| Right-of-use assets and lease liabilities |
Note 7 — Right-of-use assets and lease liabilities Leases are classified as operating leases or finance leases in accordance with ASC 842. The Group’s operating leases are mainly related to office facilities in the PRC. For leases with terms greater than 12 months, the Group records the related asset and liability at the present value of lease payments over the term. The Group’s lease agreements do not contain any material guarantees or restrictive covenants. The Group does not have any material finance leases or any sublease activities. Short-term leases, defined as leases with an initial term of 12 months or less, are not reflected on the unaudited condensed consolidated balance sheets. | | | | | | | | | For the six months ended June 30, | | | 2025 | | 2026 | | 2026 | | | RMB | | RMB | | US$ | Amortization of right of use assets and interest of lease liabilities | | 548,350 | | 298,274 | | 43,960 | Operating lease expenses with an initial term of 12 months or less | | — | | 51,574 | | 7,601 | Total operating lease expenses | | 548,350 | | 349,848 | | 51,561 |
Other information about the Group’s lease is as follows: | | | | | | | | | | As of December 31, | | As of June 30, | | As of June 30, | | | | 2025 | | 2026 | | 2026 | | | | RMB | | RMB | | US$ | | Operating cash flows used in operating lease | | 916,061 | | 252,223 | | 37,173 | | Right-of-use assets obtained in exchange for new operating lease liabilities | | — | | 663,702 | | 97,818 | | Right-of-use assets obtained in exchange for operating lease liabilities from modification | | 1,198,602 | | — | | — | | Weighted-average remaining lease term-operating | | 2.0 years | | 3.0 years | | 3.0 years | | Weighted-average discount rate-operating | | 3.2 | % | 3.2 | % | 3.2 | % |
The following is a maturity analysis of the annual undiscounted cash flows for the lease liabilities as of June 30, 2026: | | | | | | | Operating lease | | | RMB | | US$ | Years ending December 31, | | | | | 2027 | | 590,405 | | 87,015 | 2028 | | 411,663 | | 60,672 | 2029 | | 185,096 | | 27,280 | 2030 | | 194,347 | | 28,643 | 2031 | | 99,547 | | 14,671 | Total undiscounted lease payments | | 1,481,058 | | 218,281 | Less: Imputed interest | | (75,758) | | (11,166) | Lease liabilities recognized in the unaudited condensed consolidated balance sheet | | 1,405,300 | | 207,115 |
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