Nano Labs Ltd (NA)

Nasdaq: NA · Semiconductors & Related Devices · Hangzhou, CN · filing with the SEC since 2021

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Grade3.7

◀ Past 3.3● Present 4.4▶ Future 3.2

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Nano Labs Ltd

Nine metrics read from its own filings, by tense

Headline grade

3.7/10

◀ Past3.330% of the headline

● Present4.440% of the headline

▶ Future3.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.3/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

7.6/10

Has it survived what it has been through?

No warning events in its filings since 2021.

weight 33% of this tense · 76th percentile among 99 sector filers · read for itself

From the record

Nano Labs Ltd's filings since 2021 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.2/10

What has it actually done, year after year?

-9% a year over 5 filed years; profitable in 2 of 5.

weight 45% of this tense · 12th percentile among 93 sector filers · read for its customers

From the record

Nano Labs Ltd's 5 filed years say what it did: revenue went from CNY 39 million in fiscal 2021 to CNY 27 million in fiscal 2025, down 9% a year; it rose in 1 of 4 years; the deepest fall was 97% from fiscal 2022 to fiscal 2025; net income was positive in 2 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span-9.0%bottom 5% of its family
the share of years revenue rosebottom 4% of its family
the share of filed years with a profitbottom 36% of its family
the deepest fall from a revenue peak97.3%bottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.0/10

How has it treated the people who own it?

SI estimate 1.0/10, confidence 35 of 100 (one part).

weight 22% of this tense · 10th percentile among 94 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 10% of 94 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 94 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Nano Labs Ltd's shareholder treatment is put at 1.0 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 10% of 94 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.4/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

3.4/10

Is it financially healthy right now?

ROE 18%: 18¢ of profit per shareholder dollar. Leverage 34%: owes 34¢ per asset dollar.

weight 45% of this tense · 34th percentile among 95 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Nano Labs Ltd earned about 18 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned less than nothing, about minus 4 cents per dollar of everything the company owns. Leverage: it owed about 34 cents per dollar of assets, and net share issuance: its share count grew 146.7% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 49% of its family
return on equitytop 21% of its family
gross profit against assetsbottom 2% of its family
the share count against the year beforebottom 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.0/10

How strong is its position in its industry?

top 50% of 97 in its family; net margin 501.6%.

weight 33% of this tense · 50th percentile among 97 sector filers · read for its customers

From the record

Nano Labs Ltd's standing among 97 graded names in its industry family: revenue of CNY 27 million in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 501.6% ranks in the top 1%; revenue growth of -69.8% a year over the last 3 filed years ranks in the bottom 1% (its annual reports).

What it rests on

net margin501.6%top 1% of its family
three-year revenue growth-69.8%bottom 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.4/10

What are the people in charge doing?

SI estimate 5.4/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 78 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-11 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 78 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-11 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 78 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Nano Labs Ltd's leadership is put at 5.4 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-11 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 78 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

3.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

2.4/10

How much room does it have to grow?

bottom 24% of 94 in its family for room to expand.

weight 45% of this tense · 24th percentile among 94 sector filers · read for itself

From the record

Nano Labs Ltd's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 10 million against debt of CNY 178 million leaves -15% of its assets as net cash, bottom 14% of its family; cash from operations less capital spending is -401.1% of revenue (bottom 8%); a gross margin of -147.3% (bottom 2%); research spending of 29.8% of revenue (top 29%) (its annual report).

What it rests on

cash less debt against assets-15.0%bottom 14% of its family
cash from operations less capital spending against revenue-401.1%bottom 8% of its family
gross margin-147.3%bottom 2% of its family
research spending against revenue29.8%top 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

0.2/10

What could actually drive growth from here?

bottom 2% of 93 in its family for growth drivers.

weight 33% of this tense · 2nd percentile among 93 sector filers · read for its customers

From the record

Nano Labs Ltd's growth drivers, from the filed years to fiscal 2025: revenue grew -69.8% a year over the last three filed years against -9% over all 5, slowing (bottom 2% of its family); the newest year grew -33.5% (bottom 6%); research spending grew -60.6% a year (bottom 1%); capital spending grew -86.2% a year (bottom 1%) (its annual reports). Nano Labs Ltd reported 2 product lines in fiscal 2025: Product at CNY 27 million (99%), Service at CNY 374 thousand (1%); 0 of 2 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-60.8 points a yearbottom 2% of its family
the newest year's revenue growth-33.5%bottom 6% of its family
three-year growth of research spending-60.6%bottom 1% of its family
three-year growth of capital spending-86.2%bottom 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

9.2/10

Did its newest year beat what its own record pointed to?

top 8% of 88 in its family for expectations against reality.

weight 22% of this tense · 92nd percentile among 88 sector filers · read for its shareholders

From the record

Nano Labs Ltd's newest year against its own record: revenue of CNY 27 million in fiscal 2025 came in 227% above the CNY 8 million its prior three years' pace pointed to (top 6% of its family); net income of CNY 135 million against a prior three-year average of CNY 112 million (top 12%); a net margin of more than its whole revenue against losses larger than its revenue before (top 5%) (its annual reports).

What it rests on

revenue against the prior three years' pace227.0%top 6% of its family
net income against the prior three years' average+221%top 12% of its family
net margin against its prior averageup more than 100 pointstop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NA · research, not advice