Bgin Blockchain Limited

Good morning and good evening, ladies and gentlemen. Thank you for standing by. Welcome to Beijing's Earnings Conference Talk. At this time, all participants are in a listen-only mode. We will be hosting a question and answer session after management's prepared remarks. Please note that today's event is being recorded. I'll now turn the conference over to Jennifer Jiang, Investor Relations Director of the company. Please go ahead, ma'am.

Thank you. Hello, everyone, and welcome to BGIN's Earnings Call for the full fiscal year 2025. With us today are CEO Qingfeng Wu, Chairman Qiu Huali, Chase Corporate Development Officer Razlan Mirza, Co-CFO Zhao Xiang, and Finance Director Carrie Wong. Razlan will provide a business overview for last year, then Carrie will discuss the financials in more details. Following their prepared remarks, CEO Qingfeng Wu, Chairman Qiu Huali, and CFO Zhao Xiang will be available for the Q&A session. You can refer to our yearly financial results on our IR website at ir.beijing.com. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion. Safe Harbor Statement Before we begin, I would like to remind everyone that certain statements made during this call are forward-looking in nature, including but not limited to statements regarding the company's future plans and partnerships. These statements involve risks and uncertainties that are based on our current expectations and projections. You can identify these forward-looking statements by words or phrases such as aims, anticipates, beliefs, estimates, expects, intents, plans, potential, projects, will, would, should, could, may, or similar expressions. Although not all forward-looking statements contain these identifying words, the company undertakes no obligation to update or revise publicly any forward-looking statements to reflect events or circumstances that occur after this call or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot be assured that such expectations will turn out to be correct The company cautions investors that action results may differ materially from preliminary or anticipated results and encourages investors to review other factors that may affect its future results in the company's registration statements and other filings with the U.S. Securities and Exchange Commission. Thank you. I will now turn the call over to the Chief Corporate Development Officer of Beijing, Rezwan Mirza.

Thank you, Jennifer. Good evening, everyone, and welcome to Beijing's inaugural earnings call as a publicly traded company. I'm Rezwan Mirza, Chief Corporate Development Officer of Beijing Blockchain Limited. 2025 was a transformative year for us. In addition to our successful IPO last October, We also proactively refocused our R&D capabilities away from our initial core altcoin chip business and towards the larger cap cryptocurrencies. We primarily focused our R&D efforts on Bitcoin and Dogecoin in 2025 and continue to do so in 2026. These efforts are already yielding results. In March of this year, the company successfully developed a four nanometer Bitcoin miner prototype based on the BT1 ASIC chip. This represents a major technical milestone and serves as a powerful validation of our execution capabilities. Today, I will walk you through our three core revenue engines, starting with the bedrock of our company hardware sales. Engine one, proprietary hardware and innovation. Our journey began in 2019 when our founders, seeking to enter into the self-mining business and facing a shortage of available miners, chose to design their own mining rigs. This engineer-first mindset allowed us to be self-sustaining from day one, using mining machine sales revenue to fund successive generations of R&D. To date, we have successfully executed seven tape-outs and developed 29 distinct mining models, with nine currently in active deployment. In 2024, our focus on ore coins such as Caspa and Alio generated $192 million in sales of mining machines. In 2025, mining machine sales declined to $15 million driven by market volatility and our strategic decision to prioritize our Bitcoin and Dogecoin transition. Looking ahead, our roadmap is clear. We are accelerating the next generation advanced architecture to optimize the combination of energy efficiency and costs to deliver superior operating performance in Bitcoin and Dogecoin mining. Engine two, high efficiency mining operations. Our management team has prioritized operational excellence over raw scale. To maximize margins, we optimized our fleet in early 2025 phasing out older CASPI units in favor of next-generation efficiencies. We swapped out our older KS5 miners with our more efficient KS7 machines. Our focus on operating efficiencies allowed us to deliver $42.9 million in mining revenue in 2025, holding remarkably steady against the $45 million recorded in 2024. We continue seeking additional sites to grow our mining farm power capacity under the same disciplined operating efficiency parameters. Engine three, scalable hosting services. Our third engine, hosting, generated $3.3 million in 2025. While smaller in scale, this remains a low capital investment, high gross margin business. We provide small to mid-sized miners with turnkey solutions through two flexible models, fixed rate hosting for predictability and a revenue share partnership for performance alignment. This model allows us to monetize our operational expertise without the heavy capex typically required for capacity expansion. The synergy of these three engines creates a natural hedge against market volatility in the cryptocurrency industry. In bull markets, we capitalize on surging hardware demand and peak sales margins. In bear markets, we pivot to efficiency-first self-mining and cost controls. While across all cycles, hosting provides a resilient, high-margin foundation of recurring cash flow. We continue to enhance our hosting capabilities. For example, to further refine our software infrastructure to support Bitcoin and Dogecoin hosting in the future, we have targeted our cloud mining hosting product towards Alio miners. Initial feedback from customers utilizing our cloud mining platform has been positive, and we plan to build on that momentum. In 2026, we will continue along our transformational journey from an altcoin chip designer into a fully integrated digital asset infrastructure platform. While Bitcoin is our primary focus, we maintain the flexibility to capture opportunities in promising altcoins when market conditions align. In addition to commercial miners, we are also exploring opportunities to expand our machine sales into the B2C segment. Next week, at the Bitcoin 2026 conference in Las Vegas, we will debut a prototype of our portable BTC. It is a commemorative prototype model created to mark our entry into the Bitcoin mining hardware journey. As Bijan continues to explore value-added consumer-driven miners in line with our focus on democratizing crypto mining, this prototype is an early-stage sample of a rewards-based approach to crypto mining. Although the prototype to be shown at the Bitcoin 2026 conference is limited and not for sale, future commercial non-limited products will follow. Our retail miner offering should enable consumers to bring Bitcoin mining into their homes. This aligns with our mission, crypto for all. I would like to discuss our four key priorities for 2026. First, we will continue enhancing our research and development capabilities to deliver competitive mining solutions. Our mining operations remain anchored in cost-effective energy strategies and power sources that provide structural advantages. Third, we are exploring cloud mining and new consumer-focused product lines to democratize access to cryptocurrency mining. Fourth, while large-cap cryptocurrencies such as Bitcoin and Dogecoin are our primary focus, we will maintain the flexibility to opportunistically capture opportunities in promising smaller-cap altcoins. We made difficult choices in 2025, choices that positioned us for success in 2026 and beyond. We are confident in building the world's most cost-effective digital currency mining infrastructure strength true to our vision of crypto for all and executing on our B2C strategy to deliver sustainable long-term value for our shareholders. Thank you for your trust and support. I will now ask my colleague Carrie Wong to go over the 2025 financial results in detail. Carrie?