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Concentrations and Credit Risk
 6 Months Ended
Jun. 30, 2025
Concentrations and Credit Risk [Abstract]  
Concentrations and Credit Risk
27. Concentrations and Credit Risk

 

(a) Concentrations

 

The Company had the following customers that individually comprised 10% or more of net revenue for the three months ended June 30, 2024 and 2025 as follows:

 

   Three months ended June 30, 
Sales of finished goods and raw materials  2024   2025 
Customer A  $18,347,160    38.4%  $
*
    
*
 
Customer C   *    *    4,630,949    11.4%

The Company had the following customers that individually comprised 10% or more of net revenue for the six months ended June 30, 2024 and 2025 as follows:

 

   Six months ended June 30, 
Sales of finished goods and raw materials  2024   2025 
Customer A  $48,488,869    45.5%  $
*
   
*
Customer B   *    *    14,012,277    18.6%

 

* Comprised less than 10% of net revenue for the respective period.

 

The Company had the following customers that individually comprised 10% or more of net trade receivable (included VAT) as of December 31, 2024 and June 30, 2025 as follows:

 

   December 31, 2024   June 30, 2025 
Customer B  $10,676,044    41.5%  $3,070,490    11.2%
Customer C   *    *    6,346,979    23.1%
Zhengzhou BAK (note 17)   5,970,184    23.2%   5,569,333    20.3%

 

* Comprised less than 10% of net accounts receivable for the respective period.

 

The Company had the following suppliers that individually comprised 10% or more of net purchase for the three months ended June 30, 2024 and 2025 as follows:

 

   Three months ended June 30, 
   2024   2025 
Zhengzhou BAK (note 17)  $4,439,620    12.45%  $
*
   
*
Supplier A   *    *    3,698,855    10.1%

 

The Company had the following suppliers that individually comprised 10% or more of net purchase for the six months ended June 30, 2024 and 2025 as follows:

 

   Six months ended June 30, 
   2024   2025 
Zhengzhou BAK (note 17)  $7,012,173    10.35%  $
*
   
*
Supplier B   *    *    7,004,753    10.1%

 

* Comprised less than 10% of net purchase for the respective period.

  

The Company had the following suppliers that individually comprised 10% or more of trade payable as of December 31, 2024 and June 30, 2025 as follows:

 

   December 31, 2024   June 30, 2025 
Supplier A  $
*
    
*
   $4,221,910    11.3%
Supplier B   3,263,562    12.4%   4,098,758    11.0%

 

(b) Credit Risk

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and pledged deposits. As of December 31, 2024 and June 30, 2025 substantially all of the Company’s cash and cash equivalents were held by major financial institutions and online payment platforms located in the PRC, which management believes are of high credit quality. The Company has not experienced any losses on cash and cash equivalents to date. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk.

For the credit risk related to trade accounts receivable, the Company performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses.