v3.26.3
Unaudited Consolidated Statements of Cash Flows
 6 Months Ended
Jun. 30, 2026
CNY (¥)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
CNY (¥)
Operating activities:      
Net income/(loss) ¥ (260,644,187) $ (38,414,200) ¥ 37,133,644
Adjustments to reconcile net loss to net cash provided by operating activities      
Depreciation and amortization 261,982 38,611 868,908
Unrealized foreign currency exchange loss, net 5,560
Share-based compensation 21,754,719 3,206,249 3,151,323
Unrealized (gain)/loss on digital assets 232,541,989 34,272,447 (27,566,664)
Deferred tax benefit (623,857)
Changes in assets and liabilities:      
Accounts receivable, net 670,475 98,816 7,742,944
Inventories (1,114,753) (164,294) 1,663,861
Prepayments and other current assets (17,859,357) (2,632,144) (56,691,570)
Other non-current assets (8,493,060) (1,251,722) (22,427,267)
Accounts payable 1,848,688 272,463 527,419
Contract liabilities (2,331,587) (343,633) (1,199,019)
Operating lease liabilities (1,117,872) (164,754) (686,591)
Accrued expenses and other current liabilities 30,652,831 4,517,666 7,624,656
Net cash used in operating activities (3,830,132) (564,495) (50,476,653)
Investing activities:      
Disposal of property and equipment 111,358
Purchase of digital assets (1,877,656) (276,732) (74,616,808)
Net cash used in investing activities (1,877,656) (276,732) (74,505,450)
Financing activities:      
Proceeds from investors 104,092,345
Repayment of short-term bank borrowings (2,379,200) (350,651) (3,060,000)
Repayment of long-term bank borrowings (330,917) (48,771) (232,247)
Repayment of related parties’ loans (2,746,905) (404,844)
Issuance of convertible loans, net of issuance costs 13,397,264
Net cash provided/(used) by financing activities (5,457,022) (804,266) 114,197,362
Effect of foreign currency exchange rate changes on cash and cash equivalents (5,047,841) (651,294) (1,797,219)
Net decrease in cash and cash equivalents (16,212,651) (2,296,787) (12,581,960)
Cash and cash equivalents at the beginning of the period 21,138,034 3,022,699 60,957,156
Cash and cash equivalents at the end of the period ¥ 4,925,383 $ 725,912 ¥ 48,375,196