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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 20-F\n\n \n\n(Mark One)\n\n☐\n\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nOR\n\n \n\n☒\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nOR\n\n \n\n☐\n\nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nDate of event requiring this shell company report\n\nFor the transition period from __________ to __________\n\nCommission file number: 001-42208\n\n \n\nXCHG Limited\n\n(Exact name of Registrant as specified in its charter)\n\n \n\nN/A\n\n(Translation of Registrant’s name into English)\n\nCayman Islands\n\n(Jurisdiction of incorporation or organization)\n\nXCharge Europe GmbH, Heselstücken 18,\n\n22453 Hamburg, Germany\n\nXCharge Energy USA Inc.\n19121 Marketplace Avenue, Building 2-Suite 2-145\nKyle, TX 78640\n\n(Address of principal executive offices)\n\nYifei Hou\n\nChief Executive Officer\n\nTel: +49 4057128593\n\nE-mail: simon@xcharge.com\n\n \n\n \n\nXCharge Europe GmbH, Heselstücken 18,\n\n22453 Hamburg, Germany\n\n(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\n \n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nAmerican depositary shares, each representing 40 Class A ordinary shares, par value US$0.00001 per share\n\nXCH\n\nThe Nasdaq Global Market\n\nClass A ordinary shares, par value US$0.00001 per share*\n\n \n\n* Not for trading, but only in connection with the listing of the American depositary shares on the Nasdaq Global Market.\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act.\n\n[None]\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act.\n\n[None]\n\n \n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\nThere were 2,901,565,362 ordinary shares, comprised of 2,160,310,915 Class A ordinary shares, par value US$0.00001 per share, and 741,254,447 Class B ordinary shares, par value US$0.00001 per share, as of December 31, 2025.\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒\n\nNote – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.\n\nIndicate 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 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 ☐\n\nIndicate 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer\n\n☐\n\nAccelerated Filer\n\n☐\n\nNon-accelerated Filer\n\n☒\n\n \n\n \n\n \n\n \n\nEmerging Growth Company\n\n☒\n\n \n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\nIndicate 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 that prepared or issued its audit report. ☐\n\nIf 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. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP ☒\n\nInternational Financial Reporting Standards as issued by the International Accounting Standards Board ☐\n\nOther ☐\n\n \n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐\n\n \n\n \n\n \n\ntable of contents\n\n \n\n[Introduction](#introduction)\n\nii\n\n[SPECIAL NOTE REGARDING Forward-Looking STATEMENTS](#forward_looking_information)\n\niii\n\n[PART I](#part_i)\n\n \n\n \n\n1\n\n \n\n[ITEM 1.](#item_1_identity_of_directors)\n\n \n\n[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#item_1_identity_of_directors)\n\n1\n\n \n\n[ITEM 2.](#item_2_offer_statistics)\n\n \n\n[OFFER STATISTICS AND EXPECTED TIMETABLE](#item_2_offer_statistics)\n\n1\n\n \n\n[ITEM 3.](#item_3_key_information)\n\n \n\n[KEY INFORMATION](#item_3_key_information)\n\n1\n\n \n\n[ITEM 4.](#item_4_information_on_the_company)\n\n \n\n[INFORMATION ON THE COMPANY](#item_4_information_on_the_company)\n\n31\n\n \n\n[ITEM 4A.](#item_4a_unresolved_staff)\n\n \n\n[UNRESOLVED STAFF COMMENTS](#item_4a_unresolved_staff)\n\n51\n\n \n\n[ITEM 5.](#item_5_operating_and_financial)\n\n \n\n[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#item_5_operating_and_financial)\n\n52\n\n \n\n[ITEM 6.](#item_6_directors_senior)\n\n \n\n[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#item_6_directors_senior)\n\n65\n\n \n\n[ITEM 7.](#item_7_major_shareholders)\n\n \n\n[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#item_7_major_shareholders)\n\n74\n\n \n\n[ITEM 8.](#item_8_financial_information)\n\n \n\n[FINANCIAL INFORMATION](#item_8_financial_information)\n\n75\n\n \n\n[ITEM 9.](#item_9_the_offer_and_listing)\n\n \n\n[THE OFFER AND LISTING](#item_9_the_offer_and_listing)\n\n76\n\n \n\n[ITEM 10.](#item_10_additional_information)\n\n \n\n[ADDITIONAL INFORMATION](#item_10_additional_information)\n\n76\n\n \n\n[ITEM 11.](#item_11_quantitative_and_qualitative)\n\n \n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#item_11_quantitative_and_qualitative)\n\n90\n\n \n\n[ITEM 12.](#item_12_description_of_securities)\n\n \n\n[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#item_12_description_of_securities)\n\n91\n\n[PART II](#part_ii)\n\n \n\n \n\n94\n\n \n\n[ITEM 13.](#item_13_defaults_dividend)\n\n \n\n[DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#item_13_defaults_dividend)\n\n94\n\n \n\n[ITEM 14.](#item_14_material_modifications)\n\n \n\n[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#item_14_material_modifications)\n\n94\n\n \n\n[ITEM 15.](#item_15_controls_and_procedures)\n\n \n\n[CONTROLS AND PROCEDURES](#item_15_controls_and_procedures)\n\n94\n\n \n\n[ITEM 16.](#item_16_reserved)\n\n \n\n[[RESERVED]](#item_16_reserved)\n\n97\n\n \n\n[ITEM 16A.](#item_16a_audit_committee)\n\n \n\n[AUDIT COMMITTEE FINANCIAL EXPERT](#item_16a_audit_committee)\n\n97\n\n \n\n[ITEM 16B.](#item_16b_code_of_ethics)\n\n \n\n[CODE OF ETHICS](#item_16b_code_of_ethics)\n\n97\n\n \n\n[ITEM 16C.](#item_16c_principal_accountant)\n\n \n\n[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#item_16c_principal_accountant)\n\n97\n\n \n\n[ITEM 16D.](#item_16d_exemptions_from)\n\n \n\n[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#item_16d_exemptions_from)\n\n97\n\n \n\n[ITEM 16E.](#item_16e_purchases_of_equity)\n\n \n\n[PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#item_16e_purchases_of_equity)\n\n98\n\n \n\n[ITEM 16F.](#item_16f_change_in_registrant)\n\n \n\n[CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#item_16f_change_in_registrant)\n\n98\n\n \n\n[ITEM 16G.](#item_16g_corporate_governance)\n\n \n\n[CORPORATE GOVERNANCE](#item_16g_corporate_governance)\n\n98\n\n \n\n[ITEM 16H.](#item_16h_mine_safety_disclosure)\n\n \n\n[MINE SAFETY DISCLOSURE](#item_16h_mine_safety_disclosure)\n\n98\n\n \n\n[ITEM 16I.](#item_16i_disclosure_regarding)\n\n \n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#item_16i_disclosure_regarding)\n\n98\n\n \n\n[ITEM 16J.](#item_16j_insider_trading_policies)\n\n \n\n[INSIDER TRADING POLICIES](#item_16j_insider_trading_policies)\n\n98\n\n \n\n[ITEM 16K.](#item_16k_cybersecurity)\n\n \n\n[CYBERSECURITY](#item_16k_cybersecurity)\n\n98\n\n[PART III](#part_iii)\n\n \n\n \n\n100\n\n \n\n[ITEM 17.](#item_17_financial_statements)\n\n \n\n[FINANCIAL STATEMENTS](#item_17_financial_statements)\n\n100\n\n \n\n[ITEM 18.](#item_18_financial_statements)\n\n \n\n[FINANCIAL STATEMENTS](#item_18_financial_statements)\n\n100\n\n \n\n[ITEM 19.](#item_19_exhibits)\n\n \n\n[EXHIBITS](#item_19_exhibits)\n\n100\n\n \n\ni\n\n \n\n# Introduction\n\nExcept where the context otherwise indicates and for the purpose of this annual report only:\n\n•\n“ADSs” refers to American depositary shares, each of which represents 40 Class A ordinary shares;\n\n•\n“X-Charge Technology” refers to Beijing X-Charge Technology Co., Ltd.;\n\n•\n“China” or “PRC” refers to the People’s Republic of China, and only in the context of describing PRC laws, regulations and other legal or tax matters in this annual report, excludes Hong Kong, Macau and Taiwan;\n\n•\n“Class A ordinary shares” refers to our Class A ordinary shares, par value US$0.00001 per share;\n\n•\n“Class B ordinary shares” refers to our Class B ordinary shares, par value US$0.00001 per share;\n\n•\n“euro,” “EUR” or “€” refers to the common currency of the European Economic and Monetary Union;\n\n•\n“Group” refers to XCHG Limited and its subsidiaries;\n\n•\n“RMB” or “Renminbi” refers to the legal currency of the People’s Republic of China;\n\n•\n“shares” or “ordinary shares” refer to our Class A ordinary shares and Class B ordinary shares, par value US$0.00001 per share;\n\n•\n“US$,” “U.S. dollars,” “$” and “dollars” refer to the legal currency of the United States;\n\n•\n“users” refers to the end user of our products;\n\n•\n“XCharge Europe” refers to XCharge Europe GmbH;\n\n•\n“XCharge North America” refers to XCharge Energy USA Inc.; and\n\n•\n“XCHG Limited,” the “company,” “we,” “our,” “ours,” “us” or similar terms refer to XCHG Limited, a Cayman Islands company, which includes its subsidiaries in the context of describing our consolidated financial information, business operations and operating data.\n\nUnless otherwise noted, all translations from euro to U.S. dollars, from U.S. dollars to euro, from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report are made at EUR1.1717 to US$1.00 and RMB7.0288 to US$1.00, the exchange rates set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. We make no representation that any amounts could have been, or could be, converted into another currency, as the case may be, at any particular rate, the rates stated below, or at all.\n\nThis annual report contains information and statistics relating to China’s economy and the EV charger industry derived from various publications issued by market research companies and PRC governmental entities, which have not been independently verified by us. The information in such sources may not be consistent with other information compiled in or outside China. Such information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the “Risk Factors” section. These and other factors could cause results to differ materially from those expressed in these publications and reports.\n\nii\n\n \n\n# SPECIAL NOTE REGARDING Forward-Looking STATEMENTS\n\nThis annual report contains statements that constitute forward-looking statements within the meaning of the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995 and releases issued by the Securities and Exchange Commission (the “SEC”) and within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements include information concerning possible or projected future results of our operations, including statements about potential acquisition or merger targets, strategies or plans; business strategies; prospects; future cash flows; financing plans; plans and objectives of management; any other statements regarding future cash needs, future operations, business plans and future financial results; and any other statements that are not historical facts. Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate,” “potential” and other words and terms of similar meaning or the negative of such terms.\n\nForward-looking statements appear in a number of places in this annual report and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled “Item 3. Key Information—3.D. Risk Factors” in this annual report. These risks and uncertainties include factors relating to:\n\n•\nour goals and strategies;\n\n•\nour expected development and introduction, and market acceptance, of our products and services;\n\n•\nour future business development, financial condition and results of operations;\n\n•\nthe expected growth in, and market size of, the global EV charger industry;\n\n•\nexpected changes in our revenue, costs or expenditures;\n\n•\nour expectations regarding demand for and market acceptance of our brand, products and services;\n\n•\nour expectations regarding growth in our customers and level of engagement;\n\n•\nour ability to attract, retain and monetize our customer base;\n\n•\nour expectation regarding the use of proceeds from our initial public offering;\n\n•\nour ability to continue to develop new technologies and/or upgrade our existing technologies;\n\n•\ngrowth of and trends of competition in our industry;\n\n•\ngovernment policies and regulations relating to our industry; and\n\n•\ngeneral economic and business conditions of the markets in which we have businesses.\n\nForward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.\n\niii\n\n \n\n# PART I"}