| Schedule of segment reporting information by segment |
| | | | | | | | | Years ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | Net Revenues (1) | | 5,530,404,557 | | 4,270,825,456 | | 3,818,851,679 | Less: Cost of revenues | | | | | | | Revenue sharing fees and content costs | | (3,878,385,035) | | (3,363,122,749) | | (2,792,249,793) | Other costs (2) | | (967,986,229) | | (583,870,225) | | (537,075,543) | Total cost of revenues | | (4,846,371,264) | | (3,946,992,974) | | (3,329,325,336) | Gross profit | | 684,033,293 | | 323,832,482 | | 489,526,343 | Operating (expense) income | | | | | | | Sales and marketing expenses | | (351,726,623) | | (311,140,438) | | (234,482,022) | General and administrative expenses | | (237,755,845) | | (204,428,800) | | (137,656,630) | Research and development expenses | | (276,935,538) | | (181,676,080) | | (121,058,278) | Other operating income (expense), net | | 32,314,541 | | (200,174,118) | | 8,426,888 | Impairment of goodwill | | (13,966,789) | | — | | — | Total operating expenses | | (848,070,254) | | (897,419,436) | | (484,770,042) | (Loss) income from operations | | (164,036,961) | | (573,586,954) | | 4,756,301 | Other (expenses) income, net | | (52,873,716) | | 21,898,241 | | (67,314,858) | Interest income | | 284,982,128 | | 263,052,300 | | 64,330,349 | Foreign exchange gain (loss), net | | 125,893 | | 1,233,807 | | (517,288) | Income (loss) before income taxes and share of loss in equity method investments | | 68,197,344 | | (287,402,606) | | 1,254,504 | Income tax expense | | (1,068,958) | | (15,406,551) | | (28,408,570) | Share of loss in equity method investments | | (31,610,752) | | (4,001,129) | | (1,927,859) | Net income (loss) | | 35,517,634 | | (306,810,286) | | (29,081,925) |
| (1) | 98.5%, 99.4% and 99.9% of the Group’s revenue for the years ended December 31, 2023, 2024 and 2025, respectively, were generated from the PRC. |
| (2) | Other costs include bandwidth costs and others. |
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