UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ 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 September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _____________. OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION ...

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 December 31, 2025 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: 001-41617 Nextpower Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ 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 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 1934 Date of ...

Financial Performance - Net income for the three months ended December 31, 2025, was $180.9 million, a significant increase from $26.7 million in the same period of 2024, representing a growth of 577.5%[9] - Comprehensive income attributable to Greif, Inc. for the three months ended December 31, 2025, was $186.5 million, compared to a loss of $16.2 million in 2024[9] - As of December 31, 2025, Greif, Inc. reported a net income of $174.6 million, compared to $22.0 million for the same period in 2024, reflecting a significant increase in profitability[14] - Comprehensive income for the three months ended December 31, 2025, was reported at $186.5 million, compared to a loss of $16.2 million for the same period in 2024[14] - Operating profit for the three months ended December 31, 2025, was $256.6 million, compared to $34.1 million in the same period of 2024, indicating a significant increase[92][93] Assets and Liabilities - Total assets decreased to $5,502.5 million as of December 31, 2025, down from $5,766.8 million as of September 30, 2025[12] - Long-term debt decreased to $655.1 million as of December 31, 2025, from $914.8 million as of September 30, 2025, reflecting a reduction of 28.4%[12] - Total shareholders' equity increased to $2,978.5 million as of December 31, 2025, up from $2,952.4 million as of September 30, 2025[12] - The total shareholders' equity as of December 31, 2025, was $2,978.5 million, up from $2,077.1 million as of December 31, 2024, indicating strong growth in equity[14] - The total long-lived assets, net as of December 31, 2025, were $1,335.9 million, a decrease from $1,355.8 million as of September 30, 2025[95] Cash Flow - Cash and cash equivalents at the end of the period were $243.5 million, down from $256.7 million at the beginning of the period[13] - Net cash used in operating activities was $(24.4) million for the three months ended December 31, 2025, compared to $16.6 million in 2024[13] - Net cash provided by investing activities was $427.3 million, a significant increase compared to $(22.4) million in the same period of 2024[13] - Proceeds from the issuance of long-term debt amounted to $540.3 million during the quarter[13] Dividends and Share Repurchase - The company declared dividends of $31.7 million to Greif, Inc. shareholders for the quarter, with a per-share dividend of $0.56 for Class A shares and $0.83 for Class B shares[14] - The Company repurchased 1,813,600 shares of Class A Common Stock and 110,088 shares of Class B Common Stock under the 2017 Authorization during the three months ended December 31, 2025[84] - The Company has authorized a new share repurchase program for up to $300.0 million under the 2025 Authorization, which will commence after completing the 2017 Authorization[83] Segment Performance - Customized Polymer Solutions generated $305.1 million in net sales, while Durable Metal Solutions generated $354.8 million, Sustainable Fiber Solutions generated $311.9 million, and Innovative Closure Solutions generated $23.0 million for the three months ended December 31, 2025[92] - For the three months ended December 31, 2025, total net sales reached $994.8 million, a decrease from $1,016.7 million in the same period of 2024, representing a decline of approximately 2.2%[92][93] Restructuring and Divestitures - Greif, Inc. completed the divestiture of its containerboard business on August 31, 2025, which is now classified as discontinued operations, impacting the company's financial results[19] - The Company completed the Soterra Divestiture on October 1, 2025, selling 173,000 acres of timberland for $462.0 million, resulting in a gain of $216.2 million[30] - The Containerboard Business was divested for $1,804.7 million, with transaction costs of $23.4 million, and qualifies as discontinued operations due to its strategic impact[31] Accounting and Compliance - The Company is in the process of adopting new accounting standards, including ASU 2023-09 for income tax disclosures, effective October 1, 2025[28] - The Company recorded restructuring charges of $8.2 million for the three months ended December 31, 2025, compared to $3.3 million in the same period of 2024[38] Taxation - Income tax expense for the quarter was $58.9 million, up from $6.8 million in the prior year, primarily due to a one-time discrete tax expense of $49.3 million related to the Soterra Divestiture[74] Other Comprehensive Income - The Company reported accumulated other comprehensive income of $(238.9) million as of December 31, 2025, compared to $(385.8) million as of December 31, 2024, showing improvement in this area[14] - The Company’s accumulated other comprehensive income (loss) as of December 31, 2025, was $(238.9) million, an improvement from $(250.8) million as of September 30, 2025[86]

Financial Performance - Net income for the three months ended December 31, 2025, was $180.9 million, a significant increase from $26.7 million in the same period of 2024, representing a growth of 577.5%[9] - Comprehensive income attributable to Greif, Inc. was $186.5 million for the three months ended December 31, 2025, compared to a loss of $16.2 million in 2024[9] - As of December 31, 2025, Greif, Inc. reported a net income of $174.6 million, compared to $22.0 million for the same period in 2024, indicating a significant increase in profitability[14] - Comprehensive income for the three months ended December 31, 2025, was reported at $186.5 million, compared to a loss of $16.2 million for the same period in 2024[14] - For the three months ended December 31, 2025, total net sales reached $994.8 million, a decrease from $1,016.7 million in the same period of 2024, representing a decline of approximately 2.2%[92][93] - Operating profit for the three months ended December 31, 2025, was $256.6 million, compared to $34.1 million in the same period of 2024, indicating a significant increase[92][93] Assets and Equity - Total assets decreased to $5,502.5 million as of December 31, 2025, down from $5,766.8 million as of September 30, 2025[12] - Total shareholders' equity increased to $2,978.5 million as of December 31, 2025, compared to $2,952.4 million as of September 30, 2025[12] - The total shareholders' equity as of December 31, 2025, was $2,978.5 million, up from $2,077.1 million as of December 31, 2024, reflecting a growth of approximately 43.4% year-over-year[14] Debt and Cash Flow - Long-term debt decreased to $655.1 million as of December 31, 2025, from $914.8 million as of September 30, 2025, reflecting a reduction of 28.4%[12] - Cash and cash equivalents at the end of the period were $243.5 million, down from $256.7 million at the beginning of the period[13] - The company reported net cash used in operating activities of $24.4 million for the three months ended December 31, 2025, compared to net cash provided of $16.6 million in 2024[13] - The Company had $288.9 million in short-term debt as of December 31, 2025, compared to $287.7 million as of September 30, 2025[50] Dividends and Share Repurchase - The company paid dividends of $32.5 million to Greif, Inc. shareholders during the three months ended December 31, 2025[13] - The company declared dividends of $31.7 million to Greif, Inc. shareholders for the quarter, with a dividend per Class A share of $0.56 and Class B share of $0.83[14] - The Company repurchased 1,813,600 shares of Class A Common Stock and 110,088 shares of Class B Common Stock under the 2017 Authorization during the three months ended December 31, 2025[84] - The Company has authorized a new share repurchase program for up to $300.0 million under the 2025 Authorization, which will commence after completing the 2017 Authorization[83] Segment Performance - The Customized Polymer Solutions segment reported net sales of $305.1 million in Q4 2025, up from $294.4 million in Q4 2024, reflecting a growth of approximately 2.4%[92][93] - The Durable Metal Solutions segment achieved net sales of $354.8 million in Q4 2025, compared to $355.9 million in Q4 2024, showing a slight decline of about 0.3%[92][93] - The Sustainable Fiber Solutions segment reported net sales of $311.9 million in Q4 2025, down from $344.0 million in Q4 2024, reflecting a decline of about 9.3%[92][93] - The Innovative Closure Solutions segment generated net sales of $23.0 million in Q4 2025, compared to $22.4 million in Q4 2024, indicating a growth of approximately 2.7%[92][93] Restructuring and Divestitures - Greif, Inc. completed the divestiture of its containerboard business on August 31, 2025, which is classified as discontinued operations, impacting the company's financial results significantly[19] - The Company completed the Soterra Divestiture on October 1, 2025, selling approximately 173,000 acres of timberland for $462.0 million, resulting in a gain of $216.2 million[30] - The Containerboard Business was divested for $1,804.7 million, with transaction costs of $23.4 million, and this divestiture qualifies as discontinued operations due to its significant impact on the Company's financial results[31] - The Company recorded restructuring charges of $8.2 million for the three months ended December 31, 2025, compared to $3.3 million for the same period in 2024[38] - The Company incurred $4.5 million in employee separation costs as part of its restructuring efforts during the three months ended December 31, 2025[38] - The Company has remaining expected restructuring costs of $26.6 million as of December 31, 2025[40] Accounting and Reporting Changes - The company has reclassified its financial results to reflect the new reportable segments, including the change from Integrated Solutions to Innovative Closure Solutions, effective October 1, 2025[21] - The fiscal year for Greif, Inc. now begins on October 1 and ends on September 30, aligning with the recent changes in reporting structure[24] - The Company adopted new accounting standards related to segment reporting in November 2023, which did not materially impact its financial position or results[25] - The Company is in the process of adopting new accounting standards, including ASU 2023-09 for income tax disclosures, effective October 1, 2025[28] - The Company is evaluating the impact of adopting new accounting standards on its financial position and results of operations[27] Other Financial Metrics - The Company recorded realized gains of $0.3 million and unrealized net losses of $(0.8) million for the three months ended December 31, 2025, under foreign exchange hedges[61] - The Company wrote down long-lived assets with a carrying value of $0.7 million to a fair value of $0.5 million, resulting in recognized asset impairment charges of $0.2 million for the three months ended December 31, 2025[66] - The Company granted 131,518 restricted stock units (RSUs) on November 3, 2025, with a weighted average fair value of $56.75[69] - The Company granted 215,586 performance stock units (PSUs) on November 3, 2025, with a weighted average fair value of $53.71[71] - The Company reported a basic and diluted EPS of $6.59 and $6.59, respectively, for the three months ended December 31, 2025[80] - The Company’s accumulated other comprehensive income (loss) as of December 31, 2025, was $(238.9) million, an improvement from $(250.8) million as of September 30, 2025[86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ 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 September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR CN ENERGY GROUP. INC. (Exact name of Registrant as specified in its charter) N/A (Translation of Regi ...

Financial Performance - For the fiscal year ended September 30, 2023, the company reported revenues of RMB 93,307,000, which is expected to increase to RMB 113,381,000 in 2024, but projected to decline to RMB 91,290,000 in 2025, indicating a fluctuation in revenue trends [64]. - The gross profit for 2023 was RMB 17,247,000, which decreased to RMB 16,067,000 in 2024 and is projected to further decline to RMB 6,393,000 in 2025, reflecting challenges in maintaining profitability [64]. - The company incurred a net loss of RMB 57,964,000 in 2025, following a net income of RMB 62,669,000 in 2023 and RMB 18,678,000 in 2024, highlighting a significant downturn in financial performance [64]. - Total assets decreased from RMB 131,562,000 in 2024 to RMB 100,647,000 in 2025, while total liabilities also reduced from RMB 190,161,000 to RMB 162,163,000 during the same period [65]. - The company reported a current working capital deficit of RMB 84,535,000 in 2024, slightly improving to RMB 83,256,000 in 2025, indicating ongoing liquidity challenges [66]. Capital and Investment - The company has raised approximately $5.36 million (RMB 38.26 million) through the sale of shares under an "at the market" arrangement, but still requires additional capital to sustain operations [75]. - The company entered into a Cooperation Framework Agreement with BC-TID, resulting in an investment of RMB 137.7 million (US$20.2 million) for a new entity, with BC-TID owning 51% and the company owning 49% [186]. - The company has established three new seed distribution joint ventures in Xuzhou, Anhui, and Hubei, each held at 65% [189]. Market and Competition - The company faces competition from traditional seed products and international players in the GM seed market, necessitating a focus on innovation and market adaptation [72]. - The company is a leader in corn seed biotechnology in China, but faces competition from multinational corporations with greater resources and advanced technologies, which could affect product acceptance [86]. - The GM seed market outside China is dominated by major companies like Monsanto and Corteva Agriscience, which hold approximately 70% of the U.S. market, posing a threat to the company's sales and licensing opportunities [87]. - The seed business is highly competitive, with both domestic and international players, and pricing pressures from traditional seed producers may negatively impact financial results [85]. - The company faces significant challenges in obtaining necessary approvals for genetically modified (GM) corn products, which could adversely impact future development and recovery of R&D costs [78]. Regulatory Environment - Regulatory uncertainties regarding genetically modified organisms (GMOs) in China could adversely affect the company's ability to commercialize its biotech products, impacting overall business strategy [77]. - Compliance with foreign regulatory requirements is costly and may hinder the company's ability to distribute products outside China, where rigorous testing and pre-approval are mandatory [79]. - Compliance with evolving PRC regulations is critical; failure to adhere could result in fines or operational restrictions, adversely affecting revenues [101]. - The PRC government may impose penalties or require restructuring of operations if the VIE agreements are found non-compliant with regulations [145]. - The Foreign Investment Law, effective January 1, 2020, introduces uncertainties regarding the classification of VIEs and their compliance with market access requirements for foreign investment [160]. Research and Development - The company plans to continue developing new seed traits to maintain its biotech pipeline, which is crucial for future growth and competitiveness in the market [72]. - The company has developed transgenic corn seed products, including first-generation biotech products and stacked traits of Bt and glyphosate tolerance genes [182]. - The company has established several plant genetic engineering technology platforms focusing on traits such as herbicide tolerance, insect resistance, and drought stress tolerance in corn [200]. - The company has created a corn gene editing experimental platform since 2017, developing traits like high lutein and high lysine, currently under verification [209]. - The company is in the process of applying for GMO Biosafety certificates and is actively discussing requirements with relevant authorities [234]. Intellectual Property - Intellectual property rights are crucial for the company, and potential infringement claims could lead to substantial legal expenses and disrupt business operations [94]. - Intellectual property protection in China remains underdeveloped, increasing risks for the company in safeguarding its innovations [97]. - The company holds four Chinese patents and 27 trademarks related to its seed products, with additional patents pending [203]. - Hainan Aoyu and Origin Agriculture hold all intellectual property rights, managed through Exclusive Master Service Agreements and Business Cooperation Agreements [257]. Operational Risks - The company utilizes joint ventures in China for its seed business, which presents financial, managerial, and operational risks that could adversely affect revenues and cash flows [81]. - The company operates through variable interest entities (VIEs) in China, facing regulatory uncertainties that could adversely affect financial performance and enforceability of agreements [139]. - The legality and enforceability of the VIE arrangements have not been tested in court, posing risks to the company's reported ownership and financial statements [142]. - Any failure by the VIE or its shareholders to perform obligations could materially affect the company's business and financial condition [151]. - Shareholders of the VIE may have conflicts of interest that could adversely affect the company's control and economic benefits from the VIE [154]. Taxation and Financial Compliance - The applicable enterprise income tax rate for the company and its operating entities is 25% under the new EIT law [241]. - The company is subject to a 10% withholding tax on dividends payable to foreign investors from PRC sources, with no tax treaty currently existing with the British Virgin Islands [116]. - Potential adverse tax consequences may arise from transfer pricing adjustments by PRC tax authorities, impacting the company's financial condition [102]. - Changes in tax treatment for subsidiaries could increase overall tax liabilities, affecting profitability in future fiscal years [103]. Market Introduction and Approval Processes - The approval process for new seed varieties in China requires a minimum yield increase of 8% compared to control seeds, with successful candidates undergoing two growing seasons of testing in at least five locations [229]. - It typically takes a minimum of six years to bring a new seed variety to market, including three years for approval and three years for crop development [231]. - The introduction of the Corn Seed Green Pass Test System allows for faster market introduction of new hybrid varieties, with field tests conducted by the company itself [230].

Financial Performance - Revenue for the three months ended January 2, 2026, was $3,025 million, a 61% increase from $1,876 million for the same period in 2024[192] - Gross profit increased to $1,541 million, representing a gross margin of 50.9%, compared to 32.3% in the prior year[192] - Operating income rose to $1,065 million, a significant increase of 446% from $195 million in the previous year[192] - Net income for the quarter was $803 million, up 672% from $104 million in the same quarter of the previous year[192] - Net revenue increased 42% to $5,333 million for the six months ended January 2, 2026, compared to $3,759 million for the same period in the prior year, driven by a 26% increase in exabytes sold and a 13% increase in average selling prices (ASP) per gigabyte[195] - Datacenter revenue rose 29% to $1,061 million for the six months ended January 2, 2026, primarily due to a 41% increase in exabytes sold, despite a 9% decrease in ASP per gigabyte[196] - Edge revenue increased 46% to $3,065 million for the six months ended January 2, 2026, driven by a 24% increase in exabytes sold and an 18% increase in ASP per gigabyte[197] - Gross profit increased by $896 million for the six months ended January 2, 2026, resulting in a gross margin increase of 600 basis points to 41.8%[200] Expenses and Costs - Research and development expenses increased by $81 million for the six months ended January 2, 2026, primarily due to a $46 million increase in compensation and benefits and a $9 million increase in spending for R&D projects[203] - Selling, general and administrative expenses increased by $46 million for the six months ended January 2, 2026, mainly due to a $28 million increase in compensation and benefits and a $26 million increase in outside service costs[205] - Interest and other expense, net increased by $134 million for the six months ended January 2, 2026, primarily due to the settlement of legal matters and an increase in interest expense[212] Tax and Legal Matters - The company recorded a $10 million tax benefit related to the impact of the One Big Beautiful Bill Act on the Company's 2025 tax provision[213] - For the three months ended January 2, 2026, the effective tax rate was 14%, with an income tax expense of $134 million on income before taxes of $937 million[216] - The Company recorded a tax indemnification liability of $112 million on February 21, 2025, with a remaining liability of $128 million classified as Other liabilities as of January 2, 2026[234] - The liability for unrecognized tax benefits as of January 2, 2026, was approximately $196 million, with potential cash payments of about $195 million[232] Cash Flow and Investments - Net cash provided by operating activities for the six months ended January 2, 2026, was $1,507 million, a significant increase from a cash outflow of $36 million in the same period the previous year[218] - Net cash used in investing activities for the six months ended January 2, 2026, was $180 million, primarily due to $89 million in capital expenditures[224] - Net cash used in financing activities for the six months ended January 2, 2026, totaled $1,273 million, mainly from term loan repayments of $1,250 million[225] - As of January 2, 2026, the company held $476 million in cash and cash equivalents outside of the U.S., with no material tax consequences for repatriation[220] - The total known material cash requirements as of January 2, 2026, amounted to $9,138 million, including long-term debt and commitments related to Flash Ventures[227] Business Operations and Agreements - The company expects demand for NAND storage to continue to outpace supply through calendar year 2026 and beyond, driven by AI infrastructure growth[184] - A five-year supply agreement with SDSS includes a minimum annual commitment of $550 million, which may lead to a modest reduction in annual operating expenses[180] - The company entered into a loan agreement for a $2.0 billion Term Loan Facility and a $1.5 billion Revolving Credit Facility[182] - The business separation from Western Digital Corporation was completed on February 21, 2025, with 80.1% of shares distributed to WDC stockholders[176] - The company anticipates increased capital investments in fiscal year 2026 to transition to newer nodes to meet product demand[218] - The Company has entered into indemnification agreements with directors and certain officers, requiring indemnification against certain liabilities arising from their service[235] - Historically, the Company has not incurred material costs from obligations under indemnification agreements[236] - There have been no material changes in critical accounting policies and estimates from those disclosed in the Annual Report on Form 10-K for the year ended June 27, 2025[239] Performance Metrics - Sales incentive and marketing programs represented 14% of gross revenues for the three months ended January 2, 2026, down from 22% in the prior year[199] - The company experienced a 1900 basis points increase in gross margin for the three months ended January 2, 2026, attributed to higher ASP and increased exabytes sold[200] - The cash conversion cycle improved to 105 days for the three months ended January 2, 2026, down from 151 days in the prior year, driven by a decrease in days sales outstanding and days in inventory[222]

Deregistration and Compliance - Linkage Cayman is in the process of deregistration of HQT NETWORK, which ceased operations in April 2025[29]. - The PRC subsidiaries have not provided critical data and personal information outside the territory of the PRC, ensuring compliance with the Personal Information Protection Law[32]. - The Company is not required to complete filing procedures with the CSRC for continued offerings, as the PRC subsidiaries' contributions are under 50% of total financial metrics[33]. - The Company has not received any inquiries or sanctions from the CSRC regarding its planned overseas listing as of the report date[33]. - No permission is required from PRC authorities for the overseas listing of Class A Ordinary Shares, but cybersecurity review may be necessary[46][51]. - The Cybersecurity Review Measures require data processing operators with over one million users to undergo a cybersecurity review before foreign listings[48]. - The Overseas Listing Trial Measures require domestic companies to complete filing procedures with the CSRC within three working days of submitting an application for overseas listing[50]. - The company is not classified as a domestic company under PRC law, thus not subject to certain filing requirements for overseas offerings[51]. - The PRC subsidiaries have not provided personal information outside of China and are believed to be compliant with existing data protection laws[177]. Financial Performance and Dividends - As of the date of the report, no dividends or distributions have been made to shareholders, with future earnings intended to finance business expansion[38]. - Cash dividends on Class A Ordinary Shares may be subject to a withholding tax rate of up to 10% from PRC subsidiaries[41]. - The withholding tax rate may be reduced to 5% if a Hong Kong resident enterprise owns at least 25% of a PRC project, subject to specific requirements[42]. - The value of Class A Ordinary Shares may significantly decline if the company fails to obtain necessary permissions or approvals in the future[51]. - The company does not intend to pay dividends for the foreseeable future, opting to retain earnings for business operation and expansion[126]. - The company relies on dividends from its PRC subsidiaries for cash and financing, which are subject to PRC laws that restrict dividend payments to retained earnings[194]. - Current PRC regulations allow dividends to be paid only from accumulated profits, with at least 10% of profits required to be set aside for reserve funds until reaching 50% of registered capital[218]. Market and Competition - Revenues decreased from $12.73 million in the fiscal year ended September 30, 2023, to $10.29 million in the fiscal year ended September 30, 2024, and further decreased to $5.10 million for the year ended September 30, 2025, primarily due to a decrease in cross-border sales[59]. - The Operating Entities operate in a highly competitive market, facing competition from both offline and online supply chain providers, retailers, and wholesalers, which could adversely affect their results of operations[58]. - The market price of the Class A Ordinary Shares may be volatile or decline regardless of the company's operating performance, making it difficult for prospective investors to assess the rapidly changing value[55]. - The company has no long-term supply agreements with major suppliers, making it reliant on maintaining good relationships to ensure a sufficient selection and volume of products[66]. Regulatory Environment - Recent regulatory changes in China may impose additional compliance requirements for companies seeking to list overseas, impacting future operations[33]. - The enactment of the Hong Kong National Security Law could impact the company's subsidiaries in Hong Kong, introducing legal and operational uncertainties[57]. - The U.S. government has removed Hong Kong's preferential trade status, which could lead to similar tariffs and trade restrictions as those imposed on mainland China[155]. - The Competition Ordinance in Hong Kong prohibits anti-competitive conduct, and the Hong Kong subsidiaries have complied with these regulations[158]. - Changes in China's economic, political, or social conditions could materially affect the PRC subsidiaries' business and operations[160]. - The PRC legal system's rapid evolution and uncertainties in law enforcement may limit legal protections for the company and its subsidiaries[163]. - The interpretation and enforcement of PRC laws may change quickly, leading to uncertainties that could materially affect business operations[164]. - Recent policies from the Chinese government have impacted various industries, including the internet sector, and future regulations could adversely affect the business and financial condition of PRC subsidiaries[169]. Operational Risks - System interruptions or performance failures in technology infrastructure could damage the company's reputation and results of operations, particularly affecting customer data and order fulfillment[61]. - The Operating Entities may face difficulties in attracting and retaining key personnel, which could adversely affect their business plan implementation[77]. - The Operating Entities are materially dependent on third-party manufacturers, and any disruptions could adversely affect their financial performance[71]. - The Operating Entities' international expansion may encounter various risks, including compliance with different legal and regulatory standards in Southeast Asia[75]. - The Operating Entities face potential disruptions and significant relocation expenses due to increases in rental expenses or lease terminations for their warehouse and offices[88]. - Cybersecurity risks pose a significant threat to the Operating Entities, potentially leading to operational disruptions and financial data misstatements[99][100]. - The Operating Entities have established measures to address cybersecurity threats, but there is no assurance that these measures will be fully effective[102]. Corporate Governance and Compliance - The audit committee is responsible for reviewing and approving all material related party transactions, which may present potential conflicts of interest[105]. - The Operating Entities have engaged in substantial transactions with related parties, with amounts due to related parties being $426,043, $314,544, and $1,413,604 for the fiscal years ended September 30, 2025, 2024, and 2023 respectively[103]. - The company may face challenges in maintaining compliance with SEC regulations, which could strain its management and financial resources[123]. - The company is classified as an "emerging growth company" and may take advantage of reduced reporting requirements until it no longer meets the criteria[122]. Currency and Taxation - Fluctuations in exchange rates could materially affect the company's results of operations and the value of investments, with the RMB having appreciated over 20% against the USD since 2005[207]. - The company's financial statements are presented in U.S. dollars, and changes in RMB/USD exchange rates affect asset values and operational results[208]. - The PRC government imposes controls on the convertibility of RMB into foreign currencies, which may restrict the company's ability to pay dividends in foreign currencies[195]. - The PRC tax authority may challenge the company's qualification for preferential tax treatment, potentially subjecting it to a higher withholding tax rate[221]. - If classified as a PRC "resident enterprise," the company could face a 25% enterprise income tax on worldwide income, adversely affecting net income and shareholder returns[210]. Future Outlook and Strategic Plans - The company plans to venture into the Southeast Asian market, indicating a strategy for international expansion[63]. - The Operating Entities plan to expand integrated e-commerce services into Southeast Asia, starting with Thailand, Malaysia, and Indonesia over the next two years[74]. - The company's historical performance may not be sustainable, and it cannot guarantee future growth, with potential negative impacts from inflation and changing economic conditions[59]. - The company is currently evaluating options to regain compliance with Nasdaq's continued listing requirements[138].

Financial Performance - For the three months ended December 31, 2025, net income was $1.3 million, or $0.41 per share, compared to $1.2 million, or $0.38 per share for the same period in 2024, representing a 8.3% increase in net income year-over-year [2] - Net interest income for the three months ended December 31, 2025, was $6.0 million, up from $5.0 million in the same period of 2024, reflecting a 20% increase [3] - Noninterest income increased to $1.4 million for the three months ended December 31, 2025, compared to $1.3 million for the same period in 2024, a growth of 7.7% [3] - Noninterest expense rose to $5.5 million for the three months ended December 31, 2025, from $5.0 million in the same period of 2024, primarily due to increased professional services related to the merger [3] - The return on average assets improved to 0.64% for the six months ended December 31, 2025, compared to 0.49% for the year ended June 30, 2025 [11] Asset and Deposit Changes - Total assets decreased to $830.4 million at December 31, 2025, down from $887.7 million at June 30, 2025, a decline of approximately 6.4% [5] - Deposits decreased to $649.6 million at December 31, 2025, from $721.3 million at June 30, 2025, a reduction of about 9.9% due to the withdrawal of $59.3 million in deposits from a public entity [5] Credit Quality - The provision for credit losses was $34,000 for the three months ended December 31, 2025, compared to a credit of $450,000 for the same period in 2024, indicating a significant improvement in asset quality [3] Merger Announcement - The company announced a pending merger with ServBanc Holdco, Inc., valued at approximately $89.8 million, expected to close in the first quarter of 2026 [6] Stockholders' Equity - Stockholders' equity increased to $87.4 million at December 31, 2025, from $81.8 million at June 30, 2025, an increase of approximately 6.9% [5]