v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

19. SEGMENT REPORTING

 

For the year ended December 31, 2024, the Group acquired interests in three companies in the United States. Because of the acquisition, the Group operated and reviewed its performance in two segments for the years ended December 31, 2024 and 2025: (i) PRC and Hong Kong, and (ii) U.S.A. Furthermore, the Group’s chief operating decision maker evaluates performance based on each reportable segment’s revenues, costs, gross profit. And there is only one reportable operating segment since all types of the services provided and products delivered are viewed as an integrated business process and allocation of the resources and assessment of the performance are not separately evaluated by the Group’s CODM for the year ended December 31, 2023.

 

The following table presents selected financial information relating to the Group’s segments for the year ended December 31, 2025:

 

   PRC & HK   USA   Corporate and Unallocated   Elimination   Consolidated   Consolidated 
   RMB   RMB   RMB   RMB   RMB   US$ 
Freight forwarding services   326,116,937    9,213,032    
-
    (5,765,623)   329,564,346    46,887,711 
Supply chain management   264,261,031    
-
    
-
    
-
    264,261,031    37,596,892 
Other value-added services   7,016,067    
-
    
-
    (65,952)   6,950,115    988,805 
Total revenues   597,394,035    9,213,032    
-
    (5,831,575)   600,775,492    85,473,408 
Cost of revenues   (576,670,391)   (9,761,928)   
-
    5,784,234    (580,648,085)   (82,609,845)
Gross profit / (loss)   20,723,644    (548,896)   
-
    (47,341)   20,127,407    2,863,563 
Operating expenses:                              
General and administrative expenses   (17,238,790)   (2,013,691)   (10,862,208)   67,387    (30,047,302)   (4,274,884)
Share-based compensation expenses   
-
    
-
    (14,005,587)   
-
    (14,005,587)   (1,992,600)
Selling expenses   (11,516,222)   (2,743)   
-
    
-
    (11,518,965)   (1,638,824)
Provision for credit losses, net   1,590,771    (401,255)   
-
    
-
    1,189,516    169,235 
Impairment charges on long-lived assets   
-
    (1,990,126)   (698,118)   
-
    (2,688,244)   (382,461)
Lease termination gain   99,388    
-
    
-
    
-
    99,388    14,140 
Research and development expenses   (846,054)   
-
    
-
    
-
    (846,054)   (120,370)
Total operating expenses   (27,910,907)   (4,407,815)   (25,565,913)   67,387    (57,817,248)   (8,225,764)
Operating loss   (7,187,263)   (4,956,711)   (25,565,913)   20,046    (37,689,841)   (5,362,201)
                               
Other income/(expenses):   -    -    -    -    -    - 
                               
Other income, net   (497,104)   10,475    
-
    
-
    (486,629)   (69,234)
Foreign exchange (loss) / gain, net   667,164    
-
    (782,766)   268,118    152,516    21,699 
Interest expenses, net   (184,025)   (1,337)   (34,977)   
-
    (220,339)   (31,348)
Total other (expenses) / income, net   (13,965)   9,138    (817,743)   268,118    (554,452)   (78,883)
Income before income tax benefit / (expenses)   (7,201,228)   (4,947,573)   (26,383,656)   288,164    (38,244,293)   (5,441,084)
Share of income of equity method investees, net of tax of nil   
-
    (41,897)   
-
    
-
    (41,897)   (5,961)
                               
Segment assets   146,612,117    16,880,181    62,911,116    
-
    226,403,414    32,210,821 

The following table presents selected financial information relating to the Group’s segments for the year ended December 31, 2024:

 

   PRC & HK   USA   Corporate and Unallocated   Elimination   Consolidated   Consolidated 
   RMB   RMB   RMB   RMB   RMB   US$ 
Freight forwarding services   322,841,484    9,721,464    
-
    (9,451,761)   323,111,187    44,948,972 
Supply chain management   238,082,118    
-
    
-
    
-
    238,082,118    33,120,321 
Other value-added services   4,080,172    
-
    
-
    
-
    4,080,172    567,605 
Total revenues   565,003,774    9,721,464    
-
    (9,451,761)   565,273,477    78,636,898 
Cost of revenues   (576,973,334)   (8,912,134)   
-
    9,443,034    (576,442,434)   (80,190,646)
Gross (loss) / profit   (11,969,560)   809,330    
-
    (8,727)   (11,168,957)   (1,553,748)
Operating expenses:                              
General and administrative expenses   (19,312,039)   (713,883)   (4,431,036)   
-
    (24,456,958)   (3,402,280)
Selling expenses   (7,900,352)   
-
    (5,678)   
-
    (7,906,030)   (1,099,832)
Provision for doubtful accounts, net   (9,367,464)   (83,217)   
-
    
-
    (9,450,681)   (1,314,713)
Lease termination gain   1,945,824    
-
    
-
    
-
    1,945,824    270,689 
Research and development expenses   (1,079,023)   
-
    
-
    
-
    (1,079,023)   (150,107)
Total operating expenses   (35,713,054)   (797,100)   (4,436,714)   
-
    (40,946,868)   (5,696,243)
Operating (loss) / profit   (47,682,614)   12,230    (4,436,714)   (8,727)   (52,115,825)   (7,249,991)
                               
Other income/(expenses):   -    -    -    -    -    - 
                               
Other income/(expense), net   1,157,567    
-
    8,909    
-
    1,166,476    162,272 
Foreign exchange (loss) / gain, net   (2,827,829)   
-
    (96,918)   10,450    (2,914,296)   (405,417)
Interest expenses, net   (2,492,128)   (4,612)   (112,882)   
-
    (2,609,622)   (363,032)
Total other (expenses) / income, net   (4,162,389)   (4,612)   (200,891)   10,450    (4,357,442)   (606,177)
(Loss) / income before income tax expense   (51,845,003)   7,618    (4,637,605)   1,723    (56,473,267)   (7,856,168)
Share of income of equity method investees, net of tax of nil   
-
    427,493    
-
    
-
    427,493    59,470 
                               
Segment assets   128,736,818    36,585,445    19,043,608    
-
    184,365,871    25,647,693 

The following table presents selected financial information relating to the Group’s segments for the year ended December 31, 2023:

 

   PRC & HK   USA   Corporate and
Unallocated		   Elimination   Consolidated 
   RMB   RMB   RMB   RMB   RMB 
Freight forwarding services   342,582,431    
-
    
-
    
       -
    342,582,431 
Supply chain management   152,630,138    
-
    
-
    
-
    152,630,138 
Other value-added services   2,655,631    
-
    
-
    
-
    2,655,631 
Total revenues   497,868,200    
-
    
-
    
-
    497,868,200 
Cost of revenues   (513,738,832)   
-
    
-
    
-
    (513,738,832)
Gross loss   (15,870,632)   
-
    
-
    
-
    (15,870,632)
Operating expenses:        -    -    -      
General and administrative expenses   (23,123,864)   
-
    (3,078,549)   
-
    (26,202,413)
Selling expenses   (11,943,136)   
-
    
-
    
-
    (11,943,136)
Provision for doubtful accounts, net   (18,216,749)   
-
    
-
    
-
    (18,216,749)
Impairment charges on long-lived assets   (5,648,685)   
-
    
-
    
-
    (5,648,685)
Lease termination loss   (478,933)   
-
    
-
    
-
    (478,933)
Research and development expenses   (1,394,072)   
-
    
-
    
-
    (1,394,072)
Total operating expenses   (60,805,439)   
-
    (3,078,549)   
-
    (63,883,988)
Operating loss   (76,676,071)   
-
    (3,078,549)   
-
    (79,754,620)
         -    -    -      
Other expenses:        -    -    -      
Other expense, net   (931,896)   
-
    
-
    
-
    (931,896)
Foreign loss, net   (1,401,573)   
-
    
-
    
-
    (1,401,573)
Interest expenses, net   (995,245)   
-
    
-
    
-
    (995,245)
Total other expenses, net   (3,328,714)   
-
    
-
    
-
    (3,328,714)
Loss before income tax expense   (80,004,785)   
-
    (3,078,549)   
-
    (83,083,334)
                          
Segment assets   99,877,891    
-
    572,709    
-
    100,450,600