沃茨水工业 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF1934 ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF1934 Commission file number001-11499 Securities registered pursuant to Section12(g) of the Act:None Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Exchange Act.Yes◻ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90days.Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files).Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule12b-2 of the Exchange Act. Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.◻ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.⌧ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of June 29, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately$6,695,455,530 based on the closing sale price as reported on the New York Stock Exchange. Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. TABLE OF CONTENTS PART I.Item 1.Item 1A.Item 1B.Item 1C.Item 2.Item 3.Item 4. BUSINESS3RISK FACTORS18UNRESOLVED STAFF COMMENTS31CYBERSECURITY31PROPERTIES33LEGAL PROCEEDINGS34MINE SAFETY DISCLOSURES34 PART IIItem 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATEDSTOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITYSECURITIES35[RESERVED]36MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS37QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUTMARKET RISK53FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA53CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND FINANCIAL DISCLOSURE53CONTROLS AND PROCEDURES54OTHER INFORMATION55DISCLOSURE REGARDING FOREIGN JURISDICTIONS THATPREVENT INSPECTIONS55 Item 6.Item 7. Item 7A. Item 8.Item 9. Item 9A.Item 9B.Item 9C. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATEGOVERNANCE55EXECUTIVE COMPENSATION55SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS ANDMANAGEMENT AND RELATED STOCKHOLDER MATTERS56CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, ANDDIRECTOR INDEPENDENCE56PRINCIPAL ACCOUNTANT FEES AND SERVICES56 PART IVItem 15.Item 16. EXHIBITS, FINANCIAL STATEMENT SCHEDULES57FORM 10-K SUMMARY.57 EXHIBIT INDEXSIGNATURES This Annual Report on Form10-K contains statements that are not historical facts and are consideredforward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements contain projections of our future results of operations or our financial positionor state other forward-looking information. In some cases, you can identify these forward-lookingstatements by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,”“should,” and “would” or similar words. The forward-looking statements contained in this report include,without limitation, statements regarding our products and product development, our strategy andtransformational initiatives, our anticipated financial performance and fina