What changed in this filing

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Item 1. Business

2026-04-13 compared with 2025-09-11 · 48 added, 79 removed, 908 unchanged (12% of the section changed)

153 unchanged sentences

of an aggregate of 2,160,000 shares of our common stock, par value $0.001 per share, at a public offering price of $5.00 per share.

The 2024 Uplisting Offering was conducted pursuant to a Registration Statement on Form S-1, as amended (SEC filed No.

333-270726), which

was declared effective on February 14, 2024.

2024 Uplisting Offering was conducted pursuant to a Registration Statement on Form S-1, as amended (SEC filed No.

333-270726), which was

declared effective on February 14, 2024.

In connection with the 2024 Uplisting Offering, our common stock began trading on the Nasdaq

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on Form 8-K filed since December 31, 2024.

On April 29, 2025, Jing Chen resigned from the Board and its committees.

Effective May 1, 2025, Jing Guo was appointed to

committee roles were reconstituted as described in the Current Report on Form 8-K filed on May 2, 2025.

compliance - late filings .

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10-K (FY 2024) and Form 10-Qs for the quarters ended March 31 and June 30, 2025.

October 10, 2025, the Company received a letter from Nasdaq, notifying the company that the Staff has determined that it has regained

compliance with Nasdaq Listing Rule 5250(c)(1) because the Company filed its 1st Form 10-Q on October 8, 2025, and its 2nd Form 10-Q on

October 9, 2025, thereby becoming current in its periodic filing requirements with the Securities and Exchange Commission.

On June 27, 2025, the Audit Committee dismissed Enrome LLP as the Company’s independent registered public accounting

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bid price requirement and provided a 180-day compliance period ending January 12, 2026.

September 15, 2025, the Company received a letter from Nasdaq notifying the Company that the Staff had determined that the closing price

of the Company’s common stock was $1.00 or greater for the requisite period of time and that the Company had regained compliance

with Listing Rule 5550(a)(2) and that the matter was now closed.

The Company is now in full compliance with all continued listing standards

of the Nasdaq Global Market.

additional details, see the Company’s Current Reports on Form 8-K filed May 2, 2025;

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June 30, 2025;

and July 15, 2025.

July 15, 2025, September 15, 2025 and October 14, 2025.

to Articles of Incorporation .

On January 7, 2026, the company filed with the Secretary

of State of the State of Nevada an amendment to the Company’s Articles of Incorporation, as amended (the “Amendment”),

which became effective on that date.

In connection with the Amendment, the Company also filed its Second Amended and Restated Articles

of Incorporation (the “Restated AOI”).

The Amendment was approved by the Company’s stockholders at the annual meeting

held on December 26, 2025, and increased the number of authorized shares of the Company’s common stock from 15,000,000 to 65,000,000.

offer medium- to large-sized projected capacitive touchscreens, which can be categorized as set forth below:

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of December 31, 2025, product types GFF and GG constitute our main stream products, accounting for approximately an average of 42.0% and

52.0%, respectively, of our total revenues, with product types GF and PG accounting for 2.0% and 4.0%, respectively, of our total revenues.

of December 31, 2024, product types GFF and GG constitute our main stream products, accounting for approximately an average of 40.7% and

52.9%, respectively, of our total revenues, with product types GF and PG accounting for 1.9%, 4.4% and 0.1%%, respectively, of our total

As of December 31, 2023, product types GFF and GG constitute our main stream products, accounting for approximately an average

of 41.8% and 51.7%, respectively, of our total revenues, with product types GF and PG and other raw materials accounting for 2.0%, 2.4%

and 2.1%, respectively, of our total revenues.

Applications of the Company’s Products

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31, 2025, we had approximately $11.6 million in revenues generated from the sales of automotive touchscreens, accounting for 25.7% of

our total revenues, with industrial HMI touchscreens accounting for 20.5%, POS touchscreens for 15.6%, medical touchscreens for 15.6%,

gaming touchscreens accounting for 13.4%, and multi-functional printer touchscreens for 9.2%, respectively, of our total revenues.

For the year ended December

31, 2024, we had approximately $11.5 million in revenues generated from the sales of automotive touchscreens, accounting for 27.2% of

our total revenues, with industrial HMI touchscreens accounting for 19.4%, gaming touchscreens for 15.3%, medical touchscreens for 14.9%,

POS touchscreens for 14.8%, and multi-functional printer touchscreens for 8.4%, respectively, of our total revenues.

For the year ended December

31, 2023, we had approximately $9.8 million in revenues generated from the sales of automotive touchscreens, accounting for 24.6% of our

total revenues, with industrial HMI touchscreens accounting for 19.9%, POS touchscreens for 16.7%, gaming touchscreens accounting for

14.1%, medical touchscreens for 14.6%, and multi-functional printer touchscreens for 10.1%, respectively, of our total revenues.

Our Customers

sound customer base is critical to our success.

We had five and six customers, each accounting for more than 10% of our revenues,

for the years ended December 31, 2024 and 2023, respectively.

We had five and five customers, each accounting for more than 10% of our revenues, for

the years ended December 31, 2025 and 2024, respectively.

For the year ended

December 31, 2025, each of our top five customers accounted for approximately 24.3%, 17.3%, 15.6%, 13.3% and 11.1% of our total

revenues, representing 81.7% in the aggregate.

For the year ended December

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82.4% in the aggregate.

For the year ended December

31, 2023, each of our top six customers accounted for approximately 22.5%, 16.5%, 15.6%, 14.1%, 11.3% and 10.1% of our total revenues,

representing 90.1% in the aggregate.

As Sichuan Wetouch’s

business and operations have been assumed by Sichuan Vtouch, Sichuan Vtouch entered into sales framework agreements, which were entered

into by Sichuan Wetouch previously with our top customers on December 31, 2021.

The material terms of the sales framework agreements with

our top customers provide:

As Sichuan Wetouch’s business and operations have been assumed

by Sichuan Vtouch, Sichuan Vtouch entered into sales framework agreements, which were entered into by Sichuan Wetouch previously with

our top customers on December 31, 2021.

These agreements were renewed on December 31, 2025 for an additional four-year term.

terms of the sales framework agreements with our top customers provide:

The term of each sales framework agreement is four years, which may be renewed by a separate agreement upon expiration.

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31, 2025 and 2024, we did not provide any extended payment terms to any of our customers.

Our customers are required to make full payment

within three to six months from the delivery date.

Our customers are usually required to make full

payment within three to six months from the delivery date.

Sales and Marketing

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through various suppliers.

For the year ended December 31, 2024, our top three suppliers, the only suppliers from whom our purchases individually

exceeded 10% of our total raw material purchases, accounted for approximately 15.5%, 12.2% and 11.5%, respectively.

ended December 31, 2023, our top one supplier, the only supplier from whom our purchases individually exceeded 10% of our total raw material

purchases, accounted for approximately 13.3%.

For the year ended December 31, 2025, our top four suppliers, from whom our purchases individually exceeded

10% of our total raw material purchases, accounted for approximately 14.9%, 10.6%, 10.5% and 10.1%, respectively.

For the year ended December

31, 2024, our top three suppliers, from whom our purchases individually exceeded 10% of our total raw material purchases, accounted for

approximately 15.4%, 12.2% and 11.5%, respectively.

The general terms of the purchase

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Research and Development (“R&D”)

We are committed to both internal

R&D projects and collaborative initiatives to continuously upgrade our touchscreen technology.

As of the date of this Annual Report,

we have 11 employees in our R&D department, all of whom obtained at least a bachelor’s

degree, with average R&D work experience of at least three years.

For the years ended December 31, 2024 and 2023, our R&D expenses

were approximately $nil and $84,551, respectively .

the future, we expect R&D expenses to increase as we continue to accelerate the development of new products and functions, and to

enhancing and upgrading existing products and functions.

Intellectual Property

Our business relies on a combination

of trademarks, patents, domain names, trade names, trade secrets and other proprietary rights to protect our intellectual property.

of the date of this Annual Report, Sichuan Vtouch has one registered trademark in Mainland China and five pending patent applications.

Set forth below is a detailed

description of our current trademark:

Application Date

Registration Number

Registration Date

Assignment Application Number

Sichuan Vtouch

Sichuan Vtouch has applied

for five patents with the Patent Office of China National Intellectual Property Administration.

As of the date of this Annual Report,

the five patent applications are still pending.

Patents registered in Mainland China cannot be enforced in other jurisdictions to which

the Company supplies its products.

Set forth below is a detailed

description of our pending patent applications:

Patent Application No.

Patent Application

Patent Applicant

202120500187.7

Low cost anti-rupture projected capacitive touchscreen

Utility Model

Sichuan Vtouch

202120500188.1

High performance and anti-electromagnetic radiation projected capacitive touchscreen

Utility Model

Sichuan Vtouch

202120500155.7

Full-lamination projected capacitive touchscreen

Utility Model

Sichuan Vtouch

202110256476.1

Anti-scratch glass structure capacitive touchscreen

Sichuan Vtouch

202111206650.8

An enhanced anti-static projection capacitive screen

Sichuan Vtouch

We are committed to both internal R&D projects and collaborative

initiatives to continuously upgrade our touchscreen technology.

As of the date of this Annual Report, we have 9 employees in our R&D

department, all of whom obtained at least a bachelor’s degree, with average R&D work experience

of at least three years.

Environmental Matters

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business