Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' Second Half of 2024 Earnings Conference Call. During today's call, all participants will be in listen-only mode. This conference is being recorded today, Tuesday, March 25th, 2025. 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. 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. Before we continue, I would like to remind you that some of the 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 and uncertainties or other factors is included in the company's filing 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. 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. 感谢主持人和所有今天参加 Nano Labs 2024 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。 Thank you, operator, and everyone, for joining Nano Labs' Second Half of 2024 Earnings Conference Call today. On our call today, I will provide an overview of our recent developments and our strategic initiatives in the future. [Foreign Language] total purchase price of about $40 million. The year 2024 represents numerous opportunities as the company continues to expand its business. As demand for digital currency transactions and cryptocurrency adoption continue to rise, we have officially established the Bitcoin value investment as a new business sector and designated Bitcoin as our primary reserve asset. As of the date of this earnings conference call, the company holds about 400 BTC, with a total purchase price of around $40 million. 此外，2024 年 12 月我们发布了配备 Cuckoo 3.0 芯片的整机，使增强性能达到世界领先标准。这项重大改进让我们拥有了进一步拓展市场份额的关键竞争优势。伴随 AI 领域加速发展，我们计划在 Web 3.0 生态中开发 AI 相关应用程序，专注于 AI 与 Web 3.0 技术的集成和整合。通过富有远见的战略规划和持续不懈的落实执行，我们一如既往地致力于深化我们在 Web 3.0 领域的专长。我们相信今天努力将我们的利益相关方创造出巨大的价值和强劲的业绩。 Additionally, in December 2024, we launched an upgraded complete machine equipped with a Cuckoo 3 chip, which delivers enhanced performance that meets all leading standards. These significant improvements provide us with key competitive advantages to further expand our market share. With the rapid evolution of AI, we plan to develop AI applications with the Web 3.0 ecosystem, focusing on integration of AI and Web 3.0 technologies. Through visionary and insightful strategic planning and consistent execution, we remain committed to deepening our expertise in the Web 3.0 space. We believe these efforts will create substantial value and drive strong results for our stakeholders. 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。 Thank you for your support and chance. 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. 15.86 million 或 $2.21 million。去年同期为 RMB 26.07 million。营业收入的下降主要是由于 Apollo V 系列产品销量减少。在 2024 年下半财年，我们实现了毛利 RMB 11.57 million。去年同期为毛亏损 RMB 40.55 million。2024 年下半财年，公司的营收成本为 RMB 4.28 million 或 $600,000。2024 年同期 RMB 为 66.62 million，主要原因是销售量下降及库存减少。 Thank you, Mr. Kong. Good morning, everyone. On behalf of the management team, I will provide a brief financial overview of the second half of 2024. In the second half of 2024, our net revenue was RMB 15.86 million, $2.21 million, compared to RMB 26.07 million in the same period last year. This decline was primarily due to the pre-sales volume of the Apollo V series products. However, we recorded a gross profit of RMB 11.57 million, $1.61 million for the second half of 2024, compared to a gross loss of RMB 40.55 million in the same period of 2023. Cost of revenue for the second half of fiscal year 2024 was RMB 4.28 million, $0.6 million, compared to RMB 66.62 million in the same period of 2023. The decline was mainly due to the decrease in sales volume and less inventory write-down recorded. [Foreign Language] in the same period of 2023 to RMB 4.8 million or $668,000. The main reason was a reduction in employee salary expenses. Total operating expenses for the second half of fiscal year 2024 decreased by 38.7% to RMB 51.39 million, $7.15 million, down from RMB 83.84 million in the same period of 2023. Selling and marketing expenses dropped by 17.7% to RMB 4.8 million, $0.67 million, compared to RMB 5.83 million in the same period of 2023. This decrease was mainly due to the decrease in employee salary expenses. [Foreign Language] general and administrative expenses was mainly due to higher self-rescue expenses. General and administrative expenses increased by 30.5% to RMB 25.38 million, $3.83 million for the second half of 2024, from RMB 22.38 million for the same period of 2023. The decrease in general and administrative expenses was primarily due to the increase in depreciation expenses. [Foreign Language] expenses was mainly due to reductions in wages, raw materials, and equipment costs. Research and development expenses decreased by 61.9% to RMB 28.93 million, $4.06 million for the second half of 2024, from RMB 32.97 million for the same period of 2023. The decrease in research and development expenses was primarily due to the decrease in salary expenses, material fees, and equipment fees. [Foreign Language] the same period in 2023, basic and diluted loss per ordinary share was RMB 19.12. As of December 31, 2024, the company's cash and cash equivalents were RMB 32.43 million or $4.51 million. As of December 31, 2023, this figure was RMB 48.16 million. Loss from operations was RMB 39.82 million, $5.54 million for the second half of 2024, compared with loss from operations of RMB 124.4 million for the same period of 2023. Net loss was RMB 60.39 million, $8.4 million for the second half of 2024, compared to net loss of RMB 120 million in the same period of 2023. Basic and diluted loss per share was RMB 6.01, $0.84 for the second half of 2024, compared to basic and diluted loss per share of RMB 19.12 in the same period of 2023. As of December 31, 2024, the company had cash and cash equivalents of RMB 32.43 million, $4.51 million, compared with RMB 48.16 million as of December 31, 2023. 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。 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. 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 Claire Harrison of Private Investor. Hi, thank you, Mr. Kong and Mr. Chen. Why is the company considering increasing its holdings of Bitcoin? Thank you. 我想问一下公司为什么考虑开始继续增持比特币。 我们认为比特币是一种值得长期储备的战略性资产，它与整个 Web 3.0 行业关联匹分。另外，由于整体的数量有限，所以它比特币有可能在长期内对冲通货膨胀有较大的升值空间。更为重要的是，比特币是 Web 3.0 的发展提供的基础设施和机会。那目前有不少的国家明确指出将比特币作为国家战略储备资产，因此我们也认可其价值。 We believe Bitcoin is a strategic asset with long-term value for reserves and plays a crucial role in the Web 3.0 ecosystem. Additionally, its limited supply makes it a potential hedge against inflation, with significant room for appreciation over time. More importantly, Bitcoin can serve as foundational infrastructure, creating opportunities for Web 3.0 development. Furthermore, many countries have officially recognized Bitcoin as a national strategic reserve asset, reinforcing our confidence in its long-term value and potential. Your next question comes from Alfred Wu, a private investor. Hello, my question is, what considerations have driven the company's recent financing activities? Thank you. 我想问一下公司近期进行融资的考虑是什么呢？ 因为公司近期进行了一些业务方向上的拓展，增加了比特币价值投资板块。所以一些战略投资人进行的沟通过程中呢，发现他们对行业的理解与公司的战略布局非常契合，所以在合适的机会引入了这些战略投资人进行了融资。 Our recent financing activities were driven by business adjustments and expansion initiatives, particularly our increased investment in Bitcoin as a strategic asset. During discussions with strategic investors, we found strong alignment between their industry outlook and our long-term vision. Recognizing this synergy, we see the opportunity to introduce these investors at the right time and successfully secure financing. Your next question comes from Stephanie Bell, a private investor. Mr. Kong and Mr. Chen, my question is, what is the company's plan for future development? Thank you. 公司在未来发展上的计划是怎么样的？ [Foreign Language] development of AI plus Web 3.0. Historically, our business has primarily focused on chip technology, expanding into metaverse computing and ecological applications. Looking ahead, we see immense opportunities within the broader metaverse ecosystem and will continue exploring emerging market opportunities. We will start from the design of cryptocurrency IC chips, and we will be committed to the development of AI plus Web 3.0 in the future. Your next question comes from Eva Hoffman, a private investor. Thank you, management team. A question is, the company's income is not significant at present. Do you have any expectations for the future? Thank you. 可以看到目前的收入金额不大，对未来有什么预期吗？ 目前现有的搭载Cuckoo 3.0的整机机器正在陆续出货中，今年会有一定的业务体现。公司整体的目前期望的是将产品和运行做好，等待市场机会的爆发。 Our Cuckoo 3.0 chip equipped machines are being steadily shipped, and their impact will be reflected to some extent in this year's business performance. Our current focus is on optimizing product management and operations while staying prepared to seize emerging market opportunities as they arise. That concludes the question and answer session. Let me turn the call over to Mr. Chen for closing remarks. 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，或联系我们的 AI 顾问。管理层将尽快答复你的问题。我们感谢你对 Nano Labs 的兴趣与支持，期待下次再与各位交谈。 Thank you very much for joining this conference call. If you have any questions, please contact us through email at ir@nanodev.com or reach our IR counsel Ascent Investor Relations at tina.xiao@ascent-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. Thank you again for attending Nano Labs' second half of 2024 earnings conference call. This concludes our call for today, and we thank you all for listening in. Goodbye.