​

  ​ ​ ​

Years ended December 31,

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  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

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RMB

​

RMB

​

RMB

Impairment of streamer’s assets (1)

​

—

(75,472,692)

—

Contingent litigation expenses (2)

​

(2,144,701)

(154,256,908)

(6,103,571)

Reimbursements from ADR program

​

19,777,194

8,706,513

4,761,206

Government subsidies

​

29,733,380

5,234,088

2,287,338

Others

​

(15,051,332)

15,614,881

7,481,915

Total

​

32,314,541

(200,174,118)

8,426,888

(1)

Impairment of streamer’s assets includes impairment of agency contract rights of intangible assets, net and impairment of prepayment of cooperation costs to top streamers of other non-current assets.

(2)

Contingent litigation expenses in 2024 include a voluntary return of RMB111,720,000 in connection with investigations by relevant government authorities against certain third-party streamers for their historical illegal activities. The Group voluntarily returned gains that were related to these streamers’ historical illegal activities to the relevant government authorities, as the Group is not entitled to retain such gains pursuant to PRC laws. There remain uncertainties regarding future developments or regulatory investigations into streamers’ historical illegal activities. No additional liability is accrued with this regard as of December 31, 2025.