勇士煤业 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto 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 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 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant 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, or a smaller reporting company or an emerging growthcompany. See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company”and“emerging growth company”in Rule 12b-2 of the Exchange Act. 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 or revised financialaccounting 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 control over financial reporting Documents Incorporated By Reference Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120days of December 31, 2025, are incorporated by reference into Part III of this report for the year ended December 31, 2025. TABLE OF CONTENTS Forward-Looking StatementsGlossary of Selected Terms Part I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures 80Part IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities.81Item 6.[Reserved]82Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations83Item 7A.Quantitative and Qualitative Disclosures About Market Risk103Item 8.Financial Statements and Supplementary Data104Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure104Item 9A.Controls and Procedures104Item 9B.Other Information105Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections105Part IIIItem 10.Directors, Executive Officers and Corporate Governance106Item 11.Executive Compensation106Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters106Item 13.Certain Relationships and Related Transactions, and Director Independence106Item 14.Principal Accounting Fees and Services106Part IVItem 15.Exhibits and Financial Statement Schedules107Item 16.Form 10-K Summary111Signatures112Index to Consolidated Financial StatementsF-1 FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “Annual Report”) includes statements of our expectations, intentions, plans andbeliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended(the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intendedto come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relateto analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable andmayalso relate to our future prospects,developments and business strategies.We have used the words“anticipate,”“approximately,” “assume,” “believe,” “could,” “contemplate,” “continue,” “estimate,” “expect,” “target,” “future,” “intend,”“may,” “plan,” “potential,” “predict,” “project,” “should” and similar terms and phrases, including in references to assumptions, inthis Annual Report to identify forward-looking statements. These forward-looking statements are made based on expectations andbeliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and businessenvironment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results todiffer materially from those matters expressed in or implied by these forward-looking statements. These risks and uncertaintiesinclude, but are not limited to: •the impact of global pandemics, including its i