库客音乐 2025年年度报告和过渡报告

Title of Each ClassTrading SymbolName of Each Exchange on WhichRegisteredAmerican Depositary Shares, eachrepresenting ten Class A ordinary share,par value US$0.001 per share*KUKENew York Stock Exchange *Not for trading, but only in connection with the listing on the New York Stock Exchange of American depositary shares. Securities registered or to be registered pursuant to Section 12(g) of the Act: None(Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(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 As of December 31, 2024, there were 49,797,315 ordinary shares with41,516,217Class A ordinary shares and8,281,098Class B ordinaryshares outstanding, par value US$0.001. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 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 Section 13 or15(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 Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject 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 submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired 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 or an emerging growthcompany. See definition of “accelerated filer,” “large accelerated filer” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. (Check one): If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards †provided pursuant to Section 13(a) of the Exchange Act.☐ †The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to itsAccounting 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 of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting 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 the registrantincluded 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-basedcompensation received by 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 registration has used to prepare the financial statements included in this filing: If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant haselected to follow. Item 17☐Item 18☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of theSecurities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.☐Yes☐No Table of Contents FORWARD-LOOKING STATEMENTSivPART IITEM 1IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM 2OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM 3KEY INFORMATION1ITEM 4INFORMATION ON THE COMPANY52ITEM 4AUNRESOLVED STAFF COMMENTS75ITEM 5OPERATING AND FINANCIAL REVIEW AND PROSPECTS75ITEM 6DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES91ITEM 7MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS100ITEM 8FINANCIAL INFORMATION101ITEM 9THE OFFER AND LISTING101ITEM 10ADDITIONAL INFORMATION102ITEM 11QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK114ITEM 12DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES115PART IIITEM 13DEFAULTS, DIVIDEND ARREARAGES AND DELIN