v3.26.1
Parent Company Only Condensed Financial Information
 12 Months Ended
Dec. 31, 2025
Parent Company Only Condensed Financial Information [Abstract]  
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

26. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

 

Condensed balance sheets

 

   As of December 31, 
   2024   2025   2025 
   RMB   RMB   USD 
ASSETS            
Current assets            
Cash and cash equivalents   253,708,400    379,449,802    54,260,600 
Amounts due from subsidiaries   169,208,479    246,160,268    35,200,450 
Other current assets   330,527    316,662    45,282 
Total current assets   423,247,406    625,926,732    89,506,332 
Non-current assets:               
Investments in subsidiaries   2,183,092,396    2,093,454,072    299,359,951 
Investments in equity securities   34,355,681    
-
    
-
 
TOTAL ASSETS   2,640,695,483    2,719,380,804    388,866,283 
                
LIABILITIES AND EQUITY               
Current liabilities:               
Long -term bank loans, current portion   400,000    56,800,000    8,122,292 
Amounts due to subsidiaries   925,349,353    886,616,955    126,784,538 
Total current liabilities   925,749,353    943,416,955    134,906,830 
Non-current liabilities:               
Long-term bank loans, non-current portion   256,200,000    199,400,000    28,513,821 
Total liabilities   1,181,949,353    1,142,816,955    163,420,651 
Shareholders’ Equity:               
Class A ordinary shares (USD 0.50 par value per share; 400,000,000 and 400,000,000 shares authorized as of December 31, 2024 and 2025; 66,761,582 and 66,134,416 shares issued and outstanding as of December 31, 2024 and 2025, respectively)   222,587,070    222,587,070    31,829,528 
Class B ordinary shares (USD 0.50 par value per share; 100,000,000 and 100,000,000 shares authorized as of December 31, 2024 and 2025; 34,762,909 and 34,762,909 shares issued and outstanding as of December 31, 2024 and 2025, respectively)   115,534,210    115,534,210    16,521,172 
Treasury stock   (37,043,116)   (48,054,863)   (6,871,754)
Additional paid-in capital   1,609,972,272    1,566,949,877    224,070,852 
Accumulated losses   (458,337,569)   (291,545,544)   (41,690,458)
Accumulated other comprehensive income   6,033,263    11,093,099    1,586,292 
Total Shareholders’ Equity   1,458,746,130    1,576,563,849    225,445,632 
TOTAL LIABILITIES AND EQUITY   2,640,695,483    2,719,380,804    388,866,283 

Condensed statements of operations

 

   Years Ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   USD 
General and administrative expenses   (6,637,389)   (3,495,501)   (5,582,476)   (798,283)
Interest income   15,128    5,550,006    13,537,392    1,935,821 
Interest expense   (4,723,335)   (8,046,920)   (7,681,713)   (1,098,470)
Other income (expense)   19,969,182    (4,815,940)   10,235,172    1,463,610 
(Losses) gains on investments in equity securities   7,927,075    (11,463,068)   164,707,612    23,552,875 
Share of profit in subsidiaries, net (Note a)   252,765,647    132,273,653    (8,423,963)   (1,204,611)
Net income   269,316,308    110,002,230    166,792,024    23,850,942 
Other comprehensive losses, net of tax                    
- Foreign currency translation adjustments   672,112    (22,374,019)   5,059,836    723,547 
- Unrealized (losses) on available-for-sale investments   (2,934)   6,000    
-
    
-
 
Comprehensive (loss) income   269,985,486    87,634,211    171,851,860    24,574,489 

 

Condensed statements of cash flows

 

   Years Ended December 31, 
   2023   2024   2025   2025 
   RMB   RMB   RMB   USD 
Net cash (used in) provided by operating activities   (12,424,134)   (5,660,966)   544,584    77,874 
Net cash provided by investing activities   (352,234,205)   101,781,775    169,355,480    24,217,512 
Net cash provided by financing activities   362,690,064    143,247,486    (29,736,647)   (4,252,284)
                     
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (396,838)   916,355    (14,422,015)   (2,062,321)
                     
Net decrease in cash and cash equivalents and restricted cash   (2,365,113)   240,284,650    125,741,402    17,980,781 
Cash and cash equivalents and restricted cash at beginning of the year   15,788,863    13,423,750    253,708,400    36,279,819 
Cash and cash equivalents and restricted cash at end of the year   13,423,750    253,708,400    379,449,802    54,260,600 

 

(a) Basis of presentation

 

In the Company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since inception.

 

The Company records its investment in its subsidiary under the equity method of accounting as prescribed in ASC 323-10 Investment-Equity Method and Joint Ventures, such investment is presented on the balance sheet as “Investment in subsidiaries” and share of the subsidiaries’ profit or loss as “Equity in profit of subsidiaries” on the statements of operations.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Group’s consolidated financial statements.