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| Related Party Transactions and Balances | 16. Related Party Transactions and Balances
For the year ended December 31, 2025 and 2024, the Group sold manufactured products to Yangzhou Meihua Import and Export Co., Ltd. The balance as of December 31, 2025 is outstanding as of the date of this report.
For the year ended December 31, 2024, the Company advanced $6,849,972 (RMB50 million) to Zhongxiangxin for its working capital purpose with a fixed interest rate of 2.35%. As of December 31, 2024, principal and interests amounted to $6,854,443, which were fully collected on March 20, 2025.
For the year ended December 31, 2024, the Company advanced $10,190,726 to Hainan Guoxie for its working capital purpose. The advance is interest-free and will be converted into a capital injection in Hainan Guoxie. For the year ended December 31, 2025, the Company further advanced $1,275,600 (RMB5.8 million) to Hainan Guoxie.
For the year ended December 31, 2025, the Company advanced $10,438,861 to Jiangsu Guomai for its working capital purpose with a fixed interest rate of 2.35%, The advance was used to support the operations of Guomai. After partial collection, the principle and interests amounted to $10,009,867 as of December 31, 2025.
The Company sells products to its related parties and the sales amount from related parties for 2025, 2024 and 2023 are as follows:
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