Thank you for standing by, and welcome to the Nano Labs Ltd Second Half 2025 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Kong, CEO of the company. Please go ahead. Mr. Kong, you can now begin your presentation. [Non-English content] Thank you, operator, and everyone for joining Nano Labs second half of 2025 earnings conference call today. On our call today, I will provide an overview of our recent development and our strategic initiatives going forward. [Non-English content] In 2025, the Web3 industry experienced a robust growth with the continuous improvement of the global crypto market environment, including enhanced crypto assets, infrastructure, and increasing market participation. The crypto market and Web3-related sectors entered a new phase of growth and opportunity. [Non-English content] Following a comprehensive and prudent internal assessment of the strategic value and long-term perspectives of BNB, we initiated and continued to advance the build out of our BNB reserves. As of December 31st, 2025, the company held a total of 126,662 BNBs, along with a receivable collateral of 3,338 BNB. By steadily increasing our BNB holdings, we have optimized our crypto asset allocation and created favorable conditions for the future business expansion and ecosystem collaboration. [Non-English content] In terms of Capital operations, we successfully completed two rounds of financing in 2025, providing strong support for our strategic transformation, expansion of our crypto asset reserves, and the explorations of new business directions. [Non-English content] In March 2026, we officially launched our next generation product, the iPollo ClawPC A1 Mini, designed to support the Open Claw AI Agent. Going forward, we plan to introduce the Cloud OS system and additional hardware products to further expand our full ecosystem services for AI agents. Meanwhile, to enhance shareholder value and demonstrate management's confidence in the company's long term development, we announced a share repurchase program of up to $25 million in October 2025. The program has commenced and is expected to be implemented steadily over the long term. Looking ahead, we will continue to closely monitor industry trends and market dynamics. While maintaining stable operations, we will further advance our crypto asset strategy, strategic reserves, and actively explore broader opportunities with the AI agent ecosystem. [Non-English content] Thank you for your support and trust. 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. [Non-English content] 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 2025. In the second half of 2025, our net revenue was RMB 80.7 million, equal to $2.7 million, compared to RMB 50.9 million in the same period last year, increased of 18.1%. This increase was primarily due to the increase in sales volume of the iPollo V series products. We recorded a gross loss of RMB 29.1 million, equal to $4.1 million for the second half of 2025. Compared to a gross profit of RMB 11.6 million in the same period of 2024. Cost of revenue for the second half of fiscal year 2025 were RMB 47.8 million, equals to $6.8 million, compared to RMB 4.3 million in the same period of 2024. The decline was mainly due to the write-downs of inventories and value-added tax recoverable. [Non-English content] Total operating income for the second half of fiscal year 2025 increased by 233.9% to RMB 89.9 million, equals to $12.8 million, increased from RMB 67.1 million in the same period of 2024. Selling and marketing expenses dropped by 56.2% to RMB 2.1 million, equals to $0.3 million, compared to RMB 4.8 million in the same period of 2024. This decrease was mainly due to the decrease in employee salary expenses. [Non-English content] General and administrative expenses increased by 30.3% to CNY 33.1 million, equal to $4.7 million for the second half of 2025 from CNY 25.4 million for the same period of 2024. The increase in general and administrative expenses was primarily due to the increase in professional service fees. [Non-English content] Research and development expenses decreased by 76.9% to RMB 4.9 million, equals to $0.7 million for the second half of 2025 from RMB 21.2 million for the same period of 2024. The decrease in research and development expenses was primarily due to the decrease in salary expenses, material fees, and equipment fees. [Non-English content] Profit from operations was RMB 60.8 million, equals to $8.7 million for the second half of 2025, compared with loss from operations of RMB 55.6 million for the same period of 2024. Other income was RMB 38.2 million, equals to $5.4 million for the second half of 2025, compared to RMB 1.7 million for the same period of 2024. The change was due to the Binance Launchpool and the airdrop income for BNB holders and income for crypto investment products. Net income was RMB 137.7 million, equals to $19.6 million for the second half of 2025, compared to a net loss of RMB 60.4 million in the same period of 2024. Basic and diluted earnings per share was RMB 6.2, equals to $0.9 for the second half of 2025, compared to basic and diluted loss per share of RMB 6 in the same period of 2024. As of December 31st, 2025, the company had a cash and cash equivalent of RMB 8.5 million, equals to $1.2 million, compared with RMB 328.4 million as of December 31, 2024. [Non-English content] 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 answers 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 your handset to ask your question. The first question today comes from Irina Rubano a Private Investor. Please go ahead. Hi, thank you for the presentation. My question is, what is the company's long-term strategic plan regarding its BNB holdings? [Non-English content] [Non-English content] After comprehensively evaluating the development trends of crypto assets and the long-term potential of BNB, our company has designated BNB as a core component of its crypto asset strategic reserves. Over the long term, we plan to continue holding BNB and to gradually increase our holding at appropriate times, maintaining a relatively stable reserve level. This strategy is expected to enhance the company's crypto asset allocation capabilities while strengthening synergies with the Web 3 ecosystem, thereby providing a solid asset foundation for the company's long-term strategic development. Okay, thank you. Next question comes from Alfred Wu, a Private Investor. Please go ahead. Alfred, your line is open. You may ask your question. Perhaps your line is muted, Alfred. Please ask your question. We appear to have lost connection with Alfred. The next question comes from Claire Harrison, a private investor. Please go ahead. Okay. Thank you, management. I have some questions. My first question is, why did the company launch a share repurchase program? [Non-English content] [Non-English content] Thank you. In October 2025, we announced a share repurchase program of up to $25 million based on the following considerations. First, to enhance shareholder value and deliver long term returns. Second, to demonstrate management's positive outlook on the company's long term development. Third, to signal confidence in the company's long term growth and operations to the capital markets. The company will implement the repurchase program in a steady and disciplined manner over time, taking into account market conditions and capital allocation plans. Thank you. Thank you. My second question, what was the rationale behind the launch of the iPollo ClawPC A1 Mini product? [Non-English content] [Non-English content] Thank you. As you may know, one of the most prominent concepts in the AI space today is Open Claw. The iPollo ClawPC A1 Mini is the company's next generation AI agent hardware product designed to support the Open Claw AI agent system. We believe that AI agents are likely to become a key form of next generation intelligent applications, and have therefore chosen to proactively invest in the related infrastructure. Our company has already gained significant brand visibility in the market with the product sales and ecosystem development progressing steadily. Going forward, we plan to launch the Cloud OS system and additional agent hardware products to support a full-chain AI agent ecosystem. Thank you. The next question comes from Ella Rosenblatt, a Private Investor. Please go ahead. Hi management team, thank you for your presentation. My question is, what are the company's key long term business development directions? [Non-English content] [Non-English content] Our company's future business development will focus on two primary directions. First, crypto asset reserve strategy, continuing to advance its BNB-centered crypto asset reserve strategy and steadily expanding asset allocation when market conditions are favorable. Second, AI agent ecosystem development, advancing the launch and the commercialization of hardware products such as the iPollo ClawPC, introducing the Cloud OS system, and building an AI agent application and service ecosystem to capture opportunities arising from the transition from Web 3 to Web 4 Thank you for your question. Please go ahead. That concludes the question and answer session. Let me turn the call back over to Bing Chen for closing remarks. [Non-English content] 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 consultant Ascent Investor Relations at tina.xiao@ascent-ir.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 again for attending Nano Labs' second half of 2025 earnings conference call. This concludes our call today, and we thank you all for your listening in. Goodbye.