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Sound Group Inc.

For the period ended Dec 31, 2025. Filed Apr 30, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Apr 30, 2026

SOGP$9.79+1.6%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year ended December 31,2025.

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the transition period from to **

OR

☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**Date of event requiring this shell company report **

**For the transition period from to **

Commission file number:001-39177

Sound Group Inc.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

108 Robinson Road,

#09-01 Singapore 068900

(Address of principal executive offices)

Ms. Chengfang Lu

Acting Chief Financial Officer

Tel:+65 62021360

E-mail: erris.lu@soundgroupinc.com

108 Robinson Road,

#09-01 Singapore 068900

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
American depositary shares, each ADS represents two hundred (200) Class A ordinary shares, par value US$0.0001 per shareSOGPThe Nasdaq Capital Market
Class A ordinary shares, par value US$0.0001 per share *N/AThe Nasdaq Capital Market
*Not for trading, but only in connection with the listing of the American depositary shares on the Nasdaq Capital Market.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate 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.

As of February 28, 2026, there were 834,829,150 ordinary shares outstanding, being the sum of 611,614,150 Class A ordinary shares (excluding 841,050 Class A ordinary shares held by Kastle Limited) and 223,215,000 Class B ordinary shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐No ☒

If 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 ☒

Indicate 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 ☐

Indicate 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 ☐

Indicate 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:

Large Accelerated Filer☐Accelerated Filer☐Non-accelerated Filer☒
Emerging growth company☐

If 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. ☐

†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.

Indicate 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.☐

If 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.☐

Indicate 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). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

☒U.S. GAAP
☐International Financial Reporting Standards as issued by the International Accounting Standards Board
☐Other

If “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

If 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☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 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 ☐

TABLE OF CONTENTS

Page
INTRODUCTION1
FORWARD-LOOKING INFORMATION3
PART I4
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS4
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE4
ITEM 3.KEY INFORMATION4
ITEM 4.INFORMATION ON THE COMPANY72
ITEM 4A.UNRESOLVED STAFF COMMENTS105
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS105
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES124
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS132
ITEM 8.FINANCIAL INFORMATION133
ITEM 9.THE OFFER AND LISTING135
ITEM 10.ADDITIONAL INFORMATION135
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK145
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES146
PART II149
ITEM 13.ITEM DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES149
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS149
ITEM 15.CONTROLS AND PROCEDURES150
ITEM 16.A.AUDIT COMMITTEE FINANCIAL EXPERT151
ITEM 16.B.CODE OF ETHICS152
ITEM 16.C.PRINCIPAL ACCOUNTANT FEES AND SERVICES152
ITEM 16.D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES152
ITEM 16.E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS153
ITEM 16.F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT153
ITEM 16.G.CORPORATE GOVERNANCE153
ITEM 16.H.MINE SAFETY DISCLOSURE154
ITEM 16.I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS154
ITEM 16.J.INSIDER TRADING POLICIES154
ITEM 16.K.CYBERSECURITY154
PART III155
ITEM 17.FINANCIAL STATEMENTS155
ITEM 18.FINANCIAL STATEMENTS155
ITEM 19.EXHIBITS155
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.