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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 5,679,756 $ 6,724,360
Pledged deposits 15,772,466 54,061,642
Term deposits 40,054,842 4,237,090
Trade and bills receivable, net 34,655,174 32,938,918
Inventories 37,443,143 22,851,027
Prepayments and other receivables 9,359,355 20,004,966
Receivables from former subsidiary 2,945 12,399
Income tax recoverable 480,234 566,458
Total current assets 143,447,915 141,396,860
Property, plant and equipment, net 83,891,222 85,486,829
Construction in progress 71,635,858 42,526,859
Long-term investments, net 2,323,089 2,246,494
Prepaid land use rights 12,226,229 11,075,973
Intangible assets, net 154,251 382,962
Deposit paid for acquisition of long-term investments 16,164,605 15,864,318
Operating lease right-of-use assets, net 3,251,097 3,237,849
Total assets 333,094,266 302,218,144
Current liabilities    
Trade and bills payable 97,634,483 84,724,386
Short-term bank borrowings 33,885,284 26,087,350
Other short-term loans 336,391 335,715
Accrued expenses and other payables 65,324,757 58,285,635
Payable to a former subsidiary, net 414,046 419,849
Deferred government grants, current 566,742 556,214
Product warranty provisions 23,312 23,426
Operating lease liability, current 1,229,323 1,268,405
Total current liabilities 199,414,338 171,700,980
Long-term bank borrowings 4,871,716
Deferred government grants, non-current 10,269,732 7,580,255
Product warranty provisions 449,122 420,688
Operating lease liability, non-current 2,245,219 2,449,056
Total liabilities 217,250,126 182,150,979
Commitments and contingencies
Shareholders’ equity    
Common stock $0.001 par value; 500,000,000 authorized; 90,083,396 issued and 89,939,190 outstanding as of December 31, 2024; and 90,099,500 issued and 88,867,313 outstanding as of June 30, 2025 90,099 90,083
Donated shares 14,101,689 14,101,689
Additional paid-in capital 247,892,318 247,842,445
Statutory reserves 3,042,602 1,230,511
Accumulated deficit (129,070,019) (122,605,730)
Accumulated other comprehensive loss (12,542,048) (14,919,345)
Stockholders' equity (deficit) before Treasury Stock 123,514,641 125,739,653
Less: Treasury shares (5,303,730) (4,066,610)
Total shareholders’ equity 118,210,911 121,673,043
Non-controlling interests (2,366,772) (1,605,878)
Total equity 115,844,139 120,067,165
Total liabilities and shareholder’s equity $ 333,094,266 $ 302,218,144