Nano Labs Ltd (NA) Balance Sheet

NASDAQ: NAAssets, liabilities, debt and equity over 5 years.

NA balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥1.12B assets = CN¥378.8M liabilities + CN¥741.4M equity

Both columns are drawn to the same scale: what NA owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NA financial health

Current ratio2.09

Comfortable · current assets cover current liabilities 2.09×

Debt / equity0.31

Low leverage · CN¥0.31 of debt for each $1 of equity

Equity / assets66.8%

Equity-funded · of assets funded by shareholders

Cash / debt15.3%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles4.1%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NA balance sheet trends, 2020–2025

Nano Labs Ltd balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥61.5M2020	CN¥1.12B2025	+106.6%/yr
Total liabilities	CN¥110.0M2020	CN¥378.8M2025	+36.2%/yr
Shareholders’ equity	−CN¥48.5M2020	CN¥748.8M2025	—
Cash & short-term investments	CN¥35.7M2020	CN¥36.1M2025	+0.2%/yr
Total debt	CN¥5.7M2020	CN¥235.7M2025	+153.2%/yr
Net cash (debt)	CN¥30.0M2020	−CN¥199.6M2025	−CN¥229.6M
Working capital	−CN¥50.7M2020	CN¥225.0M2025	+CN¥275.7M
Current ratio	0.542020	2.092025	+1.55
Debt / equity	0.142022	0.312025	+0.17
Shares outstanding	52.0M2020	23.6M2025	−17.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NA assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NA liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NA debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NA balance sheet in Chinese yuan

Nano Labs Ltd annual balance sheet
	2025	2024	2022	2021	2020
Assets
Cash & short-term investments	CN¥36.1M	CN¥275.3M	CN¥91.2M	CN¥265.7M	CN¥35.7M
Cash & equivalents	CN¥9.9M	CN¥32.4M	CN¥87.8M	CN¥233.9M	CN¥35.3M
Short-term investments	CN¥26.2M	CN¥242.9M	CN¥3.4M	CN¥31.9M	CN¥400,179
Receivables	CN¥26.1M	CN¥51.4M	CN¥23.7M	CN¥33.1M	CN¥1.2M
Inventory	CN¥13.7M	CN¥29.9M	CN¥102.2M	CN¥213.9M	CN¥7.2M
Other current assets	CN¥355.3M	CN¥10.1M	CN¥71.5M	CN¥380.7M	CN¥14.9M
Total current assets	CN¥431.1M	CN¥366.6M	CN¥288.7M	CN¥893.4M	CN¥59.0M
Property, plant & equipment (net)	CN¥185.8M	CN¥202.5M	CN¥29.9M	CN¥16.4M	CN¥1.8M
Goodwill & intangible assets	CN¥45.8M	CN¥46.7M	CN¥48.7M	CN¥0	CN¥99,301
Long-term investments	CN¥2.0M	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥455.5M	CN¥0	CN¥0	CN¥0	CN¥550,000
Total assets	CN¥1.12B	CN¥615.9M	CN¥367.2M	CN¥909.8M	CN¥61.5M
Liabilities
Accounts payable	CN¥19.4M	CN¥18.1M	CN¥15.3M	CN¥2.8M	CN¥5.6M
Short-term debt	CN¥64.1M	CN¥25.3M	CN¥4.5M	CN¥6.0M	CN¥5.5M
Deferred revenue	CN¥69.4M	CN¥98.9M	CN¥124.5M	CN¥917.4M	CN¥65.4M
Total current liabilities	CN¥206.1M	CN¥209.4M	CN¥183.6M	CN¥932.4M	CN¥109.7M
Long-term debt	CN¥170.9M	CN¥170.7M	CN¥16.7M	CN¥0	CN¥0
Lease obligations	CN¥2.8M	CN¥4.8M	CN¥6.7M	CN¥7.3M	CN¥738,966
Other long-term liabilities	CN¥1.8M	CN¥2.9M	CN¥2.5M	CN¥2.1M	CN¥276,653
Total liabilities	CN¥378.8M	CN¥383.0M	CN¥202.8M	CN¥934.5M	CN¥110.0M
Shareholders' equity
Common stock & paid-in capital	CN¥320,659	CN¥213,736	CN¥72,319	CN¥66,970	CN¥51,135
Retained earnings (deficit)	−CN¥423.4M	−CN¥565.2M	−CN¥199.2M	−CN¥223.7M	−CN¥48.7M
Accumulated other comprehensive income	−CN¥7.5M	CN¥15.3M	CN¥8.7M	−CN¥2.5M	CN¥0
Minority interest	−CN¥7.4M	CN¥2.1M	CN¥0	—	—
Total shareholders' equity	CN¥748.8M	CN¥230.8M	CN¥164.4M	−CN¥24.7M	−CN¥48.5M
Key figures
Total debt	CN¥235.7M	CN¥198.9M	CN¥23.7M	CN¥7.3M	CN¥5.7M
Net cash (debt)	−CN¥199.6M	CN¥76.5M	CN¥67.6M	CN¥258.4M	CN¥30.0M
Working capital	CN¥225.0M	CN¥157.2M	CN¥105.0M	−CN¥38.9M	−CN¥50.7M
Tangible book value	CN¥703.0M	CN¥184.0M	CN¥115.7M	−CN¥24.7M	−CN¥48.6M
Shares outstanding	23.6M	67.7M	53.7M	52.0M	52.0M
Current ratio	2.09	1.75	1.57	0.96	0.54
Quick ratio	0.30	1.56	0.63	0.32	0.34
Debt / equity	0.31	0.86	0.14	—	—
Equity / assets	66.8%	37.5%	44.8%	−2.7%	−78.9%

Nano Labs Ltd quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥121.7M	CN¥12.7M	CN¥378.5M	CN¥37.0M	CN¥1.14B	CN¥365.9M	CN¥275.3M	CN¥50.3M	CN¥26.5M	CN¥26.5M	CN¥48.2M	CN¥50.5M
Cash & equivalents	CN¥9.0M	CN¥9.0M	CN¥8.5M	CN¥8.5M	CN¥363.4M	CN¥363.4M	CN¥32.4M	CN¥50.3M	CN¥23.5M	CN¥23.5M	CN¥48.2M	CN¥48.2M
Short-term investments	CN¥112.7M	CN¥3.7M	CN¥370.0M	CN¥28.5M	CN¥776.7M	CN¥2.5M	CN¥242.9M	CN¥2.2M	CN¥3.0M	CN¥3.0M	CN¥0	CN¥2.4M
Receivables	CN¥338,567	CN¥338,567	CN¥26.1M	CN¥281,446	CN¥507,688	CN¥507,688	CN¥572,803	CN¥2.2M	CN¥486,251	CN¥486,251	CN¥1.7M	CN¥1.7M
Inventory	CN¥4.3M	CN¥4.3M	CN¥13.7M	CN¥13.7M	CN¥35.9M	CN¥35.9M	CN¥29.9M	CN¥10.2M	CN¥8.8M	CN¥8.8M	CN¥12.9M	CN¥12.9M
Other current assets	CN¥80.6M	CN¥189.6M	CN¥12.6M	CN¥379.9M	CN¥61.2M	CN¥835.4M	CN¥31.9M	CN¥77.1M	CN¥75.0M	CN¥75.0M	CN¥62.7M	CN¥60.4M
Total current assets	CN¥206.9M	CN¥206.9M	CN¥430.9M	CN¥430.9M	CN¥1.24B	CN¥1.24B	CN¥337.7M	CN¥139.8M	CN¥110.8M	CN¥110.8M	CN¥125.5M	CN¥125.5M
Property, plant & equipment (net)	CN¥183.1M	CN¥183.1M	CN¥185.7M	CN¥185.7M	CN¥191.7M	CN¥191.7M	CN¥202.5M	CN¥204.5M	CN¥206.9M	CN¥206.9M	CN¥177.1M	CN¥177.1M
Goodwill & intangible assets	CN¥45.3M	CN¥45.3M	CN¥45.8M	CN¥45.8M	CN¥46.3M	CN¥46.3M	CN¥46.7M	CN¥46.7M	CN¥47.2M	CN¥47.2M	CN¥47.7M	CN¥47.7M
Long-term investments	CN¥271.8M	CN¥0	CN¥2.0M	CN¥0	CN¥2.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥29.6M	CN¥301.4M	CN¥455.2M	CN¥457.2M	CN¥0	CN¥2.0M	CN¥28.9M	CN¥246,461	CN¥0	CN¥0	CN¥0	CN¥0
Total assets	CN¥736.7M	CN¥736.7M	CN¥1.12B	CN¥1.12B	CN¥1.48B	CN¥1.48B	CN¥615.9M	CN¥391.3M	CN¥364.9M	CN¥364.9M	CN¥350.3M	CN¥350.3M
Liabilities
Accounts payable	CN¥12.7M	CN¥12.7M	CN¥19.4M	CN¥19.4M	CN¥23.2M	CN¥23.2M	CN¥18.1M	CN¥12.5M	CN¥18.2M	CN¥18.2M	CN¥16.9M	CN¥16.9M
Short-term debt	CN¥50.7M	CN¥50.7M	CN¥63.0M	CN¥63.0M	CN¥511.1M	CN¥40.1M	—	CN¥27.5M	CN¥27.5M	CN¥27.5M	—	CN¥26.9M
Deferred revenue	CN¥63.0M	CN¥69.3M	CN¥69.3M	—	CN¥95.6M	CN¥98.9M	—	CN¥83.5M	CN¥101.2M	CN¥6.9M	—	—
Total current liabilities	CN¥172.7M	CN¥172.7M	CN¥206.0M	CN¥206.0M	CN¥682.9M	CN¥682.9M	CN¥209.4M	CN¥194.3M	CN¥232.0M	CN¥232.0M	CN¥242.6M	CN¥242.6M
Long-term debt	CN¥175.0M	CN¥0	CN¥170.9M	CN¥0	CN¥173.5M	CN¥0	CN¥170.7M	CN¥169.8M	CN¥158.7M	CN¥0	CN¥120.3M	CN¥0
Lease obligations	CN¥5.8M	—	CN¥2.8M	—	CN¥3.2M	—	CN¥4.8M	CN¥6.8M	CN¥6.8M	—	CN¥7.2M	—
Other long-term liabilities	CN¥3.4M	CN¥178.4M	CN¥1.7M	CN¥172.6M	CN¥2.2M	CN¥175.7M	CN¥2.9M	CN¥0	CN¥3.9M	CN¥162.6M	CN¥3.7M	CN¥124.0M
Total liabilities	CN¥351.1M	CN¥351.1M	CN¥378.6M	CN¥378.6M	CN¥858.6M	CN¥858.6M	CN¥383.0M	CN¥363.3M	CN¥394.6M	CN¥394.6M	CN¥366.6M	CN¥366.6M
Shareholders' equity
Common stock & paid-in capital	CN¥320,517	CN¥320,517	CN¥320,459	CN¥320,459	CN¥320,366	CN¥320,366	—	CN¥137,478	CN¥93,292	CN¥93,292	—	CN¥87,000
Retained earnings (deficit)	−CN¥739.3M	−CN¥732.6M	−CN¥429.8M	−CN¥423.1M	−CN¥572.3M	−CN¥565.6M	−CN¥565.2M	−CN¥519.8M	−CN¥502.6M	−CN¥502.6M	−CN¥452.0M	−CN¥445.4M
Accumulated other comprehensive income	−CN¥21.4M	−CN¥28.0M	−CN¥803,386	−CN¥7.5M	CN¥13.5M	CN¥6.8M	—	CN¥11.7M	CN¥7.1M	CN¥7.1M	—	CN¥2.3M
Minority interest	−CN¥14.6M	—	−CN¥7.4M	—	−CN¥2.6M	—	CN¥2.1M	—	—	—	—	—
Total shareholders' equity	CN¥400.2M	CN¥400.2M	CN¥748.3M	CN¥748.3M	CN¥621.7M	CN¥621.7M	CN¥230.8M	CN¥23.2M	−CN¥36.3M	−CN¥36.3M	−CN¥14.7M	−CN¥14.7M
Key figures
Total debt	CN¥229.1M	CN¥229.1M	CN¥235.6M	CN¥235.6M	CN¥686.8M	CN¥215.8M	CN¥170.7M	CN¥201.2M	CN¥190.1M	CN¥190.1M	CN¥120.3M	CN¥150.9M
Net cash (debt)	−CN¥107.5M	−CN¥216.5M	CN¥143.0M	−CN¥198.6M	CN¥453.4M	CN¥150.1M	CN¥104.6M	−CN¥150.9M	−CN¥163.6M	−CN¥163.6M	−CN¥72.1M	−CN¥100.4M
Working capital	CN¥34.2M	CN¥34.2M	CN¥224.9M	CN¥224.9M	CN¥554.8M	CN¥554.8M	CN¥128.3M	−CN¥54.5M	−CN¥121.2M	−CN¥121.2M	−CN¥117.1M	−CN¥117.1M
Tangible book value	CN¥354.9M	CN¥354.9M	CN¥702.5M	CN¥702.5M	CN¥575.4M	CN¥575.4M	CN¥184.0M	−CN¥23.5M	−CN¥83.5M	−CN¥83.5M	−CN¥62.5M	−CN¥62.5M
Shares outstanding	22.7M	22.7M	19.9M	23.2M	16.5M	16.5M	15.7M	9.3M	67.7M	67.7M	40.1M	62.0M
Current ratio	1.20	1.20	2.09	2.09	1.81	1.81	1.61	0.72	0.48	0.48	0.52	0.52
Quick ratio	0.71	0.08	1.96	0.18	1.67	0.54	1.32	0.27	0.12	0.12	0.21	0.22
Debt / equity	0.57	0.57	0.31	0.31	1.10	0.35	0.74	8.66	—	—	—	—
Equity / assets	54.3%	54.3%	66.8%	66.8%	42.1%	42.1%	37.5%	5.9%	−9.9%	−9.9%	−4.2%	−4.2%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 13, 2026); data from EODHD.

NA financial position

At the end of fiscal 2025 (December 31, 2025), Nano Labs had total assets of CN¥1.1 billion (up 81.9% from a year earlier), total liabilities of CN¥378.8 million and shareholders' equity of CN¥748.8 million. It held CN¥36.1 million in cash and short-term investments against CN¥235.7 million of debt, net debt of CN¥199.6 million. Its current ratio was 2.09. In the latest quarter (ended June 30, 2026) total assets were CN¥736.7 million and equity CN¥400.2 million.

Related: NA income statement, NA cash flow statement, NA key metrics. See the NA stock overview for the latest quote and news.

NA balance sheet FAQ

What are Nano Labs's total assets?

Nano Labs reported total assets of CN¥1.1 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥615.9 million a year earlier.

How much debt does Nano Labs have?

Nano Labs had CN¥235.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.31.

How much cash does Nano Labs have?

Nano Labs held CN¥36.1 million in cash and short-term investments at the end of fiscal 2025; with CN¥235.7 million of debt that is net debt of CN¥199.6 million.

What is Nano Labs's book value?

Nano Labs's shareholders' equity (book value) was CN¥748.8 million at the end of fiscal 2025.

What is Nano Labs's current ratio?

Nano Labs had current assets of CN¥431.1 million and current liabilities of CN¥206.1 million, a current ratio of 2.09 (it can cover its short-term obligations).

How much goodwill does Nano Labs have?

Nano Labs carried CN¥45.8 million of goodwill and intangible assets, 4.1% of total assets, at the end of fiscal 2025.