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Organization and Nature of Operations (Tables)
 12 Months Ended
Dec. 31, 2024
Organization and Nature of Operations [Abstract]  
Schedule of Consolidated VIE and Subsidiaries

The Company includes the following subsidiaries and the consolidated VIE and the subsidiaries of the VIE in the consolidated financial statements as if the current corporate structure (“restructuring” or “reorganization”) had been in existence throughout the periods presented (see “Reorganization under common control through VIE structure” below):

 

Name   Date of Organization   Place of Organization
Subsidiaries        
Hongli Hong Kong Limited (“Hongli HK”)   March 5, 2021   Hong Kong SAR
Shandong Xiangfeng Heavy Industry Co., Ltd. (“WFOE”)   April 8, 2021   People’s Republic of China (“PRC”)
VIE and Its Subsidiaries        
Shandong Hongli Special Section Tube Co., Ltd., (“Hongli Shandong”)   September 13, 1999   PRC
Shandong Maituo Heavy Industry Co., Ltd. (“Maituo”) (1)   May 23, 2019   PRC
Shandong Haozhen Heavy Industry Co., Ltd. (“Haozhen Shandong”) (2)   September 18, 2020   PRC
Beijing Haozhen Heavy Industry Technology Company Limited (“Haozhen Beijing”) (3)   February 4, 2021   PRC

 

(1)Wholly owned subsidiary of Hongli Shandong

 

(2)Haozhen Shandong was jointly established by Hongli Shandong and Sungda Tech Co., Ltd., with Sungda Tech holding a 30 % ownership interest in Haozhen Shandong. As of December 31, 2024, Haozhen Shangdong had not commenced operations, and no portion of income or loss was attributable to the noncontrolling interest in the subsidiary. Therefore, no noncontrolling interest was reported in the consolidated financial statements for the years ended December 31, 2024, 2023, and 2022.

 

(3)Haozhen Beijing was jointly established by Hongli Shandong and an individual, who holding a 3 % ownership interest in Haozhen Beijing. As of December 31, 2024, Haozhen Beijing had not commenced operations, and no portion of income or loss was attributable to the noncontrolling interest in the subsidiary. Therefore, no noncontrolling interest was reported in the consolidated financial statements for the years ended December 31, 2024, 2023, and 2022.
Schedule of Consolidated Financial Information of the VIE and VIE’s Subsidiaries

The following information of the VIE and VIE’s subsidiaries as a whole as of December 31, 2024 and 2023 were included in the accompanying consolidated financial statements of the Company. Transactions between VIE and VIE’s subsidiaries are eliminated in the financial information presented below:

 

   December 31,   December 31, 
   2024   2023 
Assets          
Current assets:          
Cash and cash equivalents  $857,212   $694,439 
Restricted cash   15,070    39,983 
Accounts receivable   5,809,374    6,013,536 
Notes receivable   522,331    236,654 
Inventories, net   2,674,001    2,349,705 
Due from parent company   940,130    966,533 
Due from a related party   
-
    342,053 
Prepaid expense and other current assets   2,004,889    1,059,275 
Total current assets   12,823,007    11,702,178 
Non-current assets          
Property, plant and equipment, net   10,385,742    10,752,745 
Prepayment for purchase of Yingxuan Assets   5,339,093    5,207,346 
Intangible assets, net   4,432,403    4,659,569 
Finance lease right-of-use assets, net   
-
    681,845 
Deferred tax assets   40,773    10,273 
Total Assets  $33,021,018   $33,013,956 
           
Liabilities          
Current liabilities          
Short-term loans  $6,079,252   $5,726,841 
Accounts payable   1,380,202    1,379,161 
Due to related parties   32,866    
-
 
Income tax payable   34,428    33,778 
Finance lease obligation, current   
-
    45,300 
Accrued expenses and other payables   638,610    477,987 
Total current liabilities   8,165,358    7,663,067 
Long-term loans   3,305,209    3,338,075 
Long-term loans - related party   7,895,020    8,122,384 
Total Liabilities  $19,365,587   $19,123,526 
           
Net Assets  $13,655,431   $13,890,430 
Schedule of Consolidated Operating Information of the VIE and VIE’s Subsidiaries
   2024   2023   2022 
Revenue, net  $14,105,620   $15,997,954   $20,283,245 
Gross profit  $4,519,747   $5,245,840   $7,008,493 
Income from operations  $606,308   $1,101,095   $2,921,322 
Net income  $146,528   $780,491   $2,932,363