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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 10,476,254 $ 6,724,360
Pledged deposits 52,872,417 54,061,642
Term deposits 4,237,090
Trade and bills receivable, net 47,798,445 32,938,918
Inventories 34,487,742 22,851,027
Prepayments and other receivables 11,289,446 20,004,966
Receivables from former subsidiary 1,994 12,399
Income tax recoverable 767,112 566,458
Total current assets 157,693,410 141,396,860
Property, plant and equipment, net 82,838,830 85,486,829
Construction in progress 89,458,297 42,526,859
Long-term investments, net 2,337,150 2,246,494
Prepaid land use rights 12,214,974 11,075,973
Intangible assets, net 74,902 382,962
Deposit paid for acquisition of long-term investments 16,262,446 15,864,318
Operating lease right-of-use assets, net 2,983,055 3,237,849
Total assets 363,863,064 302,218,144
Current liabilities    
Trade and bills payable 118,436,255 84,724,386
Short-term bank borrowings 29,569,757 26,087,350
Other short-term loans 336,612 335,715
Accrued expenses and other payables 77,306,488 58,285,635
Payable to a former subsidiary, net 412,155 419,849
Deferred government grants, current 570,172 556,214
Product warranty provisions 23,453 23,426
Operating lease liability, current 1,347,803 1,268,405
Total current liabilities 228,002,695 171,700,980
Long-term bank borrowings 4,760,768
Deferred government grants, non-current 10,189,350 7,580,255
Product warranty provisions 473,224 420,688
Operating lease liability, non-current 1,980,733 2,449,056
Total liabilities 245,406,770 182,150,979
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 88,645,836 issued and outstanding as of September 30, 2025 88,646 90,083
Donated shares 7,955,358 14,101,689
Additional paid-in capital 248,487,184 247,842,445
Statutory reserves 3,042,602 1,230,511
Accumulated deficit (126,419,516) (122,605,730)
Accumulated other comprehensive loss (11,745,017) (14,919,345)
Stockholders' equity (deficit) before Treasury Stock 121,409,257 125,739,653
Less: Treasury shares (4,066,610)
Total shareholders’ equity 121,409,257 121,673,043
Non-controlling interests (2,952,963) (1,605,878)
Total equity 118,456,294 120,067,165
Total liabilities and shareholder’s equity $ 363,863,064 $ 302,218,144