Ladies and gentlemen, thank you for standing by. Welcome to Nano Labs' first half of 2026 earnings conference call. During today's call, all participants will be in listen-only mode. This conference is being recorded today, Friday 28, 2026. 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, and 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. [Non-English content] Thank you, operator and everyone for joining Nano Labs' first half of 2026 conference call today. For our call today, I will provide an overview of our recent developments and our strategic initiatives going forward. [Non-English content] In the first half of 2026, as the Web3 industry continued to mature, the global digital asset market underwent profound structural evolution. Against this backdrop, we increasingly recognize the systematic opportunities arising from the deep integration of AI and Web3. This convergence not only has the potential to reshape blockchain infrastructure, but also to unlock new application scenarios and business models. Guided by this perspective, Nano Labs launched its next-generation product, the iPollo ClawPC A1 Mini, during the first half of the year and continued to advance the development of OpenClaw Ecosystem, spanning smart devices, operating systems, hardware, software, and application layers. [Non-English content] The company continues to implement its digital asset reserve strategies. Based on a long-term assessment of the digital asset market and the broader blockchain ecosystem, management has formally incorporated digital assets into the company's capital allocation framework as a strategic component. As of the date of this interim report, the company held long-term reserves of 30,000 BNB. The company believes that a prudent and disciplined approach to digital asset allocation will not only help strengthen its balance sheets, but also provide greater support for ecosystem collaboration and enhance flexibility for future strategic planning. Meanwhile, to further enhance shareholder value and demonstrate management's confidence in the company's long-term development, the company continues to advance its share repurchase program of up to $25 million, originally announced in October 2025. As of August 26, 2026, the company had completed repurchase of Class A ordinary shares for total consideration $3.2 million. It will continue to advance the program in a steady and disciplined manner over the long term. Looking forward, Nano Labs will continue to explore opportunities arising from the converging of AI, Web3, and next generation computing infrastructure. Through continuous technology, innovation, deeper strategic partnerships, and ecosystem development, the company aims to strengthen its technological capabilities, extend its strategic footprint, and create sustainable long-term value for shareholders. [Non-English content] 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. Bing Chen, please go ahead. [Non-English content] Thank you, Mr. Chen. Good morning, everyone. On behalf of the management team, I will provide a brief financial overview of the first half of 2026. In the first half of 2026, our net value was RMB 2.8 million, $0.4 million, compared to RMB 8.3 million in the same period last year. This decrease in net value was primarily due to the drop of sales volume of iPollo V Series. We recorded a gross loss of RMB 5.8 million, $0.9 million for the first half of 2026, compared to RMB 10.7 million in the same period of 2025. Cost of revenue for the first half of fiscal year 2026 is RMB 8.6 million, $1.3 million compared to RMB 19 million in the same period of 2025. The decline was mainly due to the decrease in sales volume. [Non-English content] Total operating expenses for the first half of fiscal year 2026 were RMB 285.8 million, $42 million, compared to the total operating income of RMB 21.3 million for the same period of 2025. Selling and marketing expenses increased by 17% to RMB 3.1 million, $0.4 million for RMB 2.6 million for the same period of 2025. This increase was mainly due to the increase in sales marketing expansion. [Non-English content] General and administrative expenses increased by 29.5% to RMB 27.9 million, $4.1 million for the first half of 2026, from RMB 21.5 million for the same period of 2025. The increase in general and administrative expenses was primarily due to the increase in professional fees and real estate related taxes. [Non-English content] Research and development expenses increased by 39.8% to RMB 4.4 million, $0.6 million for the first half of 2026, from RMB 3.2 million from the same period of 2025. The increase in research and development expenses was primarily due to the increase in service fees of system development. [Non-English content] Change in fair value of cryptocurrencies was a loss of RMB 250.5 million, $36.8 million for the first half of 2026, compared to a gain of RMB 48.6 million for the same period of 2025. The increase in loss from change in fair value of cryptocurrencies was primarily due to the decreased BNB price during the first half of 2026. [Non-English content] Loss from operations was RMB 291.7 million, $42.8 million for the first half of 2026, compared to a profit of RMB 10.6 million in the same period of 2025. Other expenses was RMB 18.3 million, $2.5 million for the first half of 2026, compared to nil for the same period of 2025. The change was mainly due to the loss from change in fair value of short investments during the first half of 2026. Net loss was RMB 316.7 million, $46.5 million for the first half of 2026, compared to RMB 11.8 million in the same period of 2025. Basic and diluted loss per share was RMB 13.65, $2 for the first half of 2026, compared with basic and diluted loss per share of RMB 0.43 for the same period of 2025. As of June 30, 2026, the company had cash and cash equivalents of RMB 9.0 million, $1.3 million, compared to RMB 8.5 million as of December 31, 2025. [Non-English content] We remain confident in our business strategy and ability to execute. 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 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 Irina Rubano. Please go ahead. Hi. Good morning. Thank you for taking my question. My question is, why has the company chosen to focus on AI related business this year? [Non-English content] [Non-English content] Our expansion into AI is the result of a long-term strategic evaluation rather than a short-term market trend. Over the years, we have built solid capabilities in blockchain infrastructure, hardware development, ecosystem construction, and product operations. As AI and Web3 increasingly converge, we see significant opportunities to leverage this strength to develop next-generation intelligent products. The launch of the iPollo ClawPC A1 Mini represents the first step in this strategy. Beyond supporting the OpenClaw AI Agent system, the product is designed for practical applications across entertainment, content creation, and office productivity. Going forward, we will continue expanding both the hardware and software components of OpenClaw ecosystem to support broader AI adoption. Very well. Thank you. Your next question comes from Alfred Wu. Hello. My question is, what are the company's future plans for its digital assets reserves? Thank you. [Non-English content] [Non-English content] Digital assets have become an integral part of our long-term corporate strategy. We have identified BNB as our core strategic reserve asset based on our assessment of its ecosystem potential and long-term value. We intend to manage our reserve portfolio prudently by evaluating market conditions, liquidity needs, and strategic priorities before making any additional investment. At the same time, we will continue optimizing our overall digital asset allocation to enhance portfolio resilience while supporting future business development and ecosystem expansion. Okay, thank you. Your next question comes from Olivia Bennett. Hi, how are you? My question is, what is the company's long-term business development strategy? Thank you. [Non-English content] [Non-English content] Our long-term strategy is built on two complementary pillars. The first is maintaining a disciplined digital asset reserve strategy, with BNB serving as a core strategic asset to support financial stability and long-term ecosystem development. The second is driving sustainable business growth through the integration of AI and Web3 technologies. Leveraging the already deployed iPollo ClawPC A1 Mini as a starting point. We plan to continue expanding the OpenClaw ecosystem by introducing additional products, strengthening our software platform, and exploring new commercial applications and business models. Together, these initiatives are intending to create a differentiated technology platform capable of supporting our future growth. That's all. Your next question. Thank you. Comes from Hannah Winslow. Okay. Good morning. Thank you so much for the presentation. My question is: what are the company's expectations for its operating performance in the second half of 2026? [Non-English content] [Non-English content] In the second half of 2026, we will remain focused on executing our strategy of prioritizing, including advancing our digital asset initiatives and expanding our next generation AI product ecosystem. As Mr. Kong has already discussed this initiative in detail, I will instead provide an update on our capital management efforts. The company launched its share repurchase program in December 2025. As of June 30, 2026, we had repurchased an aggregate of 1,117,401 shares, and we intend to continue executing the program in accordance with its terms and the prevailing market conditions. We believe the repurchase program reflects management's confidence in the company's long-term prospect. Going forward, we will continue strengthening our operating foundation, executing our strategy initiatives with discipline, and creating sustainable value for our shareholders. Thank you. That does conclude our question and answer session. I'll now hand back for closing remarks. [Non-English content] Thank you very much for joining the conference call. If you have any question, please contact us through email at ir@nano.cn or research our Investor Relations consoles Ascent Investor Relations at tina.xia@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 for attending Nano Labs first half of 2026 earnings conference call. This concludes our call today, and we thank you all for listening. Goodbye.