森淼科技 2024年度报告

Form10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscalyear endedMarch 31,2025 ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission file number:001-38426 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☐No☒Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.Yes ☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required 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 be submittedpursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant 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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☒ 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 Section13(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. 7262(b)) by theregistered 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 Rule12b-2 of the Exchange Act).Yes☐No☒ The registrant’s common stock trades on the Nasdaq Capital Market under the symbol “AIHS.” The aggregate market value of thecommon stock held by non-affiliates computed by reference to the price at which registrant’s common stock was last sold as ofSeptember30, 2024, was approximately $10,810,959. Common stock held by each officer and director and by each person known tothe registrant who owned 10% or more of the outstanding voting and non-voting common stock have been excluded in that suchpersons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for otherpurposes. As of July 7, 2025, there were11,082,746shares of common stock, par value $0.0001 per share, of the registrant issued andoutstanding. None. SENMIAO TECHNOLOGY LIMITED TABLE OF CONTENTS PAGECautionary Note Regarding Forward-Looking StatementsiiiPARTI1Item 1.Business1Item 1A.Risk Factors27Item 1B.Unresolved Staff Comments68Item 1CCybersecurity68Item 2.Properties69Item 3.Legal Proceedings69Item 4.Mine Safety Disclosures69PARTII70Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities70Item 6.[Reserved]71Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations71Item 7A.Quantitative and Qualitative Disclosures About Market Risk84Item 8.Financial Statements and Supplementary DataF-1Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure85Item 9A.Controls and Procedures85Item 9B.Other Information85Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections85PARTIII86Item 10.Directors, Executive Officers and Corporate Governance86Item 11.Executive Compensation90Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters93Item 13.Certain Relationships and Related Transactions, and Director Independence95Item 14.Principal Accounting Fees and Services97PARTIV98Item 15.Exhibits and Financial Statement Schedules98Item 16.Form10-K Summary98 Unless otherwise stated in this Annua