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Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
5. RELATED PARTY TRANSACTIONS

 

The table below sets forth the major related parties and their relationships with the Company as of June 30, 2025 and December 31, 2024, and for the six months ended June 30, 2025 and 2024:

 

Name of related parties   Relationship with the Company
Fujian Bafang Shengfeng Logistics Co., Ltd (“Fujian Bafang”)   An equity investee of the Company
Fuzhou Tianyu Shengfeng Industrial Co., Ltd (“Fuzhou Tianyu”)   A company controlled by Yongxu Liu, CEO and Chairman of the Company
Fuzhou Tianyu Shengfeng Property Management Co., Ltd (“Fuzhou Tianyu Management”)   A company under the control of a shareholder
Fuzhou Tianyu Yuanmei Catering Co., Ltd (“Fuzhou Tianyu Catering”)   A company under the control of a shareholder
Fujian Desheng Logistics Co., Ltd (“Fujian Desheng”)   A company under the control of a shareholder
Yongxu Liu   The Company’s CEO and Chairman
Yongteng Liu   CEO’s brother
Fujian Yunlian Shengfeng Industry Co., Ltd., (“Fujian Yunlian”)   Shengfeng VIE’s shareholder
Fuzhou Puhui Technology Co., Ltd   Non-controlling shareholder of Ningde Shengfeng Logistics Co. Ltd.
Chongqing Changjiang River Modeling Material (Group) Co., Ltd. (“Chongqing Changjiang”)   Non-controlling shareholder of Liaoning Tianyu Changsheng Supply Chain Management Co., Ltd.
Zhangwu Changjiang Materials Technology Co., Ltd. (“Zhangwu Changjiang”)   A company under the control of Chongqing Changjiang
Changjiang Modeling Materials (Group) Kezuohou Banner Co., Ltd (“Changjiang Modeling”)   A company under the control of Chongqing Changjiang
Kunshan Changjiang Modeling Materials Co., Ltd. (“Kunshan Changjiang”)   A company under the control of Chongqing Changjiang
Chongqing Changjiang River Modeling Materials (Group) Xiantao Co., Ltd (“Xiantao Modeling”)   A company under the control of Chongqing Changjiang
Chengdu Changjiang Modeling Materials Co., Ltd. (“Chengdu Changjiang”)   A company under the control of Chongqing Changjiang
Shiyan Changjiang Modeling Materials Co., Ltd. (“Shiyan Changjiang”)   A company under the control of Chongqing Changjiang
Chongqing Changjiang Modeling Materials Changzhou Co., Ltd. (“Changzhou Changjiang”)   A company under the control of Chongqing Changjiang

 

i) Significant transactions with related parties were as follows:

 

   For the Six Months Ended
June 30,		 
   2025   2024 
Transportation services to Fujian Desheng  $28   $116 
Transportation services to Fujian Bafang   4    
-
 
Transportation services to Chongqing Changjiang   27    
-
 
Transportation services to Zhangwu Changjiang   1,177    
-
 
Transportation services to Changzhou Changjiang   123    
-
 
Transportation services to Shiyan Changjiang   136    
-
 
Transportation services to Xiantao Modeling   178    
-
 
Transportation services to Chengdu Changjiang   4    
-
 
Transportation services to Changjiang Modeling   2,120    
-
 
Transportation services to Kunshan Changjiang   329    
-
 
Total  $4,126   $116 
  

For the Six Months Ended

June 30,

 
   2025   2024 
Transportation services from Fujian Bafang  $1,394   $939 
Lease services from Fuzhou Tianyu  $124   $108 
Lease services from Fuzhou Tianyu Management  $8   $8 
Catering services from Fuzhou Tianyu Catering  $
-
   $1 

 

ii) Guarantees

 

The Company’s shareholder, CEO and Chairman, Yongxu Liu, his spouse, Xiying Yang, Yongteng Liu, and Fuzhou Puhui Technology Co., Ltd, were the guarantors of the Company’s bank loans.

 

iii) Significant balances with related parties were as follows:

  

   As of
June 30,
2025		   As of
December 31,
2024		 
Due from related parties        
Fuzhou Tianyu  $59   $41 
Fujian Desheng   
-
    39 
Zhangwu Changjiang   1,077    26 
Changjiang Modeling   296    582 
Kunshan Changjiang   265    13 
Fujian Bafang   4    
-
 
Chongqing Changjiang   32    
-
 
Changzhou Changjiang   88    
-
 
Shiyan Changjiang   78    
-
 
Xiantao Modeling   169    
-
 
Chengdu Changjiang   5    
-
 
Fuzhou Tianyu Management   1    
-
 
Fuzhou Puhui Technology Co., Ltd   205    
-
 
Total  $2,279   $701 

 

   As of
June 30,
2025		   As of
December 31,
2024		 
Due to related parties        
Fujian Bafang (a)  $1,436   $1,662 
Fuzhou Tianyu   
-
    18 
Fuzhou Tianyu Management   
-
    7 
Yongteng Liu   110    
-
 
Total  $1,546   $1,687 

 

(a) On December 10, 2007, the Company entered into an interest-free loan agreement with Fujian Bafang for a principal amount of approximately $1.3 million (RMB 9.6 million). Such loan is due on demand.