游戏驿站 2025年度报告

UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 (Exact name of registrant as specified in its Charter) 20-2733559 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 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 SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to 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 submittedand posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter 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 smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with 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 theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 762(b)) bythe registered public accounting firm that 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 theregistrant included 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-based compensation 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 ExchangeAct).Yes☐No☒ The aggregate market value of the voting and non-voting Class A Common Stock held by non-affiliates of the registrant as ofAugust 1, 2025 was approximately $9.0 billion, based upon the closing market price of $22.10 per share of Class A CommonStock on the New York Stock Exchange. (For purposes of this calculation all of the registrant's directors and officers are deemedaffiliates of the registrant.) Number of shares of $.001 par value Class A Common Stock outstanding as of March 18, 2026: 448,375,157 DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement of the registrant to be filed pursuant to Regulation 14A under the Securities ExchangeAct of 1934, as amended, for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this AnnualReport on Form 10-K. PART I Item 1.Business.............................................................................................................................................................................1Item 1A.Risk Factors.......................................................................................................................................................................7Item 1B.Unresolved Staff Comments...........................................................................................................................................21Item 1C.Cybersecurity.....................................................................................................................................................................21Item 2.Properties...........................................................................................................................................................................23Item 3.Legal Proceedings............................................................................................................................................................23Item 4.Mine Safety Disclosures..................................................................................................................................................23 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities..............................