嘉楠科技 2026年年度报告和过渡报告

☐REGISTRATION STATEMENT PURSUANT TO SECTION12(b)OR 12(g)OF THE SECURITIES EXCHANGE ACT OF 1934OR☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscalyear ended December 31, 2025.OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934OR☐SHELL COMPANY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934.For the transition period fromtoCommission file number: 001-39127 Canaan Inc. (Exact name of Registrant as specified in its charter)Cayman Islands(Jurisdiction of incorporation or organization)28 Ayer Rajah Crescent #06-08, S139959, Singapore(Address of principal executive offices)James Jin Cheng, Chief Financial OfficerTelephone: +65 6305 6618Email: IR@canaan-creative.com28 Ayer Rajah Crescent #06-08, S139959, Singapore* (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section12(b)of the Act. Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.☐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 thepreceding 12months (or for such shorter period that the registrant was required to submit such files).☒Yes☐NoIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule12b-2 of the Exchange Act. (Check one): CANAAN INC.FORM 20-F ANNUAL REPORTFISCAL YEAR ENDED DECEMBER 31, 2025 PagePART I1ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM 3.KEY INFORMATION1ITEM 4.INFORMATION ON THE COMPANY46ITEM 4A.UNRESOLVED STAFF COMMENTS73ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS73ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES89ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS96ITEM 8.FINANCIAL INFORMATION96ITEM 9.THE OFFER AND LISTING97ITEM 10.ADDITIONAL INFORMATION97ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK108ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES109ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES111ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OFPROCEEDS111ITEM 15.CONTROLS AND PROCEDURES111ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT112ITEM 16B.CODE OF ETHICS112ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES112ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES113ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS113ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT113ITEM 16G.CORPORATE GOVERNANCE113ITEM 16H.MINE SAFETY DISCLOSURE113ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS114ITEM 16J.INSIDER TRADING POLICIES114ITEM 16K.CYBERSECURITY114PART II115ITEM 17.FINANCIAL STATEMENTS115ITEM 18.FINANCIAL STATEMENTS115ITEM 19.EXHIBITS115SIGNATURES116 Conventions that Apply to this Annual Report on Form20-F In this annual report, unless otherwise indicated: ●“ADRs” are to American depositary receipts, which, if issued, evidence the ADSs;●“ADSs” are to the American depositary shares, each of which represents 15 of our ClassA ordinary shares;●“China” and the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annual report only,Taiwan, the Hong Kong Special Administrative Region and the Macao Special Administrative Region;●“Series A Convertible Preferred Shares” are to our series A convertible preferred shares, par value $0.00000005 pershare;●“Series A - 1 Preferred Shares” are to our series A - 1 convertible preferred shares, par value $0.00000005 per share;●“PRC subsidiaries” are to, for the purpose of this annual report, Hangzhou Canaan Intelligence InformationTechnology Co., Ltd., Canaan Creative Co., Ltd., Langfang Creative Technology Co., Ltd., Canaan Convey Co.,Ltd., Zhejiang Avalon Technology Co., Ltd., Canaan Bright Sight Co., Ltd., Canaan Creative (SH) Co., Ltd, BeijingKunlun Technology Co., Ltd. and Hangzhou Ruihong Technology.●“operating subsidiaries” are to, for the purpose of this annual report, Canaan Creative Co., Ltd., Langfang CreativeTechnology Co., Ltd., Canaan Convey Co., Ltd., Zhejiang Avalon Technology Co., Ltd., Canaan Creative (SH) Co.,Ltd, Canaan Creative International PTE. Ltd., Canaan Creative Global Pte. Ltd., and Canaan U.S. Inc.●“RMB” or “Renminbi” are to the legal currency of China;●“US$,” “U.S. dollars,” or “dollars” are to the legal currency of the United States; a