v3.25.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
INVESTMENTS
13. INVESTMENTS

 

Short-term investments

 

Short-term investments as of December 31, 2023 and 2024 consisted of the following:

 

   As of December 31, 
   2023   2024   2024 
   RMB   RMB   USD 
Wealth management products   287,711,617    10,475    1,435 
Time deposits   130,000,000    
—
    
—
 
Total   417,711,617    10,475    1,435 

 

Investments in equity securities with readily determinable fair values

 

Equity securities with readily determinable fair value represent investments in the equity securities of publicly listed companies, for which the Group does not have significant influence.

 

Total unrealized and realized gains and losses of investments in equity securities in current assets for the years ended December 31, 2022, 2023 and 2024 were as follows:

 

   For the years ended December 31, 
   2022   2023   2024   2024 
   RMB   RMB   RMB   USD 
Total net losses recognized   (2,622,450)   (15,344,616)   (2,544,834)   (348,641)
Less: Net realized (losses) gains on equity securities sold   11,294,390    
—
    (1,245,632)   (170,651)
Net unrealized losses recognized on equity securities held   (13,916,840)   (15,344,616)   (1,299,202)   (177,990)

Long-term investments

 

As at December 31, 2023 and 2024, long-term investments consisted of the following:

 

   As of December 31, 
   2023   2024   2024 
   RMB   RMB   USD 
Equity method investments            
Shanghai Wiselong Enterprise Management Co., Ltd (“Wiselong”)   25,630,564    27,133,053    3,717,213 
Other   7,274,032    15,000,068    2,055,001 
Equity securities with readily determinable fair values   38,324,789    28,355,681    3,884,712 
Equity securities without readily determinable fair values   9,826,143    9,826,143    1,346,176 
Available-for-sale debt investment   103,703,272    103,709,272    14,208,112 
Total   184,758,800    184,024,217    25,211,214 

 

Equity securities with readily determinable fair values

 

Total unrealized and realized gains and losses of equity securities with readily determinable fair values included in long-term investments for the years ended December 31, 2022, 2023 and 2024 were as follows:

 

   For the years ended December 31, 
   2022   2023   2024   2024 
   RMB   RMB   RMB   USD 
Total net gains (losses) recognized   (15,126,672)   9,966,512    (11,163,213)   (1,529,354)
Less: Net realized gains on equity securities sold   
—
    
—
    
—
    
—
 
Net unrealized gains (losses) recognized on equity securities held   (15,126,672)   9,966,512    (11,163,213)   (1,529,354)

 

Equity securities without readily determinable fair values

 

The equity investments without readily determinable fair value held as of December 31, 2023 and 2024 were as follows:

 

   As of December 31, 
   2023   2024   2024 
   RMB   RMB   USD 
Initial cost   51,523,212    51,523,212    7,058,651 
Cumulative unrealized gains   302,931    302,931    41,501 
Cumulative unrealized losses (including impairment)   (42,000,000)   (42,000,000)   (5,753,976)
Total carrying value   9,826,143    9,826,143    1,346,176 

 

During the year ended December 31, 2022, impairment of RMB42,000,000 was recorded in “Other general expenses” in the consolidated financial statements of comprehensive (loss) income. No impairment loss was recorded during the years ended December 31, 2023 and 2024.

 

Available-for-sale debt securities

 

Available-for-sale debt securities represent the Group’s investment in 30% interest of Yibon Hotel Group Co., Ltd (“Yibon”), which the Group has the option to require Yibon to redeem the investment at the Group’s discretion. No impairment was recorded for this investment during any of other presented periods.

Short-term and long-term debt securities as of December 31, 2023 and 2024 were shown as below:

 

   As of December 31, 2023 
           Gross             
       Gross   unrecognized   Gross   Gross     
   Amortized   unrecognized   holding   unrealized   unrealized     
   cost   holding gains   losses   gains   losses   Fair value 
   RMB   RMB   RMB   RMB   RMB   RMB 
Wealth management products   287,711,617    
—
    
—
    
—
    
—
    287,711,617 
Available-for-sale debt securities of Yibon   103,701,474    
—
    
—
    2,791,663    (2,789,865)   103,703,272 

 

   As of December 31, 2024 
           Gross             
       Gross   unrecognized   Gross   Gross     
   Amortized   unrecognized   holding   unrealized   unrealized     
   cost   holding gains   losses   gains   losses   Fair value 
   RMB   RMB   RMB   RMB   RMB   RMB 
Wealth management products   10,475    
—
    
—
    
—
    
—
    10,475 
Available-for-sale debt securities of Yibon   103,703,272    
—
    
—
    
—
    6,000    103,709,272