元保 2026年年度报告和过渡报告

Table of Contents Securities for which there is a reporting obligation pursuant to Section15(d)of the Act. None Indicate the number of issued and outstanding shares of each of the issuer’s classes of capital or common stock as ofthe close of the period covered by the annual report: ClassA ordinary shares, par value US$0.0001 each, 194,348,706 shares outstanding as of December31, 2025 ClassB ordinary shares, par value US$0.0001 each, 82,132,500 shares outstanding as of December31, 2025 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reportspursuant to Section13 or 15(d)of the Securities Exchange Act of 1934. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or forsuch 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, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerginggrowth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Emerging growth company☒ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate bycheck mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards † provided pursuant to Section13(a)of the Exchange Act.☐ †The term “new or revised financial accounting standard” refers to any update issued by the Financial AccountingStandards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment ofthe effectiveness of its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (10U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recovery periodpursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements includedin this filing: U.S. GAAP☒International Financial Reporting Standards as issuedby the International accounting Standards Board☐ Other☐ If “Other” has been checked in response to the previous question indicate by check mark which financial statementitem the registrant has elected to follow. Item17☐Item18☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Exchange Act). Yes☐No☒ (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PASTFIVEYEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12,13 or 15(d)of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmedby a court. Yes☐No☐ TABLE OF CONTENTS PageINTRODUCTION1FORWARD LOOKING STATEMENT2PART I3ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS3ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE3ITEM 3. KEY INFORMATION3ITEM 4. INFORMATION ON THE COMPANY68ITEM 4A. UNRESOLVED STAFF COMMENTS107ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS107ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES126ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS136ITEM 8. FINANCIAL INFORMATION137ITEM 9. THE OFFER AND LISTING138ITEM 10. ADDITIONAL INFORMATION139ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK154ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES155PART II158ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES158ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OFPROCEEDS158ITEM 15. CONTROLS AND PROCEDURES158I