v3.25.1
Related Party Transactions and Balances
 12 Months Ended
Dec. 31, 2024
Related Party Transactions and Balances [Abstract]  
RELATED PARTY TRANSACTIONS AND BALANCES
25. RELATED PARTY TRANSACTIONS AND BALANCES

 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. The related parties that had transactions or balances with the Group in 2022, 2023 and 2024 consisted of:

 

Related Party  Nature of the party  Relationship with the Group
Alex S. Xu  Individual  Founder and CEO
Hui Xu  Individual  Brother of Alex S. Xu
Wen Qi  Individual  Quality Control Manager
GTI  Investment holding  Shareholder of the Group, controlled by Alex S. Xu
Shanghai Aotao Industrial Co., Ltd (“Aotao”)  Restaurant management  Controlled by GTI
Getao Industrial (HK) Limited. (“Getao”)  Restaurant management  Controlled by GTI
Beifu HK  Restaurant management  Controlled by GTI
Gelu (Shanghai) Catering Management Co., Ltd. (“Gelu”)  Restaurant management  Controlled by GTI
Shanghai Geyi Catering Management Co., Ltd. (“Geyi”)  Restaurant management  Controlled by GTI
Napa Infinity Winery (Shanghai) Inc. (“Napa”)  Wine distributor  Controlled by Hui Xu
Woyaojiu Information Technology (Shanghai) Co.,Ltd. (“Woyaojiu”)  Wine distributor  Controlled by Hui Xu
Yibon  Hotel management  Equity investee of the Group
Shanxi Hanyuanbaili Hotel Management Co., Ltd. (“Hanyuan”)  Hotel management  Equity investee of the Group
Shanxi Yueyuanbaili Hotel Management Co., Ltd. (“Yueyuan”)  Hotel management  Equity investee of the Group
Wuhan Jiangxia Deep Sleep Hotel Co. Ltd. (“Jiangxia WM”)  Hotel management  Equity investee of the Group
Apex (Weihai) Industrial Co., Ltd. (“Apex”)  Construction  Controlled by Hui Xu
Anhui Aoyang Daling Canyon Beverage Co. Ltd. (“Aoyang”)  Drinking-water manufacturing  Equity investee of the Group
Geweimei Biotechnology (Wuxi) Co., Ltd. (“Geweimei”)  Food manufacturing  Controlled by GTI
Shanghai Xiaoyi Health Services Co., Ltd. (“Xiaoyi”)  Care service provider  Controlled by GTI
Wiselong  IT consulting  Equity investee of the Group
(a) Related party balances

 

Due from related parties:

 

   As of December 31 
   2023   2024   2024 
   RMB   RMB   USD 
Current:            
Yibon(i)   7,321,246    6,920,600    948,118 
Hanyuan (ii)   6,732,977    6,732,977    922,414 
Wen Qi (iii)   2,360,000    2,360,000    323,319 
Yueyuan (ii)   688,064    640,000    87,680 
Aotao (iv)   141,069    270,067    36,999 
Jiangxia WM (vi)   
—
    858,000    117,546 
Others(iv)   3,217,386    4,590,246    628,860 
Less: provision   (531,961)   (531,961)   (72,878)
Total   19,928,781    21,839,929    2,992,058 
                
Non-current:               
Apex (v)   110,000,000    110,000,000    15,069,938 
Total   110,000,000    110,000,000    15,069,938 

 

(i).Current amounts due from Yibon mainly comprised of a loan repayable on demand with an interest rate of 6% per annum with pledge of one Yibon’s leased-and-operated hotel.

 

(ii).Current amounts due from Hanyuan and Yueyuan are loans to them, who are the equity investees of the Group, for hotel improvement.

 

(iii).Current amounts due from Wen Qi is a loan with a principal of RMB2,360,000 (USD323,319) with an interest rate of 7.9% per annum maturing in July 2024.

 

(iv).The current amounts mainly consisted of accounts receivable due to daily operations with the related parties which were unsecured, interest free, and repayable upon demand.

 

(v).

Noncurrent amounts due from related parties comprised of RMB110,000,000 (USD15,069,938) prepayments made by the Group to Apex to acquire a building for hotel business development. In April 2025, the building was pledged to the Group to guarantee the related party’s performance.

 

(vi).The current amounts due from Jiangxia WM are a loan to the Group’s equity investee for hotel improvements.

Due to related parties:

 

   As of December 31, 
   2023   2024   2024 
   RMB   RMB   USD 
Current:            
Aotao(i)   12,660,573    13,323,770    1,825,349 
Others(ii)   3,649,720    4,138,406    566,959 
Total   16,310,293    17,462,176    2,392,308 

 

(i)Amounts due to Aotao comprised of the payable for advertising service from Aotao and loans from Aotao which were unsecured, interest free, and repayable upon demand.

 

(ii)Amounts due to others represent the trade payables due to the normal business operation with related parties which were unsecured, interest free, and repayable upon demand.

 

(b) Related party transactions

 

During the years ended December 31, 2022, 2023 and 2024, related party transactions consisted of the following:

 

   Year ended December 31, 
   2022   2023   2024   2024 
   RMB   RMB   RMB   USD 
Loan to related parties                
Loan to GTI   (162,490,000)   
—
    
—
    
—
 
Loan to Hanyuan   (3,237,408)   
—
    
—
    
—
 
Loan to Qiwen   (2,360,000)   
—
    
—
    
—
 
Loan to Yueyuan   (608,394)   
—
    
—
    
—
 
Loan to Jiangxia WM   
—
    
—
    (858,000)   (117,546)
Repayment from GTI   42,305,000    
—
    
—
    
—
 
Repayment from Yibon   1,250,000    
—
    363,347    49,778 
Interest income from Yibon   12,333    465,500    395,694    54,210 
Service provided by related parties   (5,770,739)   (14,044)   (47,866)   (6,558)
Goods purchased from related parties   (692,797)   (2,837,072)   (1,939,754)   (265,745)
Service provided to related parties   1,397,915    2,604,417    721,657    98,867 
Goods sold to related parties   
—
    23,787    19,727    2,703