The Company’s accounts and notes payable as of June 30, 2025 and December 31, 2024 are summarized as follows (figures are in thousands of USD): | | | | | | | | | June 30, 2025 | | December 31, 2024 | Accounts payable - unrelated parties | | $ | 172,940 | | $ | 185,304 | Notes payable - unrelated parties (1) | | | 84,478 | | | 95,761 | Accounts and notes payable - unrelated parties | | | 257,418 | | | 281,065 | Accounts and notes payable - related parties | | | 12,186 | | | 11,743 | Total | | $ | 269,604 | | $ | 292,808 |
| (1) | Notes payable represent payables in the form of notes issued by the banks. As of June 30, 2025, the Company had pledged $36.2 million in cash and $4.2 million in notes receivable to secure its bank-issued notes payable, compared with $44.1 million and $2.2 million at December 31, 2024. Separately, the Company has credit facilities with various banks that are collateralized by its property, plant and equipment and land-use rights; it has also issued bank notes under these facilities without additional collateral. |
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