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]

Core Viewpoint - Bgin Blockchain has successfully launched its IPO on NASDAQ, pricing shares at $6, raising $30 million, but experienced a 17.33% drop on the first trading day [1] Company Overview - Bgin Blockchain focuses on the production of alternative cryptocurrency mining equipment and has developed proprietary mining technology [1] - The company has shifted its revenue model, with mining machine sales becoming the primary source of income since April 2023, previously relying almost entirely on cryptocurrency mining [1] Product and Market - Bgin designs and sells mining machines equipped with its own 8nm or 12nm ASIC chips, targeting specific cryptocurrencies such as KAS, ALPH, and RXD [1] - Sales are conducted exclusively through the company's official website, with customers primarily located in Hong Kong, the United States, and Southeast Asia [1] Financial Performance - Bgin Blockchain, established in 2019, is projected to achieve revenues of $302 million for the 12 months ending December 31, 2024 [1]

Core Viewpoint - Nasdaq-listed mining company Bitdeer (BTDR) plans to initiate domestic mining equipment manufacturing in the U.S. to address procurement pressures from the Trump administration's tariff policies [1] Group 1: Company Strategy - Bitdeer aims to manufacture mining equipment locally for U.S. customers, responding to the challenges posed by trade policies [1] - CFO Jeff LaBerge expressed confidence in achieving a Bitcoin-friendly solution despite the complexities of trade policies [1] Group 2: Industry Context - The overall trade policy is perceived to still "support crypto and energy," indicating a favorable environment for the cryptocurrency sector [1]