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(“MicroCloud”, formerly known as Golden Path Acquisition Corporation (“Golden Path” or “the Company”)), a Cayman Islands exempted company, is a leading holographic digitalization technology service provider in China, which is committed to providing first-class holographic technology services to the customers worldwide.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">On September 16, 2022, the Company consummated the previously announced business combination pursuant to the Merger Agreement, by and among Golden Path, Golden Path Merger Sub, and MC Hologram Inc. (“MC”). Pursuant to the Merger Agreement, MC merged with Golden Path Merger Sub, survived the merger and continued as the surviving company and a wholly owned subsidiary of Golden Path (the “Merger”, and, collectively with the other transactions described in the Merger Agreement, the “Business Combination”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As a result of the consummation of the Business Combination, MC is now a wholly owned subsidiary of the Company, which has changed its name to MicroCloud Hologram Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Following the Closing, on September 19, 2022, the ordinary shares and public warrants outstanding upon the Closing began trading on the NASDAQ Stock Exchange (the “NASDAQ”) under the symbols “HOLO” and “HOLOW,” respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The transaction was accounted for as a “reverse recapitalization” in accordance with accounting principles generally accepted in the United States (“GAAP”) because the primary assets of Golden Path would be nominal following the close of the Merger. Under this method of accounting, Golden Path was treated as the “acquired” company for financial reporting purposes and MC was determined to be the accounting acquirer based on the terms of the Merger and other factors including: (i) MC’s stockholders have a majority of the voting power of the combined company, (ii) MC comprises a majority of the governing body of the combined company, and MC’s senior management comprises all of the senior management of the combined company, and (iii) MC comprises all of the ongoing operations of the combined entity. Accordingly, for accounting purposes, this transaction was treated as the equivalent of the Company issuing shares for the net assets of Golden Path, accompanied by a recapitalization. The shares and net loss per common share, prior to the Reverse Recapitalization, have been retroactively restated as shares reflecting the Exchange Ratio established in the Reverse Recapitalization (one Golden Path share for one Company share). The net assets of Golden Path were recorded at historical costs, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Recapitalization are those of MC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfAccompanyingConsolidatedFinancialStatementsTableTextBlock_zW1guff5J7nj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_8B4_zQcNkHciSBc" style="display: none">Schedule of accompanying consolidated financial statements</span></td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: bottom"> <th style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Name</b></th> <th style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt"> </th> <th colspan="2" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Background</b></th> <th style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt"> </th> <th colspan="2" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Ownership</b></th> </tr> <tr style="background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 30%"><span id="xdx_90F_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zYBO9TnKpcE9" title="Name">MC Hologram Inc. (“MC”)</span></td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: top; text-align: left; width: 0.25in">-</td> <td style="vertical-align: bottom; text-align: left">A Cayman Islands company</td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td rowspan="4" style="text-align: left; vertical-align: top; width: 30%"><span id="xdx_90E_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zLBriCZxzbS1" title="Ownership">100% owned by MicroCloud</span></td> <td style="text-align: left; width: 1%"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: top; text-align: left">Formed on November 10, 2020</td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: top; text-align: left"><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zBrcJ7lp5e4c" title="Background">Registered capital of USD 50,000</span></td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: top; text-align: left">A holding company</td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_z40KWYkuALfd" title="Name">Quantum Edge HK Limited (“Mengyun HK”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A Hong Kong company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zUXo0Dw5DYHd" title="Ownership">100% owned by MC</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on November 25, 2020</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zjQNmf8H00Gf" title="Background">Registered capital of HKD 10,000</span> (USD 1,290)</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A holding company</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_900_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z5ndAQ2KWzX" title="Name">Beijing Xihuiyun Technology Co., Ltd (“Beijing Xihuiyun”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z8IbZ2ZaiEy1" title="Ownership">100% owned by Mengyun HK</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on May 11, 2021</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_906_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_zS6LA2Qsyv0g" title="Background">Registered capital of RMB 207,048,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A holding company</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_909_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zSqNSvahO9n3" title="Name">Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zxZRYZpOk8kc" title="Ownership">81.63% owned by Beijing Xihuiyun and 18.37% owned by Mengyun HK</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on March 24, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_907_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zoXsrmWuHJNk" title="Background">Registered capital of RMB 27,000,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td colspan="2" style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zX43hS9diUs2" title="Name">Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_z4QVdCZIwzOg" title="Ownership">100% owned by Shanghai Mengyun</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on March 15, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_90F_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_z8ktEcShTfx8" title="Background">Registered capital of RMB 10,000,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90A_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zdkWcRPO0Fhe" title="Name">Shenzhen BroadVision Technology Co., Ltd. (“Shenzhen Bowei”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zU52DVHz8N8l" title="Ownership">100% owned by Shenzhen Mengyun</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on April 12, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_906_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zo7XNJwrQyrg" title="Background">Registered capital of RMB 10,000,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic PCBA solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_902_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zyucNe76lvca" title="Name">Mcloudvr Software Network Technology HK Co., Limited (“Mcloudvr HK”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A Hong Kong company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zlekTlt841rk" title="Ownership">100% owned by Shenzhen Mengyun</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on February 2, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_901_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zNnKcYBbgT4a" title="Background">Registered capital of HKD 100,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 30%"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_zRPRz9P7XtY" title="Name">Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”)</span></td> <td style="width: 2%"> </td> <td style="text-align: justify; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 30%"><span id="xdx_90A_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_z158K3ZKea7b" title="Ownership">100% owned by Shenzhen Bowei</span></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify">-</td> <td style="text-align: left">Formed on November 5, 2020</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify">-</td> <td style="text-align: left"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_ztBJ5HKpTMs9" title="Background">Registered capital of HKD 10,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"><b>Name</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Background</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Ownership</b></td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 30%"><span id="xdx_908_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zEDOCNDVOOFl" title="Name">Ocean Cloud Technology Co., Limited (“Ocean HK”)</span></td> <td style="width: 2%"> </td> <td style="vertical-align: top; text-align: left; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 30%"><span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zn9168p53ZM8" title="Ownership">56% owned by Mcloudvr HK</span></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on November 4, 2021</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zDR7rNgydKz2" title="Background">Registered capital of HKD 10,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_90E_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zhDAWFqHtYI1" title="Name">Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”)</span></td> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td> </td> <td rowspan="4" style="text-align: left"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zB81O5BvBCOl" title="Ownership">100% owned by Ocean HK</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on December 3, 2021</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_90E_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_z3yxvBmjRdq6" title="Background">Registered capital of RMB 300,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span id="xdx_905_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zsZlbIT7bqy8" title="Name">Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”)</span></td> <td> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">A PRC limited liability company</td> <td> </td> <td rowspan="4" style="text-align: left"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zOPJH7L1bMfl" title="Ownership">100% owned by Shenzhen Haiyun</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on February 26, 2024</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_z2b9uK0rNmS4" title="Background">Registered capital of RMB 300,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_903_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zN41ru7BaNW5" title="Name">Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”)</span></td> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td> </td> <td rowspan="4" style="text-align: left"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zNEZjNeD3zwi" title="Ownership">The company was dissolved on May 6, 2026.</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on February 18, 2022</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_909_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_z1YkzQama6Fj" title="Background">Registered capital of RMB 1,000,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Advertising service</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_z8SvXUr5g4xg" title="Name">HaiYun Group Investment Ltd. (“HaiYun Group”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A BVI Business company</td> <td style="vertical-align: middle"> </td> <td rowspan="3" style="vertical-align: top; text-align: left"><span id="xdx_907_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zZdL1Vx9a4kl" title="Ownership">100% owned by MC</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zKsmYeY4ah9d" title="Background">Formed on March 18, 2025</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">No operation</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_902_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_z2G3IohiBLwb" title="Name">HaiCloud Technology Inc. (“HaiCloud Inc”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A Cayman Islands company</td> <td style="vertical-align: middle"> </td> <td rowspan="3" style="vertical-align: top; text-align: left"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zVbs9Gh0FQee" title="Ownership">65% owned by HaiYun Group</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_z5Mi8wcuZg8f" title="Background">Formed on May 7, 2025</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">Primarily engages in holographic integrated solutions.</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90E_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zu5CcFmHkzQg" title="Name">HaiCloud Technology Limited (“HaiCloud Ltd”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A Hong Kong company</td> <td style="vertical-align: middle"> </td> <td rowspan="4" style="vertical-align: top; text-align: left"><span id="xdx_901_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zntBBQ4OIDjf" title="Ownership">100% owned by HaiCloud Inc</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">Formed on May 27, 2025</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zDE5OHcc7eye" title="Background">Registered capital of HKD 1,000,000</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">No operation</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zB7zY8JOfdvc" title="Name">ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A PRC limited liability company</td> <td style="vertical-align: middle"> </td> <td rowspan="4" style="vertical-align: top; text-align: left"><span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_ztG3I1kYs2xg" title="Ownership">100% owned by HaiCloud Ltd</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">Formed on June 27, 2025</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_90C_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zPmCK9orgkJl" title="Background">Registered capital of RMB 1,000,000</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">No operation</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 30%"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouTechnologyLtdShanghaiKuosouMember_zEot1uOM0Wu4" title="Name">Shanghai Kuosou Technology Ltd. (“Shanghai Kuosou”)</span></span></td> <td style="vertical-align: top; width: 2%"> </td> <td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">-</span></td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="text-align: left; vertical-align: top; width: 2%"> </td> <td rowspan="4" style="text-align: left; vertical-align: top; width: 30%"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouTechnologyLtdShanghaiKuosouMember_zwtXcNv1iVx6" title="Ownership">100% owned by Haiyun Xingchen</span></span></td> <td style="width: 1%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top"> </td> <td style="vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Formed on February 11, 2018</span></td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top"> </td> <td style="vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouTechnologyLtdShanghaiKuosouMember_zDWBCDopZ0C6" title="Background">Registered capital of RMB 1,000,000</span></span></td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top"> </td> <td style="vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Primarily engages in advertising services.</span></td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> </table> <p id="xdx_8AB_z5khh6JkDNu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfAccompanyingConsolidatedFinancialStatementsTableTextBlock_zW1guff5J7nj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_8B4_zQcNkHciSBc" style="display: none">Schedule of accompanying consolidated financial statements</span></td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: bottom"> <th style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Name</b></th> <th style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt"> </th> <th colspan="2" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Background</b></th> <th style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt"> </th> <th colspan="2" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Ownership</b></th> </tr> <tr style="background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 30%"><span id="xdx_90F_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zYBO9TnKpcE9" title="Name">MC Hologram Inc. (“MC”)</span></td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: top; text-align: left; width: 0.25in">-</td> <td style="vertical-align: bottom; text-align: left">A Cayman Islands company</td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td rowspan="4" style="text-align: left; vertical-align: top; width: 30%"><span id="xdx_90E_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zLBriCZxzbS1" title="Ownership">100% owned by MicroCloud</span></td> <td style="text-align: left; width: 1%"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: top; text-align: left">Formed on November 10, 2020</td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: top; text-align: left"><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zBrcJ7lp5e4c" title="Background">Registered capital of USD 50,000</span></td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: top; text-align: left">A holding company</td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_z40KWYkuALfd" title="Name">Quantum Edge HK Limited (“Mengyun HK”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A Hong Kong company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zUXo0Dw5DYHd" title="Ownership">100% owned by MC</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on November 25, 2020</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zjQNmf8H00Gf" title="Background">Registered capital of HKD 10,000</span> (USD 1,290)</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A holding company</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_900_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z5ndAQ2KWzX" title="Name">Beijing Xihuiyun Technology Co., Ltd (“Beijing Xihuiyun”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z8IbZ2ZaiEy1" title="Ownership">100% owned by Mengyun HK</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on May 11, 2021</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_906_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_zS6LA2Qsyv0g" title="Background">Registered capital of RMB 207,048,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A holding company</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_909_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zSqNSvahO9n3" title="Name">Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zxZRYZpOk8kc" title="Ownership">81.63% owned by Beijing Xihuiyun and 18.37% owned by Mengyun HK</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on March 24, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_907_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zoXsrmWuHJNk" title="Background">Registered capital of RMB 27,000,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td colspan="2" style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zX43hS9diUs2" title="Name">Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_z4QVdCZIwzOg" title="Ownership">100% owned by Shanghai Mengyun</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on March 15, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_90F_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_z8ktEcShTfx8" title="Background">Registered capital of RMB 10,000,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90A_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zdkWcRPO0Fhe" title="Name">Shenzhen BroadVision Technology Co., Ltd. (“Shenzhen Bowei”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zU52DVHz8N8l" title="Ownership">100% owned by Shenzhen Mengyun</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on April 12, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_906_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zo7XNJwrQyrg" title="Background">Registered capital of RMB 10,000,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic PCBA solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_902_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zyucNe76lvca" title="Name">Mcloudvr Software Network Technology HK Co., Limited (“Mcloudvr HK”)</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">A Hong Kong company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="4" style="text-align: left; vertical-align: top"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zlekTlt841rk" title="Ownership">100% owned by Shenzhen Mengyun</span></td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Formed on February 2, 2016</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span id="xdx_901_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zNnKcYBbgT4a" title="Background">Registered capital of HKD 100,000</span></td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: top">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> </tr> <tr style="vertical-align: top; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 30%"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_zRPRz9P7XtY" title="Name">Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”)</span></td> <td style="width: 2%"> </td> <td style="text-align: justify; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 30%"><span id="xdx_90A_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_z158K3ZKea7b" title="Ownership">100% owned by Shenzhen Bowei</span></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify">-</td> <td style="text-align: left">Formed on November 5, 2020</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify">-</td> <td style="text-align: left"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_ztBJ5HKpTMs9" title="Background">Registered capital of HKD 10,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: justify">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"><b>Name</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Background</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Ownership</b></td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 30%"><span id="xdx_908_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zEDOCNDVOOFl" title="Name">Ocean Cloud Technology Co., Limited (“Ocean HK”)</span></td> <td style="width: 2%"> </td> <td style="vertical-align: top; text-align: left; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 30%"><span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zn9168p53ZM8" title="Ownership">56% owned by Mcloudvr HK</span></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on November 4, 2021</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zDR7rNgydKz2" title="Background">Registered capital of HKD 10,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_90E_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zhDAWFqHtYI1" title="Name">Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”)</span></td> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td> </td> <td rowspan="4" style="text-align: left"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zB81O5BvBCOl" title="Ownership">100% owned by Ocean HK</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on December 3, 2021</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_90E_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_z3yxvBmjRdq6" title="Background">Registered capital of RMB 300,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span id="xdx_905_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zsZlbIT7bqy8" title="Name">Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”)</span></td> <td> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">A PRC limited liability company</td> <td> </td> <td rowspan="4" style="text-align: left"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zOPJH7L1bMfl" title="Ownership">100% owned by Shenzhen Haiyun</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on February 26, 2024</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_z2b9uK0rNmS4" title="Background">Registered capital of RMB 300,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">No operation</td> <td> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_903_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zN41ru7BaNW5" title="Name">Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”)</span></td> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td> </td> <td rowspan="4" style="text-align: left"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zNEZjNeD3zwi" title="Ownership">The company was dissolved on May 6, 2026.</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Formed on February 18, 2022</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left"><span id="xdx_909_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_z1YkzQama6Fj" title="Background">Registered capital of RMB 1,000,000</span></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="text-align: left">Advertising service</td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_z8SvXUr5g4xg" title="Name">HaiYun Group Investment Ltd. (“HaiYun Group”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A BVI Business company</td> <td style="vertical-align: middle"> </td> <td rowspan="3" style="vertical-align: top; text-align: left"><span id="xdx_907_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zZdL1Vx9a4kl" title="Ownership">100% owned by MC</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zKsmYeY4ah9d" title="Background">Formed on March 18, 2025</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">No operation</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: middle"> </td> <td style="vertical-align: middle"> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_902_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_z2G3IohiBLwb" title="Name">HaiCloud Technology Inc. (“HaiCloud Inc”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A Cayman Islands company</td> <td style="vertical-align: middle"> </td> <td rowspan="3" style="vertical-align: top; text-align: left"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zVbs9Gh0FQee" title="Ownership">65% owned by HaiYun Group</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_z5Mi8wcuZg8f" title="Background">Formed on May 7, 2025</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">Primarily engages in holographic integrated solutions.</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_90E_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zu5CcFmHkzQg" title="Name">HaiCloud Technology Limited (“HaiCloud Ltd”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A Hong Kong company</td> <td style="vertical-align: middle"> </td> <td rowspan="4" style="vertical-align: top; text-align: left"><span id="xdx_901_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zntBBQ4OIDjf" title="Ownership">100% owned by HaiCloud Inc</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">Formed on May 27, 2025</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zDE5OHcc7eye" title="Background">Registered capital of HKD 1,000,000</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">No operation</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zB7zY8JOfdvc" title="Name">ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”)</span></td> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">A PRC limited liability company</td> <td style="vertical-align: middle"> </td> <td rowspan="4" style="vertical-align: top; text-align: left"><span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_ztG3I1kYs2xg" title="Ownership">100% owned by HaiCloud Ltd</span></td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">Formed on June 27, 2025</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left"><span id="xdx_90C_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zPmCK9orgkJl" title="Background">Registered capital of RMB 1,000,000</span></td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle"> </td> <td style="vertical-align: top; text-align: left">-</td> <td style="vertical-align: middle; text-align: left">No operation</td> <td style="vertical-align: middle"> </td> <td> </td> </tr> <tr style="background-color: #FFFFFF"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td> </td> </tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 30%"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouTechnologyLtdShanghaiKuosouMember_zEot1uOM0Wu4" title="Name">Shanghai Kuosou Technology Ltd. (“Shanghai Kuosou”)</span></span></td> <td style="vertical-align: top; width: 2%"> </td> <td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">-</span></td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="text-align: left; vertical-align: top; width: 2%"> </td> <td rowspan="4" style="text-align: left; vertical-align: top; width: 30%"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouTechnologyLtdShanghaiKuosouMember_zwtXcNv1iVx6" title="Ownership">100% owned by Haiyun Xingchen</span></span></td> <td style="width: 1%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top"> </td> <td style="vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Formed on February 11, 2018</span></td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top"> </td> <td style="vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--MinorityInterestDescription_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouTechnologyLtdShanghaiKuosouMember_zDWBCDopZ0C6" title="Background">Registered capital of RMB 1,000,000</span></span></td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top"> </td> <td style="vertical-align: top">-</td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Primarily engages in advertising services.</span></td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> </table> MC Hologram Inc. (“MC”) 100% owned by MicroCloud Registered capital of USD 50,000 Quantum Edge HK Limited (“Mengyun HK”) 100% owned by MC Registered capital of HKD 10,000 Beijing Xihuiyun Technology Co., Ltd (“Beijing Xihuiyun”) 100% owned by Mengyun HK Registered capital of RMB 207,048,000 Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”) 81.63% owned by Beijing Xihuiyun and 18.37% owned by Mengyun HK Registered capital of RMB 27,000,000 Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”) 100% owned by Shanghai Mengyun Registered capital of RMB 10,000,000 Shenzhen BroadVision Technology Co., Ltd. (“Shenzhen Bowei”) 100% owned by Shenzhen Mengyun Registered capital of RMB 10,000,000 Mcloudvr Software Network Technology HK Co., Limited (“Mcloudvr HK”) 100% owned by Shenzhen Mengyun Registered capital of HKD 100,000 Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”) 100% owned by Shenzhen Bowei Registered capital of HKD 10,000 Ocean Cloud Technology Co., Limited (“Ocean HK”) 56% owned by Mcloudvr HK Registered capital of HKD 10,000 Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”) 100% owned by Ocean HK Registered capital of RMB 300,000 Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”) 100% owned by Shenzhen Haiyun Registered capital of RMB 300,000 Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”) The company was dissolved on May 6, 2026. Registered capital of RMB 1,000,000 HaiYun Group Investment Ltd. (“HaiYun Group”) 100% owned by MC Formed on March 18, 2025 HaiCloud Technology Inc. (“HaiCloud Inc”) 65% owned by HaiYun Group Formed on May 7, 2025 HaiCloud Technology Limited (“HaiCloud Ltd”) 100% owned by HaiCloud Inc Registered capital of HKD 1,000,000 ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”) 100% owned by HaiCloud Ltd Registered capital of RMB 1,000,000 Shanghai Kuosou Technology Ltd. (“Shanghai Kuosou”) 100% owned by Haiyun Xingchen Registered capital of RMB 1,000,000 <p id="xdx_80F_eus-gaap--SignificantAccountingPoliciesTextBlock_zwDnowzslBYg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 2 — <span id="xdx_829_zLurUA1On3Ul">Summary of significant accounting policies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zW6F4QQf7K76" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_860_zQoNiSOMGGJ2">Basis of presentation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding financial reporting, and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results; these condensed statements are prepared under ASC 270 and do not include all disclosures required by US GAAP for annual financial statements. The results of operations for the six months ended June 30, 2026 are not necessarily indicative of results to be expected for any other interim period or for the full year of 2026. Accordingly, these unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements and note thereto as of and for the year ended December 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zslDdwKvcI21" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86B_zz48zuiiUtdk">Principles of consolidation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_ecustom--UseOfEstimatesAndAssumptionsPolicyTextBolck_zmDeplTmmbxg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_865_zN1wM1SHZRXb">Use of estimates and assumptions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s critical accounting estimates relevant to the financial statements for the six months ended June 30, 2026, included allowance for credit losses on receivables, fair value measurement of short-term investments and valuation allowance against deferred tax assets. These estimates include, among others, assessments of recoverability of assets and valuation allowances, which are subject to significant judgment and may be affected by future events and conditions. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_845_ecustom--EmergingGrowthCompanyPolicyTextBlock_z0TEZo9Ccoi7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_zwvpBLzzKLa2">Emerging Growth Company</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As of the date of this report, the Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">However, we will lose our status as an “emerging growth company” after the date of December 31, 2026 and it may significantly increase our legal, accounting, and compliance costs, and place a greater strain on our management.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zLzagFZH14ua" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86C_znA5Mi9cVCLb">Foreign currency translation and other comprehensive income (loss)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 30, 2023, the Company determined that it would qualify as a foreign private issuer, as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934, beginning as of July 1, 2023. The Company’s functional currency and reporting currency are Renminbi (“RMB”) for the six months ended June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters,” the Company determined that its functional currency is RMB. The Company and certain of its subsidiaries, including MC, Mengyun HK, Mcloudvr HK, Ocean HK, Broadvision HK, HaiYun Group, HaiCloud Inc. and HaiCloud Ltd., maintain their books and records in U.S. dollars (“USD”). Accordingly, the financial information of these entities is translated into RMB for purposes of preparing the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assets and liabilities denominated in foreign currencies are translated at the exchange rates in effect at the balance sheet dates, equity accounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average exchange rates for the relevant periods. The resulting foreign currency translation adjustments are recorded in other comprehensive income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the unaudited interim condensed consolidated financial statements, the financial information of the Company and other entities located outside the PRC has been translated into RMB. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has also presented certain financial information in USD solely for the convenience of readers. The USD amounts are supplemental information only and do not represent a separate presentation currency, functional currency, or a separate set of financial statements prepared under a different functional currency. The convenience translation does not affect the Company’s consolidated financial statements prepared in RMB.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For convenience translation purposes, RMB amounts have been translated into USD using the exchange rates described below. Such translations should not be construed as a representation that RMB amounts have been, could have been, or could be converted into USD at the stated rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The balance sheet amounts, except for shareholders’ equity, as of June 30, 2026 and December 31, 2025 were translated at <span id="xdx_903_eus-gaap--ForeignCurrencyTransactionsDescription_c20260101__20260630_zoaEqqM8J4Ri" title="Foreign cuurency transactions">USD 1.00 to RMB 6.8109 and RMB 7.0288</span>, respectively. The average translation rates applied to statement of income accounts for the six months ended June 30, 2026 and 2025 were <span id="xdx_906_ecustom--AverageTranslationRatesDescription_c20260101__20260630_zCZxzYSpzE68" title="Foreign cuurency transactions">USD 1.00 to RMB 6.8956 and RMB 7.1837</span>, respectively. Shareholders’ equity accounts were stated at historical exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flows are also translated using average translation rates for the period. Therefore, amounts reported in the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zIdxR4tNvww2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_zwKrVK96Zwx5">Cash and cash equivalents</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company’s operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdraw. The Company maintains its bank accounts in the PRC, Singapore and Hong Kong.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_848_ecustom--ShortTermInvestmentsPolicyTextBlock_zZQwxANAjv99" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_867_zTWAQglpmN0a">Short-term investments</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Short-term investments consist primarily of structured financial products issued by international financial institutions, equity securities traded in active markets, currency linked structured investment and time deposits. The structured financial products are generally Phoenix auto-callable notes linked to the performance of certain underlying equity securities. These instruments are typically settled or redeemable within a relatively short period of time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Short-term investments are measured at fair value. Changes in fair value are recognized in investment gain (loss), net in the consolidated statements of income and comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_eus-gaap--ReceivablesPolicyTextBlock_zoKUy90VG3V4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_862_zD5neO38iNxg">Accounts receivable, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Accounts receivable, net are stated at the original amount less an allowance for credit losses. The credit terms are generally 90 days.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Accounts receivable, net are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments — credit losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on credit losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, which replaces the previous incurred loss impairment model. The adoption of this ASU does not have a material effect on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company evaluates its accounts receivable for credit losses on a regular basis. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company’s estimation of allowance for credit losses considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable are likely to be unrecoverable, the Company also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The allowance for credit losses as of December 31, 2025 and June 30, 2026 was RMB <span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20251231_zXFoxgBL6vcc" title="Doubtful accounts for accounts receivable">5,513,270</span> and RMB <span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20260630_zD6HL5WmgDF" title="Doubtful accounts for accounts receivable">3,183,129</span> (USD <span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_uUSD_c20260630_zxhR73QaNE33" title="Doubtful accounts for accounts receivable">467,358</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_ecustom--PrepaymentsAndOtherCurrentAssetsPolicyTextBlock_zdFJOOpDGZu" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_863_z7TChNDjoFRd">Prepayments and other current assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Prepayments and other current assets are mainly payments made to vendors or service providers for purchasing goods or services that have not been received or provided, deposits for rent and utilities and employee advances. This amount is refundable and bears no interest. Prepayment and deposit are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of June 30, 2026, management has assessed that the prepayments are recoverable, as the underlying contracts remain valid and the related goods or services are expected to be received.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zFGmcCcgNNKe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_z05B9ZqKZkKh">Property, plant and equipment, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Property, plant and equipment are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with 5% residual value. The estimated useful lives are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--PropertyPlantAndEquipmentsTableTextBlock_zocxDZ5Bt7Ia" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details)"> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span id="xdx_8B8_zwzauCYkdcf5" style="display: none">Schedule of estimated useful lives</span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr> <td style="text-align: left; vertical-align: top; padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 22%"><b>Useful Life</b></td> <td style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 0.5pt"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; background-color: #CCEEFF; padding-left: 0.25in; text-indent: -0.25in">Office equipment</td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_z2BMDmvJIZYc" title="Estimated useful lives">3</span> years</td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in">Mechanical equipment</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zOuh98BfPgu4" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_z46WTFLfbKm5" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: bottom; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; background-color: #CCEEFF; padding-left: 0.25in; text-indent: -0.25in">Electronic and other equipment</td> <td style="vertical-align: top; background-color: #CCEEFF; text-align: center"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zmwGvg138uh5" title="Estimated useful lives">3</span> – <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zeNBuuIaHmZ3" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: middle; background-color: #CCEEFF; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in">Vehicles</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zInAKAiRYB83" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zIMREVg89Eeh" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: middle; text-align: center"> </td> </tr> </table> <p id="xdx_8A5_zW6invx41T7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Management reviews the estimated useful lives and residual values of property, plant and equipment at least annually and revises them as necessary to reflect changes in expected usage, technological developments, and physical condition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84E_ecustom--CostMethodInvestmentsPolicyTextBlock_zHkV7Rg0yEw9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86B_z6L9xqy9zWl4">Cost method investments</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company accounts for investments with less than 20% of the voting shares and does not have the ability to exercise significant influence over operating and financial policies of the investee using the cost method. The Company records cost method investments at the historical cost in its condensed consolidated financial statements and subsequently records any dividends received from the net accumulated earnings of the investee as income. Dividends received in excess of earnings are considered a return of investment and are recorded as reduction in the cost of the investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Cost method investments are evaluated for impairment when facts or circumstances indicate that the fair value of the long-term investments is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (i) nature of the investment; (ii) cause and duration of the impairment; (iii) extent to which fair value is less than cost; (iv) financial condition and near term prospects of the investments; and (v) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z5p3AQu6hDpj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_860_zL6KrvrIFrnb">Impairment for long-lived assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Long-lived assets, including property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_ecustom--ConvertibleBondsPolicyTextBlock_zCRYYqLfdwK8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_zpTIyc6nQx66">Convertible bonds</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Convertible bonds are debt or equity instruments that either require or permit the investor to convert the instrument into equity securities of the issuer. The Company accounts for its convertible notes in accordance with ASC 470-20 Debt with Conversion and Other Options, whereby the convertible instrument is initially accounted for as a single unit of account, unless it contains a derivative that must be bifurcated from the host contract in accordance with ASC 815-15 Derivatives and hedging – Embedded Derivatives or the substantial premium model in ASC 470-20 Debt – Debt with Conversion and Other Options applies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_844_eus-gaap--BusinessCombinationsPolicy_zDOEnRehfVQ5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zSy8ItwCufOe">Business combination</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zDCFICqITQYh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zk8LPyKA95u7">Fair value measurement</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_841_ecustom--WarrantsLiabilitiesPolicyTextBlock_zde7jGOAuCV3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_868_zdw6d4JkNuhh">Warrant liabilities</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company accounts for warrants (Public Warrants or Private Warrants) as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company has elected to account for its Public Warrants as equity and the Private Warrants as liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company has classified its Public Warrants as equity instruments and its Private Warrants as liability-classified instruments. The fair value of the Private Warrants is estimated using a Black-Scholes option pricing model and is classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company reassesses the classification of its warrants at each reporting date and will reclassify warrants if facts and circumstances change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_eus-gaap--RevenueRecognitionPolicyTextBlock_zv6Q6nflTrlb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_864_zJdFLyDfAY2k">Revenue recognition</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Revenue is recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s revenue is derived from holographic solutions and related services, including product sales, software development, licensing, advertising, and other services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For arrangements that include variable consideration, such as cost-per-action, cost-per-connection, or revenue-sharing arrangements, the Company estimates the amount of consideration to which it expects to be entitled and applies the constraint such that revenue is recognized only to the extent that it is probable that a significant reversal will not occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Revenue is recognized when the following 5-step revenue recognition criteria are met:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: justify">1)</td> <td style="text-align: justify">Identify the contract with a customer</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">2)</td> <td style="text-align: justify">Identify the performance obligations in the contract</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">3)</td> <td style="text-align: justify">Determine the transaction price</td> </tr> <tr> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">4)</td> <td style="text-align: justify">Allocate the transaction price</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">5)</td> <td style="text-align: justify">Recognize revenue when or as the entity satisfies a performance obligation</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s revenue recognition policies effective upon the adoption of ASC 606 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>(i) Holographic Solutions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>a. Holographic Technology LiDAR Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company generates light detection and ranging (“LiDAR”) revenue through selling integrated circuit board embedded with holographic software. The Company typically enters into written contracts with its customer where the rights of the parties, including payment terms, are identified and sales prices to the customers are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company’s performance obligation is to deliver products according to contract specifications. The Company recognizes product revenue at a point in time when the control of products is transferred to customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>b. Holographic Technology Intelligence Vision software and Technology Development Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company generates revenue by developing advanced driver assistance systems (“ADAS”) software and technology, which are generally on a fixed-priced basis. The Company has no alternative use for the customized software and the Company has an enforceable right to payment for performance completed to date. Revenues from ADAS software development contracts are recognized over time during the contract period based on the Company’s measurement of progress towards completion using input method, which is usually measured by comparing labor hours expended to date to total estimated labor hours needed to satisfy the performance obligation. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivable and deferred revenues at each reporting period. The Company has a long history of developing various ADAS software resulting in its ability to reasonably estimate the progress toward completion on each fixed price customized contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>c. Holographic Technology Licensing and Content Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company provides holographic content products and holographic software for music videos, shows, and commercials on a fixed-price basis. These contents and software are generally pre-developed and exist when made available to the customer. Content products are delivered through its website or offline using hard drive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Revenues from licensing and content products are recognized at the point in time when the control of products or services is transferred to customers. No upgrades, maintenance, or any other post-contract customer support are provided.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>d. Holographic Technology Hardware Sales</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company is a distributor of holographic hardware and generates revenue through resale. In accordance with ASC 606, revenue recognition: principal agent consideration, an entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. Otherwise, the entity is an agent in the transaction. The Company evaluates three indicators of control in accordance with ASU 2016-08: 1) For hardware sales, the Company is the most visible entity to customers and assumes fulfillment risk and risks related to the acceptability of products, including addressing customer complaints directly and handling of product returns or refunds directly. 2) The Company assumes inventory risk after taking the title from vendors and is responsible for product damage during shipment period prior to acceptance of its customers and is also responsible for product return if the customer is not satisfied with the products. 3) The Company determines the resale price of hardware products. 4) The Company is the party that directs the use of the inventory and can prevent the vendor from transferring the product to a customer or to redirect the products to a different customer. After evaluating the above scenario, the Company considers itself the principal of these arrangements and records hardware sales revenue on a gross basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Hardware sales contracts are on a fixed price basis with no separate sales rebate, discount, or other incentive. Revenue is recognized at a point in time when the Company has delivered products and the acceptance by its customer with no future obligation. The Company generally permits returns of products due to deficits; however, returns are historically insignificant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>(ii) Holographic Technology Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Holographic advertisements are the use of holographic technology integrated into advertisements on media platforms and offline display. The Company enters advertising contracts with advertisers to promote merchandises and services where the price, which is generally based on cost per action (“CPA”), is fixed and determinable. The Company provides its advertising service to channel providers where the amounts cost per action are also fixed and determinable. Revenue is recognized at a point in time when agreed actions are performed. The Company assesses whether it is acting as a principal or an agent in these arrangements in accordance with ASC 606, Revenue from Contracts with Customers. Based on this assessment, the Company recognizes revenue on a gross basis (as principal) rather than on a net basis (as agent). The Company has concluded that gross reporting is appropriate because the Company 1) has a right to a service to be performed by the other party, which gives the Company the ability to direct that party to provide the service to the customers on the Company’s behalf. 2) has discretion in setting the price for the service 3) invoices monthly advertising fee directly to customers by settling valid CPA data with customers. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred related to these transactions on a gross basis. The Company also provides advertisement services through influencers on social networks. The Company charges advertisers a fixed rate, which is generally a fixed percentage of total value of merchandise sold over a specific period (“GMV”). Revenue is recognized at a point of time when merchandise is sold through social network.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_ecustom--ContractBalancesPolicyTextBlock_zVASNcoXot57" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_862_zMhfNGjq9Mv7">Contract balances</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company has <span id="xdx_903_ecustom--ContractAssets_iI_do_c20251231_zi9Yy2oTHP59" title="Contract assets"><span id="xdx_902_ecustom--ContractAssets_iI_do_c20260630_zgw5ZZmK0df9" title="Contract assets">no</span></span> contract assets as of December 31, 2025 and June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Contract liabilities represent cash received for services in advance of revenue recognition which is recognized as revenue when all the Company’s revenue recognition criteria are met. The Company’s contract liabilities amounted to RMB <span id="xdx_90D_ecustom--ContractLiabilities_iI_c20251231_znFsUs2rf2Sd" title="Contract liabilities">5,483,268</span> and RMB <span id="xdx_909_ecustom--ContractLiabilities_iI_c20260630_zZm8J4cEq7y6">4,204,635</span> (USD <span id="xdx_90C_ecustom--ContractLiabilities_iI_uUSD_c20260630_zlowTt04ZKjj">617,339</span>) as of December 31, 2025 and June 30, 2026, respectively. The Company expects to recognize this balance as revenue over the next 12 months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company applies the practical expedient under ASC 606 and does not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_ecustom--CostOfRevenuesPolicyTextBlock_zE5qMtNYksD8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_865_zRLHaziCmLB3">Cost of revenues</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For holographic solutions, the cost of revenue consists primarily of the costs of hardware products sold and outsourced content providers, third party software development costs, and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For holographic technology service, the cost of revenue consists primarily of costs paid to channel distributors for advertising services and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84F_ecustom--CostAllocationPolicyTextBlock_zRfy74085mph" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86A_zGak3JiDKjqc">Cost allocation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Cost allocation includes allocation of certain general and administrative and financial expenses paid by the Parent. General and administrative expenses consist primarily of salary and related expenses of senior management and employees, shared management expenses, including accounting, consulting, legal support services, and other expenses to provide operating support to the related businesses. These allocations are made using a proportional cost allocation method by considering the proportion of revenues, headcounts as well as estimates of time spent on the provision of services attributable to the Company and the related expenses resulted from the acquisition of subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--ResearchAndDevelopmentExpensePolicy_zwEv0Oc22TPf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_866_zhxK318FJNT9">Research and development</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, outsourced subcontractors, as well as office rental, depreciation and related expenses for the Company’s research and product development team.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--ValueAddedTaxesPolicyTextBlock_zIw8b1ZDwXz1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_869_ztDAV0vxaAK">Value added taxes (“VAT”)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13% in China, depending on the type of service provided or product sold. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_eus-gaap--IncomeTaxPolicyTextBlock_zbYOiu4JVKx7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_866_zJwrDtoNjxsg">Income taxes</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Deferred tax is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the condensed consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. PRC tax returns filed are subject to examination by any applicable tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--LesseeLeasesPolicyTextBlock_ztym7BWBnu9f" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_ziNrt7OjBgmf">Leases</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Effective January 1, 2022, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All the Company’s real estate leases are classified as operating leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">When determining the lease payments for an operating lease transitioning to ASC 842 using the effective date, it’s based on future payments at the transition date, based on the present value of lease payments over the remaining lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_845_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zbzURFHT3ye6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zpICOuwLgMIg">Employee benefit</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--NoncontrollingInterestsPolicyTextBlock_zMDSweO0102h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zmrw0F9LQ5ic">Non-controlling interests</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Our non-controlling interests represent the minority shareholders’ ownership interests related to our subsidiaries, including 44% for Ocean HK, 35% for HaiCloud Inc and their subsidiaries. The non-controlling interests are presented in the consolidated balance sheets separately from equity attributable to our shareholders. Non-controlling interests in the result are presented on the consolidated statement of income as allocations of the total income or loss for the six months ended June 30, 2026 between non-controlling interest holders and our shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Non-controlling interests consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89E_ecustom--ScheduleOfNonControllingInterestsTableTextBlock_z06pNZfEI0W3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8BB_zl18sH10yqtl" style="display: none">Schedule of Non-controlling interests</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Ocean HK</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_989_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zhB5psyC10t4" style="width: 9%; text-align: right" title="Total non-controlling interests">(2,001,657</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_ecustom--TotalNoncontrollingInterests_pp0p0_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zwTM9YdBL8Re" style="width: 9%; text-align: right" title="Total non-controlling interests">57,793</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zHf6uZBUd0gb" style="width: 9%; text-align: right" title="Total non-controlling interests">8,485</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">HaiCloud Inc</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_z4iSPnIl0xT" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">7,175,508</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_zqNJpkSSaTv6" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">12,599,757</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_zw9qCOhwZnF" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">1,849,940</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total non-controlling interests</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98B_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231_zOuFuiXt893b" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">5,173,851</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20260630_zgivVQsZc7G4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">12,657,550</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630_zh9przj5hnV" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">1,858,425</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8AF_zyuBhY4tvXs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zlewvCWsmnBg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_866_zchdiy4NbU79">Earnings (Loss) per share</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company computes earnings (loss) per share in accordance with ASC 260, “Earnings (Loss) per Share”. ASC 260 requires companies to present basic and diluted earnings (loss) per share. Basic earnings (loss) per share is measured as net income/loss divided by the weighted average ordinary share outstanding for the period. Diluted earnings (loss) per share presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings (loss) per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_ecustom--StatutoryReservesPolicyTextBlock_z5sP3BaZchAb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_867_zyMqoL1PkHrg">Statutory reserves</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company is able to use the current period net income after tax to offset against the accumulated loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_eus-gaap--SegmentReportingPolicyPolicyTextBlock_ziyB5VLEEgNc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_863_zBueNoGlT7a6">Segment reporting</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">FASB ASC 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. The majority of the Company’s business activities are carried out in the PRC, hence no geographical segment is disclosed. The Company has determined two operating segments: (1) Holographic solutions, and (2) Holographic technology service.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zSRlLlxvo8mi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86C_zPaa2kYLTyrb">Recently issued accounting pronouncements</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The adoption resulted in enhanced disclosures and did not have a material impact on the Company’s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zW6F4QQf7K76" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_860_zQoNiSOMGGJ2">Basis of presentation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding financial reporting, and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results; these condensed statements are prepared under ASC 270 and do not include all disclosures required by US GAAP for annual financial statements. The results of operations for the six months ended June 30, 2026 are not necessarily indicative of results to be expected for any other interim period or for the full year of 2026. Accordingly, these unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements and note thereto as of and for the year ended December 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zslDdwKvcI21" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86B_zz48zuiiUtdk">Principles of consolidation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_ecustom--UseOfEstimatesAndAssumptionsPolicyTextBolck_zmDeplTmmbxg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_865_zN1wM1SHZRXb">Use of estimates and assumptions</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. The Company’s critical accounting estimates relevant to the financial statements for the six months ended June 30, 2026, included allowance for credit losses on receivables, fair value measurement of short-term investments and valuation allowance against deferred tax assets. These estimates include, among others, assessments of recoverability of assets and valuation allowances, which are subject to significant judgment and may be affected by future events and conditions. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_845_ecustom--EmergingGrowthCompanyPolicyTextBlock_z0TEZo9Ccoi7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_zwvpBLzzKLa2">Emerging Growth Company</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As of the date of this report, the Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">However, we will lose our status as an “emerging growth company” after the date of December 31, 2026 and it may significantly increase our legal, accounting, and compliance costs, and place a greater strain on our management.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zLzagFZH14ua" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86C_znA5Mi9cVCLb">Foreign currency translation and other comprehensive income (loss)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 30, 2023, the Company determined that it would qualify as a foreign private issuer, as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934, beginning as of July 1, 2023. The Company’s functional currency and reporting currency are Renminbi (“RMB”) for the six months ended June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Accounting Standards Codification (“ASC”) 830, “Foreign Currency Matters,” the Company determined that its functional currency is RMB. The Company and certain of its subsidiaries, including MC, Mengyun HK, Mcloudvr HK, Ocean HK, Broadvision HK, HaiYun Group, HaiCloud Inc. and HaiCloud Ltd., maintain their books and records in U.S. dollars (“USD”). Accordingly, the financial information of these entities is translated into RMB for purposes of preparing the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assets and liabilities denominated in foreign currencies are translated at the exchange rates in effect at the balance sheet dates, equity accounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average exchange rates for the relevant periods. The resulting foreign currency translation adjustments are recorded in other comprehensive income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the unaudited interim condensed consolidated financial statements, the financial information of the Company and other entities located outside the PRC has been translated into RMB. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has also presented certain financial information in USD solely for the convenience of readers. The USD amounts are supplemental information only and do not represent a separate presentation currency, functional currency, or a separate set of financial statements prepared under a different functional currency. The convenience translation does not affect the Company’s consolidated financial statements prepared in RMB.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For convenience translation purposes, RMB amounts have been translated into USD using the exchange rates described below. Such translations should not be construed as a representation that RMB amounts have been, could have been, or could be converted into USD at the stated rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The balance sheet amounts, except for shareholders’ equity, as of June 30, 2026 and December 31, 2025 were translated at <span id="xdx_903_eus-gaap--ForeignCurrencyTransactionsDescription_c20260101__20260630_zoaEqqM8J4Ri" title="Foreign cuurency transactions">USD 1.00 to RMB 6.8109 and RMB 7.0288</span>, respectively. The average translation rates applied to statement of income accounts for the six months ended June 30, 2026 and 2025 were <span id="xdx_906_ecustom--AverageTranslationRatesDescription_c20260101__20260630_zCZxzYSpzE68" title="Foreign cuurency transactions">USD 1.00 to RMB 6.8956 and RMB 7.1837</span>, respectively. Shareholders’ equity accounts were stated at historical exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flows are also translated using average translation rates for the period. Therefore, amounts reported in the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> USD 1.00 to RMB 6.8109 and RMB 7.0288 USD 1.00 to RMB 6.8956 and RMB 7.1837 <p id="xdx_843_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zIdxR4tNvww2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_zwKrVK96Zwx5">Cash and cash equivalents</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company’s operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdraw. The Company maintains its bank accounts in the PRC, Singapore and Hong Kong.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_848_ecustom--ShortTermInvestmentsPolicyTextBlock_zZQwxANAjv99" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_867_zTWAQglpmN0a">Short-term investments</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Short-term investments consist primarily of structured financial products issued by international financial institutions, equity securities traded in active markets, currency linked structured investment and time deposits. The structured financial products are generally Phoenix auto-callable notes linked to the performance of certain underlying equity securities. These instruments are typically settled or redeemable within a relatively short period of time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Short-term investments are measured at fair value. Changes in fair value are recognized in investment gain (loss), net in the consolidated statements of income and comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_eus-gaap--ReceivablesPolicyTextBlock_zoKUy90VG3V4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_862_zD5neO38iNxg">Accounts receivable, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Accounts receivable, net are stated at the original amount less an allowance for credit losses. The credit terms are generally 90 days.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Accounts receivable, net are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments — credit losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on credit losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, which replaces the previous incurred loss impairment model. The adoption of this ASU does not have a material effect on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company evaluates its accounts receivable for credit losses on a regular basis. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company’s estimation of allowance for credit losses considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable are likely to be unrecoverable, the Company also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The allowance for credit losses as of December 31, 2025 and June 30, 2026 was RMB <span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20251231_zXFoxgBL6vcc" title="Doubtful accounts for accounts receivable">5,513,270</span> and RMB <span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20260630_zD6HL5WmgDF" title="Doubtful accounts for accounts receivable">3,183,129</span> (USD <span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_uUSD_c20260630_zxhR73QaNE33" title="Doubtful accounts for accounts receivable">467,358</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 5513270 3183129 467358 <p id="xdx_84A_ecustom--PrepaymentsAndOtherCurrentAssetsPolicyTextBlock_zdFJOOpDGZu" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_863_z7TChNDjoFRd">Prepayments and other current assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Prepayments and other current assets are mainly payments made to vendors or service providers for purchasing goods or services that have not been received or provided, deposits for rent and utilities and employee advances. This amount is refundable and bears no interest. Prepayment and deposit are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of June 30, 2026, management has assessed that the prepayments are recoverable, as the underlying contracts remain valid and the related goods or services are expected to be received.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zFGmcCcgNNKe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_z05B9ZqKZkKh">Property, plant and equipment, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Property, plant and equipment are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with 5% residual value. The estimated useful lives are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--PropertyPlantAndEquipmentsTableTextBlock_zocxDZ5Bt7Ia" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details)"> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span id="xdx_8B8_zwzauCYkdcf5" style="display: none">Schedule of estimated useful lives</span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr> <td style="text-align: left; vertical-align: top; padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 22%"><b>Useful Life</b></td> <td style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 0.5pt"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; background-color: #CCEEFF; padding-left: 0.25in; text-indent: -0.25in">Office equipment</td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_z2BMDmvJIZYc" title="Estimated useful lives">3</span> years</td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in">Mechanical equipment</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zOuh98BfPgu4" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_z46WTFLfbKm5" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: bottom; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; background-color: #CCEEFF; padding-left: 0.25in; text-indent: -0.25in">Electronic and other equipment</td> <td style="vertical-align: top; background-color: #CCEEFF; text-align: center"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zmwGvg138uh5" title="Estimated useful lives">3</span> – <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zeNBuuIaHmZ3" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: middle; background-color: #CCEEFF; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in">Vehicles</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zInAKAiRYB83" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zIMREVg89Eeh" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: middle; text-align: center"> </td> </tr> </table> <p id="xdx_8A5_zW6invx41T7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Management reviews the estimated useful lives and residual values of property, plant and equipment at least annually and revises them as necessary to reflect changes in expected usage, technological developments, and physical condition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_898_ecustom--PropertyPlantAndEquipmentsTableTextBlock_zocxDZ5Bt7Ia" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details)"> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span id="xdx_8B8_zwzauCYkdcf5" style="display: none">Schedule of estimated useful lives</span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr> <td style="text-align: left; vertical-align: top; padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 22%"><b>Useful Life</b></td> <td style="vertical-align: bottom; text-align: center; width: 1%; padding-bottom: 0.5pt"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; background-color: #CCEEFF; padding-left: 0.25in; text-indent: -0.25in">Office equipment</td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_z2BMDmvJIZYc" title="Estimated useful lives">3</span> years</td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in">Mechanical equipment</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zOuh98BfPgu4" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_z46WTFLfbKm5" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: bottom; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; background-color: #CCEEFF; padding-left: 0.25in; text-indent: -0.25in">Electronic and other equipment</td> <td style="vertical-align: top; background-color: #CCEEFF; text-align: center"> </td> <td style="vertical-align: bottom; background-color: #CCEEFF; text-align: center"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zmwGvg138uh5" title="Estimated useful lives">3</span> – <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zeNBuuIaHmZ3" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: middle; background-color: #CCEEFF; text-align: center"> </td> </tr> <tr> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.25in">Vehicles</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zInAKAiRYB83" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zIMREVg89Eeh" title="Estimated useful lives">5</span> years</td> <td style="vertical-align: middle; text-align: center"> </td> </tr> </table> P3Y P3Y P5Y P3Y P5Y P3Y P5Y <p id="xdx_84E_ecustom--CostMethodInvestmentsPolicyTextBlock_zHkV7Rg0yEw9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86B_z6L9xqy9zWl4">Cost method investments</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company accounts for investments with less than 20% of the voting shares and does not have the ability to exercise significant influence over operating and financial policies of the investee using the cost method. The Company records cost method investments at the historical cost in its condensed consolidated financial statements and subsequently records any dividends received from the net accumulated earnings of the investee as income. Dividends received in excess of earnings are considered a return of investment and are recorded as reduction in the cost of the investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Cost method investments are evaluated for impairment when facts or circumstances indicate that the fair value of the long-term investments is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (i) nature of the investment; (ii) cause and duration of the impairment; (iii) extent to which fair value is less than cost; (iv) financial condition and near term prospects of the investments; and (v) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z5p3AQu6hDpj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_860_zL6KrvrIFrnb">Impairment for long-lived assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Long-lived assets, including property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_ecustom--ConvertibleBondsPolicyTextBlock_zCRYYqLfdwK8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_zpTIyc6nQx66">Convertible bonds</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Convertible bonds are debt or equity instruments that either require or permit the investor to convert the instrument into equity securities of the issuer. The Company accounts for its convertible notes in accordance with ASC 470-20 Debt with Conversion and Other Options, whereby the convertible instrument is initially accounted for as a single unit of account, unless it contains a derivative that must be bifurcated from the host contract in accordance with ASC 815-15 Derivatives and hedging – Embedded Derivatives or the substantial premium model in ASC 470-20 Debt – Debt with Conversion and Other Options applies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_844_eus-gaap--BusinessCombinationsPolicy_zDOEnRehfVQ5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zSy8ItwCufOe">Business combination</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zDCFICqITQYh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zk8LPyKA95u7">Fair value measurement</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_841_ecustom--WarrantsLiabilitiesPolicyTextBlock_zde7jGOAuCV3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_868_zdw6d4JkNuhh">Warrant liabilities</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company accounts for warrants (Public Warrants or Private Warrants) as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company has elected to account for its Public Warrants as equity and the Private Warrants as liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company has classified its Public Warrants as equity instruments and its Private Warrants as liability-classified instruments. The fair value of the Private Warrants is estimated using a Black-Scholes option pricing model and is classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company reassesses the classification of its warrants at each reporting date and will reclassify warrants if facts and circumstances change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_eus-gaap--RevenueRecognitionPolicyTextBlock_zv6Q6nflTrlb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_864_zJdFLyDfAY2k">Revenue recognition</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Revenue is recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s revenue is derived from holographic solutions and related services, including product sales, software development, licensing, advertising, and other services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For arrangements that include variable consideration, such as cost-per-action, cost-per-connection, or revenue-sharing arrangements, the Company estimates the amount of consideration to which it expects to be entitled and applies the constraint such that revenue is recognized only to the extent that it is probable that a significant reversal will not occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Revenue is recognized when the following 5-step revenue recognition criteria are met:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: justify">1)</td> <td style="text-align: justify">Identify the contract with a customer</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">2)</td> <td style="text-align: justify">Identify the performance obligations in the contract</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">3)</td> <td style="text-align: justify">Determine the transaction price</td> </tr> <tr> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">4)</td> <td style="text-align: justify">Allocate the transaction price</td> </tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">5)</td> <td style="text-align: justify">Recognize revenue when or as the entity satisfies a performance obligation</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s revenue recognition policies effective upon the adoption of ASC 606 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>(i) Holographic Solutions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>a. Holographic Technology LiDAR Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company generates light detection and ranging (“LiDAR”) revenue through selling integrated circuit board embedded with holographic software. The Company typically enters into written contracts with its customer where the rights of the parties, including payment terms, are identified and sales prices to the customers are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company’s performance obligation is to deliver products according to contract specifications. The Company recognizes product revenue at a point in time when the control of products is transferred to customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>b. Holographic Technology Intelligence Vision software and Technology Development Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company generates revenue by developing advanced driver assistance systems (“ADAS”) software and technology, which are generally on a fixed-priced basis. The Company has no alternative use for the customized software and the Company has an enforceable right to payment for performance completed to date. Revenues from ADAS software development contracts are recognized over time during the contract period based on the Company’s measurement of progress towards completion using input method, which is usually measured by comparing labor hours expended to date to total estimated labor hours needed to satisfy the performance obligation. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivable and deferred revenues at each reporting period. The Company has a long history of developing various ADAS software resulting in its ability to reasonably estimate the progress toward completion on each fixed price customized contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>c. Holographic Technology Licensing and Content Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company provides holographic content products and holographic software for music videos, shows, and commercials on a fixed-price basis. These contents and software are generally pre-developed and exist when made available to the customer. Content products are delivered through its website or offline using hard drive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Revenues from licensing and content products are recognized at the point in time when the control of products or services is transferred to customers. No upgrades, maintenance, or any other post-contract customer support are provided.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>d. Holographic Technology Hardware Sales</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company is a distributor of holographic hardware and generates revenue through resale. In accordance with ASC 606, revenue recognition: principal agent consideration, an entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. Otherwise, the entity is an agent in the transaction. The Company evaluates three indicators of control in accordance with ASU 2016-08: 1) For hardware sales, the Company is the most visible entity to customers and assumes fulfillment risk and risks related to the acceptability of products, including addressing customer complaints directly and handling of product returns or refunds directly. 2) The Company assumes inventory risk after taking the title from vendors and is responsible for product damage during shipment period prior to acceptance of its customers and is also responsible for product return if the customer is not satisfied with the products. 3) The Company determines the resale price of hardware products. 4) The Company is the party that directs the use of the inventory and can prevent the vendor from transferring the product to a customer or to redirect the products to a different customer. After evaluating the above scenario, the Company considers itself the principal of these arrangements and records hardware sales revenue on a gross basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Hardware sales contracts are on a fixed price basis with no separate sales rebate, discount, or other incentive. Revenue is recognized at a point in time when the Company has delivered products and the acceptance by its customer with no future obligation. The Company generally permits returns of products due to deficits; however, returns are historically insignificant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"><i>(ii) Holographic Technology Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Holographic advertisements are the use of holographic technology integrated into advertisements on media platforms and offline display. The Company enters advertising contracts with advertisers to promote merchandises and services where the price, which is generally based on cost per action (“CPA”), is fixed and determinable. The Company provides its advertising service to channel providers where the amounts cost per action are also fixed and determinable. Revenue is recognized at a point in time when agreed actions are performed. The Company assesses whether it is acting as a principal or an agent in these arrangements in accordance with ASC 606, Revenue from Contracts with Customers. Based on this assessment, the Company recognizes revenue on a gross basis (as principal) rather than on a net basis (as agent). The Company has concluded that gross reporting is appropriate because the Company 1) has a right to a service to be performed by the other party, which gives the Company the ability to direct that party to provide the service to the customers on the Company’s behalf. 2) has discretion in setting the price for the service 3) invoices monthly advertising fee directly to customers by settling valid CPA data with customers. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred related to these transactions on a gross basis. The Company also provides advertisement services through influencers on social networks. The Company charges advertisers a fixed rate, which is generally a fixed percentage of total value of merchandise sold over a specific period (“GMV”). Revenue is recognized at a point of time when merchandise is sold through social network.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_ecustom--ContractBalancesPolicyTextBlock_zVASNcoXot57" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_862_zMhfNGjq9Mv7">Contract balances</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company has <span id="xdx_903_ecustom--ContractAssets_iI_do_c20251231_zi9Yy2oTHP59" title="Contract assets"><span id="xdx_902_ecustom--ContractAssets_iI_do_c20260630_zgw5ZZmK0df9" title="Contract assets">no</span></span> contract assets as of December 31, 2025 and June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Contract liabilities represent cash received for services in advance of revenue recognition which is recognized as revenue when all the Company’s revenue recognition criteria are met. The Company’s contract liabilities amounted to RMB <span id="xdx_90D_ecustom--ContractLiabilities_iI_c20251231_znFsUs2rf2Sd" title="Contract liabilities">5,483,268</span> and RMB <span id="xdx_909_ecustom--ContractLiabilities_iI_c20260630_zZm8J4cEq7y6">4,204,635</span> (USD <span id="xdx_90C_ecustom--ContractLiabilities_iI_uUSD_c20260630_zlowTt04ZKjj">617,339</span>) as of December 31, 2025 and June 30, 2026, respectively. The Company expects to recognize this balance as revenue over the next 12 months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company applies the practical expedient under ASC 606 and does not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0 0 5483268 4204635 617339 <p id="xdx_847_ecustom--CostOfRevenuesPolicyTextBlock_zE5qMtNYksD8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_865_zRLHaziCmLB3">Cost of revenues</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For holographic solutions, the cost of revenue consists primarily of the costs of hardware products sold and outsourced content providers, third party software development costs, and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For holographic technology service, the cost of revenue consists primarily of costs paid to channel distributors for advertising services and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84F_ecustom--CostAllocationPolicyTextBlock_zRfy74085mph" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86A_zGak3JiDKjqc">Cost allocation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Cost allocation includes allocation of certain general and administrative and financial expenses paid by the Parent. General and administrative expenses consist primarily of salary and related expenses of senior management and employees, shared management expenses, including accounting, consulting, legal support services, and other expenses to provide operating support to the related businesses. These allocations are made using a proportional cost allocation method by considering the proportion of revenues, headcounts as well as estimates of time spent on the provision of services attributable to the Company and the related expenses resulted from the acquisition of subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--ResearchAndDevelopmentExpensePolicy_zwEv0Oc22TPf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_866_zhxK318FJNT9">Research and development</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, outsourced subcontractors, as well as office rental, depreciation and related expenses for the Company’s research and product development team.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--ValueAddedTaxesPolicyTextBlock_zIw8b1ZDwXz1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_869_ztDAV0vxaAK">Value added taxes (“VAT”)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13% in China, depending on the type of service provided or product sold. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_eus-gaap--IncomeTaxPolicyTextBlock_zbYOiu4JVKx7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_866_zJwrDtoNjxsg">Income taxes</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Deferred tax is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the condensed consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. PRC tax returns filed are subject to examination by any applicable tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--LesseeLeasesPolicyTextBlock_ztym7BWBnu9f" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86E_ziNrt7OjBgmf">Leases</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Effective January 1, 2022, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All the Company’s real estate leases are classified as operating leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">When determining the lease payments for an operating lease transitioning to ASC 842 using the effective date, it’s based on future payments at the transition date, based on the present value of lease payments over the remaining lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_845_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zbzURFHT3ye6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zpICOuwLgMIg">Employee benefit</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--NoncontrollingInterestsPolicyTextBlock_zMDSweO0102h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86D_zmrw0F9LQ5ic">Non-controlling interests</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Our non-controlling interests represent the minority shareholders’ ownership interests related to our subsidiaries, including 44% for Ocean HK, 35% for HaiCloud Inc and their subsidiaries. The non-controlling interests are presented in the consolidated balance sheets separately from equity attributable to our shareholders. Non-controlling interests in the result are presented on the consolidated statement of income as allocations of the total income or loss for the six months ended June 30, 2026 between non-controlling interest holders and our shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Non-controlling interests consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89E_ecustom--ScheduleOfNonControllingInterestsTableTextBlock_z06pNZfEI0W3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8BB_zl18sH10yqtl" style="display: none">Schedule of Non-controlling interests</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Ocean HK</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_989_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zhB5psyC10t4" style="width: 9%; text-align: right" title="Total non-controlling interests">(2,001,657</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_ecustom--TotalNoncontrollingInterests_pp0p0_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zwTM9YdBL8Re" style="width: 9%; text-align: right" title="Total non-controlling interests">57,793</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zHf6uZBUd0gb" style="width: 9%; text-align: right" title="Total non-controlling interests">8,485</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">HaiCloud Inc</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_z4iSPnIl0xT" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">7,175,508</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_zqNJpkSSaTv6" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">12,599,757</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_zw9qCOhwZnF" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">1,849,940</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total non-controlling interests</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98B_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231_zOuFuiXt893b" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">5,173,851</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20260630_zgivVQsZc7G4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">12,657,550</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630_zh9przj5hnV" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">1,858,425</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8AF_zyuBhY4tvXs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89E_ecustom--ScheduleOfNonControllingInterestsTableTextBlock_z06pNZfEI0W3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8BB_zl18sH10yqtl" style="display: none">Schedule of Non-controlling interests</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Ocean HK</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_989_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zhB5psyC10t4" style="width: 9%; text-align: right" title="Total non-controlling interests">(2,001,657</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_ecustom--TotalNoncontrollingInterests_pp0p0_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zwTM9YdBL8Re" style="width: 9%; text-align: right" title="Total non-controlling interests">57,793</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zHf6uZBUd0gb" style="width: 9%; text-align: right" title="Total non-controlling interests">8,485</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">HaiCloud Inc</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_z4iSPnIl0xT" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">7,175,508</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_zqNJpkSSaTv6" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">12,599,757</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HaiCloudIncMember_zw9qCOhwZnF" style="border-bottom: Black 1pt solid; text-align: right" title="Total non-controlling interests">1,849,940</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total non-controlling interests</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98B_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20251231_zOuFuiXt893b" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">5,173,851</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20260630_zgivVQsZc7G4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">12,657,550</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20260630_zh9przj5hnV" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">1,858,425</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> -2001657 57793 8485 7175508 12599757 1849940 5173851 12657550 1858425 <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zlewvCWsmnBg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_866_zchdiy4NbU79">Earnings (Loss) per share</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company computes earnings (loss) per share in accordance with ASC 260, “Earnings (Loss) per Share”. ASC 260 requires companies to present basic and diluted earnings (loss) per share. Basic earnings (loss) per share is measured as net income/loss divided by the weighted average ordinary share outstanding for the period. Diluted earnings (loss) per share presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings (loss) per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_ecustom--StatutoryReservesPolicyTextBlock_z5sP3BaZchAb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_867_zyMqoL1PkHrg">Statutory reserves</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company is able to use the current period net income after tax to offset against the accumulated loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_eus-gaap--SegmentReportingPolicyPolicyTextBlock_ziyB5VLEEgNc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_863_zBueNoGlT7a6">Segment reporting</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">FASB ASC 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. The majority of the Company’s business activities are carried out in the PRC, hence no geographical segment is disclosed. The Company has determined two operating segments: (1) Holographic solutions, and (2) Holographic technology service.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zSRlLlxvo8mi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline"><span id="xdx_86C_zPaa2kYLTyrb">Recently issued accounting pronouncements</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The adoption resulted in enhanced disclosures and did not have a material impact on the Company’s consolidated financial position or results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_80F_ecustom--DeregistrationOfSubsidiaryTextBlock_zjzK99nRo1z9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 3 — <span id="xdx_829_zYpD18WDWXm1">Deregistration of subsidiary</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">In January 2026, the Company resolved to deregister Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”) as part of the Group’s business and resource optimization. Shenzhen Yushian ceased substantive operations from January 2026 and was deregistered in May 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">The deregistration also resulted in the reclassification of approximately RMB<span id="xdx_900_ecustom--NoncontrollingInterests_iI_pn3n3_dm_c20260630_zyUuM7JLpJ22" title="Non-controlling interests">2.2</span> million to non-controlling interests and RMB <span id="xdx_903_ecustom--StatutoryReserve_iI_c20260630_z68uph7Xuro8" title="Statutory reserves">26,956</span> to statutory reserves. The deregistration did not result in a material gain or loss to the Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2200000 26956 <p id="xdx_80E_ecustom--ShortTermInvestmentsTextBlock_z60WI9MOQ4Qd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 4 — <span id="xdx_82A_zq0UWwHwJUqd">Short-term investments</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in; margin-top: 0; margin-bottom: 0">Short-term investments consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_ecustom--ShortTermInvestmentsTableTextBlock_zowx39g1fRfk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B1_zEGOYhUML096" style="display: none">Schedule of Short-term Investments</span></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="text-align: left; white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="text-align: left; white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="text-align: left; white-space: nowrap; width: 1%"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Equity securities and ETFs</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zKPD3I4qoTod" style="text-align: right" title="Short term Investments">265,947,428</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zG9rYlxK6wh4" style="text-align: right" title="Short term Investments">276,075,078</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zmET7GEe5Bv7" style="text-align: right" title="Short term Investments">40,534,302</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Time deposits</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--TimeDepositMember_zwQg0MtgwKc8" style="text-align: right" title="Short term Investments"><span style="-sec-ix-hidden: xdx2ixbrl0978">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--TimeDepositMember_z5btsOcXRtCg" style="text-align: right" title="Short term Investments">619,078,458</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--TimeDepositMember_zuZmHL5vLITj" style="text-align: right" title="Short term Investments">90,895,250</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Currency linked structured investment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zmvem0DW4gBf" style="text-align: right" title="Short term Investments"><span style="-sec-ix-hidden: xdx2ixbrl0984">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zPAw01AbmJIf" style="text-align: right" title="Short term Investments">476,763,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zwzhmNEzGqh7" style="text-align: right" title="Short term Investments">70,000,000</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: White; vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Structured financial products</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--StructuredFinancialProductsMember_zb3mYwkFuip1" style="border-bottom: Black 1pt solid; text-align: right" title="Short term Investments">633,204,356</td> <td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--StructuredFinancialProductsMember_zvwDXxnpdnKj" style="border-bottom: Black 1pt solid; text-align: right" title="Short term Investments">426,048,037</td> <td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--StructuredFinancialProductsMember_zU8UmDEIX53" style="border-bottom: Black 1pt solid; text-align: right" title="Short term Investments">62,553,853</td> <td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231_zl4tnbgD2yej" style="border-bottom: Black 2.5pt double; text-align: right" title="Short term Investments">899,151,784</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630_zQ7SywiDLGRk" style="border-bottom: Black 2.5pt double; text-align: right" title="Short term Investments">1,797,964,573</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630_z9tYoqbUEd27" style="border-bottom: Black 2.5pt double; text-align: right" title="Short term Investments">263,983,405</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8AF_z1yacwKwJkzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">Fair value measurements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 1: Quoted prices (unadjusted) in active markets for identical assets.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 2: Observable inputs other than quoted prices included within Level 1.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Level 3: Unobservable inputs supported by little or no market activity.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The following tables present the Company’s short-term investments measured at fair value on a recurring basis:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_899_ecustom--ScheduleOfFairValueDisclosureTableTextBlock_zgkoaRHSwnf3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B3_zQ0zDmPGwYNl" style="display: none">Schedule of Fair value disclosure</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31, 2025</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Fair Value</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 1</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 2</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 3</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zvvPy2Dc9Guf" style="width: 9%; text-align: right" title="Short-term investments">265,947,428</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zRWQo7whlkZb" style="width: 9%; text-align: right" title="Short-term investments">265,947,428</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zCOai9yvpD3e" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1009">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_z46yftHIQFz9" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Structured financial products</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_z9DS8d4cH2p8" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">633,204,356</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_z8r1kxPVchfa" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zD4vevv5kQA" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">633,204,356</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zY8cab4cjcz3" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1019">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231_zfXHyvbouDva" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">899,151,784</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zA0gOau0Ajcf" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">265,947,428</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zyUAD9vj4GSd" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">633,204,356</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zkG8j3XMNjPb" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30, 2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Fair Value</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 1</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 2</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 3</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zvEtU9fz2Zoi" style="width: 9%; text-align: right" title="Short-term investments">276,075,078</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zy57vGjPK8Nf" style="width: 9%; text-align: right" title="Short-term investments">276,075,078</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_z0Q7IZvLsVc7" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1033">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zWIE4cMtEOi" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1035">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Time deposits</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--TimeDepositMember_z9ZBJbA99N56" style="text-align: right" title="Short-term investments">619,078,458</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--TimeDepositMember_zkgtE6JflEfb" style="text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1039">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--TimeDepositMember_zJcLO3JkPsq3" style="text-align: right" title="Short-term investments">619,078,458</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Short-term investments">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Currency linked structured investment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zdVjsDZVQrP3" style="text-align: right" title="Short-term investments">476,763,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_z8mLY67vNui8" style="text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1045">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_z8BvHCLGxL3f" style="text-align: right" title="Short-term investments">476,763,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Short-term investments">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Structured financial products</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zoAiwft3ndza" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">426,048,037</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zauMkT0YTSGc" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zaP8AnVVuf7j" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">426,048,037</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zalXCP8LXpp2" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1055">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630_zPzslHBXFGjf" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">1,797,964,573</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_981_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zFZqGqZOCiC9" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">276,075,078</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z3RzD2070sSk" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">1,521,889,495</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zQlDnRBlEH8h" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1063">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8A8_zAZtD1QrVY34" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">During the six months ended June 30, 2026, the Company invested a total of RMB <span id="xdx_90E_eus-gaap--OtherShortTermInvestments_iI_c20260630_zooMen1kt7t6" title="Short-term investments">7,309,336,000</span> (USD <span id="xdx_90A_eus-gaap--OtherShortTermInvestments_iI_uUSD_c20260630_zKfhW6Th8Jgk" title="Short-term investments">1,060,000,000</span>) in short-term investments and recognized an investment loss of RMB <span id="xdx_90E_eus-gaap--GainLossOnInvestments_c20260101__20260630_zeWKszpTEE8" title="Investment loss">134,076,129</span> (USD <span id="xdx_90B_eus-gaap--GainLossOnInvestments_uUSD_c20260101__20260630_z5nTtl8KhZsg" title="Investment loss">19,443,722</span>), which was recorded in investment loss, net in the consolidated statements of income and comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_ecustom--ShortTermInvestmentsTableTextBlock_zowx39g1fRfk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B1_zEGOYhUML096" style="display: none">Schedule of Short-term Investments</span></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="text-align: left; white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="text-align: left; white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="text-align: left; white-space: nowrap; width: 1%"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Equity securities and ETFs</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zKPD3I4qoTod" style="text-align: right" title="Short term Investments">265,947,428</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zG9rYlxK6wh4" style="text-align: right" title="Short term Investments">276,075,078</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zmET7GEe5Bv7" style="text-align: right" title="Short term Investments">40,534,302</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Time deposits</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--TimeDepositMember_zwQg0MtgwKc8" style="text-align: right" title="Short term Investments"><span style="-sec-ix-hidden: xdx2ixbrl0978">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--TimeDepositMember_z5btsOcXRtCg" style="text-align: right" title="Short term Investments">619,078,458</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--TimeDepositMember_zuZmHL5vLITj" style="text-align: right" title="Short term Investments">90,895,250</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Currency linked structured investment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zmvem0DW4gBf" style="text-align: right" title="Short term Investments"><span style="-sec-ix-hidden: xdx2ixbrl0984">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zPAw01AbmJIf" style="text-align: right" title="Short term Investments">476,763,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zwzhmNEzGqh7" style="text-align: right" title="Short term Investments">70,000,000</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: White; vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Structured financial products</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--StructuredFinancialProductsMember_zb3mYwkFuip1" style="border-bottom: Black 1pt solid; text-align: right" title="Short term Investments">633,204,356</td> <td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--StructuredFinancialProductsMember_zvwDXxnpdnKj" style="border-bottom: Black 1pt solid; text-align: right" title="Short term Investments">426,048,037</td> <td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630__srt--ProductOrServiceAxis__custom--StructuredFinancialProductsMember_zU8UmDEIX53" style="border-bottom: Black 1pt solid; text-align: right" title="Short term Investments">62,553,853</td> <td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231_zl4tnbgD2yej" style="border-bottom: Black 2.5pt double; text-align: right" title="Short term Investments">899,151,784</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630_zQ7SywiDLGRk" style="border-bottom: Black 2.5pt double; text-align: right" title="Short term Investments">1,797,964,573</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_uUSD_c20260630_z9tYoqbUEd27" style="border-bottom: Black 2.5pt double; text-align: right" title="Short term Investments">263,983,405</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 265947428 276075078 40534302 619078458 90895250 476763000 70000000 633204356 426048037 62553853 899151784 1797964573 263983405 <table cellpadding="0" cellspacing="0" id="xdx_899_ecustom--ScheduleOfFairValueDisclosureTableTextBlock_zgkoaRHSwnf3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B3_zQ0zDmPGwYNl" style="display: none">Schedule of Fair value disclosure</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31, 2025</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Fair Value</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 1</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 2</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 3</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zvvPy2Dc9Guf" style="width: 9%; text-align: right" title="Short-term investments">265,947,428</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zRWQo7whlkZb" style="width: 9%; text-align: right" title="Short-term investments">265,947,428</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zCOai9yvpD3e" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1009">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_z46yftHIQFz9" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Structured financial products</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_z9DS8d4cH2p8" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">633,204,356</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_z8r1kxPVchfa" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zD4vevv5kQA" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">633,204,356</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zY8cab4cjcz3" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1019">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231_zfXHyvbouDva" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">899,151,784</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zA0gOau0Ajcf" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">265,947,428</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zyUAD9vj4GSd" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">633,204,356</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zkG8j3XMNjPb" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30, 2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Fair Value</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 1</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 2</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Level 3</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zvEtU9fz2Zoi" style="width: 9%; text-align: right" title="Short-term investments">276,075,078</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zy57vGjPK8Nf" style="width: 9%; text-align: right" title="Short-term investments">276,075,078</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_z0Q7IZvLsVc7" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1033">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--EquitySecuritiesAndETFsMember_zWIE4cMtEOi" style="width: 9%; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1035">-</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Time deposits</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--TimeDepositMember_z9ZBJbA99N56" style="text-align: right" title="Short-term investments">619,078,458</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--TimeDepositMember_zkgtE6JflEfb" style="text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1039">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--TimeDepositMember_zJcLO3JkPsq3" style="text-align: right" title="Short-term investments">619,078,458</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Short-term investments">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Currency linked structured investment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_zdVjsDZVQrP3" style="text-align: right" title="Short-term investments">476,763,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_z8mLY67vNui8" style="text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1045">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--CurrencyLinkedStructuredInvestmentMember_z8BvHCLGxL3f" style="text-align: right" title="Short-term investments">476,763,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Short-term investments">-</td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Structured financial products</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zoAiwft3ndza" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">426,048,037</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zauMkT0YTSGc" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zaP8AnVVuf7j" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments">426,048,037</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--ProductOrServiceAxis__custom--StructuredFfinancialProductsMember_zalXCP8LXpp2" style="border-bottom: Black 1pt solid; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1055">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630_zPzslHBXFGjf" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">1,797,964,573</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_981_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zFZqGqZOCiC9" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">276,075,078</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z3RzD2070sSk" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments">1,521,889,495</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShortTermInvestments_iI_pp0p0_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zQlDnRBlEH8h" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments"><span style="-sec-ix-hidden: xdx2ixbrl1063">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 265947428 265947428 633204356 633204356 899151784 265947428 633204356 276075078 276075078 619078458 619078458 476763000 476763000 426048037 426048037 1797964573 276075078 1521889495 7309336000 1060000000 134076129 19443722 <p id="xdx_801_eus-gaap--AccountsAndNontradeReceivableTextBlock_zwLaf9rkf9p6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 5 — <span id="xdx_825_zgL7nbuNg212">Accounts receivable, net</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in; margin-top: 0; margin-bottom: 0">Accounts receivable, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zSVhwVGU5gTk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B1_z7o9e0DUX8Hb" style="display: none">Schedule of Accounts receivable, net</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20251231_zdXJ65BxzzH1" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20260630_zMupPAGpIa83" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iI_pp0p0_maARNzp0Q_zYIJz4YvV7Lc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">27,669,404</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,975,050</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--AccountsReceivableGross_iI_pp0p0_uUSD_c20260630_zWDPiPilP5s9" style="width: 9%; text-align: right" title="Accounts receivable">3,079,630</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_msARNzp0Q_zCFV2wvmO5Fe" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: allowance for credit loss</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(5,513,270</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(3,183,129</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_uUSD_c20260630_zfGIwXCbmRb2" style="border-bottom: Black 1pt solid; text-align: right" title="Less: allowance for credit loss">(467,358</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_402_eus-gaap--AccountsReceivableNet_iTI_pp0p0_mtARNzp0Q_zZikPJ2EJv99" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Accounts receivable, net</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">22,156,134</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">17,791,921</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--AccountsReceivableNet_iTI_pp0p0_uUSD_c20260630_zV5Fu3gN3uMe" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts receivable, net">2,612,272</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8A5_z4x2bbuOxRmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The following table summarizes the changes in allowance for credit loss:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zM1ape8r2Mua" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B2_zmWcmJZViGib" style="display: none">Schedule of allowance for doubtful accounts</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20230101__20231231_zVYh9ehrbfZ3" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260101__20260630_zAn9mPQkiuU7" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40B_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_zjZA2bSCuDr8" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,030,967</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,513,270</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_uUSD_c20260101__20260630_z4f0IaMjNhk1" style="width: 9%; text-align: right" title="Beginning balance">784,383</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_ecustom--AllowanceForCreditLoss_z3Rb9zST7w3d" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Allowance for credit loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,306,700</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">108,423</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_ecustom--AllowanceForCreditLoss_pp0p0_uUSD_c20260101__20260630_zS33qQSIvmQ2" style="text-align: right" title="Allowance for credit loss">15,724</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40B_ecustom--Writeoff_zhM4XkcloENj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Write-off</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(51,892</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,883,741</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--Writeoff_pp0p0_uUSD_c20260101__20260630_zO2OXIsZV2ik" style="text-align: right" title="Write-off">(273,180</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_408_ecustom--OtherChangesDeconsolidation_zKCGw7RbM4W8" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Other changes - Deconsolidation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(772,505</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(554,823</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_ecustom--OtherChangesDeconsolidation_pp0p0_uUSD_c20260101__20260630_zZHyng8g0DMi" style="text-align: right" title="Other changes - Deconsolidation">(80,461</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_40B_ecustom--ExchangeRateDifference_zDWZ1AqZuo5c" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Exchange rate difference</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1115">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1116">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_ecustom--ExchangeRateDifference_pp0p0_uUSD_c20260101__20260630_z25DH0TCIPW4" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">20,892</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_402_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_zWugZVj7bAQd" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Ending balance</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5,513,270</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,183,129</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_uUSD_c20260101__20260630_zT5XAyToN7g" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">467,358</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8A8_zrxhJNJ0Q0Y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For the six months ended June 30, 2026, the Company recognized allowance for expected credit loss of RMB <span id="xdx_903_ecustom--AllowanceForCreditLoss_c20260101__20260630_zjcLr8pIlV4i" title="Allowance for credit loss">108,423</span>, which was recorded in operating expenses and recognized write-off of RMB <span id="xdx_900_ecustom--Writeoff_iN_di_c20260101__20260630_zfHtyn8n1ztk" title="Write-off">1,883,741</span>. The write-offs mainly related to long-outstanding receivables from prior years that were determined to be unrecoverable and were unrelated to the deregistration of Shenzhen Yushian Technology Co., Ltd.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zSVhwVGU5gTk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B1_z7o9e0DUX8Hb" style="display: none">Schedule of Accounts receivable, net</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20251231_zdXJ65BxzzH1" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20260630_zMupPAGpIa83" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iI_pp0p0_maARNzp0Q_zYIJz4YvV7Lc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">27,669,404</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">20,975,050</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--AccountsReceivableGross_iI_pp0p0_uUSD_c20260630_zWDPiPilP5s9" style="width: 9%; text-align: right" title="Accounts receivable">3,079,630</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_msARNzp0Q_zCFV2wvmO5Fe" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: allowance for credit loss</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(5,513,270</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(3,183,129</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_uUSD_c20260630_zfGIwXCbmRb2" style="border-bottom: Black 1pt solid; text-align: right" title="Less: allowance for credit loss">(467,358</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_402_eus-gaap--AccountsReceivableNet_iTI_pp0p0_mtARNzp0Q_zZikPJ2EJv99" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Accounts receivable, net</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">22,156,134</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">17,791,921</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--AccountsReceivableNet_iTI_pp0p0_uUSD_c20260630_zV5Fu3gN3uMe" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts receivable, net">2,612,272</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 27669404 20975050 3079630 5513270 3183129 467358 22156134 17791921 2612272 <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zM1ape8r2Mua" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B2_zmWcmJZViGib" style="display: none">Schedule of allowance for doubtful accounts</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20230101__20231231_zVYh9ehrbfZ3" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260101__20260630_zAn9mPQkiuU7" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40B_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_zjZA2bSCuDr8" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,030,967</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,513,270</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_uUSD_c20260101__20260630_z4f0IaMjNhk1" style="width: 9%; text-align: right" title="Beginning balance">784,383</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_ecustom--AllowanceForCreditLoss_z3Rb9zST7w3d" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Allowance for credit loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,306,700</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">108,423</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_ecustom--AllowanceForCreditLoss_pp0p0_uUSD_c20260101__20260630_zS33qQSIvmQ2" style="text-align: right" title="Allowance for credit loss">15,724</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40B_ecustom--Writeoff_zhM4XkcloENj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Write-off</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(51,892</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,883,741</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--Writeoff_pp0p0_uUSD_c20260101__20260630_zO2OXIsZV2ik" style="text-align: right" title="Write-off">(273,180</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_408_ecustom--OtherChangesDeconsolidation_zKCGw7RbM4W8" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Other changes - Deconsolidation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(772,505</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(554,823</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_ecustom--OtherChangesDeconsolidation_pp0p0_uUSD_c20260101__20260630_zZHyng8g0DMi" style="text-align: right" title="Other changes - Deconsolidation">(80,461</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_40B_ecustom--ExchangeRateDifference_zDWZ1AqZuo5c" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Exchange rate difference</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1115">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1116">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_ecustom--ExchangeRateDifference_pp0p0_uUSD_c20260101__20260630_z25DH0TCIPW4" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">20,892</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_402_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_zWugZVj7bAQd" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Ending balance</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5,513,270</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,183,129</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_uUSD_c20260101__20260630_zT5XAyToN7g" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">467,358</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 4030967 5513270 784383 2306700 108423 15724 -51892 -1883741 -273180 -772505 -554823 -80461 20892 5513270 3183129 467358 108423 -1883741 <p id="xdx_805_ecustom--PrepaymentAndOtherCurrentAssetsDisclosureTextBlock_zwmbf5mdf316" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 6 — <span id="xdx_82E_zVYCpuwZKIB9">Prepayment and other current assets</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Prepayment and other current assets consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--PrepaymentAndOtherCurrentAssetsTableTextBlock_zIuCCinuV8me" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Prepayment and other current assets (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B4_zXOc98ZowKb5" style="display: none">Schedule of Prepayment and other current assets</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20251231_zZaxo0kTVVuk" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20260630_zfzvwVd3SmXk" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Audited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--Prepayments_iI_zBbW2IQnlXM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Prepayments</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8,514,583</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,806,409</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_ecustom--Prepayments_iI_pp0p0_uUSD_c20260630_zuVLETtVIWx1" style="width: 9%; text-align: right" title="Prepayments">999,340</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherReceivables_iI_zfOKgD7RI9H8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,503,790</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,763,742</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--OtherReceivables_iI_pp0p0_uUSD_c20260630_z7kItslOKMCj" style="text-align: right" title="Other receivables">258,959</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--LessImpairmentLosses_iI_zINxu4c2ziz4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Less: impairment losses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,050,000</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1144">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_983_ecustom--LessImpairmentLosses_iI_pp0p0_uUSD_c20260630_z4rZhQafedee" style="border-bottom: Black 1pt solid; text-align: right" title="Less: impairment losses"><span style="-sec-ix-hidden: xdx2ixbrl1146">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--PrepaymentAndOtherCurrentAssets_iI_zPcCh9McBk9g" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Prepayment and other current assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,968,373</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">8,570,151</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_ecustom--PrepaymentAndOtherCurrentAssets_iI_pp0p0_uUSD_c20260630_zSeEtpskLNN2" style="border-bottom: Black 2.5pt double; text-align: right" title="Prepayment and other current assets">1,258,299</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">During the six months ended June 30, 2026, the Company wrote off RMB <span id="xdx_90B_ecustom--WroteOffPrepayments_c20260101__20260630_zBtHmViCUAB9" title="Wrote off prepayments">2,559,419</span> of prepayments and recognized impairment losses of RMB <span id="xdx_90F_ecustom--RecognizedImpairmentLosses_c20260101__20260630_zs1AmBTsJH74" title="Recognized impairment losses">509,419</span> based on management’s assessment of recoverability. The write-off primarily related to prepayments for which suppliers did not fulfill contractual obligations and did not relate to the prepayments of Shenzhen Yushian Technology Co., Ltd. transferred to another subsidiary for continued performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--PrepaymentAndOtherCurrentAssetsTableTextBlock_zIuCCinuV8me" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Prepayment and other current assets (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B4_zXOc98ZowKb5" style="display: none">Schedule of Prepayment and other current assets</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20251231_zZaxo0kTVVuk" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20260630_zfzvwVd3SmXk" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2026</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Audited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--Prepayments_iI_zBbW2IQnlXM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Prepayments</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8,514,583</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6,806,409</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_ecustom--Prepayments_iI_pp0p0_uUSD_c20260630_zuVLETtVIWx1" style="width: 9%; text-align: right" title="Prepayments">999,340</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherReceivables_iI_zfOKgD7RI9H8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,503,790</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,763,742</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--OtherReceivables_iI_pp0p0_uUSD_c20260630_z7kItslOKMCj" style="text-align: right" title="Other receivables">258,959</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--LessImpairmentLosses_iI_zINxu4c2ziz4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Less: impairment losses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,050,000</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1144">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_983_ecustom--LessImpairmentLosses_iI_pp0p0_uUSD_c20260630_z4rZhQafedee" style="border-bottom: Black 1pt solid; text-align: right" title="Less: impairment losses"><span style="-sec-ix-hidden: xdx2ixbrl1146">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--PrepaymentAndOtherCurrentAssets_iI_zPcCh9McBk9g" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Prepayment and other current assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,968,373</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">8,570,151</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_ecustom--PrepaymentAndOtherCurrentAssets_iI_pp0p0_uUSD_c20260630_zSeEtpskLNN2" style="border-bottom: Black 2.5pt double; text-align: right" title="Prepayment and other current assets">1,258,299</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 8514583 6806409 999340 1503790 1763742 258959 -2050000 7968373 8570151 1258299 2559419 509419 <p id="xdx_80E_eus-gaap--InventoryDisclosureTextBlock_zWo3lWGb0Qnl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 7 — <span id="xdx_821_zjy1oGcXcqsl">Inventories, net</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Inventories, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zRfAjDN0p656" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Inventories (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B4_zKha9jlTZ9Z9" style="display: none">Schedule of inventories</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20251231_zv1ZrUKILJga" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20260630_zq0OrMXuax2b" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_402_eus-gaap--InventoryRawMaterials_iI_pp0p0_maIGzMgH_zb3NJaNi2jfj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">788,957</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">468,189</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--InventoryRawMaterials_iI_pp0p0_uUSD_c20260630_zMBKDESi2ZSd" style="width: 9%; text-align: right" title="Raw materials">68,741</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_407_eus-gaap--InventoryFinishedGoods_iI_pp0p0_maIGzMgH_zj4uyy3sTWnl" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Finished goods</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,483</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,483</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--InventoryFinishedGoods_iI_pp0p0_uUSD_c20260630_zNZ57jGQTbw8" style="border-bottom: Black 1pt solid; text-align: right" title="Finished goods">658</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_401_eus-gaap--InventoryGross_iTI_pp0p0_mtIGzMgH_maINz21f_zwExGDoJYSq2" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">793,440</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">472,672</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--InventoryGross_iTI_pp0p0_uUSD_c20260630_zxgBOF3LtpA9" style="text-align: right" title="Total">69,399</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_405_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_msINz21f_zDAyhTlrEVo9" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: Inventory allowance</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(675,697</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(468,713</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_uUSD_c20260630_zl4UYneEzT0l" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Inventory allowance">(68,818</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_40F_ecustom--InventoriesNet_iTI_pp0p0_mtINz21f_zAavJvDF88H2" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Inventories, net</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">117,743</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,959</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_ecustom--InventoriesNet_iTI_pp0p0_uUSD_c20260630_zHVJM9Vt7Fnb" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventories, net">581</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8A9_zlwZQLSNQXC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zRfAjDN0p656" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Inventories (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B4_zKha9jlTZ9Z9" style="display: none">Schedule of inventories</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20251231_zv1ZrUKILJga" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20260630_zq0OrMXuax2b" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_402_eus-gaap--InventoryRawMaterials_iI_pp0p0_maIGzMgH_zb3NJaNi2jfj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">788,957</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">468,189</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--InventoryRawMaterials_iI_pp0p0_uUSD_c20260630_zMBKDESi2ZSd" style="width: 9%; text-align: right" title="Raw materials">68,741</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_407_eus-gaap--InventoryFinishedGoods_iI_pp0p0_maIGzMgH_zj4uyy3sTWnl" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Finished goods</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,483</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,483</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--InventoryFinishedGoods_iI_pp0p0_uUSD_c20260630_zNZ57jGQTbw8" style="border-bottom: Black 1pt solid; text-align: right" title="Finished goods">658</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_401_eus-gaap--InventoryGross_iTI_pp0p0_mtIGzMgH_maINz21f_zwExGDoJYSq2" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">793,440</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">472,672</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--InventoryGross_iTI_pp0p0_uUSD_c20260630_zxgBOF3LtpA9" style="text-align: right" title="Total">69,399</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_405_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_msINz21f_zDAyhTlrEVo9" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: Inventory allowance</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(675,697</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(468,713</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_uUSD_c20260630_zl4UYneEzT0l" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Inventory allowance">(68,818</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_40F_ecustom--InventoriesNet_iTI_pp0p0_mtINz21f_zAavJvDF88H2" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Inventories, net</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">117,743</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,959</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_ecustom--InventoriesNet_iTI_pp0p0_uUSD_c20260630_zHVJM9Vt7Fnb" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventories, net">581</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 788957 468189 68741 4483 4483 658 793440 472672 69399 675697 468713 68818 117743 3959 581 <p id="xdx_801_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zCoB5TP1YT2c" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 8 — <span id="xdx_820_zp5OYA8A2kig">Property, plant and equipment, net</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.5in; margin-top: 0; margin-bottom: 0">Property, plant and equipment, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zLOtjpfrpEl9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and equipment, net (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8BF_zAmOmqEHy11c" style="display: none">Schedule of Property, plant and equipment, net</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Office equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_z3vOCYxGJeRd" style="width: 9%; text-align: right" title="Sub total">1,024,191</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zB7Xj7W2McQa" style="width: 9%; text-align: right" title="Sub total">1,011,847</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zb7d6PXQAjS4" style="width: 9%; text-align: right" title="Sub total">148,563</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Mechanical equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zAOHh3DfbRrj" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zkChzGG049Wl" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zgmwos3oMw51" style="text-align: right" title="Sub total">155,512</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Electronic and other equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zQEJ5OrQ0et8" style="text-align: right" title="Sub total">1,729,181</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zjTdQayfqWQc" style="text-align: right" title="Sub total">1,057,713</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zWnR9qirZiZ7" style="text-align: right" title="Sub total">155,297</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Vehicles</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zpaSiYyVPaKi" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">114,182</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zFJMAxpXcwAi" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">70,200</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zPqHpgBZUSMa" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">10,307</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231_zmlC1BJ1vwV8" style="text-align: right" title="Sub total">3,926,732</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630_zWBk4Be9NbMg" style="text-align: right" title="Sub total">3,198,938</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630_zE78bBJXnoxl" style="text-align: right" title="Sub total">469,679</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: accumulated depreciation</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20251231_zenaExWtk4i6" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(3,435,165</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20260630_zV2y1JflgFVc" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(2,873,804</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_uUSD_c20260630_zRxPbAz573E7" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(421,942</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20251231_ztlQaOGi2OC7" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">491,567</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20260630_zmagaibb5ODj" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">325,134</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_uUSD_c20260630_z8gX4UjMllT" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">47,737</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8A2_zees9sbEY7N6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Depreciation expense for the six months ended June 30, 2025 and 2026 amounted to RMB <span id="xdx_906_eus-gaap--Depreciation_pp0p0_c20250101__20250630_zGKM4lbVjMM5" title="Depreciation expense">116,515</span> and RMB <span id="xdx_90C_eus-gaap--Depreciation_pp0p0_c20260101__20260630_zMo0yNEZ8Gqg" title="Depreciation expense">72,086</span> (USD <span id="xdx_908_eus-gaap--Depreciation_pp0p0_uUSD_c20260101__20260630_zxNZQYhpuXOi" title="Depreciation expense">10,454</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--PropertyPlantAndEquipmentTextBlock_zLOtjpfrpEl9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and equipment, net (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8BF_zAmOmqEHy11c" style="display: none">Schedule of Property, plant and equipment, net</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Office equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_z3vOCYxGJeRd" style="width: 9%; text-align: right" title="Sub total">1,024,191</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zB7Xj7W2McQa" style="width: 9%; text-align: right" title="Sub total">1,011,847</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zb7d6PXQAjS4" style="width: 9%; text-align: right" title="Sub total">148,563</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Mechanical equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zAOHh3DfbRrj" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zkChzGG049Wl" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zgmwos3oMw51" style="text-align: right" title="Sub total">155,512</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Electronic and other equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zQEJ5OrQ0et8" style="text-align: right" title="Sub total">1,729,181</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zjTdQayfqWQc" style="text-align: right" title="Sub total">1,057,713</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zWnR9qirZiZ7" style="text-align: right" title="Sub total">155,297</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Vehicles</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zpaSiYyVPaKi" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">114,182</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zFJMAxpXcwAi" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">70,200</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zPqHpgBZUSMa" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">10,307</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20251231_zmlC1BJ1vwV8" style="text-align: right" title="Sub total">3,926,732</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20260630_zWBk4Be9NbMg" style="text-align: right" title="Sub total">3,198,938</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20260630_zE78bBJXnoxl" style="text-align: right" title="Sub total">469,679</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: accumulated depreciation</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20251231_zenaExWtk4i6" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(3,435,165</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20260630_zV2y1JflgFVc" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(2,873,804</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_uUSD_c20260630_zRxPbAz573E7" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(421,942</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20251231_ztlQaOGi2OC7" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">491,567</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20260630_zmagaibb5ODj" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">325,134</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_uUSD_c20260630_z8gX4UjMllT" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">47,737</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 1024191 1011847 148563 1059178 1059178 155512 1729181 1057713 155297 114182 70200 10307 3926732 3198938 469679 3435165 2873804 421942 491567 325134 47737 116515 72086 10454 <p id="xdx_80A_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zxOU569h9Nja" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 9 — <span id="xdx_820_zU1u8ixg23Mf">Other payables and accrued liabilities</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Other payables and accrued liabilities consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zQ81MaKkhDvc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Other payables and accrued liabilities (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B8_zqSglHJUTx95" style="display: none">Schedule of Other payables and accrued liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20251231_zY9LYJ7Nef5e" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20260630_zKDUwYXrLTye" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40A_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_ziibcnYq3P1l" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Payroll payables</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,989,909</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,084,738</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_989_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_uUSD_c20260630_znulJuwA2qIe" style="width: 9%; text-align: right" title="Salary payables">746,559</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_409_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Other payables</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,153,949</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,320,299</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0_uUSD_c20260630_z4pusqiwBXo5" style="border-bottom: Black 1pt solid; text-align: right" title="Other payables and accrued expenses">340,674</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_405_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,143,858</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,405,037</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0_uUSD_c20260630_zwP5cDWm0oif" style="border-bottom: Black 2.5pt double; text-align: right" title="Total other payables and accrued liabilities">1,087,233</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zQ81MaKkhDvc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Other payables and accrued liabilities (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B8_zqSglHJUTx95" style="display: none">Schedule of Other payables and accrued liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20251231_zY9LYJ7Nef5e" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20260630_zKDUwYXrLTye" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40A_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_ziibcnYq3P1l" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Payroll payables</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,989,909</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5,084,738</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_989_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_uUSD_c20260630_znulJuwA2qIe" style="width: 9%; text-align: right" title="Salary payables">746,559</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_409_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Other payables</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,153,949</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,320,299</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0_uUSD_c20260630_z4pusqiwBXo5" style="border-bottom: Black 1pt solid; text-align: right" title="Other payables and accrued expenses">340,674</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_405_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">6,143,858</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,405,037</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0_uUSD_c20260630_zwP5cDWm0oif" style="border-bottom: Black 2.5pt double; text-align: right" title="Total other payables and accrued liabilities">1,087,233</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 4989909 5084738 746559 1153949 2320299 340674 6143858 7405037 1087233 <p id="xdx_800_ecustom--ConvertibleBondsTextBlock_zpQcAs3Y4Z3k" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 10 — <span id="xdx_829_zF9xPzBV8AT8">Convertible bonds</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Convertible bonds consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_ecustom--ScheduleOfConvertibleBondsTableTextBlock_z76dt5u85dll" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible bonds (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B8_zYwVwBUiIfae" style="display: none">Schedule of Bonds payable</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Investors</td> <td style="width: 1%; padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td> <td id="xdx_980_ecustom--TotalBondsPayable_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zBnaevSM63p2" style="border-bottom: Black 2.5pt double; width: 9%; text-align: right" title="Total bonds payable">45,265,472</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="width: 1%; padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td> <td id="xdx_982_ecustom--TotalBondsPayable_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zEtmsgtw7Dii" style="border-bottom: Black 2.5pt double; width: 9%; text-align: right" title="Total bonds payable">43,862,196</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="width: 1%; padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td> <td id="xdx_98A_ecustom--TotalBondsPayable_iI_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zvI0x6puylii" style="border-bottom: Black 2.5pt double; width: 9%; text-align: right" title="Total bonds payable">6,440,000</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8AC_zdHJaTk91WJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company evaluated the embedded conversion feature under ASC 815 and determined that it meets the definition of a derivative. The conversion feature exposes the holder to variability in the Company’s share price and allows settlement through shares that are readily convertible to cash, thereby meeting the net settlement criterion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">However, the Company further assessed whether the embedded feature qualifies for the scope exception under ASC 815-40. As the conversion price is based on a variable formula (70% of the lowest closing price over the preceding 60 trading days), the feature is not considered indexed solely to the Company’s own stock and therefore does not qualify for equity classification.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Accordingly, the embedded conversion feature would generally require bifurcation and separate accounting as a derivative liability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">However, the Company noted that a substantial portion of the Notes was converted within a short period after issuance, in many cases within days to a few weeks. Based on a sensitivity analysis of price variability and the short duration of exposure, the Company concluded that the fair value impact of the embedded derivative is not material to the financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company evaluated the embedded conversion feature under ASC 815 and concluded that, while the feature may meet the definition of a derivative, the fair value of the embedded feature was not material to the financial statements. Accordingly, the Company did not separately account for the feature. The Company considered the short duration between issuance and conversion in its assessment. Therefore, the Notes were accounted for as a single liability instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As of June 30, 2026, convertible bonds of RMB <span id="xdx_904_ecustom--TotalBondsPayable_pp0p0_c20260630_zO5zniiAu8D1" title="Total bonds payable">43,862,196</span> (USD <span id="xdx_907_ecustom--TotalBondsPayable_iI_pp0p0_uUSD_c20260630_zg7YajuZddh" title="Total bonds payable">6,440,000</span>) remained outstanding and were due to mature in July 2026. The terms of the convertible bonds remained unchanged from December 31, 2025, and there were no changes in circumstances during the six months ended June 30, 2026 that would change the Company’s previous conclusion regarding the accounting for the embedded conversion feature.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_ecustom--ScheduleOfConvertibleBondsTableTextBlock_z76dt5u85dll" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible bonds (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B8_zYwVwBUiIfae" style="display: none">Schedule of Bonds payable</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Investors</td> <td style="width: 1%; padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td> <td id="xdx_980_ecustom--TotalBondsPayable_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zBnaevSM63p2" style="border-bottom: Black 2.5pt double; width: 9%; text-align: right" title="Total bonds payable">45,265,472</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="width: 1%; padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td> <td id="xdx_982_ecustom--TotalBondsPayable_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zEtmsgtw7Dii" style="border-bottom: Black 2.5pt double; width: 9%; text-align: right" title="Total bonds payable">43,862,196</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="width: 1%; padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"> </td> <td id="xdx_98A_ecustom--TotalBondsPayable_iI_uUSD_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zvI0x6puylii" style="border-bottom: Black 2.5pt double; width: 9%; text-align: right" title="Total bonds payable">6,440,000</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 45265472 43862196 6440000 43862196 6440000 <p id="xdx_807_eus-gaap--IncomeTaxDisclosureTextBlock_zdBrmbuDfsCj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 11 — <span id="xdx_826_zgS3Ag7JxQe6">Taxes</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Cayman Islands</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">MicroCloud, MC and HaiCloud Inc were incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of the Cayman Islands. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Hong Kong</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Mengyun HK, Mcloudvr HK, Ocean HK, Broadvision HK and HaiCloud Ltd, our subsidiaries incorporated in Hong Kong, are subject to a two-tiered income tax rate for taxable income earned in Hong Kong. The first HK$2 million profits earned by a company is subject to be taxed at an income tax rate of <span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20260101__20260630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zZH8Cb1SWxYi" title="Income tax rate">8.25</span>%, while the remaining profits will continue to be taxed at the existing tax rate of 16.5%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">PRC</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The subsidiaries incorporated in the PRC are governed by the income tax laws of the PRC and the income tax provision for operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the “EIT Laws”), domestic enterprises and Foreign Investment Enterprises (the “FIE”) are subject to a unified <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ForeignInvestmentEnterprisesMember_zJA7n8PbFWT7" title="Income tax rate">25</span>% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemptions may be granted on a case-by-case basis. EIT grants preferential tax treatment to certain High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of <span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HNTEsMember_zc6QLXwX5rw2" title="Income tax rate">15</span>%, subject to a requirement that they re-apply for HNTE status every three years. Shanghai Mengyun obtained the “high-tech enterprise” tax status in October 2017 and further renewed in December 2023, which reduced its statutory income tax rate to <span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HNTEsMember_zJxMPSxNOse8" title="Statutory income tax rate">15</span>% from January 2017 to December 2025, subject to a <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HighTechEnterpriseMember_zzDeGq0MexD9" title="Income tax rate">25</span>% enterprise income tax rate from 2026. Shenzhen Bowei obtained the “high-tech enterprise” tax status in December 2021 and further renewed in December 2024, which reduced its statutory income tax rate to <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20250101__20251231_zwLqe8wu121d" title="Statutory income tax rate">15</span>% from January 2021 to December 2026. For small and micro-sized enterprises, in accordance with the “Announcement of the Ministry of Finance and the State Taxation Administration No. 6 of 2023”, all taxable incomes not exceeding RMB 3 million will be uniformly levied at an actual tax rate of <span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20260101__20260630_z60OfaneeGOk" title="Statutory income tax rate">5</span>%. Beijing Xihuiyun, Shenzhen Haiyun, Haiyun Xingchen, HaiYun Zhichuang and Shanghai Kuosou were eligible to employ this policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Significant components of the income tax expense are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zuoQYlhYRoM5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B3_zpQNpUDP0Cfa" style="display: none">Schedule of income tax expense benefit</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630_zWQ4bEa8uW63" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260101__20260630_zqoo05YVJU83" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_i_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Current income tax expense</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,770</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(286,367</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--CurrentIncomeTaxExpenseBenefit_pp0p0_uUSD_c20260101__20260630_zFbuowleidP1" style="width: 9%; text-align: right" title="Current">(41,529</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_405_eus-gaap--DeferredIncomeTaxExpenseBenefit_i_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Deferred income tax benefit (expense)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1298">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1299">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--DeferredIncomeTaxExpenseBenefit_pp0p0_uUSD_c20260101__20260630_zyS9NxiYK6H2" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred"><span style="-sec-ix-hidden: xdx2ixbrl1301">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40B_ecustom--BenefitOfIncomeTaxes_iN_di_zkKuHTG4v4ne" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Income tax expense</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(4,770</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(286,367</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_ecustom--BenefitOfIncomeTaxes_iN_pp0p0_di_uUSD_c20260101__20260630_zxJ68epHclWi" style="border-bottom: Black 2.5pt double; text-align: right" title="Benefit of income taxes">(41,529</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> </tr> </table> <p id="xdx_8A2_zmxmk3w0WWr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The following table reconciles China statutory rates to the Company’s effective tax rate:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_891_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zQ6DIeuNkZZf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B8_zzUM1k2dJUg7" style="display: none">Schedule of effective income tax rate reconciliation</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630_zIdf9W8YLKk4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260101__20260630_zQheT9Uu6k9e" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><b> </b></td> <td colspan="6" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>For the<br/> Six Months Ended <br/> June 30,</b></td> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td></tr> <tr id="xdx_406_ecustom--ChinaStatutoryIncomeTaxRate_dp_ztB19mn57b4k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">China statutory income tax rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.00</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.00</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationDeductionsOther_iN_dpi_zDxhrgWMbyu5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Preferential tax rate reduction</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.04</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.98</td> <td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_zvQGjPBnDju" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in valuation allowance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.81</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.59</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_403_eus-gaap--EffectiveIncomeTaxRateReconciliationDeductions_iN_dpi_zBNtO5eXgRS" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Additional R&amp;D deduction in China</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.61</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.61</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_ecustom--EffectiveIncomeTaxRateReconciliationAtPermanentDifference_dp_z4YDbTwo4kq6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Permanent difference</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.02</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.04</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_dp_z66Q4qHsRuCi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><span style="font-size: 10pt">Tax rate difference outside China<span id="xdx_F4B_zdDt4iQ1XWf8">⁽¹⁾</span></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(25.14</td> <td style="padding-bottom: 1pt; text-align: left">)%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(24.23</td> <td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_40B_ecustom--EffectiveTaxRate_dp_zSJ5lmwaDRJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Effective tax rate</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1328">-</span></td> <td style="padding-bottom: 2.5pt; text-align: left">%</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(0.19</td> <td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F04_zR27BtqPUSs6">(1)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F1C_zL8j5iaV1Mk7" style="font-size: 10pt"> It is mainly due to the lower tax rate of the entities incorporated in Hong Kong, and tax exempt in Cayman Islands.</span></td> </tr> </table> <p id="xdx_8A5_zwJjj43KeJsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Deferred tax assets and liabilities</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Significant components of deferred tax assets and liabilities were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zhc1Nu68U3Fd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BD_zANl1gTe7sM" style="display: none">Schedule of deferred tax assets and liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20251231_zbakimMAjsM2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_49A_20260630_zlmVfTgxs3p" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2025</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 30, <br/> 2026</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 30,<br/> 2026</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Audited)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zbaPOiLfIR4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_zlV5q3ZDLFA3" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance for credit losses</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">871,837</span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 9%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">484,761</span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_pp0p0_uUSD_c20260630_z7qCb9wmD4ed" style="width: 9%; font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Allowance for credit losses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71,174</span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_ecustom--ImpairmentLossForInvestment_iI_zaC73j46bEya" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment loss for investment</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_ecustom--ImpairmentLossForInvestment_iI_pp0p0_uUSD_c20260630_z6bx55chf61" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Impairment loss for investment"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,730</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_zBkiqKL7tYYb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net operating loss carry forward</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,114,228</span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,564,337</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_uUSD_c20260630_zLYlHlnzMTo8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Net operating loss carry forward"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,019,327</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsInventory_iI_zMDS6VrQ0uy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory reserve</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101,355</span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70,307</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p0_uUSD_c20260630_z6OjOrjTqqU5" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Inventory reserve"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,323</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_ecustom--RightOfUse_iI_zFcRXZ2o76W9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of use</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1357">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1358">-</span></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_ecustom--RightOfUse_iI_pp0p0_uUSD_c20260630_zwu8p1WcBUnb" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Right of use"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1360">-</span></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_ecustom--LessValuationAllowance_iI_zF1GES8M61x8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: valuation allowance</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,487,420</span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,519,405</span></td> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_ecustom--LessValuationAllowance_iI_pp0p0_uUSD_c20260630_z9s0Vz3ajRPd" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Less: valuation allowance">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,159,554</span></td> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iI_zR7a1NLWyhHh" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets, net</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1367">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1368">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DeferredTaxAssetsNet_iI_pp0p0_uUSD_c20260630_znSrxejoB2u1" style="text-align: right" title="Deferred tax assets, net"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1370">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zxLrhQk0Pcpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_402_ecustom--RecognitionOfIntangibleAssetsArisingFromBusinessCombinations_iI_z9sJxpLedFRf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition of intangible assets arising from business combinations</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1375">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1376">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_ecustom--RecognitionOfIntangibleAssetsArisingFromBusinessCombinations_iI_pp0p0_uUSD_c20260630_zMlAMMM3RIYa" style="text-align: right" title="Recognition of intangible assets arising from business combinations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1378">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxLiabilities_iI_z51OCUELsAii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities, net</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1380">-</span></span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1381">-</span></span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--DeferredTaxLiabilities_iI_pp0p0_uUSD_c20260630_zaW0wcNLTmuf" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred tax liabilities, net"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1383">-</span></span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_zoBqy82yubdg" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total deferred tax assets, net</span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1385">-</span></span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1386">-</span></span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_pp0p0_uUSD_c20260630_zYd4YleYX42i" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax assets, net"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p id="xdx_8AD_zfu9Afsa7Iu2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company evaluated the recoverable amounts of deferred tax assets and provided a valuation allowance to the extent that future taxable profits will be available against which the net operating loss and temporary differences can be utilized. Valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Company considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets would not be realized based on the Company’s estimate of its future taxable income. If events occur in the future that allow the Company to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur. The Company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2025 and June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Value added taxes (“VAT”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price. VAT rate is 6% on services and 13% on goods in China.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Taxes payable consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfTaxPayableTableTextBlock_zVMhwliPqX3b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 3)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B4_zxHkvAZhASh2" style="display: none">Schedule of Taxes payable</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20251231_zVYyIbnX8Qd4" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260630_zlKL06qsiP48" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_406_ecustom--VatTaxesPayable_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">VAT taxes payable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">195,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">94,285</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_ecustom--VatTaxesPayable_iI_pp0p0_uUSD_c20260630_zhzSQb7u9xqb" style="width: 9%; text-align: right" title="VAT taxes payable">13,843</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_400_eus-gaap--AccruedIncomeTaxes_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Income taxes payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1398">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">282,850</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--AccruedIncomeTaxes_iI_pp0p0_uUSD_c20260630_zLebT0gr706" style="text-align: right" title="Income taxes payable">41,529</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_401_ecustom--OtherTaxesPayable_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Other taxes payable</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">34,059</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">21,474</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_ecustom--OtherTaxesPayable_iI_pp0p0_uUSD_c20260630_zeprF2YSCzz1" style="border-bottom: Black 1pt solid; text-align: right" title="Other taxes payable">3,153</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_409_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Totals</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">229,059</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">398,609</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_986_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0_uUSD_c20260630_zhFFThERHRv5" style="border-bottom: Black 2.5pt double; text-align: right" title="Totals">58,525</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 0.0825 0.25 0.15 0.15 0.25 0.15 0.05 <table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zuoQYlhYRoM5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B3_zpQNpUDP0Cfa" style="display: none">Schedule of income tax expense benefit</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630_zWQ4bEa8uW63" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260101__20260630_zqoo05YVJU83" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_i_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Current income tax expense</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,770</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(286,367</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--CurrentIncomeTaxExpenseBenefit_pp0p0_uUSD_c20260101__20260630_zFbuowleidP1" style="width: 9%; text-align: right" title="Current">(41,529</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_405_eus-gaap--DeferredIncomeTaxExpenseBenefit_i_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Deferred income tax benefit (expense)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1298">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1299">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--DeferredIncomeTaxExpenseBenefit_pp0p0_uUSD_c20260101__20260630_zyS9NxiYK6H2" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred"><span style="-sec-ix-hidden: xdx2ixbrl1301">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40B_ecustom--BenefitOfIncomeTaxes_iN_di_zkKuHTG4v4ne" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Income tax expense</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(4,770</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(286,367</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_ecustom--BenefitOfIncomeTaxes_iN_pp0p0_di_uUSD_c20260101__20260630_zxJ68epHclWi" style="border-bottom: Black 2.5pt double; text-align: right" title="Benefit of income taxes">(41,529</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> </tr> </table> -4770 -286367 -41529 4770 286367 41529 <table cellpadding="0" cellspacing="0" id="xdx_891_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zQ6DIeuNkZZf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B8_zzUM1k2dJUg7" style="display: none">Schedule of effective income tax rate reconciliation</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630_zIdf9W8YLKk4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260101__20260630_zQheT9Uu6k9e" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><b> </b></td> <td colspan="6" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>For the<br/> Six Months Ended <br/> June 30,</b></td> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>2025</b></td> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>2026</b></td> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td></tr> <tr id="xdx_406_ecustom--ChinaStatutoryIncomeTaxRate_dp_ztB19mn57b4k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">China statutory income tax rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.00</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.00</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationDeductionsOther_iN_dpi_zDxhrgWMbyu5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Preferential tax rate reduction</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.04</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.98</td> <td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_zvQGjPBnDju" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in valuation allowance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.81</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.59</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_403_eus-gaap--EffectiveIncomeTaxRateReconciliationDeductions_iN_dpi_zBNtO5eXgRS" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Additional R&amp;D deduction in China</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.61</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.61</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_ecustom--EffectiveIncomeTaxRateReconciliationAtPermanentDifference_dp_z4YDbTwo4kq6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Permanent difference</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.02</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.04</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_dp_z66Q4qHsRuCi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><span style="font-size: 10pt">Tax rate difference outside China<span id="xdx_F4B_zdDt4iQ1XWf8">⁽¹⁾</span></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(25.14</td> <td style="padding-bottom: 1pt; text-align: left">)%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(24.23</td> <td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_40B_ecustom--EffectiveTaxRate_dp_zSJ5lmwaDRJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Effective tax rate</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1328">-</span></td> <td style="padding-bottom: 2.5pt; text-align: left">%</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(0.19</td> <td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup id="xdx_F04_zR27BtqPUSs6">(1)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F1C_zL8j5iaV1Mk7" style="font-size: 10pt"> It is mainly due to the lower tax rate of the entities incorporated in Hong Kong, and tax exempt in Cayman Islands.</span></td> </tr> </table> 0.2500 0.2500 0.0004 -0.0198 0.0081 -0.0359 0.0061 -0.0061 -0.0002 0.0004 -0.2514 -0.2423 -0.0019 <table cellpadding="0" cellspacing="0" id="xdx_89E_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zhc1Nu68U3Fd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BD_zANl1gTe7sM" style="display: none">Schedule of deferred tax assets and liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20251231_zbakimMAjsM2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td id="xdx_49A_20260630_zlmVfTgxs3p" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2025</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 30, <br/> 2026</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 30,<br/> 2026</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Audited)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zbaPOiLfIR4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_zlV5q3ZDLFA3" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance for credit losses</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">871,837</span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 9%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">484,761</span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98F_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_pp0p0_uUSD_c20260630_z7qCb9wmD4ed" style="width: 9%; font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Allowance for credit losses"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71,174</span></td> <td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_ecustom--ImpairmentLossForInvestment_iI_zaC73j46bEya" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment loss for investment</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_ecustom--ImpairmentLossForInvestment_iI_pp0p0_uUSD_c20260630_z6bx55chf61" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Impairment loss for investment"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,730</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_zBkiqKL7tYYb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net operating loss carry forward</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,114,228</span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,564,337</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_uUSD_c20260630_zLYlHlnzMTo8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Net operating loss carry forward"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,019,327</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsInventory_iI_zMDS6VrQ0uy8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory reserve</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101,355</span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70,307</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_986_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p0_uUSD_c20260630_z6OjOrjTqqU5" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Inventory reserve"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,323</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40A_ecustom--RightOfUse_iI_zFcRXZ2o76W9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right of use</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1357">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1358">-</span></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_ecustom--RightOfUse_iI_pp0p0_uUSD_c20260630_zwu8p1WcBUnb" style="font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Right of use"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1360">-</span></span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_ecustom--LessValuationAllowance_iI_zF1GES8M61x8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: valuation allowance</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,487,420</span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,519,405</span></td> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98D_ecustom--LessValuationAllowance_iI_pp0p0_uUSD_c20260630_z9s0Vz3ajRPd" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right" title="Less: valuation allowance">(<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,159,554</span></td> <td style="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iI_zR7a1NLWyhHh" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets, net</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1367">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1368">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_98A_eus-gaap--DeferredTaxAssetsNet_iI_pp0p0_uUSD_c20260630_znSrxejoB2u1" style="text-align: right" title="Deferred tax assets, net"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1370">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zxLrhQk0Pcpd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities:</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_402_ecustom--RecognitionOfIntangibleAssetsArisingFromBusinessCombinations_iI_z9sJxpLedFRf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition of intangible assets arising from business combinations</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1375">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1376">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_ecustom--RecognitionOfIntangibleAssetsArisingFromBusinessCombinations_iI_pp0p0_uUSD_c20260630_zMlAMMM3RIYa" style="text-align: right" title="Recognition of intangible assets arising from business combinations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1378">-</span></span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxLiabilities_iI_z51OCUELsAii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities, net</span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1380">-</span></span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1381">-</span></span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_985_eus-gaap--DeferredTaxLiabilities_iI_pp0p0_uUSD_c20260630_zaW0wcNLTmuf" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred tax liabilities, net"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1383">-</span></span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_zoBqy82yubdg" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total deferred tax assets, net</span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1385">-</span></span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1386">-</span></span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_983_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_pp0p0_uUSD_c20260630_zYd4YleYX42i" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax assets, net"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 871837 484761 71174 400000 400000 58730 17114228 20564337 3019327 101355 70307 10323 -18487420 21519405 3159554 <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfTaxPayableTableTextBlock_zVMhwliPqX3b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 3)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B4_zxHkvAZhASh2" style="display: none">Schedule of Taxes payable</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20251231_zVYyIbnX8Qd4" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260630_zlKL06qsiP48" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_406_ecustom--VatTaxesPayable_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">VAT taxes payable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">195,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">94,285</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_982_ecustom--VatTaxesPayable_iI_pp0p0_uUSD_c20260630_zhzSQb7u9xqb" style="width: 9%; text-align: right" title="VAT taxes payable">13,843</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_400_eus-gaap--AccruedIncomeTaxes_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Income taxes payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1398">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">282,850</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--AccruedIncomeTaxes_iI_pp0p0_uUSD_c20260630_zLebT0gr706" style="text-align: right" title="Income taxes payable">41,529</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_401_ecustom--OtherTaxesPayable_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Other taxes payable</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">34,059</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">21,474</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_980_ecustom--OtherTaxesPayable_iI_pp0p0_uUSD_c20260630_zeprF2YSCzz1" style="border-bottom: Black 1pt solid; text-align: right" title="Other taxes payable">3,153</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_409_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Totals</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">229,059</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">398,609</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_986_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0_uUSD_c20260630_zhFFThERHRv5" style="border-bottom: Black 2.5pt double; text-align: right" title="Totals">58,525</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 195000 94285 13843 282850 41529 34059 21474 3153 229059 398609 58525 <p id="xdx_807_eus-gaap--ConcentrationRiskDisclosureTextBlock_zutE2shPo4O6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 12 — <span id="xdx_823_zPAvIQQ5eZQj">Concentration of risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Credit risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. In China, the insurance coverage for cash deposits at each bank is RMB <span id="xdx_90F_eus-gaap--CashAndDueFromBanks_pp0p0_c20260630_zlw4FWr0RJUb" title="Cash deposits">500,000</span>. As of June 30, 2026, cash balance of RMB <span id="xdx_90E_ecustom--Deposited_iI_pp0p0_c20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zWn6uYFbFEd3" title="Deposited">118,520,169</span> (USD <span id="xdx_90B_ecustom--Deposited_iI_pp0p0_uUSD_c20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zsIJz6HCSUO" title="Deposited">17,401,543</span>) was deposited with financial institutions located in China, of which RMB <span id="xdx_904_ecustom--Deposited_iI_pp0p0_c20251231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z4IJKVoOH1md" title="Deposited">111,996,278</span> (USD <span id="xdx_90F_ecustom--Deposited_iI_pp0p0_uUSD_c20251231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z50qjeDBZZ08" title="Deposited">16,443,683</span>) was subject to credit risk. The Hong Kong Deposit Protection Board pays compensation up to a limit of HKD <span id="xdx_90B_ecustom--BoardPaysCompensation_iI_pp0p0_c20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zQGxzCa0FHe9" title="Board pays compensation">800,000</span> (approximately USD <span id="xdx_90E_ecustom--BoardPaysCompensation_iI_pp0p0_uUSD_c20260630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zLrClK6alDpd" title="Board pays compensation">102,019</span>) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2026, cash balance of RMB <span id="xdx_908_ecustom--Deposited_iI_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_z1RA8srBhdne" title="Deposited">241,588,372</span> (USD <span id="xdx_90C_ecustom--Deposited_iI_uUSD_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_z0HPGfh9LEad" title="Deposited">35,470,844</span>) was maintained at financial institutions in Hong Kong, of which RMB <span id="xdx_90D_ecustom--Deposited_iI_pp0p0_c20251231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zcENMJAP2Q54" title="Deposited">236,633,501</span> (USD <span id="xdx_90E_ecustom--Deposited_iI_pp0p0_uUSD_c20251231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zQyu110hNs95" title="Deposited">34,743,353</span>) was subject to credit risk. In the US, the insurance coverage of each bank is USD <span id="xdx_900_ecustom--BoardPaysCompensation_iI_pp0p0_uUSD_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zhEun6UvTTii" title="Board pays compensation">250,000</span>. As of June 30, 2026, cash balance of RMB <span id="xdx_90C_ecustom--Deposit_iI_pp0p0_uUSD_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zYIyvJN5v5T5" title="Deposit">20,385,716</span> (USD <span id="xdx_907_ecustom--Deposited_iI_pp0p0_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zIEKv4xAsH56" title="Deposited">2,993,102</span>) was deposited with a financial institution located in the US, RMB <span id="xdx_90D_ecustom--Deposit_iI_pp0p0_uUSD_c20251231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_z4x9Pqqy8PZ9" title="Deposit">16,993,596</span> (USD <span id="xdx_90A_ecustom--Deposited_iI_pp0p0_c20251231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zUsPbFMeZFd1" title="Deposited">2,495,059</span>) of which was subject to credit risk. In Singapore, Singapore Deposit Insurance Corporation Limited (SDIC) provides the insurance coverage of each bank is SGD <span id="xdx_902_ecustom--BoardPaysCompensation_iI_pp0p0_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zsrONdwwvtPi" title="Board pays compensation">100,000</span> (USD <span id="xdx_90C_ecustom--BoardPaysCompensation_iI_pp0p0_uUSD_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zaqNuopxWNm4" title="Board pays compensation">77,236</span>). As of June 30, 2026, cash balance of RMB <span id="xdx_90F_ecustom--Deposited_iI_pp0p0_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zKKZQwPVjxe2" title="Deposited">371,570,533</span> (USD <span id="xdx_908_ecustom--Deposited_iI_pp0p0_uUSD_c20260630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zy3cSxngM8r5" title="Deposited">54,555,276</span>) was deposited with financial institutions located in Singapore, of which RMB <span id="xdx_908_ecustom--Deposited_iI_pp0p0_c20251231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zyjNyiz06W03" title="Deposited">370,518,433</span> (USD <span id="xdx_90C_ecustom--Deposited_iI_pp0p0_uUSD_c20251231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zcJaFwVcIop9" title="Deposited">54,400,804</span>) was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">A majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the PBOC. Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Customer concentration risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For the six months ended June 30, 2026, two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zAcHldWJjf2d" title="Concentration risk percentage">23.1</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_z9nTKIykRMd9" title="Concentration risk percentage">22.3</span>% of the Company’s total revenues, respectively. For the six months ended June 30, 2025, two customers accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zKoAknHBBKp5" title="Concentration risk percentage">13.6</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zLhmwNMPwej" title="Concentration risk percentage">10.8</span>% of the Company’s total revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As of June 30, 2026, two customers accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zCdBHQujPiv4">43.3</span>% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zi1r91YEoLL7">10.6</span>% of the Company’s accounts receivable, respectively. As of December 31, 2025, two customers accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zDijWzHtnJub">23.7</span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomerMember_zQunAh4pBpqk">15.3</span>% of the Company’s accounts receivable, respectively</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Vendor concentration risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">For the six months ended June 30, 2026, five vendors accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zYSh5KdzTwGc" title="Concentration risk percentage">24.5</span>%, <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zo51xN8SiDl7" title="Concentration risk percentage">18.9</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeVendorMember_zbEDtk0XZZec" title="Concentration risk percentage">14.4</span>%, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourVendorMember_zKzy3urAtNHj" title="Concentration risk percentage">10.8</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveVendorMember_zZleNkXgrYwg" title="Concentration risk percentage">10.4</span>% of the Company’s total purchases. For the six months ended June 30, 2025, five vendors accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zjv3EIydMTCe" title="Concentration risk percentage">17.3</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zPnjRd7pukT6" title="Concentration risk percentage">13.7</span>%, <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeVendorMember_zsZsor7FdbRa" title="Concentration risk percentage">13.2</span>%, <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourVendorMember_zMhcBvU73x33" title="Concentration risk percentage">12.2</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveVendorMember_z5Dt2Ckft3qa" title="Concentration risk percentage">10.2</span>% of the Company’s total purchases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As of June 30, 2026, five vendors accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zQAh3MNbyQhg" title="Concentration risk percentage">23.2</span>%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zoWkwws4YBF8" title="Concentration risk percentage">20.5</span>%, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeVendorMember_zYmDqqwi7r67" title="Concentration risk percentage">15.2</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourVendorMember_zn0YDOJQsfva" title="Concentration risk percentage">14.4</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20260101__20260630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveVendorMember_zYCR2vVGn1ck" title="Concentration risk percentage">11.4</span>% of the Company’s accounts payable. As of December 31, 2025, two vendors accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_ziJD5hI0Qih9" title="Concentration risk percentage">27.7</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zBwBx9j5aAi3" title="Concentration risk percentage">17.7</span>% of the Company’s accounts payable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 500000 118520169 17401543 111996278 16443683 800000 102019 241588372 35470844 236633501 34743353 250000 20385716 2993102 16993596 2495059 100000 77236 371570533 54555276 370518433 54400804 0.231 0.223 0.136 0.108 0.433 0.106 0.237 0.153 0.245 0.189 0.144 0.108 0.104 0.173 0.137 0.132 0.122 0.102 0.232 0.205 0.152 0.144 0.114 0.277 0.177 <p id="xdx_804_ecustom--LeasesTextBlock_znwm61SWmuOi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 13 — <span id="xdx_823_zHRogYfjhoqj">Leases</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Lease commitments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company has several office lease agreements with lease terms ranging from two to six years. The weighted average discount rate is 7%. As of June 30, 2026, the Company’s operating leases had a weighted average remaining lease term of approximately 0.39 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Operating lease expenses are allocated between the cost of revenue and selling, general, and administrative expenses. Rent expenses for the six months ended June 30, 2025 and 2026 were RMB <span id="xdx_908_ecustom--RentExpenses_c20250101__20250630_zhlhrI4cLYG1" title="Rent expenses">751,483</span> and RMB <span id="xdx_903_ecustom--RentExpenses_c20260101__20260630_zBgRb8jV4xel" title="Rent expenses">854,739</span> (USD <span id="xdx_90A_ecustom--RentExpenses_uUSD_c20260101__20260630_ztbh4vfSXzhl" title="Rent expenses">125,496</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The five-year maturity of the Company’s operating lease obligations is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfoperatingLeaseObligationsTableTextBlock_zzOQaOyAQu7h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B6_zsJnH4DsP68a" style="display: none">Schedule of lease liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20260630_zxOgIIOSFbz8" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Twelve Months Ending December</b><b> </b><b>31,</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Operating<br/>Lease<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Operating<br/>Lease<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2026 (remaining six months)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">276,331</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_uUSD_c20260630_z8faffbZ9eW9" style="width: 9%; text-align: right" title="2026 (remaining six months)">40,572</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">276,331</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_uUSD_c20260630_zdl0SZLIHLS5" style="text-align: right" title="Total lease payments">40,572</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zsFhHtH2CL46" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: Interest</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,631</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_uUSD_c20260630_zdlGrqhCoPJk" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Interest">(680</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_407_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Present value of lease liabilities</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">271,700</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0_uUSD_c20260630_zu5JB9E6HX43" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of lease liabilities">39,892</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p id="xdx_8A7_zh9DJQpDnIK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Future amortization of Company’s ROU assets is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--LeaseCostTableTextBlock_zxW34OFd2jq5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in"><span id="xdx_8BD_zRt6R3RfmB37" style="display: none">Schedule of Future amortization of Company’s ROU assets</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20260630_zuf3uHLr4kjd" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Twelve Months Ending December</b><b> </b><b>31,</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Right-of-use<br/>assets<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Right-of-use<br/>assets<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_406_ecustom--OperatingLeasesFutureMinimumPaymentDueCurrent_iI_pp0p0_zNhanLEmPMy5" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">2026 (remaining six months)</td> <td style="width: 1%; padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">361,548</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="width: 1%; padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_984_ecustom--OperatingLeasesFutureMinimumPaymentDueCurrent_iI_pp0p0_uUSD_c20260630_z1Rxlb6tZ5ei" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="2025 (remaining six months)">53,084</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_400_ecustom--OperatingLeasesFutureMinimumPaymentDue_iI_pp0p0_z21hVcKhMjGj" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">361,548</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_ecustom--OperatingLeasesFutureMinimumPaymentDue_iI_pp0p0_uUSD_c20260630_zrv1gag1JBh1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">53,084</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 751483 854739 125496 <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfoperatingLeaseObligationsTableTextBlock_zzOQaOyAQu7h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B6_zsJnH4DsP68a" style="display: none">Schedule of lease liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20260630_zxOgIIOSFbz8" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Twelve Months Ending December</b><b> </b><b>31,</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Operating<br/>Lease<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Operating<br/>Lease<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">2026 (remaining six months)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">276,331</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_uUSD_c20260630_z8faffbZ9eW9" style="width: 9%; text-align: right" title="2026 (remaining six months)">40,572</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">276,331</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_uUSD_c20260630_zdl0SZLIHLS5" style="text-align: right" title="Total lease payments">40,572</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zsFhHtH2CL46" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Less: Interest</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,631</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_uUSD_c20260630_zdlGrqhCoPJk" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Interest">(680</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_407_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Present value of lease liabilities</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">271,700</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0_uUSD_c20260630_zu5JB9E6HX43" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of lease liabilities">39,892</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 276331 40572 276331 40572 4631 680 271700 39892 <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--LeaseCostTableTextBlock_zxW34OFd2jq5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in"><span id="xdx_8BD_zRt6R3RfmB37" style="display: none">Schedule of Future amortization of Company’s ROU assets</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20260630_zuf3uHLr4kjd" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Twelve Months Ending December</b><b> </b><b>31,</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Right-of-use<br/>assets<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Right-of-use<br/>assets<br/>Amount</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_406_ecustom--OperatingLeasesFutureMinimumPaymentDueCurrent_iI_pp0p0_zNhanLEmPMy5" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">2026 (remaining six months)</td> <td style="width: 1%; padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">361,548</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="width: 1%; padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_984_ecustom--OperatingLeasesFutureMinimumPaymentDueCurrent_iI_pp0p0_uUSD_c20260630_z1Rxlb6tZ5ei" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="2025 (remaining six months)">53,084</td> <td style="width: 1%; text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_400_ecustom--OperatingLeasesFutureMinimumPaymentDue_iI_pp0p0_z21hVcKhMjGj" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">361,548</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_ecustom--OperatingLeasesFutureMinimumPaymentDue_iI_pp0p0_uUSD_c20260630_zrv1gag1JBh1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">53,084</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 361548 53084 361548 53084 <p id="xdx_807_ecustom--WarrantLiabilitiesTextBlock_zpfCEp4sMTZi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 14 — <span id="xdx_82F_zMHVfTD0R258">Warrant liabilities</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company issued Public Warrants and Private Warrants in connection with its initial public offering and concurrent private placement. As of June 30, 2026, the Company had <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630__us-gaap--AwardTypeAxis__custom--PublicWarrantsMember_zBoOh6vZqD42" title="Warrants">5,750,000</span> public warrants and <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20260630__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zowpk7Uv4web" title="Warrants">270,500</span> private warrants outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company accounts for its outstanding Warrants in accordance with ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity.” The Public Warrants meet the criteria for equity classification and are recorded within shareholders’ equity. The Private Warrants do not meet the criteria for equity classification and are therefore classified as liabilities and measured at fair value at each reporting date, with changes in fair value recognized in the consolidated statements of operations. Management has determined that under the Private Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Private Warrants as liabilities at their fair value and adjusts the Private Warrants to fair value at each reporting period. Management has further determined that its Public Warrants qualify for equity treatment. Warrant liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statements of operations. The Private Warrants are valued using a Black-Scholes model.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Public Warrants</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">On June 24, 2021, the Company sold <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210602__20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of units">5,750,000</span> units at a price of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_c20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Price per share">10.00</span> per Public Unit in its Initial Public Offering. <span id="xdx_908_ecustom--WarrantsDescription_c20210602__20210624" title="Warrants, description">Each Public Unit consists of one ordinary share of the Company, $0.0001 par value per share, one right and one redeemable warrant (the “Public Warrant”). Each Public Warrant entitles the holder to purchase one-half (1/2) of an ordinary share at an exercise price of $11.50</span> per whole share, subject to adjustment as described in Form S-1 Amendment No. 2 filed on June 11, 2021. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number of warrants may be exercised at any given time by a warrant holder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Public Warrants became exercisable on September 16, 2022, the Business Combination date. As of June 30, 2026, the Public Warrants are exercisable for cash as the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company may call the warrants for redemption (excluding the Private Warrants), in whole and not in part, at a price of $0.01 per warrant:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">at any time while the Public Warrants are exercisable,</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder,</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">if, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">if, and only if, there is a current registration statement in effect with respect to the issuance of the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Subsequent to issuance, the Company effected multiple reverse share splits. In accordance with the terms of the warrant agreement, these events resulted in proportional adjustments to both (i) the exercise price of the warrants and (ii) the number of shares issuable upon exercise of each warrant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">These adjustments increased the exercise price while correspondingly decreasing the number of shares underlying each warrant. As a result, such changes did not alter the economic substance of the warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Private Warrants</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Simultaneously with the closing of the Initial Public Offering, the Company consummated a private placement of <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210602__20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Sale of units">270,500</span> Private Units at $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_c20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Price per share">10.0</span> per unit. The Private Units are identical to the units sold in the Initial Public Offering except that the warrants included in the Private Units (the “Private Warrants”) and the ordinary shares issuable upon the exercise of the Private Warrants will not be transferable, assignable or saleable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Private Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the balance sheets. The warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $<span id="xdx_903_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260630__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zSgLqFQKHjO2" title="Fair value of warrants">625,000</span>. Variables used in the option-pricing model include (1) risk-free interest rate at the date of grant (<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_dp_c20260101__20260630__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zX5VtvIlF9Pe" title="Risk-free interest rate">0.90</span>%), (2) expected warrant life of <span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm_dtY_c20260101__20260630__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zwUtOvHLk6Lf" title="Expected warrant life">5</span> years, (3) expected volatility of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_dp_c20260101__20260630__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zsCOL1aRjTfd" title="Expected volatility">58.40</span>%, and (4) expected dividend yield of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividend_c20260101__20260630__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zvwClRwodpV3" title="Expected dividend yield">0</span>. The Company classifies the Private Warrants as Level 3 instruments within the fair value hierarchy due to the use of unobservable inputs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s warrant liabilities amounted to nil and nil as of December 31, 2025 and June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fair Value of Private Warrants</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As of December 31, 2025 and June 30, 2026, the exercise price of the Private Warrants, after giving effect to adjustments under the warrant agreement, was significantly higher than the market price of the Company’s ordinary shares. Accordingly, the warrants were deeply out-of-the-money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As a result, the estimated fair value of the Private Warrants was de minimis as of both reporting dates, and the Company has presented the warrant liability as nil in the accompanying consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Changes in Fair Value</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The change in fair value of the Private Warrants during the six months ended June 30, 2026 was primarily attributable to (i) the decline in the Company’s share price, (ii) the reduction in the remaining contractual term, and (iii) adjustments to the exercise price resulting from reverse share splits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The following table summarizes the Company’s Warrants activities and status of Warrants on June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89D_ecustom--ScheduleOfShareBasedCompensationWarrantssActivityTableTextBlock_zWmKj7SGq442" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrant liabilities (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in"><span id="xdx_8BE_zW2YLP7cd8le" style="display: none">Schedule of Warrants activities</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Private Warrants</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Warrants</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Weighted<br/>Average<br/>Exercise Price<br/>Per Share</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Average<br/>Remaining<br/>Period<br/>(Years)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Outstanding as of December 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zpESgpw5Dj2i" style="width: 9%; text-align: right" title="Beginning balance">270,500</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98A_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zq4wHpqaAR75" style="width: 9%; text-align: right" title="Weighted average exercise price, beginning balance">92,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zxXsDrS8eRih" title="Average remaining period">1.71</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIssued_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zEudYqklEJAe" style="text-align: right" title="Issued"><span style="-sec-ix-hidden: xdx2ixbrl1581">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsIssuedWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zmzjkWPgnrJ1" style="text-align: right" title="Weighted average exercise price, Issued"><span style="-sec-ix-hidden: xdx2ixbrl1583">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationForfeited_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zMl08UdFrBQl" style="text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1585">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zAo2CK9Ty5lb" style="text-align: right" title="Weighted average exercise price, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1587">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zqsv5B8XH9l4" style="text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1589">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisedWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zx60YBOzitXj" style="text-align: right" title="Weighted average exercise price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1591">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 0.5pt">Expired</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zLdSsCjJub45" style="border-bottom: Black 1pt solid; text-align: right" title="Expired"><span style="-sec-ix-hidden: xdx2ixbrl1593">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zpCv4jkm6J2i" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1595">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Outstanding as of June 30, 2026</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zuf4by3x7xKd" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">270,500</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_986_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zeonprsFeuS6" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average exercise price, ending balance">92,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z9MffXLCJLSf" title="Average remaining period">1.21</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 5750000 270500 5750000 10.00 Each Public Unit consists of one ordinary share of the Company, $0.0001 par value per share, one right and one redeemable warrant (the “Public Warrant”). Each Public Warrant entitles the holder to purchase one-half (1/2) of an ordinary share at an exercise price of $11.50 270500 10.0 625000 0.0090 P5Y 0.5840 0 <table cellpadding="0" cellspacing="0" id="xdx_89D_ecustom--ScheduleOfShareBasedCompensationWarrantssActivityTableTextBlock_zWmKj7SGq442" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrant liabilities (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in"><span id="xdx_8BE_zW2YLP7cd8le" style="display: none">Schedule of Warrants activities</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Private Warrants</b></td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Warrants</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Weighted<br/>Average<br/>Exercise Price<br/>Per Share</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Average<br/>Remaining<br/>Period<br/>(Years)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Outstanding as of December 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zpESgpw5Dj2i" style="width: 9%; text-align: right" title="Beginning balance">270,500</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98A_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zq4wHpqaAR75" style="width: 9%; text-align: right" title="Weighted average exercise price, beginning balance">92,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zxXsDrS8eRih" title="Average remaining period">1.71</span></td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIssued_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zEudYqklEJAe" style="text-align: right" title="Issued"><span style="-sec-ix-hidden: xdx2ixbrl1581">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsIssuedWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zmzjkWPgnrJ1" style="text-align: right" title="Weighted average exercise price, Issued"><span style="-sec-ix-hidden: xdx2ixbrl1583">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationForfeited_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zMl08UdFrBQl" style="text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1585">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zAo2CK9Ty5lb" style="text-align: right" title="Weighted average exercise price, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1587">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zqsv5B8XH9l4" style="text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1589">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisedWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zx60YBOzitXj" style="text-align: right" title="Weighted average exercise price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1591">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 0.5pt">Expired</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zLdSsCjJub45" style="border-bottom: Black 1pt solid; text-align: right" title="Expired"><span style="-sec-ix-hidden: xdx2ixbrl1593">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zpCv4jkm6J2i" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1595">-</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.25pt">Outstanding as of June 30, 2026</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zuf4by3x7xKd" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">270,500</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_986_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zeonprsFeuS6" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average exercise price, ending balance">92,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z9MffXLCJLSf" title="Average remaining period">1.21</span></td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 270500 92000 P1Y8M15D 270500 92000 P1Y2M15D <p id="xdx_800_eus-gaap--CommitmentsDisclosureTextBlock_zuntjgQ9sILh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 15 — <span id="xdx_82B_zTnHlDa4MxOh">Commitments and contingencies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Commitments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company had no significant commitments as of June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company is party to the following legal proceedings, as well as unasserted claims.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Litigation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company, along with its shareholder Joyous JD Limited, has initiated litigation in the New York Supreme Court New York County against Greenland Asset Management Corporation, the sponsor of the pre-business combination company, Golden Path Acquisition Corporation (“Sponsor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Gain Contingencies (Potential Recovery) that gain contingencies are not recognized until realized, per ASC 450-30.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: justify">1.</td> <td style="text-align: justify">Joyous JD Limited is seeking damages in connection with the Sponsor’s breach of certain investment agreements which was executed by and between the Sponsor and Joyous JD Limited;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in; font-size: 10pt"> </td> <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">2.</span></td> <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">The Company is seeking damages in connection with the Sponsor’s noncompliant misuse of Form S-4 in registering shares during the course of the business combination, which resulted in a forced withdrawal of the Form S-4. The Company has commenced a lawsuit seeking damages.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Loss Contingencies (Potential Obligations)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in; text-align: justify">3.</td> <td style="text-align: justify">Greenland Asset Management initiated a countersuit against the Company in response to the Company’s lawsuit.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Due to the uncertainty surrounding the process and outcome of the lawsuit, and given that the litigation is ongoing and has not yet been finalized, the final ruling of the Court will prevail.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zY7a7weyh8y6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 16 — <span id="xdx_823_zUr5QCybMZ23">Shareholders’ equity</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Ordinary shares</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company is authorized to issue <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z07HEJKVKo05">400,000,000</span> Class A and <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zzPhp8wWAob5">100,000,000</span> Class B ordinary shares with a par value of $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z22BGOv5Angf"><span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zInfUsgkLLz1">0.8</span></span> per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">On February 2, 2024, the Company effected a share consolidation at a ratio of one-for-ten (10) ordinary shares with a par value of US$0.0001 each in the Company’s issued share capital into one ordinary share with a par value of US$0.001. The Company believed that it was appropriate to reflect the transactions on a retroactive basis pursuant to ASC 260, <i>Earnings Per Share.</i><i> </i>The Company has retroactively adjusted all share and per share data for all periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">In October, 2024, the Company effected a share consolidation at a ratio of one-for-twenty (20) ordinary shares with a par value of US$0.001 each in the Company’s issued share capital into one ordinary share with a par value of US$0.02, and changed <span id="xdx_90A_ecustom--ShareConsolidationDescription_c20241001__20241031_z9nl7UPfN0Zg" title="Share consolidation description">the Company’s authorized share capital from US$10,000,000 divided into 500,000,000 ordinary shares to US$10,000,000 divided into 400,000,000 Class A ordinary shares and 100,000,000 Class B ordinary shares</span>; The Company has retroactively adjusted all share and per share data from ordinary share to Class A Ordinary Shares for all periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">On April 21, 2025, the Company effected a share consolidation at a ratio of one-for-forty (40) ordinary shares with a par value of US$<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20250421__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ziuYAmnTHMS3" title="Common stock, par value">0.02</span> each in the Company’s issued share capital into one ordinary share with a par value of US$<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20250421__us-gaap--StatementEquityComponentsAxis__custom--OrdinarySharesMember_zdGPL1GaR9Ij" title="Common stock, par value">0.8</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Giving the effects of the share consolidation, as of December 31, 2025 and June 30, 2026, there were <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z9DsyWV6lp7f" title="Common Stock, Shares, Issued"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zydp0iJwpZue" title="Common Stock, Shares, Outstanding">22,512,360</span></span> and <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3LSE1qIp9sk" title="Common Stock, Shares, Issued"><span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrfOtuJHZ6i6" title="Common Stock, Shares, Outstanding">22,512,360</span></span> Class A Ordinary Shares issued and outstanding, respectively, and there were <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zSybTwJ38FK7" title="Common Stock, Shares, Issued"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zm6h91kDHyO" title="Common Stock, Shares, Outstanding">400,000</span></span> and <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zv2BikNuBNGg" title="Common Stock, Shares, Issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zzZsHiSOlAUa" title="Common Stock, Shares, Outstanding">400,000</span></span> Class B Ordinary Shares issued and outstanding, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Restricted assets</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by Beijing Xihuiyun and Shanghai Mengyun (collectively “Mengyun PRC entities”) only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying unaudited consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of Mengyun PRC entities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Mengyun PRC entities are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, Mengyun PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to an enterprise expansion fund and staff bonus and welfare fund at its discretion. Mengyun PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">As a result of the foregoing restrictions, MicroCloud’s PRC entities are restricted in their ability to transfer their assets to the Company. Foreign exchange and other regulations in the PRC may further restrict MicroCloud’s PRC entities from transferring funds to the Company in the form of dividends, loans and advances. As of June 30, 2026, amounts restricted are the paid-in-capital and statutory reserve of MicroCloud’s PRC entities, which amounted to RMB <span id="xdx_901_ecustom--StatutoryReserves_iI_c20260630__dei--LegalEntityAxis__custom--MengyunPRCEntitiesMember_zIov9I7qAVFj" title="Statutory reserve">41,748,820</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="text-decoration: underline">Statutory reserve</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">During the six months ending June 30, 2025 and 2026, MicroCloud’s PRC entities collectively reduced RMB nil and 26,956 of statutory reserves, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 400000000 100000000 0.8 0.8 the Company’s authorized share capital from US$10,000,000 divided into 500,000,000 ordinary shares to US$10,000,000 divided into 400,000,000 Class A ordinary shares and 100,000,000 Class B ordinary shares 0.02 0.8 22512360 22512360 22512360 22512360 400000 400000 400000 400000 41748820 <p id="xdx_809_eus-gaap--SegmentReportingDisclosureTextBlock_zmy01GmKyUX5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 17 — <span id="xdx_823_zBImYdWO3eek">Segments</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. The Company’s revenues are primarily generated in the PRC. Information about geographic areas, including revenues and long-lived assets, is disclosed separately. The CODM evaluates segment performance primarily based on revenue and gross profit. The Company has determined that it has two operating segments: (1) holographic solutions, and (2) holographic technology service. The segments differ based on the nature of products and services and how they are managed and evaluated internally.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The following tables present summary information by segment for the six months ended June 30, 2025 and 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_899_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_z2PyreHeul68" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B4_ziEXrtYwhto" style="display: none">Schedule of segments</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zb0EBjWhZnNj" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zcKMR0rSP85j" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>technology<br/>service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_403_eus-gaap--RevenueNotFromContractWithCustomer_zMAid8FSRAN5" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">65,306,664</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">94,291,988</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20250101__20250630_zHClhe8EjE3g" style="width: 9%; text-align: right">159,598,652</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20250101__20250630_z16P7ab3cQE7" style="width: 9%; text-align: right" title="Revenues">22,216,776</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zQYIKpLj1nGc" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,110,990</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(70,742,697</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_ecustom--CostOfRevenues_iN_pp0p0_di_c20250101__20250630_zsNEqONpgmWi" style="text-align: right">(123,853,687</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20250101__20250630_zwCZTZCtthZ2" style="text-align: right" title="Cost of revenues">(17,240,933</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_401_ecustom--GrossProfits_zoXl8Ul2TV71" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,195,674</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,549,291</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--GrossProfits_pp0p0_c20250101__20250630_z0fPIn62P0Yc" style="text-align: right">35,744,965</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--GrossProfits_pp0p0_uUSD_c20250101__20250630_zF1W0UzKln13" style="text-align: right" title="Gross profit">4,975,843</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_z3UiyLqG0kGi" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(115,538</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(977</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20250630_znP6rA6YXsZ5" style="text-align: right">(116,515</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20250101__20250630_zeRLiwqUfyf2" style="text-align: right" title="Depreciation and amortization">(16,219</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_408_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_zTVykih5ZcJc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,350</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,344</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20250630_zQ4KRkfGrD5i" style="text-align: right">(29,694</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20250101__20250630_ztudCJClHPqb" style="text-align: right" title="Total capital expenditures">(4,134</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuKOhtCEassf" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zuLwtsedoNx6" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>technology<br/>service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40D_eus-gaap--RevenueNotFromContractWithCustomer_zsMDN606iaK8" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">140,691,479</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">73,084,755</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20260101__20260630_zXX0jKp9FD43" style="width: 9%; text-align: right">213,776,234</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20260101__20260630_znPfnXgnYEe9" style="width: 9%; text-align: right">31,001,832</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zuclEnczZeRa" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(119,325,397</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65,060,518</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--CostOfRevenues_iN_pp0p0_di_c20260101__20260630_z2bpdPYRDJqa" style="text-align: right">(184,385,915</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20260101__20260630_zMMKL7x92qq1" style="text-align: right">(26,739,648</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_401_ecustom--GrossProfits_zyw3l75kLOOj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,366,082</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,024,237</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_ecustom--GrossProfits_pp0p0_c20260101__20260630_zYZvZjFdoy1a" style="text-align: right">29,390,319</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--GrossProfits_pp0p0_uUSD_c20260101__20260630_zbINTK7QPkM4" style="text-align: right">4,262,184</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_zTxE2QTuI9xl" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65,445</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,641</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20260101__20260630_zkX8ih0t0hRb" style="text-align: right">(72,086</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20260101__20260630_zzMYywzUoM4f" style="text-align: right">(10,454</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_408_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_zmm83NZo8YUc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(88,710</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1693">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20260101__20260630_zyH7mVlFGgp4" style="text-align: right">(88,710</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20260101__20260630_zE3vUHFibkB2" style="text-align: right">(12,865</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Total assets as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Holographic solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zHqw1CHChn6f" style="width: 9%; text-align: right" title="Total Assets">2,758,511,223</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--OtherAssets_iI_pp0p0_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z5FxRG46cQe2" style="width: 9%; text-align: right" title="Total Assets">2,565,309,541</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zoptxcGxPyya" style="width: 9%; text-align: right" title="Total Assets">376,647,658</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Holographic technology service</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zv1hKvFjHOJ9" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">20,187,715</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--OtherAssets_iI_pp0p0_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z8shlx20AP1i" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">12,541,148</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRGl4NafneKk" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">1,841,335</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total assets</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--OtherAssets_iI_pp0p0_c20251231_zlBw3p4YLpF4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,778,698,938</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98A_eus-gaap--OtherAssets_iI_pp0p0_c20260630_zk1UCJWess83" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,577,850,689</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20260630_zjo29TMjgGP" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">378,488,993</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Significant segment expenses are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zeiH8IM3sWud" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zIIhut79Ge9k" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>technology service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total <br/>June</b><b> </b><b>30, <br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_400_eus-gaap--SellingExpense_iN_di_zHTTBZQ5iK4g" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(762,131</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(420,984</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--SellingExpense_iN_pp0p0_di_c20250101__20250630_zaZ6d76SXOb4" style="width: 9%; text-align: right" title="Selling expenses">(1,183,115</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_406_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zlMQQLqZdSWf" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,281,237</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,104,164</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20250101__20250630_zYVf8vl6SM2i" style="text-align: right" title="General and administrative expenses">(10,385,401</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_iN_di_zr5TX3vETdCi" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,116,226</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(21,975,586</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20250101__20250630_zwoR2AHWsl0d" style="text-align: right" title="Research and development expenses">(24,091,812</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_40E_ecustom--AllowanceForCreditLosses_z18hJw4oi4Fh" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Allowance for credit losses</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">389,131</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">195,582</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_ecustom--AllowanceForCreditLosses_pp0p0_c20250101__20250630_zf961azFpuMh" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for credit losses">584,713</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_zkgx5R7NvmV4" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(10,770,463</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(24,305,152</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_988_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20250101__20250630_zl48lYblgHge" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(35,075,615</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_491_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuf2VWbGJQt5" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zEL22eYfHBD9" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>technology service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total <br/>June</b><b> </b><b>30, <br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_400_eus-gaap--SellingExpense_iN_di_zMhoa4TkOtAj" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(855,313</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(1,650</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_eus-gaap--SellingExpense_iN_pp0p0_di_c20260101__20260630_zVkAEVh9ahL8" style="width: 9%; text-align: right" title="Selling expenses">(856,963</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_406_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zaC7dJDm43q5" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,584,642</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,553,737</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20260101__20260630_zhSIi3LOZi1g" style="text-align: right" title="General and administrative expenses">(10,138,379</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_iN_di_zNG3mavyM8h4" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,188,681</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,518,868</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20260101__20260630_z6gl812WPOk6" style="text-align: right" title="Research and development expenses">(8,707,549</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_40E_ecustom--AllowanceForCreditLosses_zIeXuqRUfYyb" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Allowance for credit losses</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(233,516</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">170,497</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_ecustom--AllowanceForCreditLosses_pp0p0_c20260101__20260630_zCdxdeKblgw6" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for credit losses">(63,019</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_zPt5lc9Zmbh6" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(11,862,152</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(7,903,758</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20260101__20260630_zs9i73DA9IQ6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(19,765,910</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> </tr> </table> <p id="xdx_8A4_zZ2bh7epHHTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_899_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_z2PyreHeul68" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span id="xdx_8B4_ziEXrtYwhto" style="display: none">Schedule of segments</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zb0EBjWhZnNj" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zcKMR0rSP85j" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>technology<br/>service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_403_eus-gaap--RevenueNotFromContractWithCustomer_zMAid8FSRAN5" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">65,306,664</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">94,291,988</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20250101__20250630_zHClhe8EjE3g" style="width: 9%; text-align: right">159,598,652</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98F_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20250101__20250630_z16P7ab3cQE7" style="width: 9%; text-align: right" title="Revenues">22,216,776</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zQYIKpLj1nGc" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,110,990</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(70,742,697</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_ecustom--CostOfRevenues_iN_pp0p0_di_c20250101__20250630_zsNEqONpgmWi" style="text-align: right">(123,853,687</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20250101__20250630_zwCZTZCtthZ2" style="text-align: right" title="Cost of revenues">(17,240,933</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_401_ecustom--GrossProfits_zoXl8Ul2TV71" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,195,674</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,549,291</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--GrossProfits_pp0p0_c20250101__20250630_z0fPIn62P0Yc" style="text-align: right">35,744,965</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--GrossProfits_pp0p0_uUSD_c20250101__20250630_zF1W0UzKln13" style="text-align: right" title="Gross profit">4,975,843</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_z3UiyLqG0kGi" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(115,538</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(977</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20250630_znP6rA6YXsZ5" style="text-align: right">(116,515</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20250101__20250630_zeRLiwqUfyf2" style="text-align: right" title="Depreciation and amortization">(16,219</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_408_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_zTVykih5ZcJc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,350</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,344</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20250630_zQ4KRkfGrD5i" style="text-align: right">(29,694</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20250101__20250630_ztudCJClHPqb" style="text-align: right" title="Total capital expenditures">(4,134</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuKOhtCEassf" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zuLwtsedoNx6" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic<br/>technology<br/>service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total<br/>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40D_eus-gaap--RevenueNotFromContractWithCustomer_zsMDN606iaK8" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">140,691,479</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">73,084,755</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20260101__20260630_zXX0jKp9FD43" style="width: 9%; text-align: right">213,776,234</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20260101__20260630_znPfnXgnYEe9" style="width: 9%; text-align: right">31,001,832</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zuclEnczZeRa" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(119,325,397</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65,060,518</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--CostOfRevenues_iN_pp0p0_di_c20260101__20260630_z2bpdPYRDJqa" style="text-align: right">(184,385,915</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20260101__20260630_zMMKL7x92qq1" style="text-align: right">(26,739,648</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_401_ecustom--GrossProfits_zyw3l75kLOOj" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,366,082</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,024,237</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_ecustom--GrossProfits_pp0p0_c20260101__20260630_zYZvZjFdoy1a" style="text-align: right">29,390,319</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_ecustom--GrossProfits_pp0p0_uUSD_c20260101__20260630_zbINTK7QPkM4" style="text-align: right">4,262,184</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_zTxE2QTuI9xl" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65,445</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,641</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20260101__20260630_zkX8ih0t0hRb" style="text-align: right">(72,086</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20260101__20260630_zzMYywzUoM4f" style="text-align: right">(10,454</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_408_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_zmm83NZo8YUc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(88,710</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1693">-</span></td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20260101__20260630_zyH7mVlFGgp4" style="text-align: right">(88,710</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20260101__20260630_zE3vUHFibkB2" style="text-align: right">(12,865</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Total assets as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>December</b><b> </b><b>31,<br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June</b><b> </b><b>30,<br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>USD</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Holographic solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zHqw1CHChn6f" style="width: 9%; text-align: right" title="Total Assets">2,758,511,223</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--OtherAssets_iI_pp0p0_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z5FxRG46cQe2" style="width: 9%; text-align: right" title="Total Assets">2,565,309,541</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zoptxcGxPyya" style="width: 9%; text-align: right" title="Total Assets">376,647,658</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Holographic technology service</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zv1hKvFjHOJ9" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">20,187,715</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--OtherAssets_iI_pp0p0_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z8shlx20AP1i" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">12,541,148</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRGl4NafneKk" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">1,841,335</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total assets</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--OtherAssets_iI_pp0p0_c20251231_zlBw3p4YLpF4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,778,698,938</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98A_eus-gaap--OtherAssets_iI_pp0p0_c20260630_zk1UCJWess83" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,577,850,689</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20260630_zjo29TMjgGP" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">378,488,993</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">Significant segment expenses are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zeiH8IM3sWud" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zIIhut79Ge9k" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>technology service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total <br/>June</b><b> </b><b>30, <br/>2025</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_400_eus-gaap--SellingExpense_iN_di_zHTTBZQ5iK4g" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(762,131</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(420,984</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--SellingExpense_iN_pp0p0_di_c20250101__20250630_zaZ6d76SXOb4" style="width: 9%; text-align: right" title="Selling expenses">(1,183,115</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_406_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zlMQQLqZdSWf" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,281,237</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,104,164</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20250101__20250630_zYVf8vl6SM2i" style="text-align: right" title="General and administrative expenses">(10,385,401</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_iN_di_zr5TX3vETdCi" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,116,226</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(21,975,586</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20250101__20250630_zwoR2AHWsl0d" style="text-align: right" title="Research and development expenses">(24,091,812</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_40E_ecustom--AllowanceForCreditLosses_z18hJw4oi4Fh" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Allowance for credit losses</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">389,131</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">195,582</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_ecustom--AllowanceForCreditLosses_pp0p0_c20250101__20250630_zf961azFpuMh" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for credit losses">584,713</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_zkgx5R7NvmV4" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(10,770,463</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(24,305,152</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_988_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20250101__20250630_zl48lYblgHge" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(35,075,615</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_491_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuf2VWbGJQt5" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20260101__20260630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zEL22eYfHBD9" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>solutions</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Holographic <br/>technology service</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>Total <br/>June</b><b> </b><b>30, <br/>2026</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>RMB</b></td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_400_eus-gaap--SellingExpense_iN_di_zMhoa4TkOtAj" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(855,313</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(1,650</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_986_eus-gaap--SellingExpense_iN_pp0p0_di_c20260101__20260630_zVkAEVh9ahL8" style="width: 9%; text-align: right" title="Selling expenses">(856,963</td> <td style="width: 1%; text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_406_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zaC7dJDm43q5" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,584,642</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,553,737</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20260101__20260630_zhSIi3LOZi1g" style="text-align: right" title="General and administrative expenses">(10,138,379</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_iN_di_zNG3mavyM8h4" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,188,681</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,518,868</td> <td style="text-align: left; white-space: nowrap">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20260101__20260630_z6gl812WPOk6" style="text-align: right" title="Research and development expenses">(8,707,549</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_40E_ecustom--AllowanceForCreditLosses_zIeXuqRUfYyb" style="background-color: White; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Allowance for credit losses</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(233,516</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">170,497</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_ecustom--AllowanceForCreditLosses_pp0p0_c20260101__20260630_zCdxdeKblgw6" style="border-bottom: Black 1pt solid; text-align: right" title="Allowance for credit losses">(63,019</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_zPt5lc9Zmbh6" style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(11,862,152</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(7,903,758</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20260101__20260630_zs9i73DA9IQ6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(19,765,910</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt">)</td> </tr> </table> 65306664 94291988 159598652 22216776 53110990 70742697 123853687 17240933 12195674 23549291 35744965 4975843 115538 977 116515 16219 17350 12344 29694 4134 140691479 73084755 213776234 31001832 119325397 65060518 184385915 26739648 21366082 8024237 29390319 4262184 65445 6641 72086 10454 88710 88710 12865 2758511223 2565309541 376647658 20187715 12541148 1841335 2778698938 2577850689 378488993 762131 420984 1183115 8281237 2104164 10385401 2116226 21975586 24091812 389131 195582 584713 -10770463 -24305152 -35075615 855313 1650 856963 8584642 1553737 10138379 2188681 6518868 8707549 -233516 170497 -63019 -11862152 -7903758 -19765910 <p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zC3dgVRKlgtl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Note 18 — <span id="xdx_825_zPD5heTJg997">Subsequent events</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">The Company evaluated all events and transactions that occurred after June 30, 2026 up through the date the Company issued these unaudited interim condensed consolidated financial statements, and determined that it does not have any additional material subsequent events to disclose in these financial statements.</p> It is mainly due to the lower tax rate of the entities incorporated in Hong Kong, and tax exempt in Cayman Islands.