v3.26.3
Taxes (Tables)
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Tax Expense

Income (loss) before income tax expense for the six months ended June 30, 2025 and 2026, is attributable to the following geographic locations:

 

    For the Six Months Ended June 30,  
    2025     2026     2026  
    RMB     RMB     US$  
PRC     (19,886,996 )     (123,997,123 )     (18,274,915 )
Cayman     1,504       (114,135,691 )     (16,821,519 )
Hong Kong     —       29,757       4,386  
Total loss before income tax expense     (19,885,492 )     (238,103,057 )     (35,092,048 )

 

For the six months ended June 30, 2025 and 2026, the current and deferred components of income tax expenses, disaggregated by jurisdiction, are as follows:

 

    For the Six Months Ended June 30,  
    2025     2026     2026  
    RMB     RMB     US$  
Current income tax expense                  
PRC     —       64,676       9,532  
Cayman     —       —       —  
Hong Kong     —       2,455       362  
Total current tax expense (benefit)     —       67,131       9,894  
Deferred income tax expense     —                  
PRC     —       —       —  
Cayman     —       —       —  
Hong Kong     —       —       —  
Total deferred tax expense (benefit)     —       —       —  
Total income tax expense/(benefit)     —                  
PRC     —       64,676       9,532  
Cayman     —       —       —  
Hong Kong     —       2,455       362  
Total income tax expense     —       67,131       9,894  
Schedule of Reconciliation of Differences Between Statutory Income Tax

The reconciliation of taxes at the PRC statutory rate to our provision for income taxes for the six months ended June 30, 2026 was as follows (in RMB, except for percentages): 

 

    For the Six Months Ended June 30, 2026  
    RMB     US$     %  
Loss before income tax expense     (238,103,057 )     (35,092,048 )     100.00 %
PRC income tax statutory rate     25.00 %     25.00 %     25.00 %
Computed income tax benefit with PRC statutory income tax rate     (59,525,764 )     (8,773,012 )     25.00 %
Domestic tax effects                        
Non-deductible expenses     1,403,368       206,831       (0.59 )%
Non-deductible interest expense     975,583       143,783       (0.41 )%
Non-deductible entertainment expense     299,649       44,163       (0.13 )%
Others     128,136       18,885       (0.05 )%
Effect of preferential tax rate     13,167,909       1,940,710       (5.53 )%
Prior year true up of NOL     4,809,640       708,853       (2.02 )%
Expiration of NOL     7,824       1,154       0.00 %
Changes in tax rates enacted in the current period     —       —       —  
Change in valuation allowance     11,610,247       1,711,138       (4.88 )%
Foreign tax effects     28,531,394       4,205,007       (11.98 )%
Statutory tax rate difference between Cayman and PRC     28,533,923       4,205,380       (11.98 )%
Statutory tax rate difference between HK and PRC     (2,529 )     (373 )     0.00 %
Ture up adjustments for income tax expense for FY2026     62,513       9,213       (0.03 )%
Income tax expense     67,131       9,894       (0.03 )%

 

The reconciliation of taxes at the PRC statutory rate to our provision for income taxes for the six months ended June 30, 2025 was as follows (in RMB, except for percentages): 

 

    For the Six Months Ended June 30, 2025  
    RMB     %  
Loss before income tax expense     (19,885,492 )     100.00 %
PRC income tax statutory rate     25.00 %     25.00 %
Computed income tax benefit with PRC statutory income tax rate     (4,971,373 )     25.00 %
Domestic tax effects                
Non-deductible expenses     1,656,735      

(8.33

 )%
Non-deductible interest expense     1,146,160       (5.76 )%
Non-deductible entertainment expense     289,383       (1.46 )%
Others     221,192       (1.11 )%
Effect of preferential tax rate     980,856       (4.93 )%
Prior year true up of NOL     59,497       (0.30 )%
Expiration of NOL     12,804       (0.06 )%
Changes in tax rates enacted in the current period     —       —  
Change in valuation allowance     2,261,481       (11.38 )%
Foreign tax effects     —       —  
Statutory tax rate difference between Cayman and PRC     —       —  
Statutory tax rate difference between HK and PRC     —       —  
Income tax expense     —       —  
Schedule of Income Taxes Paid By Jurisdiction

For the six months ended June 30, 2025 and 2026, the income taxes paid by jurisdiction is as follows

 

    For the Six Months Ended June 30,  
    2025     2026     2026  
    RMB     RMB     US$  
PRC     —       62,513       9,213  
Cayman     —       —       —  
Hong Kong     —       —       —  
Total     —       62,513       9,213  
Schedule of Tax Effects of Temporary Differences and Net Operating Losses

The tax effects of temporary differences and net operating losses that give rise to the deferred tax balances at December 31, 2025 and June 30, 2026 are as follows:

 

    As of
December 31,
2025		     As of
June 30,
2026		     As of
June 30,
2026		  
    RMB     RMB     US$  
Deferred tax assets:                  
Credit loss provision     474,037       472,915       69,699  
Inventory reserve     455,194       360,239       53,093  
Impairment of fixed asset     10,986       33,800       4,982  
Lease liability     561,916       526,774       77,637  
Accrued payroll payable     1,204,540       2,174,434       320,472  
Net operating loss carry forwards     91,433,134       102,181,892       15,059,747  
Total deferred tax assets     94,139,807       105,750,054       15,585,630  
Valuation allowance     (94,139,807 )     (105,750,054 )     (15,585,630 )
Deferred tax assets, net     —       —       —  
Schedule of Changes in Valuation Allowance

Changes in valuation allowance are as follows:

 

    For the Six Months Ended June 30,  
    2025     2026     2026  
    RMB     RMB     US$  
Balance at beginning of the period     84,581,663       94,139,807       13,874,491  
Expiration of NOL     (12,804 )     (7,824 )     (1,153 )
Addition     2,854,047       16,427,711       2,421,145  
Prior year true up of NOL     (1,143,872 )     (4,809,640 )     (708,853 )
Balance at end of the period     86,279,034       105,750,054       15,585,630