| Condensed financial information of the parent company |
24. Condensed financial information of the parent company The following is the condensed financial information of the Company on a parent company only basis. Condensed balance sheets | | | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | US$ | ASSETS: | | | | | | | Current assets: | | | | | | | Cash and cash equivalents | | 305,194,205 | | 1,792,785,371 | | 256,364,898 | Short-term investments | | 698,152,621 | | 574,322,435 | | 82,127,016 | Time and Structured deposits | | 380,047,326 | | — | | — | Short-term amounts due from related parties | | 440,259,744 | | 320,663,822 | | 45,854,317 | Other current assets | | 14,670 | | 42,098 | | 6,020 | Total current assets | | 1,823,668,566 | | 2,687,813,726 | | 384,352,251 | Non-current assets: | | | | | | | Investments in subsidiaries, VIEs and VIEs’ subsidiaries | | 10,211,096,821 | | 10,483,508,886 | | 1,499,121,832 | Total non-current assets | | 10,211,096,821 | | 10,483,508,886 | | 1,499,121,832 | TOTAL ASSETS | | 12,034,765,387 | | 13,171,322,612 | | 1,883,474,083 |
| | | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | US$ | LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | Current liabilities: | | | | | | | Short-term borrowings | | 720,000,000 | | 1,436,000,000 | | 205,345,269 | Accrued expenses and other current liabilities | | 19,456,357 | | 12,424,971 | | 1,776,747 | Short-term amounts due to related parties | | 3,880,000 | | 91,293,750 | | 13,054,833 | Total current liabilities | | 743,336,357 | | 1,539,718,721 | | 220,176,849 | Non-current liabilities | | — | | — | | — | TOTAL LIABILITIES | | 743,336,357 | | 1,539,718,721 | | 220,176,849 | Shareholders’ equity | | | | | | | Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,881 shares issued and 105,198,013 shares outstanding, as of December 31, 2024; 656,508,828 shares authorized, 201,304,881 shares issued and 93,185,285 shares outstanding, as of December 31, 2025) | | 132,052 | | 132,052 | | 18,883 | Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2024 and 2025) | | 43,836 | | 43,836 | | 6,268 | Treasury shares | | (1,419,285,878) | | (1,716,516,330) | | (245,458,571) | Additional paid-in capital | | 4,026,668,369 | | 4,024,378,922 | | 575,478,532 | Accumulated other comprehensive income/ (loss) | | 13,751,495 | | (55,181,141) | | (7,890,798) | Retained earnings | | 8,670,119,156 | | 9,378,746,552 | | 1,341,142,920 | Total shareholders’ equity | | 11,291,429,030 | | 11,631,603,891 | | 1,663,297,234 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | 12,034,765,387 | | 13,171,322,612 | | 1,883,474,083 |
24. Condensed financial information of the parent company - continued Condensed statements of comprehensive income | | | | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Share-based compensation expense | | (4,935,782) | | (2,257,795) | | — | | — | General and administrative | | (19,070,062) | | (40,780,739) | | (32,361,695) | | (4,627,661) | Interest and investment income, net | | 104,687,566 | | 189,674,053 | | 474,598,252 | | 67,866,647 | Other income | | 28,626,092 | | 24,463,472 | | 19,514,738 | | 2,790,570 | Foreign exchange gain/(loss), net | | (545,948) | | 20,792,611 | | (45,888,491) | | (6,561,967) | Share of loss/(profit) in subsidiaries, VIEs and VIEs’ subsidiaries | | (69,628,327) | | (100,160,207) | | 292,764,592 | | 41,864,781 | Net income before income taxes | | 39,133,539 | | 91,731,395 | | 708,627,396 | | 101,332,370 | Income tax expense | | — | | — | | — | | — | Net income | | 39,133,539 | | 91,731,395 | | 708,627,396 | | 101,332,370 | Other comprehensive income | | | | | | | | | Foreign currency translation adjustment | | 21,829,283 | | 37,882,398 | | (68,932,636) | | (9,857,236) | Total comprehensive income | | 60,962,822 | | 129,613,793 | | 639,694,760 | | 91,475,134 |
Condensed statements of cash flows | | | | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Cash flows from operating activities: | | | | | | | | | Net income | | 39,133,539 | | 91,731,395 | | 708,627,396 | | 101,332,370 | Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | Share of loss/(profit) in subsidiaries, VIEs and VIEs’ subsidiaries | | 69,628,327 | | 100,160,207 | | (292,764,592) | | (41,864,781) | Share-based compensation expense | | 4,935,782 | | 2,257,795 | | — | | — | Unrealized investment loss/(income) of short-term Investments | | 138,739,373 | | 1,925,270 | | (141,587,920) | | (20,246,803) | Foreign exchange loss/(gain) | | 545,948 | | (20,792,611) | | 45,888,491 | | 6,561,967 | Payables to employee | | 405,208 | | 4,893,049 | | (5,303,469) | | (758,386) | Other payables | | 2,935,558 | | 10,942,366 | | 1,155,545 | | 165,240 | Net cash provided by operating activities | | 256,323,735 | | 191,117,471 | | 316,015,451 | | 45,189,607 | Net cash provided by (used in) investing activities | | 29,180,599 | | (523,283,656) | | 822,761,158 | | 117,653,281 | Net cash provided by (used in) financing activities | | (420,660,054) | | 186,843,558 | | 415,494,195 | | 59,414,880 | Effect of exchange rate changes on cash and cash equivalents | | (10,899,643) | | 37,199,026 | | (66,679,638) | | (9,535,061) | Net increase (decrease) in cash and cash equivalents | | (146,055,363) | | (108,123,601) | | 1,487,591,166 | | 212,722,707 | Cash and cash equivalents at beginning of the year | | 559,373,169 | | 413,317,806 | | 305,194,205 | | 43,642,191 | Cash and cash equivalents at end of the year | | 413,317,806 | | 305,194,205 | | 1,792,785,371 | | 256,364,898 |
24. Condensed financial information of the parent company - continued Basis of presentation Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries and VIEs. The parent company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries, VIEs and VIEs’ subsidiaries” and their respective profit or loss as “Share of loss/(profit) subsidiaries, VIEs and VIEs’ subsidiaries” on the condensed statements of comprehensive income. Equity method accounting ceases when the carrying amount of investment, including any additional financial support, in a subsidiary and VIEs is reduced to zero unless the parent company has guaranteed obligations of the subsidiary and VIEs or is otherwise committed to provide further financial support. If the subsidiary and VIEs subsequently report net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended. The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.
|