v3.26.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current Assets    
Cash $ 54,364,065 $ 51,634,374
Restricted cash 4,450,848 714,245
Accounts receivable, net 15,259,069 11,253,459
Prepayments 12,781,320 25,407,080
Inventories, net 114,468,059 79,986,077
Other current assets 3,554,950 2,282,883
Total Current Assets 207,628,943 171,845,077
Non-current Assets    
Restricted cash, non-current 13,375,915 6,511,407
Long-term prepaid expenses 6,783,773 6,834,162
Deposits for property and equipment 2,636,845 776,627
Property and equipment, net 213,379,252 220,648,149
Right of use assets 33,548,825 34,354,338
Deferred tax assets 418,117 178,107
Other non-current assets 505,856 285,954
Total Non-current Assets 270,648,583 269,588,744
Total Assets 478,277,526 441,433,821
Current Liabilities    
Short-term bank borrowings 29,897,383 30,648,493
Accounts payable 48,203,058 52,376,724
Contract liabilities 48,718,679 27,592,381
Contract liabilities – related parties 84,704,620 80,348,303
Income tax payable 21,142,539 15,386,467
Other payable and accrued expenses 13,688,444 15,415,684
Lease liabilities, current 3,271,804 2,867,727
Long-term bank borrowings, current portion 1,361,334 5,471,119
Total Current Liabilities 304,727,207 295,704,397
Lease liabilities, non-current 33,758,680 34,474,040
Total Non-current Liabilities 33,758,680 34,474,040
Total Liabilities 338,485,887 330,178,437
Commitments and Contingencies (Note 16)
Shareholders’ Equity    
Ordinary shares (par value $0.0001 per share, 500,000,000 shares authorized, 37,758,997 shares and 37,758,997 shares issued as of March 31, 2026 and December 31, 2025, and 37,758,997 shares and 36,712,040 shares outstanding as of March 31, 2026 and December 31, 2025, respectively) 3,776 3,671
Additional paid-in capital 28,934,762 28,779,967
Retained earnings 118,387,588 89,976,384
Accumulated other comprehensive loss (7,534,487) (7,504,638)
Total Shareholders’ Equity 139,791,639 111,255,384
Total Liabilities and Shareholders’ Equity 478,277,526 441,433,821
Related Party    
Current Assets    
Accounts receivable – related parties 2,678,368 494,695
Prepayments – a related party 72,264 72,264
Current Liabilities    
Accounts payable – related parties 2,640,420 3,269,212
Due to related parties $ 51,098,926 $ 62,328,287