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SHOPIFY INC. (SHOP) 2025年10-K年度报告「NYSE」(英文版)(135页).pdf

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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549_Form 10-K_ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For th

2、e transition period from _ to _Shopify Inc.(Exact name of registrant as specified in its charter)_Canada001-3740098-0486686(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)151 OConnor Street,Ground Floor85 10th Avenue,Suite 800Ottawa,OntarioNew Y

3、ork,New YorkCanada K2P 2L8USA 10011(Address of Principal Executive Offices)Registrants Telephone Number,Including Area Code:(613)241-2828 x 1045_Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredClass A Subordinate

4、Voting SharesSHOPThe Nasdaq Global Select MarketSecurities registered pursuant to section 12(g)of the Act:None_Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file

5、 reports pursuant to Section 13 or Section 15(d)of the Act.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 12months(or for such shorter period that the registrant was r

6、equired 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 ofthis chapter)d

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1. **公司定位与业务**:Shopify提供全渠道电商基础设施,帮助商家在线上、线下等多渠道销售,2025年拥有数百万商家,覆盖175+国家,GMV(商品交易总额)为核心指标。 2. **收入模式**:分为订阅解决方案(平台订阅费、POS Pro等)和商家解决方案(支付处理费、借贷服务等),其中Shopify Plus计划贡献主要GMV。 3. **技术生态**:依赖云架构,支持高并发,拥有21,000+应用;研发聚焦AI(如Sidekick助手)和数据分析。 4. **风险与挑战**:竞争加剧、数据安全风险、季节性波动(Q4收入高峰)、国际扩张不确定性及法规合规压力。 5. **财务与治理**:作为外国私人 issuer自愿提交Form 10-K,Class A股票在纳斯达克交易,2025年6月市值约1,403亿美元。
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