Hongli Group Inc.

Listed Company

HLPCIK 0001855557NasdaqNon-AcceleratedEmerging GrowthGeneral Industrial Machinery & Equipment, NecE9KY

Period

FY 2024

Revenue

$14.11M

Net Income

$-1.88M

Total Assets

$65.01M

Equity

$53.49M

Shares Out

73.44M

Op. Cash Flow

$-414.0K

Business

Hongli Group Inc. is an offshore holding company that consolidates the operations of its PRC variable interest entity to provide industrial cold roll formed steel profile products. The company designs, manufactures and deep-processes custom-made CRF steel profiles and related electrocoating, welding, laser cutting and assembly services for machinery and equipment. Its business is conducted through its corporate structure including Hongli HK, Hongli WFOE and the VIE, Shandong Hongli Special Section Tube Co., Ltd., and subsidiaries such as Maituo and Haozhen. The company primarily serves customers across more than 30 cities in China and sells internationally to markets in South Korea, Japan, the U.S. and Europe, supplying OEMs and their suppliers through direct contracts and distributor channels.

Summary from filing dated 2025-05-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Revenues, net	20	14	16
Cost of revenues	13	10	11
Gross profit	6	5	5
Operating expenses:	—	—	—
Sales and marketing expenses	935,432	669,542	631,359
General and administrative expenses	2	5	3
Research and development expenses	994,500	818,312	962,961
Total operating expenses	4	6	4
Income from operations	2	−2	1
Other income and (expense):	—	—	—
Interest and financing expenses, net	469,710	466,386	631,558
Other income	215,881	185,299	591,440
Other expenses	7,932	8,860	47,855
Total other expenses, net	−261,761	−289,947	−87,973
Income (loss) before income taxes	2	−2	932,462
Income tax expenses	228,684	8,392	67,740
Net income (loss)	2	−2	864,722
Other comprehensive income (loss):	—	—	—
Foreign currency translation gain (loss)	2	−700,623	−659,161
Total comprehensive income (loss)	4	−3	205,561
Weighted average common shares outstanding:	—	—	—
Basic (in Shares)	73	17	12
Diluted (in Shares)	73	17	12
Earnings (loss) per share:	—	—	—
Basic (in Dollars per share)	0.03	−0.11	0.07
Diluted (in Dollars per share)	0.03	−0.11	0.07

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Current assets	—	—
Cash and cash equivalent	2	909,716
Restricted cash	74,018	15,070
Accounts receivable, net	9	6
Notes receivable	1	522,331
Inventories, net	2	3
Due from related parties – officers	356,576	40
Prepayments and other current assets	1	2
Total current assets	16	12
Non-current assets	—	—
Property, plant and equipment, net	12	10
Prepayments for purchase of Yingxuan Assets	5	5
Intangible assets, net	4	4
Deposit for investment	34	33
Deferred tax assets, net	47,781	40,773
Total non-current assets	56	53
TOTAL ASSETS	72	65
Current liabilities	—	—
Short-term loans	12	6
Accounts payable	2	1
Due to related parties - officers	4,207	21,247
Income tax payable	185,562	36,505
Accrued expenses and other payables	777,588	694,712
Total current liabilities	14	8
Non-current liabilities	—	—
Long-term loans	—	3
Total non-current liabilities	—	3
Total liabilities	14	12
COMMITMENTS AND CONTINGENCIES	—	—
SHAREHOLDERS’ EQUITY:	—	—
Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 73,438,750 and 73,438,750 shares issued and outstanding as of December 31, 2025 and 2024, respectively	7,344	7,344
Additional paid-in capital	43	43
Statutory reserve	370,683	370,683
Retained earnings	14	12
Accumulated other comprehensive income (loss)	788,630	−2
TOTAL SHAREHOLDERS’ EQUITY	58	53
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	72	65

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
CASH FLOWS FROM OPERATING ACTIVITIES	—	—	—
Net income (loss)	2	−2	864,722
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	—	—	—
Depreciation	687,159	804,395	871,445
Amortization of right-of-use assets	—	37,335	73,422
Amortization of intangible assets	124,047	101,315	100,689
Allowance for current expected credit losses	124,517	38,616	52,914
(Gain) loss on disposals of property and equipment and intangible assets	16,835	−105,954	339,117
Share-based compensation	—	2	—
Change in inventory reserve	125,614	488	32,412
Deferred tax benefit	−18,120	−31,223	−25,129
Changes in operating assets and liabilities:	—	—	—
Accounts receivable	3	−1,845	−1
Notes receivable	701,686	385,084	−57,678
Inventories	−193,149	394,565	−157,729
Prepayments and other current assets	−978,924	1	134,308
Other non-current assets	—	—	−2,118
Due from related parties	—	—	−117,210
Due to related parties	53,307	−10,417	−138,951
Accounts payable	444,917	39,274	−2
Accrued expenses and other payables	43,951	261,255	−310,147
Income tax payable	143,472	810	−96,217
Net cash provided by (used in) operating activities	878,267	−414,034	884,917
CASH FLOWS FROM INVESTING ACTIVITIES	—	—	—
Purchase of property and equipment	217,443	32,506	302,393
Purchase of intangible assets	—	—	561,395
Prepayments for purchase of Yingxuan Assets	1	277,944	2
Proceeds from sale of property and equipment	41,740	2,779	738,607
Deposit for investment	—	33	—
Advance to related parties	410,017	—	351,924
Repayment from related parties	423,930	346,238	—
Net cash used in investing activities	−1	−33	−2
CASH FLOWS FROM FINANCING ACTIVITIES	—	—	—
Payments for financing liabilities	—	44,763	235,969
Payments for finance leases	—	45,235	307,637
Advances from related parties	—	1	5
Repayments to related parties	—	1	5
Payments of offering costs	—	—	229,723
Borrowings from short term loans	9	7	2
Repayments of short term loans	7	7	2
Borrowings from long term loans	—	416,916	5
Repayments of long term loans	288,596	147,310	11
Proceeds from initial public offering, net of costs	—	—	7
Proceeds from exercise of option, net of costs	—	—	1
Proceeds from private placement	—	33	—
Net cash provided by financing activities	1	34	382,094
Effect of exchange rate changes	87,935	326,383	−311,747
Net increase (decrease) in cash and cash equivalents and restricted cash	960,381	109,117	−1
Cash and cash equivalents and restricted cash, end of year	—	—	—
Cash and cash equivalents and restricted cash, end of year	—	—	—
Cash and cash equivalents	—	—	—
Restricted cash	—	—	—
Cash and cash equivalents and restricted cash, end of year	—	—	—
Cash paid during the year for:	—	—	—
Income taxes	90,294	38,805	374,487
Interest paid	354,567	599,524	650,803
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES	—	—	—
Property, plant and equipment acquired in exchange of notes receivable	219,117	87,477	—
Property, plant and equipment acquired and applied from prepayments	17,116	80,654	—
Right-of-use assets transferred to property and equipment upon exercise of purchase option	—	626,414	508,617

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