| Note 11 - Related party balances and transactions |
Note 11 – Related party balances and transactions
The table below sets forth the major related parties which has balances or transactions during the years presented and their relationships with the Company:
Name of related parties
| Relationship with the Company
|
FDT (Qingdao) Intellectual Technology Co., Ltd
| Common control under major shareholder
|
Tungray (Kunshan) Industrial Automation Co., Ltd
| Common control under major shareholder
|
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd
| Common control under major shareholder
|
Qingdao Tungray Technology Development Co., Ltd.
| Common control under major shareholder
|
Shanghai Tongrui Investment Management Co., Ltd.
| Common control under major shareholder
|
Hefei CAS Dihuge Automation Co. Ltd
| 9.70% ownership interest investee
|
Kunshan Tungray Intelligent Technology Co., Ltd.
| Common control under major shareholder
|
Qingdao Tungray Biology Technology Co., Ltd.
| Common control under major shareholder
|
Shanghai Tongrui Industrial Automation Equipment Co., Ltd
| Common control under major shareholder
|
Wanjun Yao
| Major shareholder/Chairman, Chief Executive Officer and Director
|
Jingan Tang
| Director/Senior Manager of Tungray Industrial Automation Shenzhen
|
Liling Du
| CFO of Tungray Singapore and Spouse of the major shareholder
|
Related party balances
Account Receivable – related parties
Name of Related Party
|
| As of
December 31,
2025
|
| As of
December 31,
2024
|
FDT (Qingdao) Intellectual Technology Co., Ltd
|
| $
| -
|
| $
| 30,092
|
Tungray (Kunshan) Industrial Automation Co., Ltd
|
|
| -
|
|
| 210,811
|
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd
|
|
| 53,697
|
|
| 51,444
|
Kunshan Tungray Intelligent Technology Co., Ltd.
|
|
| 28,510
|
|
| 35,209
|
Qingdao Tungray Technology Development Co., Ltd.
|
|
| 276
|
|
|
|
Total
|
| $
| 82,483
|
| $
| 327,556
|
Account payable, related parties
Name of Related Party
|
| As of
December 31,
2025
|
| As of
December 31,
2024
|
FDT (Qingdao) Intellectual Technology Co., Ltd.
|
| $
| 10,269
|
| $
| 13,700
|
Qingdao Tungray Technology Development Co., Ltd.
|
|
| -
|
|
| 8,841
|
Shanghai Tongrui Industrial Automation Equipment Co., Ltd
|
|
| 32,890
|
|
| 31,510
|
Tungray (Kunshan) Industrial Automation Co., Ltd
|
|
| 167,087
|
|
| -
|
Kunshan Tungray Intelligent Technology Co., Ltd.
|
|
| -
|
|
| 6,346
|
Hefei CAS Dihuge Automation Co., Ltd.
|
|
| 20,448
|
|
| 19,591
|
Total
|
| $
| 230,694
|
| $
| 79,988
|
Other receivables – related parties
Other receivables – related parties are those nontrade receivables arising from transactions between the Company and certain related parties, such as advances made by the Company on behalf of related parties, and advance to related parties. These balances are unsecured and non-interest bearing. Current receivables are due on demand.
|
| As of
December 31,
2025
|
| As of
December 31,
2024
|
Qingdao Tungray Biology Technology Co., Ltd.
|
| $
| 68,223
|
| $
| 44,377
|
Tungray (Kunshan) Industrial Automation Co., Ltd
|
|
| 418,446
|
|
| -
|
Shanghai Tongrui Investment Management Co., Ltd.
|
|
| 42,899
|
|
| -
|
FDT (Qingdao) Intellectual Technology Co., Ltd
|
|
| 616,472
|
|
| 227,242
|
Du Liling
|
|
| 50,311
|
|
| 48,828
|
Total
|
| $
| 1,196,351
|
| $
| 320,447
|
Other payable– related parties
Other payables – related parties are those nontrade payables arising from transactions between the Company and certain related parties, such as advances made by the related party on behalf of the Company, dividend payables and related accrued interest payable on the advances. These balances are unsecured and non-interest bearing. Current payables are due on demand.
Name of Related Party
|
| As of
December 31,
2025
|
| As of
December 31,
2024
|
FDT (Qingdao) Intellectual Technology Co., Ltd
|
| $
| -
|
| $
| 39,323
|
Qingdao Tungray Technology Development Co., Ltd.
|
|
| 81,865
|
|
| 18,438
|
Jingan Tang
|
|
| 708,050
|
|
| 280,692
|
Kunshan Tungray Intelligent Technology Co., Ltd.
|
|
| 1,972
|
|
| -
|
Total
|
| $
| 791,887
|
| $
| 338,453
|
Prepayment-related parties
Name of Related Party
|
| As of
December 31,
2025
|
| As of
December 31,
2024
|
Shanghai Tongrui Investment Management Co., Ltd.
|
| $
| 36,364
|
| $
| 20,254
|
FDT (Qingdao) Intellectual Technology Co., Ltd
|
|
| 1,546,641
|
|
| 776,878
|
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd
|
|
| 14,912
|
|
| 14,286
|
Qingdao Tungray Technology Development Co., Ltd.
|
|
| -
|
|
| 53,497
|
Tungray (Kunshan) Industrial Automation Co., Ltd.
|
|
| 1,406,858
|
|
| 3,003,903
|
Provision of doubtful accounts
|
|
| -
|
|
| (53,497)
|
Total
|
| $
| 3,004,775
|
| $
| 3,815,321
|
Movements of provision of doubtful accounts of prepayments-related parties are as follows:
|
| For the Years
Ended December 31
|
| For the Years
Ended December 31
|
| For the Years
Ended December 31
|
|
| 2025
|
| 2024
|
| 2023
|
Beginning balance
|
| $
| 53,497
|
| $
| -
|
| $
| -
|
Addition
|
|
| -
|
|
| 54,267
|
|
| -
|
Write off
|
|
| (55,839)
|
|
| -
|
|
| -
|
Exchange rate effect
|
|
| 2,342
|
|
| (770)
|
|
| -
|
Ending balance
|
| $
| -
|
| $
| 53,497
|
| $
| -
|
Operating lease liabilities- related parties
The Company entered into three lease agreements as a lessee under which it leased three operation buildings for 5-7 years from two related parties. The Company accounts for the leases in accordance with ASC 842. The Company’s underlying building properties were classified as operating leases, and the related lease liabilities were recorded under operating lease liabilities – related parties (see Note 15).
Name of Related Party
| As of
December 31,
2025
|
| As of
December 31,
2024
|
|
|
|
|
Tungray (Qingdao) Technology Development Co., Ltd
| $
| 76,159
|
| $
| 201,296
|
Jingan Tang
|
| 80,845
|
|
| 158,007
|
Total
|
| 157,004
|
|
| 359,303
|
Current portion of operating lease liabilities - related parties
|
| (118,107)
|
|
| (168,551)
|
Noncurrent portion of operating lease liabilities - related parties
| $
| 38,897
|
| $
| 190,752
|
Related party transactions
Revenue from related parties
|
|
| For the Years Ended December 31,
|
Name of Related Party
| Nature
|
| 2025
|
| 2024
|
| 2023
|
|
|
|
|
|
|
|
|
Tungray (Kunshan) Industrial Automation Co., Ltd.
| Sales of products
|
| $
| 207
|
| $
| 8,581
|
| $
| 231,209
|
Tungray (Kunshan) Robot Intelligent Technology Co., Ltd.
| Sales of products
|
|
|
|
|
| -
|
|
| 26,245
|
FDT (Qingdao) Intellectual Technology Co., Ltd.
| Sales of products
|
|
| 4,642
|
|
| 30,761
|
|
| 4,602
|
Kunshan Tungray Intelligent Technology Co., Ltd.
| Sales of products
|
|
|
|
|
| -
|
|
| 57,490
|
Total
|
|
| $
| 4,849
|
| $
| 39,342
|
| $
| 319,546
|
Purchase from related parties
|
|
| For the Years Ended December 31,
|
Name of Related Party
| Nature
|
| 2025
|
| 2024
|
| 2023
|
FDT (Qingdao) Intellectual Technology Co., Ltd.
| Products and services purchase
|
| $
| 21,450
|
| $
| 12,298
|
| $
| 961,525
|
Tungray (Kunshan) Industrial Automation Co., Ltd.
| Products and services purchase
|
|
| 240
|
|
| 12,993
|
|
| -
|
Kunshan Tungray Intelligent Technology Co., Ltd.
|
|
|
| 16,255
|
|
| -
|
|
| -
|
Total
|
|
| $
| 37,945
|
| $
| 25,291
|
| $
| 961,525
|
Non-operating income - related parties
|
|
|
| For the Years Ended December 31,
|
Name of Related Party
|
| Nature
|
| 2025
|
| 2024
|
| 2023
|
Qingdao Tungray Biology Technology Co., Ltd
|
| Lease income
|
| $
| 17,224
|
| $
| 19,762
|
| $
| 19,126
|
Rental expenses- related parties
|
|
|
| For the Years Ended December 31,
|
Name of Related Party
|
| Nature
|
| 2025
|
| 2024
|
| 2023
|
Qingdao Tungray Technology Development Co., Ltd
|
| Lease expense
|
| $
| 56,129
|
| $
| 59,963
|
| $
| 66,476
|
Jingan Tang
|
| Lease expense
|
|
| 71,532
|
|
| 71,255
|
|
| 72,411
|
Total
|
|
|
| $
| 127,661
|
| $
| 131,218
|
| $
| 138,887
|
Advances to related parties
|
|
|
| For the Years Ended December 31,
|
Name of Related Party
|
| Nature
|
| 2025
|
| 2024
|
| 2023
|
Qingdao Tungray Biology Technology Co., Ltd.
|
| Cash advance
|
| $
| -
|
| $
| 21,516
|
| $
| 23,880
|
Shanghai Tongrui Investment Management Co., Ltd.
|
| Cash advance
|
|
| 42,899
|
|
| -
|
|
| 78,049
|
FDT (Qingdao) Intellectual Technology Co., Ltd.
|
| Cash advance
|
|
| 2,062,629
|
|
| 230,513
|
|
| 575,836
|
Liling Du
|
| Cash advance
|
|
| -
|
|
| 49,920
|
|
| -
|
Tungray (Kunshan) Industrial Automation Co., Ltd.
|
| Cash advance
|
|
| 568,187
|
|
| -
|
|
| -
|
Total
|
|
|
| $
| 2,673,715
|
| $
| 301,949
|
| $
| 677,765
|
Borrowings from related parties
|
|
|
| For the Years Ended December 31,
|
Name of Related Party
|
| Nature
|
| 2025
|
| 2024
|
| 2023
|
FDT (Qingdao) Intellectual Technology Co., Ltd.
|
| Borrowings
|
| $
| 142,998
|
| $
| 39,889
|
| $
|
|
Kunshan Tungray Intelligent Technology Co., Ltd.
|
| Borrowings
|
|
| -
|
|
|
|
|
| 1,551,409
|
Demin Han
|
| Borrowings
|
|
| -
|
|
|
|
|
| 1,708
|
Lei Yao
|
| Borrowings
|
|
| -
|
|
|
|
|
| 2,843
|
Jingan Tang
|
| Borrowings
|
|
| 622,042
|
|
| 138,971
|
|
| 31,055
|
Total
|
|
|
| $
| 765,040
|
| $
| 178,860
|
| $
| 1,587,015
|
|