| Parent-only financial statements |
| 24. |
Parent-only financial statements |
The Company performed a test on the restricted
net assets of the consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General
Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the
parent company only.
The subsidiaries did not pay any dividend to the
Company for the periods presented. Certain information and footnote disclosures generally included in the financial statements prepared
in accordance with U.S. GAAP have been condensed and omitted. These statements should be read in conjunction with the notes to the consolidated
financial statements of the Company.
Basis of presentation
The financial information of the parent company
has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the
parent company used the equity method to account for investments in its subsidiaries. The following represents condensed financial information
of the parent company:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS/(LIABILITIES) | |
| | |
| | |
| |
| Cash and cash equivalents | |
| 2,227,649 | | |
| 42,095 | | |
| 5,989 | |
| Short-term investments | |
| — | | |
| 26,214,992 | | |
| 3,729,654 | |
| Prepayments | |
| 891 | | |
| — | | |
| — | |
| Due from intercompany | |
| 814,547,651 | | |
| 1,160,984,732 | | |
| 165,175,383 | |
| Investment in subsidiaries | |
| (585,987,070 | ) | |
| (438,947,877 | ) | |
| (62,449,903 | ) |
| TOTAL ASSETS | |
| 230,789,121 | | |
| 748,293,942 | | |
| 106,461,123 | |
| SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Shareholders’ equity (deficit): | |
| | | |
| | | |
| | |
| Class A ordinary shares (US$0.002 par value; 14,141,093 and 1,097,141,091 shares authorized as of December 31, 2024 and 2025, respectively; 13,273,596 and 20,712,924 shares issued as of December 31, 2024 and 2025, respectively; 12,815,143 and 20,185,908 shares outstanding as of December 31, 2024 and 2025, respectively) | |
| 176,842 | | |
| 283,565 | | |
| 40,343 | |
| Class B ordinary shares ($0.002 par value; 2,858,909 shares authorized; 2,858,909 shares issued and outstanding as of December 31, 2024 and 2025) | |
| 36,894 | | |
| 36,894 | | |
| 5,249 | |
| Treasury shares | |
| — | | |
| (1,666,859 | ) | |
| (237,147 | ) |
| Additional paid-in capital | |
| 780,499,664 | | |
| 1,180,196,429 | | |
| 167,908,666 | |
| Accumulated deficit | |
| (565,218,741 | ) | |
| (429,752,701 | ) | |
| (61,141,689 | ) |
| Statutory reserves | |
| 6,647,109 | | |
| 6,647,109 | | |
| 945,696 | |
| Accumulated
other comprehensive income (loss) | |
| 8,647,353 | | |
| (7,450,495 | ) | |
| (1,059,995 | ) |
| TOTAL NANO LABS LTD SHAREHOLDERS’ EQUITY | |
| 230,789,121 | | |
| 748,293,942 | | |
| 106,461,123 | |
| |
|
For the years ended December 31, |
|
| |
|
2023 |
|
|
2024 |
|
|
2025 |
|
| |
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
| Net revenues |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling and marketing expenses |
|
|
— |
|
|
|
— |
|
|
|
(607,147 |
) |
|
|
(86,379 |
) |
| General and administrative expenses |
|
|
(471,664 |
) |
|
|
(683,178 |
) |
|
|
(1,016,420 |
) |
|
|
(144,607 |
) |
| Change in fair value of cryptocurrencies |
|
|
— |
|
|
|
— |
|
|
|
3,383,727 |
|
|
|
481,409 |
|
| Total operating income (expenses) |
|
|
(471,664 |
) |
|
|
(683,178 |
) |
|
|
1,760,160 |
|
|
|
250,423 |
|
| Income (loss) from operations |
|
|
(471,664 |
) |
|
|
(683,178 |
) |
|
|
1,760,160 |
|
|
|
250,423 |
|
| Finance income (expense) |
|
|
110,971 |
|
|
|
(13,140 |
) |
|
|
— |
|
|
|
— |
|
| Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(5,952,207 |
) |
|
|
(846,832 |
) |
| Other expenses |
|
|
— |
|
|
|
— |
|
|
|
(9,073,955 |
) |
|
|
(1,290,968 |
) |
| Income (loss) from investment in subsidiaries |
|
|
(252,463,079 |
) |
|
|
(112,490,730 |
) |
|
|
148,732,042 |
|
|
|
21,160,375 |
|
| Net income (loss) attributable to Nano Labs Ltd |
|
|
(252,823,772 |
) |
|
|
(113,187,048 |
) |
|
|
135,466,040 |
|
|
|
19,272,998 |
|
| Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
(252,823,772 |
) |
|
|
(113,187,048 |
) |
|
|
135,466,040 |
|
|
|
19,272,998 |
|
| Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation adjustment |
|
|
155,229 |
|
|
|
6,392,795 |
|
|
|
(16,097,848 |
) |
|
|
(2,290,270 |
) |
| Total comprehensive income (loss) attributable to Nano Labs Ltd |
|
|
(252,668,543 |
) |
|
|
(106,794,253 |
) |
|
|
119,368,192 |
|
|
|
16,982,728 |
|
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Net cash provided by (used in) operating activities | |
| 344,012 | | |
| (281,829 | ) | |
| (4,118,150 | ) | |
| (585,897 | ) |
| Net cash used in investing activities | |
| (68,918,960 | ) | |
| (312,142,434 | ) | |
| (363,723,160 | ) | |
| (51,747,547 | ) |
| Net cash provided by financing activities | |
| 72,802,734 | | |
| 315,620,394 | | |
| 355,632,852 | | |
| 50,596,525 | |
| Effect of exchange rate changes on cash and cash equivalents | |
| (3,047,562 | ) | |
| (2,174,475 | ) | |
| 10,022,904 | | |
| 1,425,976 | |
| Net increase (decrease) in cash and cash equivalents | |
| 1,180,224 | | |
| 1,021,656 | | |
| (2,185,554 | ) | |
| (310,943 | ) |
| Cash and cash equivalents at beginning of the year | |
| 25,769 | | |
| 1,205,993 | | |
| 2,227,649 | | |
| 316,932 | |
| Cash and cash equivalents at end of the year | |
| 1,205,993 | | |
| 2,227,649 | | |
| 42,095 | | |
| 5,989 | |
|