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Bank Loans | 6 Months Ended
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Jun. 30, 2025
Bank Loans [Abstract] |
BANK LOANS |
7. | BANK LOANS
The following table presents bank loans from commercial banks as of June 30, 2025 and December 31, 2024:
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Bank of China Fuzhou Jin’an Branch |  | $ | 11,175 |  |  | $ | 11,295 |
China Merchant Bank Fuzhou Branch |  |  | 10,477 |  |  |  | 10,340 |
Xiamen International Bank Co., Ltd. Fuzhou Branch |  |  | 8,381 |  |  |  | 6,956 |
Haixia Bank of Fujian Fuzhou Jin’an Branch |  |  | 1,118 |  |  |  | 1,113 |
Fujian Fuzhou Rural Commercial Bank Co., Ltd. Yuefeng Branch |  |  | 1,397 |  |  |  | 1,391 |
Shanghai Pudong Development Bank Co., Ltd. Fuzhou Branch |  |  | - |  |  |  | 2,087 |
Industrial Bank Fuzhou Branch |  |  | 10,603 |  |  |  | 4,994 |
Haixia Bank of Fujian Fuzhou Minjiang Branch |  |  | 1,397 |  |  |  | 1,391 |
China Industrial and Commercial Bank Fuzhou Branch |  |  | 4,191 |  |  |  |  |
Bank of China Ningde Branch |  |  | 16,458 |  |  |  | 16,390 |
Total |  |  | 65,197 |  |  |  | 55,791 |
Less: Short-term bank loans |  |  | (48,739 | ) |  |  | (39,401 | )
Less: Long-term bank loans, current |  |  | (412 | ) |  |  | - |
Long-term bank loans |  | $ | 16,046 |  |  | $ | 16,390 |
The movement of bank loans is as follows:
|  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 55,791 |  |  | $ | 36,130 |
Additions |  |  | 36,331 |  |  |  | 36,070 |
Repayments |  |  | (27,190 | ) |  |  | (26,882 | )
Exchange rate effect |  |  | 265 |  |  |  | (251 | )
Total |  | $ | 65,197 |  |  | $ | 45,067 |
For the six months ended June 30, 2025 and 2024, the capitalized interest for the above bank loans was approximately $0.03 million and $0.05 million, respectively. For the six months ended June 30, 2025 and 2024, the interest expense for the above bank loans was approximately $1.0 million and $0.6 million, respectively. The bank loans outstanding as of June 30, 2025 and December 31,2024 carried a weighted average interest rate of approximately 3.20% and 3.49% per annum, respectively. The repayment schedule for the bank loans is as follows:
Twelve months ending June 30, |  | Repayment |
2026 |  | $ | 49,151 |
2027 |  |  | 1,234 |
2028 |  |  | 1,852 |
2029 |  |  | 2,058 |
2030 |  |  | 2,160 |
Thereafter |  |  | 8,742 |
Total |  | $ | 65,197 |
As of June 30, 2025 and December 31,2024, certain plant and land use right of the Company with the aggregated net book value of approximately $41.2 million and approximately $24.6 million, respectively, were pledged for certain notes payable and bank loans. As of June 30, 2025, the Company had an aggregate credit line of approximately $101.1 million (RMB724.0 million) and approximately $77.4 million (RMB553.9 million) was used for the loan balance, bank acceptance notes payable, letters of credit and letters of guarantee.

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