v3.26.1
BANK BORROWINGS (Tables)
 6 Months Ended
Jun. 30, 2026
Bank Borrowings [Abstract]  
Schedule of Bank Borrowings Repayment
As of June 30, 2026, MPS had outstanding borrowings of $22.1 million under the 2022 Facility Agreement with the following repayment schedule:
Repayment DateRepayment Amount
December 10, 2026
$22.1 million (RMB149.9 million)
As of June 30, 2026, MPS had outstanding borrowings of $28.7 million (RMB195 million) under these agreements with the following repayment schedule:
Repayment DateRepayment Amount
September 18, 2026
$147 thousand (RMB1.0 million)
December 19, 2026
$368 thousand (RMB2.5 million)
March 18, 2027
$147 thousand (RMB1.0 million)
June 19, 2027
$13.6 million (RMB92.5 million)
September 18, 2027
$147 thousand (RMB1.0 million)
March 18, 2028
$14.3 million (RMB97.0 million)
Schedule of Bank Borrowings
Changes in bank borrowings were as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Beginning balance$138,769 $127,543 $106,279 $111,728 
Proceeds from bank borrowings17,635 31,384 69,356 59,571 
Repayments of principal(40,025)(43,122)(60,829)(56,184)
Exchange difference2,243 1,542 3,816 2,232 
Ending balance$118,622 $117,347 $118,622 $117,347 
Schedule of Banking Facilities and Aggregate Carrying Amount The aggregate carrying amount of the assets pledged by MPS as of June 30, 2026 and December 31, 2025 is as follows (in thousands):
June 30,
2026		December 31,
2025
Buildings$118,103 $117,855 
Machinery and equipment53,369 54,975 
Land use rights11,771 11,570 
Total$183,243 $184,400