BTC

USDT

ETH

FIL

USDC

Total

Quantity

RMB

Quantity

RMB

Quantity

RMB

Quantity

RMB

Quantity

RMB

in thousands

Balance as of January 1, 2024

306

92,205

218,390

1,547

80

1,302

273,289

12,907

—

107,961

Receipt of BTC from Cryptocurrency Mining, net

262

110,739

—

110,739

Receipt of FIL from Cryptocurrency mining

—

46,780

2,033

—

2,033

Receipt of ETH from operating activities

—

0

4

—

4

Receipt of BTC from operating activities

4

1,107

—

1,107

Receipt of BTC and USDT from exchange of other cryptocurrencies

17

8,814

8,001,784

56,904

—

65,718

Receipt of USDT from BTC Mortgage borrowing, net of deferred loan cost of RMB 0.9 million

—

12,262,164

87,296

—

87,296

Proceeds from disposal of mining machines

—

319,600

2,283

—

2,283

Payment for operating activities

(14)

(8,238)

(13,480,935)

(95,944)

—

(112)

(4)

—

(104,186)

Sale of cryptocurrencies for cash

(145)

(64,472)

(6,260,051)

(44,551)

—

(109,023)

Sale of cryptocurrencies for other cryptocurrencies

(143)

(53,250)

(593,419)

(4,215)

(80)

(1,905)

(119,410)

(6,339)

—

(65,709)

Interest expense

—

(167,903)

(1,194)

—

(1,194)

Exchange gain for RMB/USD translation

—

28

—

28

Realized gain on sale/exchange of cryptocurrencies

—

58,027

—

683

—

2,073

—

60,783

Change in fair value of cryptocurrencies

—

51,748

—

(84)

—

(3,374)

—

48,290

Balance as of December 31, 2024

287

196,680

299,630

2,154

—

200,547

7,296

—

206,130

Less: Cryptocurrencies, restricted

273

187,273

—

183,212

6,665

—

193,938

Balance of Cryptocurrencies

14

9,407

299,630

2,154

—

17,335

631

—

12,192

Receipt of BTC from Cryptocurrency Mining, net

79

56,352

—

56,352

Receipt of FIL from Cryptocurrency mining

—

11,862

257

—

257

Receipt of USDC from operating activities

—

2,241,159

15,933

Receipt of USDC and USDT from exchange of other cryptocurrencies

—

2,345,532

16,837

—

6,839

49

16,886

Receipt of USDT from BTC Mortgage borrowing, net of deferred loan cost of RMB 3.5 million

—

24,581,924

176,214

—

176,214

Receipt of BTC and USDT from investors

60

33,937

600,010

4,263

—

38,200

Proceeds from disposal of mining machines

—

230,000

1,651

—

1,651

Payment for operating activities

(0)

(3)

(10,348,628)

(73,959)

—

(2,019,385)

(14,348)

(88,310)

Repayment of BTC Mortgage borrowing

—

(8,051,844)

(57,225)

—

(57,225)

Sale of cryptocurrencies for cash

(20)

(13,245)

(7,622,011)

(54,703)

—

(67,948)

Sale of cryptocurrencies for other cryptocurrencies

(19)

(12,439)

(6,836)

(49)

—

(212,409)

(4,398)

(12)

(0)

(16,886)

Interest expense

—

(361,288)

(3,127)

—

(3,127)

Exchange loss for RMB/USD translation

—

(343)

—

(27)

(370)

Realized gain and (loss) on sale/exchange of cryptocurrencies

—

13,695

—

(3,068)

—

10,627

Change in fair value of cryptocurrencies

—

(36,091)

—

(87)

—

(36,178)

Balance as of December 31, 2025

387

238,886

1,666,489

11,713

—

228,601

1,607

252,206

Less: Cryptocurrencies, restricted

386

238,533

—

238,533

Balance of Cryptocurrencies

1

353

1,666,489

11,713

—

228,601

1,607

13,673