v3.26.3
Unaudited Condensed Consolidated Statements of Cash Flows
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
CNY (¥)
Jun. 30, 2025
CNY (¥)
Cash flows from operating activities:      
Net loss $ (35,101,942) ¥ (238,170,188) ¥ (19,885,492)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation of property and equipment 18,665 126,643 67,255
Change in expected credit losses (1,016) (6,893) (722,349)
Allowance for inventory 295,114 2,002,377 599,926
Impairment loss on long-lived assets 67,282 456,520 2,041,299
Share-based compensation 31,782,519 215,647,569
Loss on disposal of property and equipment 8,001 54,286
Changes in operating assets and liabilities:      
Accounts receivable (3,722,341) (25,256,458) 2,369,353
Accounts receivable – a related party (23,013) (156,144) (160,543)
Amount due from related parties (243,378) (1,651,343) (1,785,684)
Inventories 90,986 617,342 2,118,410
Other receivables 8,654,590 58,722,256 686,540
Advances to suppliers (2,884) (19,567) (1,992,799)
Other non-current assets 6,809 46,200 33,300
Accounts payable (1,429,010) (9,695,978) (155,682)
Accounts payable – a related party 1,959 13,292 (12,180)
Salary and welfare payable 195,551 1,326,832 167,722
Advance from customers (97,148) (659,162) (813,322)
Value added tax (“VAT”) and other tax payable (23,161) (157,153) 182,833
Other payables 14,314 97,131 (2,345,312)
Accrued liabilities 534,514 3,626,733 1,851,177
Amount due to related parties 536,654 3,641,253 5,574,063
Operating lease liabilities (77,957) (528,948) (963,197)
Refund liability (1,842,976)
Net cash (used in) provided by operating activities 1,485,108 10,076,600 (14,987,658)
Cash flows from investing activities:      
Payment for purchase of property and equipment (19,613) (133,078) (2,200)
Payment for other noncurrent assets (29,476) (200,000) (510,000)
Proceeds from disposal of property and equipment 39,793 270,000
Net cash used in investing activities (9,296) (63,078) (512,200)
Cash flows from financing activities:      
Loans from related parties 2,352,287 15,960,505 24,750,310
Repayment to related parties (2,792,732) (18,948,967) (5,677,514)
Proceeds from short-term bank loans 3,537,162 24,000,000 29,000,000
Repayment of short-term bank loans (3,876,140) (26,300,000) (29,250,000)
Proceeds from long-term bank loans 353,716 2,400,000
Repayment of long-term bank loans (405,300) (2,750,000) (600,000)
Repayment of long-term loans (7,369) (50,000)
Loans from third parties 185,694 1,259,955 1,600,000
Repayment to third parties (34,473) (233,901) (5,982,272)
Payment for deferred offering costs (252,478)
Net cash provided by (used in) financing activities (687,155) (4,662,408) 13,588,046
Effect of exchange rate changes (342,737) (2,325,505) 7,106
Net (decrease) increase in cash and cash equivalents 445,920 3,025,609 (1,904,706)
Cash and cash equivalents at beginning of the period 1,411,971 9,580,367 7,651,695
Cash and cash equivalents at end of the period 1,857,891 12,605,976 5,746,989
Supplemental disclosures of cash flows information:      
Cash paid for income tax 9,213 62,513
Cash paid for interest expense 327,049 2,219,059 1,916,833
Supplemental disclosure of noncash investing and financing activities:      
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ 55,560 ¥ 376,982 ¥ 2,039,099