Company: XCH
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056976
Chunk: 11

Company: XCHG Ltd
Filing Date: 2025-04-23
Form: 20-F
Item: Item 3
Chunk 11
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 the ADSs has been and may continue to be volatile, which could result in substantial losses to investors.”

•Risks associated with the additional costs incurred due to being a public company. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to the ADSs—We may incur additional costs as a result of being a public company.”
•Risk associated with the limited experience of our management team. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to the ADSs—Our management team has limited experience managing a public company.”
•Risks associated with out dual-class share structure with different voting rights. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to the ADSs—Our dual-class share structure with different voting rights, as well as the concentration of our share ownership among executive officers, directors and principal shareholders, may limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares and the ADSs may view as beneficial.”
Risks Related to Our Business
We may not be able to manage our expected growth. If we fail to manage growth effectively, our business, results of operations, financial condition and prospects could be adversely affected.
We have experienced continued growth in the past. For example, our revenue increased from US$29.4 million in 2022 to US$38.5 million in 2023, and further increased to US$42.2 million in 2024. The growth in our business has placed, and is expected to continue to place, a significant strain on our managerial, administrative, operational, and financial resources, as well as our infrastructure. We plan to continue to expand our operations in the future. Our success will depend in part on our ability to manage this growth effectively and execute our business plan. To manage the expected growth of our operations and personnel, we will need to continue to improve our operational, financial, and management controls, as well as our reporting systems and procedures.
To manage our growth effectively, we shall continue to improve and expand our operational, financial, and administrative systems and procedures. We shall also continue to manage our employees, operations, finances, research and development, and capital investments efficiently. Our productivity and the quality of our products and services may be adversely affected if we do not integrate and train our new employees quickly and effectively or if we fail to appropriately coordinate across