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20-F false true 2025-12-31 --12-31 false false 001-38967 E9 20/F, Building A, New Development International Center No. 473 Guanshan Avenue Hongshan District Wuhan 430073 CN Shaojie Chen +86 27 8787 8301 ir@douyu.tv 20/F, Building A, New Development International Center No. 473 Guanshan Avenue Hongshan District Wuhan 430073 CN American depositary shares DOYU NASDAQ Ordinary shares true NASDAQ 30178859 No No Yes Yes Accelerated Filer false true false U.S. GAAP false true Cybersecurity Risk Management StrategyCybersecurity risk management is an integral part of our overall risk management program. Currently, we have implemented a comprehensive risk management process to identify, oversee, assess, and manage material risks related to cybersecurity threats. We have also devised corresponding management measures to prevent, oversee, mitigate, and rectify material cybersecurity incidents.We have established a comprehensive cybersecurity defense system to effectively mitigate both internal and external cybersecurity risks. We employ various methods to manage cybersecurity risks and safeguard information security. These methods include, implementing technical safeguard measures, establishing and adhering to compliance procedures, implementing vulnerability discovery and reward mechanisms, conducting real-time monitoring of our network, evaluating cybersecurity measures of third-party suppliers, maintaining a robust response mechanism for cybersecurity incidents, providing quarterly cybersecurity training for employees, and participating in cybersecurity drills organized by the local administrative department. In particular, our IT department regularly monitors the performance of our platforms, applications and infrastructure, which enables us to swiftly respond to any potential cybersecurity vulnerabilities and mitigate associated threats.Cybersecurity Risk Management PracticeIn 2025, we have not experienced any cybersecurity incidents or cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. Additionally, we obtained a Level 3 certification for Information System Security Protection in 2017 in accordance with the standards promulagated by the Chinese Ministry of Public Security, a Level 3 certification for Communication Network Security Protection in 2022 in accordance with the standards promulagated by Chinese Ministry of Industry and Information Technology, and successfully completed annual assessments for the relevant security certifications in the subsequent years.However, despite our abovementioned efforts, as the complexity of cybersecurity threats continues to evolve, there may still persist vulnerabilities in the cybersecurity risk prevention and network information system protection measures. Even with a meticulously crafted and implemented prevention mechanism, we may not be able to completely eliminate all risks from cybersecurity threats, including those risks caused by improper use of artificial intelligence technology by third-parties. Moreover, we may not be able to predict new type of cybersecurity threats amidst rapid technological advancements, which could result in our inability to timely implement effective preventive measures. Consequently, these potential cybersecurity incidents could introduce new risks to our business operations in the future. For more information about these risks, please see “Item 3. Key Information—3.D. Risk Factors—Risk Related to Our Business and Industry— We rely significantly on information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cybersecurity incidents, could harm our ability to operate our business effectively.” on page 56 of this annual report. Cybersecurity risk management is an integral part of our overall risk management program. Currently, we have implemented a comprehensive risk management process to identify, oversee, assess, and manage material risks related to cybersecurity threats. We have also devised corresponding management measures to prevent, oversee, mitigate, and rectify material cybersecurity incidents.We have established a comprehensive cybersecurity defense system to effectively mitigate both internal and external cybersecurity risks. We employ various methods to manage cybersecurity risks and safeguard information security. These methods include, implementing technical safeguard measures, establishing and adhering to compliance procedures, implementing vulnerability discovery and reward mechanisms, conducting real-time monitoring of our network, evaluating cybersecurity measures of third-party suppliers, maintaining a robust response mechanism for cybersecurity incidents, providing quarterly cybersecurity training for employees, and participating in cybersecurity drills organized by the local administrative department. In particular, our IT department regularly monitors the performance of our platforms, applications and infrastructure, which enables us to swiftly respond to any potential cybersecurity vulnerabilities and mitigate associated threats. true true Our board of directors has overall oversight responsibility for our risk assessment and management of crises resulting from material risk events. Our audit committee is delegated to oversee our cybersecurity-related management. Supported by our internal audit and internal control departments, the audit committee receives reports concerning cybersecurity from our internal audit and internal control departments at least once a year. audit committee Supported by our internal audit and internal control departments, the audit committee receives reports concerning cybersecurity from our internal audit and internal control departments at least once a year. The head of our research and development team is responsible for the daily supervision and management of cybersecurity risks. With near 20 years of experience in network technology, he possesses extensive knowledge and skills in cybersecurity. Departments such as the technical support department are responsible for overseeing the day-to-day operations of cybersecurity risk monitoring within our group. We have engaged qualified third parties for assessment, identification, or management of material risks from cybersecurity threats annually, subject to the requirements in connection with our Level 3 certification for Information System Security Protection since 2017. The head of our research and development team is responsible for the daily supervision and management of cybersecurity risks. With near 20 years of experience in network technology, he possesses extensive knowledge and skills in cybersecurity. true head of our research and development team true false 1113 Deloitte Touche Tohmatsu Certified Public Accountants LLP Shanghai, the People’s Republic of China

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As of December 31, 2025, the Company’s principal subsidiaries, VIEs and VIE’s subsidiaries are as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;">Date of </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;">Place of </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;">Percentage of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;">incorporation/</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;">incorporation/</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;">direct/indirect</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">establishment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">establishment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">ownership</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;background:#cceeff;margin:0pt;padding:0pt;">Wholly owned subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;">Wuhan Douyu Culture Network Technology Co., Ltd. (“Douyu Yule”)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;">April 2, 2018</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;">Wuhan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;background:#cceeff;margin:0pt;padding:0pt;">DouYu Network Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;background:#cceeff;margin:0pt;padding:0pt;">January 12, 2018</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;width:11.56%;background:#cceeff;margin:0pt;padding:0pt;">The British Virgin Islands</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;">Douyu Hongkong Limited</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;">January 24, 2018</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;">Hong Kong</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;background:#cceeff;margin:0pt;padding:0pt;">Gogo Glocal Holding Limited (“Gogo Glocal”)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;background:#cceeff;margin:0pt;padding:0pt;">October 8, 2018</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;background:#cceeff;margin:0pt;padding:0pt;">Cayman</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;">Betta Fish Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;">July 10, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:11.56%;margin:0pt;padding:0pt;">The British Virgin Islands</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;">VIEs</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;background:#cceeff;margin:0pt;padding:0pt;">Wuhan Douyu Internet Technology Co., Ltd. (“Wuhan Douyu”)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;background:#cceeff;margin:0pt;padding:0pt;">May 8, 2015</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;background:#cceeff;margin:0pt;padding:0pt;">Wuhan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;">Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;">February 3, 2016</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;">Wuhan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;margin:0pt;padding:0pt;">VIEs’ subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:50.59%;background:#cceeff;margin:0pt;padding:0pt;">Wuhan Yu Leyou Internet Technology Co., Ltd.</td><td style="vertical-align:bottom;white-space:nowrap;width:2.89%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:17.99%;background:#cceeff;margin:0pt;padding:0pt;">November 9, 2016</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.56%;background:#cceeff;margin:0pt;padding:0pt;">Wuhan</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> 100</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table> 2018-04-02 Wuhan

2018-01-12 The British Virgin Islands

2018-01-24 Hong Kong

2018-10-08 Cayman

2019-07-10 The British Virgin Islands

2015-05-08 Wuhan

2016-02-03 Wuhan

2016-11-09 Wuhan

<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.1</td><td style="padding:0pt;">Basis of Presentation</td></tr></table>The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.2</td><td style="padding:0pt;">Basis of Consolidation</td></tr></table>The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated.The Company, through its wholly-owned foreign invested subsidiary, WFOE, in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) absorb losses or receive benefits from the VIEs that could potentially be significant to the VIEs.Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs.If the PRC government finds that the Company’s contractual arrangements do not comply with its restrictions on foreign investment in the value-added telecommunication services, or if the PRC government otherwise finds that the Company’s or the VIEs are in violation of PRC laws or regulations or lack the necessary permits or licenses to operate its business, the relevant PRC regulatory authorities, including the MIIT and SAMR, would have discretion in dealing with such violations or failures in accordance with applicable laws, including, without limitation:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">revoking the business licenses and/or operating licenses of such entities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">discontinuing or placing restrictions or onerous conditions on the Company’s operation through any transactions between our PRC subsidiaries and the VIEs;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">imposing fines, confiscating the income from the Company’s PRC subsidiaries or the VIEs, or imposing other requirements with which the Company or the VIEs may not be able to comply; or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">requiring the Company to restructure our ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect our ability to consolidate or derive economic interests from the VIEs.</td></tr></table><div style="margin-top:12pt;"></div>Any of these actions could cause significant disruptions to the Company’s business operations and severely damage the Company’s reputation, which would in turn materially and adversely affect the Company’s business, financial condition and results of operations.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.2</td><td style="padding:0pt;">Basis of Consolidation (Continued)</td></tr></table>The following financial statement amounts and balances of the VIEs, were included in the accompanying consolidated financial statements after elimination of intercompany balances and transactions among the Company, its subsidiaries and its VIEs:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 339,495,145</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 469,616,029</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Restricted cash</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 83,387</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 34,931</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Short-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 80,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 196,493,754</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Accounts receivable, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 48,706,963</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 76,835,525</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 26,353,088</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 15,565,395</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from related parties</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 74,116,192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 91,548,882</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 175,835,175</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 169,919,175</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Property and equipment, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,088,802</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 2,626,675</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Long-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 160,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Intangible assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 59,542,225</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 32,278,768</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 12,891,088</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 3,341,437</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 193,677,231</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 195,447,619</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Other non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 63,013,382</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 56,286,173</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Total Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,236,802,678</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,309,994,363</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Accounts payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 436,642,460</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 498,282,741</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Advances from customers</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 4,412,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 2,277,588</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 251,591,800</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 236,124,062</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 117,124,157</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 111,867,960</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due to related parties</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 220,194,409</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 111,302,560</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,649,480</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,165,386</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,042,615,154</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 963,020,297</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;background:#cceeff;margin:0pt;padding:0pt;">Net revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;width:14%;background:#cceeff;margin:0pt;padding:0pt;">5,459,630,803</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;width:14%;background:#cceeff;margin:0pt;padding:0pt;">4,234,608,729</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,809,355,931</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;">Net (loss) income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"> (49,971,489)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"> (266,581,526)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 185,239,077</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.2</td><td style="padding:0pt;">Basis of Consolidation (Continued)</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;background:#cceeff;margin:0pt;padding:0pt;">Net cash (used in) provided by operating activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (180,359,213)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (385,060,569)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 85,673,058</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;">Net cash provided by investing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> 55,516,731</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> 380,148,093</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 47,771,310</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;background:#cceeff;margin:0pt;padding:0pt;">Net cash used in financing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (965)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>The WFOE is entitled to receive substantially all of the net income and transfer a majority of the economic benefits in the form of service fees from the VIEs. The inter-company service fees charged by WFOE were RMB354,509,123, RMB198,006,640 and RMB149,512,987 for the years ended December 31, 2023, 2024 and 2025, respectively. The amounts due to WFOE were RMB1,691,181,872 and RMB1,748,790,690 as of December 31, 2024 and 2025, respectively. These inter-company transactions and balances were eliminated in the consolidated financial statements.The VIEs contributed approximately 99%, 99%, and 99% of the Group’s consolidated revenue for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2024 and 2025, the VIEs accounted for an aggregate of 23% and 42% of the consolidated total assets and 84% and 85% of the consolidated total liabilities.There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to the VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.3</td><td style="padding:0pt;">Use of Estimates</td></tr></table>The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition, realization of deferred tax assets, impairment of prepayment and other non-current assets, impairment of investment, impairment of goodwill and intangible assets, and allowance for credit loss.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.4</td><td style="padding:0pt;">Fair value measurements</td></tr></table>The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:Level 1 — Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.Level 2 — Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.Level 3 — Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.The Group’s short-term financial instruments include cash and cash equivalents, short-term bank deposits, receivables, payables, other current assets, amounts due from related parties, other current liabilities and amounts due to related parties. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The carrying amounts of the long-term bank deposits approximate their fair values as the interest rates are comparable to the prevailing interest rates in the market. The fair value of equity investments without readily determinable fair values cannot be reasonably estimated without undue costs.When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. The following table presents the Group’s assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:22.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:28.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:22.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.1%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.66%;margin:0pt;padding:0pt;">Quoted Prices in Active </td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.73%;margin:0pt;padding:0pt;">Significant Other </td></tr><tr style=""><td style="vertical-align:bottom;width:22.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.1%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.66%;margin:0pt;padding:0pt;">Markets for Identical </td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.73%;margin:0pt;padding:0pt;">Observable </td></tr><tr style=""><td style="vertical-align:bottom;width:22.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:28.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:18.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Assets (Level 1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Inputs (Level 2)</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:22.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.1%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.66%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.73%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:22.24%;background:#cceeff;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.1%;background:#cceeff;margin:0pt;padding:0pt;">Investment in equity investees</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;">76,929,667</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.66%;background:#cceeff;margin:0pt;padding:0pt;">76,929,667</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.73%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:22.24%;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:28.1%;margin:0pt;padding:0pt;">Investment in equity investees</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 11,062,659</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:18.66%;margin:0pt;padding:0pt;"> 11,062,659</td><td style="vertical-align:bottom;white-space:nowrap;width:1.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.73%;margin:0pt;padding:0pt;">—</td></tr></table>2.Summary of significant accounting policies (Continued)<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.4</td><td style="padding:0pt;">Fair value measurements (Continued)</td></tr></table>Certain assets have been measured at fair value on a nonrecurring basis, using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the years ended December 31, 2024 and 2025, respectively, based on the relevant assets classification:As of December 31, 2024<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total Losses</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Equity method investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> 7,085,156</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;">Equity investments without readily determinable fair value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"> 19,689,373</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Intangible assets, net – agency contract rights</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> 61,679,245</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;">Other non-current assets - prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 13,793,447</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 102,247,221</td></tr></table>As of December 31, 2025<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total Losses</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Equity investments without readily determinable fair value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,114,370</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,114,370</td></tr></table>Investments were primarily valued using the market approach (i.e. market multiples derived from a set of comparable companies). The fair value of intangible assets, net and other non - current assets are determined by using discounted cashflow method associated with the underlying assets, such as current economic condition, management forecasts, etc.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.5</td><td style="padding:0pt;">Foreign currency translation</td></tr></table>The functional currency of the Company and Douyu Hongkong Limited are in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). The functional currency of DouYu Japan is Japanese Yen (“JPY”).Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the consolidated statements of comprehensive income (loss).The Group’s reporting currency is RMB. For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the consolidated statements of comprehensive income (loss) and the consolidated statements of changes in shareholders’ equity.2.Summary of significant accounting policies (Continued)<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.6</td><td style="padding:0pt;">Convenience Translation into United States Dollars</td></tr></table>Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the readers and were calculated at the rate of US$1.00 = RMB6.9931 on December 31, 2025 as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2025, or at any other rate.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.7</td><td style="padding:0pt;">Cash and cash equivalents</td></tr></table>Cash and cash equivalents primarily consist of cash on hand and highly liquid investments, which are unrestricted as to withdrawal and use.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.8</td><td style="padding:0pt;">Short-term and long-term bank deposits</td></tr></table>The Group holds fixed term certificates of deposit. Certificate of deposits with original maturities between three months to one year are classified as short-term bank deposits and fixed term certificates of deposit with maturities beyond one year are classified as long-term bank deposits.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.9</td><td style="padding:0pt;">Accounts receivable, net of allowance for credit loss</td></tr></table>Accounts receivable, net are stated at the historical carrying amount net of allowance for credit loss. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.10</td><td style="padding:0pt;">Property and equipment, net</td></tr></table>Property and equipment are recorded at cost less accumulated depreciation and impairment. Depreciation is calculated on a straight-line basis over the following estimated useful lives:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:53.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;background:#cceeff;margin:0pt;padding:0pt;">Computer and transmission equipment</td><td style="vertical-align:top;width:2.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:53.7%;background:#cceeff;margin:0pt;padding:0pt;">3 years</td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;margin:0pt;padding:0pt;">Leasehold improvements</td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;margin:0pt;padding:0pt;">Over the shorter of the lease term or expected useful lives</td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;background:#cceeff;margin:0pt;padding:0pt;">Furniture and office equipment</td><td style="vertical-align:top;width:2.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;background:#cceeff;margin:0pt;padding:0pt;">5 years</td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;margin:0pt;padding:0pt;">Motor vehicles</td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;margin:0pt;padding:0pt;">5 years</td></tr></table>Gains and losses from disposals of property and equipment are included in other operating income or expense in the consolidated statements of comprehensive income (loss).<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.11</td><td style="padding:0pt;">Intangible assets, net</td></tr></table>Intangible assets are recorded at the cost to acquire these assets less accumulated amortization and impairment. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely.<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;background:#cceeff;margin:0pt;padding:0pt;">Agency contract rights</td><td style="vertical-align:top;width:2.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;width:53.7%;background:#cceeff;margin:0pt;padding:0pt;">Over the contract period</td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;margin:0pt;padding:0pt;">License for Online Transmission of Audio/Video Programs (1)</td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;margin:0pt;padding:0pt;">Infinite life</td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;background:#cceeff;margin:0pt;padding:0pt;">Software</td><td style="vertical-align:top;width:2.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;background:#cceeff;margin:0pt;padding:0pt;">3 - 5 years</td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;margin:0pt;padding:0pt;">Licensed copyrights of content</td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;margin:0pt;padding:0pt;">1 - 3 years</td></tr><tr style=""><td style="vertical-align:bottom;width:43.76%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:top;width:2.53%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:53.7%;background:#cceeff;margin:0pt;padding:0pt;">3 - 10 years</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;">The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2024 which remains valid until March 2027, and intends to renew the license indefinitely.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.12</td><td style="padding:0pt;">Goodwill</td></tr></table>Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The Group’s annual testing date is December 31.In accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) issued by the Financial Accounting Standards Board (“FASB”) guidance on testing of goodwill for impairment, the Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the fair value of the reporting unit and its carrying amount will be recorded. <table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.13</td><td style="padding:0pt;">Impairment of long-lived assets and intangible assets</td></tr></table>The Group evaluates its long-lived assets including intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss equal to the difference between the carrying amount and fair value of these assets.The Group evaluates intangible asset that is not subject to amortization for impairment annually and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss in other operating income (expenses), net, on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.14</td><td style="padding:0pt;">Long-term investments</td></tr></table>Equity method investmentsThe Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments by recognizing investment income or loss for share of the earnings or loss of the investee after the date of investment, as well as any impairment loss.The Group assesses its equity method investments for impairment by considering factors including, but not limited to, financial performance and operating performance of the entities, including current earnings and operating cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of RMB29,123,511, RMB7,085,156 and RMB nil, respectively, in share of loss in equity method investments for the years ended December 31, 2023, 2024 and 2025, respectively.Investment in equity investeesThe Group measures its investment in equity investees that have readily determinable fair values at fair value, with gains and losses from fair value changes recognized as other (expenses) income, net in the consolidated statements of comprehensive income (loss). The Group recognized fair value changes on investments based on observable stock trading prices in active markets of RMB nil, RMB40,628,028 and RMB(65,200,488) for the years ended December 31, 2023, 2024 and 2025, respectively.Equity securities without readily determinable fair valueThe Group’s investment in equity securities comprise of investment in privately-held companies.The Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other expense, net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount recorded as impairment loss.For years ended December 31, 2023, 2024 and 2025, the Group recorded impairment loss of RMB58,005,769, RMB19,689,373 and RMB2,114,370 in other (expenses) income, net, respectively.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.15</td><td style="padding:0pt;">Revenue recognition</td></tr></table>Revenues are recognized when control of promised goods or services is transferred to the Group’s customers in an amount of consideration to which the Group expects to be entitled to in exchange for those goods or services. The Group follows the five steps approach for revenue recognition under Topic 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the Group satisfies a performance obligation.The following table disaggregates the Group’s revenue by major type of services for the years ended December 31, 2023, 2024 and 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:48.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;background:#cceeff;margin:0pt;padding:0pt;">Live streaming</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 4,799,005,778</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,073,920,690</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 2,177,418,656</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;">Innovative business</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 1,015,882,444</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 1,446,157,085</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;background:#cceeff;margin:0pt;padding:0pt;">Advertisement and other revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 731,398,779</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 181,022,322</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 195,275,938</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,530,404,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,270,825,456</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,818,851,679</td></tr></table>Live streamingThe Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is non-refundable and can only be used to redeem for virtual items to be consumed in the live streaming sessions on the Group’s platforms. Unredeemed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below. Virtual items are categorized as consumable and time-based items. Consumable items consist of virtual gifts presented from the users to the streamers to show their support, and are consumed immediately upon redemption and time-based items consist of monthly premium subscription services.The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers which is considered consumed simultaneously by the users, while revenue related to time-based items is recognized ratably over a fixed period on a straight-line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed.Virtual items can be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition policy discussed above unless otherwise stated.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.15</td><td style="padding:0pt;">Revenue recognition (Continued)</td></tr></table>Innovative businessThe Group generates innovative business revenues from its voice-based social networking services and game-specific membership services. The Group started to engage in operating its voice-based live streaming app since March 2023. The Group has evaluated and determined that it is the principal and views the users to be its customers. Users can buy non-refundable virtual currency to redeem for consumable gifts or time-based subscriptions to achieve interaction with the streamers. The Group reports its revenue from voice-based social networking services on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the voice-based social networking service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers which is considered consumed simultaneously by the users, while revenue related to time-based items is recognized ratably over a fixed period on a straight-line basis. Regarding the revenues from game-specific membership services, the Group sets separate game-membership page on its live streaming platforms. Users can purchase memberships rights on the page and get rewarding membership points, the revenue generated from membership purchasing behavior will be allocated between the membership rights and points. From then on, users have the rights to get points through purchasing membership-only gifts. The Group recognizes revenue over the period of membership rights. The transaction price allocated to the points will be deferred until the users redeem the points for the virtual goods for consumption or points expired. The Group determined that it is the principal in the game-specific membership services.Considering the scale of revenue generated from innovative business, the Group began to disclose separately since the second quarter of 2024, and previously, it was included in other revenue at the amount in other revenue with the amount of RMB378,358,519 in 2023.Advertisement and other revenueAdvertisement and other revenue mainly consist of revenue generated from advertisement and game distribution revenue. With respect to advertisement revenues, the Group generates revenues from rendering of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. Advertisement revenues are recognized over the contract period of display and net of sales incentives provided to the advertisers or advertisement agencies based on purchase volume.With respect to game distribution revenue, online games developed by third party game developers are displayed through the Group’s platforms to attract users to download and play the games. The Group earns revenues from game developers in accordance with the pre-determined arrangements based on the in-game purchase amounts for the games downloaded or played through the Group’s platforms. The Group considers itself as agent in these arrangements. Game distribution revenue is recognized at a point in time when the in-game purchase is made.Practical expedients and exemptionsThe Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.15</td><td style="padding:0pt;">Revenue recognition (Continued)</td></tr></table>Contract balancesContract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for credit loss reflects the best estimate of probable losses inherent to the accounts receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2025 that was included in the deferred revenue balance as of January 1, 2025 was RMB251,591,800, which consists primarily of virtual items consumption. Due to the generally short-term duration of the Group’s contracts, the balances of deferred revenue and advances from customers as of December 31, 2025 will be recognized as revenue within one year.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.16</td><td style="padding:0pt;">Cost of revenues</td></tr></table>Amounts recorded as cost of revenues relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.17</td><td style="padding:0pt;">Research and development expenses</td></tr></table>Research and development expenses primarily consist of (i) salaries and welfare incurred for research and development personnel, and (ii) rental, general expenses and depreciation expenses associated with the research and development activities. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2023, 2024 and 2025.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.18</td><td style="padding:0pt;">Sales and marketing expenses</td></tr></table>Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, and (ii) salaries and welfare for sales and marketing personnel. <table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.19</td><td style="padding:0pt;">General and administrative expenses</td></tr></table>General and administrative expenses consist primarily of (i) professional service fees, and (ii) salaries and welfare for general and administrative personnel and (iii) allowance for credit loss.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.20</td><td style="padding:0pt;">Income taxes</td></tr></table>Current income taxes are provided for in accordance with the laws of the relevant tax authorities.Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that they are more likely than not to be realized. In making such a determination, the management considers all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.21</td><td style="padding:0pt;">Segment information</td></tr></table>The Group operates as one operating segment and reportable segment. The Group’s chief operating decision maker (“CODM”) is the Co-CEO, who reviews financial information presented on a consolidated basis.The measures used by CODM to assess performance and make operating decisions are the net revenues and net income (loss) as reported on the Group’s consolidated statements of comprehensive income (loss). The CODM uses performance measures to monitor operating forecast versus actual results and determine how to allocate resources of the Group as a whole. Further, the CODM reviews and utilizes cost of revenues to manage the Group’s operation.As of December 31, 2024 and 2025, the majority of the long-lived assets of the Company are located in the PRC, and therefore no geographical segments are presented.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.22</td><td style="padding:0pt;">Operating leases as lessee</td></tr></table>The Group determines if an arrangement is a lease or contains a lease at lease inception. The Group measures the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which was computed using the Group’s incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Group measures the operating lease right-of-use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Group.<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.23</td><td style="padding:0pt;">Government subsidies</td></tr></table>Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded in other operating income (expenses), net, in the period the cash is received. Government subsidies recognized for the years ended December 31, 2023, 2024 and 2025 were RMB29,733,380, RMB5,234,088 and RMB2,287,338, respectively.<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;">Summary of significant accounting policies (Continued)</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.24</td><td style="padding:0pt;">Certain risks and concentrations</td></tr></table>Foreign currency riskThe revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls amounted to RMB486,342,603, which accounted for 28% of total cash and cash equivalents as of December 31, 2025.Concentration of accounts receivable, netCustomer accounting for 10% or more of accounts receivable, net is as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:57.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:17.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:37.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;">US$</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;background:#cceeff;margin:0pt;padding:0pt;">Company A</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;margin:0pt;padding:0pt;"> 6,930,689</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;"> 14</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:38.7%;margin:0pt;padding:0pt;">Company B</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;">12,672,979</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">16</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;">1,812,212</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">16</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:38.7%;background:#cceeff;margin:0pt;padding:0pt;">Company C</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;margin:0pt;padding:0pt;"> 6,273,190</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;"> 13</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:38.7%;margin:0pt;padding:0pt;">Company D</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;">12,889,482</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">17</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;">1,843,171</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">17</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:36pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">*</td><td style="padding:0pt;">Represents less than 10% of accounts receivable, net for the period.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.25</td><td style="padding:0pt;">Recently issued accounting pronouncements</td></tr></table>Recent accounting pronouncements adoptedIn December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)- Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group’s adoption of this standard did not have a material impact on its consolidated financial statements.Recent accounting pronouncements not yet adoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. The Group continues to evaluate the impact of this guidance on its disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for the Group’s annual report for the year ending December 31, 2027.

<table style="border-collapse:collapse;border:0;"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.2</td><td style="padding:0pt;">Basis of Consolidation</td></tr></table>The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated.The Company, through its wholly-owned foreign invested subsidiary, WFOE, in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) absorb losses or receive benefits from the VIEs that could potentially be significant to the VIEs.Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs.If the PRC government finds that the Company’s contractual arrangements do not comply with its restrictions on foreign investment in the value-added telecommunication services, or if the PRC government otherwise finds that the Company’s or the VIEs are in violation of PRC laws or regulations or lack the necessary permits or licenses to operate its business, the relevant PRC regulatory authorities, including the MIIT and SAMR, would have discretion in dealing with such violations or failures in accordance with applicable laws, including, without limitation:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">revoking the business licenses and/or operating licenses of such entities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">discontinuing or placing restrictions or onerous conditions on the Company’s operation through any transactions between our PRC subsidiaries and the VIEs;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">imposing fines, confiscating the income from the Company’s PRC subsidiaries or the VIEs, or imposing other requirements with which the Company or the VIEs may not be able to comply; or</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">requiring the Company to restructure our ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect our ability to consolidate or derive economic interests from the VIEs.</td></tr></table><div style="margin-top:12pt;"></div>Any of these actions could cause significant disruptions to the Company’s business operations and severely damage the Company’s reputation, which would in turn materially and adversely affect the Company’s business, financial condition and results of operations.The following financial statement amounts and balances of the VIEs, were included in the accompanying consolidated financial statements after elimination of intercompany balances and transactions among the Company, its subsidiaries and its VIEs:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 339,495,145</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 469,616,029</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Restricted cash</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 83,387</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 34,931</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Short-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 80,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 196,493,754</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Accounts receivable, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 48,706,963</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 76,835,525</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 26,353,088</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 15,565,395</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from related parties</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 74,116,192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 91,548,882</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 175,835,175</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 169,919,175</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Property and equipment, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,088,802</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 2,626,675</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Long-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 160,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Intangible assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 59,542,225</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 32,278,768</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 12,891,088</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 3,341,437</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 193,677,231</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 195,447,619</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Other non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 63,013,382</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 56,286,173</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Total Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,236,802,678</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,309,994,363</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Accounts payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 436,642,460</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 498,282,741</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Advances from customers</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 4,412,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 2,277,588</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 251,591,800</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 236,124,062</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 117,124,157</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 111,867,960</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due to related parties</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 220,194,409</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 111,302,560</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,649,480</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,165,386</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,042,615,154</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 963,020,297</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;background:#cceeff;margin:0pt;padding:0pt;">Net revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;width:14%;background:#cceeff;margin:0pt;padding:0pt;">5,459,630,803</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;width:14%;background:#cceeff;margin:0pt;padding:0pt;">4,234,608,729</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,809,355,931</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;">Net (loss) income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"> (49,971,489)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"> (266,581,526)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 185,239,077</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;background:#cceeff;margin:0pt;padding:0pt;">Net cash (used in) provided by operating activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (180,359,213)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (385,060,569)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 85,673,058</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;">Net cash provided by investing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> 55,516,731</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> 380,148,093</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 47,771,310</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;background:#cceeff;margin:0pt;padding:0pt;">Net cash used in financing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (965)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>The WFOE is entitled to receive substantially all of the net income and transfer a majority of the economic benefits in the form of service fees from the VIEs. The inter-company service fees charged by WFOE were RMB354,509,123, RMB198,006,640 and RMB149,512,987 for the years ended December 31, 2023, 2024 and 2025, respectively. The amounts due to WFOE were RMB1,691,181,872 and RMB1,748,790,690 as of December 31, 2024 and 2025, respectively. These inter-company transactions and balances were eliminated in the consolidated financial statements.The VIEs contributed approximately 99%, 99%, and 99% of the Group’s consolidated revenue for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2024 and 2025, the VIEs accounted for an aggregate of 23% and 42% of the consolidated total assets and 84% and 85% of the consolidated total liabilities.There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to the VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 339,495,145</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 469,616,029</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Restricted cash</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 83,387</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 34,931</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Short-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 80,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 196,493,754</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Accounts receivable, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 48,706,963</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 76,835,525</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 26,353,088</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 15,565,395</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from related parties</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 74,116,192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 91,548,882</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 175,835,175</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 169,919,175</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Property and equipment, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,088,802</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 2,626,675</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Long-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 160,000,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Intangible assets, net</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 59,542,225</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 32,278,768</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 12,891,088</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 3,341,437</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 193,677,231</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 195,447,619</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Other non-current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 63,013,382</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 56,286,173</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Total Assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,236,802,678</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,309,994,363</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Accounts payable</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 436,642,460</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 498,282,741</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Advances from customers</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 4,412,848</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 2,277,588</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 251,591,800</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 236,124,062</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 117,124,157</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 111,867,960</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due to related parties</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 220,194,409</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 111,302,560</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;margin:0pt;padding:0pt;">Lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,649,480</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,165,386</td></tr><tr style=""><td style="vertical-align:bottom;width:66.2%;background:#cceeff;margin:0pt;padding:0pt;">Total Liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,042,615,154</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 963,020,297</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;background:#cceeff;margin:0pt;padding:0pt;">Net revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;width:14%;background:#cceeff;margin:0pt;padding:0pt;">5,459,630,803</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:middle;width:14%;background:#cceeff;margin:0pt;padding:0pt;">4,234,608,729</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,809,355,931</td></tr><tr style=""><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;">Net (loss) income</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"> (49,971,489)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14%;margin:0pt;padding:0pt;"> (266,581,526)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 185,239,077</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;background:#cceeff;margin:0pt;padding:0pt;">Net cash (used in) provided by operating activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (180,359,213)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (385,060,569)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 85,673,058</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;margin:0pt;padding:0pt;">Net cash provided by investing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> 55,516,731</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> 380,148,093</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 47,771,310</td></tr><tr style=""><td style="vertical-align:bottom;width:53.95%;background:#cceeff;margin:0pt;padding:0pt;">Net cash used in financing activities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (965)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr></table>

339495145

469616029

83387

34931

80000000

196493754

48706963

76835525

26353088

15565395

74116192

91548882

175835175

169919175

3088802

2626675

160000000

59542225

32278768

12891088

3341437

193677231

195447619

63013382

56286173

1236802678

1309994363

436642460

498282741

4412848 2277588

251591800

236124062

117124157

111867960

220194409

111302560

12649480

3165386

1042615154

963020297

5459630803

4234608729

3809355931

-49971489

-266581526

185239077

-180359213

-385060569

85673058

55516731

380148093

47771310

-965

354509123 198006640 149512987 1691181872 1748790690 0.99 0.99 0.99 0.23 0.42 0.84 0.85

76929667

11062659

As of December 31, 2024<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total Losses</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Equity method investments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> 7,085,156</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;">Equity investments without readily determinable fair value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"> 19,689,373</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Intangible assets, net – agency contract rights</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;margin:0pt;padding:0pt;"> 61,679,245</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;">Other non-current assets - prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 13,793,447</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 102,247,221</td></tr></table>As of December 31, 2025<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Description</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total Losses</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;background:#cceeff;margin:0pt;padding:0pt;">Equity investments without readily determinable fair value</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,114,370</td></tr><tr style=""><td style="vertical-align:bottom;width:64.67%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,114,370</td></tr></table>

7085156

19689373

61679245

13793447

102247221

2114370

6.9931

P3Y

P5Y

P3Y

P5Y

P1Y

P3Y

P10Y

P3Y

29123511

7085156

40628028

-65200488

58005769

19689373

2114370

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:48.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;background:#cceeff;margin:0pt;padding:0pt;">Live streaming</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 4,799,005,778</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 3,073,920,690</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;margin:0pt;padding:0pt;"> 2,177,418,656</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;">Innovative business</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 1,015,882,444</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;margin:0pt;padding:0pt;"> 1,446,157,085</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;background:#cceeff;margin:0pt;padding:0pt;">Advertisement and other revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 731,398,779</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 181,022,322</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 195,275,938</td></tr><tr style=""><td style="vertical-align:bottom;width:49.3%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,530,404,557</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,270,825,456</td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.58%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,818,851,679</td></tr></table>

4799005778

3073920690

2177418656

1015882444

1446157085

731398779

181022322

195275938

5530404557

4270825456

3818851679

378358519

251591800

0 0 0

486342603

0.28

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:57.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31,</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:17.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:37.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;">US$</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:38.7%;background:#cceeff;margin:0pt;padding:0pt;">Company A</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;margin:0pt;padding:0pt;"> 6,930,689</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;"> 14</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:38.7%;margin:0pt;padding:0pt;">Company B</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;">12,672,979</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">16</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;">1,812,212</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">16</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:38.7%;background:#cceeff;margin:0pt;padding:0pt;">Company C</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;margin:0pt;padding:0pt;"> 6,273,190</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;"> 13</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;background:#cceeff;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:38.7%;margin:0pt;padding:0pt;">Company D</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">*</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.11%;margin:0pt;padding:0pt;">12,889,482</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">17</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:9.95%;margin:0pt;padding:0pt;">1,843,171</td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:5.37%;margin:0pt;padding:0pt;">17</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:36pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">*</td><td style="padding:0pt;">Represents less than 10% of accounts receivable, net for the period.</td></tr></table>

6930689

0.14

12672979

0.16

1812212

0.16

6273190

0.13

12889482

0.17

1843171

0.17

66782454

92400198

17725683

14816208

49056771

77583990

8875133

20164070

17725683

11809161

-1944636

-2909475

520224

493751

20164070

17725683

14816208

135525526

117641965

55823507

23905481

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10198320

7872081

231353868

185264173

82847892

75334495

27348008

2888360

2276935

410200

113494460

105369638

106401031

100329775

7093429

5039863

6014868

6285907

1916747

142720126

66981132

23854614

26176248

7988748

6058116

6046614

247602736

249912868

58698113

71339623

40566038

53773585

20720014

24082162

5022234

5458348

125006399

154653718

-61679245 -61679245

60917092

33579905

54716981

P2Y4M24D

61679245

90827064

56322409

29650099

22179319

3069506

223526

29446

89360

25591157

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P3Y2M12D

P4Y10M24D

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:27.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:70.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:70.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:70.6%;background:#cceeff;margin:0pt;padding:0pt;">Wuhan Shayu Network Technology Co., Ltd. (“Shayu”) (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"> 151,774,078</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"> 153,620,278</td></tr><tr style=""><td style="vertical-align:bottom;width:70.6%;margin:0pt;padding:0pt;">Nanshan Stellar Investment LLP (“Nanshan LLP”) (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"> 100,411,039</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"> 94,558,674</td></tr><tr style=""><td style="vertical-align:bottom;width:70.6%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,822,797</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,730,546</td></tr><tr style=""><td style="vertical-align:bottom;width:70.6%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 255,007,914</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 250,909,498</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:36pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;">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.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(2)</td><td style="padding:0pt;">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.</td></tr></table><div style="margin-top:12pt;"></div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:65.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:65.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31,</td></tr><tr style=""><td style="vertical-align:bottom;width:65.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:65.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.69%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.91%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:65.39%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.91%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:65.39%;background:#cceeff;margin:0pt;padding:0pt;">NIP Group Inc.</td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.69%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 76,929,667</td><td style="vertical-align:bottom;white-space:nowrap;width:3.49%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.91%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 11,062,659</td></tr></table>

151774078

153620278

100411039

94558674

2822797

2730546

255007914

250909498

0.35084

188009650

-28046644

7818684

1846200

10052

1426

2789872

382211

3622995

515450

76929667

11062659

40628028

-65200488

55010748

52896378

45724440

44709246

24141925

24105443

124877113

121711067

58005769

19689373

2114370

147072840

157285350

26351904

17874361

12466396

12968720

9152452

8140491

9309174 6238574

38164335

16413316

242517101

218920812

3878385035

3363122749

2792249793

449901415

304597404

200283100

518084814

279272821

336792443

4846371264

3946992974

3329325336

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.01%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:56.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:41.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31,</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;background:#cceeff;margin:0pt;padding:0pt;">Impairment of streamer’s assets (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (75,472,692)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;margin:0pt;padding:0pt;">Contingent litigation expenses (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;"> (2,144,701)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> (154,256,908)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;margin:0pt;padding:0pt;"> (6,103,571)</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;background:#cceeff;margin:0pt;padding:0pt;">Reimbursements from ADR program</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;margin:0pt;padding:0pt;"> 19,777,194</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> 8,706,513</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;background:#cceeff;margin:0pt;padding:0pt;"> 4,761,206</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;margin:0pt;padding:0pt;">Government subsidies</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;"> 29,733,380</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> 5,234,088</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;margin:0pt;padding:0pt;"> 2,287,338</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;background:#cceeff;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (15,051,332)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 15,614,881</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,481,915</td></tr><tr style=""><td style="vertical-align:bottom;width:56.81%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 32,314,541</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (200,174,118)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.38%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 8,426,888</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;">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.</td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(2)</td><td style="padding:0pt;">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.</td></tr></table>

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29733380

5234088

2287338

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32314541

-200174118

8426888

111720000

0.165

0.25

100000 0.10 0.05 0.25 0.10 0.25 <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:55.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:55.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:42.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:55.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:55.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:55.34%;background:#cceeff;margin:0pt;padding:0pt;">PRC</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"> (92,977,042)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> (533,372,130)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;margin:0pt;padding:0pt;"> 56,078,654</td></tr><tr style=""><td style="vertical-align:bottom;width:55.34%;margin:0pt;padding:0pt;">Overseas</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 161,174,386</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 245,969,524</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (54,824,150)</td></tr><tr style=""><td style="vertical-align:bottom;width:55.34%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 68,197,344</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (287,402,606)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,254,504</td></tr></table>

-92977042

-533372130

56078654

161174386

245969524

-54824150

68197344

-287402606

1254504

1068958

15406551

28408570

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:71.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:71.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:23.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:71.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:9.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:71.84%;background:#cceeff;margin:0pt;padding:0pt;">PRC income tax rate</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.96%;background:#cceeff;margin:0pt;padding:0pt;"> 25.00</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:10.15%;background:#cceeff;margin:0pt;padding:0pt;"> 25.00</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style=""><td style="vertical-align:bottom;width:71.84%;margin:0pt;padding:0pt;">Expenses not deductible for tax purposes</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.96%;margin:0pt;padding:0pt;"> 19.77</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:10.15%;margin:0pt;padding:0pt;"> (8.79)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;">% </td></tr><tr style=""><td style="vertical-align:bottom;width:71.84%;background:#cceeff;margin:0pt;padding:0pt;">Effect of tax rate in different tax jurisdiction</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.96%;background:#cceeff;margin:0pt;padding:0pt;"> (77.33)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:10.15%;background:#cceeff;margin:0pt;padding:0pt;"> 20.76</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style=""><td style="vertical-align:bottom;width:71.84%;margin:0pt;padding:0pt;">Change in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 36.13</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:10.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (42.33)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;">% </td></tr><tr style=""><td style="vertical-align:bottom;width:71.84%;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:9.96%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3.57</td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:10.15%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (5.36)</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:25.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Percent</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">Income before provision for income tax</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;margin:0pt;padding:0pt;"> 1,254,504</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;">Local Income tax of mainland of China</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"> 313,626</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"> 25.00</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">Foreign tax effects</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;">Cayman</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">Tax rate differential</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;margin:0pt;padding:0pt;"> (2,598,393)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;margin:0pt;padding:0pt;"> (207.12)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;">British Virgin Islands (“BVI”)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">Tax rate differential</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;margin:0pt;padding:0pt;"> 16,300,305</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;margin:0pt;padding:0pt;"> 1,299.34</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;">Others</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">Tax rate differential</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;margin:0pt;padding:0pt;"> 8,759</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;margin:0pt;padding:0pt;"> 0.70</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;">Changes in valuation allowances</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"> (4,634)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"> (0.37)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">Changes in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;margin:0pt;padding:0pt;"> 11,727,719</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;margin:0pt;padding:0pt;"> 934.85</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;">Nondeductible items</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"> 4,739,972</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"> 377.84</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">True-up</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;margin:0pt;padding:0pt;"> (3,881,972)</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;margin:0pt;padding:0pt;"> (309.44)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;margin:0pt;padding:0pt;">Effect of expired tax loss</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;margin:0pt;padding:0pt;"> 665,217</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;margin:0pt;padding:0pt;"> 53.03</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;width:70.65%;background:#cceeff;margin:0pt;padding:0pt;">Disposal of previously recognized tax loss</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,137,971</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 90.70</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:70.65%;margin:0pt;padding:0pt;">Effective tax rate</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.7%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 28,408,570</td><td style="vertical-align:bottom;white-space:nowrap;width:2.44%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.41%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,264.53</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;">%</td></tr></table>

0.25

0.1977

-0.0879

-0.7733

0.2076

0.3613

-0.4233

0.0357

-0.0536

1254504

313626

0.25

-2598393

-2.0712

16300305

12.9934

8759

0.007

-4634

-0.0037

11727719

9.3485

4739972

3.7784

-3881972 -3.0944 665217 0.5303 1137971 0.907

28408570

22.6453

28400000

461896586

484867200

308259437 308458751

11911959

916032

10812975

10769920

18868173 18460312

811749130

823472215

811749130

823472215

1064015562

1111583535

811749130

82998721

28617596

17385339

-35430748 -328452001 -5662254

1111583535

811749130

823472215

2434721831

1050262051

1142140290

2106321

P10Y

2098069

The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO.

14.Net income (loss) per share and net income (loss) attributable to ordinary shareholders<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:56.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:41.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;background:#cceeff;margin:0pt;padding:0pt;">Basic net income (loss) per share calculation</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;margin:0pt;padding:0pt;">Numerator:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;background:#cceeff;margin:0pt;padding:0pt;">Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 35,517,634</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (306,810,286)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (29,081,925)</td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;margin:0pt;padding:0pt;">Denominator:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;background:#cceeff;margin:0pt;padding:0pt;">Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 31,977,665</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,832,271</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 30,178,859</td></tr><tr style=""><td style="vertical-align:bottom;width:56.5%;margin:0pt;padding:0pt;">Basic net income (loss) per ordinary share</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1.11</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (9.95)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.54%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (0.96)</td></tr></table>The Group has no potential dilutive securities. Therefore, diluted earnings per share equals basic earnings per share.

35517634

-306810286

-29081925

31977665

30832271

30178859

1.11

-9.95

-0.96

3531968884

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31,</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Net Revenues (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> 5,530,404,557</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> 4,270,825,456</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> 3,818,851,679</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Less: Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Revenue sharing fees and content costs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (3,878,385,035)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (3,363,122,749)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (2,792,249,793)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Other costs (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (967,986,229)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (583,870,225)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (537,075,543)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Total cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,846,371,264)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,946,992,974)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,329,325,336)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Gross profit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 684,033,293</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 323,832,482</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 489,526,343</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Operating (expense) income</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Sales and marketing expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (351,726,623)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (311,140,438)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (234,482,022)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">General and administrative expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (237,755,845)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (204,428,800)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (137,656,630)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Research and development expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (276,935,538)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (181,676,080)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (121,058,278)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Other operating income (expense), net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> 32,314,541</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (200,174,118)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> 8,426,888</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Impairment of goodwill</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (13,966,789)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Total operating expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (848,070,254)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (897,419,436)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (484,770,042)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">(Loss) income from operations</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (164,036,961)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (573,586,954)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 4,756,301</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Other (expenses) income, net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (52,873,716)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> 21,898,241</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (67,314,858)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Interest income</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 284,982,128</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 263,052,300</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 64,330,349</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Foreign exchange gain (loss), net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 125,893</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,233,807</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (517,288)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Income (loss) before income taxes and share of loss in equity method investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 68,197,344</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> (287,402,606)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;margin:0pt;padding:0pt;"> 1,254,504</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (1,068,958)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (15,406,551)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;margin:0pt;padding:0pt;"> (28,408,570)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;margin:0pt;padding:0pt;">Share of loss in equity method investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (31,610,752)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,001,129)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,927,859)</td></tr><tr style=""><td style="vertical-align:bottom;width:49.14%;background:#cceeff;margin:0pt;padding:0pt;">Net income (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 35,517,634</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (306,810,286)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.34%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.43%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (29,081,925)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:36pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;">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.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(2)</td><td style="padding:0pt;">Other costs include bandwidth costs and others.</td></tr></table>

5530404557

4270825456

3818851679

3878385035

3363122749

2792249793

967986229

583870225

537075543

4846371264

3946992974

3329325336

684033293

323832482

489526343

351726623

311140438

234482022

237755845

204428800

137656630

276935538

181676080

121058278

32314541

-200174118

8426888

13966789

848070254

897419436

484770042

-164036961

-573586954

4756301

-52873716

21898241

-67314858

284982128

263052300

64330349

125893

1233807

-517288

68197344

-287402606

1254504

1068958

15406551

28408570

-31610752

-4001129

-1927859

35517634

-306810286

-29081925

0.985

0.994

0.999

Parent company of one of our ordinary shareholders

An investee of the Group

Talent agencies invested by the Group classified as EMI

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:42.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Advertisement revenue derived from</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 56,057,315</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 24,052,614</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 41,945,013</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Other revenue derived from</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"> 4,249,801</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"> 24,424,731</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"> 17,823,286</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Equity method investees- talent agencies</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,542,300</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 457,798</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 361,519</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,792,101</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 24,882,529</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 18,184,805</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Bandwidth fees paid to</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 138,960,405</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 110,988,031</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 41,218,368</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Revenue sharing fees and content cost paid to</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"> 26,299</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"> 28,406</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Equity method investees- talent agencies</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 105,489,026</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12,492,874</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,709,839</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 105,489,026</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12,519,173</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 7,738,245</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Payment handling fees paid to</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 22,256,354</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 17,629,404</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,104,119</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Virtual gifts purchased from</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 116,032,260</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 182,216,981</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 262,346,948</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Content rights purchased from</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 280,708,045</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 161,933,140</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 97,128,585</td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;background:#cceeff;margin:0pt;padding:0pt;">Other fees paid to</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:55.9%;margin:0pt;padding:0pt;">Tencent Group</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,878,843</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 687,250</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,475,587</td></tr></table>

56057315

24052614

41945013

4249801

24424731

17823286

2542300

457798

361519

6792101

24882529

18184805

138960405

110988031

41218368

26299

28406

105489026

12492874

7709839

105489026

12519173

7738245

22256354

17629404

16104119

116032260

182216981

262346948

280708045

161933140

97128585

3878843

687250

1475587

63862287

68856098

86880699

4989300

5176400

4577910

142193

142194

142193

68993780

74174692

91600802

234483995

212539704

103710615

16908031

10049146

8595919

251392026

222588850

112306534

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:59.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:59.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">Year ended</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">Year ended</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">Year ended</td></tr><tr style=""><td style="vertical-align:bottom;width:59.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:59.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:59.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:59.37%;background:#cceeff;margin:0pt;padding:0pt;">Operating lease expense</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 24,508,899</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 15,584,430</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 10,619,493</td></tr><tr style=""><td style="vertical-align:bottom;width:59.37%;margin:0pt;padding:0pt;">Short-term lease expense</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 638,012</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 112,265</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 447,281</td></tr><tr style=""><td style="vertical-align:bottom;width:59.37%;background:#cceeff;margin:0pt;padding:0pt;">Total lease expense</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 25,146,911</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 15,696,695</td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 11,066,774</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">As of</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;">As of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;background:#cceeff;margin:0pt;padding:0pt;">Operating lease:</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;">Operating leases right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 15,816,035</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> 7,900,307</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;background:#cceeff;margin:0pt;padding:0pt;">Current portion of lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 11,457,877</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> 6,702,853</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;">Non-current portion of lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 4,222,724</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> 1,306,423</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;background:#cceeff;margin:0pt;padding:0pt;">Total operating lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 15,680,601</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> 8,009,276</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;margin:0pt;padding:0pt;">Weighted-average remaining lease term (in years) – operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;margin:0pt;padding:0pt;"> 1.36</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;margin:0pt;padding:0pt;"> 1.21</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:69.69%;background:#cceeff;margin:0pt;padding:0pt;">Weighted-average discount rate – operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.26%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.68%;background:#cceeff;margin:0pt;padding:0pt;"> 4.51</td><td style="vertical-align:bottom;white-space:nowrap;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;">% </td><td style="vertical-align:bottom;white-space:nowrap;width:11.31%;background:#cceeff;margin:0pt;padding:0pt;"> 3.59</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:71.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:71.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">For the</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">For the</td></tr><tr style=""><td style="vertical-align:bottom;width:71.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">year ended</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">year ended</td></tr><tr style=""><td style="vertical-align:bottom;width:71.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:71.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:71.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:71.04%;background:#cceeff;margin:0pt;padding:0pt;">Cash paid for operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;"> 13,667,004</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;background:#cceeff;margin:0pt;padding:0pt;"> 10,831,900</td></tr><tr style=""><td style="vertical-align:bottom;width:71.04%;margin:0pt;padding:0pt;">Lease liabilities arising from obtaining right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"> 18,512,505</td><td style="vertical-align:bottom;white-space:nowrap;width:2.53%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.94%;margin:0pt;padding:0pt;"> 5,784,701</td></tr></table>

24508899

15584430

10619493

638012

112265

447281

25146911

15696695

11066774

15816035

7900307

11457877

6702853

4222724

1306423

15680601

8009276

P1Y4M9D

P1Y2M15D

0.0451

0.0359

13667004

10831900

18512505

5784701

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:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:83.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ending</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">RMB</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;background:#cceeff;margin:0pt;padding:0pt;"> 6,806,601</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;margin:0pt;padding:0pt;"> 1,326,031</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;background:#cceeff;margin:0pt;padding:0pt;">2028 and thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;margin:0pt;padding:0pt;">Total undiscounted cash flows</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;margin:0pt;padding:0pt;"> 8,132,632</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;background:#cceeff;margin:0pt;padding:0pt;">Less: imputed interest</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 123,356</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 8,009,276</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;margin:0pt;padding:0pt;">Lease liabilities due within one year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;margin:0pt;padding:0pt;"> 6,702,853</td></tr><tr style=""><td style="vertical-align:bottom;width:83.09%;background:#cceeff;margin:0pt;padding:0pt;">Lease liabilities due after one year</td><td style="vertical-align:bottom;white-space:nowrap;width:2.97%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:13.93%;background:#cceeff;margin:0pt;padding:0pt;"> 1,306,423</td></tr></table>

6806601

1326031

8132632

123356

8009276

6702853

1306423

22046995

6270715

FINANCIAL STATEMENT SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANYDOUYU INTERNATIONAL HOLDINGS LIMITEDCONDENSED BALANCE SHEETS<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:38.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Current assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 654,351,902</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 1,257,264,873</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 179,786,486</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Short-term deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 2,990,374,400</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 246,008,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 35,178,676</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 70,446</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 28,578</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 4,087</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 52,846,225</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 8,593,267</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 1,228,822</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 351,440</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 50,255</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 3,697,642,973</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 1,512,246,158</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 216,248,326</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Investments in subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 550,081,329</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 506,905,170</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 72,486,476</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,247,724,302</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,019,151,328</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 288,734,802</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Current liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 36,531,297</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 30,661,953</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 4,384,602</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Amounts due to subsidiaries and VIEs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 349,475</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 341,716</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 48,865</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 754,304</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 775,729</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 110,928</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 37,635,076</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 31,779,398</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,544,395</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Total liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 37,635,076</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 31,779,398</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,544,395</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Ordinary shares </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 20,360</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 20,360</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 2,911</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Treasury shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Additional paid-in capital</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 7,514,498,337</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 5,363,717,087</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 767,001,342</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Accumulated deficit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (3,791,817,469)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (3,820,899,394)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (546,381,346)</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Accumulated other comprehensive income</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 487,387,998</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 444,533,877</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 63,567,500</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,210,089,226</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,987,371,930</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 284,190,407</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,247,724,302</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,019,151,328</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 288,734,802</td></tr></table>FINANCIAL STATEMENT SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANYDOUYU INTERNATIONAL HOLDINGS LIMITEDCONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) <table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:46.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:21.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;background:#cceeff;margin:0pt;padding:0pt;">General and administrative expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> (42,927,343)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> (38,585,122)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;margin:0pt;padding:0pt;"> (46,198,420)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;margin:0pt;padding:0pt;"> (6,606,286)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;">Equity loss of subsidiaries and VIEs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (190,965,494)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (502,190,943)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"> (39,512,619)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"> (5,650,230)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;background:#cceeff;margin:0pt;padding:0pt;">Other operating income (expenses), net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 19,838,460</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> (7,317,312)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;margin:0pt;padding:0pt;"> 4,761,206</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;margin:0pt;padding:0pt;"> 680,843</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;">Interest income</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 249,448,848</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 241,283,091</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"> 51,867,908</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;margin:0pt;padding:0pt;"> 7,417,013</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;background:#cceeff;margin:0pt;padding:0pt;">Foreign exchange gain, net</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 123,163</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;">Net income (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 35,517,634</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (306,810,286)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (29,081,925)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (4,158,660)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;background:#cceeff;margin:0pt;padding:0pt;">Foreign currency translation adjustment</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 93,256,170</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 72,141,058</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (42,854,121)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (6,128,058)</td></tr><tr style=""><td style="vertical-align:bottom;width:52.07%;margin:0pt;padding:0pt;">Comprehensive income (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 128,773,804</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (234,669,228)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (71,936,046)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.03%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (10,286,718)</td></tr></table>FINANCIAL STATEMENT SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANYDOUYU INTERNATIONAL HOLDINGS LIMITEDCONDENSED STATEMENTS OF CASH FLOWS<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:52.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">CASH FLOWS FROM OPERATING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Net income (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 35,517,634</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (306,810,286)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (29,081,925)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (4,158,660)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Adjustments to reconcile net income (loss) to net cash provided by operating activities:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Equity loss of subsidiaries and VIEs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 190,965,494</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 502,190,943</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 39,512,619</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 5,650,230</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Foreign exchange gain or loss</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (123,163)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Changes in operating assets and liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 55,435</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 127,357</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 41,868</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 5,987</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (88,851,970)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 62,701,861</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 44,252,958</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 6,328,090</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Amount due from subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (351,440)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> (50,255)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 15,719,885</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (2,564,628)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (5,869,344)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (839,305)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,583,600)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7,373,700)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 21,425</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,063</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">CASH PROVIDED BY OPERATING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 141,699,715</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 248,271,547</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 48,526,161</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,939,150</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Proceeds from disposal of short-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 2,098,625,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 1,437,680,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 3,264,831,200</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 466,864,652</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Purchases of short-term investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (1,778,550,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (2,990,374,400)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (535,301,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (76,547,025)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Investment in subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,196,850)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 303,878,150</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,552,694,400)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,729,530,200</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 390,317,627</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Repurchase of ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (105,509,037)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Dividend distributed to shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,101,465,492)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,150,781,250)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (307,557,628)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">CASH USED IN FINANCING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,206,974,529)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,150,781,250)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (307,557,628)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Effect of foreign exchange rate changes</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 96,480,231</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 49,348,465</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (24,362,140)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,483,740)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 542,058,096</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (3,462,048,917)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 602,912,971</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 86,215,409</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,574,342,723</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,116,400,819</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 654,351,902</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 93,571,077</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,116,400,819</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 654,351,902</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,257,264,873</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 179,786,486</td></tr></table>FINANCIAL STATEMENT SCHEDULE I—NOTES TO CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY<div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;">1.Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same date and for the same period for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.</div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;">2.The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries. For the parent company, the Company records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments— Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheet as “Investments in subsidiaries” and the subsidiaries and VIEs’ profit or loss as “Equity loss of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Income (loss). </div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;">3.For the years ended December 31, 2023, 2024 and 2025, there were no material contingencies, significant provisions of long-term obligations, guarantees of the Company.</div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;">4.Translations of balances from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00= RMB6.9931, as set forth in H.10 statistical release of the Federal Reserve Board on December 31, 2025. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2025, or at any other rate.</div><div style="margin-top:12pt;"></div>

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:38.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">ASSETS</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Current assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Cash and cash equivalents</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 654,351,902</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 1,257,264,873</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 179,786,486</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Short-term deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 2,990,374,400</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 246,008,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 35,178,676</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 70,446</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 28,578</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 4,087</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 52,846,225</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 8,593,267</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 1,228,822</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Amounts due from subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 351,440</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 50,255</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 3,697,642,973</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 1,512,246,158</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 216,248,326</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Investments in subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 550,081,329</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 506,905,170</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 72,486,476</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,247,724,302</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,019,151,328</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 288,734,802</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">LIABILITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Current liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 36,531,297</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 30,661,953</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 4,384,602</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Amounts due to subsidiaries and VIEs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 349,475</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 341,716</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 48,865</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 754,304</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 775,729</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 110,928</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 37,635,076</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 31,779,398</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,544,395</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Total liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 37,635,076</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 31,779,398</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,544,395</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Ordinary shares </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 20,360</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 20,360</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 2,911</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Treasury shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Additional paid-in capital</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 7,514,498,337</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 5,363,717,087</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 767,001,342</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Accumulated deficit</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (3,791,817,469)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (3,820,899,394)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (546,381,346)</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">Accumulated other comprehensive income</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 487,387,998</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 444,533,877</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 63,567,500</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;margin:0pt;padding:0pt;">Total shareholders’ equity</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,210,089,226</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,987,371,930</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 284,190,407</td></tr><tr style=""><td style="vertical-align:bottom;width:59.88%;background:#cceeff;margin:0pt;padding:0pt;">TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,247,724,302</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,019,151,328</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 288,734,802</td></tr></table>

654351902

1257264873

179786486

2990374400

246008000

35178676

70446

28578

4087

52846225

8593267

1228822

351440

50255

3697642973

1512246158

216248326

550081329

506905170

72486476

4247724302

2019151328

288734802

36531297

30661953

4384602

349475

341716

48865

754304

775729

110928

37635076

31779398

4544395

37635076

31779398

4544395

20360

2911

7514498337

5363717087

767001342

-3791817469

-3820899394

-546381346

487387998

444533877

63567500

4210089226

1987371930

284190407

4247724302

2019151328

288734802

42927343

38585122

46198420

6606286

-190965494

-502190943

-39512619

-5650230

19838460

-7317312

4761206

680843

249448848

241283091

51867908

7417013

123163

35517634

-306810286

-29081925

-4158660

93256170

72141058

-42854121

-6128058

128773804

-234669228

-71936046

-10286718

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:52.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Years ended December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2023</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;">RMB</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;">US$</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">CASH FLOWS FROM OPERATING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Net income (loss)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 35,517,634</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (306,810,286)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (29,081,925)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (4,158,660)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Adjustments to reconcile net income (loss) to net cash provided by operating activities:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Equity loss of subsidiaries and VIEs</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 190,965,494</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 502,190,943</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 39,512,619</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 5,650,230</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Foreign exchange gain or loss</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (123,163)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Changes in operating assets and liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 55,435</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 127,357</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 41,868</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 5,987</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Other current assets</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (88,851,970)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 62,701,861</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 44,252,958</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> 6,328,090</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Amount due from subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (351,440)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> (50,255)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Accrued expenses and other current liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> 15,719,885</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (2,564,628)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (5,869,344)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (839,305)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Deferred revenue </td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (11,583,600)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7,373,700)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 21,425</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,063</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">CASH PROVIDED BY OPERATING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 141,699,715</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 248,271,547</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 48,526,161</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 6,939,150</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Proceeds from disposal of short-term bank deposits</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 2,098,625,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 1,437,680,000</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 3,264,831,200</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 466,864,652</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Purchases of short-term investments</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (1,778,550,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (2,990,374,400)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"> (535,301,000)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;margin:0pt;padding:0pt;"> (76,547,025)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Investment in subsidiaries</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (16,196,850)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 303,878,150</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,552,694,400)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,729,530,200</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 390,317,627</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">Repurchase of ordinary shares</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (105,509,037)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Dividend distributed to shareholders</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,101,465,492)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,150,781,250)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (307,557,628)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">CASH USED IN FINANCING ACTIVITIES</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">—</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,206,974,529)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,150,781,250)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (307,557,628)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">Effect of foreign exchange rate changes</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 96,480,231</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 49,348,465</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (24,362,140)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,483,740)</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 542,058,096</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> (3,462,048,917)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"> 602,912,971</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;margin:0pt;padding:0pt;"> 86,215,409</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;margin:0pt;padding:0pt;">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,574,342,723</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,116,400,819</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 654,351,902</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 93,571,077</td></tr><tr style=""><td style="vertical-align:bottom;width:46.05%;background:#cceeff;margin:0pt;padding:0pt;">CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,116,400,819</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 654,351,902</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,257,264,873</td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:10.96%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 179,786,486</td></tr></table>

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