财务数据显示，截至2025年06月30日，毫微收入总额828.34万人民币，同比减少66.52%；归母净利 润-705.45万人民币，同比增长87.67%。 据交易所数据显示，12月17日，毫微(NA)盘中上涨2.33%，截至23:16，报3.08美元/股，成交3.62万美 元，总市值7120.09万美元。 本文源自：市场资讯 作者：行情君 资料显示，毫微实验室有限公司是一家在开曼群岛注册成立的境外控股母公司,主要由其境内实体子公 司浙江毫微科技有限公司运营。浙江毫微科技有限公司 致力于为元宇宙提供基础设施支持,公司开发高 吞吐内存芯片、高性能计算芯片、分布式计算解决方案、,产品可应用于数据中心,超级计算,人工智能等 领域,为元宇宙中的各个场景应用赋能。公司于2019年验证了HBM2D内存技术,并开发了其独有的存算一 体FPU芯片架构。2020年基于FPU架构,率先量产了布谷鸟1.0专用计算芯片;目前,公司产品持续技术迭代, 从专用市场向通用市场拓展,为未来的智能数字社会提供算力,致力于为元宇宙下分布式计算,核心网络,人 工智能,高性能计算,视频编解码等领域提供高带宽、高性能的专用处理器芯片和解决方案,构建元 ...

| 代码 | 名称 | 最新价 | 涨跌幅 ^ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | NA | 纳比特 | 3.000 | -27.18% | -1.120 | 270.49万 | | LHSW | Lianhe Sowell Internat | 0.863 | -16.24% | -0.167 | 19.63万 | | YGMZ | 明珠货运 | 0.0635 | -16.01% | -0.0121 | 130.07万 | | ANL | 阿诺医药 | 1.200 | -11.76% | -0.160 | 2.93万 | | TIRX | 天睿祥 | 0.7773 | -11.69% | -0.1029 | 17.82万 | 中概股收盘跌幅居前的个股为：纳比特跌27.18%，Lianhe Sowell Internat跌16.24%，明珠货运跌 16.01%，阿诺医药跌11.76%，天睿祥跌11.69%。(格隆汇) ...

Core Viewpoint - Nano Labs Ltd has launched the Next Big BNB Program (NBNB Program) to develop a comprehensive Real World Assets (RWA) infrastructure and compliance ecosystem on BNB Chain, aiming to connect the real economy with the on-chain world [1][2]. Group 1: NBNB Program Details - The NBNB Program will focus on creating a compliant and transparent RWA ecosystem, which is expected to drive the next growth cycle of Web3 [2]. - The program will cover various asset classes, including equities, bonds, new energy, and real estate [1]. Group 2: Company Overview - Nano Labs Ltd is a leading provider of Web 3.0 infrastructure and product solutions, specializing in high throughput computing (HTC) and high-performance computing (HPC) chips [2]. - The company has developed a comprehensive flow processing unit (FPU) architecture that integrates features of both HTC and HPC [2]. - Nano Labs has positioned itself in the crypto assets space, adopting BNB as its primary reserve asset and holding mainstream cryptocurrencies like BNB and BTC [2].

Core Viewpoint - Nano Labs Ltd has announced the prepayment of all outstanding convertible bonds to mitigate risks associated with Bitcoin management and market volatility, reinforcing its operational resilience in a complex market environment [1][2][4]. Group 1: Prepayment Decision - The decision to prepay convertible bonds is driven by heightened global economic uncertainty and fluctuations in digital asset prices, aiming to safeguard corporate assets and secure investor interests [2]. - The prepayment will involve returning 300 BTC to each bondholder, along with an additional 4.5 BTC as compensation, with all payments scheduled to be completed within 90 days [3]. Group 2: Company Strategy and Commitment - The Chairman and CEO of Nano Labs emphasized the importance of reinforcing the risk-management framework to protect investor interests amid market volatility [4]. - The company remains committed to maintaining a strong balance sheet and prudent risk controls while pursuing long-term growth and innovation in the Web 3.0 and computing-power sectors [4]. Group 3: Company Overview - Nano Labs Ltd is a leading provider of Web 3.0 infrastructure and product solutions, focusing on the development of high throughput computing (HTC) and high-performance computing (HPC) chips [5]. - The company has established a comprehensive flow processing unit (FPU) architecture and actively positions itself in the crypto assets space, adopting BNB as its primary reserve asset [5].

Core Insights - EquiLend has announced that The Bank of New York Mellon Corporation (BNY) and National Bank of Canada have begun executing trades using 1Source's distributed ledger technology (DLT) to enhance efficiency and eliminate reconciliations [1][3][4] - The adoption of 1Source is expected to transform global securities finance workflows by providing a single source of truth for transactions, thereby increasing operational efficiency and reducing trade breaks [3][4] - The onboarding of BNY and National Bank of Canada is seen as a significant milestone in EquiLend's mission to improve post-trade infrastructure across the securities finance industry [4][5] Industry Impact - The momentum behind 1Source is growing, with additional global broker-dealers expected to join, which will further expand the network and enhance industry-wide synchronization [2][4] - Third-party estimates suggest that 1Source could save industry participants hundreds of millions of dollars annually through improved operational efficiency and optimized costs [4] - The collaboration among industry participants is expected to drive improved accuracy, transparency, and efficiency in securities finance [4][5] Company Statements - EquiLend's CEO, Rich Grossi, emphasized that each new participant strengthens the network effect of 1Source, accelerating the benefits for the industry [4] - BNY's Head of Securities Finance, Nehal Udeshi, highlighted the commitment to innovation and the aim to manage challenges associated with manual reconciliation [5] - National Bank of Canada's Managing Director, Carl Attie, noted that joining 1Source lays the foundation for broader adoption and future enhancements in the securities finance marketplace [5]

Core Viewpoint - Nano Labs Ltd has announced a share repurchase program authorizing the repurchase of up to US$25.0 million worth of its shares within the next 12 months, subject to market conditions [1]. Group 1: Share Repurchase Program - The share repurchase program allows the company to buy back its ordinary shares through various methods including open market transactions and block trades, in compliance with applicable securities laws [2]. - The timing and number of shares to be repurchased will depend on factors such as price, trading volume, market conditions, and the company's working capital requirements [2]. - The repurchases will be funded from the company's existing cash balance and proceeds from the liquidation of crypto assets [2]. Group 2: Company Overview - Nano Labs Ltd is a leading provider of Web 3.0 infrastructure and product solutions, focusing on the development of high throughput computing (HTC) and high-performance computing (HPC) chips [3]. - The company has established a comprehensive flow processing unit (FPU) architecture that integrates features of both HTC and HPC [3]. - Nano Labs has positioned itself in the crypto assets space, primarily adopting BNB as its reserve asset and holding mainstream cryptocurrencies including BNB and BTC [3].

Core Viewpoint - Nano Labs Ltd has signed a Memorandum of Understanding (MoU) with TradeUP Securities Inc. to advance the development of tokenized U.S. equities through compliant and regulated channels [1][2]. Group 1: Partnership Details - The MoU outlines that Nano Labs will provide Web3 technical solutions, including blockchain infrastructure, tokenization processes, smart contract deployment, and security mechanisms [2]. - TradeUP Securities will offer its expertise in custody, clearing, and settlement for U.S. stocks, facilitating regulated brokerage capabilities for tokenization models [2]. Group 2: Objectives and Benefits - The collaboration aims to integrate U.S. equities onto blockchain platforms in a regulated and efficient manner, enhancing access, efficiency, and enabling new use cases in capital markets [3]. - The partnership is expected to unlock benefits such as 24/7 trading, fractionalized access, cross-border liquidity, and programmable finance for global investors [3]. Group 3: Company Background - Nano Labs Ltd is recognized as a leading provider of Web 3.0 infrastructure and product solutions, focusing on high throughput computing (HTC) and high-performance computing (HPC) chips [4]. - The company has established a comprehensive flow processing unit (FPU) architecture and is actively involved in the crypto assets space, holding reserves in cryptocurrencies like BNB and BTC [4].

Company Overview - Nano Labs Ltd is a leading provider of Web 3.0 infrastructure and product solutions, focusing on high throughput computing (HTC) and high-performance computing (HPC) chips [2] - The company has developed a comprehensive flow processing unit (FPU) architecture that integrates features of both HTC and HPC [2] - Nano Labs has positioned itself in the crypto assets space, primarily adopting BNB as its reserve asset and holding mainstream cryptocurrencies including BNB and BTC [2] Recent Developments - Nano Labs has been approved to transfer from the Nasdaq Capital Market to the Nasdaq Global Market, effective September 19, 2025, with shares continuing to trade under the ticker symbol "NA" [1] - The uplisting is seen as a recognition of the company's long-term efforts and is expected to provide broader opportunities and enhanced growth potential [1]

Financial Performance - For the six months ended June 30, 2025, net revenues decreased to RMB 8,283,373, down from RMB 24,739,480 in the same period of 2024, representing a decline of approximately 66.6%[4] - Gross loss for the six months ended June 30, 2025, was RMB 10,708,364 compared to a gross profit of RMB 30,063 in the same period of 2024[4] - The net loss attributable to Nano Labs Ltd for the six months ended June 30, 2025, was RMB 7,054,541, compared to a net loss of RMB 57,233,740 in the same period of 2024, indicating a significant reduction in losses[4] - For the six months ended June 30, 2025, the net loss was RMB 11,777,937, a decrease from RMB 59,145,670 in the same period of 2024, indicating a significant improvement in financial performance[10] - Cash flows from operating activities for the six months ended June 30, 2025, resulted in a net cash outflow of RMB 50,782,563, compared to RMB 76,754,346 in the prior year, reflecting a reduction in cash used[10] Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 1,237,744,872, a substantial increase from RMB 366,642,608 as of December 31, 2024[2] - Total liabilities as of June 30, 2025, were RMB 858,647,244, compared to RMB 383,025,668 as of December 31, 2024, reflecting an increase of approximately 124.3%[2] - Shareholders' equity increased to RMB 619,081,718 as of June 30, 2025, from RMB 232,907,824 as of December 31, 2024, representing a growth of approximately 165.5%[2] - The total liabilities as of June 30, 2025, were RMB 1,180,185,753, reflecting the company's financial obligations and potential leverage in its operations[8] Revenue Breakdown - Product sales revenue for the six months ended June 30, 2024, was RMB 20,352,715, which dropped to RMB 7,931,032 in 2025, indicating a decrease of about 61.0%[52] - Service revenue fell significantly from RMB 4,386,765 in the first half of 2024 to RMB 352,341 in 2025, a decline of approximately 92.0%[52] - As of June 30, 2025, the Company recorded contract liabilities of RMB 95,626,084, down from RMB 98,895,905 as of December 31, 2024[53] - The Company recognized RMB 12,066,145 and RMB 2,481,345 from contract liabilities as revenue during the six months ended June 30, 2024, and 2025, respectively[53] Cryptocurrency and Investments - The company reported a change in the fair value of cryptocurrencies amounting to a loss of RMB 48,610,295 for the six months ended June 30, 2025[4] - The fair value of cryptocurrencies held by the Company decreased from RMB 776,702,624 as of December 31, 2024, to RMB 242,889,085 as of June 30, 2025[34] - Convertible notes denominated in bitcoin were valued at RMB 470,948,166 as of June 30, 2025, reflecting the Company's investment strategy in digital assets[34] - The company has initiated a cryptocurrency value investment business at the end of 2024, diversifying its operations beyond integrated circuit design[12] Operational Metrics - The weighted average number of shares used in the calculation of net loss per ordinary share for the six months ended June 30, 2025, was 16,548,783, reflecting a significant increase from 6,766,671 in the same period of 2024[4] - The company raised RMB 357,040,338 from the issuance of ordinary shares and warrants during the six months ended June 30, 2025, significantly higher than the RMB 30,610,245 raised in the same period of 2024[10] - As of June 30, 2025, the company had 23,571,833 Class A and Class B ordinary shares outstanding, an increase from 15,674,052 shares as of December 31, 2024[101] Expenses and Cost Management - Total operating expenses for the six months ended June 30, 2025, were RMB 27,325,290, a decrease of 53.5% from RMB 58,722,004 in the same period of 2024[4] - The company incurred an inventory write-down of RMB 5,726,162 for the six months ended June 30, 2025, down from RMB 12,395,993 in the same period of 2024, suggesting improved inventory management[10] - The cost of revenues included inventory write-downs of RMB 12,395,993 for the six months ended June 30, 2024, and RMB 5,726,162 for the same period in 2025[54] Compliance and Governance - The Company’s unaudited consolidated financial statements are prepared in accordance with U.S. GAAP, ensuring compliance and transparency in financial reporting[18] - The Company adopted ASU No. 2023-09 on January 1, 2025, which did not have a material impact on the consolidated financial statements[73] Future Outlook - The company has not provided specific guidance for future performance or new product developments in the current report[4] - The Company may offer and sell its Class A ordinary shares up to a maximum aggregate offering price of US$45,000,000 under the ATM Agreement with Maxim Group LLC[129]

Economic Overview - The current economic outlook is cautious, with Q2 numbers indicating declines in business investments and exports, although consumer demand remains resilient [1][2] - Geopolitical instability and government deficits are ongoing concerns, contributing to rising long-term interest rates [2] Government Initiatives - There is growing optimism regarding government initiatives in Canada, focusing on productivity, nation-building projects, manufacturing, and defense spending, which are seen as positive developments for the economy [3][4] - The successful implementation of these initiatives is deemed crucial for the upcoming quarters, which would benefit the banking industry [4]