Nano Labs Ltd Q4 FY2025 Earnings Call

Operator: 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. Jianping Kong: [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