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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2022			2023			2024
Current tax expenses	​	$	500,743	​	$	157,701	​	$	13,203
Deferred tax expenses	​		76,504	​		7,887	​		(83,110)
Total	​	$	577,247	​	$	165,588	​	$	(69,907)

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2024
Deferred tax assets:	​	​	​	​	​	​
Long-lived assets depreciation	​	$	3,540	​	$	4,748
Long-lived assets impairment	​	​	—	​	​	33,818
Inventory write - down	​	​	76	​	​	11,098
Allowance for expected credit loss	​	​	—	​	​	2,670
Donation expenses	​	​	66	​	​	63
Net operating loss carried forward	​	​	2,940	​	​	38,010
Sub-total	​	$	6,622	​	$	90,407
Valuation allowance	​	​	(1,238)	​	​	(3,678)
Total deferred tax assets	​	$	5,384	​	$	86,729
​	​	​	​	​	​	​
Deferred tax liabilities:	​		​	​	​	​
Long-lived assets depreciation	​	$	(2,522)	​	$	(2,133)
Difference in basis of buildings	​	​	(570)	​	​	(544)
Dividend withholding tax	​	​	(9,020)	​	​	—
Total deferred tax liabilities	​	$	(12,112)	​	$	(2,677)
Deferred tax assets, net	​	​	3,422	​	​	84,596
Deferred tax liabilities, net	​	$	(10,150)	​	$	(544)

Schedule of changes of valuation allowance

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2022			2023			2024
Beginning balance	​	$	816	​	$	1,060	​	$	1,238
Addition	​		316	​	​	209	​	​	2,511
Foreign exchange effect	​		(72)	​	​	(31)	​	​	(71)
Ending Balance	​	$	1,060	​	$	1,238	​	$	3,678

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2022		2023		2024
PRC Enterprise Income Tax		25	%	25	%	25	%
Preferential income tax rate of subsidiaries		(10)	%	(11)	%	(10)	%
Effect of different reversal rate	​	—	​	—	​	2	%
Changes in valuation allowance	​	—	​	—	​	(1)	%
Different tax rate in other jurisdictions		1	%	5	%	(3)	%
Dividend withholding tax		3	%	1	%	—	​
Effective tax rate		19	%	20	%	13	%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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