v3.26.1
Bank Loans
 12 Months Ended
Dec. 31, 2025
Bank Loans [Abstract]  
BANK LOANS
11. BANK LOANS

 

The following table presents bank loans from commercial banks as of December 31, 2025 and 2024:

 

   As of
December 31,
2025		   As of
December 31,
2024		 
Bank of China Fuzhou Jin’an Branch  $11,382   $11,129 
China Merchant Bank Fuzhou Branch   22,337    10,340 
Xiamen International Bank Co., Ltd. Fuzhou Branch   8,536    6,956 
Haixia Bank of Fujian Fuzhou Jin’an Branch   1,138    1,113 
Fujian Fuzhou Rural Commercial Bank Co., Ltd. Yuefeng Branch   
-
    1,391 
Shanghai Pudong Development Bank Co., Ltd. Fuzhou Branch   
-
    2,087 
Industrial Bank Fuzhou Branch   13,637    4,994 
Haixia Bank of Fujian Fuzhou Minjiang Branch   
-
    1,391 
Postal Savings Bank Fuzhou Branch   2,134    
-
 
China Industrial and Commercial Bank Fuzhou Branch   4,268    
-
 
Bank of China Ningde Branch   17,821    16,390 
Total   81,253    55,791 
Less: Short-term bank loans   (44,652)   (39,401)
Less: Long-term bank loans, current   (2,769)   
-
 
Long-term bank loans  $33,832   $16,390 

The movement of bank loans is as follows:

 

   Years ended December 31, 
   2025   2024   2023 
             
Beginning balance  $55,791   $36,130   $47,655 
Additions   73,961    66,844    37,876 
Repayments   (50,152)   (46,464)   (48,661)
Foreign currency translation adjustment   1,653    (719)   (740)
Total  $81,253   $55,791   $36,130 

 

For the years ended December 31, 2025, 2024 and 2023, the capitalized interest for the above bank loans was approximately $0.03 million, $0.3 million and $nil, respectively. For the years ended December 31, 2025, 2024 and 2023, the interest expense for the above bank loans was approximately $2.1 million, $1.3 million and $1.4 million, respectively. The bank loans outstanding for the years ended December 31, 2025, 2024 and 2023 carried a weighted average interest rate of approximately 2.93%, 3.55% and 3.94% per annum, respectively.

 

The repayment schedule for the bank loans is as follows:

 

Twelve months ending December 31,  Repayment 
2026  $47,421 
2027   3,660 
2028   17,252 
2029   2,228 
20330   2,450 
Thereafter   8,242 
Total  $81,253 

 

As of December 31, 2025 and 2024, certain plant and land use right of the Company with the aggregated net book value of approximately $41.3 million and approximately $24.6 million, respectively, were pledged for certain notes payable and bank loans. 

 

As of December 31, 2025, the Company had an aggregate credit line of approximately $124.3 million (RMB874.0 million) and approximately $90.5 million (RMB636.1 million) was used for the loan balance, bank acceptance notes payable, letters of credit and letters of guarantee.