Ladies and gentlemen, thank you for standing by. Welcome to the Nano Labs Q4 of 2022 earnings conference call. During today's call, all participants will be in listen-only mode. This conference is being recorded today, Tuesday, March 14th, 2023. Joining us today from Nano Labs are the company's Chairman and Chief Executive Officer, Mr. Jianping Kong, and company's Chief Financial Officer, Mr. Bing Chen. On our call today, Mr. Kong will give you an overview of the company's performance. Mr. Chen will share the details of the company's financial results. After that, we'll collect a question and answer session to take your questions. Before we continue, I'd 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 that 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, performances, 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 on the Securities and Exchange Commission. During today's call, Mr. Kong and Mr. Chen will deliver their remarks in Chinese, and the company representatives will provide corresponding English translations. With that, I would like to turn the call over to Mr. Kong, the company's chairman and Chief Executive Officer. Mr. Kong, please go ahead. Well, thank you, operator, and everyone for joining Nano Labs Q4 of 2022 earnings conference call today. On our call today, I will provide an overview of our recent development and our strategic initiatives in the next fiscal year. The Q4 of 2022 was a difficult quarter for industry and overall crypto market. The dynamic market environment, such as the conversion of Ethereum from PoW to PoS in mid-September last year, had partially impacted our business. We continued to provide high-quality products to our customers. We also actively shifted our development strategy to adapt to the changing market conditions. Our management team has visited other countries and met the industry experts and potential partners to explore expansion opportunities in the global market. We will continue seeking for growth potential to increase our market share. In the future, we will pay more attention to overseas markets, focusing on North America, North Europe, the Middle East and Southeast Asia. I would like to share the most recent developments of our iPollo Metaverse. AIGC has been connected to the iPollo Metaverse as an important layer tool. It is a distributed 3D real-time rendering network aimed at the needs of Metaverse construction. Depending on the decentralized technology and innovative consensus mechanism, it can deeply integrate with AIGC. Lower the threshold for user creation, providing Metaverse developers with low-cost rendering solutions and more efficient developer tools. iPollo's elastic computing network now supports the influence of Stable Diffusion machine learning models, allowing for the generation of patterns from the tackle that can be directly minted at NFTs. With the integration of AIGC as an important layer tool, iPollo Metaverse as the Metaverse infrastructure provider allow these developers to create the Metaverse, which provides a wide range of possibilities for the creation of unique and innovative Metaverse experiences. At the same time, iPollo Metaverse is committed to achieving open social and immersive experiences in the 3D Metaverse world, which allows tens of thousands of real users to achieve real time and low cost interaction in the same scene with high fidelity and zero latency environment, bringing users new Web3 lifestyle. At the same time, our company also plans to provide 3D printing services for the users' Metaverse world so that the virtual and reality can be organically combined. We expect to launch our iPollo Metaverse as soon as we can. We believe our iPollo Metaverse will become an iconic product in the industry. Thank you for your continued support to the company. Next, I will turn the call over to our Chief Financial Officer, Mr. Chen, for a closer review of our financial results. Mr. Chen, please go ahead. Thank you, Mr. Kong. Good morning everyone. On behalf of the management team, I will provide a brief financial overview of the Q4 of 2022. Net revenues increased to RMB 12.7 million or $1.8 million for the Q4 of 2022 from RMB 3.2 million for the same period of 2021. The increase in net revenues was primarily due to the increase in sales volume of iPollo V1 series and B1 series products. Cost of revenues increased significantly to RMB 89.3 million or $12.8 million for the Q4 of 2022 from RMB 26.9 million for the same period of 2021, mainly due to the inventory write-down caused by a decline in market expectations. Total operating expenses were RMB 60.3 million or $8.7 million for the Q4 of 2022 from RMB 130 million for the same period of 2021. Selling and marketing expenses increased to RMB 5.6 million or $0.58 million for the Q4 of 2022 from RMB 3.4 million for the same period of 2021. The increase in selling and marketing expenses was primarily due to the increase in advertising expenses to support marketing strategies, expand market share, and improve brand visibility. General and administrative expenses increased to RMB 50.5 million or $2.2 million for the Q4 of 2022 from RMB 10 million for the same period of 2021. The increase in general and administrative expenses was primarily due to the increase in employee salary expenses as the number and salaries of general and administrative staff increased, and increase in equipment fees and travel fees due to the development and expansion of its business. Research and development expenses decreased to RMB 39.2 million or $5.6 million for the Q4 of 2022 from RMB 99.6 million for the same period of 2021. The decrease in research and development expenses was primarily because the direct materials related to research and development decreased in the current period. Loss from operations was RMB 136.9 million or $19.7 million for the Q4 of 2022, compared with loss from operations of RMB 136.8 million for the same period of 2021. Net loss was RMB 132.8 million or $19.1 million for the Q4 of 2022, compared with net loss of RMB 135.5 million for the same period of 2021. Basic and diluted loss per ordinary share was RMB 1.19 or $0.17 for the Q4 of 2022, compared with basic and diluted loss per ordinary share of RMB 1.32 for the same period of 2021. As of December 31st, 2022, the company had cash and cash equivalents of RMB 87.8 million or $12.6 million compared with RMB 233.9 million as of December 31st, 2021. Although the company is facing an uncertain market environment, we are actively adjusting our development strategy and are full of confidence in the company's future development potential. We believe that our capabilities and technology are the solid foundation for our business development. We will continue to create long-term value for shareholders. Now I would like to turn the call over to the operator for questions and answer session. If you'd like to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you're on a speakerphone, please pick up your handset to ask your question. First question comes from Kathleen Ross, private investor. Please go ahead. Thank you for taking my question. I actually have two questions here. First of all, I want to know, like what has caused the company's financial metrics decline in the Q4? Thank you. First, the conversion of Ethereum mainnet from Proof of Work to Proof of Stake in September 2022 affected some of the company's existing business. Besides the decline in the price of cryptocurrency during the second half of 2022 further results in a decline in our financial performance. Sure. Thank you. Do you have some expectations for your like new product? Thank you. We are currently developing Cuckoo3. Recently, we launched new A-series iPollo computing devices, which feature high performance graphic cards with large memory and high core central processing units. The products are designed to support computing of AI generated content and Zero-knowledge proof. At the same time, the company's iPollo Metaverse has recently made new technological progress. AIGC has been connected to the iPollo Metaverse as an important layer tool, so developers can better leverage AIGC to create metaverses. It also offers extensive possibilities for creating unique and innovative metaverse experiences. Additionally, we also plan to providing 3D printing services for users metaverses to integrate the virtual and the real world. That's all. Thank you. Thank you. Thank you very much. Thank you. Our next question will be from Irene Lobban, a private investor. Please go ahead. Thank you. I have two questions actually. My first question would be, could you give some brief introduction as AIGC and ZKP computing? My second question is, what is the performance outlook for 2023? Thank you. AIGC uses artificial intelligence technology to generate content that is characterized by automation and high efficiency. In recent years, the metaverse has been gradually developing and in the process of moving towards the metaverse, a large amount of digital content is needed to support it. It is important to meet the demand by relying solely on human design and development. AIGC can solve this problem perfectly because it will be a new content generation tool in the Web3 era. Zero-knowledge proof is an encryption protocol where one party proves to another party that something is true without revealing how it is true. The essence of Zero-knowledge proof is that proving knowledge of certain information through a simple disclosure is insignificant. The challenge is to prove the possession of such information without revealing the information itself or any other information. Zero-knowledge proof plays an important role in the encryption and Web3, and is highly expected in the Ethereum scaling and even blockchain development. Next question. We strive to enrich the company's product portfolio, and our product iterations can improve performance and reduce power consumption. This is expected to attract more customers. We expect to gain considerable benefits from the new product portfolio and our product iterations. We estimate that our financial performance in 2023 will be well improved compared to the Q4 of 2022. Thank you very much. Thank you. Our next question will be from Kathleen Smith, private investor. Please go ahead. Thank you for taking my question. My question is, what's the key direction of the company's development in the future? Thank you. In the future, we will strive to enrich our product portfolio, not only focusing on the interactive upgrade of the premium series of products. We began to develop AIGC, real-time rendering, ZKP computing, and 3D printing, as well as other development directions of Metaverse. In the future, we will pay more attention to overseas markets, focusing on North American, North Europe, the Middle East and Southeast Asia. Thank you. Well, thank you so much. Thank you. We have no further questions at this time, and that concludes the question answer session. Please let me turn the call back over to Mr. Chen for closing remarks. 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 Console Ascent investorrelations@china.share@ascendir.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. Thank you for attending Nano Labs Q4 of 2022 earnings conference call. This concludes our call today, we thank you for listening. Goodbye.