Thank you for standing by, and welcome to the Nano Labs Limited Second Half 2025 Earnings Conference Call. [Operator Instructions] 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.

[Interpreted] 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. The year 2025, the Web3 industry experienced robust growth with the continued improvement in 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 opportunities. Following a comprehensive and prudent internal assessment of the strategic value and long-term perspectives of BNB, we initiated and continue to advance the build-out of our BNB reserves. As of December 31, 2025, the company showed a total of 126,662 BNBs along with a receivable collateral of 3,338 BNBs by steadily increasing our BNB holdings. We have optimized our crypto asset allocation and created favorable conditions for future business expansion and ecosystem collaboration. In terms of capital operations, we successfully completed 2 rounds of financing in 2025, providing strong support for our strategic transformation, expansion of our critical asset reserves and the exploration of new business directions. In March 2026, we officially launched our next generation product, the iPollo ClawPC A1 Mini designed to support the OpenClaw AI Agent System. Going forward, we plan to introduce the Claw OS system and additional hardware products to further expand our full ecosystem services for AI agents. Meanwhile, to enhance shareholder value and demonstrate management confidence in the company's long term development, we announced a share repurchase program of up to USD 25 million in October 2025. The program has commenced and is expected to be implemented steadily over the long time. Looking ahead, we will continue to closely monitor industry trends and market dynamics while maintaining stable operations, we will further advance our critical assets, strategic reserves and actively explore broader opportunities with the AI agent ecosystem. Thank you for your support and interest. 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.

[Interpreted] 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 18.7 million equal to USD 2.7 million compared to RMB 50.9 million in the same period last year, increase of 18.1%. This increase was primarily due to the increase in sales volume of the iPollo V series product. We recorded a gross loss of RMB 29.1 million equal to USD 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 revenues for the second half of fiscal year of 2025 were RMB 47.8 million equal to USD 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. Total operating income for the second half of fiscal year 2025 increased by 233.9% to RMB 89.9 million equal to USD 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 equal to USD 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. General and administrative expenses increased by 30.3% to RMB 33.1 million equal to USD 4.7 million for the second half of 2025 from RMB 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. Research and development expenses decreased by 76.9% to RMB 4.9 million equal to USD 0.7 million for the second half of…

[Operator Instructions] The first question today comes from [ Irene Rubano ] with a private investor.

My question is, what is the company's long-term strategic plan regarding BNB Holdings?

[Interpreted] Okay. 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 Web3 ecosystem, thereby providing a solid asset foundation for the company's long-term strategic development.

Next question comes from [ Alfred Wu ], a private investor. We appear to have lost connection with Alfred. The next question comes from [ Claire Harrison ], a private investor.

I have 2 questions. My first question is, why did the company launch a share of repurchase program?

[Interpreted] In October 2025, we announced a share repurchase program of up to USD 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.

And my second question, what was the rationale behind the launch of the iPollo ClawPC A1 mini product?

[Interpreted] As you may know, one of the most prominent concept in the AI space today is OpenClaw. The iPollo ClawPC A1 Mini is the company's next-generation AI agent hardware product designed to support the OpenClaw 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 Claw 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.

So my question is, what are the company's key long-term business development directions?

[Interpreted] Our company's future business development will focus on 2 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 Claw OS system and building an AI agent application and service ecosystem to capture opportunities arising from the transition from Web3 to Web4. Thank you for your question.

And that concludes the question-and-answer session. Let me turn the call back over to Mr. Chen for closing remarks.

[Interpreted] Thank you very much for joining this conference call. If you have any questions, please contact us through e-mail at ir@nano.cn or reach our IR counsel, Ascent Investor Relations at tinaxiao@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.