UNAUDITED CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| UNAUDITED CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
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| Schedule of parent company condensed balance sheets |
PARENT COMPANY CONDENSED BALANCE SHEETS | | | | | | | | | As of | | As of | | As of | | | December 31, | | June 30, | | June 30, | | | 2025 | | 2026 | | 2026 | | | RMB | | RMB | | US$ | ASSETS: | | | | | | | Cash and cash equivalents | | 1,490 | | 1,504,953 | | 221,803 | Prepayment and other current assets | | 40,672,667 | | 28,802,750 | | 4,245,000 | Amounts due from related parties | | 66,413,758 | | 95,487,773 | | 14,073,156 | Intangible assets | | — | | 73,930,843 | | 10,896,058 | Investment in subsidiaries | | 16,111,116 | | 14,336,134 | | 2,112,885 | TOTAL ASSETS | | 123,199,031 | | 214,062,453 | | 31,548,902 | LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | Payroll payables | | 531,990 | | 294,865 | | 43,457 | Other payables | | 1,855,822 | | — | | — | Amounts due to related parties | | 229,730 | | 55,384 | | 8,163 | TOTAL LIABILITIES | | 2,617,542 | | 350,249 | | 51,620 | SHAREHOLDERS’ EQUITY | | | | | | | Class A ordinary shares, US$0.000025 par value, 1,988,800,000 shares authorized, 89,269 and 5,137,272 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively* | | 15 | | 870 | | 128 | Class B ordinary shares, US$0.000025 par value, 10,000,000 shares authorized, 4,209 and 294,209 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively* | | 1 | | 50 | | 7 | Additional paid-in capital | | 127,470,080 | | 257,008,148 | | 37,878,314 | Statutory reserves | | 2,111,434 | | 2,111,434 | | 311,187 | Ordinary shares subscribed | | (15,755,217) | | — | | — | Accumulated other comprehensive loss | | (1,086,344) | | (2,793,592) | | (411,724) | Retained earnings (Accumulated deficit) | | 7,841,520 | | (42,614,706) | | (6,280,630) | TOTAL SHAREHOLDERS’ EQUITY | | 120,581,489 | | 213,712,204 | | 31,497,282 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | 123,199,031 | | 214,062,453 | | 31,548,902 |
* | Shares have been retroactively adjusted to reflect the decreased number of shares resulting from the Share Consolidations, Change of Authorized Share Capital and Issue of Dual Class Shares effective from June 24, 2025, March 23, 2026 and June 1, 2026. |
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| Schedule of parent company condensed statements of income and comprehensive income (loss) |
PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | | | | | | | | | For the six months ended June 30, | | | 2025 | | 2026 | | 2026 | | | RMB | | RMB | | US$ | General and administrative expenses | | 3,465,275 | | 43,964,197 | | 6,479,522 | Research and development expenses | | 43,415 | | 41,086 | | 6,055 | LOSS FROM OPERATIONS | | (3,508,690) | | (44,005,283) | | (6,485,577) | Interest income | | — | | 8 | | 1 | Other expenses, net | | (4,751) | | (4,772) | | (703) | Equity in loss of subsidiaries | | (967,999) | | (6,446,179) | | (950,049) | LOSS BEFORE INCOME TAX | | (4,481,440) | | (50,456,226) | | (7,436,328) | NET LOSS | | (4,481,440) | | (50,456,226) | | (7,436,328) | OTHER COMPREHENSIVE LOSS | | | | | | | Foreign currency translation adjustment | | (678,443) | | (1,707,248) | | (251,617) | TOTAL COMPREHENSIVE LOSS | | (5,159,883) | | (52,163,474) | | (7,687,945) |
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| Schedule of parent company condensed statements of cashflows |
PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS | | | | | | | | | For the six months ended June 30, | | | 2025 | | 2026 | | 2026 | | | RMB | | RMB | | US$ | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | Total net loss | | (4,481,440) | | (50,456,226) | | (7,436,328) | Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | Equity in loss of subsidiaries | | 967,999 | | 6,446,179 | | 950,049 | Employee stock compensation | | — | | 32,964,266 | | 4,858,332 | Unrealized foreign exchange gain | | (678,443) | | (453,211) | | (66,795) | Changes in operating assets and liabilities: | | | | | | | Prepayment and other current assets | | 170,185 | | (588,420) | | (86,722) | Other payables | | 892,751 | | (1,855,822) | | (273,515) | Payroll payables | | 220,721 | | (237,125) | | (34,948) | NET CASH USED IN OPERATING ACTIVITIES | | (2,908,227) | | (14,180,359) | | (2,089,927) | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | Purchase of intangible assets | | — | | (62,838,947) | | (9,261,315) | NET CASH USED IN INVESTING ACTIVITIES | | — | | (62,838,947) | | (9,261,315) | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | Proceeds from issuance of ordinary shares, net of issuance costs | | — | | 112,456,186 | | 16,573,991 | Net repayment from related parties | | 4,393,049 | | (33,919,558) | | (4,999,124) | Deferred costs related to initial public offering | | (1,487,976) | | — | | — | NET CASH PROVIDED BY FINANCING ACTIVITIES | | 2,905,073 | | 78,536,628 | | 11,574,867 | EFFECT OF FOREIGN EXCHANGE RATE ON CASH AND CASH EQUIVALENT | | — | | (13,859) | | (2,042) | NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT | | (3,154) | | 1,503,463 | | 221,583 | TOTAL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | | 4,437 | | 1,490 | | 220 | TOTAL CASH AND CASH EQUIVALENTS, END OF PERIOD | | 1,283 | | 1,504,953 | | 221,803 |
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