Financial Performance - Revenues for the year ended December 31, 2022, were $37.9 million, a decrease of 7.1% from $40.8 million in 2021[309] - Gross profit was $14.0 million, down 23.9% from $18.4 million in the previous year, resulting in a gross profit margin of 37.0% compared to 45.3% in 2021[310] - Net income decreased by 50.0% to $8.7 million from $17.4 million in 2021[310] - Total volume shipped was 1,916,976 units, a slight decrease of 0.3% from 1,922,353 units in 2021[310] - Revenue from domestic sales was $26.4 million, accounting for 69.7% of total revenues, while overseas sales were $11.5 million, representing 30.3%[312] - Revenue from automotive touchscreens decreased by 19.9% to $9.3 million, while POS touchscreens saw a 4.2% increase to $6.6 million[318] - The average selling price of products in RMB decreased by 2.6%, contributing to the overall revenue decline[314] - Operating income declined to $11.4 million in 2022 from $12.6 million in 2021, a decrease of $1.2 million or 9.5%[326] - Net income for 2022 was $8.7 million, down from $17.4 million in 2021, reflecting a decrease of $8.7 million[333] Cost and Expenses - Gross profit decreased to $14.0 million in 2022 from $18.4 million in 2021, a decline of $4.4 million or 23.9%[320] - Gross profit margin fell to 37.0% in 2022 from 45.3% in 2021, primarily due to a 7.1% decrease in sales and a 13.2% increase in material costs[320] - Selling expenses increased to $1.3 million in 2022, up 116.7% from $0.6 million in 2021, driven by increased marketing efforts[321] - General and administrative expenses decreased to $1.3 million in 2022, down 31.6% from $1.9 million in 2021, mainly due to a loss of VAT input credits[322] - Research and development expenses were $85,251 in 2022, a decrease of $4,226 or 4.7% from $89,477 in 2021[323] Cash Flow and Financial Position - Cash and cash equivalents at the end of 2022 were $51.3 million, compared to $46.2 million at the end of 2021[337] - Net cash provided by operating activities was $8.6 million in 2022, down from $14.0 million in 2021, primarily due to decreased net income[338] - Days Sales Outstanding (DSO) decreased to 81 days for the year ended December 31, 2022, compared to 88 days for the year ended December 31, 2021[342] - Total accounts receivable as of December 31, 2022, was $9,057,741, up from $7,991,037 as of December 31, 2021[343] - The company expects cash and cash equivalents from operating and financing activities to meet working capital needs for at least the next 12 months[345] Inventory and Liabilities - The company prepaid RMB15.0 million (approximately $2.2 million) for a facility decoration contract, with a remaining balance of RMB5.0 million (approximately $0.7 million) to be paid by the end of 2023[348] - The company recorded $74,100 in inventory write-offs for the year ended December 31, 2022, compared to nil for the year ended December 31, 2021[362] - The company had common stock purchase warrants liabilities of $256,957 and $1,128,635 as of December 31, 2022, and 2021, respectively[369] Tax and Regulatory Matters - The effective income tax rate increased to 27.7% in 2022 from 20.2% in 2021, primarily due to changes in preferential tax rates[331] - Legal claims have been settled, and the company has been fully discharged from these actions as of the date of the annual report[347] Accounting Policies and Risks - The company adopted ASC 606 for revenue recognition, which did not have a material impact on its consolidated financial statements[353] - The company has not recognized any impairment of long-lived assets for the years presented[375] - The company adopted ASU 2020-06 effective January 1, 2021, which simplifies accounting for convertible instruments[380] - The company adopted ASU 2016-13 utilizing the modified retrospective transition method, with no material impact on its financial statements[381] Economic Environment - The year-over-year percent changes in the consumer price index for December 2022 and 2021 were increases of 2.0% and 0.9%, respectively[390] - On December 31, 2022, the RMB traded at 6.8972 RMB to 1.00 U.S. dollar[388] - The company has not been exposed to material risks due to changes in interest rates[386] - The company faces foreign currency rate translation risks when results are translated to U.S. dollars[387] - The RMB was relatively stable against the U.S. dollar until a 2.1% revaluation on July 21, 2005[388] - There is international pressure on the Chinese government to adopt a more flexible currency policy, affecting the RMB exchange rate[389] - Inflation in China has not materially affected the company's results of operations to date[390]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. For the Quarterly Period Ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number: 000-56215 WETOUCH TECHNOLOGY INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 20-40 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. For the Quarterly Period Ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number: 000-56215 WETOUCH TECHNOLOGY INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 20-4 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to __________ Commission File Number: 333-108715 Wetouch Technology Inc. (Exact Name of Registrant as Specified in Its Charter) Nevada 20-4080330 (State or Other Jurisdiction of Inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. For the Quarterly Period Ended September 30, 2021 or WETOUCH TECHNOLOGY INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 20-4080330 (I.R.S. Employer Identification No.) No.29, Third Main Avenue, Shigao Town, Renshou County Meishan, Sichuan, China ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. For the Quarterly Period Ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number: 000-56215 WETOUCH TECHNOLOGY INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 20-40 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. For the Quarterly Period Ended March 31, 2021 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number: 000-56215 WETOUCH TECHNOLOGY INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________________ to __________________________ Commission File Number 000-56215 WETOUCH TECHNOLOGY INC. (Exact name of Registrant as specified in its ...