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(“MicroCloud”, formerly known as Golden Path Acquisition Corporation (“Golden Path” or “the Company”)), a Cayman Islands exempted company, is a leading holographic digitalization technology service provider in China, which is committed to providing first-class holographic technology services to the customers worldwide.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 16, 2022, the Company consummated the previously announced business combination pursuant to the Merger Agreement, by and among Golden Path, Golden Path Merger Sub, and MC Hologram Inc. (“MC”). Pursuant to the Merger Agreement, MC merged with Golden Path Merger Sub, survived the merger and continued as the surviving company and a wholly owned subsidiary of Golden Path (the “Merger”, and, collectively with the other transactions described in the Merger Agreement, the “Business Combination”). Upon the closing of the Business Combination (the “Closing”), Golden Path changed its name to MicroCloud Hologram Inc., pursuant to which Golden Path issued <span id="xdx_900_eus-gaap--SharesIssued_c20220916__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MCShareholdersMember_pdd">44,554,455</span> ordinary shares to MC shareholders. Prior to the Closing, the holders of Golden Path ordinary shares had the right to redeem all, or a portion of their Golden Path ordinary shares calculated in accordance with Golden Path’s governing documents. At the Closing, each of Golden Path’s public units separated into its components consisting of one ordinary share, one warrant and one right, and as a result, the units no longer trade as a separate security. As a result of the Closing of the Business Combination, after reflecting the actual redemption of <span id="xdx_905_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares_c20220916_pdd">2,182,470</span> shares by Golden Path shareholders, MC owns approximately 87.68% of the outstanding Golden Path ordinary shares, the former shareholders of Golden Path owns approximately 11.57% of the outstanding Golden Path ordinary shares, and Peace Asset Management, a private held entity who facilitated the business combination, owns approximately 0.75% as of June 30, 2023 (not giving effect to any shares issuable to them upon the exercise of any Golden Path warrants). Immediately after giving effect to the Business Combination, MicroCloud has <span id="xdx_907_eus-gaap--CommonStockSharesIssued_c20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zkfyv3hQNn2d">50,812,035</span> ordinary shares issued and outstanding, and <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_c20250630_zXIkhtIGcmua">6,020,500</span> warrants outstanding. The proceeds received from the Reverse Recapitalization are $<span id="xdx_906_ecustom--ReverseRecapitalizationAmount_pp0n3_dm_uUSD_c20250101__20250630_zIr7TNwsfyRd">33.2</span> million, net of certain transaction costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As a result of the consummation of the Business Combination, MC is now a wholly owned subsidiary of the Company, which has changed its name to MicroCloud Hologram Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Following the Closing, on September 19, 2022, the ordinary shares and public warrants outstanding upon the Closing began trading on the NASDAQ Stock Exchange (the “NASDAQ”) under the symbols “HOLO” and “HOLOW,” respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The transaction was accounted for as a “reverse recapitalization” in accordance with accounting principles generally accepted in the United States (“GAAP”) because the primary assets of Golden Path would be nominal following the close of the Merger. Under this method of accounting, Golden Path was treated as the “acquired” company for financial reporting purposes and MC was determined to be the accounting acquirer based on the terms of the Merger and other factors including: (i) MC’s stockholders have a majority of the voting power of the combined company, (ii) MC comprises a majority of the governing body of the combined company, and MC’s senior management comprises all of the senior management of the combined company, and (iii) MC comprises all of the ongoing operations of the combined entity. Accordingly, for accounting purposes, this transaction was treated as the equivalent of the Company issuing shares for the net assets of Golden Path, accompanied by a recapitalization. The shares and net loss per common share, prior to the Reverse Recapitalization, have been retroactively restated as shares reflecting the Exchange Ratio established in the Reverse Recapitalization (one Golden Path share for one Company share). The net assets of Golden Path were recorded at historical costs, with no goodwill or other intangible assets recorded. Operations prior to the Reverse Recapitalization are those of MC.</p> <table cellpadding="0" cellspacing="0" id="xdx_89C_ecustom--ScheduleOfAccompanyingConsolidatedFinancialStatementsTableTextBlock_zMHKP2cCRcY5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_8B3_zgBQlYw1PEkf" style="display: none">Schedule of accompanying consolidated financial statements</span></td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Background</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Ownership</b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zbzjJcMJ4XYd" title="Name">MC Hologram Inc (“MC”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Cayman Islands company</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_z7EqkapAhzY" title="Ownership">100% owned by MicroCloud</span></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 10, 2020</span></td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_z8iSmHkZirce" title="Background">Registered capital of USD 50,000</span></span></td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A holding company</span></td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zzT2UNnOjQFk" title="Name">Quantum Edge HK Limited (“Mengyun HK”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zGfEJDOoyiLk" title="Ownership">100% owned by MC</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 25, 2020</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zMqVaR86g2x2" title="Background">Registered capital of HK 10,000</span> (USD 1,290)</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A holding company</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z87dnskAW8Ol" title="Name">Beijing Xihuiyun Technology Co., Ltd (“Beijing Xihuiyun”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z8eIGMmClWT1" title="Ownership">100% owned by Mengyun HK</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on May 11, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z9A2dWv8kmOf" title="Background">Registered capital of RMB 207,048,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A holding company</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zB1f8a15JgRi" title="Name">Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_90F_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_z9ylv0UNtFFj" title="Ownership">81.63% owned by Beijing Xihuiyun and 18.37% owned by Mengyun HK</span></p></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on March 24, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zfcgmnKUSKQk" title="Background">Registered capital of RMB 27,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic integrated solutions.</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: right"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zkXFuFbuNim" title="Name">Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zeAah7iG2wj2" title="Ownership">100% owned by Shanghai Mengyun</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on March 15, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zOF2KzngMxkf" title="Background">Registered capital of RMB 10,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic integrated solutions.</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zpf8UZXeiEm6" title="Name">Shenzhen BroadVision Technology Co., Ltd. (“Shenzhen Bowei”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zEn2LzsFFmZk" title="Ownership">100% owned by Shenzhen Mengyun</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on April 12, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_901_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zjujXetpwYce" title="Background">Registered capital of RMB 10,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic PCBA solutions.</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zm3byr2bqW7i" title="Name">Mcloudvr Software Network Technology HK Co., Limited (“Mcloudvr HK”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zZiFIqzv2K7d" title="Ownership">100% owned by Shenzhen Mengyun</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on February 2, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zTWLZg3KGQy" title="Background">Registered capital of HKD 100,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic integrated solutions.</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Background</b></span></td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ownership</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 32%"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_z2Ye5yeBDItl" title="Name">Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_zQAW2So3Zy9" title="Ownership">100% owned by Shenzhen Bowei</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 5, 2020</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_zZJj3z8vmTua" title="Background">Registered capital of HKD 10,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_z7iQkf9C0Mt" title="Name">Ocean Cloud Technology Co., Limited. (“Ocean HK”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_z0avdDs629Og" title="Ownership">56% owned by Mcloudvr HK</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 4, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zs4cy2qvaajj" title="Background">Registered capital of HKD 10,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zSR2EQspYoX7" title="Name">Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zPNcS7hng7Kg" title="Ownership">100% owned by Ocean HK</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on December 3, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zsI1tKWOKKi" title="Background">Registered capital of RMB 300,000</span> </span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td></tr> <tr style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zXG2OU5fR6H4" title="Name">Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_z1MrcGFHjLK1" title="Ownership">100% owned by Shenzhen Haiyun</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on February 26, 2024</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zADM2GdkiGg6" title="Background">Registered capital of RMB 300,000</span></span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueTechnologyLtdMember_z9yE88SEtJF1" title="Name">Yichang Ji Yue Technology Ltd. (“Yichang Ji Yue”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueTechnologyLtdMember_z7dLuPfxp9Lj" title="Ownership">100% owned by Haiyun Xingchen</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on January 18, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueTechnologyLtdMember_zE5d9sjDJ1ll" title="Background">Registered capital of RMB 1,000,000</span> </span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Advertising service</span></td> <td> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeiJingJiYueTechnologyLtdMember_zogMmIltXf7b" title="Name">BeiJing Ji Yue Technology Ltd. (“BeiJing Ji Yue”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeiJingJiYueTechnologyLtdMember_zkyPchTdFOWh" title="Ownership">100% owned by Yichang Ji Yue</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on July 24, 2018</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeiJingJiYueTechnologyLtdMember_zNc5diyIWHwj" title="Background">Registered capital of RMB 500,000</span> </span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Advertising service</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zXg2azQP6AE9" title="Name">Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zUSUL4y1dOsi" title="Ownership">100% owned by Shenzhen Haiyun</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on February 18, 2022</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_z4Fm8teYQsol" title="Background">Registered capital of RMB 1,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Advertising service</span></td> <td> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: center; vertical-align: bottom"><b>Name</b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><b>Background</b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><b>Ownership</b></td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 32%"><span id="xdx_90E_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zYXowmf5ZJ15" title="Name">HaiYun Group Investment Ltd. (“HaiYun Group”)</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top; width: 0.25in">-</td> <td>A BVI Business company</td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="3" style="vertical-align: top; width: 32%"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_z6CmaqVSBtul" title="Ownership">100% owned by MC</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_90C_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zO6nL1fEjPg8" title="Background">Formed on March 18, 2025</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>No operation</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_909_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zpo3Cu5vS8Xc" title="Name">HaiCloud Technology Inc. (“HaiCloud Inc”)</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>A Cayman Islands company</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="3" style="vertical-align: top"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zKJFtdr9Hn0b" title="Ownership">100% owned by HaiYun Group</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zCDQHiimFez5" title="Background">Formed on May 8, 2025</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>Primarily engages in holographic integrated solutions.</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_90F_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zkITSmuZIQw8" title="Name">HaiCloud Technology Limited. (“HaiCloud Ltd”)</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>A Hong Kong company</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="4" style="vertical-align: top"><span id="xdx_904_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zwRVtV0mkYwg" title="Ownership">100% owned by HaiCloud Inc</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>Formed on May 27, 2025</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zN6UjVZDGKYe" title="Background">Registered capital of HKD 1,000,000</span> </td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>No operation</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zTrjhz94ci33" title="Name">ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”)</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>A PRC limited liability company</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="4" style="vertical-align: top"><span id="xdx_90C_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zmu8Tme8HIi9" title="Ownership">100% owned by HaiCloud Ltd</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>Formed on June 27, 2025</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_905_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zAlDsCgZTcFl" title="Background">Registered capital of RMB 1,000,000</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>No operation</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> </table> <p id="xdx_8A1_zdLkFpTrnHhg" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 44554455 2182470 50812035 6020500 33200000 <table cellpadding="0" cellspacing="0" id="xdx_89C_ecustom--ScheduleOfAccompanyingConsolidatedFinancialStatementsTableTextBlock_zMHKP2cCRcY5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span id="xdx_8B3_zgBQlYw1PEkf" style="display: none">Schedule of accompanying consolidated financial statements</span></td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Background</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Ownership</b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zbzjJcMJ4XYd" title="Name">MC Hologram Inc (“MC”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Cayman Islands company</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_z7EqkapAhzY" title="Ownership">100% owned by MicroCloud</span></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 10, 2020</span></td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_z8iSmHkZirce" title="Background">Registered capital of USD 50,000</span></span></td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A holding company</span></td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zzT2UNnOjQFk" title="Name">Quantum Edge HK Limited (“Mengyun HK”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zGfEJDOoyiLk" title="Ownership">100% owned by MC</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 25, 2020</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zMqVaR86g2x2" title="Background">Registered capital of HK 10,000</span> (USD 1,290)</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A holding company</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z87dnskAW8Ol" title="Name">Beijing Xihuiyun Technology Co., Ltd (“Beijing Xihuiyun”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z8eIGMmClWT1" title="Ownership">100% owned by Mengyun HK</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on May 11, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_z9A2dWv8kmOf" title="Background">Registered capital of RMB 207,048,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A holding company</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zB1f8a15JgRi" title="Name">Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_90F_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_z9ylv0UNtFFj" title="Ownership">81.63% owned by Beijing Xihuiyun and 18.37% owned by Mengyun HK</span></p></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on March 24, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zfcgmnKUSKQk" title="Background">Registered capital of RMB 27,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic integrated solutions.</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: right"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zkXFuFbuNim" title="Name">Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zeAah7iG2wj2" title="Ownership">100% owned by Shanghai Mengyun</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on March 15, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zOF2KzngMxkf" title="Background">Registered capital of RMB 10,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic integrated solutions.</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zpf8UZXeiEm6" title="Name">Shenzhen BroadVision Technology Co., Ltd. (“Shenzhen Bowei”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zEn2LzsFFmZk" title="Ownership">100% owned by Shenzhen Mengyun</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on April 12, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_901_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zjujXetpwYce" title="Background">Registered capital of RMB 10,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic PCBA solutions.</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zm3byr2bqW7i" title="Name">Mcloudvr Software Network Technology HK Co., Limited (“Mcloudvr HK”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zZiFIqzv2K7d" title="Ownership">100% owned by Shenzhen Mengyun</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on February 2, 2016</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zTWLZg3KGQy" title="Background">Registered capital of HKD 100,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Primarily engages in holographic integrated solutions.</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Name</b></span></td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Background</b></span></td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ownership</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 32%"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_z2Ye5yeBDItl" title="Name">Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_zQAW2So3Zy9" title="Ownership">100% owned by Shenzhen Bowei</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 5, 2020</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_zZJj3z8vmTua" title="Background">Registered capital of HKD 10,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_z7iQkf9C0Mt" title="Name">Ocean Cloud Technology Co., Limited. (“Ocean HK”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A Hong Kong company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_z0avdDs629Og" title="Ownership">56% owned by Mcloudvr HK</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on November 4, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zs4cy2qvaajj" title="Background">Registered capital of HKD 10,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zSR2EQspYoX7" title="Name">Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zPNcS7hng7Kg" title="Ownership">100% owned by Ocean HK</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on December 3, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zsI1tKWOKKi" title="Background">Registered capital of RMB 300,000</span> </span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td></tr> <tr style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left; vertical-align: top"> </td> <td> </td> <td> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zXG2OU5fR6H4" title="Name">Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_z1MrcGFHjLK1" title="Ownership">100% owned by Shenzhen Haiyun</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on February 26, 2024</span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoLtdMember_zADM2GdkiGg6" title="Background">Registered capital of RMB 300,000</span></span></td> <td> </td> </tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">No operation</span></td> <td> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueTechnologyLtdMember_z9yE88SEtJF1" title="Name">Yichang Ji Yue Technology Ltd. (“Yichang Ji Yue”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueTechnologyLtdMember_z7dLuPfxp9Lj" title="Ownership">100% owned by Haiyun Xingchen</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on January 18, 2021</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueTechnologyLtdMember_zE5d9sjDJ1ll" title="Background">Registered capital of RMB 1,000,000</span> </span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Advertising service</span></td> <td> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 32%; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeiJingJiYueTechnologyLtdMember_zogMmIltXf7b" title="Name">BeiJing Ji Yue Technology Ltd. (“BeiJing Ji Yue”)</span></span></td> <td style="width: 2%"> </td> <td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td style="width: 2%"> </td> <td rowspan="4" style="width: 32%"><span style="font-size: 10pt"><span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeiJingJiYueTechnologyLtdMember_zkyPchTdFOWh" title="Ownership">100% owned by Yichang Ji Yue</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on July 24, 2018</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--BeiJingJiYueTechnologyLtdMember_zNc5diyIWHwj" title="Background">Registered capital of RMB 500,000</span> </span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Advertising service</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zXg2azQP6AE9" title="Name">Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”)</span></span></td> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">A PRC limited liability company</span></td> <td> </td> <td rowspan="4"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zUSUL4y1dOsi" title="Ownership">100% owned by Shenzhen Haiyun</span></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Formed on February 18, 2022</span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_z4Fm8teYQsol" title="Background">Registered capital of RMB 1,000,000</span></span></td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td> </td> <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">-</span></td> <td><span style="font-size: 10pt">Advertising service</span></td> <td> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Nature of business and organization (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: center; vertical-align: bottom"><b>Name</b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><b>Background</b></td> <td style="text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><b>Ownership</b></td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 32%"><span id="xdx_90E_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zYXowmf5ZJ15" title="Name">HaiYun Group Investment Ltd. (“HaiYun Group”)</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top; width: 0.25in">-</td> <td>A BVI Business company</td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="3" style="vertical-align: top; width: 32%"><span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_z6CmaqVSBtul" title="Ownership">100% owned by MC</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_90C_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdHaiYunGroupMember_zO6nL1fEjPg8" title="Background">Formed on March 18, 2025</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>No operation</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="3" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_909_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zpo3Cu5vS8Xc" title="Name">HaiCloud Technology Inc. (“HaiCloud Inc”)</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>A Cayman Islands company</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="3" style="vertical-align: top"><span id="xdx_908_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zKJFtdr9Hn0b" title="Ownership">100% owned by HaiYun Group</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncHaiCloudIncMember_zCDQHiimFez5" title="Background">Formed on May 8, 2025</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>Primarily engages in holographic integrated solutions.</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_90F_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zkITSmuZIQw8" title="Name">HaiCloud Technology Limited. (“HaiCloud Ltd”)</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>A Hong Kong company</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="4" style="vertical-align: top"><span id="xdx_904_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zwRVtV0mkYwg" title="Ownership">100% owned by HaiCloud Inc</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>Formed on May 27, 2025</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_903_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedHaiCloudLtdMember_zN6UjVZDGKYe" title="Background">Registered capital of HKD 1,000,000</span> </td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>No operation</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="text-align: left; white-space: nowrap; vertical-align: top"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span id="xdx_906_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zTrjhz94ci33" title="Name">ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”)</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>A PRC limited liability company</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td rowspan="4" style="vertical-align: top"><span id="xdx_90C_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zmu8Tme8HIi9" title="Ownership">100% owned by HaiCloud Ltd</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>Formed on June 27, 2025</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td><span id="xdx_905_eus-gaap--MinorityInterestDescription_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdHaiYunZhichuangMember_zAlDsCgZTcFl" title="Background">Registered capital of RMB 1,000,000</span></td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> <tr style="background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td> <td style="text-align: left; vertical-align: top">-</td> <td>No operation</td> <td><span style="font-family: Times New Roman, Times, Serif">　</span></td></tr> </table> MC Hologram Inc (“MC”) 100% owned by MicroCloud Registered capital of USD 50,000 Quantum Edge HK Limited (“Mengyun HK”) 100% owned by MC Registered capital of HK 10,000 Beijing Xihuiyun Technology Co., Ltd (“Beijing Xihuiyun”) 100% owned by Mengyun HK Registered capital of RMB 207,048,000 Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”) 81.63% owned by Beijing Xihuiyun and 18.37% owned by Mengyun HK Registered capital of RMB 27,000,000 Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”) 100% owned by Shanghai Mengyun Registered capital of RMB 10,000,000 Shenzhen BroadVision Technology Co., Ltd. (“Shenzhen Bowei”) 100% owned by Shenzhen Mengyun Registered capital of RMB 10,000,000 Mcloudvr Software Network Technology HK Co., Limited (“Mcloudvr HK”) 100% owned by Shenzhen Mengyun Registered capital of HKD 100,000 Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”) 100% owned by Shenzhen Bowei Registered capital of HKD 10,000 Ocean Cloud Technology Co., Limited. (“Ocean HK”) 56% owned by Mcloudvr HK Registered capital of HKD 10,000 Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”) 100% owned by Ocean HK Registered capital of RMB 300,000 Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”) 100% owned by Shenzhen Haiyun Registered capital of RMB 300,000 Yichang Ji Yue Technology Ltd. (“Yichang Ji Yue”) 100% owned by Haiyun Xingchen Registered capital of RMB 1,000,000 BeiJing Ji Yue Technology Ltd. (“BeiJing Ji Yue”) 100% owned by Yichang Ji Yue Registered capital of RMB 500,000 Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”) 100% owned by Shenzhen Haiyun Registered capital of RMB 1,000,000 HaiYun Group Investment Ltd. (“HaiYun Group”) 100% owned by MC Formed on March 18, 2025 HaiCloud Technology Inc. (“HaiCloud Inc”) 100% owned by HaiYun Group Formed on May 8, 2025 HaiCloud Technology Limited. (“HaiCloud Ltd”) 100% owned by HaiCloud Inc Registered capital of HKD 1,000,000 ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”) 100% owned by HaiCloud Ltd Registered capital of RMB 1,000,000 <p id="xdx_80A_eus-gaap--SignificantAccountingPoliciesTextBlock_zVdD18UrpPS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 2 — <span id="xdx_823_zsDnlX7MSBz6">Summary of significant accounting policies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zAT8PgPle9C8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_862_zvX3NowEzooe">Basis of presentation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding financial reporting, and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operation results. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of results to be expected for any other interim period or for the full year of 2025. Accordingly, these unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements and note thereto as of and for the year ended December 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zHsJdV3aq2Zb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_861_z9G2a71uKls9">Principles of consolidation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</p> <p id="xdx_84A_ecustom--UseOfEstimatesPolicyTextBlock_zLqEaeuvmfR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_865_zj85v94Fp1I8">Use of estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the assessment of the allowance for credit loss, useful lives of property, equipment and the recoverability of long-lived assets, warrant liabilities and uncertain tax position. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--EmergingGrowthCompanyPolicyTextBlock_zaELFyWbxVOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86B_z8iiKf8cQg0g">Emerging Growth Company</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_ecustom--NonControllingInterestsPolicyTextBlock_zxXToJRaEeF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span><span id="xdx_86E_zW93W0B6Fx32">Non-controlling interests</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our non-controlling interests represent the minority shareholders’ ownership interests related to our subsidiaries, including 44% for Ocean HK and its subsidiaries. The non-controlling interests are presented in the consolidated balance sheets separately from equity attributable to our shareholders. Non-controlling interests in the results of us are presented on the consolidated statement of income as allocations of the total income or loss for the six months ended June 30, 2025 between non-controlling interest holders and our shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-controlling interests consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfNonControllingInterestsTableTextBlock_z8EqvCJwKF9l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details)"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BC_zgnL4fkndC91" style="display: none">Schedule of Non-controlling interests</span></td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 1pt">Ocean HK</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_980_ecustom--TotalNoncontrollingInterests_pp0p0_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zOGq2ySEJDWh" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests">(823,251</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_98E_ecustom--TotalNoncontrollingInterests_pp0p0_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zF8aFj6R6nXj" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests"><span style="font-size: 10pt">(573,349<span style="font-family: Times New Roman, Times, Serif"></span></span></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_984_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zqFEIkX2HXn6" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests">(78,727</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total non-controlling interests</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20241231_zWeIZI0pehYe" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">(823,251</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_986_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20250630_zIYZ49tNbove" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests"><span style="font-size: 10pt">(573,349<span style="font-family: Times New Roman, Times, Serif"></span></span></td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20250630_ztoUUlzuPXe5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">(78,727</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A4_zK4XvrSuLy5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z7Bk0pB8ct9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_866_zKNlsgRHuiTf">Foreign currency translation and other comprehensive income (loss)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 30, 2023, the Company determined that it would qualify as a foreign private issuer, as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934, beginning as of July 1, 2023. The reporting currency of the Company was Renminbi (“RMB”) for the year ended December 31, 2024. The Company has also presented USD for the period ended June 30, 2025 as additional information to the reader.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Accounting Standards Codification (“ASC”) 830 “Foreign Currency Matters”, the Company determined that its functional currency is RMB. MicroCloud and its subsidiaries, MC, Mengyun HK, Mcloudvr HK, Ocean HK, Broadvision HK, HaiYun Group, HaiCloud Inc and HaiCloud Ltd, maintain their book and records in USD, hence their financial information were translated into RMB in preparation of the consolidated financial statements. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the unaudited interim condensed consolidated financial statements, the financial information of the Company and other entities located outside of the PRC has been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The balance sheet amounts, except for shareholders’ equity, as of June 30, 2025 and December 31, 2024 were translated at <span id="xdx_903_eus-gaap--ForeignCurrencyTransactionsDescription_c20250101__20250630_z5KGb0jI623f" title="Foreign cuurency transactions">USD 1.00 to RMB 7.1586 and to RMB 7.1884</span>, respectively. The average translation rates applied to statement of income accounts for the six months ended June 30, 2025 and 2024 were <span id="xdx_90B_ecustom--AverageTranslationRatesDescription_c20250101__20250630_zMrHL16Cooxi" title="Average translation rates">USD 1.00 to RMB 7.1837 and RMB 7.1052</span>, respectively. The shareholders’ equity accounts were stated at their historical rate. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zTEm4pn2K8F8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_zX071SPglQVl">Cash and cash equivalents</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company’s operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdraw. The Company maintains most of its bank accounts in the PRC and HK.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_ecustom--ShortTermInvestmentsPolicyTextBlock_z9WFtWEk3UJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_zWWppe2btWCk">Short-term investments</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Short-term investments consist primarily of wealth management products issued by commercial banks and investment banks, which contain variable interest indexed to the performance of underlying assets and redeemable on demand. These investments are stated at fair value. Changes in the fair value are reflected in other income in the consolidation statements of income and comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84D_eus-gaap--ReceivablesPolicyTextBlock_z8D6lWD2PO0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_867_zDg9cGUJvoC">Accounts receivable, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accounts receivable, net are stated at the original amount less an allowance for credit losses. The credit terms are generally 90 days.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accounts receivable, net are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, which replaces the previous incurred loss impairment model. The adoption of this ASU does not have a material effect on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company evaluates its accounts receivable for credit losses on a regular basis. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company’s estimation of allowance for credit losses considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable are likely to be unrecoverable, the Company also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The allowance for credit losses as of December 31, 2024 and June 30, 2025 was RMB <span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20241231_zafZ3PgAqvLd" title="Doubtful accounts for accounts receivable">4,030,967</span> and RMB <span id="xdx_908_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20250630_zpuAisoppCvb" title="Doubtful accounts for accounts receivable">3,441,300</span> (USD <span id="xdx_906_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_uUSD_c20250630_zKpVCliuz3kb" title="Doubtful accounts for accounts receivable">480,722</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p id="xdx_842_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zWLP9DJwQFgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zgAQtk5Hw0D4">Property plant and equipment, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Property plant and equipment are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with 5% residual value. The estimated useful lives are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_896_ecustom--PropertyPlantAndEquipmentsTableTextBlock_z9pbocZTK6a7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #FFFFFF; text-indent: -0.25in; padding-left: 0.25in"><span id="xdx_8BA_z1yMwhSHckPg" style="display: none">Schedule of estimated useful lives</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #FFFFFF; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #FFFFFF; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #FFFFFF; text-align: justify; vertical-align: bottom"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 83%; text-indent: -0.25in; padding-left: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center; vertical-align: bottom"><b>Useful Life</b></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Office equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zGfJztIbZxd1" title="Estimated useful lives">3</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Mechanical equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zLmr9rgCFxcc" title="Estimated useful lives">3</span> – <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zjIvJ8z9rAxc" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Electronic and other equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zCQbBGRoOY0k" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_z8Eo8WDT5yu" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: middle"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_ze9dszQHv5ul" title="Estimated useful lives">3</span> – <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zAo6TFQrAITg" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: middle"> </td></tr> </table> <p id="xdx_8A4_zXPN5ndl42Vj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_ecustom--InvestmentsInUnconsolidatedEntitiesPolicyTextBlock_zTskqyb8Xovi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86F_zra4AJ8Hj7Rj">Investments in unconsolidated entities</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for investments with less than 20% of the voting shares and does not have the ability to exercise significant influence over operating and financial policies of the investee using the cost method. The Company records cost method investments at the historical cost in its condensed consolidated financial statements and subsequently records any dividends received from the net accumulated earnings of the investee as income. Dividends received in excess of earnings are considered a return of investment and are recorded as reduction in the cost of the investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cost method investments are evaluated for impairment when facts or circumstances indicate that the fair value of the long-term investments is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (i) nature of the investment; (ii) cause and duration of the impairment; (iii) extent to which fair value is less than cost; (iv) financial condition and near term prospects of the investments; and (v) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zx2VlIkZm3R3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_z1baLGhBK9bb">Impairment for long-lived assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values.</p> <p id="xdx_849_ecustom--ConvertibleBondsPolicyTextBlock_zGF24lTJ407j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86E_zaykAm15MsE3">Convertible bonds</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Convertible bonds are debt or equity instruments that either require or permit the investor to convert the instrument into equity securities of the issuer. The Company accounts for its convertible notes in accordance with ASC 470-20 Debt with Conversion and Other Options, whereby the convertible instrument is initially accounted for as a single unit of account, unless it contains a derivative that must be bifurcated from the host contract in accordance with ASC 815-15 Derivatives and hedging – Embedded Derivatives or the substantial premium model in ASC 470-20 Debt – Debt with Conversion and Other Options applies. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p id="xdx_844_eus-gaap--BusinessCombinationsPolicy_zmIb0f11BOm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zQAAl3f1hnbh">Business combination</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zPoDbUn6rpOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_860_zGfbr9Y0Ep56">Fair value measurement</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_849_ecustom--WarrantsLiabilitiesPolicyTextBlock_zXxktyLliCYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86F_zYOdTgjBkzNb">Warrants liabilities</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for warrants (Public Warrants or Private Warrants) as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company has elected to account for its Public Warrants as equity and the Private Warrants as liabilities.</p> <p id="xdx_84A_eus-gaap--RevenueRecognitionPolicyTextBlock_z6UKEmnc9vj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86A_z1HxV7kUjFn9">Revenue recognition</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Effective January 1, 2019, the Company adopted ASC Topic 606 using the modified retrospective adoption method. Based on the requirements of ASC Topic 606, revenue is recognized when control of the promised goods or services is transferred to the customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Revenue is recognized when the following 5-step revenue recognition criteria are met:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">1)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Identify the contract with a customer</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Identify the performance obligations in the contract</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">3)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Determine the transaction price</td> </tr> </table> <p style="margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">4)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Allocate the transaction price</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">5)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Recognize revenue when or as the entity satisfies a performance obligation</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s revenue recognition policies effective upon the adoption of ASC 606 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>(i) Holographic Solutions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>a. Holographic Technology LiDAR Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company generates light detection and ranging (“LiDAR”) revenue through selling integrated circuit board embedded with holographic software. The Company typically enters into written contracts with its customer where the rights of the parties, including payment terms, are identified and sales prices to the customers are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company’s performance obligation is to deliver products according to contract specifications. The Company recognizes product revenue at a point in time when the control of products is transferred to customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>b. Holographic Technology Intelligence Vision software and Technology Development Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company generates revenue by developing advanced driver assistance systems (“ADAS”) software and technology, which are generally on a fixed-priced basis. The Company has no alternative use for the customized software and the Company has an enforceable right to payment for performance completed to date. Revenues from ADAS software development contracts are recognized over time during the contract period based on the Company’s measurement of progress towards completion using input method, which is usually measured by comparing labor hours expended to date to total estimated labor hours needed to satisfy the performance obligation. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivable and deferred revenues at each reporting period. The Company has a long history of developing various ADAS software resulting in its ability to reasonably estimate the progress toward completion on each fixed price customized contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>c. Holographic Technology Licensing and Content Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company provides holographic content products and holographic software for music videos, shows, and commercials on a fixed-price basis. These contents and software are generally pre-developed and exist when made available to the customer. Content products are delivered through its website or offline using hard drive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenues from licensing and content products are recognized at the point in time when the control of products or services is transferred to customers. No upgrades, maintenance, or any other post-contract customer support are provided.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>d. Holographic Technology Hardware Sales</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is a distributor of holographic hardware and generates revenue through resale. In accordance with ASC 606, revenue recognition: principal agent consideration, an entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. Otherwise, the entity is an agent in the transaction. The Company evaluates three indicators of control in accordance with ASU 2016-08: 1) For hardware sales, the Company is the most visible entity to customers and assumes fulfilment risk and risks related to the acceptability of products, including addressing customer complaints directly and handling of product returns or refunds directly. 2) The Company assumes inventory risk after taking the title from vendors and is responsible for product damage during shipment period prior to acceptance of its customers and is also responsible for product return if the customer is not satisfied with the products. 3) The Company determines the resale price of hardware products. 4) The Company is the party that directs the use of the inventory and can prevent the vendor from transferring the product to a customer or to redirect the products to a different customer. After evaluating the above scenario, the Company considers itself the principal of these arrangements and records hardware sales revenue on a gross basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Hardware sales contracts are on a fixed price basis with no separate sales rebate, discount, or other incentive. Revenue is recognized at a point in time when the Company has delivered products and the acceptance by its customer with no future obligation. The Company generally permits returns of products due to deficits; however, returns are historically insignificant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>(ii) Holographic Technology Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Holographic advertisements are the use of holographic technology integrated into advertisements on media platforms and offline display. The Company enters advertising contracts with advertisers to promote merchandises and services where the price, which is generally based on cost per action (“CPA”), is fixed and determinable. The Company provides its advertising service to channel providers where the amounts cost per action are also fixed and determinable. Revenue is recognized at a point in time when agreed actions are performed. The Company considers itself as provider of the services under the CPA model as it has the control of the services at any time before it is transferred to the customers which is evidenced by 1) having a right to a service to be performed by the other party, which gives the Company the ability to direct that party to provide the service to the customers on the Company’s behalf. 2) having discretion in setting the price for the service 3) billing monthly advertising fee directly to customers by settling valid CPA data with customers. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred related to these transactions on a gross basis. The Company also provides advertisement services through influencers on social networks. The Company charges advertisers a fixed rate, which is generally a fixed percentage of total value of merchandise sold over a specific period (“GMV”). Revenue is recognized at a point of time when merchandise is sold through social network.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_84C_ecustom--ContractBalancesPolicyTextBlock_z8yZAe8yid2g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_869_zvk3X3YIOyxb">Contract balances</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company has <span id="xdx_90A_ecustom--ContractAssets_iI_do_c20241231_zfFd7A89eME5" title="Contract assets"><span id="xdx_907_ecustom--ContractAssets_iI_do_c20250630_zijzEPxgA3g7" title="Contract assets">no</span></span> contract assets as of December 31, 2024 and June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Contract liabilities represent the billings or cash received for services in advance of revenue recognition, which is recognized as revenue when all the Company’s revenue recognition criteria are met. The Company’s contract liabilities amounted to RMB <span id="xdx_90D_ecustom--ContractLiabilities_iI_c20241231_zXKajGzdfko" title="Contract liabilities">2,950,665 </span>and RMB <span id="xdx_902_ecustom--ContractLiabilities_iI_c20250630_zNDdJvWbSAI7">570,812 </span>(USD <span id="xdx_906_ecustom--ContractLiabilities_iI_uUSD_c20250630_zKygvsqzUA5i">79,738</span>) as of December 31, 2024 and June 30, 2025, respectively. The Company expects to recognize this balance as revenue over the next 12 months.</p> <p id="xdx_845_ecustom--CostOfRevenuesPolicyTextBlock_zpNr8z1Ffjv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86D_zOpFgukI2xRc">Cost of revenues</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For holographic solutions, the cost of revenue consists primarily of the costs of hardware products sold and outsourced content providers, third party software development costs, and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For holographic technology service, the cost of revenue consists primarily of costs paid to channel distributors for advertising services and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--CostAllocationPolicyTextBlock_zREDvwyHJF99" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_z8LXAiH4J0s4">Cost allocation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cost allocation includes allocation of certain general and administrative and financial expenses paid by the Parent. General and administrative expenses consist primarily of salary and related expenses of senior management and employees, shared management expenses, including accounting, consulting, legal support services, and other expenses to provide operating support to the related businesses. These allocations are made using a proportional cost allocation method by considering the proportion of revenues, headcounts as well as estimates of time spent on the provision of services attributable to the Company and the related expenses resulted from the acquisition of subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--ResearchAndDevelopmentExpensePolicy_zv9Z6mqm3YYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zAFLE2EbhEVb">Research and development</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, outsourced subcontractors, as well as office rental, depreciation and related expenses for the Company’s research and product development team.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_845_ecustom--ValueAddedTaxesPolicyTextBlock_zqYISrRWN6n2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zGhwJMepk3A8">Value added taxes (“VAT”)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13% in China, depending on the type of service provided or product sold. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_eus-gaap--IncomeTaxPolicyTextBlock_zfxZe4k1sDHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86F_zuJNkTxKg4ge">Income taxes</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Deferred tax is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the condensed consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. PRC tax returns filed are subject to examination by any applicable tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--LesseeLeasesPolicyTextBlock_z8ZrNpAg1x5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span><span id="xdx_86A_z2p0NTwiFRX7">Leases</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Effective January 1, 2022, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All the Company’s real estate leases are classified as operating leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">When determining the lease payments for an operating lease transitioning to ASC 842 using the effective date, it’s based on future payments at the transition date, based on the present value of lease payments over the remaining lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_845_eus-gaap--CompensationRelatedCostsPolicyTextBlock_z7mruiKL9sl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_861_zGWHLE5i5xFi">Employee benefit</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zBMDLRiGmZmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_862_zv7Ppfjy6f75">Earnings per share</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company computes earnings/loss per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income/loss divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_846_ecustom--StatutoryReservesPolicyTextBlock_zLznJftnmDmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_863_z71H502HgPQ2">Statutory reserves</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company is able to use the current period net income after tax to offset against the accumulate loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z5lbvSuvHQi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_862_ziroevY1Z03l">Segment reporting</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">FASB ASC 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. Majority of the Company’s business activities are carried out in PRC, hence no geographical segment is disclosed. The Company has determined two operating segments: (1) Holographic solutions, and (2) Holographic technology service.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_844_ecustom--RecentlyAdoptedAccountingStandardsPolicyTextBlock_z81IafZ7DSNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_86E_z446Nt72Kk15" style="text-decoration: underline">Recently adopted accounting standards</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. The Company adopted ASU 2023-07 on January 1, 2025, retrospectively to all periods presented in the consolidated financial statement. The adoption of this standard did not have a material impact to the Company’s results of operations, cash flows or financial condition.</p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zRmXCYdgWzW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_86C_zwt8l1OiCwba" style="text-decoration: underline">Recent Accounting Pronouncements</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zAT8PgPle9C8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_862_zvX3NowEzooe">Basis of presentation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”), regarding financial reporting, and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operation results. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of results to be expected for any other interim period or for the full year of 2025. Accordingly, these unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements and note thereto as of and for the year ended December 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zHsJdV3aq2Zb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_861_z9G2a71uKls9">Principles of consolidation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</p> <p id="xdx_84A_ecustom--UseOfEstimatesPolicyTextBlock_zLqEaeuvmfR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_865_zj85v94Fp1I8">Use of estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the assessment of the allowance for credit loss, useful lives of property, equipment and the recoverability of long-lived assets, warrant liabilities and uncertain tax position. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--EmergingGrowthCompanyPolicyTextBlock_zaELFyWbxVOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86B_z8iiKf8cQg0g">Emerging Growth Company</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_ecustom--NonControllingInterestsPolicyTextBlock_zxXToJRaEeF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span><span id="xdx_86E_zW93W0B6Fx32">Non-controlling interests</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our non-controlling interests represent the minority shareholders’ ownership interests related to our subsidiaries, including 44% for Ocean HK and its subsidiaries. The non-controlling interests are presented in the consolidated balance sheets separately from equity attributable to our shareholders. Non-controlling interests in the results of us are presented on the consolidated statement of income as allocations of the total income or loss for the six months ended June 30, 2025 between non-controlling interest holders and our shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-controlling interests consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfNonControllingInterestsTableTextBlock_z8EqvCJwKF9l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details)"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BC_zgnL4fkndC91" style="display: none">Schedule of Non-controlling interests</span></td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 1pt">Ocean HK</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_980_ecustom--TotalNoncontrollingInterests_pp0p0_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zOGq2ySEJDWh" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests">(823,251</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_98E_ecustom--TotalNoncontrollingInterests_pp0p0_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zF8aFj6R6nXj" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests"><span style="font-size: 10pt">(573,349<span style="font-family: Times New Roman, Times, Serif"></span></span></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_984_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zqFEIkX2HXn6" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests">(78,727</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total non-controlling interests</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20241231_zWeIZI0pehYe" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">(823,251</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_986_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20250630_zIYZ49tNbove" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests"><span style="font-size: 10pt">(573,349<span style="font-family: Times New Roman, Times, Serif"></span></span></td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20250630_ztoUUlzuPXe5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">(78,727</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A4_zK4XvrSuLy5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfNonControllingInterestsTableTextBlock_z8EqvCJwKF9l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details)"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BC_zgnL4fkndC91" style="display: none">Schedule of Non-controlling interests</span></td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 1pt">Ocean HK</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_980_ecustom--TotalNoncontrollingInterests_pp0p0_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zOGq2ySEJDWh" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests">(823,251</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_98E_ecustom--TotalNoncontrollingInterests_pp0p0_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zF8aFj6R6nXj" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests"><span style="font-size: 10pt">(573,349<span style="font-family: Times New Roman, Times, Serif"></span></span></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_984_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OceanHKMember_zqFEIkX2HXn6" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Total non-controlling interests">(78,727</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total non-controlling interests</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20241231_zWeIZI0pehYe" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">(823,251</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_986_ecustom--TotalNoncontrollingInterests_iI_pp0p0_c20250630_zIYZ49tNbove" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests"><span style="font-size: 10pt">(573,349<span style="font-family: Times New Roman, Times, Serif"></span></span></td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_ecustom--TotalNoncontrollingInterests_iI_pp0p0_uUSD_c20250630_ztoUUlzuPXe5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total non-controlling interests">(78,727</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> -823251 -573349 -78727 -823251 -573349 -78727 <p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z7Bk0pB8ct9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_866_zKNlsgRHuiTf">Foreign currency translation and other comprehensive income (loss)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 30, 2023, the Company determined that it would qualify as a foreign private issuer, as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934, beginning as of July 1, 2023. The reporting currency of the Company was Renminbi (“RMB”) for the year ended December 31, 2024. The Company has also presented USD for the period ended June 30, 2025 as additional information to the reader.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Accounting Standards Codification (“ASC”) 830 “Foreign Currency Matters”, the Company determined that its functional currency is RMB. MicroCloud and its subsidiaries, MC, Mengyun HK, Mcloudvr HK, Ocean HK, Broadvision HK, HaiYun Group, HaiCloud Inc and HaiCloud Ltd, maintain their book and records in USD, hence their financial information were translated into RMB in preparation of the consolidated financial statements. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the unaudited interim condensed consolidated financial statements, the financial information of the Company and other entities located outside of the PRC has been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. The resulting foreign currency translation adjustment is recorded in other comprehensive income (loss).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The balance sheet amounts, except for shareholders’ equity, as of June 30, 2025 and December 31, 2024 were translated at <span id="xdx_903_eus-gaap--ForeignCurrencyTransactionsDescription_c20250101__20250630_z5KGb0jI623f" title="Foreign cuurency transactions">USD 1.00 to RMB 7.1586 and to RMB 7.1884</span>, respectively. The average translation rates applied to statement of income accounts for the six months ended June 30, 2025 and 2024 were <span id="xdx_90B_ecustom--AverageTranslationRatesDescription_c20250101__20250630_zMrHL16Cooxi" title="Average translation rates">USD 1.00 to RMB 7.1837 and RMB 7.1052</span>, respectively. The shareholders’ equity accounts were stated at their historical rate. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> USD 1.00 to RMB 7.1586 and to RMB 7.1884 USD 1.00 to RMB 7.1837 and RMB 7.1052 <p id="xdx_843_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zTEm4pn2K8F8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_zX071SPglQVl">Cash and cash equivalents</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds earned from the Company’s operating revenues which were held at third party platform fund accounts which are unrestricted as to immediate use or withdraw. The Company maintains most of its bank accounts in the PRC and HK.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_ecustom--ShortTermInvestmentsPolicyTextBlock_z9WFtWEk3UJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_zWWppe2btWCk">Short-term investments</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Short-term investments consist primarily of wealth management products issued by commercial banks and investment banks, which contain variable interest indexed to the performance of underlying assets and redeemable on demand. These investments are stated at fair value. Changes in the fair value are reflected in other income in the consolidation statements of income and comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84D_eus-gaap--ReceivablesPolicyTextBlock_z8D6lWD2PO0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_867_zDg9cGUJvoC">Accounts receivable, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accounts receivable, net are stated at the original amount less an allowance for credit losses. The credit terms are generally 90 days.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accounts receivable, net are recognized in the period when the Company has provided services to its customers and when its right to consideration is unconditional. On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for credit losses, which replaces the previous incurred loss impairment model. The adoption of this ASU does not have a material effect on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company evaluates its accounts receivable for credit losses on a regular basis. The Company maintains an estimated allowance for credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company’s estimation of allowance for credit losses considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company adjusts the allowance percentage periodically when there are significant differences between estimated bad debts and actual bad debts. If there is strong evidence indicating that the accounts receivable are likely to be unrecoverable, the Company also makes specific allowance in the period in which a loss is determined to be probable. Accounts receivable balances are written off after all collection efforts have been exhausted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The allowance for credit losses as of December 31, 2024 and June 30, 2025 was RMB <span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20241231_zafZ3PgAqvLd" title="Doubtful accounts for accounts receivable">4,030,967</span> and RMB <span id="xdx_908_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20250630_zpuAisoppCvb" title="Doubtful accounts for accounts receivable">3,441,300</span> (USD <span id="xdx_906_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_uUSD_c20250630_zKpVCliuz3kb" title="Doubtful accounts for accounts receivable">480,722</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> 4030967 3441300 480722 <p id="xdx_842_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zWLP9DJwQFgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zgAQtk5Hw0D4">Property plant and equipment, net</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Property plant and equipment are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with 5% residual value. The estimated useful lives are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_896_ecustom--PropertyPlantAndEquipmentsTableTextBlock_z9pbocZTK6a7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #FFFFFF; text-indent: -0.25in; padding-left: 0.25in"><span id="xdx_8BA_z1yMwhSHckPg" style="display: none">Schedule of estimated useful lives</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #FFFFFF; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #FFFFFF; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #FFFFFF; text-align: justify; vertical-align: bottom"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 83%; text-indent: -0.25in; padding-left: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center; vertical-align: bottom"><b>Useful Life</b></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Office equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zGfJztIbZxd1" title="Estimated useful lives">3</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Mechanical equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zLmr9rgCFxcc" title="Estimated useful lives">3</span> – <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zjIvJ8z9rAxc" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Electronic and other equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zCQbBGRoOY0k" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_z8Eo8WDT5yu" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: middle"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_ze9dszQHv5ul" title="Estimated useful lives">3</span> – <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zAo6TFQrAITg" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: middle"> </td></tr> </table> <p id="xdx_8A4_zXPN5ndl42Vj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_896_ecustom--PropertyPlantAndEquipmentsTableTextBlock_z9pbocZTK6a7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #FFFFFF; text-indent: -0.25in; padding-left: 0.25in"><span id="xdx_8BA_z1yMwhSHckPg" style="display: none">Schedule of estimated useful lives</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #FFFFFF; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #FFFFFF; text-align: center; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #FFFFFF; text-align: justify; vertical-align: bottom"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 83%; text-indent: -0.25in; padding-left: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center; vertical-align: bottom"><b>Useful Life</b></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Office equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zGfJztIbZxd1" title="Estimated useful lives">3</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Mechanical equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zLmr9rgCFxcc" title="Estimated useful lives">3</span> – <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zjIvJ8z9rAxc" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Electronic and other equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zCQbBGRoOY0k" title="Estimated useful lives">3</span> – <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_z8Eo8WDT5yu" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: middle"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; text-indent: -0.25in; padding-left: 0.25in">Vehicles</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; vertical-align: bottom"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_ze9dszQHv5ul" title="Estimated useful lives">3</span> – <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20250630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zAo6TFQrAITg" title="Estimated useful lives">5</span> years</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: middle"> </td></tr> </table> P3Y P3Y P5Y P3Y P5Y P3Y P5Y <p id="xdx_843_ecustom--InvestmentsInUnconsolidatedEntitiesPolicyTextBlock_zTskqyb8Xovi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86F_zra4AJ8Hj7Rj">Investments in unconsolidated entities</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for investments with less than 20% of the voting shares and does not have the ability to exercise significant influence over operating and financial policies of the investee using the cost method. The Company records cost method investments at the historical cost in its condensed consolidated financial statements and subsequently records any dividends received from the net accumulated earnings of the investee as income. Dividends received in excess of earnings are considered a return of investment and are recorded as reduction in the cost of the investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cost method investments are evaluated for impairment when facts or circumstances indicate that the fair value of the long-term investments is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (i) nature of the investment; (ii) cause and duration of the impairment; (iii) extent to which fair value is less than cost; (iv) financial condition and near term prospects of the investments; and (v) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zx2VlIkZm3R3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_z1baLGhBK9bb">Impairment for long-lived assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values.</p> <p id="xdx_849_ecustom--ConvertibleBondsPolicyTextBlock_zGF24lTJ407j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86E_zaykAm15MsE3">Convertible bonds</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Convertible bonds are debt or equity instruments that either require or permit the investor to convert the instrument into equity securities of the issuer. The Company accounts for its convertible notes in accordance with ASC 470-20 Debt with Conversion and Other Options, whereby the convertible instrument is initially accounted for as a single unit of account, unless it contains a derivative that must be bifurcated from the host contract in accordance with ASC 815-15 Derivatives and hedging – Embedded Derivatives or the substantial premium model in ASC 470-20 Debt – Debt with Conversion and Other Options applies. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p id="xdx_844_eus-gaap--BusinessCombinationsPolicy_zmIb0f11BOm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zQAAl3f1hnbh">Business combination</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred and are included in general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zPoDbUn6rpOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_860_zGfbr9Y0Ep56">Fair value measurement</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_849_ecustom--WarrantsLiabilitiesPolicyTextBlock_zXxktyLliCYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86F_zYOdTgjBkzNb">Warrants liabilities</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for warrants (Public Warrants or Private Warrants) as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company has elected to account for its Public Warrants as equity and the Private Warrants as liabilities.</p> <p id="xdx_84A_eus-gaap--RevenueRecognitionPolicyTextBlock_z6UKEmnc9vj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86A_z1HxV7kUjFn9">Revenue recognition</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Effective January 1, 2019, the Company adopted ASC Topic 606 using the modified retrospective adoption method. Based on the requirements of ASC Topic 606, revenue is recognized when control of the promised goods or services is transferred to the customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Revenue is recognized when the following 5-step revenue recognition criteria are met:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">1)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Identify the contract with a customer</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Identify the performance obligations in the contract</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">3)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Determine the transaction price</td> </tr> </table> <p style="margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">4)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Allocate the transaction price</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">5)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Recognize revenue when or as the entity satisfies a performance obligation</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s revenue recognition policies effective upon the adoption of ASC 606 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>(i) Holographic Solutions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>a. Holographic Technology LiDAR Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company generates light detection and ranging (“LiDAR”) revenue through selling integrated circuit board embedded with holographic software. The Company typically enters into written contracts with its customer where the rights of the parties, including payment terms, are identified and sales prices to the customers are fixed with no separate sales rebate, discount, or other incentive and no right of return exists on sales of inventory. The Company’s performance obligation is to deliver products according to contract specifications. The Company recognizes product revenue at a point in time when the control of products is transferred to customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>b. Holographic Technology Intelligence Vision software and Technology Development Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company generates revenue by developing advanced driver assistance systems (“ADAS”) software and technology, which are generally on a fixed-priced basis. The Company has no alternative use for the customized software and the Company has an enforceable right to payment for performance completed to date. Revenues from ADAS software development contracts are recognized over time during the contract period based on the Company’s measurement of progress towards completion using input method, which is usually measured by comparing labor hours expended to date to total estimated labor hours needed to satisfy the performance obligation. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivable and deferred revenues at each reporting period. The Company has a long history of developing various ADAS software resulting in its ability to reasonably estimate the progress toward completion on each fixed price customized contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>c. Holographic Technology Licensing and Content Products</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company provides holographic content products and holographic software for music videos, shows, and commercials on a fixed-price basis. These contents and software are generally pre-developed and exist when made available to the customer. Content products are delivered through its website or offline using hard drive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenues from licensing and content products are recognized at the point in time when the control of products or services is transferred to customers. No upgrades, maintenance, or any other post-contract customer support are provided.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>d. Holographic Technology Hardware Sales</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is a distributor of holographic hardware and generates revenue through resale. In accordance with ASC 606, revenue recognition: principal agent consideration, an entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. Otherwise, the entity is an agent in the transaction. The Company evaluates three indicators of control in accordance with ASU 2016-08: 1) For hardware sales, the Company is the most visible entity to customers and assumes fulfilment risk and risks related to the acceptability of products, including addressing customer complaints directly and handling of product returns or refunds directly. 2) The Company assumes inventory risk after taking the title from vendors and is responsible for product damage during shipment period prior to acceptance of its customers and is also responsible for product return if the customer is not satisfied with the products. 3) The Company determines the resale price of hardware products. 4) The Company is the party that directs the use of the inventory and can prevent the vendor from transferring the product to a customer or to redirect the products to a different customer. After evaluating the above scenario, the Company considers itself the principal of these arrangements and records hardware sales revenue on a gross basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Hardware sales contracts are on a fixed price basis with no separate sales rebate, discount, or other incentive. Revenue is recognized at a point in time when the Company has delivered products and the acceptance by its customer with no future obligation. The Company generally permits returns of products due to deficits; however, returns are historically insignificant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>(ii) Holographic Technology Service</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Holographic advertisements are the use of holographic technology integrated into advertisements on media platforms and offline display. The Company enters advertising contracts with advertisers to promote merchandises and services where the price, which is generally based on cost per action (“CPA”), is fixed and determinable. The Company provides its advertising service to channel providers where the amounts cost per action are also fixed and determinable. Revenue is recognized at a point in time when agreed actions are performed. The Company considers itself as provider of the services under the CPA model as it has the control of the services at any time before it is transferred to the customers which is evidenced by 1) having a right to a service to be performed by the other party, which gives the Company the ability to direct that party to provide the service to the customers on the Company’s behalf. 2) having discretion in setting the price for the service 3) billing monthly advertising fee directly to customers by settling valid CPA data with customers. Therefore, the Company acts as the principal of these arrangements and reports revenue earned and costs incurred related to these transactions on a gross basis. The Company also provides advertisement services through influencers on social networks. The Company charges advertisers a fixed rate, which is generally a fixed percentage of total value of merchandise sold over a specific period (“GMV”). Revenue is recognized at a point of time when merchandise is sold through social network.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_84C_ecustom--ContractBalancesPolicyTextBlock_z8yZAe8yid2g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_869_zvk3X3YIOyxb">Contract balances</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company has <span id="xdx_90A_ecustom--ContractAssets_iI_do_c20241231_zfFd7A89eME5" title="Contract assets"><span id="xdx_907_ecustom--ContractAssets_iI_do_c20250630_zijzEPxgA3g7" title="Contract assets">no</span></span> contract assets as of December 31, 2024 and June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Contract liabilities represent the billings or cash received for services in advance of revenue recognition, which is recognized as revenue when all the Company’s revenue recognition criteria are met. The Company’s contract liabilities amounted to RMB <span id="xdx_90D_ecustom--ContractLiabilities_iI_c20241231_zXKajGzdfko" title="Contract liabilities">2,950,665 </span>and RMB <span id="xdx_902_ecustom--ContractLiabilities_iI_c20250630_zNDdJvWbSAI7">570,812 </span>(USD <span id="xdx_906_ecustom--ContractLiabilities_iI_uUSD_c20250630_zKygvsqzUA5i">79,738</span>) as of December 31, 2024 and June 30, 2025, respectively. The Company expects to recognize this balance as revenue over the next 12 months.</p> 0 0 2950665 570812 79738 <p id="xdx_845_ecustom--CostOfRevenuesPolicyTextBlock_zpNr8z1Ffjv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86D_zOpFgukI2xRc">Cost of revenues</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For holographic solutions, the cost of revenue consists primarily of the costs of hardware products sold and outsourced content providers, third party software development costs, and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For holographic technology service, the cost of revenue consists primarily of costs paid to channel distributors for advertising services and compensation expenses for the Company’s professionals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_ecustom--CostAllocationPolicyTextBlock_zREDvwyHJF99" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_z8LXAiH4J0s4">Cost allocation</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cost allocation includes allocation of certain general and administrative and financial expenses paid by the Parent. General and administrative expenses consist primarily of salary and related expenses of senior management and employees, shared management expenses, including accounting, consulting, legal support services, and other expenses to provide operating support to the related businesses. These allocations are made using a proportional cost allocation method by considering the proportion of revenues, headcounts as well as estimates of time spent on the provision of services attributable to the Company and the related expenses resulted from the acquisition of subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_842_eus-gaap--ResearchAndDevelopmentExpensePolicy_zv9Z6mqm3YYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zAFLE2EbhEVb">Research and development</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Research and development expenses include salaries and other compensation-related expenses to the Company’s research and product development personnel, outsourced subcontractors, as well as office rental, depreciation and related expenses for the Company’s research and product development team.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_845_ecustom--ValueAddedTaxesPolicyTextBlock_zqYISrRWN6n2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zGhwJMepk3A8">Value added taxes (“VAT”)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13% in China, depending on the type of service provided or product sold. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84B_eus-gaap--IncomeTaxPolicyTextBlock_zfxZe4k1sDHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_86F_zuJNkTxKg4ge">Income taxes</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Deferred tax is accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the condensed consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. PRC tax returns filed are subject to examination by any applicable tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--LesseeLeasesPolicyTextBlock_z8ZrNpAg1x5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span><span id="xdx_86A_z2p0NTwiFRX7">Leases</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Effective January 1, 2022, the Company adopted ASU 2016-02, “Leases” (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All the Company’s real estate leases are classified as operating leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">When determining the lease payments for an operating lease transitioning to ASC 842 using the effective date, it’s based on future payments at the transition date, based on the present value of lease payments over the remaining lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p id="xdx_845_eus-gaap--CompensationRelatedCostsPolicyTextBlock_z7mruiKL9sl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_861_zGWHLE5i5xFi">Employee benefit</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zBMDLRiGmZmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_862_zv7Ppfjy6f75">Earnings per share</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company computes earnings/loss per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income/loss divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_846_ecustom--StatutoryReservesPolicyTextBlock_zLznJftnmDmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_863_z71H502HgPQ2">Statutory reserves</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company is able to use the current period net income after tax to offset against the accumulate loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_84A_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z5lbvSuvHQi4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_862_ziroevY1Z03l">Segment reporting</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">FASB ASC 280, Segment Reporting, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. Majority of the Company’s business activities are carried out in PRC, hence no geographical segment is disclosed. The Company has determined two operating segments: (1) Holographic solutions, and (2) Holographic technology service.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p id="xdx_844_ecustom--RecentlyAdoptedAccountingStandardsPolicyTextBlock_z81IafZ7DSNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_86E_z446Nt72Kk15" style="text-decoration: underline">Recently adopted accounting standards</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. The Company adopted ASU 2023-07 on January 1, 2025, retrospectively to all periods presented in the consolidated financial statement. The adoption of this standard did not have a material impact to the Company’s results of operations, cash flows or financial condition.</p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zRmXCYdgWzW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_86C_zwt8l1OiCwba" style="text-decoration: underline">Recent Accounting Pronouncements</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_800_eus-gaap--BusinessCombinationDisclosureTextBlock_zUZUtVui5s2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 3 — <span id="xdx_82F_zK56FNcayg12">Business combination</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Acquisition of Yichang Ji Yue </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On March 1, 2024, Haiyun Xingchen entered into Acquisition Framework Agreement to acquire 100% equity interests of Yichang Ji Yue, a provider of advertising services. The aggregate purchase price is RMB 2 and the transaction consummated on March 1, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Company’s acquisition of Yichang Ji Yue was accounted for as business combination in accordance with ASC 805. The Company then allocated the fair value of consideration of Yichang Ji Yue based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the Business Combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Company considers that the carrying balance of the financial statement of Yichang Ji Yue at the date of the acquisition is equal to the fair value, as all key items of the financial statements of Yichang Ji Yue are related to basic commercial transactions, and the term is relatively short. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date, which represents the net purchase price allocation on the date of the acquisition of Yichang Ji Yue and translated the fair value from USD to RMB using the exchange rate on March 1, 2024 at the rate of <span id="xdx_90B_eus-gaap--ForeignCurrencyTranslationAdjustmentDescription_c20240229__20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zll1JLlsqLka" title="Foreign currency translation">RMB 1.00 to USD 0.1407</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"> </p> <table cellpadding="0" cellspacing="0" id="xdx_88D_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zNeR6rcoQVt9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Business combination (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BC_zcElaRDsmHH9" style="display: none">Schedule of fair value of identifiable assets acquired and liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Other current assets"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Other current assets"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 76%">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zX72I3oWGYH" style="width: 9%; text-align: right" title="Cash">1,091,759</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zOtVH0Gs7ep1" style="width: 9%; text-align: right" title="Cash">153,641</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other current assets</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zrnEvo3oWxKe" style="text-align: right" title="Other current assets">4,373,975</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zNBclLyQ74Pg" style="text-align: right" title="Other current assets">615,541</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_di_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zYbF4SKMaXu9" style="border-bottom: Black 1pt solid; text-align: right" title="Current liabilities">(5,465,734</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_di_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zXyqzfmXscd5" style="border-bottom: Black 1pt solid; text-align: right" title="Current liabilities">(769,182</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total consideration</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_z1wBwFeM5Yi5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total consideration"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zNbFkYCmybKb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total consideration"><span style="-sec-ix-hidden: xdx2ixbrl1017">-</span></td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_znQgvNXDxTZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> RMB 1.00 to USD 0.1407 <table cellpadding="0" cellspacing="0" id="xdx_88D_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zNeR6rcoQVt9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Business combination (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BC_zcElaRDsmHH9" style="display: none">Schedule of fair value of identifiable assets acquired and liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Other current assets"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right" title="Other current assets"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 76%">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zX72I3oWGYH" style="width: 9%; text-align: right" title="Cash">1,091,759</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zOtVH0Gs7ep1" style="width: 9%; text-align: right" title="Cash">153,641</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other current assets</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zrnEvo3oWxKe" style="text-align: right" title="Other current assets">4,373,975</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zNBclLyQ74Pg" style="text-align: right" title="Other current assets">615,541</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_di_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zYbF4SKMaXu9" style="border-bottom: Black 1pt solid; text-align: right" title="Current liabilities">(5,465,734</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_di_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zXyqzfmXscd5" style="border-bottom: Black 1pt solid; text-align: right" title="Current liabilities">(769,182</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total consideration</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_z1wBwFeM5Yi5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total consideration"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_uUSD_c20240301__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueMember_zNbFkYCmybKb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total consideration"><span style="-sec-ix-hidden: xdx2ixbrl1017">-</span></td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1091759 153641 4373975 615541 5465734 769182 <p id="xdx_80B_ecustom--ShortTermInvestmentsTextBlock_z9bWSPJHCTL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 4 — <span id="xdx_822_zV8fiRg24k67">Short-term investments</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Short-term investments consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89F_ecustom--ShortTermInvestmentsTableTextBlock_zXQmLs7bcuR1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details)"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"><span id="xdx_8BD_zxH7xBApTL86" style="display: none">Schedule of Short-term Investments</span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31,<br/> 2024</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 64%; text-align: left"><p>Marketable securities</p></td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_98B_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__srt--ProductOrServiceAxis__custom--WealthManagementProductMember_zYhJen9oG0Cb" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Short term Investments">725,664,686</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_987_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__srt--ProductOrServiceAxis__custom--WealthManagementProductMember_zl56jvfoczZk" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Short term Investments">1,315,644,112</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_uUSD_c20250630__srt--ProductOrServiceAxis__custom--WealthManagementProductMember_zeAy1HugV4Zd" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Short term Investments">183,785,113</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A2_z0Sa4FIzoXv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Fair value disclosure:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p> <table cellpadding="0" cellspacing="0" id="xdx_89E_ecustom--ScheduleOfFairValueDisclosureTableTextBlock_z51nLChAdv7g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details 1)"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BA_zTT3PKRO2zAk" style="display: none">Schedule of Fair value disclosure</span></td><td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Marketable securities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231_z1SOq4UL23Gl" style="width: 9%; text-align: right" title="Marketable securities">725,664,686</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zCIVu4Z7HIRf" style="width: 9%; text-align: right" title="Marketable securities">725,664,686</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zPUvbOchk5t5" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1036">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z05gR4rfqqa4" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1038">-</span></td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Marketable securities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630_zTgzSMykA1s1" style="width: 9%; text-align: right" title="Marketable securities">1,315,644,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zAXLiPl9kpLi" style="width: 9%; text-align: right" title="Marketable securities">1,315,644,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z9QTMAwNSKrk" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1044">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zKEy0zYS37ol" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1046">-</span></td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zNapW3saC3H8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the six months ended June 30, 2025, the Company invested a total of RMB <span id="xdx_90C_eus-gaap--OtherShortTermInvestments_iI_c20250630_ztCYPBOhV9d8" title="Short-term investments">522,577,800</span> (USD <span id="xdx_907_eus-gaap--OtherShortTermInvestments_iI_uUSD_c20250630_zfJW3vQnOfp9" title="Short-term investments">73,000,000</span>) and gained investment income of RMB <span id="xdx_903_eus-gaap--InvestmentIncomeNet_c20250101__20250630_zDSHZtyZLkbi" title="Investment income">214,868,468</span> (USD <span id="xdx_90B_eus-gaap--InvestmentIncomeNet_uUSD_c20250101__20250630_zJbuFwyuFPp9" title="Investment income">29,910,557</span>).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89F_ecustom--ShortTermInvestmentsTableTextBlock_zXQmLs7bcuR1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details)"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"><span id="xdx_8BD_zxH7xBApTL86" style="display: none">Schedule of Short-term Investments</span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31,<br/> 2024</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><b> </b></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 64%; text-align: left"><p>Marketable securities</p></td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_98B_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__srt--ProductOrServiceAxis__custom--WealthManagementProductMember_zYhJen9oG0Cb" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Short term Investments">725,664,686</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_987_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__srt--ProductOrServiceAxis__custom--WealthManagementProductMember_zl56jvfoczZk" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Short term Investments">1,315,644,112</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td id="xdx_983_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_uUSD_c20250630__srt--ProductOrServiceAxis__custom--WealthManagementProductMember_zeAy1HugV4Zd" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Short term Investments">183,785,113</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> </table> 725664686 1315644112 183785113 <table cellpadding="0" cellspacing="0" id="xdx_89E_ecustom--ScheduleOfFairValueDisclosureTableTextBlock_z51nLChAdv7g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Short-term investments (Details 1)"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BA_zTT3PKRO2zAk" style="display: none">Schedule of Fair value disclosure</span></td><td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Marketable securities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231_z1SOq4UL23Gl" style="width: 9%; text-align: right" title="Marketable securities">725,664,686</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zCIVu4Z7HIRf" style="width: 9%; text-align: right" title="Marketable securities">725,664,686</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zPUvbOchk5t5" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1036">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z05gR4rfqqa4" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1038">-</span></td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Marketable securities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630_zTgzSMykA1s1" style="width: 9%; text-align: right" title="Marketable securities">1,315,644,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zAXLiPl9kpLi" style="width: 9%; text-align: right" title="Marketable securities">1,315,644,112</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z9QTMAwNSKrk" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1044">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--MarketableSecuritiesCurrent_iI_pp0p0_c20250630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zKEy0zYS37ol" style="width: 9%; text-align: right" title="Marketable securities"><span style="-sec-ix-hidden: xdx2ixbrl1046">-</span></td><td style="width: 1%; text-align: left"> </td></tr> </table> 725664686 725664686 1315644112 1315644112 522577800 73000000 214868468 29910557 <p id="xdx_801_eus-gaap--AccountsAndNontradeReceivableTextBlock_zKfe6Raa40Ok" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 5 — <span id="xdx_828_zgZ0NoJcu3e3">Accounts receivable, net</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Accounts receivable, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zAABpDg2o0F3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B0_zgkpOCcqPDC1" style="display: none">Schedule of Accounts receivable, net</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20241231_zDpn8FRpRsLa" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20250630_z5Yszl0tXUA7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iI_pp0p0_maARNzp0Q_zWEYSiXrCcrj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">27,502,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">29,678,729</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_987_eus-gaap--AccountsReceivableGross_iI_pp0p0_uUSD_c20250630_zUGeoJw1esic" style="width: 9%; text-align: right" title="Accounts receivable">4,145,884</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_msARNzp0Q_zwBIppb1ssdj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: allowance for credit loss</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,030,967</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(3,441,300</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_uUSD_c20250630_zugie4LCb5zg" style="border-bottom: Black 1pt solid; text-align: right" title="Less: allowance for credit loss">(480,722</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--AccountsReceivableNet_iTI_pp0p0_mtARNzp0Q_z6loWVAUWeXk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts receivable, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">23,471,365</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">26,237,429</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98A_eus-gaap--AccountsReceivableNet_iTI_pp0p0_uUSD_c20250630_z5uudc0nnZj3" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts receivable, net">3,665,162</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zSDFAwD4rJZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The following table summarizes the changes in allowance for credit loss:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89D_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zB1VKez4rCmg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BD_zjnvKve0vAqa" style="display: none">Schedule of allowance for doubtful accounts</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20230101__20231231_z7ax3jff86T3" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20250101__20250630_z6TLz0hbYxIg" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_40B_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_zE3mqj8vD5sa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,588,786</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,030,967</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_989_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_uUSD_c20250101__20250630_zhyS3RJGBr14" style="width: 9%; text-align: right" title="Beginning balance">560,760</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AllowanceReversalForCreditLoss_zrMapPnJNxm5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allowance/ (Reversal) for credit loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,492,478</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(584,713</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_ecustom--AllowanceReversalForCreditLoss_pp0p0_uUSD_c20250101__20250630_zWSSuiymJ1p2" style="text-align: right" title="Allowance/ (Reversal) for credit loss">(81,394</td> <td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--Writeoff_z4VJ5GHfOQJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Write-off</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,050,297</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(4,954</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_ecustom--Writeoff_pp0p0_uUSD_c20250101__20250630_znTRyNu3mzKb" style="text-align: right" title="Write-off">(690</td> <td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--ExchangeRateDifference_zjuHLrO784s4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Exchange rate difference</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1092">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1093">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_ecustom--ExchangeDifference_pp0p0_uUSD_c20250101__20250630_zgp0nPH65NY" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange difference">2,046</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_zX3zkhMrg1Hc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,030,967</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,441,300</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_986_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_uUSD_c20250101__20250630_zJNQAEZdGUzg" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">480,722</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zZl9IfpI6m3" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zAABpDg2o0F3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B0_zgkpOCcqPDC1" style="display: none">Schedule of Accounts receivable, net</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20241231_zDpn8FRpRsLa" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20250630_z5Yszl0tXUA7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableGross_iI_pp0p0_maARNzp0Q_zWEYSiXrCcrj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">27,502,332</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">29,678,729</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_987_eus-gaap--AccountsReceivableGross_iI_pp0p0_uUSD_c20250630_zUGeoJw1esic" style="width: 9%; text-align: right" title="Accounts receivable">4,145,884</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_msARNzp0Q_zwBIppb1ssdj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: allowance for credit loss</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(4,030,967</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(3,441,300</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_uUSD_c20250630_zugie4LCb5zg" style="border-bottom: Black 1pt solid; text-align: right" title="Less: allowance for credit loss">(480,722</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--AccountsReceivableNet_iTI_pp0p0_mtARNzp0Q_z6loWVAUWeXk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts receivable, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">23,471,365</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">26,237,429</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98A_eus-gaap--AccountsReceivableNet_iTI_pp0p0_uUSD_c20250630_z5uudc0nnZj3" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts receivable, net">3,665,162</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 27502332 29678729 4145884 4030967 3441300 480722 23471365 26237429 3665162 <table cellpadding="0" cellspacing="0" id="xdx_89D_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zB1VKez4rCmg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Accounts receivable, net (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BD_zjnvKve0vAqa" style="display: none">Schedule of allowance for doubtful accounts</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20230101__20231231_z7ax3jff86T3" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20250101__20250630_z6TLz0hbYxIg" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_40B_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_zE3mqj8vD5sa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,588,786</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,030,967</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_989_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_uUSD_c20250101__20250630_zhyS3RJGBr14" style="width: 9%; text-align: right" title="Beginning balance">560,760</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AllowanceReversalForCreditLoss_zrMapPnJNxm5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allowance/ (Reversal) for credit loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,492,478</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(584,713</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_ecustom--AllowanceReversalForCreditLoss_pp0p0_uUSD_c20250101__20250630_zWSSuiymJ1p2" style="text-align: right" title="Allowance/ (Reversal) for credit loss">(81,394</td> <td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--Writeoff_z4VJ5GHfOQJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Write-off</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,050,297</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(4,954</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_ecustom--Writeoff_pp0p0_uUSD_c20250101__20250630_znTRyNu3mzKb" style="text-align: right" title="Write-off">(690</td> <td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--ExchangeRateDifference_zjuHLrO784s4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Exchange rate difference</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1092">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1093">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_ecustom--ExchangeDifference_pp0p0_uUSD_c20250101__20250630_zgp0nPH65NY" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange difference">2,046</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_zX3zkhMrg1Hc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,030,967</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">3,441,300</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_986_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_uUSD_c20250101__20250630_zJNQAEZdGUzg" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">480,722</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4588786 4030967 560760 2492478 -584713 -81394 -3050297 -4954 -690 2046 4030967 3441300 480722 <p id="xdx_80E_eus-gaap--InventoryDisclosureTextBlock_zyrjnoXpniB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 6 — <span id="xdx_829_zCRKO5FzVPxi">Inventories, net</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Inventories, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_88B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zI7XUac5Jexc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Inventories (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B0_zs1KwzhUeGkf" style="display: none">Schedule of inventories</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20241231_z4fculYTycr" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20250630_zxtSuVmFxRhb" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_402_eus-gaap--InventoryRawMaterials_iI_pp0p0_maIGzMgH_zFmYBsy14cO1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,539,710</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,437,771</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98D_eus-gaap--InventoryRawMaterials_iI_pp0p0_uUSD_c20250630_zjXRoY7JAFb3" style="width: 9%; text-align: right" title="Raw materials">200,845</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryFinishedGoods_iI_pp0p0_maIGzMgH_z0lPzHPgzBt9" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">76,899</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,542</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--InventoryFinishedGoods_iI_pp0p0_uUSD_c20250630_z4O1S28TSbsd" style="border-bottom: Black 1pt solid; text-align: right" title="Finished goods">635</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InventoryGross_iTI_pp0p0_mtIGzMgH_maINz21f_zcgkHQJu34vc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,616,609</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,442,313</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--InventoryGross_iTI_pp0p0_uUSD_c20250630_zLNlTKi9W2i8" style="text-align: right" title="Total">201,480</td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_msINz21f_zRKaUQs9u1p1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: Inventory allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(850,926</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(850,926</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_uUSD_c20250630_zKvMTj7x6wKh" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Inventory allowance">(118,868</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InventoriesNet_iTI_pp0p0_mtINz21f_zfbJmsATpE28" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Inventories, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">765,683</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">591,387</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_ecustom--InventoriesNet_iTI_pp0p0_uUSD_c20250630_zZ6XgJOVSjY8" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventories, net">82,612</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_88B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zI7XUac5Jexc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Inventories (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B0_zs1KwzhUeGkf" style="display: none">Schedule of inventories</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20241231_z4fculYTycr" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20250630_zxtSuVmFxRhb" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_402_eus-gaap--InventoryRawMaterials_iI_pp0p0_maIGzMgH_zFmYBsy14cO1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,539,710</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,437,771</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98D_eus-gaap--InventoryRawMaterials_iI_pp0p0_uUSD_c20250630_zjXRoY7JAFb3" style="width: 9%; text-align: right" title="Raw materials">200,845</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryFinishedGoods_iI_pp0p0_maIGzMgH_z0lPzHPgzBt9" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">76,899</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,542</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--InventoryFinishedGoods_iI_pp0p0_uUSD_c20250630_z4O1S28TSbsd" style="border-bottom: Black 1pt solid; text-align: right" title="Finished goods">635</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InventoryGross_iTI_pp0p0_mtIGzMgH_maINz21f_zcgkHQJu34vc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,616,609</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,442,313</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--InventoryGross_iTI_pp0p0_uUSD_c20250630_zLNlTKi9W2i8" style="text-align: right" title="Total">201,480</td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_msINz21f_zRKaUQs9u1p1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: Inventory allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(850,926</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(850,926</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_uUSD_c20250630_zKvMTj7x6wKh" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Inventory allowance">(118,868</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--InventoriesNet_iTI_pp0p0_mtINz21f_zfbJmsATpE28" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Inventories, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">765,683</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">591,387</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_ecustom--InventoriesNet_iTI_pp0p0_uUSD_c20250630_zZ6XgJOVSjY8" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventories, net">82,612</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1539710 1437771 200845 76899 4542 635 1616609 1442313 201480 850926 850926 118868 765683 591387 82612 <p id="xdx_801_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zeYamqCIjW9l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 7 — <span id="xdx_826_ze0VAzYxrMuj">Property and equipment, net</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Property and equipment, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_88F_eus-gaap--PropertyPlantAndEquipmentTextBlock_zvuKXuRgN4A9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and equipment, net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B7_zQ1MQWeuG9Yc" style="display: none">Schedule of Property and equipment, net</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Office equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zwtXTprN0sCj" style="width: 9%; text-align: right" title="Sub total">1,005,558</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zZ6YOmNfwoJk" style="width: 9%; text-align: right" title="Sub total">1,005,558</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_z3PAaABfDyec" style="width: 9%; text-align: right" title="Sub total">140,469</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Mechanical equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_z3wFBir2wui" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zRmgjOhHEaue" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_z92kX9XCqIGl" style="text-align: right" title="Sub total">147,959</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Electronic and other equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zJh3DX9LAM83" style="text-align: right" title="Sub total">1,684,135</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zZXyc27sWKp1" style="text-align: right" title="Sub total">1,713,829</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_ziLIwDsaBy7f" style="text-align: right" title="Sub total">239,408</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Vehicles</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zYxzT0J92Dqk" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">43,982</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zpoYZFrSHOi7" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">43,982</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zI3FQNzrFoRc" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">6,144</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231_zzZqQi2WJwxe" style="text-align: right" title="Sub total">3,792,853</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630_zJOtevHpTHv6" style="text-align: right" title="Sub total">3,822,547</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630_zfgZlprEN5Z" style="text-align: right" title="Sub total">533,980</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20241231_zrnv1Ti8onPe" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(3,209,052</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20250630_zrxqNoT1pWQ5" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(3,325,567</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_983_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_uUSD_c20250630_z0O2YHQhi947" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(464,556</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20241231_zsGaTSNynHb6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">583,801</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20250630_z1Aw4W57x8W6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">496,980</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_uUSD_c20250630_zfPq65cgA7lf" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">69,424</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Depreciation expense for the six months ended June 30, 2024 and 2025 amounted to RMB <span id="xdx_90C_eus-gaap--Depreciation_pp0p0_c20240101__20240630_zIK4qTpkLsEf">434,622 </span>and RMB <span id="xdx_906_eus-gaap--Depreciation_pp0p0_c20250101__20250630_zmrsbH5WFt3a">116,515 </span>(USD <span id="xdx_901_eus-gaap--Depreciation_pp0p0_uUSD_c20250101__20250630_zF0sAHyag8u7">16,219</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_88F_eus-gaap--PropertyPlantAndEquipmentTextBlock_zvuKXuRgN4A9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and equipment, net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B7_zQ1MQWeuG9Yc" style="display: none">Schedule of Property and equipment, net</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Office equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zwtXTprN0sCj" style="width: 9%; text-align: right" title="Sub total">1,005,558</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zZ6YOmNfwoJk" style="width: 9%; text-align: right" title="Sub total">1,005,558</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_z3PAaABfDyec" style="width: 9%; text-align: right" title="Sub total">140,469</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Mechanical equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_z3wFBir2wui" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zRmgjOhHEaue" style="text-align: right" title="Sub total">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_z92kX9XCqIGl" style="text-align: right" title="Sub total">147,959</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Electronic and other equipment</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zJh3DX9LAM83" style="text-align: right" title="Sub total">1,684,135</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_zZXyc27sWKp1" style="text-align: right" title="Sub total">1,713,829</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicAndOtherEquipmentMember_ziLIwDsaBy7f" style="text-align: right" title="Sub total">239,408</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Vehicles</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zYxzT0J92Dqk" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">43,982</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zpoYZFrSHOi7" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">43,982</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zI3FQNzrFoRc" style="border-bottom: Black 1pt solid; text-align: right" title="Sub total">6,144</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20241231_zzZqQi2WJwxe" style="text-align: right" title="Sub total">3,792,853</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_pp0p0_c20250630_zJOtevHpTHv6" style="text-align: right" title="Sub total">3,822,547</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_uUSD_c20250630_zfgZlprEN5Z" style="text-align: right" title="Sub total">533,980</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20241231_zrnv1Ti8onPe" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(3,209,052</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20250630_zrxqNoT1pWQ5" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(3,325,567</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_983_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_uUSD_c20250630_z0O2YHQhi947" style="border-bottom: Black 1pt solid; text-align: right" title="Less: accumulated depreciation">(464,556</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20241231_zsGaTSNynHb6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">583,801</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_c20250630_z1Aw4W57x8W6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">496,980</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_pp0p0_uUSD_c20250630_zfPq65cgA7lf" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">69,424</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1005558 1005558 140469 1059178 1059178 147959 1684135 1713829 239408 43982 43982 6144 3792853 3822547 533980 3209052 3325567 464556 583801 496980 69424 434622 116515 16219 <p id="xdx_80A_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zxa2CBlg41r2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 8 — <span id="xdx_821_zQoFZC5wicd1">Other payables and accrued liabilities</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other payables and accrued liabilities consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zFIKdzvmqyVd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Other payables and accrued liabilities (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BB_zQn2mNXeCChd" style="display: none">Schedule of Other payables and accrued liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20241231_zPUA2X06Yt57" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20250630_zvtoaJyI0UW6" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_40A_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_zrVHDua3T21" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Payroll payables</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,743,336</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,993,374</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_uUSD_c20250630_zKggO5lpAr5e" style="width: 9%; text-align: right" title="Salary payables">697,535</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other payables</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,909,861</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,255,119</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0_uUSD_c20250630_zpBOtAeycob1" style="border-bottom: Black 1pt solid; text-align: right" title="Other payables and accrued expenses">594,407</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,653,197</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">9,248,493</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0_uUSD_c20250630_zBKX9A1uF2m5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total other payables and accrued liabilities">1,291,942</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zFIKdzvmqyVd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Other payables and accrued liabilities (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BB_zQn2mNXeCChd" style="display: none">Schedule of Other payables and accrued liabilities</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20241231_zPUA2X06Yt57" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20250630_zvtoaJyI0UW6" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_40A_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_zrVHDua3T21" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Payroll payables</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,743,336</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4,993,374</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_uUSD_c20250630_zKggO5lpAr5e" style="width: 9%; text-align: right" title="Salary payables">697,535</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other payables</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,909,861</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,255,119</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98C_ecustom--OtherPayablesAndAccruedExpenses_iI_pp0p0_uUSD_c20250630_zpBOtAeycob1" style="border-bottom: Black 1pt solid; text-align: right" title="Other payables and accrued expenses">594,407</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">7,653,197</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">9,248,493</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_980_eus-gaap--OtherAccountsPayableAndAccruedLiabilities_iI_pp0p0_uUSD_c20250630_zBKX9A1uF2m5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total other payables and accrued liabilities">1,291,942</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4743336 4993374 697535 2909861 4255119 594407 7653197 9248493 1291942 <p id="xdx_80D_ecustom--ConvertibleBondsTextBlock_zkIjCElB7Sfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 9 — <span id="xdx_823_z8S8grycyNG">Convertible bonds</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Convertible bonds consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfConvertibleBondsTableTextBlock_zuHKosNx1Xfj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible bonds (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 64%"><span id="xdx_8B3_zbsJiIuNY2x6" style="display: none">Schedule of Bonds payable</span></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%" title="Total bonds payable"> </td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%" title="Total bonds payable"> </td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%" title="Total bonds payable"> </td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31,<br/> 2024</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-left: 0.125in; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">(Audited)</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Investors</td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_981_ecustom--TotalBondsPayable_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_z8r8PmGmVulf" style="vertical-align: bottom; font-weight: bold; text-align: right" title="Total bonds payable"><span style="-sec-ix-hidden: xdx2ixbrl1205">-</span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_986_ecustom--TotalBondsPayable_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zaW1XTFFFXm4" style="vertical-align: bottom; text-align: right" title="Total bonds payable">52,687,296</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_98E_ecustom--TotalBondsPayable_iI_uUSD_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zzMUXuF1mbI5" style="vertical-align: bottom; text-align: right" title="Total bonds payable">7,360,000</td> <td style="vertical-align: bottom; text-align: center"> </td></tr> </table> <p id="xdx_8A8_zUpoYmZWAvgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">During the six months ended June 30, 2025, the Company entered into convertible note purchase agreements with investors, pursuant to which the Company will issue to each investor an unsecured convertible promissory note. Each note has a term of 360 days and bears an interest at 0% per annum. The notes were convertible at the holder’s election into ordinary shares of the Company at a discount to the Company’s market price, calculated as 70% of the lowest closing price in the preceding 60 trading days. As the conversion feature required physical settlement in the Company’s own equity and did not meet the net settlement criteria, the embedded conversion option does not meet the definition of a derivative under ASC 815-10-15-83 and was not accounted for separately. Furthermore, as all outstanding notes were converted into ordinary shares shortly after, no interest expense was recognized, and any potential beneficial conversion feature was not material to the financial statements. If an event of default on the Note occurs, interest shall accrue on the outstanding balance at the rate equal to the lesser of 10% per annum or the maximum rate permitted under applicable law until paid. Each Investors has the right at any time after the purchase amount has been paid in full, at its election, to convert all or a portion of the outstanding balance under each of the note into ordinary shares of the Company of par value US$0.8. As of December 31, 2024 and June 30, 2025, there were RMB <span id="xdx_905_ecustom--TotalBondsPayable_pp0p0_c20241231_zZknOYzDp74h" style="display: none" title="Total bonds payable">0</span>nil and RMB <span id="xdx_909_ecustom--TotalBondsPayable_pp0p0_c20250630_zgqjEu0e4998" title="Total bonds payable">52,687,296</span> (USD <span id="xdx_904_ecustom--TotalBondsPayable_iI_pp0p0_uUSD_c20250630_z9Uic3wk16F7" title="Total bonds payable">7,360,000</span>) convertible bonds outstanding, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfConvertibleBondsTableTextBlock_zuHKosNx1Xfj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible bonds (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; width: 64%"><span id="xdx_8B3_zbsJiIuNY2x6" style="display: none">Schedule of Bonds payable</span></td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%" title="Total bonds payable"> </td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%" title="Total bonds payable"> </td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%" title="Total bonds payable"> </td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31,<br/> 2024</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">June 30,<br/> 2025</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; padding-left: 0.125in; vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">(Audited)</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>(Unaudited)</b></td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom; text-align: left">Investors</td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td colspan="2" id="xdx_981_ecustom--TotalBondsPayable_iI_c20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_z8r8PmGmVulf" style="vertical-align: bottom; font-weight: bold; text-align: right" title="Total bonds payable"><span style="-sec-ix-hidden: xdx2ixbrl1205">-</span></td> <td style="vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_986_ecustom--TotalBondsPayable_iI_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zaW1XTFFFXm4" style="vertical-align: bottom; text-align: right" title="Total bonds payable">52,687,296</td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_98E_ecustom--TotalBondsPayable_iI_uUSD_c20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zzMUXuF1mbI5" style="vertical-align: bottom; text-align: right" title="Total bonds payable">7,360,000</td> <td style="vertical-align: bottom; text-align: center"> </td></tr> </table> 52687296 7360000 0 52687296 7360000 <p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_znF9looOGWI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 10 — <span id="xdx_820_z63xdIIvyang">Taxes</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cayman Islands</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">MicroCloud, MC and HaiCloud Inc were incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Hong Kong</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mengyun HK, Mcloudvr HK, Ocean HK, Broadvision HK and HaiCloud Ltd, our subsidiaries incorporated in Hong Kong, are subject to a two-tiered income tax rate for taxable income earned in Hong Kong. The first HK$2 million profits earned by a company is subject to be taxed at an income tax rate of <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20250101__20250630__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zNccRJrDwrQ9" title="Income tax rate">8.25</span>%, while the remaining profits will continue to be taxed at the existing tax rate of 16.5%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">PRC</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The subsidiaries incorporated in the PRC are governed by the income tax laws of the PRC and the income tax provision for operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the <span style="font-family: Times New Roman, Times, Serif">“</span>EIT Laws”), domestic enterprises and Foreign Investment Enterprises (the <span style="font-family: Times New Roman, Times, Serif">“</span>FIE”) are subject to a unified <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ForeignInvestmentEnterprisesMember_zu3l7LoVIiH1">25</span>% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemptions may be granted on a case-by-case basis. EIT grants preferential tax treatment to certain High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HNTEsMember_zDWJZ3CLDutk">15</span>%, subject to a requirement that they re-apply for HNTE status every three years. Shanghai Mengyun obtained the “high-tech enterprise” tax status in October 2017 and further renewed in December 2023, which reduced its statutory income tax rate to <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20170101__20231231_zJ0fNdsrLKdi">15</span>% from January 2017 to December 2025. Shenzhen Bowei obtained the “high-tech enterprise” tax status in December 2021 and further renewed in December 2024, which reduced its statutory income tax rate to <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20180101__20241231_z1MVvfjgeBGd">15</span>% from January 2021 to December 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Significant components of the income tax expense are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zIxtNUcIPkZa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B2_zvjA67WgRwr6" style="display: none">Schedule of income tax expense benefi</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20240630_zYsjVrZENRxd" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20250101__20250630_zs4eIGGoqXoj" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30,<br/> 2024</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30,<br/> 2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30,<br/> 2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Current</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">398,951</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,770</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--CurrentIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20250630_zbKalZHnQKqk" style="width: 9%; text-align: right" title="Current">(664</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredIncomeTaxExpenseBenefit_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,931,447</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1234">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_eus-gaap--DeferredIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20250630_za80jOXXcknd" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred"><span style="-sec-ix-hidden: xdx2ixbrl1236">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--BenefitOfIncomeTaxes_iN_di_zeKqWetAhfj7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income tax expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(2,532,496</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(4,770</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_ecustom--BenefitOfIncomeTaxes_iN_pp0p0_di_uUSD_c20250101__20250630_zR0eQc9Nsqp4" style="border-bottom: Black 2.5pt double; text-align: right" title="Benefit of income taxes">(664</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A5_ztVBdp1MKOAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><i>Deferred tax assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company evaluates the level of authority for each uncertain tax position based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the six months ended June 30, 2024 and 2025, the Company had no unrecognized tax benefits. Due to uncertainties surrounding future utilization, the Company estimates there will not be sufficient future income to realize the deferred tax assets arising from net operating losses for the subsidiaries. The Company maintains a full valuation allowance on its net deferred tax assets as of December 31, 2024 and June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Value added taxes (“VAT”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price. VAT rate is 6% on services and 13% on goods in China.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Taxes payable consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfTaxPayableTableTextBlock_zzl67Yp612I" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B4_z9Fd1Av67BEe" style="display: none">Schedule of Taxes payable</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20241231_zMH5NxieahJ7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20250630_z9WDo043RC64" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_406_ecustom--VatTaxesPayable_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">VAT taxes payable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">115,104</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">93,833</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_987_ecustom--VatTaxesPayable_iI_pp0p0_uUSD_c20250630_z4x778ljkMA4" style="width: 9%; text-align: right" title="VAT taxes payable">13,108</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedIncomeTaxes_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income taxes payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,922</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1252">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--AccruedIncomeTaxes_iI_pp0p0_uUSD_c20250630_zErp2I3GQXl5" style="text-align: right" title="Income taxes payable"><span style="-sec-ix-hidden: xdx2ixbrl1254">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--OtherTaxesPayable_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other taxes payable</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">26,571</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">21,248</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_ecustom--OtherTaxesPayable_iI_pp0p0_uUSD_c20250630_zdKkOD19trZ6" style="border-bottom: Black 1pt solid; text-align: right" title="Other taxes payable">2,968</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">147,597</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">115,081</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0_uUSD_c20250630_zEba6O4dVvE2" style="border-bottom: Black 2.5pt double; text-align: right" title="Totals">16,076</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zHZKwKn0vcn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0825 0.25 0.15 0.15 0.15 <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zIxtNUcIPkZa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B2_zvjA67WgRwr6" style="display: none">Schedule of income tax expense benefi</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20240630_zYsjVrZENRxd" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20250101__20250630_zs4eIGGoqXoj" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30,<br/> 2024</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30,<br/> 2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>June 30,<br/> 2025</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(Unaudited)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Current</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">398,951</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(4,770</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--CurrentIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20250630_zbKalZHnQKqk" style="width: 9%; text-align: right" title="Current">(664</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredIncomeTaxExpenseBenefit_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,931,447</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1234">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_981_eus-gaap--DeferredIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20250630_za80jOXXcknd" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred"><span style="-sec-ix-hidden: xdx2ixbrl1236">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--BenefitOfIncomeTaxes_iN_di_zeKqWetAhfj7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income tax expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(2,532,496</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(4,770</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_ecustom--BenefitOfIncomeTaxes_iN_pp0p0_di_uUSD_c20250101__20250630_zR0eQc9Nsqp4" style="border-bottom: Black 2.5pt double; text-align: right" title="Benefit of income taxes">(664</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 398951 -4770 -664 -2931447 2532496 4770 664 <table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfTaxPayableTableTextBlock_zzl67Yp612I" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B4_z9Fd1Av67BEe" style="display: none">Schedule of Taxes payable</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20241231_zMH5NxieahJ7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20250630_z9WDo043RC64" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr id="xdx_406_ecustom--VatTaxesPayable_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">VAT taxes payable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">115,104</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">93,833</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_987_ecustom--VatTaxesPayable_iI_pp0p0_uUSD_c20250630_z4x778ljkMA4" style="width: 9%; text-align: right" title="VAT taxes payable">13,108</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedIncomeTaxes_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income taxes payable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,922</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1252">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--AccruedIncomeTaxes_iI_pp0p0_uUSD_c20250630_zErp2I3GQXl5" style="text-align: right" title="Income taxes payable"><span style="-sec-ix-hidden: xdx2ixbrl1254">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--OtherTaxesPayable_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other taxes payable</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">26,571</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">21,248</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_ecustom--OtherTaxesPayable_iI_pp0p0_uUSD_c20250630_zdKkOD19trZ6" style="border-bottom: Black 1pt solid; text-align: right" title="Other taxes payable">2,968</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">147,597</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">115,081</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0_uUSD_c20250630_zEba6O4dVvE2" style="border-bottom: Black 2.5pt double; text-align: right" title="Totals">16,076</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 115104 93833 13108 5922 26571 21248 2968 147597 115081 16076 <p id="xdx_807_eus-gaap--ConcentrationRiskDisclosureTextBlock_z7bBPWwaVY37" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 11 — <span id="xdx_82F_ztqIgpYKKxqb">Concentration of risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Credit risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and short-term investments consisting of time deposit. In China, the insurance coverage for cash deposits at each bank is RMB <span id="xdx_902_eus-gaap--CashAndDueFromBanks_pp0p0_c20250630_z9Lx7g6igoY4" title="Cash deposits">500,000</span>. As of June 30, 2025, cash balance of RMB <span id="xdx_900_ecustom--Deposited_iI_pp0p0_c20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zMScwgusvVQ7" title="Deposited">426,203,174</span> (USD <span id="xdx_901_ecustom--Deposited_iI_pp0p0_uUSD_c20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zbdBc27lYyV" title="Deposited">59,537,224</span>) was deposited with financial institutions located in China, of which RMB <span id="xdx_903_ecustom--Deposited_iI_pp0p0_c20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zImbEbZdn0Xh" title="Deposited">421,970,269</span> (USD <span id="xdx_900_ecustom--Deposited_iI_pp0p0_uUSD_c20241231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zHuKvtIFm731" title="Deposited">58,945,921</span>) was subject to credit risk. The Hong Kong Deposit Protection Board pays compensation up to a limit of HKD <span id="xdx_90A_ecustom--BoardPaysCompensation_iI_pp0p0_c20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zOIFYEwVhqe" title="Board pays compensation">800,000</span> (approximately USD <span id="xdx_90C_ecustom--BoardPaysCompensation_iI_pp0p0_uUSD_c20250630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z2TQC9RFkJwl" title="Board pays compensation">101,914</span>) if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2025, cash balance of RMB <span id="xdx_90C_ecustom--Deposited_iI_pp0p0_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zeCPaQnmt8Gi" title="Deposited">764,346,345</span> (USD <span id="xdx_90A_ecustom--Deposited_iI_pp0p0_uUSD_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zK51TDkehqwb" title="Deposited">106,773,160</span>) was maintained at financial institutions in Hong Kong, of which RMB <span id="xdx_903_ecustom--Deposited_iI_pp0p0_c20241231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zEW4FVoPdGc1" title="Deposited">761,380,126</span> (USD <span id="xdx_909_ecustom--Deposited_iI_pp0p0_uUSD_c20241231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zzJzsWvXrb7k" title="Deposited">106,358,803</span>) was subject to credit risk. In the US, the insurance coverage of each bank is USD <span id="xdx_906_ecustom--BoardPaysCompensation_iI_pp0p0_uUSD_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer1ConcentrationRiskMember_zAr1R67F5YAj" title="Board pays compensation">250,000</span>. As of June 30, 2025, cash balance of USD <span id="xdx_905_ecustom--Deposit_iI_pp0p0_uUSD_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_z8Xfsg2Eljm7" title="Deposit">4,075,260</span> (RMB <span id="xdx_90C_ecustom--Deposited_iI_pp0p0_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zudV2gX0qIPl" title="Deposited">29,173,156</span>) was deposited with a financial institution located in US, USD <span id="xdx_905_ecustom--Deposit_iI_pp0p0_uUSD_c20241231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zRgMg7SRYNcd" title="Deposit">3,612,667</span> (RMB <span id="xdx_90F_ecustom--Deposited_iI_pp0p0_c20241231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zujdI9Q0I8cb" title="Deposited">25,861,638</span>) of which was subject to credit risk. In Singapore, Singapore Deposit Insurance Corporation Limited (SDIC) provides the insurance coverage of each bank is SGD <span id="xdx_90C_ecustom--BoardPaysCompensation_iI_pp0p0_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_z5FunPtwJlUc" title="Board pays compensation">100,000</span> (USD <span id="xdx_900_ecustom--BoardPaysCompensation_iI_pp0p0_uUSD_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer2ConcentrationRiskMember_zplTvRJaCo1" title="Board pays compensation">78,478</span>). As of June 30, 2025, cash balance of RMB <span id="xdx_900_ecustom--Deposited_iI_pp0p0_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zffVUoZDlIY8" title="Deposited">376,586,157</span> (USD <span id="xdx_903_ecustom--Deposited_iI_pp0p0_uUSD_c20250630__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zFE3I6FnuIS7" title="Deposited">52,606,118</span>) was deposited with financial institutions located in Singapore, of which RMB <span id="xdx_909_ecustom--Deposited_iI_pp0p0_c20241231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zIwXwa8lpIx" title="Deposited">375,462,577</span> (USD <span id="xdx_901_ecustom--Deposited_iI_pp0p0_uUSD_c20241231__us-gaap--ConcentrationRiskByTypeAxis__custom--Customer3ConcentrationRiskMember_zcxjrsRB5s94" title="Deposited">52,449,163</span>) was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the PBOC. Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Customer concentration risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the six months ended June 30, 2025, two customers accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zlP7T57gxkg2" title="Concentration risk percentage">13.6</span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zb7VhZDtVNwf" title="Concentration risk percentage">10.8</span>% of the Company’s total revenues, respectively. For the six months ended June 30, 2024, two customers accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zd7yxibvlvKl" title="Concentration risk percentage">17.1</span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zAnwJvtnrm3j" title="Concentration risk percentage">10.3</span>% of the Company’s total revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of June 30, 2025, two customers accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zMIU9VQbq5Ud">12.6</span>% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zgATFHraC1M8">11.1</span>% of the Company’s accounts receivable, respectively. As of December 31, 2024, two customers accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zrUVGOTwV1Ed">27.7</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomerMember_z2cPegUf80L3">11.7</span>% of the Company’s accounts receivable, respectively</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Vendor concentration risk</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the six months ended June 30, 2025, five vendors accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zQMLqtbVssK1" title="Concentration risk percentage">17.3</span>%, <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zKY6zbnQe7R5" title="Concentration risk percentage">13.7</span>%, <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeVendorMember_zzj7NCUWl4hd" title="Concentration risk percentage">13.2</span>%, <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourVendorMember_zLhk9XLaMcD1" title="Concentration risk percentage">12.2</span>% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FiveVendorMember_zUQnNNbYg9Yc" title="Concentration risk percentage">10.2</span>% of the Company’s total purchases. For the six months ended June 30, 2024, three vendors accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_z585UzqCbxPj" title="Concentration risk percentage">20</span>%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zeOp6DcOflVl" title="Concentration risk percentage">12.1</span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeVendorMember_zPfyZaM76KC9" title="Concentration risk percentage">10.5</span>% of the Company’s total purchases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June 30, 2025, four vendors accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_z1WcjLwvXGN" title="Concentration risk percentage">33.3</span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zttgxMBI5eAd" title="Concentration risk percentage">16.6</span>%, <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeVendorMember_zgRO7ALjurY" title="Concentration risk percentage">14.5</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20250101__20250630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourVendorMember_zsRp8vbotQx9" title="Concentration risk percentage">13.9</span>% of the Company’s accounts payable. As of December 31, 2024, four vendors accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneVendorMember_zok84xGpR8I8" title="Concentration risk percentage">14.3</span>%, <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoVendorMember_zgOXlOdYW8hi" title="Concentration risk percentage">12.7</span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeVendorMember_z9sTSvpNCk7g" title="Concentration risk percentage">12.2</span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourVendorMember_znpogUiL3R6j" title="Concentration risk percentage">10.3</span>% of the Company’s accounts payable.</p> 500000 426203174 59537224 421970269 58945921 800000 101914 764346345 106773160 761380126 106358803 250000 4075260 29173156 3612667 25861638 100000 78478 376586157 52606118 375462577 52449163 0.136 0.108 0.171 0.103 0.126 0.111 0.277 0.117 0.173 0.137 0.132 0.122 0.102 0.20 0.121 0.105 0.333 0.166 0.145 0.139 0.143 0.127 0.122 0.103 <p id="xdx_803_eus-gaap--LeasesOfLesseeDisclosureTextBlock_zzhZ8LylSvn9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 12 — <span id="xdx_82B_zcjXTPKLRcQe">Leases</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Lease commitments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All of the Company’s real estate leases are classified as operating leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has several offices lease agreements with lease terms ranging from two to six years. As of June 30, 2025, the Company’s operating leases had a weighted average remaining lease term of approximately <span id="xdx_902_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20250630_zQIfqPrG7zuc">1.17 </span>years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Operating lease expenses are allocated between the cost of revenue and selling, general, and administrative expenses. Rent expenses for the six months ended June 30, 2024 and 2025 were RMB <span id="xdx_90A_ecustom--RentExpenses_pp0p0_c20240101__20240630_ztt6RKkSyZOa" title="Rent expenses">631,902 </span>and RMB <span id="xdx_906_ecustom--RentExpenses_pp0p0_c20250101__20250630_z46uBghdmhKh" title="Rent expenses">751,483</span> (USD <span id="xdx_90D_ecustom--RentExpenses_pp0p0_uUSD_c20250101__20250630_zB0TaCEMbB61" title="Rent expenses">104,976</span>), respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The five-year maturity of the Company’s lease obligations is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_zTumVnEgoLre" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B3_zOyuMfrMDgEi" style="display: none">Schedule of lease liabilities</span></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20250630_z83pFBlwLWPd" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Twelve Months Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">2025 (remaining six months)</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">797,894</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_uUSD_c20250630_zgWLKZYq3Wkl" style="width: 9%; text-align: right" title="2025 (remaining six months)">111,459</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2026</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,064,188</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_uUSD_c20250630_zdznm3x0lQB5" style="text-align: right" title="2026">148,659</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2027</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1378">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_uUSD_c20250630_zfFUhyMIEy53" style="text-align: right" title="2027"><span style="-sec-ix-hidden: xdx2ixbrl1380">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_zrZKKSnoZON7" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2028</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1382">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_uUSD_c20250630_z3SWYO7oCvU3" style="text-align: right" title="2028"><span style="-sec-ix-hidden: xdx2ixbrl1384">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_zGq3I8xbMHz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2029</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1386">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_uUSD_c20250630_zW25ZUOE4bh7" style="border-bottom: Black 1pt solid; text-align: right" title="2029"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total lease payments</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,862,082</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_uUSD_c20250630_zN09l7FA5rCa" style="text-align: right" title="Total lease payments">260,118</td> <td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zQvC7JSHv6Bj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: Interest</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(77,108</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_uUSD_c20250630_zfmlDMIV6ev" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Interest">(10,772</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Present value of lease liabilities</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,784,974</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0_uUSD_c20250630_zRTvOpKERIWf" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of lease liabilities">249,346</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zmA6JfJiBph5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Future amortization of Company’s ROU assets is presented below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_898_eus-gaap--LeaseCostTableTextBlock_zHC4QdMZ0X4i" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BA_zu2pA8swEkub" style="display: none">Schedule of Future amortization of Company’s ROU assets</span></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td id="xdx_498_20250630_zuaigVZQjrE7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Twelve Months Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueCurrent_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">2025 (remaining six months)</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">701,342</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98B_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueCurrent_iI_pp0p0_uUSD_c20250630_zPwoXUvHoI5e" style="width: 9%; text-align: right" title="2025 (remaining six months)">97,972</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2026</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">971,161</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_iI_pp0p0_uUSD_c20250630_zMAagAm7hMVf" style="border-bottom: Black 1pt solid; text-align: right" title="2026">135,663</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Total</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,672,503</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iI_pp0p0_uUSD_c20250630_zZHuQk0NXYV8" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">233,635</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zr9OU3Pno2v5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> P1Y2M1D 631902 751483 104976 <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_zTumVnEgoLre" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B3_zOyuMfrMDgEi" style="display: none">Schedule of lease liabilities</span></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20250630_z83pFBlwLWPd" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Twelve Months Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">2025 (remaining six months)</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">797,894</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_uUSD_c20250630_zgWLKZYq3Wkl" style="width: 9%; text-align: right" title="2025 (remaining six months)">111,459</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2026</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,064,188</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_uUSD_c20250630_zdznm3x0lQB5" style="text-align: right" title="2026">148,659</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2027</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1378">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_uUSD_c20250630_zfFUhyMIEy53" style="text-align: right" title="2027"><span style="-sec-ix-hidden: xdx2ixbrl1380">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_zrZKKSnoZON7" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2028</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1382">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_uUSD_c20250630_z3SWYO7oCvU3" style="text-align: right" title="2028"><span style="-sec-ix-hidden: xdx2ixbrl1384">-</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_zGq3I8xbMHz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2029</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1386">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pp0p0_uUSD_c20250630_zW25ZUOE4bh7" style="border-bottom: Black 1pt solid; text-align: right" title="2029"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total lease payments</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,862,082</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pp0p0_uUSD_c20250630_zN09l7FA5rCa" style="text-align: right" title="Total lease payments">260,118</td> <td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zQvC7JSHv6Bj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Less: Interest</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(77,108</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_uUSD_c20250630_zfmlDMIV6ev" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Interest">(10,772</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Present value of lease liabilities</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,784,974</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0_uUSD_c20250630_zRTvOpKERIWf" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of lease liabilities">249,346</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 797894 111459 1064188 148659 1862082 260118 77108 10772 1784974 249346 <table cellpadding="0" cellspacing="0" id="xdx_898_eus-gaap--LeaseCostTableTextBlock_zHC4QdMZ0X4i" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BA_zu2pA8swEkub" style="display: none">Schedule of Future amortization of Company’s ROU assets</span></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td id="xdx_498_20250630_zuaigVZQjrE7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Twelve Months Ending December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Operating<br/> Lease<br/> Amount</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueCurrent_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">2025 (remaining six months)</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">701,342</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98B_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueCurrent_iI_pp0p0_uUSD_c20250630_zPwoXUvHoI5e" style="width: 9%; text-align: right" title="2025 (remaining six months)">97,972</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">2026</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">971,161</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_iI_pp0p0_uUSD_c20250630_zMAagAm7hMVf" style="border-bottom: Black 1pt solid; text-align: right" title="2026">135,663</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Total</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,672,503</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_989_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iI_pp0p0_uUSD_c20250630_zZHuQk0NXYV8" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">233,635</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 701342 97972 971161 135663 1672503 233635 <p id="xdx_802_ecustom--WarrantLiabilitiesTextBlock_zJ4y5iHqtIVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 13 — <span id="xdx_820_zWyvCuGW9ywe">Warrant liabilities</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of June 30, 2025, the Company had <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230630__us-gaap--AwardTypeAxis__custom--PublicWarrantsMember_zlmpfQcljgLf" title="Warrants">5,750,000</span> public warrants and <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230630__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zxnRLaHJLT1" title="Warrants">270,500</span> private warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company accounts for its outstanding Warrants in accordance with the guidance contained in ASC 815-40-15-7D and 7F. Management has determined that the Private Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Private Warrants as liabilities at their fair value and adjusts the Private Warrants to fair value at each reporting period. Management has further determined that its Public Warrants qualify for equity treatment. Warrant liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Public Warrants</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 24, 2021, the Company sold <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210602__20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of units">5,750,000</span> units at a price of $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_c20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Price per share">10.00</span> per Public Unit in its Initial Public Offering. <span id="xdx_908_ecustom--WarrantsDescription_c20210602__20210624" title="Warrants, description">Each Public Unit consists of one ordinary share of the Company, $0.0001 par value per share, one right and one redeemable warrant (the “Public Warrant”). Each Public Warrant entitles the holder to purchase one-half (1/2) of an ordinary share at an exercise price of $11.50</span> per whole share, subject to adjustment as described in Form S-1 Amendment No. 2 filed on June 11, 2021. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number of warrants may be exercised at any given time by a warrant holder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Public Warrants became exercisable on September 16, 2022, the Business Combination date. As of June 30, 2025, the Public Warrants are exercisable for cash as the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company may call the warrants for redemption (excluding the Private Warrants), in whole and not in part, at a price of $0.01 per warrant:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">at any time while the Public Warrants are exercisable,</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder,</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">if, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">if, and only if, there is a current registration statement in effect with respect to the issuance of the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Private Warrants</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Simultaneously with the closing of the Initial Public Offering, the Company consummated a private placement of <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210602__20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Sale of units">270,500</span> Private Units at $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_c20210624__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Price per share">10.0</span> per unit. The Private Units are identical to the units sold in the Initial Public Offering except that the warrants included in the Private Units (the “Private Warrants”) and the ordinary shares issuable upon the exercise of the Private Warrants will not be transferable, assignable or saleable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The private warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the balance sheets. The warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $625,000. Variables used in the option-pricing model include (1) risk-free interest rate at the date of grant (0.90%), (2) expected warrant life of 5 years, (3) expected volatility of 58.40%, and (4) expected dividend yield of 0.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s warrant liabilities amounted to nil and nil as of December 31, 2024 and June 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes the Company’s Warrants activities and status of Warrants on June 30, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" id="xdx_89B_ecustom--ScheduleOfShareBasedCompensationWarrantssActivityTableTextBlock_zqfMWlkT3byd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrant Liabilities (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span id="xdx_8BD_zEzwb59Y7qv8" style="display: none">Schedule of Warrants activities</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Private Warrants</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Exercise Price<br/> Per Share</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average<br/> Remaining<br/> Period<br/> (Years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 64%; vertical-align: top">Outstanding as of December 31, 2024</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zEARxEnyyrLk" style="width: 9%; text-align: right" title="Beginning balance">270,500.0</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iS_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zyKj4xv8S6ug" style="width: 9%; text-align: right" title="Weighted average exercise price, beginning balance">2,300</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z4CHMzhixVbd" title="Average remaining period">2.71</span></td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIssued_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zckeYsqPEZNc" style="text-align: right" title="Issued"><span style="-sec-ix-hidden: xdx2ixbrl1442">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsIssuedWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zKYm8QoUi50g" style="text-align: right" title="Weighted average exercise price, Issued"><span style="-sec-ix-hidden: xdx2ixbrl1444">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationForfeited_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z4dVKjeTg6m8" style="text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1446">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zf4N9XwiLdeh" style="text-align: right" title="Weighted average exercise price, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1448">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zzChTaQl27Ce" style="text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1450">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisedWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zvdxxK2blep2" style="text-align: right" title="Weighted average exercise price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1452">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt; vertical-align: top">Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zvJF77Z6TpOf" style="border-bottom: Black 1pt solid; text-align: right" title="Expired"><span style="-sec-ix-hidden: xdx2ixbrl1454">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zbJwSma60325" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1456">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: right">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top">Outstanding as of June 30, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zkoGDdj9vQT4" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">270,500</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td> <td id="xdx_98F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iE_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zCN1DPkswXfc" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">92,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z63RKdtauLWk" title="Average remaining period">2.21</span></td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> 5750000 270500 5750000 10.00 Each Public Unit consists of one ordinary share of the Company, $0.0001 par value per share, one right and one redeemable warrant (the “Public Warrant”). Each Public Warrant entitles the holder to purchase one-half (1/2) of an ordinary share at an exercise price of $11.50 270500 10.0 <table cellpadding="0" cellspacing="0" id="xdx_89B_ecustom--ScheduleOfShareBasedCompensationWarrantssActivityTableTextBlock_zqfMWlkT3byd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrant Liabilities (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span id="xdx_8BD_zEzwb59Y7qv8" style="display: none">Schedule of Warrants activities</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Private Warrants</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted<br/> Average<br/> Exercise Price<br/> Per Share</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average<br/> Remaining<br/> Period<br/> (Years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 64%; vertical-align: top">Outstanding as of December 31, 2024</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zEARxEnyyrLk" style="width: 9%; text-align: right" title="Beginning balance">270,500.0</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iS_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zyKj4xv8S6ug" style="width: 9%; text-align: right" title="Weighted average exercise price, beginning balance">2,300</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z4CHMzhixVbd" title="Average remaining period">2.71</span></td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIssued_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zckeYsqPEZNc" style="text-align: right" title="Issued"><span style="-sec-ix-hidden: xdx2ixbrl1442">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsIssuedWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zKYm8QoUi50g" style="text-align: right" title="Weighted average exercise price, Issued"><span style="-sec-ix-hidden: xdx2ixbrl1444">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationForfeited_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z4dVKjeTg6m8" style="text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1446">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zf4N9XwiLdeh" style="text-align: right" title="Weighted average exercise price, Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1448">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zzChTaQl27Ce" style="text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1450">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisedWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zvdxxK2blep2" style="text-align: right" title="Weighted average exercise price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1452">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt; vertical-align: top">Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zvJF77Z6TpOf" style="border-bottom: Black 1pt solid; text-align: right" title="Expired"><span style="-sec-ix-hidden: xdx2ixbrl1454">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zbJwSma60325" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, Expired"><span style="-sec-ix-hidden: xdx2ixbrl1456">-</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: right">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top">Outstanding as of June 30, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zkoGDdj9vQT4" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">270,500</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td> <td id="xdx_98F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iE_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zCN1DPkswXfc" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">92,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_z63RKdtauLWk" title="Average remaining period">2.21</span></td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> 270500.0 2300 P2Y8M15D 270500 92000 P2Y2M15D <p id="xdx_800_eus-gaap--CommitmentsDisclosureTextBlock_zZHH34bkgd75" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 14 — <span id="xdx_82C_zkOysF2ISz12">Commitments and contingencies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contingencies</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is party to following legal proceedings, as well as unasserted claims.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Litigation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company, along with its shareholder Joyous JD Limited, has initiated litigation in the New York Supreme Court New York County against Greenland Asset Management Corporation, the sponsor of the pre-business combination company, Golden Path Acquisition Corporation (“Sponsor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">1.</td> <td style="text-align: justify">Joyous JD Limited is seeking damages in connection with the Sponsor’s breach of certain investment agreements which was executed by and between the Sponsor and Joyous JD Limited;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">2.</td> <td style="text-align: justify">The Company is seeking damages in connection with the Sponsor’s noncompliant misuse of Form S-4 in registering shares during the course of the business combination, which resulted in a forced withdrawal of the Form S-4. The Company has commenced lawsuit seeking damages.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td> <td style="width: 0.25in; text-align: left">3.</td> <td style="text-align: justify">Greenland Asset Management initiated a countersuit against the Company in response to the Company’s lawsuit.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Due to uncertainty over the process and outcome of the lawsuit, the final ruling of the Court shall prevail.</p> <p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zYurKFI38MOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 15 — <span id="xdx_82F_zu1eXGKZfHNk">Shareholders’ equity</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Ordinary shares</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is authorized to issue <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_c20201110__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_pdd" title="Common stock, shares authorized">500,000,000</span> ordinary shares with a par value of $<span id="xdx_90A_ecustom--SharesPrice_iI_c20201110_zTj2Ab4YX1Fl" title="Share price">0.8</span> per share. Holders of the ordinary shares are entitled to one vote for each share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 2, 2024, the Company effected a share consolidation at a ratio of one-for-ten (10) ordinary shares with a par value of US$0.0001 each in the Company’s issued share capital into one ordinary share with a par value of US$0.001. The Company believed that it was appropriate to reflect the transactions on a retroactive basis pursuant to ASC 260, <i>Earnings Per Share. </i>The Company has retroactively adjusted all share and per share data for all periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In October, 2024, the Company effected a share consolidation at a ratio of one-for-twenty (20) ordinary shares with a par value of US$0.001 each in the Company’s issued share capital into one ordinary share with a par value of US$0.02, and changed <span id="xdx_90A_ecustom--ShareConsolidationDescription_c20241001__20241031_zn8QRIVOLVE7" title="Share consolidation description">the Company’s authorized share capital from US$10,000,000 divided into 500,000,000 ordinary shares to US$10,000,000 divided into 400,000,000 Class A ordinary shares and 100,000,000 Class B ordinary shares</span>; The Company has retroactively adjusted all share and per share data from ordinary share to Class A Ordinary Shares for all periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 21, 2025, the Company effected a share consolidation at a ratio of one-for-forty (40) ordinary shares with a par value of US$<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20250421__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zIGEkQbEgaT6" title="Common stock, par value">0.02</span> each in the Company’s issued share capital into one ordinary share with a par value of US$<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20250421__us-gaap--StatementEquityComponentsAxis__custom--OrdinarySharesMember_z7peq4wojvUb" title="Common stock, par value">0.8</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Giving the effects of the share consolidation, as of December 31, 2024 and June 30, 2025, there were <span id="xdx_90A_eus-gaap--CommonStockSharesIssued_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGJ9EY9JdMU9" title="Common Stock, Shares, Issued"><span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfvPsqVHxJ68" title="Common Stock, Shares, Outstanding">1,362,583</span></span> and <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_c20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQC6WtWPHQXh" title="Common Stock, Shares, Issued"><span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_c20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztCyqW45w5fi" title="Common Stock, Shares, Outstanding">14,167,316</span></span> Class A Ordinary Shares issued and outstanding, respectively, and there were nil and <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_c20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zhuAWLHzPSB5" title="Common Stock, Shares, Issued"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20250630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_znh9DsGgMiu4" title="Common Stock, Shares, Outstanding">400,000</span></span> Class B Ordinary Shares issued and outstanding, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Restricted assets</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by Beijing Xihuiyun and Shanghai Mengyun (collectively “Mengyun PRC entities”) only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying unaudited consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of Mengyun PRC entities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mengyun PRC entities are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, Mengyun PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to an enterprise expansion fund and staff bonus and welfare fund at its discretion. Mengyun PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing restrictions, MicroCloud’s PRC entities are restricted in their ability to transfer their assets to the Company. Foreign exchange and other regulations in the PRC may further restrict MicroCloud’s PRC entities from transferring funds to the Company in the form of dividends, loans and advances. As of June 30, 2025, amounts restricted are the paid-in-capital and statutory reserve of MicroCloud’s PRC entities, which amounted to RMB <span id="xdx_903_ecustom--StatutoryReserves_iI_c20250630__dei--LegalEntityAxis__custom--MengyunPRCEntitiesMember_zOZysokWvm2l" title="Statutory reserve">40,867,446</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Statutory reserve</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the six months ended June 30, 2024 and 2025, MicroCloud’s PRC entities collectively reduced RMB <span id="xdx_900_ecustom--RetainedEarningsForTheirStatutoryReserves_c20250101__20250630__dei--LegalEntityAxis__custom--MengyunPRCEntitiesMember_zdxRWBtcDjre" title="Retained earnings for their statutory reserves">500,000</span> and <span id="xdx_90A_ecustom--RetainedEarningsForTheirStatutoryReserves_c20240101__20240630__dei--LegalEntityAxis__custom--MengyunPRCEntitiesMember_zpctzxWUh6R9" style="display: none" title="Retained earnings for their statutory reserves">0</span>nil, of retained earnings for their statutory reserves, respectively.</p> 500000000 0.8 the Company’s authorized share capital from US$10,000,000 divided into 500,000,000 ordinary shares to US$10,000,000 divided into 400,000,000 Class A ordinary shares and 100,000,000 Class B ordinary shares 0.02 0.8 1362583 1362583 14167316 14167316 400000 400000 40867446 500000 0 <p id="xdx_809_eus-gaap--SegmentReportingDisclosureTextBlock_z2WglqrKOml9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 16 — <span id="xdx_82E_zBgNNLr7r4a1">Segments</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company’s business segments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. The Company has determined that it has two operating segments: (1) holographic solutions, and (2) holographic technology service.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following tables present summary information by segment for the six months ended June 30, 2024 and 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_z4T4ydd8hN2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BF_zIZoqV9H9yUg" style="display: none">Schedule of segments</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z747hBW84jj9" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zsiYeJMvt7ob" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> solutions</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> technology<br/> service</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total<br/> June 30,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total<br/> June 30,<br/> 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueNotFromContractWithCustomer_zR0nfakXmAQf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7,570,587</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">121,097,052</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98A_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20240101__20240630_zo2H43G4c6l2" style="width: 9%; text-align: right">128,667,639</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98A_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20240101__20240630_zr8YpPMxnSzd" style="width: 9%; text-align: right" title="Revenues">18,108,940</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zgpv5Eq0xS89" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,114,283</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(103,120,894</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_ecustom--CostOfRevenues_iN_pp0p0_di_c20240101__20240630_zmiF1oTgZET1" style="text-align: right">(105,235,177</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20240101__20240630_zW0PvkE17dW5" style="text-align: right" title="Cost of revenues">(14,811,008</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--GrossProfits_zWuNACFs5sBe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,456,304</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,976,158</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--GrossProfits_pp0p0_c20240101__20240630_zuNsbKsLkm7i" style="text-align: right">23,432,462</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--GrossProfits_pp0p0_uUSD_c20240101__20240630_z0x4mHtpo6Jj" style="text-align: right" title="Gross profit">3,297,932</td> <td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_z0sGHp2YyIug" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(25,572</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(409,050</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20240630_zCJ50mEjWPbd" style="text-align: right">(434,622</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20240101__20240630_zEpWEzvsclca" style="text-align: right" title="Depreciation and amortization">(61,170</td> <td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_zLv4FuNvLbb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(11,927</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1529">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20240630_z4GqUTNZb9g4" style="text-align: right">(11,927</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20240101__20240630_z98rC2j5dT82" style="text-align: right" title="Total capital expenditures">(1,679</td> <td style="text-align: left">)</td></tr> </table> <p style="margin: 0 0 0 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zkohJ5KjkYIl" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRYbGI8kk12g" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> solutions</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> technology<br/> service</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total<br/> June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total<br/>June 30,<br/>2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueNotFromContractWithCustomer_zdTqBsyugEJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">65,306,664</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">94,291,988</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98D_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20250101__20250630_zwfLMIqWOM42" style="width: 9%; text-align: right">159,598,652</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_988_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20250101__20250630_z95Pro5NGzEe" style="width: 9%; text-align: right">22,216,776</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zunB3SiwvCLj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,110,990</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(70,742,697</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_ecustom--CostOfRevenues_iN_pp0p0_di_c20250101__20250630_z5BwY1sERynl" style="text-align: right">(123,853,687</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20250101__20250630_zdVGItCZ6PX2" style="text-align: right">(17,240,933</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--GrossProfits_z1t6wLcbrjZ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,195,674</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,549,291</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_ecustom--GrossProfits_pp0p0_c20250101__20250630_zzI4gosmp8X8" style="text-align: right">35,744,965</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_ecustom--GrossProfits_pp0p0_uUSD_c20250101__20250630_zG6OWafgFS1a" style="text-align: right">4,975,843</td> <td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_zhpf6fFDUYng" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(115,538</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(977</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20250630_zcSA0SxYFSd1" style="text-align: right">(116,515</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20250101__20250630_zLTzNXbOnQQj" style="text-align: right">(16,219</td> <td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--PaymentsToAcquireProductiveAssets_iN_di_zGimlSp79av4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,350</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,344</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20250630_zi2D0JsA28Re" style="text-align: right">(29,694</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20250101__20250630_zuPELuKOYB23" style="text-align: right">(4,134</td> <td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total assets as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Holographic solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zUTmgNBx5JI5" style="width: 9%; text-align: right" title="Total Assets">1,582,974,050</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--OtherAssets_iI_pp0p0_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z2FjGmEE5eK" style="width: 9%; text-align: right" title="Total Assets">2,917,924,475</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zwQurvDuoEik" style="width: 9%; text-align: right" title="Total Assets">407,611,050</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Holographic technology service</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zLp9NJdR14b6" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">31,923,161</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--OtherAssets_iI_pp0p0_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zy6xaDHLikyb" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">31,286,265</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRVnNaLeOULc" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">4,370,445</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_eus-gaap--OtherAssets_iI_pp0p0_c20241231_zInKyOyklUMd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">1,614,897,211</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_eus-gaap--OtherAssets_iI_pp0p0_c20250630_zOGNdI5wlGKc" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,949,210,740</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20250630_zWKh2JMq0aG5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">411,981,495</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Significant segment expenses are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zjKtPnCRApHb" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z4FX1AlfaMh4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic<br/> solutions</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic <br/> technology service</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total <br/> June 30, <br/> 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--SellingExpense_iN_di_z56QmeQQB1h8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(1,022,452</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(150,487</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--SellingExpense_iN_pp0p0_di_c20240101__20240630_z7UuU9LmLdsh" style="width: 9%; text-align: right" title="Selling expenses">(1,172,939</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z6gK0pWstC2b" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,414,591</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,437,540</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20240101__20240630_znsh9jEc90c" style="text-align: right" title="General and administrative expenses">(14,852,131</td> <td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_iN_di_z5wSjILgCQy7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Research and development expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(113,193,406</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(67,755,690</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20240101__20240630_zjooO8UitJf8" style="border-bottom: Black 1pt solid; text-align: right" title="Research and development expenses">(140,979,009</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_z6scmCsGyux5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(126,630,449</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(30,373,630</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20240101__20240630_z1aB5ek9Xkt2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(157,004,079</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zRHzhugkpfq6" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zJIhxbUKi1yi" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic <br/> solutions</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic <br/> technology service</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total <br/> June 30, <br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--SellingExpense_iN_di_zz7ZHwI2LvIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(762,131</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(420,984</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--SellingExpense_iN_pp0p0_di_c20250101__20250630_z01SvoGR7doi" style="width: 9%; text-align: right" title="Selling expenses">(1,183,115</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zRgiqO15fV3i" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,281,237</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,104,164</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20250101__20250630_zYBzXe8LFlXe" style="text-align: right" title="General and administrative expenses">(10,385,401</td> <td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ResearchAndDevelopmentExpense_iN_di_zLpuETHItNj6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Research and development expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,116,226</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(21,975,586</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20250101__20250630_zkpLTQPSynI2" style="border-bottom: Black 1pt solid; text-align: right" title="Research and development expenses">(24,091,812</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_zVaXlODQM1le" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(11,159,594</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(24,500,734</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_981_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20250101__20250630_zPATmzonJCO3" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(35,660,328</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8AA_zbjqbcsFJdc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_z4T4ydd8hN2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BF_zIZoqV9H9yUg" style="display: none">Schedule of segments</span></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z747hBW84jj9" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zsiYeJMvt7ob" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> solutions</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> technology<br/> service</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total<br/> June 30,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total<br/> June 30,<br/> 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueNotFromContractWithCustomer_zR0nfakXmAQf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7,570,587</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">121,097,052</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98A_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20240101__20240630_zo2H43G4c6l2" style="width: 9%; text-align: right">128,667,639</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98A_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20240101__20240630_zr8YpPMxnSzd" style="width: 9%; text-align: right" title="Revenues">18,108,940</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zgpv5Eq0xS89" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,114,283</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(103,120,894</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_ecustom--CostOfRevenues_iN_pp0p0_di_c20240101__20240630_zmiF1oTgZET1" style="text-align: right">(105,235,177</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20240101__20240630_zW0PvkE17dW5" style="text-align: right" title="Cost of revenues">(14,811,008</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--GrossProfits_zWuNACFs5sBe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,456,304</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,976,158</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_ecustom--GrossProfits_pp0p0_c20240101__20240630_zuNsbKsLkm7i" style="text-align: right">23,432,462</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--GrossProfits_pp0p0_uUSD_c20240101__20240630_z0x4mHtpo6Jj" style="text-align: right" title="Gross profit">3,297,932</td> <td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_z0sGHp2YyIug" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(25,572</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(409,050</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20240630_zCJ50mEjWPbd" style="text-align: right">(434,622</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20240101__20240630_zEpWEzvsclca" style="text-align: right" title="Depreciation and amortization">(61,170</td> <td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_zLv4FuNvLbb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(11,927</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1529">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20240630_z4GqUTNZb9g4" style="text-align: right">(11,927</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20240101__20240630_z98rC2j5dT82" style="text-align: right" title="Total capital expenditures">(1,679</td> <td style="text-align: left">)</td></tr> </table> <p style="margin: 0 0 0 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zkohJ5KjkYIl" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRYbGI8kk12g" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> solutions</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Holographic<br/> technology<br/> service</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Total<br/> June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total<br/>June 30,<br/>2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueNotFromContractWithCustomer_zdTqBsyugEJ4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">65,306,664</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">94,291,988</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98D_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_c20250101__20250630_zwfLMIqWOM42" style="width: 9%; text-align: right">159,598,652</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_988_eus-gaap--RevenueNotFromContractWithCustomer_pp0p0_uUSD_c20250101__20250630_z95Pro5NGzEe" style="width: 9%; text-align: right">22,216,776</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--CostOfRevenues_iN_pp0p0_di_zunB3SiwvCLj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(53,110,990</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(70,742,697</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_ecustom--CostOfRevenues_iN_pp0p0_di_c20250101__20250630_z5BwY1sERynl" style="text-align: right">(123,853,687</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_ecustom--CostOfRevenues_iN_pp0p0_di_uUSD_c20250101__20250630_zdVGItCZ6PX2" style="text-align: right">(17,240,933</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--GrossProfits_z1t6wLcbrjZ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,195,674</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,549,291</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_ecustom--GrossProfits_pp0p0_c20250101__20250630_zzI4gosmp8X8" style="text-align: right">35,744,965</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_ecustom--GrossProfits_pp0p0_uUSD_c20250101__20250630_zG6OWafgFS1a" style="text-align: right">4,975,843</td> <td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_zhpf6fFDUYng" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(115,538</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(977</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20250630_zcSA0SxYFSd1" style="text-align: right">(116,515</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_uUSD_c20250101__20250630_zLTzNXbOnQQj" style="text-align: right">(16,219</td> <td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--PaymentsToAcquireProductiveAssets_iN_di_zGimlSp79av4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17,350</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,344</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20250630_zi2D0JsA28Re" style="text-align: right">(29,694</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_uUSD_c20250101__20250630_zuPELuKOYB23" style="text-align: right">(4,134</td> <td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total assets as of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,<br/> 2024</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,<br/> 2025</b></p></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">USD</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: bottom; text-align: left"><b> </b></td> <td style="font-weight: bold; padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>(Audited)</b></td> <td style="padding-bottom: 1pt; font-weight: bold"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td style="padding-bottom: 1pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><b>(Unaudited)</b></td> <td style="padding-bottom: 1pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Holographic solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zUTmgNBx5JI5" style="width: 9%; text-align: right" title="Total Assets">1,582,974,050</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--OtherAssets_iI_pp0p0_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z2FjGmEE5eK" style="width: 9%; text-align: right" title="Total Assets">2,917,924,475</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zwQurvDuoEik" style="width: 9%; text-align: right" title="Total Assets">407,611,050</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Holographic technology service</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zLp9NJdR14b6" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">31,923,161</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--OtherAssets_iI_pp0p0_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zy6xaDHLikyb" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">31,286,265</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRVnNaLeOULc" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">4,370,445</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_eus-gaap--OtherAssets_iI_pp0p0_c20241231_zInKyOyklUMd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">1,614,897,211</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_987_eus-gaap--OtherAssets_iI_pp0p0_c20250630_zOGNdI5wlGKc" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,949,210,740</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20250630_zWKh2JMq0aG5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">411,981,495</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Significant segment expenses are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zjKtPnCRApHb" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20240101__20240630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z4FX1AlfaMh4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic<br/> solutions</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic <br/> technology service</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total <br/> June 30, <br/> 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--SellingExpense_iN_di_z56QmeQQB1h8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(1,022,452</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(150,487</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--SellingExpense_iN_pp0p0_di_c20240101__20240630_z7UuU9LmLdsh" style="width: 9%; text-align: right" title="Selling expenses">(1,172,939</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z6gK0pWstC2b" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,414,591</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,437,540</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20240101__20240630_znsh9jEc90c" style="text-align: right" title="General and administrative expenses">(14,852,131</td> <td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_iN_di_z5wSjILgCQy7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Research and development expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(113,193,406</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(67,755,690</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20240101__20240630_zjooO8UitJf8" style="border-bottom: Black 1pt solid; text-align: right" title="Research and development expenses">(140,979,009</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_z6scmCsGyux5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(126,630,449</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(30,373,630</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98D_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20240101__20240630_z1aB5ek9Xkt2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(157,004,079</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zRHzhugkpfq6" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20250101__20250630__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zJIhxbUKi1yi" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic <br/> solutions</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic <br/> technology service</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total <br/> June 30, <br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RMB</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--SellingExpense_iN_di_zz7ZHwI2LvIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Selling expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(762,131</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(420,984</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_980_eus-gaap--SellingExpense_iN_pp0p0_di_c20250101__20250630_z01SvoGR7doi" style="width: 9%; text-align: right" title="Selling expenses">(1,183,115</td> <td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--GeneralAndAdministrativeExpense_iN_di_zRgiqO15fV3i" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,281,237</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,104,164</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_iN_pp0p0_di_c20250101__20250630_zYBzXe8LFlXe" style="text-align: right" title="General and administrative expenses">(10,385,401</td> <td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--ResearchAndDevelopmentExpense_iN_di_zLpuETHItNj6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Research and development expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(2,116,226</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(21,975,586</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_iN_pp0p0_di_c20250101__20250630_zkpLTQPSynI2" style="border-bottom: Black 1pt solid; text-align: right" title="Research and development expenses">(24,091,812</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--SegmentReportingOtherItemAmount_zVaXlODQM1le" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(11,159,594</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(24,500,734</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_981_eus-gaap--SegmentReportingOtherItemAmount_pp0p0_c20250101__20250630_zPATmzonJCO3" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">(35,660,328</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 7570587 121097052 128667639 18108940 2114283 103120894 105235177 14811008 5456304 17976158 23432462 3297932 25572 409050 434622 61170 11927 11927 1679 65306664 94291988 159598652 22216776 53110990 70742697 123853687 17240933 12195674 23549291 35744965 4975843 115538 977 116515 16219 17350 12344 29694 4134 1582974050 2917924475 407611050 31923161 31286265 4370445 1614897211 2949210740 411981495 1022452 150487 1172939 12414591 2437540 14852131 113193406 67755690 140979009 -126630449 -30373630 -157004079 762131 420984 1183115 8281237 2104164 10385401 2116226 21975586 24091812 -11159594 -24500734 -35660328 <p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zB8bcGwfeUhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 17 — <span id="xdx_823_zEUPwCiYVC41">Subsequent events</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These unaudited condensed consolidated financial statements were approved by management and available for issuance on September 3, 2025. The Company has evaluated subsequent events through this date and concluded that there are no additional reportable subsequent events except for the events mentioned below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 1, 2025, the Company entered into an agreement to acquire 100% equity of Shanghai Kuosou Technology Ltd.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 15, 2025, the Company filed a registration statement, declared that it may, from time to time, in one or more offerings, offer and sell up to US$<span id="xdx_908_ecustom--OfferingAmount_iI_uUSD_c20250715_zg23HHlRKAFc" title="Offering amount">300,000,000</span> of any combination, together or separately, of our Class A ordinary shares, par value US$0.8 per share (“ordinary shares”), debt securities, warrants, rights, and units. The aggregate expenses estimated to be incurred in connection with this offering are approximately $<span id="xdx_90B_ecustom--AggregateExpenses_iI_c20250715_zhxf5c6PqNMe" title="Aggregate expenses">45,930</span>, except for the SEC registration fee.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> 45930