Financial Data and Key Metrics Changes - FY 2025 revenue was RMB 220.9 million (approximately $31.6 million), a decrease of 21.6% compared to FY 2024 due to cyclical fluctuations and soft demand [11] - FY 2025 cost of revenue was RMB 204.9 million (approximately $29.3 million), an increase of 56.1% impacted by impairment charges [12] - FY 2025 net loss was RMB 52 million (approximately $7.4 million), compared to a net income of RMB 51.5 million in FY 2024 [14] - As of December 31, 2025, cash position was $67.8 million, with total assets of $145.2 million and total liabilities of $6.2 million [14] Business Line Data and Key Metrics Changes - Sales of mining machines were the primary revenue source, with significant contributions from the Aleo mining machine series in the first half of 2025 [4][11] - The introduction of new mining products, including Aleo, Dogecoin, and XTM miners, contributed to increased revenues in Q1 2025 [5][7] - The Goldshell Byte Dual Miner was launched, allowing customers to maximize mining returns across six different cryptocurrencies [6] Market Data and Key Metrics Changes - The cryptocurrency market experienced significant volatility in 2025, impacting ETH pricing and overall demand for products [8] - As of December 31, 2025, the company held 8,826 ETH, an increase of 56% from 5,702 ETH a year ago [9] Company Strategy and Development Direction - The company plans to focus on continued investment in R&D, development and sale of Goldshell mining machines, and ETH accumulation and staking activities [16] - Cost optimization measures are being implemented to improve overall financial performance [18] - The company aims to enhance its ETH accumulation strategy through selective purchases and a dual platform staking approach [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the cyclical volatility in the industry and its impact on financial performance, but remains optimistic about long-term growth [4][8] - The company does not expect regulatory changes in Mainland China to have a material adverse impact on its business [15] Other Important Information - The company has expanded into the blockchain infrastructure service sector, aiming to generate synergies across its business lines [22] - The Goldshell Stake platform was launched to provide staking services for individual and institutional investors [10] Q&A Session Summary Question: Will new mining products be launched in the second half of 2026? - Yes, the company is targeting new altcoin mining machines in the second half, subject to market conditions and R&D progress [25] Question: Regarding Goldshell Stake, are the staked ETH from new users or did they come over with the acquisition? - The staked ETH includes both prior and new users, with growth occurring post-acquisition [26]

Financial Data and Key Metrics Changes - FY 2025 revenue was RMB 220.9 million (approximately $31.6 million), a decrease of 21.6% compared to FY 2024 due to cyclical fluctuations and soft demand [11] - FY 2025 cost of revenue was RMB 204.9 million (approximately $29.3 million), an increase of 56.1% impacted by impairment charges [12] - FY 2025 total operating expenses were RMB 120.6 million (approximately $17.3 million), a decrease of 18.7% primarily due to lower sales and reduced expenses [12] - FY 2025 net loss was RMB 52 million (approximately $7.4 million), compared to a net income of RMB 51.5 million in FY 2024 [14] - As of December 31, 2025, cash position was $67.8 million, with total assets of $145.2 million and total liabilities of $6.2 million [14] Business Line Data and Key Metrics Changes - Altcoin mining hardware and Ethereum accumulation and staking activities are the core pillars of the business, with mining machine sales being the primary revenue source [4] - The launch of new mining products, including Aleo, Dogecoin, and XTM miners, contributed to increased revenues in the first half of 2025, but demand softened in the second half [11][12] - The introduction of the Goldshell Stake platform expanded the company's offerings to include cryptocurrency staking services [4][10] Market Data and Key Metrics Changes - The cryptocurrency market experienced significant volatility in 2025, impacting ETH pricing and overall market conditions [8] - As of December 31, 2025, the company held 8,822 ETH, an increase of 56% from the previous year [9] - The fair value of cryptocurrency assets, excluding stablecoins, was RMB 87.6 million (approximately $26.8 million) as of December 31, 2025 [19] Company Strategy and Development Direction - The company plans to focus on continued investment in R&D, development and sale of Goldshell mining machines, and ETH accumulation and staking activities [16] - Cost optimization measures are being implemented to improve overall financial performance [18] - The company aims to enhance its ETH accumulation strategy through selective purchases and a dual platform staking approach [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the cyclical volatility in the industry and its impact on revenues, but expressed confidence in the long-term potential of the Ethereum ecosystem [8] - The company remains optimistic about its initiatives and plans to drive solid top-line results and improve operational margins in 2026 [21] Other Important Information - The company is enhancing internal control policies in response to regulatory changes in Mainland China regarding virtual currencies [15] - The acquisition of the Goldshell Stake platform is expected to generate synergies across business lines and capture additional opportunities [22] Q&A Session Summary Question: Will new mining products be launched in the second half of 2026? - The company is targeting new altcoin mining machines for the second half of 2026, subject to market conditions and R&D progress [24][25] Question: Regarding Goldshell Stake, are the staked ETH from new users or did they come over with the acquisition? - The staked ETH includes both prior to and post-acquisition users, indicating growth in the platform [26]

Core Insights - Ethereum's mainnet achieved a historic milestone with daily transaction volume surpassing 2.2 million, contrasting with average transaction fees dropping to $0.17, marking a significant improvement in infrastructure performance [1][3] - The drastic change in cost structure is attributed to ongoing internal network evolution, significantly lowering participation barriers for developers and users compared to the extreme transaction fees exceeding $200 in May 2022 [3] Transaction Dynamics - The overall downward trend in transaction fees has led to a flow of funds and traffic back from Layer-2 solutions to the mainnet, indicating a shift in user engagement [3] - In Q4 alone, the number of new smart contracts created on Ethereum surged to 8.7 million, demonstrating Ethereum's continued dominance as the industry's "settlement layer" despite multi-chain competition [3] Technological Upgrades - Two core technological upgrades in 2025 are identified as key drivers of these changes: the Pectra upgrade in May, which provided greater flexibility for validators, and the Fusaka upgrade, which increased the gas limit to 60 million, fundamentally optimizing data processing and network efficiency [2][3] Staking Market Confidence - The dynamics of the staking market reflect medium to long-term market confidence, with the number of entrants into the Ethereum staking queue now double that of exits, indicating a preference among validators for long-term asset locking rather than cashing out [2][3] Future Outlook - The combination of low interaction costs and strong staking confidence is creating a solid foundation for the next wave of ecosystem growth on Ethereum, transitioning from a mere safe-haven asset to an efficient, high-value global settlement network [4]

RT OSL (@osldotcom)📢 OSL AMA #19｜链上世界高速扩张，最后一公里的支付挑战Web3基础设施飞速发展，但要实现大规模采用，支付通道和法币接入仍是关键。本期AMA，我們邀请到了多位行业嘉宾共同探讨如何打破这“最后一公里”障碍，推动数字金融未来💡🎙️主持人：Jack｜CMO of OSL @jackderong🎙️嘉宾阵容：Xavier｜BD Director of OSL Pay @0xklexos @OSLPayLawliet ｜Co-Founder of Tabi @Lfuckjpg @TabichainLarry｜Global Partnerships Lead of Kaia Foundation @ImSmolpotato @KaiaChainLacie｜Researcher of Bitget Wallet @Laaaaacieee @BitgetWalletBeryl｜Regional Growth Manager of Infini @Infini_Beryl @0xinfiniOscar｜Head of Investment Research of 0xU @Chi ...