v3.26.1
Borrowings
 6 Months Ended
Mar. 31, 2026
Borrowings [Abstract]  
BORROWINGS

13. BORROWINGS

 

As of September 30, 2025 and March 31, 2026, the bank borrowings were for working capital and capital expenditures. Borrowings consisted of the following:

 

Creditor  Interest
rate		   Borrowing
date		  Maturity
date		  As of
September 30,
2025		   As of
March 31,
2026		 
                 (Unaudited) 
Bank of Jiangsu   2.90%  8/28/2025  8/27/2026   913,050    942,302 
Bank of Jiangsu   2.85%  9/1/2025  8/31/2026   561,876    579,878 
Bank of Nanjing (1)   3.30%  9/9/2025  3/8/2026   491,642    
-
 
Agricultural Bank of China (1)   2.85%  4/27/2025  3/17/2026   1,404,692    
-
 
Bank of Jiangsu (2)   2.80%  1/4/2026  1/3/2027   
-
    289,939 
Bank of China (3)   2.85%  1/23/2026  1/22/2027   
-
    507,393 
Agricultural Bank of China (4)   2.85%  3/17/2026  3/10/2027   
-
    1,449,696 
Total short-term borrowings             $3,371,260   $3,769,208 
Bank of Jiangnan (5)   4.10%  6/27/2023  12/31/2025   816,126    
-
 
Bank of Jiangnan (5)   4.10%  6/27/2023  6/30/2026   816,126    843,723 
Bank of Jiangnan (5)   4.10%  6/27/2023  12/31/2026   
-
    843,723 
Total long-term borrowings, current             $1,632,252   $1,687,446 
Bank of Jiangnan (5)   4.10%  6/27/2023  6/21/2030   2,237,674    2,016,526 
Bank of Jiangnan (5)   4.10%  11/15/2023  6/21/2030   1,798,005    1,855,610 
Bank of Jiangnan (5)   4.10%  2/5/2024  6/21/2030   716,393    739,345 
Bank of Jiangnan (5)   4.35%  7/18/2024  6/21/2030   970,642    447,956 
Total long-term borrowings, non-current             $5,722,714   $5,059,437 
Changzhou Zenith Technology Co., Ltd.   nil     7/14/2025   7/13/2028   702,346    724,848 
Total long-term borrowing from a third party, non-current             $702,346   $724,848 
Total long-term borrowing, non-current             $6,425,060   $5,784,285 
Total borrowings             $11,428,572   $11,240,939 

 

Except for borrowings obtained, repayments made and borrowings matured during the six months ended March 31, 2026, there were no material changes to the terms and conditions of the Group’s borrowing arrangements previously disclosed in the Company’s Annual Report on Form 20-F for the year ended September 30, 2025.

 

(1) These loans were fully repaid as matured during the six months ended March 31, 2026.

 

(2) On January 4, 2026, Changzhou Higgs obtained a non-revolving loan of RMB2,000,000 ($289,939) from Bank of Jiangsu, with an annual interest rate of 2.80% and a term of 12 months.

 

(3) On January 23, 2026, Changzhou EZGO obtained a non-revolving loan of RMB3,500,000 ($507,393) from Bank of China, with an annual interest rate of 2.85% and a term of 12 months, which was guaranteed by Mr. Jianhui Ye, Mr. Shuang Wu, Jiangsu New Energy and a third party, Jiangsu Changzhou High-tech Credit Financing Guarantee Co., Ltd.

 

(4) On March 17, 2026, Changzhou EZGO obtained a non-revolving loan of RMB10,000,000 ($1,449,696) from Agricultural Bank of China, with an annual interest rate of 2.85% and a term of 12 months, which was guaranteed by Mr. Jianhui Ye and a third party, Jiangsu Changzhou High-tech Credit Financing Guarantee Co., Ltd.
(5) The following is the principal repayment schedule for the long-term loan from Bank of Jiangnan as of March 31, 2026:

 

Principal maturities of long-term bank borrowing Year ending September 30,  Repayment
amount		 
2026  $843,723 
2027   1,687,446 
2028   1,687,446 
2029   1,687,446 
2030   840,822 
Total  $6,746,883 

 

For the six months ended March 31, 2025 and 2026, the Group recorded interest expenses of $73,001 and $126,303 respectively. For the six months ended March 31, 2025 and 2026, $179,787 and $104,523 of interest expense from the long-term borrowings from Bank of Jiangnan was capitalized in the construction of Changzhou manufacturing plant respectively.