Condensed financial information of the parent company (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Condensed financial information of the parent company |
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| Schedule of condensed financial information of the parent company - 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$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2024 and 2025) | | 43,836 | | 43,836 | | 6,268 | Treasury shares | | (1,419,285,878) | | (1,716,516,330) | | (245,458,571) | Additional paid-in capital | | 4,026,668,369 | | 4,024,378,922 | | 575,478,532 | Accumulated other comprehensive income/ (loss) | | 13,751,495 | | (55,181,141) | | (7,890,798) | Retained earnings | | 8,670,119,156 | | 9,378,746,552 | | 1,341,142,920 | Total shareholders’ equity | | 11,291,429,030 | | 11,631,603,891 | | 1,663,297,234 | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | 12,034,765,387 | | 13,171,322,612 | | 1,883,474,083 |
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| Schedule of condensed financial information of the parent company - condensed statements of comprehensive income |
| | | | | | | | | | | For the years ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | 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 |
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| Schedule of condensed financial information of the parent company - 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 |
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