Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' First Half of 2025 Earnings Conference Call. During today's call, all participants will be in listen-only mode. This conference is being recorded today, Friday, August 15, 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 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. 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. [Foreign language] Thank you, operator, and everyone for joining Nano Labs' First Half of 2025 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] The year 2025 marks a major transformation for the company, as in light of the evolving industry landscape and the onset of a new market cycle, we focus our resources and efforts on expanding our crypto assets to a strategic reserve as the market continues to embrace cryptocurrency transactions and cryptocurrency reserves. We have taken the decisive first step of concentrating our cryptocurrency reserve in BNB, ensuring a new stage of development. As of the date of this earnings conference call, the company holds over 128,000 BNB. Meanwhile, building on our existing mining machine business, we continue to explore new market opportunities while maintaining stability in our current operations. [Foreign language] Within the first half of 2025, we have undertaken decisive and strategic transformations since the beginning of this year. We accelerated our expansion and collaboration in the cryptocurrency field. Meanwhile, we undertook efficient yet prudent initiatives to expand our currency investments and reserves through various approaches, including the continuous expansion of our strategic cryptocurrency reserve using both financing and proprietary funds, as well as a strategic equity investment in CEA, a BNB reserve company, thereby solidifying our BNB strategic reserve layout. At the same time, we expanded into the emerging stablecoin sectors as part of our diversified Web3 strategy. Looking forward, we remain vigilant for emerging opportunities and the vast potential for innovation in the Web3 space and the AI-driven transformative era. Through the visionary and insightful strategic planning, along with decisive and consistent execution, we believe these efforts will generate substantial value for our stakeholders and drive long-term prosperity for the company. [Foreign language] 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. Chen, please go ahead. [Foreign language] 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 2025. In the first half of 2025, our net revenue was RMB 8.28 million, $1.16 million, compared to RMB 24.74 million in the same period last year. The decline was primarily due to the decreased sales volume of the Apollo V series product. We recorded a gross loss of RMB 10.71 million, $1.5 million for the first half of 2025, compared to a gross profit of RMB 30,000 in the same period of 2024. Cost of revenue for the first half of fiscal year 2025 was RMB 18.99 million, $2.65 million, compared to RMB 24.71 million in the same period of 2024. The decline was mainly due to the decrease in sales volume and write-down of inventory and value-added tax recoverable. [Foreign language] Total operating expenses for the first half of fiscal year 2025 decreased by 53.5% to RMB 27.33 million, $3.82 million, down from RMB 58.72 million in the same period of 2024. Selling and marketing expenses dropped by 39.6% to RMB 2.62 million, $0.37 million, compared to RMB 4.33 million in the same period of 2024. This decrease was mainly due to the decrease in sales commission and salaries. [Foreign language] General and administrative expenses decreased by 15.4% to RMB 21.54 million, $3.01 million, for the first half of 2025, from RMB 25.45 million for the same period of 2024. The decrease in general and administrative expenses was primarily due to the decrease in professional fees and employee salary expenses. [Foreign language] Research and development expenses decreased by 89.1% to RMB 3.16 million, $0.44 million, for the first half of 2025, from RMB 28.93 million for the same period of 2024. The decrease in research and development expenses, including salary expenses, design fee, service fee, material cost, etc., was mainly due to the strategic adjustment in research and development activities in 2025. [Foreign language] Loss from operations was RMB 38.03 million, $5.31 million for the first half of 2025, compared with loss from operations of RMB 58.69 million for the same period of 2024. Net loss was RMB 11.78 million, $1.65 million for the first half of 2025, compared to a net loss of RMB 59.15 million in the same period of 2024. Basic and diluted loss per share was RMB 0.43, $0.06 for the first half of 2025, compared to basic and diluted loss per share of RMB 8.46 in the same period of 2024. As of June 30, 2025, the company had cash and cash equivalents of RMB 363.44 million, $50.77 million, compared with RMB 32.43 million as of December 31, 2024 [Foreign language] We remain confident in our business strategies 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. Now, I would like to turn the call over to the operator for question 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're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Claire Harrison. Please go ahead. Thank you, management team. My question is, why has the company chosen BNB as its core reserve asset? Thank you. [Foreign language] [Foreign language] BNB is one of the most representative crypto assets. Not only has it a highly active ecosystem, but also demonstrates outstanding long-term growth potential and resilience, supported by its model and platform value. Therefore, we hold BNB as the key cryptocurrency for our core strategic objectives. Your next question comes from Armstrong Wu. Hello. My question is, if as a director, you're holding BNB, what other measures will the company take to strengthen its strategic reserves? Thank you. [Foreign language] [Foreign language] We'll adopt diversified approaches to advance our BNB strategic reserve plan, including acquiring controlling or minority stakes in BNB strategic reserve companies, as well as investing in enterprises with strong ecosystem synergies. These diversified measures will help us build a more stable strategic layout. Thanks. Your next question comes from Ella Rosenblatt. Hi. My question is, will the company consider reserving other cryptocurrencies, or will it focus only on BNB? [Foreign language] [Foreign language] Great point. The company's focus on BNB as its core reserve assets is based on a comprehensive assessment of BNB ecosystem maturity, asset stability, and the long-term growth potential. However, we will continue to monitor other crypto assets with strategic value and ecosystem support. In the future, we do not rule out allocating a small portion of diversified assets at the right time and in well-defined scenarios to optimize our portfolio and enhance resilience against market cycles. Overall, though, our company will remain centered on BNB to maintain strategic focus and expansion strength. Thanks. Your next question comes from Irene Urbana. Hi. Thank you. Does the company have any financing plans for 2025, and what are the considerations behind such plans? [Foreign language] [Foreign language] The company initiatives and partially complete strategic financing in 2025. The primary purpose of this financing is to support the continued expansion of our BNB strategic reserve scale. Going forward, we will continue to consider various financing options to further support the growth of our BNB strategic reserve plan, thereby ensuring better execution of our Web3-related business initiatives. Thank you. That concludes the question and answer session. Let me turn the call over to Mr. Chen for closing remarks. [Foreign language] Thank you very much for joining this conference call. If you have any questions, please contact us through email at ir@nano.cn or reach our IR counsel as Investor Relations at tina.xiao@asnir.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 Ltd's First Half of 2025 Earnings Conference Call. This concludes our call for today, and we thank you all for listening in. Goodbye. Goodbye.