v3.26.1
Short-term investments
 6 Months Ended
Jun. 30, 2026
Short-term Investments  
Short-term investments

Note 4 — Short-term investments

 

Short-term investments consist of the following:

 

                       
    December 31,
2025		     June 30,
2026		     June 30,
2026		  
    RMB     RMB     USD  
    (Audited)     (Unaudited)     (Unaudited)  
Equity securities and ETFs     265,947,428       276,075,078       40,534,302  
Time deposits     -       619,078,458       90,895,250  
Currency linked structured investment     -       476,763,000       70,000,000  
Structured financial products     633,204,356       426,048,037       62,553,853  
Total     899,151,784       1,797,964,573       263,983,405  

 

Fair value measurements

 

The Company measures its short-term investments at fair value on a recurring basis in accordance with the fair value hierarchy established under applicable accounting standards:

 

  ● Level 1: Quoted prices (unadjusted) in active markets for identical assets.

 

 

  ● Level 2: Observable inputs other than quoted prices included within Level 1.

 

  ● Level 3: Unobservable inputs supported by little or no market activity.

 

The following tables present the Company’s short-term investments measured at fair value on a recurring basis:

 

                               
    December 31, 2025  
    Fair Value     Level 1     Level 2     Level 3  
    RMB     RMB     RMB     RMB  
Equity securities and ETFs     265,947,428       265,947,428       -       -  
Structured financial products     633,204,356       -       633,204,356       -  
Total     899,151,784       265,947,428       633,204,356       -  

 

    June 30, 2026  
    Fair Value     Level 1     Level 2     Level 3  
    RMB     RMB     RMB     RMB  
Equity securities and ETFs     276,075,078       276,075,078       -       -  
Time deposits     619,078,458       -       619,078,458       -  
Currency linked structured investment     476,763,000       -       476,763,000       -  
Structured financial products     426,048,037       -       426,048,037       -  
Total     1,797,964,573       276,075,078       1,521,889,495       -  

 

Equity securities and exchange-traded funds are classified as Level 1 as their fair values are based on quoted market prices in active markets. Time deposits, currency-linked structured investments and structured financial products are classified as Level 2 as their fair values are based on valuation amounts provided by financial institutions, which are determined using observable market inputs. For time deposits, the valuation amounts are consistent with the contractual principal amounts plus accrued interest.

 

During the six months ended June 30, 2026, the Company invested a total of RMB 7,309,336,000 (USD 1,060,000,000) in short-term investments and recognized an investment loss of RMB 134,076,129 (USD 19,443,722), which was recorded in investment loss, net in the consolidated statements of income and comprehensive income.