Core Insights - Token Cat Limited filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on March 28, 2025 [1][2]. Company Overview - Token Cat Limited, founded in 2010 and formerly known as TuanChe Limited, is a leading automotive marketplace platform in China [3]. - The company connects automotive consumers with manufacturers, dealers, and service providers, integrating digital platforms with offline sales events [3]. - Token Cat offers comprehensive automotive marketing and transaction services, transforming individual car purchases into large-scale group buying experiences through an interactive many-to-many model [3]. - The company leverages proprietary data analytics and an advanced digital marketing system to enhance the efficiency and effectiveness of advertising placements for industry customers [3]. - Token Cat is currently exploring opportunities to enter the cryptocurrency sector [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (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 December 31, 2024 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 19 ...

Core Points - Token Cat Limited has received a Deficiency Letter from Nasdaq indicating non-compliance with the minimum bid price requirement as its closing bid price per ADS has been below US$1.00 for 30 consecutive business days [1] - The company has a Compliance Period of 180 calendar days until September 15, 2025, to regain compliance by achieving a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days [2] - If compliance is not regained by the deadline, the company may be eligible for an additional 180-day compliance period if it meets other listing requirements [3] - The company is monitoring its ADS closing bid price and considering options, including adjusting the ADS-to-Class A ordinary share ratio, to regain compliance [4] - Token Cat Limited is currently compliant with all other Nasdaq continued listing standards and the Deficiency Letter does not affect its business operations or reporting requirements [4] Company Overview - Founded in 2010, Token Cat Limited is a leading automotive marketplace in China, connecting consumers with manufacturers, dealers, and service providers [5] - The company integrates digital platforms with offline sales events to offer comprehensive automotive marketing and transaction services [5] - Token Cat utilizes proprietary data analytics and advanced digital marketing systems to enhance advertising efficiency for industry customers [5] - The company is exploring entry into the cryptocurrency sector [5]

Core Viewpoint - Tucows Inc. reported an amendment to its unaudited financial results for Q4 and FY 2024, highlighting a reduction in non-cash impairment charges and significant net losses compared to the previous year [1][2][3]. Financial Results Summary - The net loss for Q4 2024 was $42.5 million, or a loss of $3.86 per share, compared to a net loss of $23.4 million, or a loss of $2.14 per share in Q4 2023, marking an 82% increase in loss [3][4]. - For the full year 2024, the net loss was $109.9 million, compared to a loss of $96.2 million in 2023, reflecting a 14% increase [4]. - Adjusted net income (loss) for Q4 2024 was ($15.8 million) and adjusted EPS was ($1.43), an improvement from ($22.4 million) and ($2.05) in Q4 2023, indicating a 30% reduction in adjusted net loss [3][4][16]. Revenue and Profit Analysis - Net revenues for Q4 2024 were $93.1 million, a 7% increase from $87.0 million in Q4 2023 [4][5]. - Gross profit for Q4 2024 was $21.2 million, up 19% from $17.8 million in Q4 2023 [4][5]. - Adjusted EBITDA for Q4 2024 was $12.8 million, compared to $2.6 million in Q4 2023, showing a significant improvement in operational performance [5][13]. Segment Performance - Ting Internet Services generated $15.7 million in revenue for Q4 2024, up from $13.8 million in Q4 2023 [5][6]. - Wavelo Platform Services reported revenues of $9.9 million, slightly up from $9.5 million in the same period last year [5][6]. - Tucows Domain Services saw total revenues of $65.7 million in Q4 2024, compared to $61.8 million in Q4 2023, reflecting growth in both wholesale and retail segments [5][6]. Management Commentary and Future Outlook - Management's pre-recorded audio commentary discussing the quarter and future outlook will be available on the Tucows website [17]. - Shareholders and analysts can submit questions to management, with responses to be posted on the company's website [18]. Company Overview - Tucows Inc. is a leader in internet services, providing domain services, fiber-optic internet infrastructure, and telecommunications software [19]. - The company manages approximately 25 million domain names and offers various value-added services through a global reseller network [19].

Company Overview - TuanChe Limited, founded in 2010, is a leading automotive marketplace platform in China, connecting automotive consumers with manufacturers, dealers, and service providers [2] - The company integrates digital platforms with offline sales events to offer comprehensive automotive marketing and transaction services [2] - TuanChe transforms individual car purchases into large-scale group buying experiences through an interactive many-to-many model [2] Recent Developments - Effective on or around February 28, 2025, TuanChe Limited will change its name to "Token Cat Limited" while its ADSs will continue trading on the Nasdaq Capital Market under the symbol "TC" [1] - The CUSIP number will remain unchanged following the name change [1] Strategic Initiatives - TuanChe is exploring ways to enter the cryptocurrency sector, indicating a potential shift in business strategy [2] - The company leverages proprietary data analytics and advanced digital marketing systems to enhance the efficiency and effectiveness of advertising placements for industry customers [2]

Core Viewpoint - TuanChe Limited plans to adopt DeepSeek's R1 model to enhance its intelligent service system, aiming to improve smart marketing and user interaction in the automotive marketplace [1][5]. Group 1: Technological Integration - The DeepSeek R1 model features advanced reasoning capabilities through a multi-stage loop training approach, excelling in mathematical operations, code analysis, and natural language reasoning tasks [2]. - TuanChe's selection of the DeepSeek R1 model highlights its robust reasoning abilities and self-learning characteristics, which will optimize user data analysis and intelligent recommendation systems [3]. Group 2: Service Enhancement - By incorporating the DeepSeek R1 model, TuanChe aims to leverage deep learning algorithms to analyze user behavior and market data, enabling more personalized service recommendations [4]. - The open-source nature of the R1 model allows TuanChe flexibility for secondary development and tailored applications, addressing diverse customer needs and business requirements [4]. Group 3: Strategic Implications - The adoption of DeepSeek R1 represents a significant milestone in TuanChe's digital and intelligent strategic upgrade, expected to drive the digital transformation of the automotive marketplace [5]. - This strategic decision is anticipated to inject new momentum into TuanChe's growth and facilitate the application of intelligent technologies within the automotive industry [5]. Group 4: Company Overview - TuanChe Limited, founded in 2010, is a leading automotive marketplace platform in China, connecting consumers with manufacturers, dealers, and service providers [6]. - The company integrates digital platforms with offline sales events to offer comprehensive automotive marketing and transaction services, transforming individual car purchases into large-scale group buying experiences [6].

Core Insights - TuanChe Limited plans to adopt DeepSeek's R1 model to enhance its holographic AI applications, aiming to improve technological capabilities in digital content generation and interaction [1][6] Group 1: Technological Advancements - The DeepSeek R1 model enhances deep reasoning abilities through a multi-stage loop training approach, excelling in mathematics, coding, and natural language reasoning [2] - DeepSeek R1's reinforcement learning allows for autonomous learning of complex reasoning strategies, reducing the need for large labeled datasets [2][3] - TuanChe aims to optimize holographic image creation processes by leveraging R1's robust inference algorithms, enabling precise capture and reconstruction of 3D objects [4] Group 2: Strategic Integration - The integration of DeepSeek R1 is a pivotal step in TuanChe's technological development, with plans for continued investment in AI and holographic technologies [6] - TuanChe intends to utilize R1's open-source nature for secondary development and customization to meet diverse customer needs [5] Group 3: Future Outlook - As TuanChe advances its integration of DeepSeek R1, it is expected to unveil more realistic and intelligent holographic digital content in the near future [7]

Core Points - TuanChe Limited has received notification letters from Nasdaq regarding non-compliance with annual meeting and minimum stockholders' equity requirements [1][2][3] - The company reported a stockholder's deficit of ($787,000) as of June 30, 2024, failing to meet the minimum requirement of $2,500,000 in stockholders' equity [3] - TuanChe plans to submit a compliance plan within 45 days and seeks an exemption from the annual meeting requirement [4][5] Company Overview - TuanChe Limited, founded in 2010, is a leading automotive marketplace platform in China, connecting consumers with manufacturers, dealers, and service providers [6] - The company integrates digital platforms with offline sales events to offer comprehensive automotive marketing and transaction services [6] - TuanChe is exploring entry into the cryptocurrency sector [6]

Group 1 - TuanChe Limited has entered into an advisory agreement with Waterside Inc. to explore opportunities in cryptocurrency mining equipment and resources [1][2] - The price of Bitcoin has surged past $90,000, indicating the high-return potential of the cryptocurrency mining industry [2] - This initiative marks TuanChe's first step towards diversifying its business portfolio into the digital currency sector [3] Group 2 - Waterside will provide consulting support on product design, specifications, electricity pricing, and hosting service rates for TuanChe [2] - TuanChe plans to keep its shareholders updated on the progress of this new initiative [4] - Founded in 2010, TuanChe is a leading automotive marketplace platform in China, connecting consumers with manufacturers, dealers, and service providers [5]

Core Viewpoint - TuanChe Limited has entered into a definitive agreement for the purchase and sale of 761,719 American Depositary Shares (ADSs) with a single institutional investor, alongside a concurrent private placement of unregistered warrants to purchase the same number of ADSs at an effective offering price of $1.449 per ADS [1]. Group 1: Transaction Details - The transaction involves the issuance of 761,719 ADSs and warrants, with the combined effective offering price set at $1.449 per ADS [1]. - The private placement warrants will be immediately exercisable, expiring five years from issuance, with an exercise price of $1.449 per share [1]. - The transaction is expected to close on or about October 28, 2024, pending customary closing conditions [1]. Group 2: Regulatory Information - Maxim Group LLC is acting as the exclusive Placement Agent for this offering [2]. - The registered direct offering is made under an effective shelf registration statement previously filed with the SEC, and the offering will be conducted via a prospectus supplement [2]. - The warrants and ADSs are offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered under the Act or applicable state securities laws [2]. Group 3: Company Overview - TuanChe Limited, founded in 2010, is a leading integrated automotive marketplace in China, connecting automotive consumers with industry players such as automakers and dealers [4]. - The company provides automotive marketing and transaction-related services by integrating online platforms with offline sales events, facilitating large-scale collective purchase activities [4]. - TuanChe leverages proprietary data analytics and advanced digital marketing systems to enhance the efficiency and effectiveness of advertising placements for its industry customers [4].