v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 9,338,921 $ 8,301,149
Pledged deposits 89,257,922 67,376,113
Trade and bills receivable, net 46,499,152 38,405,398
Inventories 75,673,735 50,602,287
Prepayments and other receivables 16,863,416 15,170,915
Receivables from former subsidiary 2,459 4,389
Income tax recoverable 790,171 778,460
Total current assets 238,425,776 180,638,711
Property, plant and equipment, net 188,221,344 179,058,801
Construction in progress 29,689,789 32,046,421
Long-term investments, net 2,522,973 2,485,580
Prepaid land use rights 12,405,935 12,308,864
Intangible assets, net 68,309 71,654
Deposit paid for acquisition of long-term investments 16,751,291 16,503,014
Operating lease right-of-use assets, net 2,920,127 3,068,591
Total assets 491,005,544 426,181,636
Current liabilities    
Trade and bills payable 203,021,449 153,345,745
Short-term bank borrowings 37,386,698 28,532,938
Other short-term loans 337,715 337,156
Accrued expenses and other payables 122,673,008 113,651,948
Payable to a former subsidiary, net 402,708 407,506
Deferred government grants, current 587,312 578,606
Product warranty provisions 482,978 339,136
Operating lease liability, current 1,178,848 1,347,803
Finance lease liability, current 2,124,717 1,307,170
Income tax payable 7,427
Total current liabilities 368,202,860 299,848,008
Long-term bank borrowings 7,652,360 4,118,628
Deferred government grants, non-current 10,201,984 10,195,428
Product warranty provisions 413,301 446,553
Operating lease liability, non-current 2,228,986 2,093,428
Finance lease liability, non-current 97,281
Total liabilities 388,796,772 316,702,045
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 88,645,836 issued and outstanding as of December 31, 2025 and March 31, 2026 88,646 88,646
Donated shares 7,955,358 7,955,358
Additional paid-in capital 248,500,619 248,500,176
Statutory reserves 3,042,602 3,042,602
Accumulated deficit (143,083,312) (133,795,940)
Accumulated other comprehensive loss (11,342,954) (13,112,769)
Total shareholders’ equity 105,160,959 112,678,073
Non-controlling interests (2,952,187) (3,198,482)
Total equity 102,208,772 109,479,591
Total liabilities and shareholder’s equity $ 491,005,544 $ 426,181,636