NANasdaqSemiconductors & Related DevicesFiscal year ends December 31
Nano Labs Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 13, 2026
$1.80−0.12 (-6.25%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
-147.3%−187.6 pts over 5 years
Operating margin
264.4%+2000.2 pts over 5 years
Net margin
501.6%+2274.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -33.5% | -69.8% | +66.2% | – | |
| Operating income | – | +51.1% | – | – | |
| Net income | – | +63.3% | – | – | |
| EPS, diluted | – | +5.3% | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 27.7% | |
| Return on assets | – | – | 15.6% | |
| Current ratio | – | – | 2.09 | |
| Debt to equity | – | – | 0.30 | |
| Net debt to EBITDA | – | – | 2.58× | |
| Interest coverage | – | – | 4.2× | |
| Inventory turnover | – | – | 3.1× | |
| Capex to revenue | – | 44.0% | 0.2% | |
| Diluted shares | – | 4M | 20M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Nano Labs generated CN¥727.75M from operations and spent CN¥169.79M on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
CN¥727.75M
Used
CN¥169.79M
Capital expenditureCN¥168.12M99%DividendsCN¥00%Share buybacksCN¥1.67M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin501.6%
×Asset turnover0.03×
×Equity multiplier1.77×
=Return on equity, FY202527.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 501.6% | 0.03× | 1.77× | 27.7% |
| FY2024 | -278.8% | 0.08× | 4.47× | -104.8% |
| FY2023 | -322.7% | 0.22× | 4.79× | -337.8% |
| FY2022 | 3.2% | 1.54× | 9.14× | 44.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroCN¥135.47M
- Cash generatingOperating cash flow above zero-CN¥108.27M
- Return on assets improvedROA up on the prior year-32.3% → 22.0%
- Earnings backed by cashOperating cash flow above net income-CN¥108.27M vs CN¥135.47M
- Less leverageLong-term debt to assets fell27.7% → 15.3%
- Better liquidityCurrent ratio rose1.61 → 2.09
- No dilutionShare count did not rise8M → 20M
- Gross margin improvedGross margin up on the prior year28.58% → -147.33%
- More efficientAsset turnover rose0.12 → 0.04