v3.25.1
Parent Company Only Condensed Financial Information
 12 Months Ended
Dec. 31, 2024
Parent Company Only Condensed Financial Information [Abstract]  
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
29. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

 

Condensed balance sheets

 

   As of December 31, 
   2023   2024   2024 
   RMB   RMB   USD 
ASSETS            
Current assets            
Cash and cash equivalents   13,423,750    253,708,400    34,757,908 
Investments in equity securities   978,841    
—
    
—
 
Amounts due from subsidiaries   125,960,969    169,208,479    23,181,467 
Amounts due from a related party   
—
    
—
    
—
 
Other current assets   321,495    330,527    45,282 
Total current assets   140,685,055    423,247,406    57,984,657 
Non-current assets:               
Investments in subsidiaries   2,179,129,452    2,183,092,396    299,082,432 
Investments in equity securities   44,324,789    34,355,681    4,706,709 
TOTAL ASSETS   2,364,139,296    2,640,695,483    361,773,798 
                
LIABILITIES AND EQUITY               
Current liabilities:               
Short-term bank loans   116,800,000    
—
    
—
 
Long -term bank loans, current portion   200,000    400,000    54,800 
Amounts due to subsidiaries   748,121,016    925,349,353    126,772,340 
Total current liabilities   865,121,016    925,749,353    126,827,140 
Non-current liabilities:               
Long-term bank loans, non-current portion   56,800,000    256,200,000    35,099,256 
Total liabilities   921,921,016    1,181,949,353    161,926,396 
Shareholders’ Equity:               
Class A ordinary shares (USD0.50 par value per share; 400,000,000 and 400,000,000 shares authorized as of December 31, 2023 and 2024; 66,780,612 and 66,761,582 shares issued and outstanding as of December 31, 2023 and 2024, respectively)   222,587,070    222,587,070    30,494,304 
Class B ordinary shares (USD0.50 par value per share; 100,000,000 and 100,000,000 shares authorized as of December 31, 2023 and 2024; 34,762,909 and 34,762,909 shares issued and outstanding as of December 31, 2023 and 2024, respectively)   115,534,210    115,534,210    15,828,122 
Treasury stock   (36,677,832)   (37,043,116)   (5,074,886)
Additional paid-in capital   1,680,713,349    1,609,972,272    220,565,297 
Accumulated losses   (568,339,799)   (458,337,569)   (62,791,989)
Accumulated other comprehensive income   28,401,282    6,033,263    826,554 
Total Shareholders’ Equity   1,442,218,280    1,458,746,130    199,847,402 
TOTAL LIABILITIES AND EQUITY   2,364,139,296    2,640,695,483    361,773,798 

Condensed statements of operations

 

   Year Ended December 31, 
   2022   2023   2024   2024 
   RMB
   RMB   RMB   USD 
General and administrative expenses   (6,740,255)   (6,637,389)   (3,495,501)   (478,882)
Other general expense   (13,944,926)   
—
    
—
    
—
 
Interest income   1,924    15,128    5,550,006    760,348 
Interest expense   (5,192,054)   (4,723,335)   (8,046,920)   (1,102,424)
Other income (expense)   22,765,816    19,969,182    (4,815,940)   (659,781)
(Losses) gains on investments in equity securities   (76,105,482)   7,927,075    (11,463,068)   (1,570,434)
Share of (losses) profit in subsidiaries, net (Note a)   (345,938,204)   252,765,647    132,273,653    18,121,416 
Net (loss) income   (425,153,181)   269,316,308    110,002,230    15,070,243 
Other comprehensive losses, net of tax                    
- Foreign currency translation adjustments   (11,361,872)   672,112    (22,374,019)   (3,065,228)
- Unrealized (losses) on available-for-sale investments   (2,786,931)   (2,934)   6,000    822 
Comprehensive (loss) income   (439,301,984)   269,985,486    87,634,211    12,005,837 

 

Condensed statements of cash flows

 

   Year Ended December 31, 
   2022   2023   2024   2024 
  

RMB

   RMB   RMB   USD 
Net cash used in operating activities   (4,198,307)   (12,424,134)   (5,660,966)   (775,549)
Net cash provided by investing activities   (156,276,810)   (352,234,205)   101,781,775    13,944,046 
Net cash provided by financing activities   155,679,057    362,690,064    143,247,486    19,624,825 
                     
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (2,025,056)   (396,838)   916,355    125,540 
                     
Net decrease in cash and cash equivalents and restricted cash   (6,821,116)   (2,365,113)   240,284,650    32,918,862 
Cash and cash equivalents and restricted cash at beginning of the year   22,609,979    15,788,863    13,423,750    1,839,046 
Cash and cash equivalents and restricted cash at end of the year   15,788,863    13,423,750    253,708,400    34,757,908 

 

(a) Basis of presentation

 

In the Group-only financial statements, the Group’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since inception.

 

The Group records its investment in its subsidiary under the equity method of accounting as prescribed in ASC 323-10 Investment-Equity Method and Joint Ventures, such investment is presented on the balance sheet as “Investment in subsidiaries” and share of the subsidiaries’ profit or loss as “Equity in profit of subsidiaries” on the statements of operations.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Group’s consolidated financial statements.