- Net revenues declined 33% to RMB27.0 million (US$3.8 million) in 2025 from RMB40.6 million in 2024, driven by reduced mining machine sales volume (3,937 units vs. 4,583) and a 39% drop in average selling price per unit to RMB3,937; customer concentration intensified sharply, with the largest customer accounting for 59% of revenue (vs. 13% in 2024) and the top five customers representing 84% (vs. 53%), while 88% of revenue came from China-based mining machine customers. A RMB32.6 million inventory write-down (48.9% of cost of revenues) reflected continued pressure from cryptocurrency price declines on mining equipment demand.
- The company's crypto treasury strategy became the dominant P&L driver: BNB holdings of 126,662 tokens (fair value RMB768.6 million / US$109.3 million) generated a RMB178.6 million fair-value gain in 2025, producing net income of RMB125.9 million (US$17.9 million) versus a net loss of RMB119.5 million in 2024. Additional crypto-related income included RMB33.9 million from Binance Launchpool/airdrops and crypto investment products. The company also entered cryptocurrency-denominated borrowings (1.7 million USDT at a 6% borrow fee) and purchased RMB351.4 million of cryptocurrencies during the year, while operating cash flow remained negative at RMB108.3 million.
- On November 26, 2025, the company announced the Next Big BNB Program (NBNB Program), a Real World Assets strategic initiative to develop RWA infrastructure and a compliance ecosystem on BNB Chain spanning equities, bonds, new energy, and real estate, aiming to connect the real economy with on-chain applications. Separately, the company disclosed plans to launch the iPollo ClawPC A1 Mini (a dedicated hardware solution for the OpenClaw AI Agent System), iPollo Claw OS, and a Skill Hub, representing a new business vertical in AI agent hardware and software; the ClawPC A1 Mini was officially launched in March 2026 (subsequent event).
- R&D spending fell 84% to RMB8.1 million (US$1.1 million) from RMB50.1 million in 2024, with the R&D team comprising 13 of 67 total employees (19.4%); selling and marketing expenses also declined 48% to RMB4.7 million as the company streamlined activities. The company identified a material weakness in internal control over financial reporting related to insufficient accounting personnel with adequate U.S. GAAP knowledge, and management concluded that both disclosure controls and internal control over financial reporting were not effective as of December 31, 2025. Remediation plans include hiring qualified accounting staff and engaging external consulting for SOX compliance.
- The company completed a US$50.0 million private placement on June 27, 2025 (5,952,381 Class A shares at US$8.40 plus five-year warrants at US$10.00), entered a US$45 million at-the-market offering agreement with Maxim Group on August 21, 2025 (no shares issued during 2025), and approved a US$25 million share repurchase program on October 14, 2025 (75,000 shares repurchased for ~US$0.2 million by year-end; an additional 282,743 shares repurchased for US$0.9 million in Q1-Q2 2026). Governance changes included increasing authorized shares to 2.1 billion (March 2025) and raising Class B voting power from 15 to 30 (March 2025) and then to 50 votes per share (December 2025); the company also transferred from the Nasdaq Capital Market to the Nasdaq Global Market effective September 19, 2025.
- In July 2025, a customer filed a civil action at the Shangcheng District People's Court seeking return of approximately RMB5.0 million on a 2022 sales contract; the company's bank accounts were judicially frozen (RMB1.3 million as of year-end, released by the filing date). In a prior 2022 contract dispute, the court ordered the company to return approximately RMB0.1 million plus interest. The company's long-term bank credit line was increased to RMB198 million with a balance of RMB177.8 million (US$25.3 million) as of December 31, 2025, secured by a 49,452 sqm land use right and self-constructed properties in Shaoxing and Hangzhou.
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