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Bank Loans
 6 Months Ended
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.