H1 2026, compared with basic and diluted loss per share of RMB0.43 for the same period of 2025.

Speaker #1: Loss from operations was RMB 281.7 million, or $42.8 million, for the first half of 2026, compared to a profit of RMB 10.6 million in the same period of 2025.

Speaker #1: Other expenses were RMB 18.3 million (US$2.6 million) for the first half of 2026, compared to the same period in 2025. The change was mainly due to the loss from the change in fair value of short-term investments during the first half of 2026.

Speaker #1: Net loss was RMB 316.7 million, or $46.5 million, for the first half of 2026, compared to RMB 11.8 million in the same period of 2025.

Speaker #1: Basic and diluted loss per share was RMB 13.65, or USD 2.00, for the first half of 2026, compared with basic and diluted loss per share of RMB 0.43 for the same period of 2025.

Speaker #1: As of June 30, 2026, the company had cash and cash equivalents of RMB 9.0 million and USD 1.3 million, compared to RMB 8.5 million as of December 31, 2025.

[Company Representative] (Nano Labs): As of 30 June 2026, the company had cash and cash equivalents of RMB9.0 million, $1.3 million, compared to RMB8.5 million as of 31 December 2025.

[Translator]: As of 30 June 2026, the company had cash and cash equivalents of RMB9.0 million, $1.3 million, compared to RMB8.5 million as of 31 December 2025.

Speaker #3: 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。

Jianping Kong: 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 #1: Please remain confident in our basic business strategy and ability to execute. We will continue to leverage the strengths of our technology to capture development opportunities.

[Company Representative] (Nano Labs): 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. Now, I would like to turn the call over to the operator for question and answer session.

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

Speaker #1: Drive long-term growth and create additional value for our shareholders. Now I would like to turn the call over to the operator for the question and answer session.

Speaker #2: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2.

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 the handset to ask your question. Your first question comes from Nuria Rábano. 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 the handset to ask your question. Your first question comes from Nuria Rábano. Please go ahead.

Speaker #2: If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Irena Robano. Please go ahead.

Speaker #4: Hi, good morning. Thank you for taking my question. My question is, why has the company chosen to focus on AI-related business this year?

Nuria Rábano: Hi, good morning. Thank you for taking my question. My question is, why has the company chosen to focus on AI-related business this year?

[Analyst 1]: Hi, good morning. Thank you for taking my question. My question is, why has the company chosen to focus on AI-related business this year?

Speaker #1: 第一个问题是问孔总的，请问公司为什么选择在今年重点布局AI相关的业务？

[Company Representative] (Nano Labs): 第一个问题是问孔总的，请问公司为什么选择在今年重点布局AI相关的业务？

[Translator]: 第一个问题是问孔总的，请问公司为什么选择在今年重点布局AI相关的业务？

Speaker #3: 公司布局AI业务是基于行业发展趋势、企业长期战略发展、综合决策，而公司深耕外部商业区块链领域多年，具备成熟的硬件开发生态搭建和产品运营能力。2026年上半年行业已经迈入AI与外部商业技术融合的全新发展周期，故公司决定在今年重点布局AI相关业务。目前已落地Apollo Cloud PC AI Mini，不仅支撑Open Cloud AI Agent的系统，同时覆盖了游戏、娱乐、专业创作、智能办公等多元场景。未来公司还将持续完善Open Cloud软硬件配套体系，将进一步扩大业务板块。

Jianping Kong: 公司布局AI业务是基于行业发展趋势和企业长期战略发展的综合决策。公司深耕Web3和区块链领域多年，具备成熟的硬件开发、生态搭建和产品运营能力。2026年上半年，行业已经迈入AI与Web3技术融合的全新发展周期，故而公司决定在今年重点布局AI相关业务。目前已落地iPollo ClawPC A1 Mini，不仅支撑OpenClaw AI系统的系统，同时覆盖了游戏、娱乐、专业创作和智能办公等多元场景。未来公司还将持续完善OpenClaw软硬件配套体系，将进一步扩大业务板块。

Speaker #1: Our expansion into AI is the result of a long-term strategic evaluation. Rather than a short-term market spend, over the years we have built solid capabilities in blockchain infrastructure, hardware development, ecosystem construction, and product operations.

[Company Representative] (Nano Labs): 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 converge, we see significant opportunities to leverage this strength to develop next-generation intelligent products. The launch of the iPollo ClawPC A1 Mini represents the first step in this strategy. Beyond supporting the OpenClaw 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 OpenClaw ecosystem to support broader AI adoption.

[Translator]: 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 converge, we see significant opportunities to leverage this strength to develop next-generation intelligent products. The launch of the iPollo ClawPC A1 Mini represents the first step in this strategy. Beyond supporting the OpenClaw 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 OpenClaw ecosystem to support broader AI adoption.

Speaker #1: As AI and Web3 increasingly converge, we see significant opportunities to leverage this strength to develop next-generation intelligent products. The launch of the Apollo Cloud PC A1 Mini represents the first step in this strategy.

Speaker #1: Beyond supporting the Open Cloud AI Agent system, the product is designed for practical application across entertainment, content creation, and office productivity. Going forward, we will continue expanding both the hardware and software components of the Open Cloud ecosystem to support broader AI adoption.

Speaker #4: Great, great. Thank you.

Nuria Rábano: Great. Thank you.

[Analyst 1]: Great. Thank you.

Speaker #2: Your next question comes from Alfred Wu.

Operator 2: Your next question comes from Alfred Wu.

Operator: Your next question comes from Alfred Wu.

Speaker #5: Hello, and my question is: What are the company's future plans for its digital assets reserves? Thank you.

Alfred Wu: Hello. My question is, what are the company's future plans for its digital asset reserves? Thank you.

[Analyst 2]: Hello. My question is, what are the company's future plans for its digital asset reserves? Thank you.

Speaker #4: Okay, thank you.

[Company Representative] (Nano Labs): 好的，谢谢。第二个问题问孔总，公司未来的数字货币储备计划是什么？

[Translator]: 好的，谢谢。第二个问题问孔总，公司未来的数字货币储备计划是什么？

Speaker #1: 第二个问题问孔总，公司未来的数字货币储备计划是什么？

Speaker #3: 数字货币储备一直是公司既定的长期战略布局。现阶段公司将濒危作为核心数字资产战略储备，未来公司将根据市场变化和行情发展，在合适的时机稳步增持BNB，进一步扩大核心战略资产的储备优势。同时公司也会持续关注全球数字资产发展情况，适度优化资产组合，提升整体资产配置的稳健性与抗风险能力。

Jianping Kong: 数字货币储备一直是公司既定的长期战略布局。现阶段，公司将BNB作为核心数字资产战略储备，未来公司将根据市场变化和行情发展，在合适的时机稳步增持BNB，进一步扩大核心战略资产的储备优势。同时，公司也会持续关注全球数字资产发展情况，适度优化资产组合，提升整体资产配置的稳健性与抗风险能力。

Speaker #1: Digital assets have become an integral part of our long-term corporate strategy. We have designated BNB as our core strategic reserve asset, based on our assessment of its ecosystem potential and long-term value.

[Company Representative] (Nano Labs): Digital assets have become an integral part of our long-term corporate strategy. We have identified BNB as 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 investment. 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.

[Translator]: Digital assets have become an integral part of our long-term corporate strategy. We have identified BNB as 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 investment. 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.

Speaker #1: 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.

Speaker #5: Okay, thank you.

Alfred Wu: Okay, thank you.

[Analyst 2]: Okay, thank you.

Speaker #2: Your next question comes from Olivia Bennett.

Operator 2: Your next question comes from Olivia Bennett.

Operator: Your next question comes from Olivia Bennett.

Speaker #6: Hi, how are you? My question is, what is the company's long-term business development strategy? Thank you.

Olivia Bennett: Hi, how are you? My question is, what is the company's long-term business development strategy? Thank you.

[Analyst 3]: Hi, how are you? My question is, what is the company's long-term business development strategy? Thank you.

Speaker #1: 第三个问题问孔总，请问公司长远的业务发展规划？

[Company Representative] (Nano Labs): 第三个问题问孔总，请问公司长远的业务发展规划。

[Translator]: 第三个问题问孔总，请问公司长远的业务发展规划。

Speaker #3: 公司整体中长期的战略规划还是比较清晰的，以数字资产储备为基石，以AI加Web3技术融合为核心增长点。一方面持续推进以BNB为核心的数字资产战略储备，不断优化数字资产配置，保证整体资产结构稳健。另一方面依托AI加Web3前沿技术，推动业务增长。公司将以落地的Apollo Cloud PC AI Mini作为切入点，持续完善Open Cloud软硬件配套体系，打造全新的业务模式。

Jianping Kong: 公司整体中长期的战略规划还是比较清晰的，以数字资产储备为基石，以AI加Web3技术融合为核心增长点。一方面，持续推进以BNB为核心的数字资产战略储备，不断优化数字资产配置，保证整体资产结构稳健。另一方面，依托AI加Web3前沿技术推动业务增长。公司将以iPollo ClawPC A1 Mini作为切入点，持续完善OpenClaw软硬件配套体系，打造全新的业务模式。

Speaker #1: Our long-term strategy is built on two complementary pillars. The first is maintaining a distinct digital asset reserve strategy, with BNB serving as the core strategic asset to support financial stability and long-term ecosystem development.

[Company Representative] (Nano Labs): 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 OpenClaw ecosystem by introducing additional products, strengthening our software platform, and exploring new commercial applications and business models. Together, these initiatives are intended to create a differentiated technology platform capable of supporting our future growth. That's all.

[Translator]: 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 OpenClaw ecosystem by introducing additional products, strengthening our software platform, and exploring new commercial applications and business models. Together, these initiatives are intended to create a differentiated technology platform capable of supporting our future growth. That's all.

Speaker #1: The second is driving sustainable business growth through the integration of AI and Web3 technologies. Leveraging the already deployed Apollo Cloud PC 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.

Speaker #1: Together, this initiative is intended to create a differentiated technology platform capable of supporting our future.

Speaker #2: Your next question, thank you, comes from Hannah Winslow.

Operator 2: Your next question. Thank you. Comes from Hannah Winslow.

Operator: Your next question. Thank you. Comes from Hannah Winslow.

Speaker #4: Okay. Good morning. Thank you so much for the presentation. My question is: What are the company's expectations for its operating performance in the second half of 2026?

Hannah Winslow: Okay. Good morning. Thank you so much for the presentation. My question is, what are the company's expectations for its operating performance in the H2 2026?

[Analyst 4]: Okay. Good morning. Thank you so much for the presentation. My question is, what are the company's expectations for its operating performance in the H2 2026?

Speaker #1: 这个是陈总的。公司对于2026年下半年业绩和股价表现有怎样的预期？

[Company Representative] (Nano Labs): 这是陈总的。公司对于2026年下半年业绩和股价表现有怎样的预期？

[Translator]: 这是陈总的。公司对于2026年下半年业绩和股价表现有怎样的预期？

Speaker #3: 下半年整体经营将围绕数字资产配置和新一代产品业务开展，展开。这两方面的规划孔总已经做了解答。我不再赘述。除此以外，我将向各位投资人同步目前公司的回购进度。公司于2025年12月开启的股票回购计划，其次2026年6月3日、6月30日公司已经共计回购股票11117401股，回购计划未来还将继续。管理层在未来公司长期发展保持积极态度。公司也会持续扎实地推进各项主营业务的落地，切实保障股东们的长期核心权益。

Bing Chen: 下半年整体经营将围绕数字资产配置和新的产品业务开展展开。这两方面的规划，孔总已经做了解答，我不再赘述。除此以外，我将向各位投资人同步目前公司的回购进度。公司于2025年12月开启的股票回购计划，截至2026年6月30日，公司已共计回购股票1,117,401股，回购计划未来还将继续。管理层对未来公司长期发展保持积极态度，公司也会持续扎实地推进各项主营业务的落地，切实保障股东们的长期核心权益。

Speaker #1: In the second half of 2026, we will remain focused on executing our strategic priorities, including advancing our digital assets initiatives and expanding our next-generation AI product ecosystem, as Mr. Kong has already discussed this initiative in detail.

[Company Representative] (Nano Labs): In the H2 2026, we will remain focused on executing our strategy of priorities, 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 30 June 2026, we had repurchased an aggregate of 1,117,401 shares, and we intend to continue executing the program in accordance with its terms under prevailing market conditions. We believe the repurchase program reflects management's confidence in the company's long-term prospect. Going forward, we will continue strengthening our operating foundation, executing our strategy initiatives with discipline, and creating sustainable value for our shareholders.

[Translator]: In the H2 2026, we will remain focused on executing our strategy of priorities, 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 30 June 2026, we had repurchased an aggregate of 1,117,401 shares, and we intend to continue executing the program in accordance with its terms under prevailing market conditions. We believe the repurchase program reflects management's confidence in the company's long-term prospect. Going forward, we will continue strengthening our operating foundation, executing our strategy initiatives with discipline, and creating sustainable value for our shareholders.

Speaker #1: 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 terms and prevailing market conditions.

Speaker #1: 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 and executing our strategic initiatives, with discipline, and creating sustainable value for our shareholders.

Speaker #4: Thank you.

Hannah Winslow: Thank you.

[Analyst 4]: Thank you.

Speaker #2: That does conclude our question-and-answer session. I'll now hand it back for closing remarks.

Operator 2: That does conclude our question and answer session. I will now hand back for closing remarks.

Operator: That does conclude our question and answer session. I will now hand back for closing remarks.

Speaker #3: 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。And Ethan，nano.cn 或联系我们的顾问公司，通过邮箱 invest@assist.ai.com。管理层将尽快回复您的问题。我们非常感谢您对 Nano Labs 的兴趣与支持。期待下次与各位再次交谈。

Bing Chen: 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，或联系我们的顾问IR公司，通过邮箱investors@ascent-ir.com。管理层将尽快答复你的问题。我们非常感谢您对Nano Labs的兴趣与支持，期待再次与各位交谈。

Speaker #1: Thank you very much for joining the conference call. If you have any questions, please contact us by email at ir@nano.cn or reach our IR counsel at investorrelations@tina.co.

[Company Representative] (Nano Labs): Thank you very much for joining the conference call. If you have any questions, please contact us through email at ir@nano.cn or research our IR counsel, Ascent Investor Relations, at tina.xiao@essence-ir.com. Management will respond to your question as soon as possible. We appreciate your interest and support in Nano Labs and look forward to speaking with you again next time.

[Translator]: Thank you very much for joining the conference call. If you have any questions, please contact us through email at ir@nano.cn or research our IR counsel, Ascent Investor Relations, at tina.xiao@essence-ir.com. Management will respond to your question 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: Management will respond to your question as soon as possible. We appreciate your interest and support in Nano Labs, and we look forward to speaking with you again next time.

Speaker #2: 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.

Operator 2: Thank you for attending Nano Labs' H1 2026 earnings conference call. This concludes our call today, and we thank you all for listening. Goodbye.

Operator: Thank you for attending Nano Labs' H1 2026 earnings conference call. This concludes our call today, and we thank you all for listening. Goodbye.

Speaker #2: Goodbye.

Bing Chen: Goodbye.