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].