虎牙 2025年年度报告和过渡报告

Securities registered or to be registered pursuant to Section12(g)of the Act:None(Title of Class)Securities for which there is a reporting obligation pursuant to Section15(d)of the Act:None(Title of Class) 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 annualreport. As of December31, 2024,there were225,231,915ordinary shares outstanding, being the sum of 74,845,398 Class A ordinary shares and 150,386,517 ClassB ordinary shares. 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 reports pursuant to Section13 or 15(d)of theSecurities Exchange Act of 1934.☐Yes☒No Note–Checking the box above will not relieve any registrant required to file reports pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934from their obligations under those Sections. Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements 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 to Rule405 ofRegulation S-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. Seedefinition of “accelerated filer and large accelerated filer” and “emerging growth company” in Rule 12b-2of the Exchange Act. If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has electednot to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section13(a)of theExchange Act.☐ The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its AccountingStandards Codification after April5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☒ If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling 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 receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP☒International Financial Reporting Standards as issuedOther☐by the International Accounting Standards Board☐ If “other” has been checked in response to the previous question, indicate by check mark which financial statement item 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 PAST FIVEYEARS) 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 ExchangeAct of 1934 subsequent to the distribution of securities under a plan confirmed by a court.☐Yes☐No TABLE OF CONTENTS INTRODUCTION1FORWARD-LOOKING INFORMATION2PARTI.3ITEM1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS3ITEM2.OFFER STATISTICS AND EXPECTED TIMETABLE3ITEM3.KEY INFORMATION3ITEM4.INFORMATION ON THE COMPANY68ITEM4A.UNRESOLVED STAFF COMMENTS102ITEM5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS102ITEM6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES117ITEM7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS128ITEM8.FINANCIAL INFORMATION129ITEM9.THE OFFER AND LISTING130ITEM10.ADDITIONAL INFORMATION131ITEM11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK149ITEM12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES149 PARTII.152ITEM13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES152ITEM14.MATER