v3.25.2
Short-Term and Long-Term Debts
 6 Months Ended
Jun. 30, 2025
Short-Term and Long-Term Debts [Abstract]  
Short-term and long-term debts

11. Short-term and long-term debts

 

Short-term debts

 

Starting from September 2023, the Company entered into multiple short-term loan agreements with Hangzhou United Rural Commercial Bank Co., Ltd., for working capital and general business purposes. As of June 30, 2025, the loans bear a weighted average interest rate of 3.4% and weighted average years to maturity of 0.42 year. During the six months ended June 30, 2024 and 2025, the Company borrowed nil and RMB15,000,000, and repaid nil, respectively. The guaranty information of the Company's outstanding short-term loans as of December 31, 2024 and June 30, 2025 consist of the following:

 

   As of
December 31,
2024		   As of
June 30,
2025		 
       (Unaudited) 
   RMB   RMB 
Guaranteed by Mr. Jianping Kong, the principal shareholder, chairman and chief executive officer, Mr. Qifeng Sun, the principal shareholder and vice chairman, and two subsidiaries within the Company's organizational structure   18,000,000    18,000,000 
Guaranteed by Mr. Jianping Kong and one subsidiary within the Company's organizational structure   
—
    5,000,000 
Guaranteed by the Mr. Jianping Kong, one subsidiary within the Company's organizational structure, and a third party financial institution   
—
    10,000,000 

 

Long-term debts

 

On August 11, 2022, the Company entered into a line of credit agreement with Zhejiang Shaoxing Ruifeng Rural Commercial Bank for a credit line up to RMB100,000,000 with a due date on July 25, 2030. In June 2023, the credit line was increased to a maximum amount of RMB148,000,000, with guarantee provided by Mr. Jianping Kong starting from July 2023. In April 2024, the credit line was increased to a maximum amount of RMB198,000,000, with additional pledge by the Company’s property, plant and equipment. During the six months ended June 30, 2024 and 2025, the Company borrowed RMB185,306,916 and RMB6,216,727 under the credit line and repaid RMB145,737,636 and RMB2,650,000, respectively. The outstanding loans bear an annual interest rate of 5.4% with repayment dates for parts of the loan ranging from December 20, 2025 to July 25, 2030. The loans are pledged by the property, plant and equipment and land use right of the Company (mentioned in Note 7 and Note 8).

 

As of June 30, 2025, the future maturities of long-term debts are as below:

 

Years Ended December 31,  Principal Repayment 
   (Unaudited) 
   RMB 
Remaining of 2025   2,700,000 
2026   6,890,000 
2027   8,430,000 
2028   9,970,000 
2029   11,510,000 
Thereafter   140,099,763 
Total   179,599,763