MTEN Mingteng International Corporation Inc

Exhibit 99.1

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. As a result of many important factors, our actual results and the timing of events may differ materially from those anticipated in these forward-looking statements. All amounts included herein with respect to the six months ended June 30, 2024 and 2023 are derived from our unaudited condensed consolidated financial statements in this filing. Our financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP.

 

Overview

 

We are a holding company incorporated in the Cayman Islands, it is a holding company with no business operations. Wuxi Mingteng Mould Technology Co., Ltd. (“Wuxi Mingteng Mould”) is our PRC subsidiary, incorporated in the PRC. We are an automotive mold developer and supplier in China. Wuxi Mingteng Mould was established in December 2015, focusing on molds used in auto parts. We are committed to providing customers with comprehensive and personalized mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service.

 

We provide a wide variety of products. Our main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts.

 

We also produce molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries.

 

Our production plant is located in Wuxi, China. We use technologically advanced procedures and equipment to produce molds. We use a mold manufacturing processing center, which allocates different machines to manufacture according to the size of the mold and the shape of the accessories. Our mold development and production process are supported by our research and development (“R&D”) team (including experts such as foundry technologists and mold designers), using advanced Computer Aided Design (“CAD”), Computer Aided Manufacturing (“CAM”) and software technologies to analyze feasibility and validity of mold designs and specifications. Our quality and capability have obtained the 2019 Jiangsu High-tech Enterprise Certification and ISO9001:2015 certification.

 

In order to improve our technical level and service quality, we are committed to developing and producing molds through technological innovation. We believe that the design and quality of our molds are extremely important to the accuracy and efficiency of our customers’ manufacturing processes. Our existing technical team consists of 21people, all with professional knowledge in casting, machining, and automation. They analyze customers’ casting and processing technology, propose solutions and improvement suggestions to customers to enhance the efficiency and safety of their products. In addition, we believe our research and patents in the field of automotive casting molds have earned us recognition from our customers, and we have registered 13 authorized utility model and invention patents in China.

 

We are a supplier to a number of Chinese listed companies and have established long-term business relationships with leading major customers in the automobile parts manufacturing industry, most of whom have more than 5 years of business relationship with us. Our customers include Kehua Holding Co., Ltd. (ticker: 603161), Wuxi Lihu Booster Technology Co., Ltd. (ticker: 300580), and Wuxi Best Precision Machinery Co., Ltd. (ticker: 300694). Our close relationships with these major customers demonstrate our strengths in technical capabilities, service reputation and product quality.

 

Our revenue mainly comes from customized mold production, mold repair and machining services. The revenue derived from customized mold production accounted for 71.3% and 84.3% of our total revenue for the six months ended June 30, 2024 and 2023, respectively. The revenue derived from mold repair accounted for 11.1% and 13.4% of our total revenue for the six months ended June 30, 2024 and 2023, respectively. The revenue derived from machining services accounted for 17.6% and 2.3% of our total revenue for the six months ended June 30, 2024 and 2023, respectively.  

  

 

Our organization

 

The following chart shows our current corporate structure:

 

 

 

Mingteng International was incorporated under the laws of the Cayman Islands on September 20, 2021, as an exempted company with limited liability.

 

Mingteng International owns a 100% equity interest in Mingteng HK, an entity incorporated on November 4, 2021, in accordance with the laws and regulations in Hong Kong. Mingteng HK is a holding company and is not actively engaged in any business.

 

Ningteng WFOE was incorporated on September 6, 2022, under the laws of the PRC. Ningteng WOFE is a wholly owned subsidiary of Mingteng HK and is not actively engaged in any business.

 

Wuxi Mingteng Mould is a limited liability company incorporated on December 15, 2015, under the laws of the PRC. Wuxi Mingteng Mould is a wholly owned subsidiary of Ningteng WFOE and is our operating entity. Wuxi Mingteng Mould is primarily engaged in providing clients with comprehensive and personalized mold services and solutions in the PRC, including mold design and development; mold production, repair, testing and adjustment.

 

Factors Affecting Our Results of Operations

   

Impact of COVID-19 Outbreak

 

The outbreak of a novel strain of coronavirus (“COVID-19”) has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities globally for the past two years. In March 2020, the World Health Organization declared COVID-19 as a pandemic. Given the rapidly expanding nature of the COVID-19 pandemic, and because substantially all of our business operations and our workforce are concentrated in China, we believe there is a risk that our business, results of operations, and financial condition will be adversely affected. Potential impact on our results of operations will also depend on future developments and new information that may emerge regarding the duration and severity of COVID-19 and the actions taken by government authorities and other entities to contain COVID-19 or mitigate its impact, almost all of which are beyond our control.

 

 

COVID-19 has had a certain degree of influence on the Company’s operations during the years ended December 31, 2021 and 2022. However, with the effective operation of epidemic prevention measures, the epidemic did not seriously affect the Company’s order volume and production capacity.

 

In December 2022, China released a set of 10 optimized COVID-19 rules and eliminated most containment measures. In late December, the number of infections in the Company increased and production activity slowed down. With the recovery of employees, the production and operations of the Company gradually returned to normal in 2023. The continuing impact of COVID-19 remains unpredictable. In coping with the ongoing COVID-19 pandemic, the Company will reasonably dispatch employees and arrange working hours in the future to ensure the steady progress of production activities.

 

Changes in the availability, quality and cost of key raw materials, transportation and other necessary supplies or services

 

Our raw materials consist primarily of steel plates and casting. The cost of raw materials represents a significant portion of our total cost of revenues.

 

Raw material costs represent 30.03% and 39.38% of our total cost of revenues for the six months ended June 30, 2024 and 2023, respectively.

 

We are exposed to fluctuations in the prices of raw materials, transportation, and other necessary supplies or services due to factors beyond our control, such as policies, inflation, and changes in the supply and demand for such relevant raw materials. We may not be able to offset the price increases by increasing our product prices, in which case our margins would decline and our financial condition and results of operations could be materially and adversely affected. In addition, if we significantly increase the prices of our products, we may lose our competitive advantage. This in turn could result in a loss of sales and customers. In either case, our business, financial condition, and results of operations could be materially and adversely affected.

 

Our business is dependent on certain major customers and changes or difficulties in our relationships with our major customers may harm our business and financial results.

 

For the six months ended June 30, 2024 and 2023, ten major customers accounted for approximately 77.8% and 89.0% of the Company’s total sales, respectively. Any decrease in sales to these major customers may negatively impact the Company’s operations and cash flows if the Company fails to increase its sales to other customers.

 

As of June 30, 2024 and December 31, 2023, ten major customers accounted for approximately 82.6% and 85.7% of the Company’s accounts receivable balance, separately.

 

If we cannot maintain long-term relationships with our major customers or replace major customers from period to period with equivalent customers, the loss may negatively impact our business, financial condition, and results of operations. If our customer base decreases, we may not be able to generate sufficient revenue to cover our increased costs and expenses. As a result, our business and results of operations may be materially and adversely affected.

 

Our business is related to the development of upstream and downstream industries.

 

Mold production is closely related to the development of upstream and downstream industries. With the gradual saturation of the Chinese automotive market, the production of molds related to auto parts may be affected.

  

 

Results of Operations

 

Comparison of Results of Operations for the Six Months Ended June 30, 2024 and 2023

 

The following table summarizes our results of unaudited operations for the six months ended June 30, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

 

(UNAUDITED)

 

		For the Six Months Ended June 30,
		2024								2023								Variance
		Amount				% of revenue				Amount				% of revenue				Amount				%
Revenues		$	4,646,389				100.0	%		$	3,667,888				100.0	%		$	978,501				26.7	%
Cost of revenues			(2,994,601	)			(64.5	)%			(2,104,452	)			(57.4	)%			(890,149	)			42.3	%
Gross profit			1,651,788				35.5	%			1,563,436				42.6	%			88,352				5.7	%
Operating expenses:
Selling expenses			125,535				2.7	%			72,735				2.0	%			52,800				72.6	%
General and administrative expenses			1,512,909				32.6	%			582,702				15.9	%			930,207				159.6	%
Research and development expenses			288,182				6.2	%			224,756				6.1	%			63,426				28.2	%
Total operating expenses			1,926,626				41.5	%			880,193				24.0	%			1,046,433				118.9	%
(Loss)income from operations			(274,838	)			(5.9	)%			683,243				18.6	%			(958,081	)			(140.2	)%
Other income (expenses):
Government subsidies			-				-	%			2,886				0.1	%			(2,886	)			(100	)%
Interest income			579				0.0	%			3,289				0.1	%			(2,710	)			(82.4	)%
Interest expense			(15,749	)			(0.3	)%			(27,474	)			(0.8	)%			11,725				(42.7	)%
Other income, net			16,618				0.4	%			6,570				0.2	%			10,048				152.9	%
Total other income(expenses), net			1,448				(0.0	)%			(14,729	)			(0.4	)%			16,177				(109.8	)%
(Loss)income before income taxes			(273,390	)			(5.9	)%			668,514				18.2	%			(941,904	)			(140.9	)%
Benefit from(provision for) income taxes			7,548				0.2	%			(106,187	)			(2.9	)%			113,735				(107.1	)%
Net (loss) income		$	(265,842	)		$	(5.7	)%		$	562,327			$	15.3	%		$	(828,169	)			(147.3	)%

 

Revenue

 

Currently, we have three revenue streams: mold production, mold repair and machining services.

 

Total revenue for the six months ended June 30, 2024 increased by $978,501, or 26.7%, to $4,646,389 from $3,667,888 for the same period in 2023. After consideration of the impact of rising exchange rates, total revenue increased by 29.9% or 7.6 million in RMB base currency. 

  

 

The following table sets forth the breakdown of our unaudited revenue for the six months ended June 30, 2024 and 2023, respectively:

 

(UNAUDITED) 

 

		For the Six Months Ended June 30,
		2024								2023								Variance
		Amount				%				Amount				%				Amount				%
Mold production		$	3,312,007				71.3	%		$	3,093,511				84.3	%		$	218,496				7.1	%
Mold repair			518,300				11.1	%			489,465				13.4	%			28,835				5.9	%
Machining services			816,082				17.6	%			84,912				2.3	%			731,170				861.1	%
Total		$	4,646,389				100.0	%		$	3,667,888				100.0	%		$	978,501				26.7	%

 

Revenues from mold production. Revenues from mold production accounted for 71.3% and 84.3% of our total revenues for the six months ended June 30, 2024 and 2023, respectively. Revenue from mold production increased by $218,496, or 7.1% from $3,093,511 for the six months ended June 30, 2023 to $3,312,007 for the same period in 2024. After consideration of the impact of rising exchange rates, revenue from mold production in the first half of 2024 has actually increased by 9.8% compared to the same period in 2023 measured in CNY base currency. This indicates that Wuxi Mingteng Mould maintains long-term relationships with major customers and continues to open up the mold market in the fiscal year 2024.

  

Revenues from mold repair. Revenues from mold repair accounted for 11.1% and 13.4% of our total revenues for the six months ended June 30, 2024 and 2023, respectively. The declined in proportion mainly due to the total revenue had increased. Revenues from mold repair only increased by $28,835, or 5.9% from $489,465 for the six months ended June 30, 2023 to $518,300 for the same period in 2024.  

 

Revenues from machining services. Revenues from machining services accounted for 17.6% and 2.3% of our total revenues for the six months ended June 30, 2024 and 2023, respectively. Revenues from machining services has significantly increased by $731,170, or 861.1% from $84,912 for the six months ended June 30, 2023 to $816,082 for the same period in 2024. The revenue derived from machining services has experienced rapid growth in fiscal year 2023 and the first half of year 2024, its mainly attributed to the company continuing investment in improving our production capacity in the second half of year 2023 and the first half of year 2024. Revenues from machining services gradually serve as a main source of revenue for the Company in the first half of year 2024. Currently, Kehua Holding Co., Ltd. and Suzhou Green Control Transmission Technology Co., Ltd are our major customers in machine services.

   

Cost of Revenues

 

The following table sets forth the breakdown of our unaudited cost of revenue for the six months ended June 30, 2024 and 2023, respectively:

 

(UNAUDITED) 

 

		For the Six Months Ended June 30,
		2024								2023								Variance
		Amount				%				Amount				%				Amount				%
Mold production		$	2,170,068				72.5	%		$	1,849,083				87.9	%		$	320,985				17.4	%
Mold repair			204,433				6.8	%			188,117				8.9	%			16,316				8.7	%
Machining services			590,050				19.7	%			35,988				1.7	%			554,062				1539.6	%
Sales tax			30,050				1.0	%			31,264				1.5	%			(1,214	)			(3.9	)%
Total		$	2,994,601				100.0	%		$	2,104,452				100.0	%		$	890,149				42.3	%

 

The cost of revenues increased by $890,149, or 42.3%, to $2,994,601 for the six months ended June 30, 2024, from $2,104,452 for the same period in 2023. After considered of the impact of rising exchange rates, cost of revenue in the first half of 2024 had actually increased by 45.9 compared to the same period in 2023 measured in CNY base currency, which was mainly due to the increase in outside processing services, labor cost and manufacturing costs.

 

 

The total revenue has increased by 26.7%, but the total cost of revenue has increased by 42.3, the reasons for the cost increase much more than revenue are as follows:

 

First is the increase in the investment in machinery and equipment in fiscal year 2023 and the first half of year 2024. In order to pursue the future development of the aluminum alloy pressure casting mold business and machining service business and expand production capacity, the total investment of production machinery and equipment for the six months ended 2024 and the second half of year 2023 was $615,935 and $650,982, respectively, resulting in an increase in depreciation & maintenance expense which allocated to production costs of $43,844. The current depreciation expense has increased to $220,010 for the six months ended 2024 compared with $176,166 for the same period in 2023. Due to the expansion of production scale in the first half of year 2024, the total manufacturing costs had increased by $350,821, or 56.39%, amount to $972,995 for the six months ended in June 30, 2024 from $622,174 as compared with the same period in 2023, such as the low-value consumption materials, charges for water and electricity and outside processing services costs also increase accordingly as the scale of production orders increased.

 

Second, in order to promote the future development of the aluminum alloy pressure casting mold business and machining service and expand our production capacity, Wuxi Mingteng Mould hired more production workers in the second half of year 2023 and 2024, which lead to an increase in labor cost by approximately $475,230 compared with the same period in year 2023.This is the main incremental for the cost of revenue.

 

Last, due to the expansion of sales, our production orders had increased, which means the materials assumptions also increased accordingly, the assumption of materials had increased by $174,495, amount to $915,032 for the six months ended 2024 from $740,537 for the same period in 2023. 

   

Gross Profit 

 

Total gross profit was $1,651,788 for the six months ended June 30, 2024, an increase of $88,352 from $1,563,436 for the same period in 2023. Gross profit margin declined by 16.6%, to 35.5% or the six months ended June 30, 2024, from 42.6% for the same period in 2023.

 

Our gross profit and gross profit margin by product types were as follows:

 

(UNAUDITED) 

 

		For the Six Months Ended June 30,
		2024								2023								Variance
		Gross profit				Margin %				Gross profit				Margin %				Gross profit				Margin %
Mold production		$	1,141,939				34.5	%		$	1,244,428				40.2	%		$	(102,489	)			(8.2	)%
Mold repair			313,867				60.6	%			301,348				61.6	%			12,519				4.2	%
Machining services			226,032				27.7	%			48,924				57.6	%			177,108				362.0	%
Sales tax			(30,050	)			-				(31,264	)			-				1,214				(3.9	)%
Total		$	1,651,788				35.5	%		$	1,563,436				42.6	%		$	88,352				5.7	%

 

Gross profit for mold production decreased by $102,489 to $1,141,939 for the six months ended June 30, 2024, as compared to $1,244,428 for the same period in 2023. The manufacturing costs, labor costs and the depreciation expense collocated to cost of sales all increased due to expanded production scale, which resulted in increase in total cost of sales. Costs increased at a greater rate than the increase in revenue for the six months ended June 30, 2024 compared with the same period in 2023, which led to the decrease in gross profit and gross profit margin. Mold production is the main source of revenue of the Company, Due to a significant increase in order volume in the first half of 2024 compared to the first half of 2023, the total cost of sales increased by 17.4% which adversely affected the profit margin of mold production business. Due to the fact that mold production remains the main source of revenue for the Company, the increase in manufacturing costs and labor costs absorption was the largest. As the mold production industry market competition intensifies, we may lose our competitive advantage if we significantly increase the prices of our products, in order to maintain the Company’s competitive advantage, while product costs had increased, we had not increased the selling price of our products, which resulted in declined gross profit.

 

 

Gross profit for mold repair had a slightly increase in gross profit by $12,519 to $313,867 for the six months ended June 30, 2024, as compared to $301,348 for the same period in 2023. The gross profit margin decreased by 1.6% for the six months ended June 30, 2024 to 60.6% from 61.6% for the same period in 2023, that was due to unfavorable exchange rate fluctuations. Since the mold repair business seldom needs complicated design and processing it was less affected by the increase in the labor costs and depreciation expenses.

 

Gross profit for machining services had a rapid growth in gross profit by $177,108 to $226,032 for the six months ended June 30, 2024, as compared to $48,924 for the same in 2023, it was attributed to the Company’s continuous promotion of machining services business and improvement of production capacity. Despite the gross profit had increased, the gross profit margin had decreased sharply from 57.6% for the six months ended June 30, 2023 to 27.7% for the same period in 2024, it’s mainly due to the company continuing investment in production equipment for promoting the machining services business, and the increase in manufacturing costs due to the sales volume increased, and the increase in labor costs as mentioned above. The machining services business had formed scale production in the first half of 2024, due to the high competition pressure in the mold production industry, the Company has limited bargaining power, it is difficult to increase the order price, in order to avoid wasting productivity resources, we can only adopt a marketing policy of low profit and high sales volume, so the gross profit margin declined greatly.

 

Operating Expenses

 

(UNAUDITED)

 

		For the Six Months Ended June 30,
		2024								2023								Variance
		Amount				%				Amount				%				Amount				%
Selling expenses		$	125,535				6.5	%		$	72,735				8.3	%		$	52,800				72.6	%
General and administrative expenses			1,512,909				78.5	%			582,702				66.2	%			930,207				159.6	%
Research and development expenses			288,182				15.0	%			224,756				25.5	%			63,426				28.2	%
Total operating expenses		$	1,926,626				100.0	%		$	880,193				100.0	%		$	1,046,433				118.9	%

  

Selling Expenses

 

Selling expenses were $125,353 for the six months ended June 30, 2024, an increase of $52,800, or 72.6%, from $72,735 for the same period in 2023. The increase in selling expenses was mainly due to a promotion and publicity expenses amount to $30,964 in the year 2024, and due to the expansion of sales volume, the transportation expenses increased by $15,936, and the increase in visiting customers has led to an increase in business entertainment expenses amount to $9,574.

 

General and Administrative Expenses

 

Our general and administrative expenses were $1,512,909 for the six months ended June 30, 2024, an increase of $930,207 or 159.6%, from $582,702 for the same period in 2023. The increase was mainly due to a) the validity period for the accrual of social security and housing provident funds under the laws of the PRC for the six months ended 2022 has expired on June 30,2024, which should be written off, led to the decrease of $40,558 for the period ended June 30, 2024 compared to 2023; and b) the increase of consulting fee for the six months ended June 30, 2024 by $819,715 compared with the same period in 2023, the company had paid large amount of consulting and professional fees for the Initial Public Offering(“IPO”) in April 2024; and c) due to the number of employees increased, the employee welfare expenses had increased by $15,646; and d) in order to increase sales volume and develop new customers, the business travel expenses increased by $18,548 for the six months ended June 30, 2024 as compared to the same period in 2023; e) due to the increase in the number of employees and the expansion of production scale, office expenses have increased by $35,990 for the six months ended June 30, 2024 as compared to the same period in 2023;f) after the successful listing of the Company, three independent directors were hired, resulting in an increase in salaries of $22,500.

 

 

Research and Development Expenses

 

Research and development expenses increased by $63,426, or 28.2%, to $288,182 for the six months ended June 30, 2024, from $224,756 for the same period in 2023. This increase is mainly attributable to the a) increase in labor expenses by $57,068 for the six months ended 2024 due to the increased number of employees involved in R&D work and the increase in average salary; b) increase in the material assumption by $12,348 for the six months ended June 30, 2024 compared with the same period in 2023, c) decrease in patents application expenses by $5,459 for the six months ended June 30, 2024.

 

Other income

 

Government subsidies

 

We receive various government subsidies from time to time, such as the “The High-Tech Enterprise Cultivation Award”, we cannot predict the likelihood or amount of any future subsidies.

 

For the six months ended June 30, 2024, no government subsidies were received yet. For the same period in 2023, government subsidies were $2,886.

   

Interest income

 

For the six months ended June 30, 2024, interest income was $579, decreased by $2,710 as compared with the same period in 2023, interest income was $3,289 for the same period in 2023. This mainly due to the decrease in average bank deposits during the six months ended June 30, 2024 compared to the same period in 2023, and the interest rate of bank deposit had declined during the second half of 2023 and the first half of 2024.

 

Interest expense

 

For the six months ended June 30, 2024, interest expense was $15,749. For the same period in 2023, interest expense was $27,474, the decrease of $11,725 mainly due to the decline of average bank loans for the six months ended June 30, 2024 compared with the same period in 2023, in addition, the reduction in bank loan interest rates was another reason for the decrease in interest expenses.

  

Other income, net

 

For the six months ended June 30, 2024 and 2023, other income, net mainly includes a) sales of waste material of $4,781 and $3,722 in the first half of 2024 and 2023, respectively, b) VAT tax refund of $18,924 and 2,848 for the six months ended June 30, 2024 and the same period in 2023, respectively, c) loss on disposal of assets of $7,087 for the six months ended June 30, 2024.

   

Benefit from/Provision for Income Taxes

 

Our benefit from income taxes was $7,548 for the six months ended June 30, 2024, for the same period in 2023, there was a tax provision of $106,187, the decrease of $113,735, or 107.1% was mainly due to the a)the decrease in pre-tax profit for the PRC subsidiary, the current income tax expense has decreased by $101,801, and b) the current deferred income tax decreased by $10,293, c) deductible R&D expenditure which led to a decrease of $13,265, its partially offset by d) the reversal of allowance for credit losses and inventory impairment loss which led to a total increase of $3,426, e) the increase of $1,332 from adjustment of entertainment expense, f) the current income tax expenses increased by $6,867 which arisen from the adjustment of depreciation of one-time tax deductible properties and equipment purchased in fiscal year 2023.  

 

 

Under the Enterprise Income Tax (“EIT”) Law of the PRC, domestic enterprises are usually subject to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemptions may be granted on a case-by-case basis. The PRC tax authorities grant preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. Since Wuxi Mingteng Mould was approved as an HNTE in December 2019, Wuxi Mingteng Mould is entitled to a reduced income tax rate of 15% beginning December 2019 and is able to enjoy the reduced income tax rate through December 2022. In November 2022, Wuxi Mingteng Mould reapplied to obtain the recognition of HNTE and the preferential rate of 15% was extended to November 2025.  

 

Net Loss and Income

 

As a result of the foregoing, our net loss for the six months ended June 30, 2024 was $265,842, and for the same period in 2023, the net income was $562,327.

  

Liquidity and Capital Resources

 

As of June 30, 2024 and 2023, we had cash and cash equivalents of $1,381,406 and $1,590,204, respectively.

   

Our main sources of operating funds are from net income and external borrowings and we are confident they are sufficient to sustain our operations after the offering.

 

Working Capital

  

Total working capital as of June 30, 2024 amounted to $3,505,610 compared to $3,063,694 as of June 30, 2023. The current assets increase mainly due to the increase in accounts receivable and other receivables-bank acceptance notes totally of $1,108,145, and inventories of $41,847, its partially offset by the decreases in advance to supplier of $24,713 and the decreases in cash and cash equivalents of $208,798. Current liabilities amounted to $4,152,383 as of June 30, 2024 as compared to $3,669,385 as of June 30, 2023. This increase of liabilities was attributable mainly to the increases in short-term loan of $19,224, and accounts payable of $469,220, and advance from customers of $201,539, partially offset by the decrease in other liabilities totally by of $52,238, and decrease in current portion of lease liabilities of $43,025, and the decrease by $32,471 due to the repayment of long-term payable.

   

Capital Needs

 

To date, we have financed our operations primarily through cash flows from operations, short-term loans from bank and proceeds from public offering. With the increasing market competition in the mold production industry, our management believes it is necessary to enhance the collection of outstanding accounts receivable and other receivables and to be cautious on operational decisions and project selection. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the recoverability of individual balances. Our management is confident in the collection of account receivables and other receivables.

 

Cash Flows Analysis

 

Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023

 

The following table sets forth a summary of our unaudited cash flows for the periods indicated:

 

(UNAUDITED)

 

		For the Six Months Ended June 30,
		2024				2023
Net cash used in operating activities		$	(663,198	)		$	(65,621	)
Net cash used in investing activities			(3,159,280	)			(21,765	)
Net cash provided by (used in) financing activities			4,154,100				(56,830	)
Effect of foreign exchange rate on cash and cash equivalents			(6,452	)			(58,903	)
Net increase (decrease) in cash and cash equivalents			325,170				(203,119	)
Cash and cash equivalents at the beginning of the period			1,056,236				1,793,323
Cash and cash equivalents at the end of the period		$	1,381,406			$	1,590,204

 

 

Operating Activities

 

Net cash used in operating activities amounted to $663,198 for the six months ended June 30, 2024. It was primarily due to a) a net loss of $265,842, adjusted by depreciation of $250,604, b) loss on disposal of property and equipment of $7,087, c) deferred income tax of $20,846, and d) recovery of bad debt provision by $8,463, e) increase in account receivable of $248,980 and other receivables-bank acceptance notes of 448,281 due to the increased sales scale, f) decrease in advances to suppliers of $122,765, g) increase in inventories of $122,625 due to the expansion of order volume, h) increase in accounts payable of $229,881 due to the increased purchase volume, i) decrease in advance from customers of $110,497, j) decrease in taxes payable of $115,684 due to the payments of last year’s income tax and additional taxes, and the decreased taxable profit for the six months ended June 30, 2024, k) increase in payroll payable of $39,160 due to the social security and public housing funding, and the salary for independent directors.

 

Net cash used in operating activities amounted to $65,621 for the six months ended June 30, 2023. It was primarily due to a) a net income of $562,327, adjusted by depreciation of $195,321, deferred income tax of $163,464; b) increase in account receivable of $426,906 and other receivables-bank acceptance notes of $60,322 due to the increased sales scale; c) increase in inventories of $278,448 due to the expansion of order volume; d) decrease in taxes payable of $393,478 due to the payments of last year’s income tax and additional taxes ; e) increase in advance to supplier of $58,638; and partially offset by a) increase in accounts payable of $106,258; b) increase in payroll payable of $75,478.

   

Investing Activities

 

Net cash used in investing activities amounted to $3,159,280 for the six months ended June 30, 2024. It was primarily due to purchase of property and equipment amount of $625,053, and the deposit made for potential equity-method investment amount of $2,478,000 in current period, and the prepayment for non-current assets of $56,227.

 

Net cash used in investing activities amounted to $21,765 for the six months ended June 30, 2023. It was primarily due to purchase of property and equipment.

 

Financing Activities

 

Net cash provided by financing activities was $4,154,100 for the six months ended June 30, 2024. During the first half of 2024, the Company received proceeds from short-term loans of $1,407,441 and repaid short-term loans of $281,488. Net proceeds from IPO amount to $3,293,096 for the six months ended June 30, 2024, and the deferred offering costs paid by cash amount to $264,949.

 

Net cash used in financing activities was $56,830 for the six months ended June 30, 2023. During the first half of 2023, the Company received proceeds from short-term loans of $1,443,184 and repaid short-term loans of $1,371,025.

   

Loan Facilities

  

On March 23, 2022, Wuxi Mingteng Mould entered into an additional short-term loan agreement with Jiangsu Wuxi Rural Commercial Bank with amount of RMB 4.5 million (approximately $0.67 million), with an annual interest rate of 4.45%. The maturity date of the loan is March 22, 2023. No collateral was required for the loan. The loan was repaid upon maturity.

 

 

On March 4, 2022, Wuxi Mingteng Mould entered into a secured short-term loan agreement with Bank of Jiangsu with amount of RMB 5 million (approximately $0.75 million), with an annual interest rate of 4%. The maturity date of the loan is March 3, 2023. Wuxi Mingteng Mould pledged two of their patent rights as collateral. The loan was repaid upon maturity.

 

On January 31, 2023, Wuxi Mingteng Mould entered into a short-term loan agreement with Wuxi Branch of Bank of China with amount of RMB 5 million (approximately $0.72 million), with an annual interest rate of 3.4%. The maturity date of the loan is January 30, 2024. Mr. Yingkai Xu and Ms. Jingzhu Ding provided joint personal guarantees for the loan. Wuxi Mingteng Mould had fully repaid the loan in advance on October 7, 2023.

 

On February 28, 2023, Wuxi Mingteng Mould entered into an additional unsecured short-term loan agreement with Bank of Jiangsu with amount of RMB 5 million (approximately $0.72 million), with an annual interest rate of 3.7%. The maturity date of the loan is February 27, 2024. Wuxi Mingteng Mould made a repayment of RMB 3 million (approximately $0.42 million) in advance on October 7, 2023, Wuxi Mingteng Mould had fully repaid the rest of the balance of RMB 2 million (approximately $0.28 million) on February 21, 2024.

 

On February 21, 2024, Wuxi Mingteng Mould entered into an additional unsecured short-term loan agreement with Bank of Jiangsu with principal amount of RMB 10 million (approximately $1.4 million), with an annual interest rate of 2.95%. The maturity date of the loan is February 20, 2025. 

  

Contingencies

 

From time to time, the Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Amounts accrued, as well as the total amount of possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements.

 

Off-Balance Sheet Arrangements

 

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered into any derivative contracts that are indexed to our own shares and classified as shareholders’ equity, or that are not reflected in our financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. Moreover, we do not have any variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

 

Inflation

 

Inflationary factors, such as increases in the cost of raw materials, personnel and overhead costs, could impair our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses if the revenues from our products do not increase with such increased costs. The global economy, including the U.S. economy, has experienced rising inflation in recent months. We source key materials from third parties located in China. Although China has not experienced significant inflation and thus inflation has not had a material impact on our results of operations, we cannot provide any assurances that we will not be affected in the future by higher rates of inflation in mainland China. Sustained or rising inflation may result in increased costs to us in obtaining supplies of key materials to produce our products. If we explore the international market in the future, inflation may affect us by increasing our cost of labor and freight costs for our exported products. As a result, our results of operations may be adversely impacted.

 

Our plan to mitigate inflationary pressures are as follows: 1) control the growth of external costs by locking in prices and buying in bulk; 2) consider user experience and profitability, strengthen communication with customers, and adjust our pricing strategy to meet cost increases; and 3) strengthen internal management and technology research, to improve production efficiency and reducing the waste of production resources. 

 

 

Supply Chain Analysis

 

For the six months ended June 30, 2024, there were four suppliers accounted for approximately 13.9%, 13.6%, 13.5% and 11.0%of the total purchases, none for the same period in 2023 accounted for more than 10%.

 

The raw materials used in production are mainly universal, such as steel and castings, which are highly replaceable and have a wide range of procurement sources. Therefore, we do not have a major dependence on suppliers, and the loss of some suppliers will not have a significant impact on our production.

 

Seasonality

 

The nature of our business does not appear to be affected by seasonal variations.

 

Critical Accounting Policies.

 

We prepare our consolidated financial statements in accordance with U.S. GAAP. These accounting principles require us to make judgments, estimates and assumptions on the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and assumptions that we believe to be reasonable.

 

The selection of critical accounting policies, the judgments and other uncertainties affecting the application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our consolidated financial statements.  

 

Use of estimates

 

In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the assessment of the allowance for doubtful accounts, the allowance for inventory obsolescence, useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities. Actual results could differ from those estimates.

 

Fair value of financial instruments

 

Accounting Standards Codification (“ASC”) 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

 

●

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

●

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

 

●

Level 3 - inputs to the valuation methodology are unobservable.

 

 

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, other receivables-bank acceptance notes, advances to suppliers, prepaid expenses and other receivables, short-term bank loans, accounts payable, advance from customers, due to related parties, taxes payable, and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available.

 

The Company’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

 

Revenue recognition

 

The Company accounts for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with FASB ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue to represent the transfer of products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of the product or the benefit of the services transfers to the customer. Under the guidance of FASB ASC 606, the Company is required to (a) identify the contract with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when (or as) the Company satisfies its performance obligations.

 

The Company’s main business income is divided into three categories, one is mold production, that is, contracts are signed to sell molds widely used in automobile, valve, water pump and other industries according to the customer’s needs. Second is mold repair, which provides customers with mold repair service, or provides sales of mold components. Last is providing customers with machining services, using the Company’s remaining capacity to provide customers with external processing services. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of FASB ASC 606, the Group recognizes revenue when the performance obligation in a contract is satisfied by transferring the control of promised goods or services to the customer.

 

Mold Production:

 

The Company signs contracts with customers and provides products according to the sales contract or sales list. The clients check the quantity and quality of products received, and then issue a confirmation as the proof of payment. Certain clients may also test the finished products as part of the confirmation process. Revenue is recognized when the Company receives the confirmation of product acceptance. 

 

The Company provides design and production services according to the sales contract or lists. The Company then transports and installs the finished products when clients give their order.

  

The design services are inseparable from project sales. A mold production contract may include two or more machine components, but all components are customized according to customer requirements. These components need to be combined under the guidance of design plans to produce qualified products to meet the needs of clients. Therefore, these services are highly interdependent and are never transferred to the customer on their own. Customers do not have the option to purchase these services separately principally due to the customization of each project. Accordingly, these services are not considered separate performance obligations and no revenue is associated with these services under FASB ASC 606 until the point in time when the project is complete and client confirmation is received.

 

The Company provides maintenance services and according to the contracts and the clients do not have the option to purchase these services separately. The promised warranty does not provide the clients with a service in addition to the assurance that the product complies with agreed-upon contract specifications and is considered an assurance warranty. The maintenance services and the warranty are not considered separate performance obligations and no revenue is associated with these services under FASB ASC 606. Historically, the Company has not experienced material costs for quality assurance and, therefore, does not believe an accrual for these costs are necessary.

 

 

Mold Repair：

 

The Company signs contracts with customers and provides repair services according to the contract or list and charges a certain fee. Revenue is recognized only after the repair service has passed the customer’s inspection.

 

Machining Services：

 

Machining services is a new revenue stream that occurred in the fiscal year 2021. The Company signs contracts with customers and provides machining services and charges a certain fee. The Company identifies the fulfillment of its obligation when transferring the product and issuing the VAT invoice to customers at which time revenue is recognized.

 

Cost of revenues

 

Cost of revenues consists primarily of the cost of raw materials, direct labor and manufacturing costs. We expect that our cost of revenues will increase in absolute amounts in the foreseeable future as we continue to expand our business.

 

Income taxes 

 

Mingteng International’s subsidiaries in the PRC and Hong Kong are subject to the income tax laws of the PRC and Hong Kong. No taxable income was generated outside the PRC for the fiscal years ended December 31, 2023 and 2022. The Company accounts for income taxes in accordance with ASC 740, Income Taxes. ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefits or future deductibility is uncertain.

 

The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures.

  

There were no material uncertain tax positions as of June 30,2024 and 2023.

 

Foreign currency translation

 

The functional currency of the Company’s operations in the PRC is RMB. The consolidated financial statements are translated to U.S. dollars using the period end rates of exchange for assets and liabilities, equity is translated at historical exchange rates, and average rates of exchange (for the period) are used for revenues and expenses and cash flows. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income/loss. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

  

All of the Company’s revenue transactions are transacted in its functional currency. The Company does not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.

 

 

The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements, representing exchange rate of the People’s Bank of China (PBOC):

 

		June 30,				December 31,				Six months ended June 30,
		2024				2023				2024				2023
Foreign currency
RMB:1USD			7.1268				7.0827				7.1051				6.9291

 

Source: The State Administration of Foreign Exchange (http://www.safe.gov.cn/safe/rmbhlzjj/index.html)

 

Reclassification

 

Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact on net loss or and financial position.

 

Recent accounting pronouncements

 

The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

 

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

 

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial position, statements of operations and comprehensive income (loss) and cash flows.

 

 

15

 

v3.24.3

Document And Entity Information	6 Months Ended
	Jun. 30, 2024
Document Information Line Items
Entity Registrant Name	MINGTENG INTERNATIONAL CORPORATION INC.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001948099
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-42024

v3.24.3

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 1,381,406	$ 1,056,236
Accounts receivable, net	3,752,549	3,517,632
Other receivables-bank acceptance notes	915,166	471,166
Advances to suppliers	263,317	388,110
Other receivables	13,790	12,344
Inventories, net	1,331,765	1,217,045
Total current assets	7,657,993	6,662,533
Non-current Assets
Property and equipment, net	3,668,375	3,335,187
Other assets	2,534,056
Deferred offering costs		715,771
Total non-current assets	6,202,431	4,050,958
Total Assets	13,860,424	10,713,491
Current Liabilities
Short-term loans	1,403,154	282,378
Accounts payable	1,263,472	1,053,215
Advances from customers	289,287	401,935
Other liabilities	959,170	1,041,910
Total current liabilities	4,152,383	3,019,747
Non-current Liabilities
Deferred tax liabilities, net	224,583	246,893
Total non-current liabilities	224,583	246,893
Total liabilities	4,376,966	3,266,640
Commitments and contingencies
Shareholders’ Equity:
Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares authorized, 6,207,500 and 5,000,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	62	50
Additional paid-in capital	3,212,145	897,308
Statutory reserves	465,572	465,572
Retained earnings	6,200,451	6,466,293
Accumulated other comprehensive loss	(394,772)	(382,372)
Total shareholders’ equity	9,483,458	7,446,851
Total Liabilities and Shareholders’ Equity	13,860,424	10,713,491
Related Parties
Current Liabilities
Amounts due to related parties	$ 237,300	$ 240,309

v3.24.3

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized	5,000,000,000	5,000,000,000
Ordinary shares, shares issued	6,207,500	5,000,000
Ordinary shares, shares outstanding	6,207,500	5,000,000

v3.24.3

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 4,646,389	$ 3,667,888
Cost of revenues	(2,994,601)	(2,104,452)
Gross profit	1,651,788	1,563,436
Operating expenses:
Selling expenses	125,535	72,735
General and administrative expenses	1,512,909	582,702
Research and development expenses	288,182	224,756
Total operating expenses	1,926,626	880,193
(Loss) income from operations	(274,838)	683,243
Other income (expenses):
Government subsidies		2,886
Interest income	579	3,289
Interest expense	(15,749)	(27,474)
Other income, net	16,618	6,570
Total other income (expenses), net	1,448	(14,729)
(Loss) income before income taxes	(273,390)	668,514
Benefit from (provision for) income taxes	7,548	(106,187)
Net (loss) income	(265,842)	562,327
Comprehensive income (loss)
Net (loss) income	(265,842)	562,327
Foreign currency translation loss	(12,400)	(244,187)
Total comprehensive (loss) income	$ (278,242)	$ 318,140
(Losses)/earnings per share
Basic (in Dollars per share)	$ (0.05)	$ 0.11
Diluted (in Dollars per share)	$ (0.05)	$ 0.11
Weighted average number of ordinary shares outstanding
Basic (in Shares)	5,448,846	5,000,000
Diluted (in Shares)	5,448,846	5,000,000

v3.24.3

Condensed Consolidated Statements of Changes In Shareholders’ Equity (Unaudited) - USD ($)	Ordinary shares	Additional paid-in capital	Statutory reserves	Retained earnings	Accumulated other comprehensive loss	Total
Balance at Dec. 31, 2022	$ 50	$ 897,308	$ 465,572	$ 4,959,591	$ (248,632)	$ 6,073,889
Balance (in Shares) at Dec. 31, 2022	5,000,000
Net income (loss) for the period				562,327		562,327
Foreign currency translation adjustment					(244,187)	(244,187)
Balance at Jun. 30, 2023	$ 50	897,308	465,572	5,521,918	(492,819)	6,392,029
Balance (in Shares) at Jun. 30, 2023	5,000,000
Balance at Dec. 31, 2023	$ 50	897,308	465,572	6,466,293	(382,372)	7,446,851
Balance (in Shares) at Dec. 31, 2023	5,000,000
Net income (loss) for the period				(265,842)		(265,842)
Shares issued in connection with initial public offering	$ 12	2,314,837				2,314,849
Shares issued in connection with initial public offering (in Shares)	1,207,500
Foreign currency translation adjustment					(12,400)	(12,400)
Balance at Jun. 30, 2024	$ 62	$ 3,212,145	$ 465,572	$ 6,200,451	$ (394,772)	$ 9,483,458
Balance (in Shares) at Jun. 30, 2024	6,207,500

v3.24.3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (265,842)	$ 562,327
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	250,604	195,321
Amortization of right-of-use assets		16,876
(Recovery of) provision for doubtful accounts	(8,463)	6,736
Deferred income tax	(20,846)	163,464
Loss on disposal of property and equipment	7,087
Changes in operating assets and liabilities:
Accounts receivable, net	(248,980)	(426,906)
Other receivables-bank acceptance notes	(448,281)	(60,322)
Advances to suppliers	122,765	(58,638)
Other receivables	30,050	(12,157)
Inventories, net	(122,625)	(278,488)
Accounts payable	229,881	106,258
Advances from customers	(110,497)	29,963
Payroll payable	39,160	75,478
Taxes payable	(115,684)	(393,478)
Amounts due to related parties	(1,527)	12,448
Principal payments under operating lease obligations		(4,503)
Net cash used in operating activities	(663,198)	(65,621)
Purchase of property and equipment	(625,053)	(21,765)
Deposit made for potential equity-method investment	(2,478,000)
Prepayments for non-current assets	(56,227)
Net cash used in investing activities	(3,159,280)	(21,765)
Cash flows from financing activities
Proceeds from short-term loans	1,407,441	72,159
Repayment of short-term loans	(281,488)
Proceeds from initial public offering, net	3,293,096
Payments of deferred offering costs	(264,949)	(116,289)
Principal payments under finance lease obligations		(12,700)
Net cash provided by (used in) financing activities	4,154,100	(56,830)
Effect of foreign exchange rate change on cash and cash equivalents	(6,452)	(58,903)
Net increase (decrease) in cash and cash equivalents	325,170	(203,119)
Cash and cash equivalents at the beginning of the period	1,056,236	1,793,323
Cash and cash equivalents at the end of the period	1,381,406	1,590,204
Supplemental disclosures of cash flow information:
Interest paid	15,749	27,474
Income taxes paid	$ 82,703	$ 206,836

v3.24.3

Business Description	6 Months Ended
	Jun. 30, 2024
Business Description [Abstract]
BUSINESS DESCRIPTION	NOTE 1 – BUSINESS DESCRIPTION   Mingteng International Corporation Inc. (“Mingteng International” or the “Company”) is a holding company incorporated under the laws of the Cayman Islands on September 20, 2021. It is a holding company with no business operations.   On November 4, 2021, Mingteng International formed its wholly-owned subsidiary, Mingteng International Hong Kong Group Limited (“Mingteng HK”) in Hong Kong. On September 26, 2022, Mingteng HK formed its wholly-owned subsidiary, Wuxi Ningteng Intelligent Manufacturing Co., Ltd. (“Ningteng WFOE”) in the People’s Republic of China (“PRC”).   Wuxi Mingteng Mould Technology Co., Ltd. (“Wuxi Mingteng Mould”) is a limited liability company incorporated on December 15, 2015 under the laws of the PRC. Wuxi Mingteng Mould is a wholly owned subsidiary of Ningteng WFOE and is our operating entity. Wuxi Mingteng Mould is primarily engaged in providing clients with comprehensive and personalized mold services and solutions in the PRC, including mold design and development; mold production, repair, testing and adjustment.   On April 22, 2024, Mingteng International completed its initial public offering on the Nasdaq Stock Market, issuing 1,050,000 Ordinary Shares with a nominal or par value of US$0.00001 per share and offering price at $4.00 per share, with gross proceeds of $4.20 million. On May 10, 2024, Mingteng International issued additional shares of 157,500, which related to the over-allotment arrangement, with nominal or par value of US$0.00001 per share and offering price at $4.00 per share, with gross proceeds of $0.63 million. After deducting underwriting discounts, offering expenses and deferred offering costs, the Company received total net proceeds of approximately $2.06 million.    Mingteng International’s current corporate structure is as follows:       Mingteng International conducts all of its operations in China through its operating subsidiary, Wuxi Mingteng Mould.

v3.24.3

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of presentation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The interim results of operations are not necessarily indicative of results to be expected for any other interim period or for a full year. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of its financial position and operating results have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the Mingteng International’s audited consolidated financial statements and the related notes thereto for the fiscal years ended December 31, 2023 and 2022, included in Form 20-F filed on May 15, 2024.   Principles of consolidation    The consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation.   A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.   Use of estimates   In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the assessment of the allowance for doubtful accounts, the allowance for inventory obsolescence, useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities. Actual results could differ from those estimates.   Cash and cash equivalents   Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. The Company maintains its bank accounts in Mainland China, Hong Kong and Cayman Islands. On May 1, 2015, China’s new Deposit Insurance Regulation became effective, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. The insurance limit is RMB 500,000 (approximately US$72,000) for each bank account.   Accounts receivable, net   Accounts receivable is stated at the original amount less an allowance for credit loss. Accounts receivable is recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Company has developed a current expected credit loss (“CECL”) model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Company considers historical collection rates, current financial status, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. Accounts receivable balances are written off after all collection efforts have been exhausted.   Current expected credit losses   On January 1, 2023, the Company adopted ASC 326, Financial Instruments—Credit Losses, which requires recognition of allowances upon origination or acquisition of financial assets at an estimate of expected credit losses over the contractual term of the financial assets (the current expected credit loss or the “CECL” model) using the modified retrospective transition method.   The Company’s financial assets subject to the CECL model mainly include accounts receivable and other receivables which are recorded as a component of the prepaid expenses and other current assets.   For accounts receivable, the Company estimates the loss rate based on historical experience, the age of the receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. For other receivables, the Company reviews other receivables on a periodic basis and makes allowances on an individual basis when there is doubt as to the collectability. Other receivables are written off after all collection efforts have been exhausted.   The cumulative effect from the adoption as of June 30, 2024 was immaterial to the unaudited condensed consolidated financial statements. For the six months ended June 30, 2024 and years ended December 31, 2023, allowance of credit losses made by the Company were mainly generated from accounts receivable.   Bank acceptance notes    Receivable generally due within six months and with specific payment terms and definitive due dates, are comprised of the notes issued by some customers to pay certain outstanding receivable balances to the Company. Bank acceptance notes do not bear interest. From time to time, the Company endorse bank acceptance notes receivable to its suppliers as the payment of material purchase. The bank acceptance notes receivable is considered sold and derecognized from balance sheets when they are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the note receivables, and the Company has surrendered control over the transferred note receivable. If the Company does not surrender control, the cash received from the purchaser is account for as a secured borrowing.    Advances to suppliers   Advances to suppliers consist of balances paid to suppliers for services that have not been provided or received. The Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide goods or services to the Company or refund an advance. As of June 30, 2024 and December 31, 2023, there was no allowance of advances to suppliers.   Inventories, net   Inventories consist of raw materials, work in process and finished goods, and are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Company periodically evaluates its inventories and will record an allowance for inventories that are either slow-moving, may not be saleable or whose cost exceeds its net realizable value. As of June 30, 2024 and December 31, 2023, the Company made a provision for inventory obsolescence of $61,913 and $18,058, respectively.   Property and equipment, net   Property and equipment are carried at cost and are depreciated on the straight-line basis over the estimated useful lives of the underlying assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation and amortization are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. The Company examines the possibility of decreases in the value of its property and equipment, when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.   Estimated useful lives are as follows, taking into account the assets’ estimated residual value of 5%:   Category   Estimated useful lives Electronic equipment   3-5 years Vehicles   5 years Machinery and equipment   5-10 years    Impairment of long-lived assets   The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. The Company did not record any impairment charge for the six months ended June 30, 2024 and 2023.   Deferred offering costs   Deferred offering costs are expenses directly related to the Company’s initial public offering (“IPO”). The deferred offering costs were offset against the IPO proceeds and reclassified to additional paid-in capital upon completion of the IPO in April 2024.   Fair value of financial instruments   Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:   ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.   ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.   ● Level 3 - inputs to the valuation methodology are unobservable.   Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, other receivables-bank acceptance notes, prepayments, non-current, short-term loans, accounts payable, amounts due to related parties approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available.   The Company’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.   Leases   The Company accounts for leases following FASB ASC 842, Leases (“Topic 842”).   Leases are classified at the inception date as either a financial lease or an operating lease. A lease is a financial lease if any of the following conditions exists: (a) ownership is transferred to the lessee by the end of the lease term, (b) there is a bargain purchase option, (c) the lease term is at least 75% of the property’s estimated remaining economic life or (d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date.   The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of obligations under operating lease liabilities, and non-current obligations under long-term portion of operating lease liabilities, on the Company’s consolidated balance sheets.   Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for minimum lease payments are recognized on a straight-line basis over the lease term.   The initial underlying lease contracts was expired during the fiscal year ended December 31, 2023, and the related ROU assets were fully amortized and lease liabilities satisfied. A new office space lease contracts was signed during the six months ended June 30, 2024, of which the lease term was less than 12 months according to the agreement, and the management’s consideration not to extend the lease term assessment at inception, the Company elected to treat the agreement as a short-term lease. The principal payments for lease obligations amounted to approximately $55,374 for the six months ended June 30, 2023.The lease liabilities balance had been fully paid as of December 31, 2023, and accordingly no lease liabilities are presented on the consolidated balance sheets since then.   Revenue recognition   The Company accounts for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue to represent the transfer of products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of the product or the benefit of the services transfers to the customer. Under the guidance of ASC 606, the Company is required to (a) identify the contract with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when (or as) the Company satisfies its performance obligations.   The Company’s main business income is divided into three categories, one is mold production, that is, contracts are signed to sell molds widely used in automobile, valve, water pump and other industries according to the customer’s needs. Second is mold repair, which provides customers with mold repair service, or provides sales of mold components. Last is providing customers with machining services, using the Company’s remaining capacity to provide customers with external processing services. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of ASC 606, the Company recognizes revenue when the performance obligation in a contract is satisfied by transferring the control of promised goods or services to the customer.   Mold production:   The Company signs contracts with customers and provides products according to the sales contract or sales list. The clients check the quantity and quality of products received, and then issue a confirmation as the proof of payment. Certain clients may also test the finished products as part of the confirmation process. Revenue is recognized when the Company receives the confirmation of product acceptance.   The Company provides design and production services according to the sales contract or lists. The Company then transports and installs the finished products when clients give their order.   The design services are inseparable from project sales. A mold production contract may include two or more machine components, but all components are customized according to customer requirements. These components need to be combined under the guidance of design plans to produce qualified products to meet the needs of clients. Therefore, these services are highly interdependent and are never transferred to the customer on their own. Customers do not have the option to purchase these services separately principally due to the customization of each project. Accordingly, these services are not considered separate performance obligations and no revenue is associated with these services under ASC 606 until the point in time when the project is complete and client confirmation is received.   The Company provides maintenance services and according to the contracts and the clients do not have the option to purchase these services separately. The promised warranty does not provide the clients with a service in addition to the assurance that the product complies with agreed-upon contract specifications and is considered an assurance warranty. The maintenance services and the warranty are not considered separate performance obligations and no revenue is associated with these services under ASC 606. Historically, the Company has not experienced material costs for quality assurance and, therefore, does not believe an accrual for these costs are necessary.   Mold repair:   The Company signs contracts with customers and provides repair services according to the contract or list and charges a certain fee. Revenue is recognized only after the repair service has passed the customer’s inspection.   Machining services:   The Company signs contracts with customers and provides machining services and charges a certain fee. The Company identifies the fulfillment of its obligation when transferring the product and issuing the VAT invoice to customers at which time revenue is recognized.   The following table presents revenue by major revenue type for the six months ended June 30, 2024 and 2023, respectively:       For the six months ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Mold production   $ 3,312,007     $ 3,093,511   Mold repair     518,300       489,465   Machining services     816,082       84,912   Total   $ 4,646,389     $ 3,667,888      Cost of revenues   Cost of revenues consists of the cost of raw material, direct labor and manufacturing costs. During the production process, production department records the material consumption quantity and production hours of each order. Raw material cost is allocated according to the consumption of the material. Direct labor and manufacturing costs are allocated according to the production hours.   Research and development expenses   Research and development (“R&D”) expenses include costs directly attributable to the conduct of R&D projects, including the cost of salaries and use of raw materials. Such projects include the research and development of adjustable casting molds for automotive parts. All costs associated with research and development are expensed as incurred.   General and administrative expenses   General and administrative expenses consist primarily of costs of salary and welfare for our general administrative and management staff, consulting fee, depreciation expenses, professional fees, meals and entertainment, office expenses, business travel expenses, additional expenses for public offering, and other miscellaneous expenses incurred in connection with general operations.   Government subsidies   Government subsidies refer to the monetary or non-monetary assets that a company obtains from the government for free. The government subsidies received by Wuxi Mingteng Mould mainly include high-tech enterprise recognition bonus. The Company believes that these government subsidies are not related to daily business activities and are treated as other income.   Government subsidies for the six months ended June 30, 2024 and 2023, were nil and $2,886.   Income taxes    Mingteng International’s subsidiaries in the PRC and Hong Kong are subject to the income tax laws of the PRC and Hong Kong. No taxable income was generated outside the PRC for the six months ended June 30, 2024 and 2023. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or future deductibility is uncertain.   The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes”, prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There were no material uncertain tax positions as of June 30, 2024 and December 31, 2023.    Value added tax   Sales revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rate is approximately 13%. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company recorded a VAT payable or receivable net of payments in the accompanying consolidated financial statements. All of the VAT returns filed by Mingteng International’s subsidiaries in the PRC, have been and remain subject to examination by the tax authorities for five years from the date of filing.   Earnings per share   Mingteng International computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of Mingteng International by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares.   Warrant   The accounting treatment of warrants issued is determined pursuant to the guidance provided by ASC 470, Debt, ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging (“ASC 815”), as applicable. Each feature of freestanding financial instruments including, without limitation, any rights relating to subsequent dilutive issuances, equity sales, rights offerings, conversions, optional redemptions and dividends are assessed with determinations made regarding the proper classification in the Company’s consolidated financial statements.   Comprehensive income   Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of stockholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustments from the Company’s PRC subsidiaries not using U.S. dollar as its functional currency.   Foreign currency translation   The functional currency of Mingteng International’s operations in the PRC is the Chinese Yuan or Renminbi (“RMB”). The consolidated financial statements are translated to U.S. dollars using the period end rates of exchange for assets and liabilities, equity is translated at historical exchange rates, and average rates of exchange (for the period) are used for revenues and expenses and cash flows. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income/loss. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.   All of the Company’s revenue transactions are transacted in its functional currency. The Company does not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.    The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements, representing exchange rate of the People’s Bank of China (PBOC):       June 30,     December 31,     Six months ended June 30,       2024     2023     2024     2023   Foreign currency                         RMB:1USD     7.1268       7.0827       7.1051       6.9291     Statement of cash flows   In accordance with ASC 230, Statement of Cash Flows, cash flows from the Company’s operations are formulated based upon the local currencies, and then translated at average translation rates for the periods. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.   Reclassification   Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact on net loss or and financial position.   Significant risks   Currency risk   A majority of the Company’s expense transactions are denominated in RMB and a significant portion of Mingteng International and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other Company foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.   The Company maintains certain bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for the Company’s accounts, as its aggregate deposits are much higher than the compensation limit, which is RMB 500,000 (approximately US$72,000) for one bank. However, the Company believes that the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and the Company believes that those Chinese banks that hold the Company’s cash and cash equivalents and short-term investments are financially sound based on public available information.    Other than the deposit insurance mechanism in the PRC mentioned above, the Company’s bank accounts are not insured by Federal Deposit Insurance Corporation insurance or other insurance.   Total bank deposit balance was $1,381,249, and the bank balance of Mingteng International amounted to $367,948. Total amounts in excess of the insurance coverage were RMB 6,035,136.63 (approximately US$846,822.79) and RMB 5,462,789 (US$771,286) as of June 30, 2024 and December 31, 2023, respectively.    Concentration and credit risk    Currently, all the Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic, and legal environment in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.   Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, other receivables-bank acceptance notes. A portion of the Company’s sales are credit sales which are to the customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk.   Interest rate risk    Fluctuations in market interest rates may negatively affect our financial condition and results of operations. The Company is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. The Company has not used any derivative financial instruments to manage our interest risk exposure.   Other uncertainty risk   The Company’s major operations are conducted in the PRC. Accordingly, the political, economic, and legal environments in the PRC, as well as the general state of the PRC’s economy may influence the Company’s business, financial condition, and results of operations.   Employee benefits   Pursuant to the relevant laws and regulations of the PRC, the Company’s subsidiaries in mainland China participate in a defined contribution of basic pension insurance in the social insurance system established and managed by government organizations. The Company makes contributions to basic pension insurance plans based on the applicable benchmarks and rates stipulated by the government. Basic pension insurance contributions are charged to costs of revenues and operating expenses as the related services are rendered by the employees. Employee social benefits included as costs of revenues and operating expenses were RMB 707,156 and RMB 442,994 for the six months ended June 30, 2024 and 2023, respectively.   Recent accounting pronouncements   The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.   In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.   In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.    The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial position, statements of operations and comprehensive income (loss) and cash flows.

v3.24.3

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, Net [Abstract]
ACCOUNTS RECEIVABLE, NET	NOTE 3 – ACCOUNTS RECEIVABLE, NET   Accounts receivable consisted of the following:       As of June 30,     As of  December 31,       2024     2023       (Unaudited)         Trade accounts receivable   $ 3,767,008     $ 3,540,696   Less: allowance for credit losses     (14,459 )     (23,064 ) Accounts receivable, net   $ 3,752,549     $ 3,517,632     The movement of allowance of credit losses is as follows:       For The Six Months Ended   June 30,       2024     2023       (Unaudited)     (Unaudited)   Balance at the beginning of the period   $ (23,064 )   $ (28,594 ) Reduction (addition) during the six months period     8,463       (6,459 ) Foreign exchange difference     142       1,033   Balance at end of the June 30   $ (14,459 )   $ (34,020 )

v3.24.3

Inventories, Net	6 Months Ended
	Jun. 30, 2024
Inventories, Net [Abstract]
INVENTORIES, NET	NOTE 4 – INVENTORIES, NET   Inventories consisted of the following:       As of  June 30,     As of  December 31,       2024     2023       (Unaudited)         Raw material   $ 24,329     $ 55,029   Work in process     310,672       135,341   Goods in transit     1,058,677       1,044,733   Inventories provision     (61,913 )     (18,058 ) Total inventories   $ 1,331,765     $ 1,217,045     The goods in transit to customers are still included in the inventory until the customer inspected and confirmed acceptance. Once we obtain the customer’s acceptance notice, we will recognize the corresponding revenue and cost of sales.

v3.24.3

Other Assets	6 Months Ended
	Jun. 30, 2024
Other Assets [Abstract]
OTHER ASSETS	NOTE 5 – OTHER ASSETS   Other assets consisted of the following:       As of  June 30,     As of  December 31,       2024     2023       (Unaudited)         Prepayments, non-currents assets   $ 56,056     $       -   Deposit made for potential equity-method investment (note a)     2,478,000       -   Total other assets   $ 2,534,056     $ -     Note a: In May 2024, Mingteng International Corporation Inc. signed equity transfer agreements with Ms. Li Yulan, who owned 90% equity interest in a private company, Planty Holding Limited (“Planty”), to acquire an aggregate of 24.78% equity interest of Planty with a total consideration of $2,478,000. Planty owned a patent which could be used for a specific mold production, and also signed a strategic cooperation agreement with a potential client for the products related to the patent. The total consideration was paid before June 30, 2024 as deposit and the transaction was completed on August 28, 2024.

v3.24.3

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property and Equipment, Net [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 6 – PROPERTY AND EQUIPMENT, NET   Property and equipment, stated at cost less accumulated depreciation, consisted of the following:       As of  June 30,     As of  December 31,       2024     2023       (Unaudited)         Mechanical equipment   $ 4,754,244     $ 4,190,440   Electronic equipment     31,435       24,372   Vehicles     345,915       348,068   Subtotal     5,131,594       4,562,880   Less: accumulated depreciation     (1,463,219 )     (1,227,693 ) Property and equipment, net   $ 3,668,375     $ 3,335,187     For the six months ended June 30, 2024 and 2023, depreciation expense amounted to $250,604 and $195,321, respectively.

v3.24.3

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASES	NOTE 7 – LEASES       On January 31, 2022, Wuxi Mingteng Mould entered into a new lease agreement with Wuxi Longsheng Boiler Factory (the “Landlord”) for office and production space. The lease period was from February 1, 2022 to December 31, 2023, with an annual rental of RMB 624,240 (approximately $93,012). According to the lease agreement, Wuxi Mingteng Mould can only use the space for its operations and cannot transfer the lease to a third party without the prior consent of the Landlord; otherwise, the lease agreement shall be terminated. The lease agreement has expired on December 31, 2023.   On May 1, 2023, Wuxi Mingteng Mould entered into a new lease agreement with the Landlord on a temporary basis for office and production space. The lease period was from May 1, 2023 to December 31, 2023, with a monthly rental of RMB 3,000 (approximately $425). Wuxi Mingteng Mould did not extend the term of the lease. This agreement had a lease term less than 12 months and did not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Wuxi Mingteng Mould chose to elect short-term lease measurement, and recognized the lease payments in net income on a straight-line basis over the lease term.   On January 1, 2024, Wuxi Mingteng Mould entered into a new lease agreement with Wuxi Longsheng Boiler Factory (the Landlord) for office and production space. The lease period was from January 1, 2024 to December 31, 2024, with an annual rental of RMB 660,240 (approximately $93,217). This agreement has a lease term not over than 12 months and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Wuxi Mingteng Mould chose to elect short-term lease measurement, and recognized the lease payments in net income on a straight-line basis over the lease term.   The lease agreement with the Landlord neither grants a purchase option nor transfers ownership of the space. The lease term is not a major part of the remaining economic life of the underlying asset and the present value of the sum of the lease payments is insubstantial compared with the fair value of the underlying asset. Wuxi Mingteng Mould considered the lease as operating lease.   On February 23, 2021, Wuxi Mingteng Mould entered into a lease agreement with Risheng International Leasing Co., Ltd. for manufacturing equipment. The lease period is from February 24, 2021 to January 24, 2023. The advance payment for the equipment is RMB 458,000 (tax included) (approximately $71,835), and the remaining lease payments are RMB 1,832,000 (tax included) (approximately $287,341). As agreed in the leasing contract, the leased machine will be purchased after the end of the lease term, with the purchase amount included in the last lease payment. Since the lease transfers ownership of the equipment to the lessee by the end of the lease term, Wuxi Mingteng Mould considered the lease as finance lease. The fair value of the equipment on the lease start date was RMB2,290,000 (approximately $359,176), which was stated in the lease contract. Wuxi Mingteng Mould calculated an internal rate of return (IRR) of 1.07% based on the fair value of the equipment and the present value of the lease payments. The Company accounted for this lease as a finance lease and is amortizing the right-of-use asset over the useful life of the underlying asset which is ten years.   On April 14, 2021, Wuxi Mingteng Mould entered into a lease agreement with Risheng International Leasing Co., Ltd. for manufacturing equipment. The lease period is from April 15, 2021 to March 15, 2023. The advance payment for the equipment is RMB 408,000 (tax included) (approximately $63,993), and the remaining lease payments are RMB 1,790,000 (tax included) (approximately $280,753). As agreed in the finance leasing contract, the leased machine will be purchased after the end of the lease term, with the purchase amount included in the last lease payment. Since the lease transfers ownership of the equipment to the lessee by the end of the lease term, Wuxi Mingteng Mould considered the lease as finance lease. The fair value of the equipment on the lease start date was RMB 2,048,000 (approximately $321,220), which was stated in the lease contract. Wuxi Mingteng Mould calculated an internal rate of return (IRR) of 1.01% based on the fair value of the equipment and the present value of lease payments. The Company accounted for this lease as a finance lease and is amortizing the right-of-use asset over the useful life of the underlying asset which is ten years.   On September 1, 2023, Wuxi Mingteng Mould entered into a new lease agreement with Wanjie Construction Machinery Business Department, for office and production space. The lease period was from September 1, 2023 to August 31, 2024, with a monthly rental of RMB 20,000 (approximately $2,838). Wuxi Mingteng Mould had no intention to extend the term of the lease. This agreement has a lease term with 12 months and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Wuxi Mingteng Mould chose to elect short-term lease measurement, and recognized the lease payments in net income on a straight-line basis over the lease term. After the lease agreement expired, both parties signed a new lease agreement, which disclosed as subsequent event.   On January 8, 2024, Wuxi Mingteng Mould entered into a new lease agreement with Wuxi Mingyu Metal Fence Co., Ltd., for production space. The lease period was from January 8, 2024 to January 7, 2025, with a monthly rental of RMB 23,784 (approximately $3,347). Wuxi Mingteng Mould had no intention to extend the term of the lease. This agreement has a lease term with 12 months and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Wuxi Mingteng Mould chose to elect short-term lease measurement, and recognized the lease payments in net income on a straight-line basis over the lease term.   The total lease expenses incurred for the six months ended June 30, 2024 and 2023 were approximately $76,547 and $53,591, respectively.   The following table represents the movement of total right-of-use assts and lease liabilities.       For The Six Months Ended   June 30,       2024     2023       (Unaudited)     (Unaudited)   Operating lease right-of-use assets             Balance at beginning of the period   $         -     $ 88,055   Less: Accumulated amortization     -       (45,414 ) Foreign exchange difference     -       (3,183 ) Balance at end of the period   $ -     $ 39,458         For The Six Months Ended   June 30,       2024     2023       (Unaudited)     (Unaudited)   Finance lease right-of-use assets             Balance at beginning of the period   $        -     $ 461,629   Less: Accumulated amortization     -       (8,177 ) Less: Exercised purchase option     -       (436,765 ) Foreign exchange difference     -       (16,687 ) Balance at end of the period   $ -     $ -     As agreed in the finance leasing contract, the leased machine will be purchased after the end of the lease term, with the purchase amount included in the last lease payment. The Company accounted for this lease as a finance lease and is amortizing the right-of-use asset over the useful life of the underlying asset which is ten years. After the end of the lease term, the Company converted the right-of-use asset into fixed assets based on their net value.       For The Six Months Ended   June 30,       2024     2023       (Unaudited)      (Unaudited)   Operating lease liabilities             Balance at beginning of the period   $       -     $ 88,055   Less: Principal payments under operating lease obligations     -       (43,195 ) Impact of VAT     -       1,348   Foreign exchange difference     -       (3,183 ) Balance at end of the period   $ -     $ 43,025         For The Six Months Ended   June 30,       2024     2023       (Unaudited)      (Unaudited)   Finance lease liabilities             Balance at beginning of the period   $       -     $ 12,510   Less: Principal payments under financing lease obligations     -       (12,700 ) Interest expense on finance lease     -       121   Foreign exchange difference     -       69 Balance at end of the period   $ -     $ -

v3.24.3

Short-Term Loans	6 Months Ended
	Jun. 30, 2024
Short-Term Loans [Abstract]
SHORT-TERM LOANS	NOTE 8 – SHORT-TERM LOANS   On March 23, 2022, Wuxi Mingteng Mould entered into an additional short-term loan agreement with Jiangsu Wuxi Rural Commercial Bank with amount of RMB 4.5 million (approximately $0.67 million), with an annual interest rate of 4.45%. The maturity date of the loan is March 22, 2023. No collateral was required for the loan. The loan was repaid upon maturity.   On March 4, 2022, Wuxi Mingteng Mould entered into a secured short-term loan agreement with Bank of Jiangsu with amount of RMB 5 million (approximately $0.75 million), with an annual interest rate of 4%. The maturity date of the loan is March 3, 2023. Wuxi Mingteng Mould pledged two of their patent rights as collateral. The loan was repaid upon maturity.   On January 31, 2023, Wuxi Mingteng Mould entered into a short-term loan agreement with Wuxi Branch of Bank of China with amount of RMB 5 million (approximately $0.72 million), with an annual interest rate of 3.4%. The maturity date of the loan is January 30, 2024. Mr. Yingkai Xu and Ms. Jingzhu Ding provided joint personal guarantees for the loan. Wuxi Mingteng Mould had fully repaid the loan in advance on October 7, 2023.   On February 28, 2023, Wuxi Mingteng Mould entered into an additional unsecured short-term loan agreement with Bank of Jiangsu with amount of RMB 5 million (approximately $0.72 million), with an annual interest rate of 3.7%. The maturity date of the loan is February 27, 2024. Wuxi Mingteng Mould made a repayment of RMB 3 million (approximately $0.42 million) in advance on October 7, 2023, Wuxi Mingteng Mould had fully repaid the rest of the balance of RMB 2 million (approximately $0.28 million) on February 21, 2024.   On February 21, 2024, Wuxi Mingteng Mould entered into an additional unsecured short-term loan agreement with Bank of Jiangsu with principal amount of RMB 10 million (approximately $1.4 million), with an annual interest rate of 2.95%. The maturity date of the loan is February 20, 2025.

v3.24.3

Other Liabilities	6 Months Ended
	Jun. 30, 2024
Other Liabilities [Abstract]
OTHER LIABILITIES	NOTE 9 – OTHER LIABILITIES   Other liabilities consisted of the following:       As of June 30,     As of December 31,       2024     2023       (Unaudited)         Corporate income taxes   $ 307,855     $ 379,395   Value added tax     79,627       121,691   Construction tax     11,296       14,615   Individual income tax     1,977       3,598   Payroll payable     510,779       474,629   Others     47,636       47,982   Total other liabilities   $ 959,170     $ 1,041,910

v3.24.3

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 10 – RELATED PARTY TRANSACTIONS   The table below sets the major related parties and their relationships with the Company:   Name of related parties   Relationship with the Company Yingkai Xu   Serving as a shareholder, CEO and Chairman of the Board of Directors of Mingteng International, as well as the husband of the board member, Jingzhu Ding. Jingzhu Ding   Serving as a shareholder and Director of Mingteng International, wife of the CEO and Chairman. Wuxi Kaiteng Mold Factory   Ms. Jingzhu Ding owns 100% equity interest.   Significant transactions with related parties were as follows:       For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Purchase from related parties:             Wuxi Kaiteng Mold Factory   $ 118,032     $ 145,717   Subtotal   $ 118,032     $ 145,717     The Company purchases processing services from Wuxi Kaiteng Mold Factory.    The following represented related party balances as of June 30, 2024 and December 31, 2023:       As of June 30,     As of December 31,       2024     2023       (Unaudited)         Amounts due to related parties             Wuxi Kaiteng Mold Factory   $ 202,447     $ 207,780   Jingzhu Ding     34,853       32,529   Subtotal   $ 237,300     $ 240,309     Amounts due to Jingzhu Ding represented the loan from Jingzhu Ding to supplement the working capital of the Company. The loan was signed with series of contracts and is non-interest bearing. The loan term is indefinite. According to the contracts, the loan will be repaid when working capital is sufficient.   Amounts due to Wuxi Kaiteng Mold Factory represents amounts provided for processing services that the Company purchased from Wuxi Kaiteng Mold Factory.

v3.24.3

Shareholders’ Equity	6 Months Ended
	Jun. 30, 2024
Shareholders’ Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 11 – SHAREHOLDERS’ EQUITY   Mingteng International is authorized to issue 5,000,000,000 ordinary shares of $0.00001 par value.   In accordance with the relevant PRC laws and regulations, Mingteng International’s subsidiaries in the PRC are required to provide for certain statutory reserves, which are appropriated from net profits as reported in accordance with PRC accounting standards. Mingteng International’s subsidiaries in the PRC are required to allocate at least 10% of their after-tax profits to a statutory reserve until such reserve has reached 50% of their respective registered capital. Appropriations to other types of reserves in accordance with relevant PRC laws and regulations are to be made at the discretion of the board of directors of each of entity in the PRC. The statutory reserves are restricted from being distributed as dividends under PRC laws and regulations. As of December 31, 2022, statutory reserves had reached 50% of their respective registered capital. The balance of total statutory reserves remained $465,572 after December 31, 2022.   On April 22, 2024, Mingteng International completed its initial public offering on the Nasdaq Stock Market, issuing 1,050,000 Ordinary Shares with a par value of US$0.00001 per share and offering price at $4.00 per share, with gross proceeds of $4.20 million. On May 10, 2024, additional shares of 157,500 were issued related to the over-allotment arrangement, par value of US$0.00001 per share and offering price at $4.00 per share, with gross proceeds of $0.63 million. After deducting underwriting discounts, offering expenses and deferred offering costs, the Company received total net proceeds of approximately $2.31 million.   In connection with the initial public offering and the subsequent over-allotment offering, the Company also issued warrants to underwriters for Ordinary shares purchase option.   From April 2024 to May 2024, in connection with the initial public offering and the subsequent over-allotment offering, warrants were granted to underwriters to purchase up to 52,500 Ordinary shares and 7,875 Ordinary shares, respectively, at $4.80 per share, which were exercisable from October 14, 2024 to April 17, 2029. The warrants can be purchased in cash or via the cashless exercise option.   As of June 30, 2024, there were 60,375 warrant shares granted to underwriters left unexercised, which are exercisable from October 14, 2024 and before April 17, 2029.   The summary of warrant activities for the six months ended June 30, 2024 are as follows:       Ordinary Shares Number Outstanding     Weighted Average Exercise Price     Contractual Life in Years   Warrants Outstanding as of December 31, 2023     -     $ -       -   Warrants Exercisable as of December 31, 2023     -       -       -   Warrants Granted     60,375       4.80       4.80   Warrants Exercises     -       -       -   Warrants Expired     -       -       -                             Warrants Outstanding as of June 30, 2024     60,375       4.80       4.80   Warrants Exercisable as of June 30, 2024 (unaudited)     60,375     $ 4.80       4.80

v3.24.3

Other Income, Net	6 Months Ended
	Jun. 30, 2024
Other Income, Net [Abstract]
OTHER INCOME, NET	NOTE 12 – OTHER INCOME, NET   Other income consisted of the following:       For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Waste sales   $ 4,781     $ 3,722   Loss on disposal of assets     (7,087 )     -   Other, net     18,924       2,848   Total other income   $ 16,618     $ 6,570

v3.24.3

Taxes	6 Months Ended
	Jun. 30, 2024
Taxes [Abstract]
TAXES	NOTE 13 – TAXES    Corporation Income Tax (“CIT”)   The Company is subject to income taxes on an entity basis on income derived from the location in which each entity is domiciled.   Mingteng International is incorporated in Cayman Islands as an offshore holding company and is not subject to tax on income or capital gains under the laws of the Cayman Islands.   Mingteng International HK is incorporated in Hong Kong as a holding company with no activities. Under the Hong Kong tax laws, an entity is not subject to income tax if no revenue is generated in Hong Kong.   Under the Enterprise Income Tax (“EIT”) Law of the PRC, domestic enterprises and foreign investment enterprises (the “FIE”) are usually subject to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemptions may be granted on case-by-case basis. The PRC tax authorities grant preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. Since Wuxi Mingteng Mould was approved as an HNTE in December 2019, Wuxi Mingteng Mould is entitled to a reduced income tax rate of 15% beginning December 2019 and is able to enjoy the reduced income tax rate through November 2022.  In November 2022, Wuxi Mingteng Mould reapplied to obtain the recognition of HNTE and the preferential rate of 15% was extended to November 2025.   The provision for income taxes consisted of the following:       For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Current             Cayman Islands   $ -     $ -   Hong Kong     -       -   China     13,298       116,740   Deferred                 Cayman Islands     -       -   Hong Kong     -       -   China     (20,846 )     (10,553 ) Income tax (benefit)/provision   $ (7,548 )   $ 106,187      The following table reconciles the PRC statutory rate to the Company’s effective tax rate:       For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   PRC statutory tax rate     25.0 %     25.0 % Additional deduction of research and development expenses     28.6 %     (8.4 )% Non-deductible expenses     4.4 %     1.2 % Effect of PRC preferential tax rate     (10.0 )%     (10.6 )% Loss from non-PRC entities not subject to PRC tax     (45.2 )%     8.7 % Effective tax rate     2.8 %     15.9 %   For the six months ended June 30, 2024 and 2023, the tax saving as the result of the favorable tax rate amounted to $nil and $70,791, respectively, and per share effect of the favorable tax rate were $nil and $0.02, respectively.   Deferred tax assets and liabilities   Components of net deferred tax assets and liabilities were as follows:       As of June 30,     As of December 31,       2024     2023       (Unaudited)         Allowance for doubtful accounts   $ 2,169     $ 3,460   Inventories valuation allowance     9,287       2,709   Depreciation     (236,039 )     (253,062 ) Net deferred tax (liabilities) assets   $ (224,583 )   $ (246,893 )   The movement of net deferred tax liabilities and assets were as follows:       For the six months ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Balance at beginning of the period   $ (246,893 )   $ 6,143   Current period reduction (addition)     20,846       (156,674 ) Foreign exchange difference     1,464       (301 ) Balance at end of the period   $ (224,583 )   $ (150,832 )

v3.24.3

Concentration of Major Customers and Suppliers	6 Months Ended
	Jun. 30, 2024
Concentration of Major Customers and Suppliers [Abstract]
CONCENTRATION OF MAJOR CUSTOMERS AND SUPPLIERS	NOTE 14 – CONCENTRATION OF MAJOR CUSTOMERS AND SUPPLIERS   For the six months ended June 30, 2024, two customers accounted for approximately 23.4% and 17.4% of the Company’s total revenues. For the six months ended June 30, 2023, three customers accounted for approximately 23.6%, 15.3% and 13.5% of the Company’s total revenues. Any decrease in sales to these major customers may negatively impact the Company’s operations and cash flows if the Company fails to increase its sales to other customers.   As of June 30, 2024, two customers accounted for approximately 30.4% and 10.6% of the Company’s accounts receivable balance. As of December 31, 2023, three customers accounted for approximately 33.5%, 13.9% and 12% of the Company’s accounts receivable balance.   For the six months ended June 30, 2024, four suppliers accounted for approximately 13.9%, 13.6%, 13.5% and 11.0% of the total purchases. For the six months ended June 30, 2023, none of the suppliers accounted for more than 10% of the total purchases.   As of June 30, 2024, none of the suppliers accounted for more than 10% of the Company’s accounts payable balance. As of December 31, 2023, one supplier accounted for approximately 11.3% of the Company’s accounts payable balance.

v3.24.3

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 15 – COMMITMENTS AND CONTINGENCIES   Contingencies   From time to time, the Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Amounts accrued, as well as the total amount of possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements. As of June 30, 2024, the Company has no outstanding litigation.   Foreign currency risk   The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market.     Employment agreements   On September 20, 2022, Mingteng International entered into an employment agreement with our Chief Executive Officer, Yingkai Xu, for a term of 3 years. Mr. Xu is entitled to an annual base salary of USD 30,000 for each calendar year on a pro-rated basis, payable on a quarterly basis.   On September 20, 2022, Mingteng International entered into an employment agreement with our Chief Financial Officer, Fengting Yin, for a term of 3 years. Ms. Yin is entitled to an annual base salary of USD 30,000 for each calendar year on a pro-rated basis, payable on a quarterly basis.

v3.24.3

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 16 – SEGMENT REPORTING   ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments.   The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Company’s CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company.   Based on management’s assessment, the Company determined that it has only one operating segment and therefore one reportable segment as defined by ASC 280. The Company’s assets are substantially all located in the PRC and substantially all of the Company’s revenues and expenses are derived in the PRC. Therefore, no geographical segments are presented.   All of the Company’s long-lived assets are located in the PRC. All of the Company’s products and services are sold or provided in the PRC.

v3.24.3

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS     The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the unaudited condensed consolidated financial statements were issued and identified the following transactions for financial disclosure purposes.   On August 22, 2024, the Company received a government subsidy of RMB 4 million (approximately $0.56 million) from the People’s Government of Luoshe Town, Huishan District, Wuxi City to reward the successful listing on NASDAQ. The company will fully recognize this government subsidy as other income for the fiscal year 2024, which resulting in an increase of approximately $0.56 million in profit before tax.   On September 1, 2024, Wuxi Mingteng Mould entered into a new lease agreement with Wanjie Construction Machinery Business Department, for office and production space. The lease period was from September 1, 2024 to August 31, 2025, with a monthly rental of RMB 24,029 (approximately $3,372). Wuxi Mingteng Mould had no intention to extend the term of the lease. This agreement has a lease term with 12 months and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Wuxi Mingteng Mould chose to elect short-term lease measurement, and recognized the lease payments in net income on a straight-line basis over the lease term.

v3.24.3

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The interim results of operations are not necessarily indicative of results to be expected for any other interim period or for a full year. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of its financial position and operating results have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the Mingteng International’s audited consolidated financial statements and the related notes thereto for the fiscal years ended December 31, 2023 and 2022, included in Form 20-F filed on May 15, 2024.
Principles of consolidation	Principles of consolidation  The consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.
Use of estimates	Use of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the assessment of the allowance for doubtful accounts, the allowance for inventory obsolescence, useful lives of property and equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. The Company maintains its bank accounts in Mainland China, Hong Kong and Cayman Islands. On May 1, 2015, China’s new Deposit Insurance Regulation became effective, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. The insurance limit is RMB 500,000 (approximately US$72,000) for each bank account.
Accounts receivable, net	Accounts receivable, net Accounts receivable is stated at the original amount less an allowance for credit loss. Accounts receivable is recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Company has developed a current expected credit loss (“CECL”) model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Company considers historical collection rates, current financial status, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. Accounts receivable balances are written off after all collection efforts have been exhausted.
Current expected credit losses	Current expected credit losses On January 1, 2023, the Company adopted ASC 326, Financial Instruments—Credit Losses, which requires recognition of allowances upon origination or acquisition of financial assets at an estimate of expected credit losses over the contractual term of the financial assets (the current expected credit loss or the “CECL” model) using the modified retrospective transition method. The Company’s financial assets subject to the CECL model mainly include accounts receivable and other receivables which are recorded as a component of the prepaid expenses and other current assets. For accounts receivable, the Company estimates the loss rate based on historical experience, the age of the receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. For other receivables, the Company reviews other receivables on a periodic basis and makes allowances on an individual basis when there is doubt as to the collectability. Other receivables are written off after all collection efforts have been exhausted. The cumulative effect from the adoption as of June 30, 2024 was immaterial to the unaudited condensed consolidated financial statements. For the six months ended June 30, 2024 and years ended December 31, 2023, allowance of credit losses made by the Company were mainly generated from accounts receivable.
Bank acceptance notes	Bank acceptance notes  Receivable generally due within six months and with specific payment terms and definitive due dates, are comprised of the notes issued by some customers to pay certain outstanding receivable balances to the Company. Bank acceptance notes do not bear interest. From time to time, the Company endorse bank acceptance notes receivable to its suppliers as the payment of material purchase. The bank acceptance notes receivable is considered sold and derecognized from balance sheets when they are transferred beyond the reach of the Company and its creditors, the purchaser has the right to pledge or exchange the note receivables, and the Company has surrendered control over the transferred note receivable. If the Company does not surrender control, the cash received from the purchaser is account for as a secured borrowing.
Advances to suppliers	Advances to suppliers Advances to suppliers consist of balances paid to suppliers for services that have not been provided or received. The Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide goods or services to the Company or refund an advance. As of June 30, 2024 and December 31, 2023, there was no allowance of advances to suppliers.
Inventories, net	Inventories, net Inventories consist of raw materials, work in process and finished goods, and are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. The Company periodically evaluates its inventories and will record an allowance for inventories that are either slow-moving, may not be saleable or whose cost exceeds its net realizable value. As of June 30, 2024 and December 31, 2023, the Company made a provision for inventory obsolescence of $61,913 and $18,058, respectively.
Property and equipment, net	Property and equipment, net Property and equipment are carried at cost and are depreciated on the straight-line basis over the estimated useful lives of the underlying assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation and amortization are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. The Company examines the possibility of decreases in the value of its property and equipment, when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.   Estimated useful lives are as follows, taking into account the assets’ estimated residual value of 5%: Category   Estimated useful lives Electronic equipment   3-5 years Vehicles   5 years Machinery and equipment   5-10 years
Impairment of long-lived assets	Impairment of long-lived assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. The Company did not record any impairment charge for the six months ended June 30, 2024 and 2023.
Deferred offering costs	Deferred offering costs Deferred offering costs are expenses directly related to the Company’s initial public offering (“IPO”). The deferred offering costs were offset against the IPO proceeds and reclassified to additional paid-in capital upon completion of the IPO in April 2024.
Fair value of financial instruments	Fair value of financial instruments Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 - inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, accounts receivable, other receivables-bank acceptance notes, prepayments, non-current, short-term loans, accounts payable, amounts due to related parties approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available. The Company’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.
Leases	Leases The Company accounts for leases following FASB ASC 842, Leases (“Topic 842”). Leases are classified at the inception date as either a financial lease or an operating lease. A lease is a financial lease if any of the following conditions exists: (a) ownership is transferred to the lessee by the end of the lease term, (b) there is a bargain purchase option, (c) the lease term is at least 75% of the property’s estimated remaining economic life or (d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of obligations under operating lease liabilities, and non-current obligations under long-term portion of operating lease liabilities, on the Company’s consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for minimum lease payments are recognized on a straight-line basis over the lease term. The initial underlying lease contracts was expired during the fiscal year ended December 31, 2023, and the related ROU assets were fully amortized and lease liabilities satisfied. A new office space lease contracts was signed during the six months ended June 30, 2024, of which the lease term was less than 12 months according to the agreement, and the management’s consideration not to extend the lease term assessment at inception, the Company elected to treat the agreement as a short-term lease. The principal payments for lease obligations amounted to approximately $55,374 for the six months ended June 30, 2023.The lease liabilities balance had been fully paid as of December 31, 2023, and accordingly no lease liabilities are presented on the consolidated balance sheets since then.
Revenue recognition	Revenue recognition The Company accounts for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers (“ASC 606”). In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue to represent the transfer of products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of the product or the benefit of the services transfers to the customer. Under the guidance of ASC 606, the Company is required to (a) identify the contract with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when (or as) the Company satisfies its performance obligations. The Company’s main business income is divided into three categories, one is mold production, that is, contracts are signed to sell molds widely used in automobile, valve, water pump and other industries according to the customer’s needs. Second is mold repair, which provides customers with mold repair service, or provides sales of mold components. Last is providing customers with machining services, using the Company’s remaining capacity to provide customers with external processing services. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of ASC 606, the Company recognizes revenue when the performance obligation in a contract is satisfied by transferring the control of promised goods or services to the customer. Mold production: The Company signs contracts with customers and provides products according to the sales contract or sales list. The clients check the quantity and quality of products received, and then issue a confirmation as the proof of payment. Certain clients may also test the finished products as part of the confirmation process. Revenue is recognized when the Company receives the confirmation of product acceptance.   The Company provides design and production services according to the sales contract or lists. The Company then transports and installs the finished products when clients give their order. The design services are inseparable from project sales. A mold production contract may include two or more machine components, but all components are customized according to customer requirements. These components need to be combined under the guidance of design plans to produce qualified products to meet the needs of clients. Therefore, these services are highly interdependent and are never transferred to the customer on their own. Customers do not have the option to purchase these services separately principally due to the customization of each project. Accordingly, these services are not considered separate performance obligations and no revenue is associated with these services under ASC 606 until the point in time when the project is complete and client confirmation is received. The Company provides maintenance services and according to the contracts and the clients do not have the option to purchase these services separately. The promised warranty does not provide the clients with a service in addition to the assurance that the product complies with agreed-upon contract specifications and is considered an assurance warranty. The maintenance services and the warranty are not considered separate performance obligations and no revenue is associated with these services under ASC 606. Historically, the Company has not experienced material costs for quality assurance and, therefore, does not believe an accrual for these costs are necessary. Mold repair: The Company signs contracts with customers and provides repair services according to the contract or list and charges a certain fee. Revenue is recognized only after the repair service has passed the customer’s inspection. Machining services: The Company signs contracts with customers and provides machining services and charges a certain fee. The Company identifies the fulfillment of its obligation when transferring the product and issuing the VAT invoice to customers at which time revenue is recognized. The following table presents revenue by major revenue type for the six months ended June 30, 2024 and 2023, respectively:     For the six months ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Mold production   $ 3,312,007     $ 3,093,511   Mold repair     518,300       489,465   Machining services     816,082       84,912   Total   $ 4,646,389     $ 3,667,888
Cost of revenues	Cost of revenues Cost of revenues consists of the cost of raw material, direct labor and manufacturing costs. During the production process, production department records the material consumption quantity and production hours of each order. Raw material cost is allocated according to the consumption of the material. Direct labor and manufacturing costs are allocated according to the production hours.
Research and development expenses	Research and development expenses Research and development (“R&D”) expenses include costs directly attributable to the conduct of R&D projects, including the cost of salaries and use of raw materials. Such projects include the research and development of adjustable casting molds for automotive parts. All costs associated with research and development are expensed as incurred.
General and administrative expenses	General and administrative expenses General and administrative expenses consist primarily of costs of salary and welfare for our general administrative and management staff, consulting fee, depreciation expenses, professional fees, meals and entertainment, office expenses, business travel expenses, additional expenses for public offering, and other miscellaneous expenses incurred in connection with general operations.
Government subsidies	Government subsidies Government subsidies refer to the monetary or non-monetary assets that a company obtains from the government for free. The government subsidies received by Wuxi Mingteng Mould mainly include high-tech enterprise recognition bonus. The Company believes that these government subsidies are not related to daily business activities and are treated as other income. Government subsidies for the six months ended June 30, 2024 and 2023, were nil and $2,886.
Income taxes	Income taxes  Mingteng International’s subsidiaries in the PRC and Hong Kong are subject to the income tax laws of the PRC and Hong Kong. No taxable income was generated outside the PRC for the six months ended June 30, 2024 and 2023. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or future deductibility is uncertain. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes”, prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. It also provides guidance on the recognition of income tax assets and liabilities, classification accounting for interest and penalties associated with tax positions, years open for tax examination, accounting for income taxes in interim periods and income tax disclosures. There were no material uncertain tax positions as of June 30, 2024 and December 31, 2023.
Value added tax	Value added tax Sales revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rate is approximately 13%. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company recorded a VAT payable or receivable net of payments in the accompanying consolidated financial statements. All of the VAT returns filed by Mingteng International’s subsidiaries in the PRC, have been and remain subject to examination by the tax authorities for five years from the date of filing.
Earnings per share	Earnings per share Mingteng International computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of Mingteng International by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares.
Warrant	Warrant The accounting treatment of warrants issued is determined pursuant to the guidance provided by ASC 470, Debt, ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging (“ASC 815”), as applicable. Each feature of freestanding financial instruments including, without limitation, any rights relating to subsequent dilutive issuances, equity sales, rights offerings, conversions, optional redemptions and dividends are assessed with determinations made regarding the proper classification in the Company’s consolidated financial statements.
Comprehensive income	Comprehensive income Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains, and losses that under U.S. GAAP are recorded as an element of stockholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustments from the Company’s PRC subsidiaries not using U.S. dollar as its functional currency.
Foreign currency translation	Foreign currency translation The functional currency of Mingteng International’s operations in the PRC is the Chinese Yuan or Renminbi (“RMB”). The consolidated financial statements are translated to U.S. dollars using the period end rates of exchange for assets and liabilities, equity is translated at historical exchange rates, and average rates of exchange (for the period) are used for revenues and expenses and cash flows. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income/loss. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. All of the Company’s revenue transactions are transacted in its functional currency. The Company does not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.  The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements, representing exchange rate of the People’s Bank of China (PBOC):     June 30,     December 31,     Six months ended June 30,       2024     2023     2024     2023   Foreign currency                         RMB:1USD     7.1268       7.0827       7.1051       6.9291
Statement of cash flows	Statement of cash flows In accordance with ASC 230, Statement of Cash Flows, cash flows from the Company’s operations are formulated based upon the local currencies, and then translated at average translation rates for the periods. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact on net loss or and financial position.
Significant risks	Significant risks Currency risk A majority of the Company’s expense transactions are denominated in RMB and a significant portion of Mingteng International and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other Company foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. The Company maintains certain bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for the Company’s accounts, as its aggregate deposits are much higher than the compensation limit, which is RMB 500,000 (approximately US$72,000) for one bank. However, the Company believes that the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and the Company believes that those Chinese banks that hold the Company’s cash and cash equivalents and short-term investments are financially sound based on public available information.  Other than the deposit insurance mechanism in the PRC mentioned above, the Company’s bank accounts are not insured by Federal Deposit Insurance Corporation insurance or other insurance. Total bank deposit balance was $1,381,249, and the bank balance of Mingteng International amounted to $367,948. Total amounts in excess of the insurance coverage were RMB 6,035,136.63 (approximately US$846,822.79) and RMB 5,462,789 (US$771,286) as of June 30, 2024 and December 31, 2023, respectively. Concentration and credit risk  Currently, all the Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic, and legal environment in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, other receivables-bank acceptance notes. A portion of the Company’s sales are credit sales which are to the customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to trade accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. Interest rate risk  Fluctuations in market interest rates may negatively affect our financial condition and results of operations. The Company is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. The Company has not used any derivative financial instruments to manage our interest risk exposure. Other uncertainty risk The Company’s major operations are conducted in the PRC. Accordingly, the political, economic, and legal environments in the PRC, as well as the general state of the PRC’s economy may influence the Company’s business, financial condition, and results of operations.   Employee benefits Pursuant to the relevant laws and regulations of the PRC, the Company’s subsidiaries in mainland China participate in a defined contribution of basic pension insurance in the social insurance system established and managed by government organizations. The Company makes contributions to basic pension insurance plans based on the applicable benchmarks and rates stipulated by the government. Basic pension insurance contributions are charged to costs of revenues and operating expenses as the related services are rendered by the employees. Employee social benefits included as costs of revenues and operating expenses were RMB 707,156 and RMB 442,994 for the six months ended June 30, 2024 and 2023, respectively.
Recent accounting pronouncements	Recent accounting pronouncements The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topics 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial position, statements of operations and comprehensive income (loss) and cash flows.

v3.24.3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	Estimated useful lives are as follows, taking into account the assets’ estimated residual value of 5%: Category   Estimated useful lives Electronic equipment   3-5 years Vehicles   5 years Machinery and equipment   5-10 years
Schedule of Revenue by Major Revenue	The following table presents revenue by major revenue type for the six months ended June 30, 2024 and 2023, respectively:     For the six months ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Mold production   $ 3,312,007     $ 3,093,511   Mold repair     518,300       489,465   Machining services     816,082       84,912   Total   $ 4,646,389     $ 3,667,888
Schedule of Currency Exchange Rates that Were Used in Preparing the Consolidated Financial Statements	The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements, representing exchange rate of the People’s Bank of China (PBOC):     June 30,     December 31,     Six months ended June 30,       2024     2023     2024     2023   Foreign currency                         RMB:1USD     7.1268       7.0827       7.1051       6.9291

v3.24.3

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable	Accounts receivable consisted of the following:     As of June 30,     As of  December 31,       2024     2023       (Unaudited)         Trade accounts receivable   $ 3,767,008     $ 3,540,696   Less: allowance for credit losses     (14,459 )     (23,064 ) Accounts receivable, net   $ 3,752,549     $ 3,517,632
Schedule of Movement of Allowance of Credit Losses	The movement of allowance of credit losses is as follows:     For The Six Months Ended   June 30,       2024     2023       (Unaudited)     (Unaudited)   Balance at the beginning of the period   $ (23,064 )   $ (28,594 ) Reduction (addition) during the six months period     8,463       (6,459 ) Foreign exchange difference     142       1,033   Balance at end of the June 30   $ (14,459 )   $ (34,020 )

v3.24.3

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Schedule of Inventories [Abstract]
Schedule of Inventories	Inventories consisted of the following:     As of  June 30,     As of  December 31,       2024     2023       (Unaudited)         Raw material   $ 24,329     $ 55,029   Work in process     310,672       135,341   Goods in transit     1,058,677       1,044,733   Inventories provision     (61,913 )     (18,058 ) Total inventories   $ 1,331,765     $ 1,217,045

v3.24.3

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following:     As of  June 30,     As of  December 31,       2024     2023       (Unaudited)         Prepayments, non-currents assets   $ 56,056     $       -   Deposit made for potential equity-method investment (note a)     2,478,000       -   Total other assets   $ 2,534,056     $ -   Note a: In May 2024, Mingteng International Corporation Inc. signed equity transfer agreements with Ms. Li Yulan, who owned 90% equity interest in a private company, Planty Holding Limited (“Planty”), to acquire an aggregate of 24.78% equity interest of Planty with a total consideration of $2,478,000. Planty owned a patent which could be used for a specific mold production, and also signed a strategic cooperation agreement with a potential client for the products related to the patent. The total consideration was paid before June 30, 2024 as deposit and the transaction was completed on August 28, 2024.

v3.24.3

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property and Equipment, Net [Abstract]
Schedule of Property and Equipment, Stated at Cost Less Accumulated Depreciation	Property and equipment, stated at cost less accumulated depreciation, consisted of the following:     As of  June 30,     As of  December 31,       2024     2023       (Unaudited)         Mechanical equipment   $ 4,754,244     $ 4,190,440   Electronic equipment     31,435       24,372   Vehicles     345,915       348,068   Subtotal     5,131,594       4,562,880   Less: accumulated depreciation     (1,463,219 )     (1,227,693 ) Property and equipment, net   $ 3,668,375     $ 3,335,187

v3.24.3

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Total Right-of-Use Assets and Lease Liabilities	The following table represents the movement of total right-of-use assts and lease liabilities.     For The Six Months Ended   June 30,       2024     2023       (Unaudited)     (Unaudited)   Operating lease right-of-use assets             Balance at beginning of the period   $         -     $ 88,055   Less: Accumulated amortization     -       (45,414 ) Foreign exchange difference     -       (3,183 ) Balance at end of the period   $ -     $ 39,458       For The Six Months Ended   June 30,       2024     2023       (Unaudited)     (Unaudited)   Finance lease right-of-use assets             Balance at beginning of the period   $        -     $ 461,629   Less: Accumulated amortization     -       (8,177 ) Less: Exercised purchase option     -       (436,765 ) Foreign exchange difference     -       (16,687 ) Balance at end of the period   $ -     $ -         For The Six Months Ended   June 30,       2024     2023       (Unaudited)      (Unaudited)   Operating lease liabilities             Balance at beginning of the period   $       -     $ 88,055   Less: Principal payments under operating lease obligations     -       (43,195 ) Impact of VAT     -       1,348   Foreign exchange difference     -       (3,183 ) Balance at end of the period   $ -     $ 43,025       For The Six Months Ended   June 30,       2024     2023       (Unaudited)      (Unaudited)   Finance lease liabilities             Balance at beginning of the period   $       -     $ 12,510   Less: Principal payments under financing lease obligations     -       (12,700 ) Interest expense on finance lease     -       121   Foreign exchange difference     -       69 Balance at end of the period   $ -     $ -

v3.24.3

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	Other liabilities consisted of the following:     As of June 30,     As of December 31,       2024     2023       (Unaudited)         Corporate income taxes   $ 307,855     $ 379,395   Value added tax     79,627       121,691   Construction tax     11,296       14,615   Individual income tax     1,977       3,598   Payroll payable     510,779       474,629   Others     47,636       47,982   Total other liabilities   $ 959,170     $ 1,041,910

v3.24.3

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of the Major Related Parties	The table below sets the major related parties and their relationships with the Company: Name of related parties   Relationship with the Company Yingkai Xu   Serving as a shareholder, CEO and Chairman of the Board of Directors of Mingteng International, as well as the husband of the board member, Jingzhu Ding. Jingzhu Ding   Serving as a shareholder and Director of Mingteng International, wife of the CEO and Chairman. Wuxi Kaiteng Mold Factory   Ms. Jingzhu Ding owns 100% equity interest.
Schedule of the Significant Transactions with Related Parties	Significant transactions with related parties were as follows:     For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Purchase from related parties:             Wuxi Kaiteng Mold Factory   $ 118,032     $ 145,717   Subtotal   $ 118,032     $ 145,717
Schedule of Represented Related Party	The following represented related party balances as of June 30, 2024 and December 31, 2023:     As of June 30,     As of December 31,       2024     2023       (Unaudited)         Amounts due to related parties             Wuxi Kaiteng Mold Factory   $ 202,447     $ 207,780   Jingzhu Ding     34,853       32,529   Subtotal   $ 237,300     $ 240,309

v3.24.3

Shareholders’ Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Shareholders’ Equity [Abstract]
Schedule of Warrant Activities	The summary of warrant activities for the six months ended June 30, 2024 are as follows:     Ordinary Shares Number Outstanding     Weighted Average Exercise Price     Contractual Life in Years   Warrants Outstanding as of December 31, 2023     -     $ -       -   Warrants Exercisable as of December 31, 2023     -       -       -   Warrants Granted     60,375       4.80       4.80   Warrants Exercises     -       -       -   Warrants Expired     -       -       -                             Warrants Outstanding as of June 30, 2024     60,375       4.80       4.80   Warrants Exercisable as of June 30, 2024 (unaudited)     60,375     $ 4.80       4.80

v3.24.3

Other Income, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income, Net [Abstract]
Schedule of Other Income	Other income consisted of the following:     For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Waste sales   $ 4,781     $ 3,722   Loss on disposal of assets     (7,087 )     -   Other, net     18,924       2,848   Total other income   $ 16,618     $ 6,570

v3.24.3

Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Taxes [Abstract]
Schedule of Provision for Income Taxes	The provision for income taxes consisted of the following:     For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Current             Cayman Islands   $ -     $ -   Hong Kong     -       -   China     13,298       116,740   Deferred                 Cayman Islands     -       -   Hong Kong     -       -   China     (20,846 )     (10,553 ) Income tax (benefit)/provision   $ (7,548 )   $ 106,187
Schedule of Reconciles the PRC Statutory Rate	The following table reconciles the PRC statutory rate to the Company’s effective tax rate:     For the Six Months Ended June 30,       2024     2023       (Unaudited)     (Unaudited)   PRC statutory tax rate     25.0 %     25.0 % Additional deduction of research and development expenses     28.6 %     (8.4 )% Non-deductible expenses     4.4 %     1.2 % Effect of PRC preferential tax rate     (10.0 )%     (10.6 )% Loss from non-PRC entities not subject to PRC tax     (45.2 )%     8.7 % Effective tax rate     2.8 %     15.9 %
Schedule of Net Deferred Tax Assets and Liabilities	Components of net deferred tax assets and liabilities were as follows:     As of June 30,     As of December 31,       2024     2023       (Unaudited)         Allowance for doubtful accounts   $ 2,169     $ 3,460   Inventories valuation allowance     9,287       2,709   Depreciation     (236,039 )     (253,062 ) Net deferred tax (liabilities) assets   $ (224,583 )   $ (246,893 )
Schedule of Movement of Net Deferred Tax Liabilities and Assets	The movement of net deferred tax liabilities and assets were as follows:     For the six months ended June 30,       2024     2023       (Unaudited)     (Unaudited)   Balance at beginning of the period   $ (246,893 )   $ 6,143   Current period reduction (addition)     20,846       (156,674 ) Foreign exchange difference     1,464       (301 ) Balance at end of the period   $ (224,583 )   $ (150,832 )

v3.24.3

Business Description (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	May 10, 2024	Apr. 22, 2024
Business Description [Line Items]
Number of shares issued (in Shares)		1,050,000
Ordinary shares, par value		$ 0.00001
Offering price per share		$ 4
Gross proceeds (in Dollars)		$ 4,200
Consideration received on after dedication (in Dollars)	$ 2,060
Over-Allotment Option [Member]
Business Description [Line Items]
Number of shares issued (in Shares)	157,500
Ordinary shares, par value	$ 0.00001
Offering price per share	$ 4
Gross proceeds (in Dollars)	$ 630

v3.24.3

Summary of Significant Accounting Policies (Details)	6 Months Ended				12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)
Summary of Significant Accounting Policies [Line Items]
Insurance limit	$ 72,000	¥ 500,000
Provision for inventory	$ 61,913				$ 18,058
Estimated residual value	5.00%	5.00%
Lease obligations			$ 55,374
Government subsidies			2,886
Value added tax, percentage	13.00%	13.00%
Deposit insurance	$ 72,000	¥ 500,000
Bank deposit	1,381,249
Insurance coverage	846,822.79	6,035,136.63			$ 771,286	¥ 5,462,789
Costs of revenues (in Yuan Renminbi)	2,994,601		2,104,452
Operating expenses (in Yuan Renminbi)	1,926,626		$ 880,193
Employee Social Benefits [Member]
Summary of Significant Accounting Policies [Line Items]
Costs of revenues (in Yuan Renminbi) | ¥		¥ 707,156
Operating expenses (in Yuan Renminbi) | ¥				¥ 442,994
Mingteng International [Member]
Summary of Significant Accounting Policies [Line Items]
Bank deposit	$ 367,948
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Lease term percentage	75.00%
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Lease term percentage	90.00%

v3.24.3

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives	Jun. 30, 2024
Vehicles [Member]
Schedule of Estimated Residual Value [Line Items]
Estimated useful lives	5 years
Minimum [Member] | Electronic equipment [Member]
Schedule of Estimated Residual Value [Line Items]
Estimated useful lives	3 years
Minimum [Member] | Machinery and Equipment [Member]
Schedule of Estimated Residual Value [Line Items]
Estimated useful lives	5 years
Maximum [Member] | Electronic equipment [Member]
Schedule of Estimated Residual Value [Line Items]
Estimated useful lives	5 years
Maximum [Member] | Machinery and Equipment [Member]
Schedule of Estimated Residual Value [Line Items]
Estimated useful lives	10 years

v3.24.3

Summary of Significant Accounting Policies (Details) - Schedule of Revenue by Major Revenue - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Revenue by Major Revenue [Line Items]
Total revenue	$ 4,646,389	$ 3,667,888
Mold production [Member]
Schedule of Revenue by Major Revenue [Line Items]
Total revenue	3,312,007	3,093,511
Mold repair [Member]
Schedule of Revenue by Major Revenue [Line Items]
Total revenue	518,300	489,465
Machining services [Member]
Schedule of Revenue by Major Revenue [Line Items]
Total revenue	$ 816,082	$ 84,912

v3.24.3

Summary of Significant Accounting Policies (Details) - Schedule of Currency Exchange Rates that Were Used in Preparing the Consolidated Financial Statements	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
RMB [Member]
Foreign currency
Foreign currency exchange rates	7.1268	7.0827
USD [Member]
Foreign currency
Foreign currency exchange rates	7.1051		6.9291

v3.24.3

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Accounts Receivable [Abstract]
Trade accounts receivable	$ 3,767,008	$ 3,540,696
Less: allowance for credit losses	(14,459)	(23,064)
Accounts receivable, net	$ 3,752,549	$ 3,517,632

v3.24.3

Accounts Receivable, Net (Details) - Schedule of Movement of Allowance of Credit Losses - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Movement of Allowance of Credit Losses [Abstract]
Balance at the beginning of the period	$ (23,064)	$ (28,594)
Reduction (addition) during the six months period	8,463	(6,459)
Foreign exchange difference	142	1,033
Balance at end of the June 30	$ (14,459)	$ (34,020)

v3.24.3

Inventories, Net (Details) - Schedule of Inventories - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw material	$ 24,329	$ 55,029
Work in process	310,672	135,341
Goods in transit	1,058,677	1,044,733
Inventories provision	(61,913)	(18,058)
Total inventories	$ 1,331,765	$ 1,217,045

v3.24.3

Other Assets (Details)	May 31, 2024 USD ($)
Other Assets [Line Items]
Total consideration (in Dollars)	$ 2,478,000
Ms. Li Yulan [Member]
Other Assets [Line Items]
Percentage of owned equity interest	90.00%
Planty [Member]
Other Assets [Line Items]
Percentage of owned equity interest	24.78%

v3.24.3

Other Assets (Details) - Schedule of Other Assets - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Schedule of Other Assets [Abstract]
Prepayments, non-currents assets		$ 56,056
Deposit made for potential equity-method investment	[1]	2,478,000
Total other assets		$ 2,534,056
[1] In May 2024, Mingteng International Corporation Inc. signed equity transfer agreements with Ms. Li Yulan, who owned 90% equity interest in a private company, Planty Holding Limited (“Planty”), to acquire an aggregate of 24.78% equity interest of Planty with a total consideration of $2,478,000. Planty owned a patent which could be used for a specific mold production, and also signed a strategic cooperation agreement with a potential client for the products related to the patent. The total consideration was paid before June 30, 2024 as deposit and the transaction was completed on August 28, 2024.

v3.24.3

Property and Equipment, Net (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property and Equipment, Net [Abstract]
Depreciation expense	$ 250,604	$ 195,321

v3.24.3

Property and Equipment, Net (Details) - Schedule of Property and Equipment, Stated at Cost Less Accumulated Depreciation - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Property and Equipment, Stated at Cost Less Accumulated Depreciation [Line Items]
Property and equipment, Gross	$ 5,131,594	$ 4,562,880
Less: accumulated depreciation	(1,463,219)	(1,227,693)
Property and equipment, net	3,668,375	3,335,187
Mechanical equipment [Member]
Schedule of Property and Equipment, Stated at Cost Less Accumulated Depreciation [Line Items]
Property and equipment, Gross	4,754,244	4,190,440
Electronic equipment [Member]
Schedule of Property and Equipment, Stated at Cost Less Accumulated Depreciation [Line Items]
Property and equipment, Gross	31,435	24,372
Vehicles [Member]
Schedule of Property and Equipment, Stated at Cost Less Accumulated Depreciation [Line Items]
Property and equipment, Gross	$ 345,915	$ 348,068

v3.24.3

Leases (Details)					6 Months Ended		8 Months Ended		12 Months Ended						23 Months Ended
	Apr. 14, 2021 USD ($)	Apr. 14, 2021 CNY (¥)	Feb. 23, 2021 USD ($)	Feb. 23, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Jan. 07, 2025 USD ($)	Jan. 07, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)	Aug. 31, 2024 USD ($)	Aug. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Jan. 08, 2024	Jan. 01, 2024	Sep. 01, 2023	May 01, 2023	Apr. 14, 2021 CNY (¥)	Feb. 23, 2021 CNY (¥)
Leases [Line Items]
Rental amount															$ 93,012	¥ 624,240
Lease agreement expired					Dec. 31, 2023
Lease term																	12 months	12 months	12 months	12 months
Payment for equipment			$ 71,835	¥ 458,000
Remaining lease payments						$ 43,195
Total lease expenses					$ 76,547	$ 53,591
Lease Agreements [Member]
Leases [Line Items]
Rental amount							$ 425	¥ 3,000
Payment for equipment	$ 63,993	¥ 408,000
Remaining lease payments	280,753	¥ 1,790,000	287,341	¥ 1,832,000
Fair value of the equipment	$ 321,220		$ 359,176																		¥ 2,048,000	¥ 2,290,000
Percentage of interest rate	1.01%		1.07%																		1.01%	1.07%
Forecast [Member]
Leases [Line Items]
Rental amount									$ 3,347	¥ 23,784	$ 93,217	¥ 660,240
Forecast [Member] | Lease Agreements [Member]
Leases [Line Items]
Rental amount													$ 2,838	¥ 20,000

v3.24.3

Leases (Details) - Schedule of Total Right-of-Use Assets and Lease Liabilities - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating lease right-of-use assets
Operating lease right-of-use assets, Balance at beginning of the period		$ 88,055
Operating lease right-of-use assets, Less: Accumulated amortization		(45,414)
Operating lease right-of-use assets, Foreign exchange difference		(3,183)
Operating lease right-of-use assets, Balance at end of the period		39,458
Finance lease right-of-use assets
Finance lease right-of-use assets, Balance at beginning of the period		461,629
Finance lease right-of-use assets, Less: Accumulated amortization		(8,177)
Finance lease right-of-use assets, Less: Exercised purchase option		(436,765)
Finance lease right-of-use assets, Foreign exchange difference		(16,687)
Finance lease right-of-use assets, Balance at end of the period
Operating lease liabilities
Operating lease liabilities, Balance at beginning of the period		88,055
Operating lease liabilities, Less: Principal payments under operating lease obligations		(43,195)
Operating lease liabilities, Impact of VAT		1,348
Operating lease liabilities, Foreign exchange difference		(3,183)
Operating lease liabilities, Balance at end of the period		43,025
Finance lease liabilities
Finance lease liabilities, Balance at beginning of the period		12,510
Finance lease liabilities, Less: Principal payments under financing lease obligations		(12,700)
Finance lease liabilities, Interest expense on finance lease		121
Finance lease liabilities, Foreign exchange difference		$ 69
Finance lease liabilities, Balance at end of the period

v3.24.3

Short-Term Loans (Details) $ in Thousands, ¥ in Millions	Feb. 21, 2024 USD ($)	Feb. 21, 2024 CNY (¥)	Oct. 07, 2023 USD ($)	Oct. 07, 2023 CNY (¥)	Feb. 28, 2023 USD ($)	Feb. 28, 2023 CNY (¥)	Jan. 31, 2023 USD ($)	Jan. 31, 2023 CNY (¥)	Mar. 23, 2022 USD ($)	Mar. 23, 2022 CNY (¥)	Mar. 04, 2022 USD ($)	Mar. 04, 2022 CNY (¥)
Short-Term Loans [Line Items]
Short term debt	$ 1,400	¥ 10.0	$ 420	¥ 3.0	$ 720	¥ 5.0	$ 720	¥ 5.0	$ 670	¥ 4.5	$ 750	¥ 5.0
Annual interest rate	2.95%	2.95%			3.70%	3.70%	3.40%	3.40%	4.45%	4.45%	4.00%	4.00%
Maturity date of the loan	February 20, 2025	February 20, 2025			February 27, 2024	February 27, 2024	January 30, 2024	January 30, 2024	March 22, 2023	March 22, 2023	March 3, 2023	March 3, 2023
Wuxi Mingteng Mould [Member]
Short-Term Loans [Line Items]
Short term debt	$ 280	¥ 2.0

v3.24.3

Other Liabilities (Details) - Schedule of Other Liabilities - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Corporate income taxes	$ 307,855	$ 379,395
Value added tax	79,627	121,691
Construction tax	11,296	14,615
Individual income tax	1,977	3,598
Payroll payable	510,779	474,629
Others	47,636	47,982
Total other liabilities	$ 959,170	$ 1,041,910

v3.24.3

Related Party Transactions (Details) - Schedule of the Major Related Parties	6 Months Ended
	Jun. 30, 2024
Yingkai Xu [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Relationship with the company	Serving as a shareholder, CEO and Chairman of the Board of Directors of Mingteng International, as well as the husband of the board member, Jingzhu Ding.
Jingzhu Ding [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Relationship with the company	Serving as a shareholder and Director of Mingteng International, wife of the CEO and Chairman.
Wuxi Kaiteng Mold Factory [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Relationship with the company	Ms. Jingzhu Ding owns 100% equity interest.

v3.24.3

Related Party Transactions (Details) - Schedule of the Significant Transactions with Related Parties - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Purchase from related parties, Subtotal	$ 118,032	$ 145,717
Wuxi Kaiteng Mold Factory [Member]
Related Party Transaction [Line Items]
Purchase from related parties, Subtotal	$ 118,032	$ 145,717

v3.24.3

Related Party Transactions (Details) - Schedule of Represented Related Party - Related Party [Member] - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Related Party Transactions (Details) - Schedule of Represented Related Party [Line Items]
Amounts due to related parties	$ 237,300	$ 240,309
Wuxi Kaiteng Mold Factory [Member]
Related Party Transactions (Details) - Schedule of Represented Related Party [Line Items]
Amounts due to related parties	202,447	207,780
Jingzhu Ding [Member]
Related Party Transactions (Details) - Schedule of Represented Related Party [Line Items]
Amounts due to related parties	$ 34,853	$ 32,529

v3.24.3

Shareholders’ Equity (Details) - USD ($)			6 Months Ended
	May 10, 2024	Apr. 22, 2024	Jun. 30, 2024	Jun. 30, 2023	May 31, 2024	Dec. 31, 2023
Shareholders’ Equity [Line Items]
Ordinary shares, shares authorized			5,000,000,000			5,000,000,000
Ordinary shares, par value			$ 0.00001			$ 0.00001
Percentage of after tax profits			10.00%
statutory reserves, percentage			50.00%
Statutory reserve			$ 465,572
Ordinary shares, shares issued			6,207,500			5,000,000
Gross proceeds			$ 3,293,096
Warrant shares granted to underwriters			60,375
Common Stock [Member]
Shareholders’ Equity [Line Items]
Ordinary shares, par value	$ 0.00001	$ 0.00001
Net proceeds	$ 2,310,000
Mingteng International [Member]
Shareholders’ Equity [Line Items]
statutory reserves, percentage			50.00%
Underwriters [Member]
Shareholders’ Equity [Line Items]
Ordinary shares per share					$ 4.8
Underwriters [Member] | Warrant [Member]
Shareholders’ Equity [Line Items]
Warrant shares granted to underwriters			60,375
Mingteng International [Member]
Shareholders’ Equity [Line Items]
Gross proceeds	$ 630,000	$ 4,200,000
Common Stock [Member]
Shareholders’ Equity [Line Items]
Ordinary shares, par value		$ 0.00001
Offering price per share		$ 4
Gross proceeds		$ 4,200,000
Common Stock [Member] | Mingteng International [Member]
Shareholders’ Equity [Line Items]
Ordinary shares, shares issued	157,500	1,050,000
IPO [Member]
Shareholders’ Equity [Line Items]
Offering price per share	$ 4	$ 4
IPO [Member] | Underwriters [Member]
Shareholders’ Equity [Line Items]
Warrant to purchase shares					52,500
Over-Allotment Option [Member] | Underwriters [Member]
Shareholders’ Equity [Line Items]
Warrant to purchase shares					7,875
Over-Allotment Option [Member] | Common Stock [Member]
Shareholders’ Equity [Line Items]
Ordinary shares, par value	0.00001
Offering price per share	$ 4
Gross proceeds	$ 630,000

v3.24.3

Shareholders’ Equity (Details) - Schedule of Warrant Activities - $ / shares		6 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Schedule Of Warrant Activities Abstract
Ordinary Shares Number Outstanding Warrants Outstanding		60,375
Weighted Average Exercise Price, Warrants Outstanding		$ 4.8
Contractual Life in Years Warrants Outstanding		4 years 9 months 18 days
Ordinary Shares Number Outstanding Warrants Exercisable		60,375
Weighted Average Exercise Price, Warrants Exercisable		$ 4.8
Contractual Life in Years, Warrants Exercisable		4 years 9 months 18 days
Ordinary Shares Number Outstanding, Warrants Granted		60,375
Weighted Average Exercise Price, Warrants Granted		$ 4.8
Contractual Life in Years, Warrants Granted		4 years 9 months 18 days
Ordinary Shares Number Outstanding Warrants Exercises
Weighted Average Exercise Price, Warrants Exercises
Ordinary Shares Number Outstanding Warrants Expired
Weighted Average Exercise Price, Warrants Expired

v3.24.3

Other Income, Net (Details) - Schedule of Other Income - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Other Income [Abstract]
Waste sales	$ 4,781	$ 3,722
Loss on disposal of assets	(7,087)
Other, net	18,924	2,848
Total other income	$ 16,618	$ 6,570

v3.24.3

Taxes (Details) - USD ($)			6 Months Ended
	Nov. 30, 2022	Dec. 31, 2019	Jun. 30, 2024	Jun. 30, 2023
Taxes [Line Items]
Income tax rate, percentage		15.00%
Favorable tax rate (in Dollars)				$ 70,791
Favorable tax rate price (in Dollars per share)				$ 0.02
Foreign Investment Enterprises [Member]
Taxes [Line Items]
Preferential tax rates, percentage			25.00%
High and New Technology Enterprises [Member]
Taxes [Line Items]
Preferential tax rates, percentage	15.00%
Income tax rate, percentage			15.00%

v3.24.3

Taxes (Details) - Schedule of Provision for Income Taxes - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Current
Income tax (benefit)/provision	$ (7,548)	$ 106,187
Cayman Islands [Member]
Current
Current tax provision
Deferred tax (benefit)
Hong Kong [Member]
Current
Current tax provision
Deferred tax (benefit)
China [Member]
Current
Current tax provision	13,298	116,740
Deferred tax (benefit)	$ (20,846)	$ (10,553)

v3.24.3

Taxes (Details) - Schedule of Reconciles the PRC Statutory Rate	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Reconciles the PRC Statutory Rate [Abstract]
PRC statutory tax rate	25.00%	25.00%
Additional deduction of research and development expenses	28.60%	(8.40%)
Non-deductible expenses	4.40%	1.20%
Effect of PRC preferential tax rate	(10.00%)	(10.60%)
Loss from non-PRC entities not subject to PRC tax	(45.20%)	8.70%
Effective tax rate	2.80%	15.90%

v3.24.3

Taxes (Details) - Schedule of Net Deferred Tax Assets and Liabilities - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Schedule of Net Deferred Tax Assets and Liabilities [Abstract]
Allowance for doubtful accounts	$ 2,169	$ 3,460
Inventories valuation allowance	9,287	2,709
Depreciation	(236,039)	(253,062)
Net deferred tax (liabilities) assets	$ (224,583)	$ (246,893)	$ (150,832)	$ 6,143

v3.24.3

Taxes (Details) - Schedule of Movement of Net Deferred Tax Liabilities and Assets - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Movement of Net Deferred Tax Liabilities and Assets [Abstract]
Balance at beginning of the period	$ (246,893)	$ 6,143
Current period reduction (addition)	20,846	(156,674)
Foreign exchange difference	1,464	(301)
Balance at end of the period	$ (224,583)	$ (150,832)

v3.24.3

Concentration of Major Customers and Suppliers (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Customer Concentration Risk [Member] | Customer One [Member] | Revenue Benchmark [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	23.40%	23.60%
Customer Concentration Risk [Member] | Customer One [Member] | Accounts Receivable [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	30.40%		33.50%
Customer Concentration Risk [Member] | Customer Two [Member] | Revenue Benchmark [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	17.40%	15.30%
Customer Concentration Risk [Member] | Customer Two [Member] | Accounts Receivable [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	10.60%		13.90%
Customer Concentration Risk [Member] | Customer Three [Member] | Revenue Benchmark [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage		13.50%
Customer Concentration Risk [Member] | Customer Three [Member] | Accounts Receivable [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage			12.00%
Supplier Concentration Risk [Member] | Purchases [Member] | Supplier One [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	13.90%
Supplier Concentration Risk [Member] | Purchases [Member] | Supplier Two [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	13.60%
Supplier Concentration Risk [Member] | Purchases [Member] | Supplier Three [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	13.50%
Supplier Concentration Risk [Member] | Purchases [Member] | Supplier Four [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage	11.00%
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Supplier One [Member]
Concentration of Major Customers and Suppliers [Line Items]
Concentration risk percentage			11.30%

v3.24.3

Commitments and Contingencies (Details)	Sep. 20, 2022 USD ($)
Chief Executive Officer [Member]
Commitments and Contingencies [Line Items]
Employment agreements term	3 years
Pro-rated basis	$ 30,000
Chief Financial Officer [Member]
Commitments and Contingencies [Line Items]
Employment agreements term	3 years
Pro-rated basis	$ 30,000

v3.24.3

Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1

v3.24.3

Subsequent Events (Details)	Sep. 01, 2024 USD ($)	Sep. 01, 2024 CNY (¥)	Aug. 22, 2024 USD ($)	Aug. 22, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Subsequent Events [Line Items]
Received government subsidy						$ 2,886
Subsequent Event [Member]
Subsequent Events [Line Items]
Monthly rental payments	$ 3,372	¥ 24,029
Lease term	12 months	12 months
Lease period description	The lease period was from September 1, 2024 to August 31, 2025	The lease period was from September 1, 2024 to August 31, 2025
Forecast [Member]
Subsequent Events [Line Items]
Received government subsidy			$ 560,000	¥ 4,000,000
Profit before tax			$ 560,000

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