As filed with the U.S. Securities and Exchange Commission on November 14, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 STAK Inc. 斯塔克工业集团有限公司 (Exact Name of Registrant as Specified in its Charter) Not Applicable (Translation of Registrant's Name into English) | Cayman Islands | 3533 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I. ...

Core Viewpoint - The company is leveraging the growth opportunities in the North American energy market, particularly in natural gas equipment and services, due to recent energy export agreements among major economies [2]. Group 1: Company Strategy and Operations - The company has been deeply engaged in the North American market for many years, achieving sales of electric-driven fracturing equipment, cementing equipment, coiled tubing equipment, and liquid nitrogen pumping equipment [2]. - The company has established production capabilities for related equipment assembly in the U.S., effectively meeting local market demands [2]. - The company is actively expanding its aftermarket services for high-end equipment components [2]. Group 2: Market Dynamics - The company is closely monitoring market trends to seize order opportunities arising from the growth in U.S. energy exports [2].

Core Viewpoint - The article highlights the significant development and strategic importance of the specialized vehicle industry in Suizhou and Shiyan, Hubei Province, emphasizing their roles as major production bases and the ongoing efforts to enhance their competitiveness in the market [4][5][12]. Group 1: Suizhou's Specialized Vehicle Industry - Suizhou, known as the "Capital of Specialized Vehicles," produces one out of every ten specialized vehicles in China, with an annual output value exceeding 60 billion yuan [4]. - The city has over 270 automotive and parts companies, capable of producing more than 7,000 models across eight major categories, filling over 40 market gaps [4]. - In 2024, Suizhou's specialized vehicle output is expected to grow by 8%, with over 150,000 units produced and a doubling of export value to over 300 million USD [4]. Group 2: Shiyan's Strategic Position - Shiyan is recognized as a key player in the specialized vehicle industry, focusing on high-end intelligent vehicle development and aiming to become a top production base [5][8]. - The city has 12 complete vehicle manufacturers and over 3,167 parts suppliers, producing more than 1,100 vehicle models and 4,000 parts [7][10]. - In 2024, Shiyan's specialized vehicle production is projected to reach 60,000 units, with a 15.7% increase, and an expected output value exceeding 45 billion yuan [10][17]. Group 3: Industry Growth and Innovation - The specialized vehicle industry is experiencing rapid growth driven by increased public investment in infrastructure, healthcare, and transportation, alongside a push for high-end, intelligent, and green vehicles [12][18]. - Shiyan aims to create a 100 billion yuan specialized vehicle industry cluster by 2027, with a focus on innovation and integration across various sectors [13][17]. - The city is actively promoting the integration of specialized vehicle production with emergency response and special equipment sectors, enhancing its competitive edge [18].

Core Insights - The conference held by the Electric Vehicle Hundred People Association focused on the transformation of the specialized vehicle industry, emphasizing "high-end, intelligent, and green" development paths [2] - The industry is undergoing a significant shift driven by policy support and technological advancements, with a notable increase in the penetration rate of new energy in specialized vehicles [3][4] Policy and Market Dynamics - The penetration rate of new energy in specialized vehicles is projected to rise from 1% in 2021 to 15% by 2025, outpacing that of passenger vehicles [3] - Strong policy initiatives post-2020, particularly the "dual carbon" goals, have accelerated the electrification of public sector vehicles, with a forecast of over 300,000 new energy specialized vehicles sold in 2024, marking a nearly 50% growth [3] Technological Innovations - Breakthroughs in charging technology have reduced the charging time for new energy heavy trucks from several hours to 30 minutes, alleviating "range anxiety" [3] - The integration of advanced technologies, such as the "Rui Control E Platform" by Yutong, has led to a 20% reduction in energy consumption [4] - The domestic production rate of key components like high-rate batteries and chips has exceeded 90%, with costs decreasing by 40% compared to three years ago [4] Scene-based Innovation - The future of specialized vehicles lies in identifying high-value niche markets rather than competing in saturated markets [5] - Companies are innovating by developing products tailored to specific operational scenarios, such as electric mixing trucks achieving a 71% penetration rate due to their suitability for short-distance operations [3][5] Industry Collaboration and Ecosystem Development - The specialized vehicle sector is witnessing an "ecological competition" that is reshaping the industry landscape, with a projected 96% year-on-year growth in specialized vehicle sales in Shiyan by 2024 [7] - Collaborative efforts among companies in Shiyan have led to significant reductions in logistics costs and improved product development cycles [6] International Expansion and Market Challenges - Chinese specialized vehicle exports are transitioning from low-end products to targeting high-end markets, with a focus on overcoming barriers in the European and American markets [8] - The industry faces challenges such as stringent emission standards and the need for localized operations to enhance competitiveness [8] Future Directions - The transformation of the specialized vehicle industry is characterized by a shift from cost advantages to system capability outputs, integrating manufacturing, services, and data [9] - Key strategies for future success include strengthening foundational innovations in emerging technologies and establishing a comprehensive output model that combines technology, standards, and ecosystems [9]