v3.25.2
Consolidated Statements of Cash Flows (Unaudited)
6 Months Ended
Jun. 30, 2025
CNY (¥)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
CNY (¥)
Cash flows from operating activities:      
Net loss ¥ (11,777,937) $ (1,645,286) ¥ (59,145,670)
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization of right-of-use assets 718,621 100,386 2,209,489
Depreciation and amortization expenses 5,521,626 771,328 3,240,245
Gain on disposal of property, plant and equipment (26,938) (3,763)
Loss on lease termination 68,454
Share-based compensation 62,337 8,708 285,507
Inventory write-down 5,726,162 799,900 12,395,993
Change in fair value of cryptocurrencies (48,610,295) (6,790,475)
Change in fair value of convertible notes 18,529,435 2,588,416
Changes in assets and liabilities:      
Accounts receivable, net 64,099 8,954 1,258,245
Inventories, net (11,716,340) (1,636,680) (8,289,134)
Prepayments (4,120,749) (575,636) 617,643
Other current assets 4,210,499 588,174 (10,876,189)
Accounts payable 6,021,654 841,177 1,237,849
Advance from customers (3,262,245) (455,710) (6,671,941)
Operating lease liabilities (676,904) (94,558) (2,315,354)
Other current liabilities (11,445,588) (1,598,858) (10,769,483)
Net cash used in operating activities (50,782,563) (7,093,923) (76,754,346)
Cash flows from investing activities:      
Purchases of property, plant and equipment (597,910) (83,523) (32,935,838)
Proceeds from disposal of property, plant and equipment 2,088,051 291,684
Purchase of investment (2,000,000) (279,384)
Proceeds from disposal of cryptocurrencies 7,895,941 1,103,001
Net cash provided by (used in) investing activities 7,386,082 1,031,778 (32,935,838)
Cash flows from financing activities:      
Proceeds from issuance of ordinary shares and warrants 357,040,338 49,875,721 30,610,245
Cash contribution from a shareholder 259,280 36,219
Cash contribution from a noncontrolling shareholder 9,999,557
Proceeds from bank loans 21,216,127 2,963,726 185,306,916
Repayments of bank loans (2,650,000) (370,184) (145,737,636)
Net cash provided by financing activities 375,865,745 52,505,482 80,179,082
Effects of exchange rate changes on cash, cash equivalents and restricted cash (1,410,129) (196,986) 4,853,211
Net increase (decrease) in cash, cash equivalents and restricted cash 331,059,135 46,246,351 (24,657,891)
Cash, cash equivalents and restricted cash at beginning of the period 32,849,803 4,588,859 48,582,654
Cash, cash equivalents and restricted cash at end of the period 363,908,938 50,835,210 23,924,763
Supplemental cash flow disclosures:      
Interest paid 5,287,620 738,639 4,485,989
Income taxes paid 165,278
Non-cash investing and financing activities:      
Operating lease right-of-use asset obtained in exchange for operating lease liability 912,636 127,488 1,927,067
Cryptocurrencies acquired through issuance of ordinary shares 42,430,764 5,927,243
Cryptocurrencies acquired through issuance of convertible notes 454,084,117 63,431,972
Payment of expense in the form of cryptocurrencies ¥ 490,482 $ 68,516