| Investments |
Equity method investments: | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Wuhan Shayu Network Technology Co., Ltd. (“Shayu”) (1) | | 151,774,078 | | 153,620,278 | Nanshan Stellar Investment LLP (“Nanshan LLP”) (2) | | 100,411,039 | | 94,558,674 | Others | | 2,822,797 | | 2,730,546 | | | 255,007,914 | | 250,909,498 |
| (1) | The Group aggregately owned 35.084% equity interest in Shayu with investment cost at RMB188,009,650. For the years ended December 31, 2023, 2024 and 2025, the Company recognized the share of (loss) income in equity method investments of RMB(28,046,644), RMB7,818,684 and RMB1,846,200, respectively. |
| (2) | For the years ended December 31, 2023, 2024 and 2025, the Company recognized its share of income in equity method investment of loss of RMB10,052 (equivalent to US$1,426), loss of RMB2,789,872 (equivalent to US$382,211) and loss of RMB3,622,995 (equivalent to US$515,450), respectively, attributable to income and loss recognized by Nanshan LLP for the change in fair value in Nanshan LLP’s underlying investment. |
Investment in equity investees: | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | | | | | NIP Group Inc. | | 76,929,667 | | 11,062,659 |
For the years ended December 31, 2024 and 2025, the Company recognized fair value change in investment in equity investees of RMB40,628,028 and RMB(65,200,488), respectively Equity securities without readily determinable fair value: | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Content producers | | 55,010,748 | | 52,896,378 | Technology and software companies | | 45,724,440 | | 44,709,246 | Others | | 24,141,925 | | 24,105,443 | | | 124,877,113 | | 121,711,067 |
For the years ended 2023, 2024 and 2025, RMB58,005,769, RMB19,689,373 and RMB2,114,370 impairment was recorded in other (expenses) income, net.
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