CompX国际 2025年度报告

PART I General CompX International Inc. (NYSE American: CIX), incorporated in Delaware in 1993, is a leading manufacturerof security products used in the postal, recreational transportation, office and institutional furniture, cabinetry, tool storage,healthcare applications and a variety of other industries. We are also a leading manufacturer of wake enhancement systems,stainless steel exhaust systems, gauges, throttle controls and trim tabs and related hardware and accessories for therecreational marine and various other industries. Our products are principally designed for use in medium to high-endproduct applications where design, quality and durability are valued by our customers. At December 31, 2025, NL Industries, Inc. (NYSE: NL) owns approximately 87% of our outstanding commonstock, Valhi, Inc. (NYSE: VHI) owns approximately 83% of NL’s outstanding common stock and a subsidiary of ContranCorporation owns approximately 91% of Valhi’s outstanding common stock. As discussed in Note 1 to our ConsolidatedFinancial Statements, a majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons, and by familystockholders (Thomas C. Connelly (the husband of Ms. Simmons’ late sister), a family-owned entity and various familytrusts established for the benefit of Ms. Simmons, Mr. Connelly and their children) who are required to vote their sharesof Contran voting stock in the same manner as Ms. Simmons. Such voting rights are personal to Ms. Simmons and lastthrough April 22, 2030. The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”),which was established for the benefit of Ms. Simmons and her late sister and their children and for which a third-partyfinancial institution serves as trustee. Consequently, at December 31, 2025, Ms. Simmons and the Family Trust may bedeemed to control Contran, and therefore may be deemed to indirectly control the wholly-owned subsidiary of Contran,Valhi, NL and us. Our corporate offices are located at Three Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240.Our telephone number is (972) 448-1400. We maintain a website at www.compxinternational.com. Unless otherwise indicated, references in this report to “we,” “us,” or “our” refer to CompX International Inc.and its subsidiaries taken as a whole. Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995, as amended. Statements in this Annual Report that are not historical facts areforward-looking in nature and represent management’s beliefs and assumptions based on currently available information.In some cases, you can identify forward-looking statements by the use of words such as “believes,” “intends,” “may,”“should,” “could,” “anticipates,” “expects” or comparable terminology, or by discussions of strategies or trends. Althoughwe believe the expectations reflected in such forward-looking statements are reasonable, we do not know if theseexpectations will be correct. Such statements by their nature involve substantial risks and uncertainties that couldsignificantly impact expected results. Actual future results could differ materially from those predicted. The factors thatcould cause actual future results to differ materially from those described herein are the risks and uncertainties discussedin this Annual Report and those described from time to time in our other filings with the U.S. Securities and ExchangeCommission (the “SEC”) and include, but are not limited to, the following: Future supply and demand for our products; Changes in our raw material and other operating costs (such as zinc, brass, aluminum, steel and energy costs) orthe implementation of tariffs on imported raw materials and our ability to pass those costs on to our customers oroffset them with reductions in other operating costs; Price and product competition from low-cost manufacturing sources (such as China); The impact of pricing and production decisions; Customer and competitor strategies including substitute products;