v3.26.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current Assets    
Cash $ 103,467,022 $ 51,634,374
Restricted cash 6,576,827 714,245
Accounts receivable, net 15,406,535 11,253,459
Prepayments 10,075,305 25,407,080
Inventories, net 132,128,202 79,986,077
Other current assets 4,570,761 2,282,883
Total Current Assets 272,224,652 171,845,077
Non-current Assets    
Restricted cash, non-current 13,375,915 6,511,407
Long-term prepaid expenses 6,747,346 6,834,162
Deposits for property and equipment 3,826,052 776,627
Property and equipment, net 206,577,123 220,648,149
Right of use assets 33,966,220 34,354,338
Deferred tax assets 36,044 178,107
Other non-current assets 820,781 285,954
Total Non-current Assets 265,349,481 269,588,744
Total Assets 537,574,133 441,433,821
Current Liabilities    
Short-term bank borrowings 25,674,455 30,648,493
Accounts payable 63,065,077 52,376,724
Contract liabilities 49,327,830 27,592,381
Contract liabilities – related parties 64,715,769 80,348,303
Income tax payable 24,779,716 15,386,467
Other payable and accrued expenses 8,219,614 15,415,684
Lease liabilities, current 3,534,017 2,867,727
Long-term bank borrowings, current portion 5,471,119
Total Current Liabilities 242,396,263 295,704,397
Lease liabilities, non-current 34,028,802 34,474,040
Total Non-current Liabilities 85,391,456 34,474,040
Total Liabilities 327,787,719 330,178,437
Commitments and Contingencies (Note 16)
Shareholders’ Equity    
Ordinary shares (par value $0.0001 per share, 500,000,000 shares authorized, 42,718,948 shares and 37,758,997 shares issued as of June 30, 2026 and December 31, 2025, and 42,718,948 shares and 36,712,040 shares outstanding as of June 30, 2026 and December 31, 2025, respectively) 4,272 3,671
Additional paid-in capital 81,534,872 28,779,967
Statutory reserves 100,000
Retained earnings 135,697,152 89,976,384
Accumulated other comprehensive loss (7,549,882) (7,504,638)
Total Shareholders’ Equity 209,786,414 111,255,384
Total Liabilities and Shareholders’ Equity 537,574,133 441,433,821
Related Party    
Current Assets    
Accounts receivable – related parties 494,695
Prepayments – a related party 72,264
Current Liabilities    
Accounts payable – related parties 3,068,695 3,269,212
Due to related parties 11,090 62,328,287
Due to a related party, non-current $ 51,362,654