v3.26.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Operating activities:        
Net income ¥ 163,357,234 $ 23,359,773 ¥ 107,314,352 ¥ 260,527,601
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 88,932,780 12,717,218 115,746,538 116,870,237
Impairment of goodwill 66,491,000 9,508,087 81,008,000
Impairment of indefinite-lived intangible assets 17,331,000 2,478,300 39,072,000 16,027,000
Impairment of long-lived assets 20,893,149 2,987,681 12,600,000 40,559,449
Noncash lease expense 246,116,498 35,194,191 263,911,503 271,156,173
Losses (gains) from disposal of subsidiaries 5,399,022 772,050 (488,227) 1,223,952
Gains from disposal of equity securities (164,007,612) (23,452,777)
Gains from early termination of operating leases (52,949,738) (7,571,712)
Allowances for credit losses 81,698,368 11,682,711 56,241,392 38,858,275
Losses (gains) on equity securities held (5,000,000) (714,990) 14,953,679 6,998,104
Losses (gains) on disposal of property, plant and equipment 35,565,640 5,085,819 (25,338,789) 2,166,990
Foreign exchange (gains) losses, net 30,801,965 4,404,622 (27,497,303) (372,186)
Deferred taxes (15,068,107) (2,154,711) (18,840,322) (2,423,339)
Other non-cash (income) expenses (4,163,620) (595,390) 2,644,112 (4,554,719)
Changes in operating assets and liabilities:        
Accounts receivable 3,471,625 496,436 (4,015,520) (5,359,275)
Inventories 1,959,310 280,178 14,618,912 4,764,959
Amounts due from related parties 1,032,243 147,609 (1,416,495) 8,372,296
Other current assets 1,901,317 271,885 (3,067,256) (47,920,887)
Other assets 8,481,614 1,212,855 3,725,971 17,250,340
Accounts payable (18,962,750) (2,711,637) (3,021,869) (50,451,092)
Amounts due to related parties 55,926 7,997 1,151,882 (5,406,910)
Salary and welfare payable (4,452,881) (636,754) (7,916,485) (3,010,962)
Deferred revenue (47,846,198) (6,841,915) (42,787,510) (33,539,045)
Advance from customers (3,664,385) (524,000) 3,305,355 (3,211,266)
Accrued expenses and other current liabilities 60,924,816 8,712,133 3,161,614 26,174,961
Income tax payable (16,746,673) (2,394,742) (23,195,720) 32,861,850
Unrecognized tax benefits 17,858,529 2,553,736 57,946,428 28,569,943
Operating lease liabilities (234,674,168) (33,557,960) (247,702,691) (256,017,527)
Other long-term liabilities (3,462,443) (495,123) 1,264,213 (5,065,347)
Net cash generated from operating activities 281,273,461 40,221,570 373,377,764 455,049,575
Investing activities:        
Prepayments and purchases of property, plant and equipment (261,153,578) (37,344,465) (79,582,039) (87,764,045)
Purchases of intangible assets (37,057) (740,406)
Proceeds from disposal of property, plant and equipment 429,141 61,366 139,900,865 2,951,611
Purchases of short-term investments   (262,680,045)
Proceeds from maturities of short-term investments 10,475 1,498 417,701,142 167,009,370
Purchases of long-term time deposits     (222,230,000) (63,340,000)
Purchases of long-term investments (10,400,000)
Proceeds from disposal of equity securities 188,059,939 26,892,214 21,812,329
Proceeds from disposal of subsidiaries 2,807,500 37,800,000
Loans to related parties (858,000)
Repayment of loans from related parties 1,964,624 280,937 363,347
Repayment of loans from third parties 5,900,000 14,553,007
Loans to franchisees (15,275,441) (2,184,359) (14,323,813) (22,643,066)
Repayment of loans from franchisees 23,188,484 3,315,909 84,337,321 121,145,169
Net cash (used in) generated from investing activities (62,776,356) (8,976,900) 345,391,595 (93,708,405)
Financing activities:        
Distribution to the shareholders (Note 1) (43,022,395) (6,152,121) (70,936,321)
Repurchase of ordinary shares (5,327) (762) (365,284) (19,706,775)
Proceeds from bank loans 200,000,000 174,000,000
Repayment of bank loans (400,000) (57,199) (117,200,000) (458,300,000)
Loan from non-controlling interest 272,500
Purchase of noncontrolling interests (966,000)
Net cash (used in) generated from financing activities (43,427,722) (6,210,082) 10,532,395 (303,734,275)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (21,832,297) (3,121,976) 4,299,472 32,086
Net increase in cash and cash equivalents and restricted cash 153,237,086 21,912,612 733,601,226 57,638,981
Cash and cash equivalents and restricted cash at the beginning of the year 1,525,201,938 218,100,976 791,600,712 733,961,731
Cash and cash equivalents and restricted cash at the end of the year 1,678,439,024 240,013,588 1,525,201,938 791,600,712
Supplemental disclosure of cash flow information:        
Interest paid (7,771,545) (1,111,316) (7,880,777) (14,053,841)
Income taxes paid [1] (56,820,441) (8,125,215) (82,576,531) (61,735,423)
Shares received from Argyle 11,006,420 $ 1,573,897
Reconciliation of cash, cash and equivalents and restricted cash        
Cash and cash equivalents 1,652,179,474   1,490,235,562 765,547,547
Restricted cash, current 7,389,650   16,096,476 6,576,906
Restricted cash, non-current 18,869,900   18,869,900 19,476,259
Total cash, cash and equivalents and restricted cash shown in the statements of cash flows ¥ 1,678,439,024   ¥ 1,525,201,938 ¥ 791,600,712
[1] For the year ended December 31, 2025, income taxes paid amounted to RMB56,820,441 (USD8,125,215) in Chinese mainland, and nil in jurisdictions outside Chinese mainland.