v3.26.3
Bank Loans
 6 Months Ended
Jun. 30, 2026
Bank Loans [Abstract]  
BANK LOANS
8. BANK LOANS

 

The following table presents bank loans from commercial banks as of June 30, 2026 and December 31,2025:

 

    As of
June 30,
2026		     As of
December 31, 2025		  
Bank of China Fuzhou Jin’an Branch   $ 11,746     $ 11,382  
China Merchant Bank Fuzhou Branch     26,428       22,337  
Xiamen International Bank Co., Ltd. Fuzhou Branch     6,607       8,536  
Haixia Bank of Fujian Fuzhou Jin’an Branch     1,175       1,138  
Industrial Bank Fuzhou Branch     15,527       13,637  
Postal Savings Bank Fuzhou Branch     3,670       2,134  
China Industrial and Commercial Bank Fuzhou Branch     -       4,268  
Bank of China Ningde Branch     17,931       17,821  
Total     83,084       81,253  
Less: Short-term bank loans     (42,395 )     (44,652 )
Less: Long-term bank loans, current     (3,752 )     (2,769 )
Long-term bank loans   $ 36,937     $ 33,832  

 

The movement of bank loans is as follows:

 

    For the Six Months Ended
June 30,		  
    2026     2025  
Beginning balance   $ 81,253     $ 55,791  
Additions     27,636       36,331  
Repayments     (28,395 )     (27,190 )
Foreign currency translation adjustment     2,590       265  
Total   $ 83,084     $ 65,197  

 

For the six months ended June 30, 2026 and 2025, the capitalized interest for the above bank loans was approximately $nil and $0.03 million, respectively. For the six months ended June 30, 2026 and 2025, the interest expense for the above bank loans was approximately $1.1 million and $1.0 million, respectively. The bank loans outstanding for the six months ended June 30, 2026 and 2025 carried a weighted average interest rate of approximately 2.78% and 3.20% per annum, respectively.

 

The repayment schedule for the bank loans is as follows:

 

Twelve months ending June 30,   Repayment  
2027   $ 46,147  
2028     4,442  
2029     20,311  
2030     2,414  
2031     2,644  
Thereafter     7,126  
Total   $ 83,084  

 

As of June 30, 2026 and December 31,2025, certain plant and land use right of the Company with the aggregated net book value of approximately $42.1 million and approximately $41.3 million, respectively, were pledged for certain notes payable and bank loans. 

 

As of June 30, 2026, the Company had an aggregate credit line of approximately $125.4 million (RMB854.0 million) and approximately $91.2 million (RMB620.9 million) was used for the loan balance, bank acceptance notes payable, and letters of credit.