| Leases |
The Group’s leases consist of operating leases and short-term lease for administrative office spaces in different cities of Asia. As of December 31, 2025, the Group had no long-term leases that were classified as a financing lease. For the years ended December 31, 2023, 2024 and 2025, the lease expense is as: | | | | | | | | | Year ended | | Year ended | | Year ended | | | December 31, | | December 31, | | December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Operating lease expense | | 24,508,899 | | 15,584,430 | | 10,619,493 | Short-term lease expense | | 638,012 | | 112,265 | | 447,281 | Total lease expense | | 25,146,911 | | 15,696,695 | | 11,066,774 |
Supplemental consolidated balance sheet information related to leases is as follows: | | | | | | | | As of | | As of | | | | December 31, | | December 31, | | | | 2024 | | 2025 | | | | RMB | | RMB | | Operating lease: | | | | | | Operating leases right-of-use assets | | 15,816,035 | | 7,900,307 | | Current portion of lease liabilities | | 11,457,877 | | 6,702,853 | | Non-current portion of lease liabilities | | 4,222,724 | | 1,306,423 | | Total operating lease liabilities | | 15,680,601 | | 8,009,276 | | Weighted-average remaining lease term (in years) – operating leases | | 1.36 | | 1.21 | | Weighted-average discount rate – operating leases | | 4.51 | % | 3.59 | % |
Supplemental cash flow information related to leases are as follows: | | | | | | | For the | | For the | | | year ended | | year ended | | | December 31, | | December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Cash paid for operating leases | | 13,667,004 | | 10,831,900 | Lease liabilities arising from obtaining right-of-use assets | | 18,512,505 | | 5,784,701 |
As of December 31, 2025, future minimum lease payments under non-cancellable operating lease agreements for which the Group has recognized operating lease right-of-use assets and liabilities are as follows: | | | Years ending | | RMB | 2026 | | 6,806,601 | 2027 | | 1,326,031 | 2028 and thereafter | | — | Total undiscounted cash flows | | 8,132,632 | Less: imputed interest | | 123,356 | Total | | 8,009,276 | | | | Lease liabilities due within one year | | 6,702,853 | Lease liabilities due after one year | | 1,306,423 |
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