西南资本 2025年度报告

(Mark One)[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedMarch 31, 2026 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ 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 SecuritiesExchange Act of 1934 during the 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 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 pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas 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,smaller reportingcompany, or an emerging growth company. See the definitions of“large accelerated filer,” “accelerated filer,”“smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filerNon-accelerated filerSmaller reportingcompanyEmerging growthcompany 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 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 effective of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15.U.S.C. 7262(b)) by the registered publicaccounting 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 the registrantincluded 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-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by checkmark whether the registrantisashellcompany(as defined in Rule 12b-2 of theAct). Yes☐No☒ The aggregate market value of the voting stock held by non-affiliates of the registrant as of September 30, 2025 was $1,208,032,692based on the last sale price of such stock as quoted by The Nasdaq Global Select Market on such date. The number of shares of common stock, $0.25 par value per share, outstanding as of May 15, 2026 was 62,140,726. Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Shareholders to be filed not later than 120 daysafter the end of the fiscal year covered by this Annual Report on Form 10-Kare incorporated by reference into Part III of this AnnualReport on Form 10-K. TABLE OF CONTENTS PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of EquitySecurities49Item 6.[Reserved]56Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations57Item 7A.Quantitative and Qualitative Disclosures About Market Risk72Item 8.Financial Statements and Supplementary Data74Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure182Item 9A.Controls and Procedures182Item 9B.Other Information183Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspection183 Item 10.Directors, Executive Officers and Corporate Governance184Item 11.Executive Compensation184Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters184Item 13.Certain Relationships and Related Transactions, and Director Independence184Item 14.Principal Accountant Fees and Services184 190 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements regarding the plans and objectives of management for futureoperations and future performance (including the internal rate of return to the Company).Any such forward-looking statements may involveknown and unknown risks, uncertainties and other factors whi