XML 61 R42.htm IDEA: XBRL DOCUMENT
v3.26.1

Taxation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Taxation [Abstract] |
Schedule of Income before Income Taxes | The Group’s income before income taxes consisted of:
|  | Years ended December 31, |
(In thousands) |  | 2023 |  |  | 2024 |  |  | 2025 |
Non-PRC |  |  | (2,149 | ) |  |  | (1,211 | ) |  |  | 2,269 |
PRC |  |  | 4,673 |  |  |  | 5,627 |  |  |  | 5,569 |
Total |  |  | 2,524 |  |  |  | 4,416 |  |  |  | 7,838 |
Schedule of Reconciliations of the Income Tax Expenses | The reconciliations of the income tax expenses for the years ended December 31, 2023, 2024 and 2025 were as follows:
|  | Years ended December 31, |
(In thousands) |  | 2023 |  |  | 2024 |  |  | 2025 |
Income before income tax |  |  | 2,524 |  |  |  | 4,416 |  |  |  | 7,838 |
Income tax computed at statutory PRC income tax rate (25%)(i) |  |  | 631 |  |  |  | 1,104 |  |  |  | 1,960 |
Differential income tax rates applicable to certain entities comprising the Group |  |  | 74 |  |  |  | 207 |  |  |  | (40 | )
Effect of tax holiday |  |  | (448 | ) |  |  | (542 | ) |  |  | (549 | )
Permanent differences(ii) |  |  | (174 | ) |  |  | (206 | ) |  |  | (558 | )
Change in valuation allowance |  |  | 133 |  |  |  | 478 |  |  |  | 96 |
Accelerated deductions on research and development expenses(iii) |  |  | (146 | ) |  |  | (973 | ) |  |  | (796 | )
Adjustments in respect of current tax of previous periods(iv) |  |  | — |  |  |  | — |  |  |  | 1,412 |
Income tax expenses |  |  | 70 |  |  |  | 68 |  |  |  | 1,525 |
| (i) | The PRC statutory income tax rate was used because the majority of the Group’s operations are based in the PRC.
| (ii) | Permanent differences primarily represent non-deductible expenses.
| (iii) | This amount represents tax incentives relating to the research and development expenses of certain major operating subsidiaries in the PRC.
| (iv) | In 2025 and February 2026, the Inland Revenue Department (the “IRD”) in Hong Kong had issued protective profits tax assessments in an aggregate amount of HK$11.0 million (approximately equivalent to US$1.4 million) for the years of assessment from 2018/2019 to 2019/2020. The Group has lodged objections against these protective profits tax assessments and the IRD has agreed to hold over the tax demanded for these years of assessment on the condition that the Group purchased tax reserve certificates in an aggregate amount of HK$9.4 million (approximately equivalent to US$1.2 million), which has been recorded under “Prepayments and other assets” to the financial statement in 2025.
Schedule of Per Share Effect of the Tax Holidays | The per share effect of the tax holidays are as follows:
|  | Years ended December 31, |
(In thousands) |  | 2023 |  |  | 2024 |  |  | 2025 |
Effect of tax holiday |  |  | (448 | ) |  |  | (542 | ) |  |  | (549 | )
Per share effect – basic and diluted |  |  | (0.00 | ) |  |  | (0.00 | ) |  |  | (0.00 | )
Schedule of Components of the Deferred Tax Assets | The components of the deferred tax assets are as follows:
|  | Years ended December 31, |
(In thousands) |  | 2023 |  |  | 2024 |  |  | 2025 |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
Net operating loss carryforwards |  |  | 19,187 |  |  |  | 18,924 |  |  |  | 18,953 |
Accrued expenses and others |  |  | (2,250 | ) |  |  | (1,509 | ) |  |  | (1,442 | )
Less: valuation allowance |  |  | (16,937 | ) |  |  | (17,415 | ) |  |  | (17,511 | )
Net deferred tax assets |  |  | — |  |  |  | — |  |  |  | — |
Schedule of Movement of Valuation Allowance | Movement of valuation allowance
|  | Years ended December 31, |
(In thousands) |  | 2023 |  |  | 2024 |  |  | 2025 |
Balance at beginning of the year |  |  | 16,804 |  |  |  | 16,937 |  |  |  | 17,415 |
Change of valuation allowance |  |  | 133 |  |  |  | 478 |  |  |  | 96 |
Balance at end of the year |  |  | 16,937 |  |  |  | 17,415 |  |  |  | 17,511 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 + Details
Name: | us-gaap_SummaryOfIncomeTaxHolidayTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration