3.           Accounts and notes receivable, net

The Company’s accounts and notes receivable, net as of June 30, 2025 and December 31, 2024 are summarized as follows (figures are in thousands of USD):

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Notes receivable represent accounts receivable in the form of bills of exchange for which acceptances are guaranteed and settlements are handled by banks.

As of June 30, 2025 and December 31, 2024, the Company pledged its notes receivable with amounts of $4.2 million and $2.2 million, respectively, as collateral for banks to endorse the payment of the Company’s notes payable to the noteholders upon maturity (See Note 8).

As of June 30, 2025 and December 31, 2024, the Company pledged its accounts receivable with amounts of $0.4 million and $0.4 million, respectively, as collateral for banks to obtain the long-term loans (See Note 7).

Provision for doubtful accounts and notes receivable, as reversed in the unaudited consolidated statements of operations, amounted to $0.4 million and $0.2 million for the three and six months ended June 30, 2025.

Provision for doubtful accounts and notes receivable, as provided in the unaudited consolidated statements of operations, amounted to $0.2 million and $0.1 million for the three and six months ended June 30,2024.

During the three months ended June 30, 2025, the Company’s five largest customers accounted for 57.1% of its consolidated net product sales, with two customers accounting for more than 10% of consolidated net product sales, i.e., 22.5% and 16.0%. During the six months ended June 30, 2025, the Company’s five largest customers accounted for 57.4% of its consolidated net product sales, with two customers accounting for more than 10% of consolidated net product sales, i.e., 21.9% and 16.3%. As of June 30, 2025, approximately 6.2% and 22.0% of accounts receivable were from trade transactions with the aforementioned customers.

During the three months ended June 30, 2024, the Company’s five largest customers accounted for 50.4% of its consolidated net product sales, with two customers accounting for more than 10% of consolidated net product sales, i.e., 17.5% and 14.9%. During the six months ended June 30, 2024, the Company’s five largest customers accounted for 49.0% of its consolidated net product sales, with two customers accounting for more than 10% of consolidated net product sales, i.e., 16.7% and 13.1%. As of June 30, 2024, approximately 5.1% and 10.3% of accounts receivable were from trade transactions with aforementioned customers.