RH 2025年度报告

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 Securities Exchange Actof 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 suchfiling requirements for the past 90days.Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files).Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule12b-2 of the Exchange Act. Largeacceleratedfiler⌧Non-acceleratedfiler☐Emerging growth 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 anynew 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 the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared 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 registrant 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 compensationreceived 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⌧As of August 1, 2025, the last business day of the registrant’s most recently completed second quarter, the approximate market value of the registrant’scommon stock held by non-affiliates was $3,061,262,360. Solely for purposes of this disclosure, shares of common stock held by executive officers anddirectors of the registrant as of such date have been excluded because such persons may be deemed to be affiliates.As of March 27, 2026, 18,834,576 shares of the registrant’s common stock were outstanding.DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference in PartIII of this Annual Reporton Form10-K where indicated. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120days of the registrant’sfiscalyear ended January 31, 2026. Page PARTI.Item1.Business1Item1A.Risk Factors11Item1B.Unresolved Staff Comments35Item1C.Cybersecurity35Item2.Properties36Item3.Legal Proceedings38Item4.Mine Safety Disclosures38 PARTII.Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities39Item6.[Reserved]41Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations42Item7A.Quantitative and Qualitative Disclosures About Market Risk62Item8.Financial Statements and Supplementary Data64Item9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure115Item9A.Controls and Procedures115Item9B.Other Information115Item9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections116 PARTIII.Item10.Directors, Executive Officers and Corporate Governance117Item11.Executive Compensation117Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters117Item13.Certain Relationships and Related Transactions and Director Independence117Item14.Principal Accountant Fees and Services117 PARTIV.Item15.Exhibits and Financial Statement Schedules118Item16.Form10-K Summary118 SPECIAL NOTEREGARDING FORWARD-LOOKING STATEMENTS AND MARKET DATA This Annual Report on Form 10-K (“Annual Report”) contains forward-looking statements that are subjectto risks and uncertainties. Forward-looking statements give our current expectations and projectionsrelating to our financial condition, results of operations, plans, objectives, future performance andbusiness. You can identify forward-looking statements by the fact that they do not relate strictly tohistorical or current facts. These statements may include w