v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Operating activities:        
Net loss ¥ (39,385,588) $ (5,632,064) ¥ (193,200,639) ¥ (271,835,982)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Allowance for doubtful accounts (5,870,581) (839,482) 7,632,517 139,445,017
Share-based compensation (Note 13) 27,731,397 3,965,537 24,232,978 47,659,304
Depreciation and amortization 110,958,296 15,866,825 122,145,353 148,064,759
Reduction in the carrying amount of right-of-use assets 4,975,534 711,492 6,742,635 8,303,344
Investment income (5,543,812) (792,755) (2,358,995) (1,426,370)
Unrealized foreign exchange gain (4,076,187) (582,887) (1,965,545) (4,557,547)
Deferred income tax benefit (24,206,422) (3,461,472) (23,286,678) (10,952,309)
Loss on disposal of property, plant and equipment 2,305,199 329,639 470,395 22,077
Write-downs of inventories (Note 4) 89,204,469 12,756,069 30,028,243 21,681,652
Changes in operating assets and liabilities:        
Accounts receivable 101,333,387 14,490,482 (44,889,491) 65,371,286
Inventories (89,468,382) (12,793,808) (288,201,161) 2,627,537
Prepayments and other current assets (77,815,236) (11,127,431) (58,796,807) (5,062,337)
Other non-current assets (16,929,320) (2,420,861) (6,136,484) 6,269,554
Accounts payable and notes payable (64,925,901) (9,284,280) 423,029,917 (33,303,059)
Advances from customers 146,731,281 20,982,294 16,557,569 (5,657,752)
Deferred revenue 31,330,262 4,480,168 12,210,754 5,953,975
Other non-current liabilities 3,244,075 463,897 729,322 (1,280,068)
Income tax receivable       13,340,152
Income taxes payable 1,125,796 160,987 (285,999) (540,152)
Accrued expenses and other current liabilities 166,457,067 23,803,043 32,804,911 (21,922,192)
Operating lease liabilities (3,905,319) (558,453) (5,176,177) (8,465,797)
Net cash provided by operating activities 353,270,015 50,516,940 52,286,618 93,735,092
Investing activities:        
Cash paid for purchase of property, plant and equipment (177,808,393) (25,426,261) (119,749,137) (78,934,562)
Cash paid for purchase of term deposits (50,008,000) (7,151,049) (379,755,995) (379,419,347)
Cash received from redemption of term deposits 195,028,000 27,888,633 204,717,290 513,238,247
Cash paid for purchase of short-term investments (3,435,678,000) (491,295,420) (2,045,830,020) (420,000,000)
Cash received from sale of short-term investments 3,377,865,710 483,028,372 2,048,189,015 581,426,370
Net cash provided by (used in) investing activities (90,600,683) (12,955,725) (292,428,847) 216,310,708
Financing activities:        
Cash received from exercise of employee stock options 164,587 23,536 267,335 654,023
Proceeds from short-term bank borrowings 240,000,000 34,319,544 200,000,000 100,000,000
Repayment for short-term bank borrowings (200,000,000) (28,599,620) (100,000,000) (160,000,000)
Net cash (used in) provided by financing activities 40,164,587 5,743,460 100,267,335 (59,345,977)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (13,648,886) (1,951,765) 6,051,800 8,913,200
Net increase (decrease) in cash, cash equivalents and restricted cash 289,185,033 41,352,910 (133,823,094) 259,613,023
Cash, cash equivalents and restricted cash at the beginning of the year 846,417,099 121,036,035 980,240,193 720,627,170
Cash, cash equivalents and restricted cash at the end of the year 1,135,602,132 162,388,945 846,417,099 980,240,193
Supplemental information        
Interest paid 5,900,833 843,808 5,460,000 1,616,253
Income tax paid 89,930 12,860 142,311 1,066,182
Construction payable ¥ 55,417,029 $ 7,924,530 ¥ 19,824,443 ¥ 13,441,923