v3.26.1
Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information of the Parent Company [Line Items]  
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Note 21 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

 

Regulation S-X requires the condensed financial information of registrant shall be filed 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. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) of which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party. The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the Company’s PRC VIE and VIE’s subsidiaries exceed 25% of the consolidated net assets of the Company.

Certain information and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed or omitted. The Company’s investment in subsidiary is stated at cost plus equity in undistributed earnings of subsidiaries.

 

Loss in excess of Investment in subsidiaries, VIE and VIE’s subsidiaries, on the Condensed Balance Sheets, is comprised of the Parent Company’s net investment in its subsidiaries, VIE and VIE’s subsidiaries under the equity method of accounting.

 

Condensed Balance Sheets

 

   As of December 31, 
   2024   2025   2025 
   RMB   RMB   US$ 
ASSETS            
Cash and cash equivalents   54,971    128,663    18,399 
Other receivables, net   —    57,693,075    8,250,000 
Amount due from related parties   —    46,364,252    6,630,000 
Advances to suppliers   —    —　    —　 
Long-term Investment   —    993,020    142,000 
Total assets   54,971    105,179,010    15,040,399 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY               
Accrued liabilities   —    349,655    50,000 
Amount due to a related party   437,958    —    — 
Total current liabilities   437,958    349,655    50,000 
Non-current liabilities               
Loss in excess of investment in subsidiaries, VIE and VIE’s subsidiaries   667,987,375    558,809,528    79,908,701 
Total non-current liabilities   667,987,375    558,809,528    79,908,701 
Total liabilities   668,425,333    559,159,183    79,958,701 
                
Commitments and contingencies   —    —    — 
Mezzanine equity               
Convertible redeemable preferred shares   1,595,051,558    —    — 
Shareholders’ deficit:               
Class A Ordinary shares (US$0.0001 par value; 450,000,000 shares authorized, 4,268,156 and 21,140,922 shares issued and outstanding as of December 31, 2024 and 2025, respectively)
   2,988    14,997    2,145 
Class B Ordinary shares (US$0.0001 par value; 2,042,042 shares authorized and outstanding as of December 31, 2024 and 2025, respectively)
   1,408    1,408    201 
Subscription receivable   (1,608)   (2,186)   (313)
Additional paid-in capital   —    2,023,765,569    289,394,627 
Accumulated deficit   (2,263,419,477)   (2,475,998,594)   (354,063,090)
Accumulated other comprehensive loss   (5,231)   (1,761,367)   (251,872)
Total deficit   (2,263,421,920)   (453,980,173)   (64,918,302)
Total liabilities, mezzanine equity and deficit   54,971    105,179,010    15,040,399 
*Ordinary shares and share data have been retroactively restated to give effect to the nominal share issuance for the Reorganization completed on August 8, 2024 (Note 1).

Condensed Statements of Operations and Comprehensive Loss

 

   Years ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   US$ 
Operating costs and expenses:                
Selling, general and administrative   —    (377,756)   (49,347,867)   (7,056,651)
              　    　 
Operating loss                    
Equity loss in subsidiaries, VIEs and VIEs’ subsidiaries   (36,950,478)   (37,013,556)   (81,582,534)   (11,666,147)
Net loss   (36,950,478)   (37,391,312)   (130,930,401)   (18,722,798)
Accretion to redemption value of mezzanine equities   (108,440,354)   (105,969,614)   (81,648,716)   (11,675,611)
Net loss attributable to ordinary shareholders   (145,390,832)   (143,360,926)   (212,579,117)   (30,398,409)
              　    　 
Other comprehensive income                    
Foreign currency translation adjustments   —    (5,231)   (1,747,229)   (249,850)
Total other comprehensive loss   —    (5,231)   (1,747,229)   (249,850)
Total Comprehensive loss   (145,390,832)   (143,366,157)   (214,326,346)   (30,648,259)

 

Condensed Statements of Cash Flows

 

   Year ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   US$ 
Cash flows from operating activities:                
Net loss   (36,950,478)   (37,391,312)   (130,930,401)   (18,722,798)
Adjustments to reconcile net loss to net cash used in operating activities:             　    　 
Equity loss in subsidiaries, VIEs and VIEs’ subsidiaries   36,950,478    37,013,556    81,582,534    11,666,147 
Share base payment   —    —    16,423,683    2,348,555 
Changes in operating liabilities:             　    　 
Other receivables   —    —    (57,693,075)   (8,250,000)
Amount due from a related party   35,500    402,458    (46,364,252)   (6,630,000)
Accrued liabilities             349,655    50,000 
Amount due to a related party   —    —    (437,958)   (62,626)
Net cash provided by operating activities   35,500    24,702    (137,069,814)   (19,600,722)
                     
Cash flows from investing activities:                    
Payment for investment in a subsidiary   —    —    (993,020)   (142,000)
Net cash used in investing activities   —    —    (993,020)   (142,000)
                     
Cash flows from financing activities:                    
Net proceeds from IPO   —    —    163,932,614    23,442,051 
Payment for deferred offering cost   —    —    (23,876,547)   (3,414,300)
Net cash provided by financing activities   —    —    140,056,067    20,027,751 
                     
Effect of exchange rate change   —    (5,231)   (1,919,541)   (274,491)
Net increase in cash and cash equivalents   35,500    19,471    73,692    10,538 
Cash and cash equivalents at beginning of the years   —    35,500    54,971    7,861 
Cash and cash equivalents at end of the years   35,500    54,971    128,663    18,399