v3.26.1
Related Party Transactions and Balances
 12 Months Ended
Dec. 31, 2025
Related Party Transactions and Balances [Abstract]  
RELATED PARTY TRANSACTIONS AND BALANCES

22. RELATED PARTY TRANSACTIONS AND BALANCES

 

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. The related parties that had transactions or balances with the Group in 2023, 2024 and 2025 consisted of:

 

Related Party  Nature of the party  Relationship with the Group
Alex S. Xu  Individual  Founder and CEO
Hui Xu  Individual  Brother of Alex S. Xu
Wen Qi  Individual  Quality Control Manager
GTI  Investment holding  Shareholder of the Group, controlled by Alex S. Xu
Shanghai Aotao Industrial Co., Ltd (“Aotao”)  Restaurant management  Controlled by GTI
Getao Industrial (HK) Limited. (“Getao”)  Restaurant management  Controlled by GTI
Beifu HK  Restaurant management  Controlled by GTI
Shanghai Geyi Catering Management Co., Ltd. (“Geyi”)  Restaurant management  Controlled by GTI
Napa Infinity Winery (Shanghai) Inc. (“Napa”)  Wine distributor  Controlled by Hui Xu
Woyaojiu Information Technology (Shanghai) Co.,Ltd. (“Woyaojiu”)  Wine distributor  Controlled by Hui Xu
Yibon  Hotel management  Equity investee of the Group
Shanxi Hanyuanbaili Hotel Management Co., Ltd. (“Hanyuan”)  Hotel management  Equity investee of the Group
Shanxi Yueyuanbaili Hotel Management Co., Ltd. (“Yueyuan”)  Hotel management  Equity investee of the Group
Wuhan Jiangxia Deep Sleep Hotel Co. Ltd. (“Jiangxia WM”)  Hotel management  Equity investee of the Group
Apex (Weihai) Industrial Co., Ltd. (“Apex”)  Construction  Controlled by Hui Xu
Anhui Aoyang Daling Canyon Beverage Co. Ltd. (“Aoyang”)  Drinking-water manufacturing  Equity investee of the Group
Geweimei Biotechnology (Wuxi) Co., Ltd. (“Geweimei”)  Food manufacturing  Controlled by GTI
Shanghai Xiaoyi Health Services Co., Ltd. (“Xiaoyi”)  Care service provider  Controlled by GTI
Wiselong  IT consulting  Equity investee of the Group

(a) Related party balances

 

Due from related parties:

 

   As of December 31 
   2024   2025   2025 
   RMB   RMB   USD 
Current:            
Yibon (i)   6,920,600    6,304,000    901,460 
Hanyuan (ii)   6,732,977    6,623,958    947,213 
Wen Qi (iii)   2,360,000    2,360,000    337,476 
Yueyuan (ii)   640,000    135,995    19,447 
Aotao (iv)   270,067    270,067    38,619 
Jiangxia WM (vi)   858,000    123,000    17,589 
Others (iv)   4,590,246    3,558,003    508,788 
Less: credit losses   (531,961)   (531,961)   (76,070)
Total   21,839,929    18,843,062    2,694,522 
                
Non-current:               
Apex (v)   110,000,000    110,000,000    15,729,791 
Total   110,000,000    110,000,000    15,729,791 

 

(i).Current amounts due from Yibon mainly comprised of a loan repayable on demand with an interest rate of 6% per annum with pledge of one Yibon’s leased-and-operated hotel.

 

(ii).Current amounts due from Hanyuan and Yueyuan are loans to them, who are the equity investees of the Group, for hotel improvement.

 

(iii).Current amounts due from Wen Qi is a loan with a principal of RMB 2,360,000 (USD 337,476) with an interest rate of 7.9% per annum.

 

(iv).The current amounts mainly consisted of accounts receivable due to daily operations with the related parties which were unsecured, interest free, and repayable upon demand.

 

(v).Noncurrent amount due from a related party comprised of RMB 110,000,000 (USD 15,729,791) prepayments made by the Group to Apex to acquire a building for hotel business development. The Group has formally signed the purchase agreement with Apex, and the building was pledged to the Group to guarantee the related party’s performance. The prepayment is expected to be settled when the building is transferred to the Group (Note 23).

 

(vi).The current amounts due from Jiangxia WM are a loan to the Group’s equity investee for hotel improvements.
   As of December 31, 
   2024   2025   2025 
   RMB   RMB   USD 
Current:            
Aotao (i)   13,323,770    14,963,304    2,139,724 
Others (ii)   4,138,406    2,554,798    365,331 
Total   17,462,176    17,518,102    2,505,055 

 

(i).Amounts due to Aotao comprised of the payable for advertising service from Aotao and loans from Aotao which were unsecured, interest free, and repayable upon demand.

 

(ii).Amounts due to others represent the trade payables due to the normal business operation with related parties which were unsecured, interest free, and repayable upon demand.

 

(b) Related party transactions

 

During the years ended December 31, 2023, 2024 and 2025, related party transactions consisted of the following:

 

   Years ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   USD 
Loan to related parties                
Loan to Jiangxia WM   
-
    (858,000)   
-
    
-
 
Repayment from Jiangxia WM   
-
    
-
    735,000    105,104 
Repayment from Yueyuan   
-
    
-
    504,005    72,072 
Repayment from Hanyuan   
-
    
-
    109,018    15,589 
Repayment from Yibon   
-
    363,347    232,000    33,176 
Interest income from Yibon   465,500    395,694    362,083    51,777 
Service provided by related parties   (14,044)   (47,866)   (1,514,452)   (216,564)
Goods purchased from related parties   (2,837,072)   (1,939,754)   (1,309,221)   (187,216)
Service provided to related parties   2,604,417    721,657    5,686,096    813,101 
Goods sold to related parties   23,787    19,727    
-
    
-