v3.26.3
Consolidated Statements of Cash Flows (Unaudited)
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
CNY (¥)
Jun. 30, 2025
CNY (¥)
Cash flows from operating activities:      
Net loss $ (46,499,099) ¥ (316,700,708) ¥ (11,777,937)
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization of right-of-use assets 85,006 578,965 718,621
Depreciation and amortization expenses 868,844 5,917,611 5,521,626
Loss/(Gain) on disposal of property, plant and equipment 7,039 47,944 (26,938)
Refund of prior period service cost (528,255) (3,597,893)
Share-based compensation 1,778 12,113 62,337
Inventory write-down 1,488,978 10,141,277 5,726,162
Change in fair value of cryptocurrencies 36,774,161 250,465,136 (48,610,295)
Change in fair value of borrowings denominated in cryptocurrencies 18,529,435
Change in fair value of short-term investments 2,361,515 16,084,043
Change in fair value of derivative assets 406,386 2,767,854
Non-cash other income (300,686) (2,047,944)
Revenues recognized on acceptance of cryptocurrencies (40,432) (275,376)
Changes in assets and liabilities:      
Accounts receivable, net (9,517) (64,821) 64,099
Inventories, net (113,517) (773,153) (11,716,340)
Prepayments (270,607) (1,843,077) (4,120,749)
Other current and non-current assets 419,986 2,860,482 4,210,499
Accounts payable (977,726) (6,659,197) 6,021,654
Advance from customers (923,461) (6,289,599) (3,262,245)
Operating lease liabilities, current (69,811) (475,479) (676,904)
Other current liabilities (887,606) (6,045,394) (11,445,588)
Net cash used in operating activities (8,207,024) (55,897,216) (50,782,563)
Cash flows from investing activities:      
Purchases of property, plant and equipment (1,804) (12,290) (597,910)
Proceeds from disposal of property, plant and equipment 950 6,470 2,088,051
Purchase of investment (2,000,000)
Disposal of cryptocurrencies 10,540,791 71,792,273 7,895,941
Proceeds from sales of short-term investments 841,100 5,728,649
Cash received from derivative assets settlement 1,597,770 10,882,254
Net cash provided by investing activities 12,978,807 88,397,356 7,386,082
Cash flows from financing activities:      
Proceeds from issuance of ordinary shares and warrants 9 58 357,040,338
Cash contribution from a shareholder 259,280
Proceeds from bank loans 1,212,291 8,256,791 21,216,127
Repayments of bank loans (3,438,606) (23,420,000) (2,650,000)
Repurchase of shares (2,648,665) (18,039,792)
Net cash provided by (used in) financing activities (4,874,971) (33,202,943) 375,865,745
Effects of exchange rate changes on cash, cash equivalents and restricted cash (27,873) (189,836) (1,410,129)
Net increase (decrease) in cash, cash equivalents and restricted cash (131,061) (892,639) 331,059,135
Cash, cash equivalents and restricted cash at beginning of the period 1,446,234 9,850,152 32,849,803
Cash, cash equivalents and restricted cash at end of the period 1,315,173 8,957,513 363,908,938
Supplemental cash flow disclosures:      
Interest paid 771,551 5,254,957 5,287,620
Income taxes paid
Non-cash investing and financing activities:      
Operating lease right-of-use asset obtained in exchange for operating lease liability 511,508 3,483,829 912,636
Cryptocurrencies acquired through issuance of ordinary shares 42,430,764
Cryptocurrencies acquired through borrowings denominated in cryptocurrencies 454,084,117
Payment of expense in the form of cryptocurrencies 883,653 6,018,473 490,482
Cryptocurrencies reclassified as derivative assets in connection with the signing of derivative contracts 9,534,161 64,936,216
Cryptocurrency received from derivative assets settlement 1,332,780 9,077,434
Cryptocurrencies borrowed 2,631,411 17,922,277
Cryptocurrencies received from collateral 1,215,044 8,275,543
Long-term investment paid down using prepayment 1,159,905 7,900,000
Liability assumed in connection with the acquisition of a long-term investment $ 308,329 ¥ 2,100,000