Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Taxes [Abstract] |
|
| Schedule of Income Before Income Taxes and Share of Income (Losses) in Equity Method Investments |
Income before income taxes
and share of income (losses) in equity method investments consists of:
| | |
Years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | |
| Chinese mainland | |
| 351,791,690 | | |
| 176,652,452 | | |
| 79,927,908 | | |
| 11,429,539 | |
| Others | |
| 28,580,168 | | |
| 20,554,343 | | |
| 129,309,349 | | |
| 18,490,991 | |
| Total | |
| 380,371,858 | | |
| 197,206,795 | | |
| 209,237,257 | | |
| 29,920,530 | |
|
| Schedule of Consolidated Statements of Comprehensive Income |
The current and deferred
components of income tax expense appearing in the consolidated statements of comprehensive income are as follows:
| | |
Years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | |
| Current tax | |
| 120,875,594 | | |
| 107,567,291 | | |
| 60,948,129 | | |
| 8,715,467 | |
| Deferred tax | |
| (2,423,339 | ) | |
| (18,840,322 | ) | |
| (15,068,107 | ) | |
| (2,154,711 | ) |
| Total | |
| 118,452,255 | | |
| 88,726,969 | | |
| 45,880,022 | | |
| 6,560,756 | |
|
| Schedule of Reconciliation Between the Effective Income Tax Rate and the Prc Statutory Income Tax Rate |
Reconciliation between the
effective income tax rate and the PRC statutory income tax rate is as follows:
| | |
Years ended December 31, | |
| | |
2023 | | |
2024 | |
| PRC statutory tax rate | |
| 25 | % | |
| 25 | % |
| Withholding tax | |
| 3 | % | |
| 7 | % |
| Effect of international rate differences | |
| (2 | )% | |
| (2 | )% |
| Effect of preferential tax rate | |
| (1 | )% | |
| (8 | )% |
| Uncertain tax positions | |
| (3 | )% | |
| 1 | % |
| Valuation allowances | |
| 8 | % | |
| 8 | % |
| Deferred tax | |
| (1 | )% | |
| 2 | % |
| Provision to return | |
| - | | |
| 1 | % |
| Non-deductible expenses | |
| 2 | % | |
| 11 | % |
| Effective tax rate | |
| 31 | % | |
| 45 | % |
| | |
Years ended December 31, 2025 | |
| | |
RMB | | |
USD | | |
Percent | |
| PRC statutory tax rate | |
| 52,309,314 | | |
| 7,480,132 | | |
| 25 | % |
| Effect of Cross-border tax laws | |
| | | |
| | | |
| | |
| Withholding tax | |
| (786,901 | ) | |
| (112,525 | ) | |
| 0 | % |
| Valuation allowances | |
| 2,323,319 | | |
| 332,230 | | |
| 1 | % |
| Nontaxable or nondeductible items | |
| | | |
| | | |
| | |
| Goodwill impairment | |
| 16,622,750 | | |
| 2,377,022 | | |
| 8 | % |
| Bad debt provision write off not filed | |
| 7,679,245 | | |
| 1,098,117 | | |
| 4 | % |
| Others | |
| 2,576,467 | | |
| 368,430 | | |
| 1 | % |
| Changes in unrecognized tax benefits | |
| 16,633,267 | | |
| 2,378,526 | | |
| 8 | % |
| Foreign tax effects | |
| | | |
| | | |
| | |
| Cayman | |
| | | |
| | | |
| | |
| Statutory tax rate difference between Cayman and China | |
| (34,201,802 | ) | |
| (4,890,793 | ) | |
| (16 | )% |
| Other foreign jurisdictions | |
| 2,377,726 | | |
| 340,010 | | |
| 1 | % |
| Others | |
| | | |
| | | |
| | |
| Statutory income/expenses | |
| (35,112,478 | ) | |
| (5,021,018 | ) | |
| (17 | )% |
| Effect of preferential tax rate | |
| (9,588,668 | ) | |
| (1,371,161 | ) | |
| (5 | )% |
| Nol expired | |
| 28,162,314 | | |
| 4,027,157 | | |
| 13 | % |
| others | |
| (3,114,531 | ) | |
| (445,372 | ) | |
| (1 | )% |
| Income tax expenses | |
| 45,880,022 | | |
| 6,560,756 | | |
| 22 | % |
|
| Schedule of Deferred Income Tax Assets and Liabilities |
The principal components
of the Group’s deferred income tax assets and liabilities as of December 31, 2024 and 2025 are as follows:
| | |
As of December 31 | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
USD | |
| Deferred tax assets: | |
| | |
| | |
| |
| Tax losses carryforward | |
| 125,063,028 | | |
| 122,740,862 | | |
| 17,551,710 | |
| Allowance for accounts receivables and other current assets | |
| 10,863,499 | | |
| 11,621,434 | | |
| 1,661,843 | |
| Allowance for non-current other assets | |
| 48,076,465 | | |
| 48,076,465 | | |
| 6,874,843 | |
| Allowance for loans receivable | |
| 85,588,610 | | |
| 96,110,634 | | |
| 13,743,638 | |
| Impairment of long-lived assets | |
| 13,073,472 | | |
| 17,392,626 | | |
| 2,487,112 | |
| Lease liabilities | |
| 362,136,225 | | |
| 304,284,522 | | |
| 43,512,108 | |
| Deferred revenue | |
| 75,722,666 | | |
| 66,114,264 | | |
| 9,454,214 | |
| Accrued liabilities | |
| 19,542,973 | | |
| 18,826,160 | | |
| 2,692,105 | |
| Unrealized losses from equity securities | |
| 1,638,899 | | |
| 2,310,404 | | |
| 330,383 | |
| Investment in subsidiaries | |
| 2,775,000 | | |
| 3,650,000 | | |
| 521,943 | |
| Valuation allowance | |
| (165,327,438 | ) | |
| (167,122,474 | ) | |
| (23,898,195 | ) |
| Total deferred tax assets | |
| 579,153,399 | | |
| 524,004,897 | | |
| 74,931,704 | |
| Deferred tax liabilities: | |
| | | |
| | | |
| | |
| Property, plant and equipment | |
| (2,219,319 | ) | |
| (1,959,639 | ) | |
| (280,225 | ) |
| Right-of-use assets | |
| (327,572,728 | ) | |
| (280,175,271 | ) | |
| (40,064,531 | ) |
| Intangible assets arising from acquisition | |
| (47,872,112 | ) | |
| (30,807,513 | ) | |
| (4,405,416 | ) |
| Unrealized gains from equity securities | |
| (1,805,008 | ) | |
| (4,396,334 | ) | |
| (628,667 | ) |
| Investment in subsidiaries | |
| (33,595,045 | ) | |
| (25,508,844 | ) | |
| (3,647,716 | ) |
| Total deferred tax liabilities | |
| (413,064,212 | ) | |
| (342,847,601 | ) | |
| (49,026,555 | ) |
|
| Schedule of a Reconciliation of Unrecognized Tax Benefits |
Below is a tabular roll-forward
of the Group’s unrecognized tax benefits.
| Unrecognized tax benefits —December 31, 2023 | |
| 278,696,225 | |
| Increases — tax positions in the current period | |
| 69,991,983 | |
| Decreases — tax positions in prior period | |
| (32,266,665 | ) |
| Unrecognized tax benefits — December 31, 2024 | |
| 316,421,543 | |
| Unrecognized tax benefits — January 1, 2025 | |
| 316,421,543 | |
| Increases — tax positions in the current period | |
| 45,959,878 | |
| Decreases — tax positions in prior period | |
| (42,330,529 | ) |
| Unrecognized tax benefits — December 31, 2025 | |
| 320,050,892 | |
|