UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...

中概股收盘跌幅居前的个股为：铭腾国际跌26.44%，Elong Power 跌26.38%，MKDWELL Tech跌25.43%，Rich Sparkle Holdings 跌23.66%，慧悦财经跌19.02%。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | MTEN | 铭腾国际 | 0.0217 | -26.44% | -0.0078 | 391.32万 | | ELPW | Elong Power | 1.200 | -26.38% | -0.430 | 68.99万 | | MKDW | MKDWELL Tech | 0.1161 | -25.43% | -0.0396 | 49.35万 | | ANPA | Rich Sparkle Holdings | 52.710 | -23.66% | -16.340 | 2014.59万 | | INTJ | 慧悦财经 | 0.3320 | -19.02% | -0.0780 | 8.56万 | ...

| 代码 | 名称 | 最新价 | 涨跌幅 ^ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | ILLR | Triller Group | 0.0310 | -43.64% | -0.0240 | 989.05 | | ROMA | 罗马绿色金融 | 1.450 | -35.27% | -0.790 | 25.29万 | | CGTL | 创智环球科技 | 3.340 | -30.99% | -1.500 | 193.12万 | | ACCL | 卓远控股 | 1.740 | -30.40% | -0.760 | 189.98万 | | ANPA | Rich Sparkle Holdings | 71.090 | -28.67% | -28.570 | 453.35万 | 中概股收盘跌幅居前的个股为：Triller Group跌43.64%，罗马绿色金融跌35.27%，创智环球科技跌30.99%，卓 远控股跌30.4%，Rich Sparkle Holdings跌28.67%。(格隆汇) ...

Group 1 - The core point of the article highlights the significant stock price increases of several Chinese concept stocks, with Rich Sparkle Holdings leading the gains at 70.5% [1] Group 2 - Rich Sparkle Holdings (ANPA) closed at 143.240, up 70.50%, with an increase of 59.230 [1] - Star Map International (YIBO) saw a rise of 37.94%, closing at 1.0900, up by 0.2998 [1] - Baojia International (GCDT) increased by 32.07%, closing at 5.560, with a gain of 1.350 [1] - Roma Green Finance (ROMA) rose by 29.71%, closing at 2.270, up by 0.520 [1] - Direct Order Technology (ZDAI) experienced a 21.52% increase, closing at 0.4800, with an increase of 0.0850 [1]

Core Insights - Khaby Lame's acquisition by Rich Sparkle Holdings marks a transition from brand deals to a structured commercialization system, aiming to industrialize attention rather than just monetize it [2][5] - The partnership is expected to generate over $4 billion in annual sales, driven by a closed-loop conversion architecture that integrates traffic, operations, fulfillment, and technology [7][10] - Khaby Lame will become a controlling shareholder, aligning his influence with ownership, which is anticipated to enhance long-term brand building and reduce volatility [5][6] Market Positioning - Khaby Lame's global following of 360 million across platforms positions him as a unique asset capable of driving attention across multiple regions simultaneously [4][3] - The collaboration will focus on three strategic markets: the U.S., Middle East, and Southeast Asia, with tailored pricing structures to match local consumer dynamics [10][11] Operational Strategy - The commercialization will be executed through a single operating system, with Anhui Xiaoheiyang Network Technology Co., Ltd. holding exclusive global full-chain operating rights for 36 months [9][10] - The strategy includes the development of an AI Digital Twin, allowing for scalable, multilingual content production and enhancing the efficiency of livestream commerce [10][16] Future Outlook - The initiative aims to move beyond transaction-based commerce to develop premium brands and co-branded IP products, indicating a shift towards higher-margin business models [11][12] - Future operating metrics and financial guidance from Rich Sparkle Holdings will be crucial for assessing the scalability of this new system [14]

Market Performance - U.S. stocks showed positive movement, with the Nasdaq Composite gaining approximately 150 points on Friday [1] - The Dow increased by 0.38% to 49,453.05, while the NASDAQ rose by 0.66% to 23,635.11, and the S&P 500 climbed 0.48% to 6,954.85 [1] - European shares also experienced gains, with the eurozone's STOXX 600 up by 0.91% and other major indices like Spain's IBEX 35 and London's FTSE 100 also rising [6] - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 1.61% and China's Shanghai Composite rising 0.92% [7] Sector Performance - Utilities sector shares increased by 1.5% on Friday, while health care stocks saw a decline of 0.5% [1] Commodity Prices - Oil prices rose by 2.7% to $59.34, gold increased by 1.2% to $4,514.50, silver surged by 6.3% to $79.895, and copper rose by 2% to $5.9150 [5] Company News - Rich Sparkle Holdings Ltd shares surged 115% to $52.00 after signing a $39 million offering of 3 million ordinary shares at $13 per share [9] - Quanterix Corp shares increased by 31% to $8.54 following the appointment of a new CEO [9] - CG Oncology Inc shares rose by 24% to $52.18 after announcing an expedited timeline for clinical trial data [9] - Aquestive Therapeutics Inc shares dropped 40% to $3.72 due to FDA identified deficiencies [9] - Pacira Biosciences Inc shares fell 13% to $22.70 after reporting preliminary FY25 revenue results [9] - Beta Bionics Inc shares decreased by 31% to $21.98 following preliminary fourth-quarter financial results [9] Economic Indicators - Nonfarm payrolls increased by 50,000 in December, slightly below expectations [10] - The unemployment rate decreased to 4.4%, below expectations of 4.5% [10] - Average hourly earnings rose by 0.3%, matching forecasts [10] - Housing starts declined by 4.6% to an annualized rate of 1.246 million units [10] - Building permits fell by 0.2% to an annualized rate of 1.412 million [10] - The University of Michigan's consumer sentiment index rose to 54.0, the highest since September 2025 [2][10]

Market Performance - U.S. stocks showed positive movement, with the Nasdaq Composite gaining approximately 150 points on Friday [1] - The Dow increased by 0.38% to 49,453.05, while the NASDAQ rose by 0.66% to 23,635.11, and the S&P 500 climbed 0.48% to 6,954.85 [1] - Utilities sector shares increased by 1.5%, while health care stocks experienced a decline of 0.5% [1] Commodity Prices - Oil prices rose by 2.7% to $59.34, gold increased by 1.2% to $4,514.50, silver surged by 6.3% to $79.895, and copper rose by 2% to $5.9150 [5] European Market Trends - European shares were generally higher, with the eurozone's STOXX 600 gaining 0.91%, Spain's IBEX 35 Index rising 0.01%, London's FTSE 100 increasing by 0.85%, Germany's DAX up by 0.43%, and France's CAC 40 rising by 1.23% [6] Asian Market Trends - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 1.61%, Hong Kong's Hang Seng Index up by 0.32%, China's Shanghai Composite rising by 0.92%, while India's BSE Sensex fell by 0.72% [7] Company-Specific Movements - Rich Sparkle Holdings Ltd saw its shares increase by 115% to $52.00 after signing a $39 million offering of 3 million ordinary shares at $13 per share [9] - Quanterix Corp shares surged by 31% to $8.54 following the appointment of Everett Cunningham as President and CEO [9] - CG Oncology Inc shares rose by 24% to $52.18 after announcing an expedited timeline for clinical trial data [9] - Aquestive Therapeutics Inc shares dropped by 40% to $3.72 due to an FDA letter identifying deficiencies [9] - Pacira Biosciences Inc shares fell by 13% to $22.70 after reporting preliminary FY25 revenue results [9] - Beta Bionics Inc shares decreased by 31% to $21.98 following preliminary fourth-quarter financial results [9] Economic Indicators - Nonfarm payrolls increased by 50,000 in December, slightly below expectations of 60,000 [10] - The unemployment rate decreased from 4.5% in November to 4.4%, below expectations [10] - Average hourly earnings rose by 0.3%, matching forecasts [10] - Housing starts declined by 4.6% to an annualized rate of 1.246 million units, while building permits fell by 0.2% to an annualized rate of 1.412 million [10] - The University of Michigan's consumer sentiment index rose to 54.0 in January, the highest since September 2025 [10]

Core Insights - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by approximately 200 points on Friday [1] Company Highlights - CG Oncology Inc (NASDAQ:CGON) saw its shares rise by 21.8% to $51.05 after announcing an expedited timeline for topline data from the Phase 3 PIVOT-006 clinical trial, now expected in the first half of 2026 [1][2] - Rich Sparkle Holdings Ltd (NASDAQ:ANPA) surged 113.6% to $51.70 following a $39 million offering of 3 million ordinary shares at $13 per share [3] - NovaBay Pharmaceuticals Inc (NYSE:NBY) increased by 34.4% to $12.81 [3] - Quanterix Corp (NASDAQ:QTRX) gained 29.3% to $8.42 after naming Everett Cunningham as President and CEO, effective January 19 [3] - MoonLake Immunotherapeutics (NASDAQ:MLTX) rose 21.7% to $17.45 after receiving FDA feedback on its clinical evidence strategy for Sonelokimab in Hidradenitis Suppurativa [3] - Enliven Therapeutics Inc (NASDAQ:ELVN) increased by 21.5% to $28.24, sharing positive initial data from its Phase 1b ENABLE trial for ELVN-001 in chronic myeloid leukemia [3] - Aeva Technologies Inc (NASDAQ:AEVA) surged 21.2% to $20.47 [3] - Loandepot Inc (NYSE:LDI) rose 20.1% to $2.93 [3] - ASP Isotopes Inc (NASDAQ:ASPI) increased by 19.7% to $7.71 [3] - Allogene Therapeutics Inc (NASDAQ:ALLO) gained 19.5% to $1.78 [3] - Opendoor Technologies Inc (NASDAQ:OPEN) rose 19.2% to $7.67 following a new housing market proposal by President Donald Trump [3] - Liquidia Corp (NASDAQ:LQDA) jumped 14% to $36.22 after announcing preliminary full-year 2025 YUTREPIA net sales [3] - Vistra Corp (NYSE:VST) gained 13.1% to $170.34 after entering into 20-year power purchase agreements for zero-carbon nuclear energy to support Meta's operations [3] - Oklo Inc (NYSE:OKLO) rose 12.6% to $109.95 after announcing an agreement with Meta for a 1.2 gigawatt power campus [3] - Applied Digital Corp (NASDAQ:APLD) surged 11.8% to $35.72, reporting strong second-quarter results and advanced talks with a new hyperscaler tenant [3] - AST SpaceMobile Inc (NASDAQ:ASTS) gained 10% to $99.65 [3] - SanDisk Corp (NASDAQ:SNDK) increased by 9.6% to $366.93 [3] - Mirion Technologies Inc (NYSE:MIR) rose 9.5% to $26.56 [3] - TTM Technologies Inc (NASDAQ:TTMI) gained 9.1% to $72.94 [3] - SoundHound AI Inc (NASDAQ:SOUN) rose 8.5% to $11.96 [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) gained 8.3% to $112.64, with B. Riley Securities maintaining a Buy rating and raising the price target from $105 to $128 [3]

Group 1 - The top gainers among Chinese concept stocks include 3 E Network Technology, which rose by 36.35%, followed by Happy Auto with a 33.73% increase, and Liqi Services with a 28.34% rise [1] - 3 E Network Technology's latest price is 0.4100, with a gain of 0.1093 and a trading volume of 108 million [1] - Happy Auto's latest price is 4.440, showing an increase of 1.120 with a trading volume of 11.1626 million [1] Group 2 - Liqi Services has a latest price of 7.200, reflecting a gain of 1.590 and a trading volume of 1.3485 million [1] - Huibao Holdings increased by 23.26%, with a latest price of 1.0600, gaining 0.2000 and a trading volume of 2.9394 million [1] - Rich Sparkle Holdings saw a rise of 21.25%, with a latest price of 23.170, an increase of 4.060, and a trading volume of 208.6 thousand [1]

Group 1 - The core point of the article highlights the significant stock price increases of several Chinese concept stocks, with Rich Sparkle Holdings leading the gains at 40.67% [1] - Rich Sparkle Holdings (ANPA) closed at 21.860, with a price increase of 6.320 and a trading volume of 2.8067 million [1] - Able View Global (ABLV) saw a rise of 34.87%, closing at 0.9715 with an increase of 0.2512 and a trading volume of 21.6371 million [1] - Triller Group (ILLR) experienced a 34.82% increase, closing at 0.5552 with a rise of 0.1434 and a trading volume of 0.7819 million [1] - 联掌科技控股 (LZMH) rose by 29.90%, closing at 2.520 with an increase of 0.580 and a trading volume of 3.1684 million [1] - 沃氪医疗 (WOK) increased by 24.41%, closing at 5.300 with a rise of 1.040 and a trading volume of 3.5266 million [1]