嘉楠科技 2025年年度报告和过渡报告

FORM20-F ☐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 endedDecember 31,2024.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:+656305 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. CANAAN INC.FORM 20-F ANNUAL REPORTFISCAL YEAR ENDED DECEMBER 31, 2024 ePART I1ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM 3.KEY INFORMATION1ITEM 4.INFORMATION ON THE COMPANY45ITEM 4A.UNRESOLVED STAFF COMMENTS73ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS73ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES89ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS97ITEM 8.FINANCIAL INFORMATION97ITEM 9.THE OFFER AND LISTING98ITEM 10.ADDITIONAL INFORMATION98ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK109ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES110ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES112ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS ANDUSE OF PROCEEDS112ITEM 15.CONTROLS AND PROCEDURES112ITEM16A.AUDIT COMMITTEE FINANCIAL EXPERT113ITEM16B.CODE OF ETHICS113ITEM16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES113ITEM16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES114ITEM16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATEDPURCHASERS114ITEM16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT114ITEM16G.CORPORATE GOVERNANCE114ITEM16H.MINE SAFETY DISCLOSURE115ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS115ITEM 16J.INSIDER TRADING POLICIES115ITEM16K.CYBERSECURITY115PART II116ITEM 17.FINANCIAL STATEMENTS116ITEM 18.FINANCIAL STATEMENTS116ITEM 19.EXHIBITS116 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 ordinaryshares;●“China” and the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annualreport only, Taiwan, the Hong Kong Special Administrative Region and the Macao SpecialAdministrative Region;●“Series A Convertible Preferred Shares” are to our series A convertible preferred shares, par value$0.00000005 per share;●“Series A - 1 Preferred Shares” are to our series A - 1 convertible preferred shares, par value$0.00000005 per share;●“PRC subsidiaries” are to, for the purpose of this annual report, Hangzhou Canaan IntelligenceInformation Technology Co., Ltd., Canaan Creative Co., Ltd., Langfang Creative Technology Co., Ltd.,Canaan Convey Co., Ltd., Zhejiang Avalon Technology Co., Ltd., Canaan Bright Sight Co., Ltd., andCanaan Creative (SH) Co., Ltd, Hangzhou Ruihong Technology.●“operating subsidiaries” are to, for the purpose of this annual report, Canaan Creative Co., Ltd.,Langfang Creative Technology Co., Ltd., Canaan Convey Co., Ltd., Zhejiang Avalon Technology Co.,Ltd., Canaan Bright Sight Co., Ltd., Canaan Creative (SH) Co., Ltd, Canaan Creative International PTE.Ltd., Canaan Creative Global Pte. Ltd., and Canaan U.S. Inc.●“RMB” or “Renminbi” are to the legal currency of China;●“US$,” “U.S. dollars,” or “dollars” are to the legal currency of the United States; and●“we,” “us,” “our company,” “the Company,” “our” and “Canaan” are to CanaanInc. and its subsidiaries,as the context requires. Starting from January 1, 2023, we changed our reporting currency from Renminbi to U.S. dollar. Thealigning of the reporting currency with the underlying operations will better reflect our business development ofrecent years and future global strategy. Assets and liabilities of entities with functional currencies other than US$are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses of entities withfunctional currencies other than US$ are translated into US$ at average rates prevailing during the reportingperiod. Prior periods’ financial information has been recast as if we always used US$ as our reporting currency. Our ADSs are listed on the NASDAQ Global Market under the symbol “CAN.” Glossary of Technical Terms This glossary contains explanations of certain