Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 125

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 5
Chunk 125
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND
PROSPECTS

You should read the following
discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements
and the related notes included elsewhere in this annual report. This discussion may contain forward-looking statements based upon current
expectations that involve risks and uncertainties. The actual results may differ materially from those anticipated in these forward-looking
statements as a result of various factors, including those set forth under “ Item 3. Key Information - D. Risk Factors”
or in other parts of this annual report.

Overview

We are a pioneering and
leading zero-emission solution provider in China, focusing on the development and commercialization of heavy-duty new energy vehicle
(“ NEV”) trucks and e-fuel solutions. We have participated in the design, production and testing of several NEV trucks, covering
application scenarios for logistics, mining and port transportation. Galaxy IItruck that we collaborated in developing is
one of the earliest hybrid heavy-duty NEV trucks commercialized in China.

We provide technology-empowered NEV trucks to address the diverse commercial
transportation needs of our global customers. Our current vehicle offerings include Dragon King, a plug-in hybrid dump truck, primarily
designed for mining and other heavy-duty loading and offloading uses, Galaxy II, a plug-in hybrid truck, primarily designed
for long-distance road transportation and logistics services, Q-truck, an autonomous tractor trailer, primarily designed for long-distance
road transportation and logistics services, Andromeda, an all-electric semi-tractor truck, primarily designed for road and port
transportation, Andromeda+, a hydrogen-electric hybrid semi-tractor truck, primarily designed for long-distance road
and port transportation, and Sky Turtle, an unmanned, plug-in hybrid dump truck, primarily designed for off-road, mining uses.
We also offer two farm tractor models, EV-2604 - Unmanned Farm Tractorand EV-2604 - Electric Farm Tractor. Our
pipeline includes all-electric port tractors, long-endurance hybrid power tractors, and wide-body, high-power hybrid mining vehicles.