v3.26.1
Redeemable Non-Controlling Interest
12 Months Ended
Dec. 31, 2025
Redeemable Non-Controlling Interest [Abstract]  
REDEEMABLE NON-CONTROLLING INTEREST

Note 15 — REDEEMABLE NON-CONTROLLING INTEREST

 

The redeemable non-controlling interest as of December 31, 2024 represents the 2.87% and 2.27% of equity shareholding on VIE from two preferred shareholders that were not acquired by the Company during the reorganization.

 

Upon the completion of the Company’s IPO in October 2025, the non-controlling interests were automatically converted to ordinary shares of the VIE. The redeemable non-controlling interest as of December 31, 2025 was nil.

 

The change in the balance of the redeemable non-controlling interests for the years ended December 31, 2023, 2024 and 2025 is as follows:

 

Redeemable non-controlling interest  Amount 
   RMB 
Balance as of December 31, 2022   76,671,233 
Re-designation   76,041,096 
Accretion to redemption value of mezzanine equities   5,931,507 
Balance as of December 31, 2023   158,643,836 
Accretion to redemption value of mezzanine equities   10,027,398 
Balance as of December 31, 2024   168,671,234 
Accretion to redemption value of mezzanine equities   7,726,027 
Converted into ordinary shares of the VIE upon the completion of the IPO   (176,397,261)
Balance as of December 31, 2025