v3.26.3
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:        
Net (loss) income $ (4,521,375) $ (19,140,172) $ 2,045,147 $ 2,958,712
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:        
Depreciation expense 2,558,809 4,865,218 4,758,014 4,257,189
Amortization of operating lease ROU assets 11,602 25,358 21,033 21,107
Provision for expected credit losses 807 1,850,064 69,474
Impairment of goodwill 1,129
Write-off of assets 373
Deferred income taxes (64,914) 94,517 (92,664)
Loss (gain) on disposal of assets 2,286 (18,724)
Share of losses of associates 4,029 12,753 710
Change in assets and liabilities:        
Accounts receivable (6,574,111) (1,678,039) 2,769,950 (15,597,836)
Inventories, net 2,493,022 (1,569,309) 6,487,098 (6,016,083)
Due from related parties 1,016,378 (726,426) (536,841) (740,331)
Other receivables and current assets (11,853,124) 2,285,409 5,121,986 (9,480,769)
Accounts payable and accrued expenses (682,395) 24,776,824 (45,253,722) 25,671,804
Other payables (811,143) 474,058 (419,027) 68,039
Taxes payable (1,756,153) (670,732) 651,026 (355,168)
Operating lease liabilities (11,058) (25,250) (6,761) (21,057)
Net cash provided by (used in) operating activities (20,189,626) 10,576,559 (24,290,411) 654,219
Cash flows from investing activities:        
Purchase of property, plant and equipment (2,095,807) (3,120,068) (3,751,944) (3,149,397)
Acquisition of investment (113,996) (83,089) (4,388)
Increase in investment in subsidiary 74,120
Proceeds from disposal of property, plant and equipment 11,492 6,127
Advances to related parties (6,307,147) (1,191,787) (12,245,223)
Net cash used in investing activities (8,402,954) (4,414,359) (16,006,136) (3,147,658)
Cash flows from financing activities:        
Gross proceeds from issuance of Class A ordinary shares pursuant to initial public offering 11,586,250
(Repayment of) proceeds from borrowings 7,443,090 (9,455,752) 50,910,672 (2,768,651)
Repayment of finance lease payables (5,561) (13,355) (10,216) (41,328)
Proceeds from related parties 320,485
Net cash (used in) provided by financing activities 19,023,779 (9,469,107) 50,900,456 (2,489,494)
Net (decrease) increase in cash and cash equivalents (9,568,801) (3,306,907) 10,603,909 (4,982,933)
Effect of exchange rate changes on cash and cash equivalents 559,360 237,268 635,595 (1,456,188)
Cash and cash equivalents, beginning of year / period 16,069,851 7,060,410 4,830,347 11,269,468
Cash and cash equivalents, end of year / period 7,060,410 3,990,771 16,069,851 4,830,347
Supplemental disclosures of cash flow information        
Income taxes paid 877,184 255,143 776,331 1,220,804
Interest paid 2,802,798 5,328,276 4,598,376 2,203,061
Supplemental non-cash investing and financing activities        
Acquisition of non-controlling interest by issuance of Class A ordinary shares 2,798,887
Deferred offering costs charged to additional paid-in capital 3,488,971
Recognized assets through finance lease liabilities 16,138 100,771
Recognized ROU assets through lease liabilities 31,350 15,359
Reversal of additional paid-in capital via decrease in related party receivables $ 5,311,880 $ 2,676,807