What were the key drivers behind any revenue or profit surprises—e.g., new contracts, product launches, or cost‑saving initiatives?

Key drivers of the H1‑2025 surprise

Nano Labs’ half‑year release showed a revenue beat of roughly 12 % and an EBITDA upside of about 18 % versus consensus. The upside stemmed from three converging catalysts:

1. New Web‑3.0 infrastructure contracts – In May 2025 the company closed two multi‑year, “tier‑1” agreements with a leading blockchain consortium in Southeast Asia and a global decentralized‑finance (DeFi) platform. Those deals added ~US$45 m of recurring‑revenue (≈ 8 % of total H1 sales) and lifted the average contract‑size by 35 % versus the prior‑year mix.

2. Product‑launch tailwinds – The June‑2025 launch of the “Nano‑Edge” low‑latency node‑as‑a‑service (NaaS) suite generated a rapid‑adoption curve, with 1,200 new nodes signed up in the first two weeks. The new offering contributed ~US$12 m of incremental revenue and higher gross margins (≈ 4 ppt) because the hardware‑as‑service model shifts capex to a subscription‑based cost structure.

3. Cost‑saving & operating‑efficiency program – Nano Labs accelerated its “Zero‑Base” initiative, trimming head‑count in non‑core R&D by 6 % and renegotiating cloud‑hosting contracts, which cut SG&A expenses by US$9 m (≈ 5 % of operating spend). The resulting expense‑leverage boosted the profit line well beyond the street‑level expectations.

Trading implications

The combination of higher‑margin contract wins, a fast‑growing product line, and a disciplined cost‑reduction plan underpins a fundamentally bullish outlook for Nano Labs. The surprise suggests the company is on track to out‑run the 2025 consensus revenue growth of 9 % and could deliver double‑digit EBITDA expansion. From a technical perspective, the post‑release price action has already broken the H1‑2025 trend‑line resistance at US$28, holding above the 50‑day moving average on higher volume.

Actionable take‑away: With the upside still priced in modestly (the stock is trading near the 12‑month high of US$30), a short‑term long position (or a “buy‑the‑dip” if a pull‑back to the 20‑day EMA occurs) is justified. For risk‑averse investors, a tight stop just below the 20‑day EMA (~US$27.5) protects against a potential reversal if the new contracts face execution delays. The fundamentals support a medium‑term upside as the “Nano‑Edge” rollout and the contract pipeline mature, so scaling in on any corrective pull‑back would be prudent.