Thank you. I would now like to turn the conference over to Alice Zhang with The Equity Group. You may begin. Thank you, operator. Good evening to everyone. Welcome to Intchains Fourth Quarter and Full Year 2025 Earnings Conference Call. Please be advised that the discussions on today's call will include forward-looking statements. These statements involve known and unknown risks and uncertainties, and are based on the company's current expectations and projections regarding future events that may impact its financial condition, operating results, and strategic direction. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors should review other factors that may affect its future results in the company's registration statement and other filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as required by law. Please note that in today's call, we'll discuss certain non-GAAP financial measures. Please also refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in the earnings press release. The presentation and webcast replay of this conference call will be available on the Intchains website at www.ir.intchains.com. It is my pleasure to introduce Intchains CFO, Mr. Charles Yan, who will provide an overview of full year 2025 financial results, recent operational achievements, and the company's long-term growth strategies before opening the floor for questions. Charles, please go ahead. Thank you, Alice, and welcome everyone. Intchains engage in the design and development of altcoin mining machines, ETH accumulation and yield generating strategies, as well as the delivery of Web3 infrastructure services. Starting December 2025, following the completion of acquisition and launch of our Goldshell Stake platform, we also provide cryptocurrency staking services for individual and institutional crypto investors. Altcoin mining hardware and Ethereum accumulation and staking activities are the core pillars of our businesses, and with sales of our mining machine being the primary source of our revenues. As discussed in the past, we operate in an industry heavily influenced by cyclical volatility, and this has impacted net revenue for full year, 2025. Despite short-term market volatility, our ability to continuously and promptly deliver state-of-the-art mining products showcases our business agility, supported by a long-term commitment in R&D. 2025 was highlighted by launch of series of mining products, including Aleo, Dogecoin, and XTM miners. In Q1, we introduced our first Aleo mining series to the market in response to the rapid growth of the Aleo crypto demand. The launch achieved a strong customer adoption and contributed to substantially increased revenues in the first quarter. During the year, we also launched our groundbreaking Goldshell Byte Dual Miner, an innovative solution that allows our customers to maximize mining returns by switching seamlessly between algorithm cards according to market conditions. This new machine has generated significant market interest and a lot supports mining, more support mining across six different cryptocurrencies using our proprietary algorithm cards. Throughout 2025, these products experienced rapid iterations, with multiple additional product models re-released for Aleo and Dogecoin miners. Late in this year, we introduced the XTM miners, another high-performing miner series, which accounted for a significant portion of our Q4 net revenues. Together, these product launches have reinforced our market competency, reflecting Intchains capabilities to seizing early market share in the innovative altcoin projects with the top-tier next-generation miners. During the year, we also continued to explore ways to evaluate to elevate our ETH accumulation, holding, and staking strategies. On the ETH accumulation side, we continued executing a disciplined and self-funded ETH purchase strategy, always mindful on, always mindful of prevailing market conditions and the price, more so during the second half of the year. 2025 was characterized by significant swings in ETH pricing, driven by macroeconomic uncertainty, shifting liquidity conditions, and the evolving institutional participation in digital assets. ETH experienced periods of sharp upward momentum, followed by notable corrections, creating a volatile but opportunity-rich environment. During a year full of volatility in ETH and overall crypto market, we adopted a more mindful approach in accumulating ETH, and took a conservative and strategic capital allocation approach in the second half of 2025. That said, our long-term conviction in Ethereum ecosystem hasn't changed, and ETH remains the core digital asset in our crypto treasury strategy. As of December 31, 2025, we held a total of 8,826 ETH, increasing from 5,702 a year ago, growing this position by 56%. The same volatility continued in 2026, with ETH trading within a broad range as macro and crypto sentiment fluctuated. In February, ETH stabilized in a range that highlighted opportunistic entry points for long-term accumulation. As a result, we are pleased to announce that by February 23, 2026, we hit another significant milestone of our ETH accumulation strategy, with over 9,000 units of ETH and remain one of the top players of ETH treasury holders. Moving into the staking aspect of ETH holding, in 2025, we expanded our digital asset treasury, digital asset strategy, by partnering with FalconX to support ETH staking activities. Through FalconX institutional-grade platform, we are able to securely stake a portion of our ETH holding, generating yields while maintaining operational flexibility and strong risk controls. Furthermore, in December 2025, we acquired a Proof-of-Stake platform and launched Goldshell Stake Platform, which operates as an independent POS service platform under the Goldshell brand. As part of Intchains' comprehensive Web3 infrastructure offering, we now provide cryptocurrency stake services for individual and institutional investors. Converting ETH, our launch Manta and Conflux, and expect to expand this line of business to broader international market, leveraging Goldshell's existing customer base and market presence. I will provide additional details on staking strategy for 2026 shortly. Turning to a summary of our full year 2025 financial performance as compared to full year 2024. FY 2025 revenue of RMB 220.9 million, or $31.6 million, decreased by 21.6% due to cyclical fluctuations in the market and soft demand for our products in this period. whereby our Aleo mining machine series contributed to increased revenues in the first 6 months in 2025, and overall demand for our products become softer during the second half. FY 2025 costs, cost of revenue was RMB 204.9 million, or $29.3 million, an increase of 56.1%, impacted by impairment charges. Impairment charges recorded against excess mining machines inventory for certain altcoin mining machines during the period. FY 2025 total operating expenses were RMB 120.6 million, or $17.3 million, decreased by 18.7%, primarily as a result of lower sales and RMB expenses, and primarily due to the reduced expenses related to the preliminary research costs conducted for new altcoin mining projects. As a result of lower revenues and gross margins, FY 2025 loss for operating was RMB 104.7 million, or $50 million, compared to the income from operations of RMB 2.9 million. FY 2025 interest income was RMB 11 million, or $1.6 million, decreased from FY 2024, mainly due to cash used to acquire ETH-based cryptocurrency. For the full year period, we recorded a gain in fair value of cryptocurrency of RMB 4.8 million, or $0.7 million, primarily a result of increased ETH holdings or ETH holdings by 3,170 units since the beginning of the year, partially offset by an approximately decrease of 12.6% in ETH price during the period. Net loss for FY 2025 was RMB 52 million or $7.4 million, compared to a net income of 51.5 million RMB in FY 2024. We continue to maintain a strong balance sheet. As of December 31, 2025, our cash position, which consisted of cash and cash equivalence, deposits, and government securities listed in long-term investment and short-term investments, was $67.8 million. We had current assets of $83.2 million, total assets of $145.2 million, and total liability of just $6.2 million. I would now like to provide an update to sales of our Altcoin mining machines in Mainland China before discussing our 2026 strategies and business focus. On February 6, Notice on Further Preventing and Handling Risks Related to Virtual Currencies was issued, prohibiting the provision of services such as sale of mining machines within Mainland China by mining machine production enterprises. In response to the notice and to ensure full compliance, we are enhancing internal control policies and undertaking rectification measures. I would like to note that although our primary sales markets have consisted of overseas end users as well as domestic channel partners within China, the company's business model is designed to serve a global customer base, and our channel partners' purchase are primarily for export purpose. As detailed in our earning release, management does not expect the notice to have a material adverse impact on company's business, financial condition, or results of operations. Moving on to our 2026 business strategies. For 2026 and beyond, our growth is centralized on continued investment in R&D, on the development and sale of our Goldshell mining machines, and our ETH accumulation and staking activities. Supplemented with cost optimization to improve overall financial performance. In first half of 2026, we remain focused on generating revenues from the sale of our existing mining machine series that were launched in 2025, including Aleo, Dogecoin, XTM, and. Excuse me, ladies and gentlemen, please continue to stand by. Your conference will resume momentarily. Thank you. Excuse me, ladies and gentlemen, your conference will now resume. Charles, please go ahead. Hi. Sorry, everyone. Let's continue for our earnings conference call. 2026 is expected to be a year of margin improvements due to steps we took to implement cost management and initiatives, including workforce reduction and workforce and organizational restructuring, aiming to enhance efficiency, optimize headcount, and operate with leaner corporate level corporate model. We believe these initiatives will enable us to force resources on core R&D efforts to maintain a leading position in altcoin mining product industry, driving further margin expansion for FY 2026 and beyond. Parallel to our altcoin hardware business, we are well-equipped to enhance our ETH accumulation and the treasury holding strategy. In 2026, Intchains participates continuing a prudent approach in ETH purchasing by pursuing selective, value-driven purchases when market conditions are favorable, to gradually expand ETH treasury holding over time. As of December 31, 2025, the fair value of our cryptocurrency assets other than stablecoins such as USDC and USDT, was RMB 87.6 million, or $26.8 million, yeah, which includes approximately 8,826 ETH-based cryptocurrencies, valued at RMB 186.7 million. In 2026, Intchains continued to accumulate ETH, and as of February 23, 2026, total ETH held reached over 9,070 units. As part of our efforts to generate incremental returns from idle assets, we plan to continue our dual platform staking approach using FalconX to stake ETH we have accumulated in our Goldshell Stake platform to stake our third-party ETH. Staking on two platforms allows diversification, and we expect this practice of combination to maximize returns as we build our strategic ETH reserve and also from third-party staking. As an update, as of February 23, 2026, we have a total of 2,600 units of ETH or 28.7% of our total ETH treasury holding currently staked, with 1,000 units or 11% staked on FalconX and 1,600 units or 18% staked on our Goldshell Stake platform. Additionally, Goldshell Stake currently stake 1,359 units of ETH currently owned by crypto investors. We remain optimistic about these initiatives, and we are implementing combining sale of new and existing altcoin mining machines and a solid ETH accumulation, holding and staking strategy. Along with cost-saving method we are undertaking to drive solid top-line results and improve operation margins in 2026. As a Web3 infrastructure provider, we have a market-leading altcoin hardware business and integrated hardware and software service portfolio, such as Goldshell Wallet and Goldshell Stake, and a prudent long-term ETH strategy, with staking service serving as a second growth engine beyond our mining machine business. We have expanded into the blockchain infrastructure service sector, so we are looking to further generate synergies across our business lines, capture and act on additional opportunities as we emerge. With that, operator, please open it up for questions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Once again, that would be star one to ask a question. Your first question comes from the line of Matthew Galinko with Maxim Group. Please go ahead. Hi, thank you for taking my questions. I think you've covered this in the prepared remarks, but just to clarify, do you expect to launch new mining products in the second half of 2026 at this point? Yes. We are targeting new altcoin mining machine in the second half. It's also subject to market conditions and our R&D progress. Currently, we have multiple coins project is under R&D process. Thank you. Got it. Thank you. On the Goldshell Stake, I think you mentioned you have about 1,400 units of ETH staked by, you know, third-party investors. Did that come over with the acquisition, or are those new users for the platform since you rebranded it? I think it's both. Yeah. The staked ETH is about, uh... This, we cannot, uh, after the acquisition, uh, it have, uh, amount growth in the ETH units. So, it's both and the half are prior to the acquisition and another half are post-acquisition. Thank you. Thank you. Okay, I'll jump back in the queue. Thank you. Once again, if you would like to ask a question, simply press star one on your telephone keypad. Again, please press star one to ask a question. We have no further questions at this time. I would like to hand it back to Charles Yan for closing remarks. Yeah. Thanks again to all of you for joining us. We are always open to a dialogue with investors. Please feel free to reach out to us or our Investor Relation firms, The Equity Group, for any additional questions. We look forward to speaking with you or again on our next quarterly call. Thank you. Thank you. Ladies and gentlemen, this now concludes today's conference call. Thank you all for joining. You may now disconnect.