| Schedule of Condensed Balance Sheets |
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 | |
|
| Schedule of Condensed Statements of Operations |
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 | |
|
| Schedule of Condensed Statements of Cash Flows |
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 | |
|