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]