| Trade and Notes Payable |
13. Trade and Notes Payable Trade and notes payable consist of the following: | | | | | | | As of December 31, | | | 2024 | | 2025 | Trade payable for raw materials | | 40,041,977 | | 23,713,783 | Notes payable(1) | | 13,554,217 | | 16,865,436 | Total | | 53,596,194 | | 40,579,219 |
| (1) | Certain banks offer supply chain financing channels to the Group’s suppliers. In connection with this program, the Group issues notes to participating suppliers which can elect to assign such notes, at a discount, to the banks for payment at or before the maturity of each note. The maturity of each note is consistent with the original supplier payment terms. The Group incurs insignificant bank service fees in connection with this arrangement. All terms related to the Group’s payment obligations to participating suppliers (which may be assigned to the banks) remain unchanged as part of this program. The outstanding amount of the Group’s supply chain financing channels program as of December 31, 2024 and 2025 were nil and RMB484,607, respectively. |
An aging analysis of the trade and notes payable as at December 31, 2024 and 2025 is as follow. The aging analysis is based on the time of recognizing the purchase of materials and goods or accepting services. | | | | | | | As of December 31, | | | 2024 | | 2025 | Within 3 months | | 32,471,247 | | 26,797,558 | Between 3 months and 6 months | | 20,387,075 | | 7,268,802 | Between 6 months and 1 year | | 711,292 | | 6,496,892 | More than 1 year | | 26,580 | | 15,967 | Total | | 53,596,194 | | 40,579,219 |
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