Graphjet Technology 是一家专注于使用专利工艺将棕榈仁壳转化为高质量材料的人工石墨烯和石墨生产公司，已发布其年度 10-K 报告。该报告全面概述了公司的财务表现、业务运营、战略举措以及在竞争激烈的石墨和石墨烯行业中面临的挑战。
财务亮点
<ul>
<li>收入： 92,800 美元，自 2025 年 6 月以来，因销售副产品而增加。</li>
<li>毛亏损： 100,200 美元，主要由于生产效率低下和折价销售劣质副产品。</li>
<li>运营亏损： 22,522,000 美元，比去年增加 29.2%，主要由于股权补偿费用。</li>
<li>净亏损： 16,411,000 美元，比去年减少约 140 万美元或 8%，主要由于奖金准备金的逆转。</li>
<li>每股亏损： $(6.49)，反映了公司的财务表现和股权补偿费用的影响。</li>
</ul>
业务亮点
<ul>
<li>Graphjet Technology 概述： 专注于从棕榈仁壳中生产人工石墨烯和石墨，提供比传统工艺更具成本效益的生产方法。</li>
<li>市场机会： 全球石墨市场预计将显著增长，主要受锂离子电池行业需求的推动。Graphjet 旨在填补电动汽车电池所需的石墨和石墨烯的供应缺口。</li>
<li>原材料供应： 依赖于马来西亚丰富的棕榈仁壳，计划在该国建设首个主要生产设施。</li>
<li>新生产启动： 正在努力完成马来西亚的生产设施，并计划在内华达州建设商业化人工石墨生产设施，预计每年可生产高达 10,000 公吨的电池级石墨。</li>
<li>战略合作伙伴关系： 与丰田签署供应协议，每年提供价值 3000 万美元的石墨和石墨烯，用于其碳中和移动产品。</li>
<li>研发： 与马来西亚国立大学和马六甲技术大学等知名机构合作，推动其在石墨和石墨烯领域的技术和应用发展。</li>
<li>未来展望： 计划在马来西亚和北美扩展制造能力，力争成为高质量、成本效益高的人工石墨和石墨烯的领先供应商。探索战略合作伙伴关系和政府激励措施以支持增长和市场进入。</li>
</ul>
战略举措
<ul>
<li>向商业化过渡： 专注于完成系统集成、工艺稳定性验证和建立生产协议。加强工程、生产和质量保证团队，以支持长期运营可靠性和合规性。</li>
<li>资本管理： 参与多项资本管理活动，包括发行普通股和认股权证以筹集资金和偿还债务。完成反向资本重组，并获得 250 万美元的 PIPE 投资。执行债务结算协议，并发行股票以偿还股东和债权人到期款项。追求多元化的融资方式，包括战略合作伙伴关系、资产基础融资和潜在的资本市场工具获取。A 类普通股已从纳斯达克退市，现已在 OTC Pink Limited 市场报价，影响流动性和市场性。</li>
<li>未来展望： 计划利用政府激励计划支持可持续制造和技术商业化。力争在成功调试和初始产品交付后执行结构化的产能扩张计划。致力于确保必要的资本以完成调试活动并支持增长计划，专注于保持财务灵活性并将融资资源与战略优先事项对齐。</li>
</ul>
挑战与风险
<ul>
<li>有限的运营历史： 该公司的运营历史非常有限，难以评估其成功和未来的可行性。</li>
<li>持续经营的疑虑： 独立注册公共会计师事务所的报告中包含一段解释性段落，表达了对公司持续经营能力的重大怀疑，因为其净亏损和负债超过资产。</li>
<li>石墨烯/石墨制造风险： 拟议的制造业务面临诸如意外负债、对额外资本的需求以及来自资金更充足公司的竞争等风险。</li>
<li>竞争激烈的行业： 石墨烯和石墨行业竞争非常激烈，竞争主要基于价格、性能和创新。</li>
<li>知识产权风险： 公司可能面临保护其知识产权的挑战，这可能会削弱其竞争地位。</li>
<li>对棕榈油行业的依赖： 原材料如棕榈仁壳的可用性取决于棕榈油行业，而该行业受到价格波动和其他外部因素的影响。</li>
<li>国际运营风险： 公司的国际运营使其面临政治不稳定、监管变化和货币波动等风险。</li>
<li>合规性： 遵守健康、安全和环境法规复杂且成本高昂。不合规可能导致重大负债并影响运营。</li>
<li>网络安全威胁： 公司容易受到网络攻击和 IT 系统故障的影响，这可能导致数据泄露和运营中断。</li>
<li>纳斯达克上市合规性： 公司已收到纳斯达克关于不符合上市规则的多次通知，包括最低出价和市场价值要求。未能恢复合规可能导致退市，影响流动性和股价。</li>
</ul>
SEC 文件：GRAPHJET TECHNOLOGY [ GTIJF ] - 10-K -2025 年 12 月 23 日

GTIJF

Graphjet Technology 的 10-K 报告强调了其财务表现、战略举措和面临的挑战。公司报告的收入为 92,800 美元，净亏损为 1,641.1 万美元。它专注于从棕榈仁壳中生产人造石墨烯和石墨。战略计划包括在马来西亚和内华达州扩展生产设施，以及与丰田的合作。面临的挑战包括有限的运营历史、持续经营的疑虑和竞争激烈的行业风险。公司旨在利用政府激励措施并确保资本以实现增长

Graphjet Technology, a company specializing in the production of artificial graphene and graphite using a patented process that converts palm kernel shells into high-quality materials, has released its annual 10-K report. The report provides a comprehensive overview of the company's financial performance, business operations, strategic initiatives, and the challenges it faces in the competitive graphite and graphene industry.
<div class="lb-trans">Graphjet Technology 是一家专注于使用专利工艺将棕榈仁壳转化为高质量材料的人工石墨烯和石墨生产公司，已发布其年度 10-K 报告。该报告全面概述了公司的财务表现、业务运营、战略举措以及在竞争激烈的石墨和石墨烯行业中面临的挑战。
</div>Financial Highlights
<div class="lb-trans">财务亮点
</div><ul>
<li>Revenues: $0.0928 million, an increase resulting from selling side products since June 2025.</li>
<li>Gross Loss: $0.1002 million, primarily due to low productivity levels and discounted sales of deteriorated side products.</li>
<li>Loss from Operations: $22.522 million, a 29.2% increase from the previous year, mainly due to share compensation expenses.</li>
<li>Net Loss: $16.411 million, reduced by approximately $1.4 million or 8% from the previous year, mainly due to the reversal of bonus provision.</li>
<li>Loss per Share: $(6.49), reflecting the company's financial performance and the impact of share compensation expenses.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入： 92,800 美元，自 2025 年 6 月以来，因销售副产品而增加。</li>
<li>毛亏损： 100,200 美元，主要由于生产效率低下和折价销售劣质副产品。</li>
<li>运营亏损： 22,522,000 美元，比去年增加 29.2%，主要由于股权补偿费用。</li>
<li>净亏损： 16,411,000 美元，比去年减少约 140 万美元或 8%，主要由于奖金准备金的逆转。</li>
<li>每股亏损： $(6.49)，反映了公司的财务表现和股权补偿费用的影响。</li>
</ul>
</div>Business Highlights
<div class="lb-trans">业务亮点
</div><ul>
<li>Graphjet Technology Overview: Specializes in producing artificial graphene and graphite from palm kernel shells, offering a cost-effective production method compared to traditional processes.</li>
<li>Market Opportunity: The global graphite market is expected to grow significantly, driven by demand from the lithium-ion battery industry. Graphjet aims to fill the supply gap for graphite and graphene, critical for EV batteries.</li>
<li>Supply of Raw Materials: Relies on abundant palm kernel shells in Malaysia, with plans to construct its first main production facility in the country.</li>
<li>New Production Launches: Working towards completing a production facility in Malaysia and planning a commercial artificial graphite production facility in Nevada, expected to produce up to 10,000 metric tons of battery-grade graphite annually.</li>
<li>Strategic Partnerships: Entered into a supply agreement with Toyoda to provide $30 million worth of graphite and graphene annually for their carbon-neutral mobility products.</li>
<li>Research and Development: Collaborates with prestigious institutions like the National University of Malaysia and University Teknikal Malaysia Melaka to advance its technology and applications in graphite and graphene.</li>
<li>Future Outlook: Plans to expand manufacturing capabilities in Malaysia and North America, aiming to become a leading supplier of high-quality, cost-effective artificial graphite and graphene. Exploring strategic partnerships and government incentives to support growth and market entry.</li>
</ul>
<div class="lb-trans"><ul>
<li>Graphjet Technology 概述： 专注于从棕榈仁壳中生产人工石墨烯和石墨，提供比传统工艺更具成本效益的生产方法。</li>
<li>市场机会： 全球石墨市场预计将显著增长，主要受锂离子电池行业需求的推动。Graphjet 旨在填补电动汽车电池所需的石墨和石墨烯的供应缺口。</li>
<li>原材料供应： 依赖于马来西亚丰富的棕榈仁壳，计划在该国建设首个主要生产设施。</li>
<li>新生产启动： 正在努力完成马来西亚的生产设施，并计划在内华达州建设商业化人工石墨生产设施，预计每年可生产高达 10,000 公吨的电池级石墨。</li>
<li>战略合作伙伴关系： 与丰田签署供应协议，每年提供价值 3000 万美元的石墨和石墨烯，用于其碳中和移动产品。</li>
<li>研发： 与马来西亚国立大学和马六甲技术大学等知名机构合作，推动其在石墨和石墨烯领域的技术和应用发展。</li>
<li>未来展望： 计划在马来西亚和北美扩展制造能力，力争成为高质量、成本效益高的人工石墨和石墨烯的领先供应商。探索战略合作伙伴关系和政府激励措施以支持增长和市场进入。</li>
</ul>
</div>Strategic Initiatives
<div class="lb-trans">战略举措
</div><ul>
<li>Transition to Commercialization: Focused on completing system integration, process stability validation, and establishing production protocols. Strengthening engineering, production, and quality assurance teams to support long-term operational reliability and regulatory compliance.</li>
<li>Capital Management: Engaged in several capital management activities, including issuing ordinary shares and warrants to raise funds and settle debts. Completed a reverse recapitalization and received a $2.5 million PIPE investment. Executed debt settlement agreements and issued shares to settle amounts due to shareholders and creditors. Pursuing a diversified funding approach, including strategic partnerships, asset-based financing, and potential access to capital market instruments. Class A ordinary shares were delisted from Nasdaq and are now quoted on the OTC Pink Limited marketplace, impacting liquidity and marketability.</li>
<li>Future Outlook: Plans to leverage government incentive programs to support sustainable manufacturing and technology commercialization. Aiming to execute a structured capacity-expansion program following successful commissioning and initial product delivery. Committed to securing necessary capital to finalize commissioning activities and support growth plans, focusing on maintaining financial flexibility and aligning financing resources with strategic priorities.</li>
</ul>
<div class="lb-trans"><ul>
<li>向商业化过渡： 专注于完成系统集成、工艺稳定性验证和建立生产协议。加强工程、生产和质量保证团队，以支持长期运营可靠性和合规性。</li>
<li>资本管理： 参与多项资本管理活动，包括发行普通股和认股权证以筹集资金和偿还债务。完成反向资本重组，并获得 250 万美元的 PIPE 投资。执行债务结算协议，并发行股票以偿还股东和债权人到期款项。追求多元化的融资方式，包括战略合作伙伴关系、资产基础融资和潜在的资本市场工具获取。A 类普通股已从纳斯达克退市，现已在 OTC Pink Limited 市场报价，影响流动性和市场性。</li>
<li>未来展望： 计划利用政府激励计划支持可持续制造和技术商业化。力争在成功调试和初始产品交付后执行结构化的产能扩张计划。致力于确保必要的资本以完成调试活动并支持增长计划，专注于保持财务灵活性并将融资资源与战略优先事项对齐。</li>
</ul>
</div>Challenges and Risks
<div class="lb-trans">挑战与风险
</div><ul>
<li>Limited Operating History: The company has a very limited operating history, making it difficult to evaluate its success and future viability.</li>
<li>Going Concern Doubts: The independent registered public accounting firm’s report contains an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern due to net losses and liabilities exceeding assets.</li>
<li>Graphene/Graphite Manufacturing Risks: The proposed manufacturing business carries risks such as unanticipated liabilities, the need for additional capital, and competition from better-funded companies.</li>
<li>Competitive Industry: The graphene and graphite industry is highly competitive, with competition based on price, performance, and innovation.</li>
<li>Intellectual Property Risks: The company may face challenges in protecting its intellectual property, which could undermine its competitive position.</li>
<li>Dependence on Palm Oil Industry: The availability of raw materials like palm kernel shells is contingent on the palm oil industry, which is subject to price volatility and other external factors.</li>
<li>International Operations Risks: The company’s international operations expose it to risks such as political instability, regulatory changes, and currency fluctuations.</li>
<li>Regulatory Compliance: Compliance with health, safety, and environmental regulations is complex and costly. Non-compliance could result in significant liabilities and affect operations.</li>
<li>Cybersecurity Threats: The company is vulnerable to cyber-attacks and IT system failures, which could result in data breaches and operational disruptions.</li>
<li>Nasdaq Listing Compliance: The company has received multiple notices from Nasdaq regarding non-compliance with listing rules, including minimum bid price and market value requirements. Failure to regain compliance could result in delisting, affecting liquidity and stock price.</li>
</ul>
<div class="lb-trans"><ul>
<li>有限的运营历史： 该公司的运营历史非常有限，难以评估其成功和未来的可行性。</li>
<li>持续经营的疑虑： 独立注册公共会计师事务所的报告中包含一段解释性段落，表达了对公司持续经营能力的重大怀疑，因为其净亏损和负债超过资产。</li>
<li>石墨烯/石墨制造风险： 拟议的制造业务面临诸如意外负债、对额外资本的需求以及来自资金更充足公司的竞争等风险。</li>
<li>竞争激烈的行业： 石墨烯和石墨行业竞争非常激烈，竞争主要基于价格、性能和创新。</li>
<li>知识产权风险： 公司可能面临保护其知识产权的挑战，这可能会削弱其竞争地位。</li>
<li>对棕榈油行业的依赖： 原材料如棕榈仁壳的可用性取决于棕榈油行业，而该行业受到价格波动和其他外部因素的影响。</li>
<li>国际运营风险： 公司的国际运营使其面临政治不稳定、监管变化和货币波动等风险。</li>
<li>合规性： 遵守健康、安全和环境法规复杂且成本高昂。不合规可能导致重大负债并影响运营。</li>
<li>网络安全威胁： 公司容易受到网络攻击和 IT 系统故障的影响，这可能导致数据泄露和运营中断。</li>
<li>纳斯达克上市合规性： 公司已收到纳斯达克关于不符合上市规则的多次通知，包括最低出价和市场价值要求。未能恢复合规可能导致退市，影响流动性和股价。</li>
</ul>
</div>SEC Filing: GRAPHJET TECHNOLOGY [ GTIJF ] - 10-K - Dec. 23, 2025
<div class="lb-trans">SEC 文件：GRAPHJET TECHNOLOGY [ GTIJF ] - 10-K -2025 年 12 月 23 日
</div>

Graphjet Tech SEC 10-K 报告