v3.26.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income (loss) ¥ 125,947,598 $ 17,918,792 ¥ (119,539,049) ¥ (254,352,054)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Amortization of right-of-use assets 1,200,038 170,732 1,975,693 5,752,591
Depreciation and amortization expenses 10,962,417 1,559,643 9,655,404 4,422,560
Gain on disposal of property, plant and equipment (102,739) (14,617) (7,007)
Loss (gain) on lease termination (102,732) 113,588
Share-based compensation 73,013 10,388 401,520 718,411
Inventory write-down 32,637,101 4,643,339 10,914,374 60,767,978
Change in fair value of short-term investments 9,073,955 1,290,968
Change in fair value of cryptocurrencies (178,565,656) (25,404,857) 15,744,170
Change in fair value of borrowings denominated in cryptocurrencies (41,978,170) (5,972,310)
Non-cash other income (33,859,289) (4,817,222)
Changes in assets and liabilities:        
Accounts receivable, net 286,234 40,723 1,175,678 (1,732,378)
Inventories, net (16,476,108) (2,344,085) (27,884,590) 28,782,243
Prepayments (3,349,478) (476,536) 20,010,799 47,159,593
Other current assets and non-current assets 22,439,559 3,192,516 (3,005,135) 511,358
Accounts payable 1,372,916 195,327 1,079,515 898,564
Advance from customers (29,517,915) (4,199,567) (9,022,758) (16,662,392)
Operating lease liabilities, current (1,096,399) (155,987) (2,031,618) (4,349,974)
Other current liabilities (7,315,969) (1,040,856) (38,693,414) (5,504,025)
Net cash used in operating activities (108,268,892) (15,403,609) (139,329,150) (133,473,937)
Cash flows from investing activities:        
Purchases of property, plant and equipment (46,283) (6,585) (36,367,661) (105,482,822)
Proceeds from disposal of property, plant and equipment 1,848,677 263,015 16,955
Purchase of cryptocurrencies (351,431,373) (49,998,773) (220,414,835)
Disposal of cryptocurrencies 55,437,668 7,887,217
Purchases of investment (2,000,000) (284,544)
Net cash used in investing activities (296,191,311) (42,139,670) (256,765,541) (105,482,822)
Cash flows from financing activities:        
Proceeds from issuance of ordinary shares and warrants 357,040,431 50,796,783 315,620,394 72,802,734
Cash contribution from a shareholder 259,280 36,888 9,999,557
Proceeds from bank loans 50,109,198 7,129,126 220,030,488 128,247,467
Repayments of bank loans (23,350,000) (3,322,046) (169,667,635) (1,530,000)
Repurchase of shares (1,666,859) (237,147)
Net cash provided by financing activities 382,392,050 54,403,604 375,982,804 199,520,201
Effects of exchange rate changes on cash, cash equivalents and restricted cash (931,498) (132,526) 4,379,036 159,828
Net decrease in cash, cash equivalents and restricted cash (22,999,651) (3,272,201) (15,732,851) (39,276,730)
Cash, cash equivalents and restricted cash at beginning of the year 32,849,803 4,673,600 48,582,654 87,859,384
Cash, cash equivalents and restricted cash at end of the year 9,850,152 1,401,399 32,849,803 48,582,654
Supplemental cash flow disclosures:        
Interest paid 10,583,567 1,505,743 9,281,086 3,773,028
Income taxes paid
Non-cash investing and financing activities:        
Operating lease right-of-use asset obtained in exchange for operating lease liability 912,636 129,842 1,770,209 5,015,808
Liabilities assumed in connection with purchase of property, plant and equipment 46,180,063
Liabilities settled with disposal of property, plant and equipment 3,034,966 431,790
Cryptocurrencies acquired through issuance of ordinary shares 42,430,764 6,036,701 36,294,458
Cryptocurrencies borrowed 704,007,431 100,160,402
Cryptocurrencies repaid 662,029,251 94,188,091
Cryptocurrencies paid for purchase of investment 35,714,536 5,081,171
Payment of expenses in the form of cryptocurrencies 8,561,744 1,218,095
Cryptocurrencies paid as collateral ¥ 8,575,337 $ 1,220,029