Alpha Pro Tech Ltd 2025年度报告

☒Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the fiscal year ended December 31, 2025 or ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 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 emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and Accelerated filer☐Smaller reporting company☒ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany 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 underSection 404(b) of the Sarbanes-Oxley Act(15 U.S.C. 7262(b)) by the registered public accounting If securities are registered pursuant toSection 12(b)of the Act, indicate by check mark whether the financial statements of the registrant includedin 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 Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of voting stock held by non-affiliates of the registrant as of June 30, 2025, was $41,284,738. As of March 1, 2026, the registrant had outstanding 10,185,427 shares of common stock. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III ofthis Form 10-K. Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities14Item 6.(Reserved)15Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations15 Item 10.Directors, Executive Officers and Corporate Governance45Item 11.Executive Compensation45 PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements that are made pursuant to the “safe harbor” provisions of the PrivateSecurities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties and assumptions as described from time totime in registration statements, annual reports and other periodic reports and filings of the Company (as defined below) filed with the Securitiesand Exchange Commission (“SEC”). Forward-looking statements include statements concerning our plans, objectives, goals, strategies, futureevents, future revenues or performance, capital expenditures, financing needs, plans or intentions, including, without limitation, our expectedorders, new products, production levels and sales in 2026 and other information that is not historical information. All statements, other thanstatements of historical facts that address the Company’s expectations of sources of capital or that express the Company’s expectations for thefuture with respect to financial performance or operating strategies or results can be identified as forward-looking statements. As a result, there Any expectations based on these forward-looking statements are subject to risks and uncertainties. These risks and other factors include, but arenot limited to, those listed in this report under “Risk Factors,” “Management’s Discussion and An