| Related party transactions and balances |
20. Related party transactions and balances Related party transactions are as follows (figures are in thousands of USD): Related party sales | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | Merchandise sold to related parties | | $ | 8,522 | | $ | 13,550 | Materials and others sold to related parties | | | 690 | | | 698 | Rental income obtained from related parties | | | 77 | | | 98 | Total | | $ | 9,289 | | $ | 14,346 |
| | | | | | | | | Six months Ended June 30, | | | 2025 | | 2024 | Merchandise sold to related parties | | $ | 20,015 | | $ | 24,910 | Materials and others sold to related parties | | | 1,970 | | | 1,170 | Rental income obtained from related parties | | | 156 | | | 195 | Total | | $ | 22,141 | | $ | 26,275 |
Related party purchases | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | Materials purchased from related parties | | $ | 7,771 | | $ | 7,689 | Equipment purchased from related parties | | | 1,514 | | | 1,418 | Others purchased from related parties | | | 57 | | | 10 | Total | | $ | 9,342 | | $ | 9,117 |
| | | | | | | | | Six months Ended June 30, | | | 2025 | | 2024 | Materials purchased from related parties | | $ | 15,546 | | $ | 14,657 | Equipment purchased from related parties | | | 1,791 | | | 2,088 | Others purchased from related parties | | | 136 | | | 116 | Total | | $ | 17,473 | | $ | 16,861 |
Related party receivables | | | | | | | | | June 30, 2025 | | December 31, 2024 | Accounts and notes receivable, net from related parties | | $ | 15,064 | | $ | 14,224 |
Related party advance payments | | | | | | | | | June 30, 2025 | | December 31, 2024 | Advance payments for property, plant and equipment to related parties | | $ | 4,875 | | $ | 6,570 | Advance payments and others to related parties | | | 1,836 | | | 2,202 | Total | | $ | 6,711 | | $ | 8,772 |
Related party payables | | | | | | | | | June 30, 2025 | | December 31, 2024 | Accounts and notes payable | | $ | 12,186 | | $ | 11,743 |
These transactions were consummated under similar terms as those with the Company’s third-party customers and suppliers. As of June 30, 2025, Hanlin Chen, the chairman of the board of directors of the Company, owns 57.25% of the common stock of the Company and has the effective power to control the vote on substantially all significant matters without the approval of other stockholders.
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