| INVESTMENTS |
12. INVESTMENTS
Investments in equity securities with readily
determinable fair values
Equity securities with readily
determinable fair value represent investments in the equity securities of publicly listed companies, for which the Group does not have
significant influence.
Total unrealized and realized
gains and losses of investments in equity securities in current assets for the years ended December 31, 2023, 2024 and 2025 were as follows:
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | |
| Total net loss recognized | |
| (15,344,616 | ) | |
| (2,544,834 | ) | |
| - | | |
| - | |
| Less: Net realized loss on equity securities sold | |
| - | | |
| (1,245,632 | ) | |
| - | | |
| - | |
| Net unrealized loss recognized on equity securities held | |
| (15,344,616 | ) | |
| (1,299,202 | ) | |
| - | | |
| - | |
Long-term investments
As at December 31, 2024 and 2025, long-term investments
consisted of the following:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
USD | |
| Equity method investments | |
| | |
| | |
| |
| Shanghai Wiselong Enterprise Management Co., Ltd
(“Wiselong”) | |
| 27,133,053 | | |
| 32,498,358 | | |
| 4,647,203 | |
| Other | |
| 15,000,068 | | |
| 11,895,317 | | |
| 1,701,007 | |
| Equity securities with readily determinable fair values | |
| 28,355,681 | | |
| - | | |
| - | |
| Equity securities without readily determinable fair values | |
| 9,826,143 | | |
| 8,826,143 | | |
| 1,262,122 | |
| Available-for-sale debt investment | |
| 103,709,272 | | |
| 103,709,272 | | |
| 14,830,229 | |
| Total | |
| 184,024,217 | | |
| 156,929,090 | | |
| 22,440,561 | |
Equity securities with readily determinable
fair values
Total unrealized and realized
gains and losses of equity securities with readily determinable fair values included in long-term investments for the years ended December
31, 2023, 2024 and 2025 were as follows:
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | |
| Total net gains (losses) recognized | |
| 9,966,512 | | |
| (11,163,213 | ) | |
| 51,489,277 | | |
| 7,362,869 | |
| Less: Net realized gains on equity securities
sold | |
| - | | |
| - | | |
| 51,489,277 | | |
| 7,362,869 | |
| Net unrealized gains (losses) recognized
on equity securities held | |
| 9,966,512 | | |
| (11,163,213 | ) | |
| - | | |
| - | |
Equity securities without readily determinable
fair values
The equity investments without
readily determinable fair value held as of December 31, 2024 and 2025 were as follows:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
USD | |
| Initial cost | |
| 51,523,212 | | |
| 3,523,212 | | |
| 503,813 | |
| Cumulative unrealized gains | |
| 302,931 | | |
| 5,302,931 | | |
| 758,309 | |
| Cumulative unrealized losses (including
impairment) | |
| (42,000,000 | ) | |
| - | | |
| - | |
| Total carrying value | |
| 9,826,143 | | |
| 8,826,143 | | |
| 1,262,122 | |
No impairment loss was recorded
during the years ended December 31, 2023,2024 and 2025. The Company recognized unrealized gains of nil, nil and RMB 5,000,000(USD 714,990)
during the years ended December 31, 2023, 2024 and 2025, respectively.
Available-for-sale debt securities
Available-for-sale debt
securities represent the Group’s investment in 30% interest of Yibon Hotel Group Co., Ltd (“Yibon”), which the Group
has the option to require Yibon to redeem the investment at the Group’s discretion, with no contractual maturity date. No impairment
was recorded for this investment during any of other presented periods. Long-term debt securities
as of December 31, 2024 and 2025 were shown as below:
| | |
As of December 31, 2024 | |
| | |
Amortized
cost | | |
Gross unrecognized
holding gains | | |
Gross unrecognized
holding losses | | |
Gross
unrealized
gains | | |
Gross
unrealized
losses | | |
Fair value | |
| | |
RMB | | |
RMB | | |
RMB | | |
RMB | | |
RMB | | |
RMB | |
| Available-for-sale debt securities of Yibon | |
| 103,701,474 | | |
| - | | |
| - | | |
| 2,797,663 | | |
| (2,789,865 | ) | |
| 103,709,272 | |
| | |
As of December 31, 2025 | |
| | |
Amortized
cost | | |
Gross unrecognized
holding gains | | |
Gross unrecognized
holding losses | | |
Gross
unrealized
gains | | |
Gross
unrealized
losses | | |
Fair value | |
| | |
RMB | | |
RMB | | |
RMB | | |
RMB | | |
RMB | | |
RMB | |
| Available-for-sale debt securities of Yibon | |
| 103,701,474 | | |
| - | | |
| - | | |
| 2,797,663 | | |
| (2,789,865 | ) | |
| 103,709,272 | |
|