Core Perspective - The article discusses the launch of the DTO economic model by Qichain, which integrates Real World Assets (RWA) with advanced technologies like blockchain, IoT, and AI to create a new system for asset digitization, circulation, and value release, aiming to enhance the synergy between the real economy and the digital economy [1] Group 1: Core Architecture - The DTO (RWA) model is built on the W1EC dual-layer architecture and AI toolchain, creating a "technology + scenario + ecosystem" digital infrastructure [3] - It utilizes blockchain's immutability for asset ownership mapping and verification, while IoT technology ensures real-time data collection and validation of physical assets, enhancing the authenticity, security, and traceability of the digitization process [3] - The model encompasses various asset types, including real estate, land, intellectual property, and supply chain assets, transforming traditional assets into standardized, divisible, and tradable digital tokens, thus establishing a global digital asset trading network [3] Group 2: Innovative Value - The model significantly enhances liquidity by enabling instant transactions and global circulation through asset tokenization, addressing the long-standing low liquidity in traditional asset trading [5] - It introduces innovative financing models for SMEs and individuals, allowing them to quickly obtain on-chain financing by pledging digital tokens, thus overcoming traditional financial system challenges [6] - The use of blockchain's distributed ledger technology ensures full transparency of asset information, enabling precise risk and return assessments, and promoting capital flow to high-potential areas [7] Group 3: Application Scenarios - In supply chain finance, the tokenization of receivables and inventory allows suppliers to realize asset monetization through on-chain platforms, while financial institutions can manage risks through automated smart contracts [9] - The digitalization of cultural and artistic assets through blockchain ensures unique rights and traceability, enabling artists to issue digital tokens for value sharing and collectors to participate in global circulation [10] - The model enhances cross-border trade by breaking down geographical and currency barriers, automating trade processes, and enabling real-time fund settlement [11] - In agriculture, the tokenization of land use rights and agricultural products allows farmers to flexibly circulate assets for funding, while consumers can secure quality products through tokens, supporting rural revitalization and industrial upgrades [12] Group 4: Future Outlook - The DTO (RWA) model is positioned as a key driver for the digital transformation of the global economy, with plans for continued collaboration with leading institutions across various sectors, including energy, healthcare, and green finance [14] - Qichain aims to integrate the RWA model with emerging technologies like Web3.0 and the metaverse, fostering an open and interconnected global digital asset ecosystem to break traditional economic barriers and unleash asset potential [14] Group 5: About Qichain - Qichain is a leading enterprise in the digital economy sector, focusing on the deep integration of blockchain technology with the real economy, having provided asset digitization solutions to over a hundred global institutions [16]

来源丨 投中网 据香港经济通消息，复星旗下复星财富控股自主孵化的AI驱动一站式机构财富管理平台—— 星路科技 正式宣布成为香港特别行政区政府引进重点企业 办公室的重点企业伙伴之一。这是复星财富控股布局科技金融版图的又一重要举措，亦是星路科技为深耕香港财富管理市场所踏出的坚实一步。 图/星路科技管理层在OASES签约仪式合影 4月8日,特区政府引进办举办了重点企业签约仪式，欢迎新一批重点企业在香港设立或扩展业务。在财政司司长陈茂波的见证下，星路科技与其他17家来 自先进制造与新能源科技、人工智能与数据科学、金融科技及生命健康科技等高新产业领域的重点企业共同参与签约。 将投中网设为"星标⭐"，第一时间收获最新推送 融入国家发展大局，共谱香港创科蓝图。 融入国家发展大局， 共谱香港创科蓝图 作为一站式机构财富管理平台，星路科技为金融机构客户提供全谱系财富管理产品的科技解决方案，覆盖现金管理、公募基金、私募基金、结构性产 品、债券、保险、虚拟资产(VA)、现实世界资产（RWA）等产品领域。同时，星路科技把握近来财富管理机遇，已成为跨境理财通1.0及2.0全市场最具 影响力的金融产品及科技解决方案供货商之一，为活跃香港 ...

Investment Rating - The report maintains an "Increase" rating for the blockchain industry [6]. Core Viewpoints - Circle has submitted an S-1 form to the SEC to go public on the NYSE under the ticker CRCL, potentially becoming the first publicly listed stablecoin issuer in the U.S. [1][9] - As of April 2, 2025, the total market capitalization of stablecoins exceeds $237.5 billion, with USDT and USDC being the dominant products [2][9]. - The RWA market is experiencing growth, serving as a bridge between traditional finance and the cryptocurrency market, with a market value exceeding $19.7 billion as of April 2, 2025 [3][16]. Summary by Sections Circle's IPO and Market Impact - Circle's stablecoin-related business is projected to generate $1.7 billion, accounting for 99.1% of its total revenue by the end of 2024 [1][9]. - The successful IPO of Circle is expected to accelerate the acceptance of stablecoins among traditional financial users, particularly institutional investors [2][10]. Stablecoins and RWA as Market Engines - Stablecoins are fundamental RWA products that anchor fiat currencies like the U.S. dollar to the blockchain, facilitating entry for traditional financial market users into the cryptocurrency space [3][13]. - The RWA market is showing a positive upward trend, contrasting with the decline in the DeFi market's total value locked (TVL) [16][20]. Traditional Financial Institutions' Role - Traditional financial institutions are increasingly participating in the RWA market, as evidenced by initiatives like the tokenized U.S. Treasury market [4][20]. - The collaboration between major funds and RWA indicates a growing trend of traditional finance embracing RWA, which is expected to drive the development of the cryptocurrency market [4][20].

Core Insights - The mobile esports industry in China is experiencing rapid growth, with the market size reaching 124.3 billion yuan in 2023 and projected to grow to approximately 139.9 billion yuan in 2024, driven by the proliferation of smartphones, advancements in mobile networks, and increasing demand for esports entertainment [1][10]. Industry Definition and Classification - Mobile esports refers to electronic sports activities conducted via mobile devices such as smartphones and tablets, characterized by low entry barriers, a large user base, and adaptability to fast-paced lifestyles [2]. Industry Chain Analysis - The mobile esports industry chain encompasses hardware, content, events, and commercialization, with upstream activities including game development and hardware supply, midstream activities involving game developers and event operators, and downstream activities focusing on user consumption and ancillary services [4]. Development History - The mobile esports industry in China has evolved significantly since its inception around 2015, marked by the rise of popular games like "Honor of Kings," leading to explosive market growth and increasing international influence [6]. Current Development Status - As of 2024, the number of esports users in China is expected to reach 490 million, a year-on-year growth of 0.42%, with a diverse range of game types catering to various user preferences [8]. Key Companies Analysis - Tencent is the industry leader with popular IPs like "Honor of Kings" and "Peacekeeper Elite," establishing a comprehensive esports ecosystem [14][15]. - NetEase, known for games like "Knives Out," emphasizes innovation and quality in esports content and event operations [18]. - Other notable companies include Perfect World, which focuses on international esports, and companies like Lilith Games and Zhongjiu Mobile, which leverage diverse game strategies to capture market share [14][15]. Future Development Trends - The mobile esports industry is moving towards a more diversified event system, incorporating various formats and combining online and offline elements to enhance audience engagement [20]. - Professionalization is increasing, with standardized roles for players, coaches, and referees, alongside the emergence of esports education to cultivate talent [21]. - The industry is also integrating with other sectors, such as tourism and cultural industries, creating new business models and enhancing the overall value of esports [22].

Web3.0 被视为继电商之后的下一个风口，主要基于其去中心化、智能化和安全性等核心优势。 Web3.0 的核心优势 1. 去中心化： 3. 可扩展性问题：目前很多区块链网络在处理大量交易时面临可扩展性问题，如何提高效率和速度是需要解决的关键问题。 Web3.0 的实际应用与前景 1. 去中心化金融（DeFi）： 1. 去中心化社交媒体： 基于区块链技术的去中心化社交平台如 Steemit 和 Voice 等，通过区块链技术实现了数据的去中心化存储和加密，用户享有 对其数据的完全控制。 1. 去中心化存储与身份管理： Web3.0 的挑战与机遇 1. 技术复杂性：Web3.0 技术复杂，开发和使用需要一定的技术背景，如何降低门槛让更多人能够参与是一个挑战。 2. 法规和政策：各国对区块链和加密货币的监管政策不一致，未来的法规如何影响 Web3.0 的发展仍有不确定性。 1. 智能化： 1. 安全性与隐私保护： 然而，随着技术的不断进步和应用场景的不断拓展，Web3.0 有望在未来发挥更加重要的作用。它将改变我们与数字世界的互动方 式，带来深远的社会和经济影响。 权力转移：Web3.0 将权力从中心化的实体（如 ...

Financial Data and Key Metrics Changes - In the second half of 2024, the company's net revenue was RMB 15.86 million ($2.21 million), a decline from RMB 26.07 million in the same period last year [9] - Gross profit for the second half of 2024 was RMB 11.57 million ($1.61 million), compared to a gross loss of RMB 40.55 million in the same period of 2023 [10] - Loss from operations was RMB 39.82 million ($5.54 million) for the second half of 2024, an improvement from a loss of RMB 124.4 million in the same period of 2023 [13] - Net loss was RMB 60.39 million ($8.4 million) for the second half of 2024, compared to a net loss of RMB 120 million in the same period of 2023 [13] - Basic and diluted loss per share was RMB 6.01 ($0.84) for the second half of 2024, down from RMB 19.12 in the same period of 2023 [13] - As of December 31, 2024, cash and cash equivalents were RMB 32.43 million ($4.51 million), down from RMB 48.16 million as of December 31, 2023 [14] Business Line Data and Key Metrics Changes - The decline in net revenue was primarily due to decreased sales volume of the iPollo V Series product [9] - Total operating expenses decreased by 38.7% to RMB 51.39 million ($7.15 million) from RMB 83.84 million in the same period of 2023 [11] - Selling and marketing expenses dropped by 17.7% to RMB 4.8 million ($0.67 million) compared to RMB 5.83 million in the same period of 2023 [11] - General and administrative expenses increased by 30.5% to RMB 25.38 million ($3.83 million) from RMB 22.38 million for the same period of 2023 [12] - Research and development expenses decreased by 61.9% to RMB 28.93 million ($4.06 million) from RMB 32.97 million for the same period of 2023 [12] Market Data and Key Metrics Changes - The company has established Bitcoin as a primary reserve asset, holding about 400 BTC with a total purchase price of around $40 million [6] - The launch of an upgraded complete machine equipped with a Cuckoo 3.0% iteration chip is expected to enhance performance and expand market share [6][7] Company Strategy and Development Direction - The company aims to deepen its expertise in the Web3.0% space and develop AI applications integrated with Web3.0% technologies [7] - Future development will focus on the broader metaverse ecosystem, starting with the design of cryptocurrency IC chips [24] Management's Comments on Operating Environment and Future Outlook - Management believes Bitcoin is a strategic asset with long-term value and potential for appreciation, serving as foundational infrastructure for Web3.0% development [17][18] - The company is optimistic about its business strategy and ability to capture development opportunities for long-term growth [14] Other Important Information - The company is committed to optimizing product management and operations while preparing to seize emerging market opportunities [27] Q&A Session Summary Question: Why is the company considering increasing its holdings of Bitcoin? - Management believes Bitcoin is a strategic asset with long-term value and a potential hedge against inflation, with significant room for appreciation [16][17] Question: What considerations have driven the company's recent financing activities? - Recent financing activities were driven by business adjustments and expansion initiatives, particularly increased investment in Bitcoin [20][21] Question: What is the company's plan for future development? - The company sees massive opportunities within the broader metaverse ecosystem and will focus on cryptocurrency IC chip design and AI plus Web3.0% development [23][24] Question: The company's income is not significant at present. Do you have any expectations for the future? - Management indicated that the impact of Cuckoo 3.0% equipped machines will be reflected in this year's business performance, with a focus on optimizing operations [26][27]

Core Viewpoint - Nano Labs Ltd has reported its financial results for the second half of 2024, highlighting a strategic shift towards Bitcoin investment and the launch of upgraded products, despite facing a decrease in net revenue compared to the previous year [1][3][5]. Financial Performance - Net revenue for the second half of 2024 was RMB 15.9 million (US$ 2.2 million), a decrease from RMB 26.1 million in the same period of 2023 [6][9]. - The net loss for the second half of 2024 was RMB 60.4 million (US$ 8.4 million), significantly improved from a net loss of RMB 120.0 million in the same period of 2023 [5][15]. - Gross profit for the second half of 2024 was RMB 11.6 million (US$ 1.6 million), compared to a gross loss of RMB 40.6 million in the same period of 2023 [9]. Cost Structure - Cost of revenues decreased to RMB 4.3 million (US$ 0.6 million) for the second half of 2024, down from RMB 66.6 million in the same period of 2023, primarily due to reduced sales volume [7]. - Total operating expenses decreased by 38.7% to RMB 51.4 million (US$ 7.1 million) for the second half of 2024, compared to RMB 83.8 million in the same period of 2023 [8]. Strategic Developments - The company has established Bitcoin value investment as a new business sector, holding approximately 400 BTC valued at around US$ 40 million [3]. - An upgraded machine equipped with the Cuckoo 3.0 iteration chip was released in December 2024, enhancing performance and market competitiveness [4]. Cash Position - As of December 31, 2024, the company had cash and cash equivalents of RMB 32.4 million (US$ 4.5 million), down from RMB 48.2 million as of December 31, 2023 [17]. Shareholder Information - Basic and diluted loss per share for the second half of 2024 was RMB 6.01 (US$ 0.84), compared to RMB 19.12 in the same period of 2023 [16]. Non-GAAP Financial Measures - The adjusted net loss for the six months ended December 31, 2024, was RMB 60.3 million (US$ 8.4 million), compared to RMB 119.5 million in the same period of 2023 [19][30].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不因本公告全部 或部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Virtual Mind Holding Company Limited 天 機 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1520） 自願公告 - 戰略合作框架協議 本 公 告 由 天 機 控 股 有 限 公 司 （ 「 本公司 」 ， 連 同 其 附 屬 公 司 ， 統 稱 「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 戰略合作框架協議 董事會宣佈，於二零二五年一月十六日，本公司與西藏水資源有限公司（「西 藏水資源」）訂立一份具法律約束力的戰略合作框架協議（「框架協議」）， 據此，本公司與西藏水資源基於 Web3.0 新商業模式就於合作渠道（定義見下 文）銷售「5100」品牌定製產品，包括（但不限於）水卡和聯標產品等業務達 成合作（「該合作」）。 西藏水資源為一間於開曼群島註冊成立之有限公司，其已發行股份於香港聯合 交易所有限公司（「聯交所」）主板上市（股份代號 ...