德照科技 2025年度报告

2025Annual Report Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 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 Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or anemerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" inRule 12b-2 of the Exchange Act.Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerginggrowth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised 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 the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect 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 byany 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 Act). Yes☐No☒ The aggregate market value of the registrant's common stock held by non-affiliates on March 30, 2025, was $7.6 billion (based upon the closing price of a shareof registrant's common stock as reported by the Nasdaq National Market on that date). On November 7, 2025, 260,828,236 shares of the registrant's common stock were outstanding. DOCUMENT INCORPORATED BY REFERENCE Portions of registrant's Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference in Part III of this report where indicated. TABLE OF CONTENTS PART I Item1BusinessGeneralLeading with ScienceReportable SegmentsGovernment Services GroupCommercial/International Services GroupProject ExamplesClientsContractsGrowth StrategySustainability ProgramAcquisitions and DivestituresCompetitionBacklogRegulationsSeasonalityClimate Risk AssessmentRisk Management and InsuranceHuman Capital ManagementExecutive Officers of the RegistrantAvailable InformationItem1ARisk FactorsItem1BUnresolved Staff CommentsItem2PropertiesItem3Legal ProceedingsItem4Mine Safety Disclosures PART II Item 5Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6[Reserved]Item 7Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 7AQuantitative and Qualitative Disclosures about Market RiskItem 8Financial Statements and Supplementary DataItem 9Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9AControls and ProceduresItem 9BOther InformationPART III Item 10Directors, Executive Officers and Corporate GovernanceItem 11Executive CompensationItem 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13Certain Relationships and Related Transactions, and Director IndependenceItem 14Principal Accounting Fees and Services Item 15Exhibits, Financial Statement SchedulesIndex to ExhibitsItem 16Form 10-K SummarySignatures This Annual Report on Form 10-K ("Report"), including the "Management's Discussion and Analysis of FinancialCondition and Results of Operations," contains forward-looking statements regarding future events and our future results thatare subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Actof 1934 (the "Exchange Act"). All sta