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Note 1 — Nature of business and organization MicroCloud Hologram Inc. (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. MC Hologram Inc. (“MC”) is a holding company incorporated on November 10, 2020, under the laws of the Cayman Islands. The Company has no substantive operations other than holding all of the outstanding share capital of Quantum Edge HK Limited (“Mengyun HK”), which was established in Hong Kong on November 25, 2020. Mengyun HK is also a holding company holding all of the outstanding equity of Beijing Xihuiyun Technology Co., Ltd (“Beijing Xihuiyun”) which was established on May 11, 2021 under the law of the People’s Republic of China (“PRC” or “China”). Reorganization On September 10, 2021, MC completed a reorganization of entities under common control of its then existing shareholders, who collectively owned majority of the equity interests of MC. MC, Mengyun HK and Beijing Xihuiyun were established as the holding companies of Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”). All of these entities are under common control as the same group of shareholders held more than 50% of the voting ownership interest of each entity which results in the consolidation of Shanghai Mengyun and its subsidiaries which have been accounted for as a reorganization of entities under common control at carrying value. After the reorganization, MC owns 100% equity interests of Mengyun HK, Mengyun HK owns 100% equity interests of Beijing Xihuiyun. Mengyun HK and Beijing Xihuiyun together own 100% equity interest of Shanghai Mengyun. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the consolidated financial statements. The Company, through its wholly owned subsidiaries, are mainly engaged in holographic technology: (1) Holographic solutions, and (2) Holographic technology service. The majority of Company’s business activities are carried out in Shenzhen, China. As of December 31, 2025, there are 17 subsidiaries under the consolidation of MicroCloud Hologram Inc. (“MicroCloud”). In March 2016, Shanghai Mengyun established wholly owned subsidiaries Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”) and Mcloudvr Software Network Technology Co., Limited (“Mcloudvr Software”). Shenzhen Mengyun established Horgos Weiyi Software Technology Co., Ltd. (“Horgos Weiyi”) on September 6, 2016 and Shenzhen Yunao Hongxiang Technology Co., Ltd. (“Shenzhen Yunao”) on December 3, 2021. Shenzhen Mengyun and subsidiaries engaged in holographic integrated entertainment solutions. On June 26, 2017, Shanghai Mengyun acquired Shenzhen Qianhaiyoushi Technology Co., Ltd. (“Qianhai Youshi”) and Qianhai Youshi’s subsidiary Kashgar Youshi Information Technology Co., Ltd. (“Kashgar Youshi”). Qianhai Youshi established wholly owned subsidiaries Horgos Youshi Information Technology Co., Ltd. (“Horgos Youshi”) in November 2020 and acquired Shenzhen Yijia Network Technology Co., Ltd. (“Yijia Network”) in July 2020. Qianhai Youshi and subsidiaries are mainly engaged in holographic content sales and SDK software services. On July 1, 2020, Shenzhen Mengyun acquired Shenzhen Bowei BroadVision Technology Co., Ltd. (“Shenzhen Bowei”), Shenzhen Bowei established wholly owned subsidiaries Horgos BroadVision Technology Co., Ltd. (“Horgos Bowei”) and Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”) in November 2020. Shenzhen Bowei and subsidiaries are mainly engaged in holographic printed circuit board assembly (“PCBA”) solutions. On October 1, 2020, Shenzhen Mengyun acquired Shenzhen Tianyuemeng Technology Co., Ltd. (“Shenzhen Tianyuemeng”). Shenzhen Tianyuemeng established Horgos Tianyuemeng Technology Co., Ltd. (“Horgos Tianyuemeng”) in October 2020 and Horgos Tianyuemeng Technology Co., Ltd.-Shenzhen Branch (“Horgos Tianyuemeng-SZ”) in March 2021, which was later dissolved on December 10, 2021. Shenzhen Tianyuemeng and subsidiary engaged in holographic advertising services and SDK software services. On October 5, 2020, Shenzhen Mengyun acquired Mcloudvr Software Network Technology HK (“Mcloudvr HK”) for no consideration, which engaged in holographic integrated entertainment solutions, from the majority shareholder of Shanghai Mengyun, as of the acquisition date, there is no operation for Mcloudvr HK. Mcloudvr HK and another two investors established Ocean Cloud Technology Co., Limited. (“Ocean HK”) in November 2021 and Ocean HK established Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”) in December 2021. On January 18, 2022, Shenzhen Haiyun acquired Shenzhen Tata Mutual Entertainment Information Technology Co., Ltd. (“Shenzhen Tata”) for RMB 4 (USD 0.62) from four third parties. Shenzhen Tata further established Horgos Tata Mutual Entertainment Information Technology Co., Ltd. (“Horgos Tata”) on March 22, 2022. On June 30, 2022, Shenzhen Haiyun transferred Shenzhen Tata and its subsidiary to a third party for RMB 1 (USD 0.15). On January 29, 2022, Shenzhen Haiyun established Shenzhen Youmi Technology Co., Ltd. (“Shenzhen Youmi”) under the law of PRC. Shenzhen Youmi further established Horgos Youmi Technology Co., Ltd. (“Horgos Youmi”) on March 17, 2022. On February 18, 2022, Shenzhen Haiyun established Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”) under the law of PRC. Shenzhen Yushian further established Horgos Yushian Technology Co., Ltd. (“Horgos Yushian”) on March 24, 2022. On June 24, 2021 Shanghai Mengyun established Quanyou Vision Technology Co., Ltd (“Shanghai Quanyou”), which primarily engages in software development and was later dissolved on September 1, 2021. On July 31, 2022, Shenzhen Haiyun acquired Beijing Weixiaohai Technology Co., Ltd. (“Beijing Weixiaohai”), which engaged in advertising service. On October 1, 2022, Shenzhen Haiyun transferred Beijing Weixiaohai to a third party for RMB 1. On May 31, 2023, Shenzhen Haiyun transferred Shenzhen Youmi and Horgos Youmi to a third party for RMB 10. On September 30, 2023, Shanghai Mengyun transferred Qianhai Youshi, Yijia Network, Horgos Youshi, Kashgar Youshi to a third party for RMB 7,000,000. On September 30, 2023, Shenzhen Mengyun transferred Shenzhen Tianyuemeng and Horgos Tianyuemeng to a third party for RMB 3,000,000. On February 26, 2024, Shenzhen Haiyun established Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”) under the law of PRC. On March 1, 2024, Haiyun Xingchen acquired Yichang Ji Yue Technology Ltd. (“Yichang Ji Yue”), which engaged in advertising service. In May 2024, Horgos Weiyi Software Technology Co., Ltd and Horgos BroadVision Technology Co., Ltd. dissolved. On March 18, 2025, MC established a fully owned subsidiary HaiYun Group Investment Ltd. (“HaiYun Group”) in the British Virgin Islands. On May 7, 2025, HaiYun Group established a fully owned subsidiary HaiCloud Technology Inc. (“HaiCloud Inc”) in Cayman Islands. On August 11, 2025, HaiYun Group owned 65% equity of HaiCloud Inc as the result of the equity structure adjustment of HaiCloud Inc. On May 27, 2025, HaiCloud Inc established a fully owned subsidiary HaiCloud Technology Limited. (“HaiCloud Ltd”) in Hong Kong. On June 27, 2025, HaiCloud Ltd established a wholly-owned subsidiary ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”). On July 3, 2025, Haiyun Xingchen acquired 100% equity of Shanghai Kuosou Technology Ltd (“Shanghai Kuosou”). On September 30, 2025, we disposed of all our equity interests in Yichang Ji Yue and BeiJing Ji Yue. The accompanying consolidated financial statements reflect the activities of MicroCloud and each of the following entities as of December 31, 2025: The consolidated financial statements reflect the activities of the Company and each of the following entities: <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; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Schedule of accompanying consolidated financial statements</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">Name</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Background</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Ownership</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">MC Hologram Inc (“MC”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A Cayman Islands company</td> <td style="text-align: left"> </td> <td style="text-align: left"><span id="xdx_902_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--MCHologramIncMCMember_zgQYDvT6HZHh" title="Ownership">100% owned by MicroCloud</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on November 10, 2020</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of USD 50,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left; vertical-align: bottom">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: bottom"> </td> <td style="text-align: left; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 32%">Quantum Edge HK Limited (“Mengyun HK”)</td> <td style="text-align: left; width: 2%"> </td> <td style="text-align: left; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="text-align: left; width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 32%"><span id="xdx_909_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--QuantumEdgeHKLimitedMember_zQ7LnzSMAo71" title="Ownership">100% owned by MC</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on November 25, 2020</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of HK 10,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A holding company</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Beijing Xihuiyun Technology Co., Ltd. (“Beijing Xihuiyun”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--BeijingXihuiyunTechnologyCoMember_zAhRTnU1fci3" title="Ownership">100% owned by Mengyun HK</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on May 11, 2021</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of USD 30,000,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A holding company</td> <td style="text-align: left"> </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-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 32%">Shanghai Mengyun Holographic Technology Co., Ltd. (“Shanghai Mengyun”)</td> <td style="text-align: left; width: 2%"> </td> <td style="text-align: left; width: 0.25in">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left; width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 32%"> <span id="xdx_903_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiMengyunHolographicTechnologyCoMember_zZ3bztveyMh6" title="Ownership">81.63% owned by Beijing Xihuiyun and 18.37% owned by Mengyun HK </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on March 24, 2016</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 27,000,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Mengyun Holographic Technology Co., Ltd. (“Shenzhen Mengyun”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_90F_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenMengyunHolographicTechnologyCoMember_zQqOBgzZd9f" title="Ownership">100% owned by Shanghai Mengyun</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on March 15, 2016</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 10,000,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen BroadVision Technology Co., Ltd. (“Shenzhen Bowei”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_907_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenBroadVisionTechnologyCoLtdMember_zgw4WN6nlqya" title="Ownership">100% owned by Shenzhen Mengyun</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on April 12, 2016</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 10,000,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Primarily engages in holographic PCBA solutions.</td> <td style="text-align: left"> </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: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">Name</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Background</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Ownership</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 32%"><span id="xdx_903_eus-gaap--BusinessAcquisitionNameOfAcquiredEntity_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zVTxHfyXY6Jg" title="Name">Mcloudvr Software Network Technology HK Co., Limited (“Mcloudvr HK”)</td> <td style="text-align: left; width: 2%"> </td> <td style="text-align: left; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="text-align: left; width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 32%"><span id="xdx_90F_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--McloudvrSoftwareNetworkTechnologyHKCoLimitedMember_zp5Qb24rbpf6" title="Ownership">100% owned by Shenzhen Mengyun</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on February 2, 2016</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of HKD 100,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left"> </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-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 32%">Broadvision Intelligence (Hong Kong), Ltd. (“Broadvision HK”)</td> <td style="text-align: left; width: 2%"> </td> <td style="text-align: left; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="text-align: left; width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 32%"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--BroadvisionIntelligenceHongKongLtdMember_zFNnRF4wKusf" title="Ownership">100% owned by Shenzhen Bowei</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on November 5, 2020</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of HKD 10,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">No operation</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Ocean Cloud Technology Co., Limited. (“Ocean HK”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_90E_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--OceanCloudTechnologyCoLimitedMember_zXshXBOf2Rkl" title="Ownership">56% owned by Mcloudvr HK</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on November 4, 2021</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of HKD 10,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">No operation</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Haiyun Xinsheng Technology Co., Ltd. (“Shenzhen Haiyun”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXinshengTechnologyCoLtdMember_zZcb9ZmtgQcb" title="Ownership">100% owned by Ocean HK</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on December 3, 2021</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 300,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">No operation</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Haiyun Xingchen Technology Co., Ltd. (“Haiyun Xingchen”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_902_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHaiyunXingchenTechnologyCoMember_zfU4PGkOVJZa" title="Ownership">100% owned by Shenzhen Haiyun</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on February 26, 2024</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 300,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">No operation</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Yichang Ji Yue Technology Ltd. (“Yichang Ji Yue”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_90D_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--YichangJiYueTechnologyLtdMember_zFYTFOPg6sOk" title="Ownership">100% owned by Haiyun Xingchen</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on January 18, 2021</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 1,000,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left"> Advertising service Disposed on September 30, 2025</td> <td style="text-align: left"> </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-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 32%">BeiJing Ji Yue Technology Ltd. (“BeiJing Ji Yue”) </td> <td style="text-align: left; width: 2%"> </td> <td style="text-align: left; width: 0.25in">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left; width: 2%"> </td> <td rowspan="4" style="text-align: left; width: 32%"> <span id="xdx_901_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--BeiJingJiYueTechnologyLtdMember_zPr0jBlwhJJ1" title="Ownership">100% owned by Yichang Ji Yue </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on July 24, 2018</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 500,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left"> Advertising service Disposed on September 30, 2025</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Yushian Technology Co., Ltd. (“Shenzhen Yushian”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_904_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenYushianTechnologyCoLtdMember_zbBSslzBeMoh" title="Ownership">100% owned by Shenzhen Haiyun</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on February 18, 2022</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 1,000,000 </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Advertising service</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">HaiYun Group Investment Ltd. (“HaiYun Group”)</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">A BVI Business company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="2" style="text-align: left; vertical-align: top"><span id="xdx_90E_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--HaiYunGroupInvestmentLtdMember_zS7QuISJGQjj" title="Ownership">100% owned by MC </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">Formed on March 18, 2025</td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">No operation</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: #CCEEFF"> <td rowspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">HaiCloud Technology Inc. (“HaiCloud Inc”)</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">A Cayman Islands company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="2" style="text-align: left; vertical-align: top"><span id="xdx_900_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyIncMember_zJ3xc0gcLhg8" title="Ownership">65% owned by HaiYun Group</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">Formed on May 7, 2025</td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">Primarily engages in holographic integrated solutions.</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </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: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">Name</td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Background</td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Ownership</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; width: 32%">HaiCloud Technology Limited. (“HaiCloud Ltd”)</td> <td style="text-align: left; vertical-align: top; width: 2%"> </td> <td style="text-align: left; vertical-align: top; width: 0.25in">-</td> <td style="text-align: left">A Hong Kong company</td> <td style="text-align: left; vertical-align: top; width: 2%"> </td> <td rowspan="3" style="text-align: left; vertical-align: top; width: 32%"><span id="xdx_90C_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--HaiCloudTechnologyLimitedMember_zObJWLLf1Nke" title="Ownership">100% owned by HaiCloud Inc</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">Formed on May 27, 2025</td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">Registered capital of HKD 1,000,000 </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">No operation</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </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">ShenZhen HaiYun Zhichuang Technology Ltd. (“HaiYun Zhichuang”)</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left; vertical-align: top"> </td> <td rowspan="3" style="text-align: left; vertical-align: top"><span id="xdx_906_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShenZhenHaiYunZhichuangTechnologyLtdMember_z4V1R4jFCyrj" title="Ownership">100% owned by HaiCloud Ltd</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">Formed on June 27, 2025</td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">Registered capital of RMB 1,000,000</td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">-</td> <td style="text-align: left">No operation</td> <td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td rowspan="4" style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shanghai Kuosou Technology Ltd. (“Shanghai Kuosou”)</td> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">A PRC limited liability company</td> <td style="text-align: left"> </td> <td rowspan="4" style="text-align: left"><span id="xdx_90E_eus-gaap--EmployeeStockOwnershipPlanESOPDebtStructureDirectLoanDescription_c20250101__20251231__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouTechnologyLtdMember_z1v9RHwiHPM8" title="Ownership">100% owned by Haiyun Xingchen</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Formed on February 11, 2018</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Registered capital of RMB 1,000,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="text-align: left"> </td> <td style="text-align: left">-</td> <td style="text-align: left">Primarily engages in Advertising service.</td> <td style="text-align: left"> </td></tr> </table>

7000000 3000000

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 USD 30,000,000

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

HaiCloud Technology Inc. (“HaiCloud Inc”)

65% owned by HaiYun Group

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

Shanghai Kuosou Technology Ltd. (“Shanghai Kuosou”)

100% owned by Haiyun Xingchen

Registered capital of RMB 1,000,000

Note 2 — Summary of significant accounting policies Liquidity In assessing the Company’s liquidity, the Company monitors and analyses its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Cash flow from operations and proceeds from convertible bonds have been utilized to finance the working capital requirements of the Company. As of December 31, 2024 and December 31, 2025, the Company had cash of RMB 851,470,436. and RMB 1,843,388,870. The Company’s working capital was RMB 1,580,172,173 and RMB 2,693,653,812 as of December 31, 2024 and December 31, 2025. The Company believes its revenues and operations will continue to grow and the current working capital is sufficient to support its operations and debt obligations as they become due one year through report date. Basis of presentation The accompanying 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. Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the wholly-foreign owned enterprise (“WFOE”) over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. Use of estimates and assumptions The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for expected credit losses, revenue recognition, right-of-use assets and lease liabilities, valuation allowance for deferred tax assets and uncertain tax position, purchase price allocations for business combination and accounting for Convertible Instruments under ASC 815. These estimates include, among others, assessments of recoverability of assets and valuation allowances, which are subject to significant judgment and may be affected by future events and conditions. Actual results could differ from these estimates. Foreign currency translation and other comprehensive income (loss) The reporting currency of the Company was US Dollar (“USD”) for the year ended December 31, 2022. 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 Company therefore changed its reporting currency from USD to Chinese Renminbi (“RMB”) as of June 30, 2023. To enhance comparability of its consolidated financial statement, the Company presented financial information in both RMB and USD for the year ended December 31, 2025 as additional information to the reader. 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. Translation adjustments included in accumulated other comprehensive loss amounted to RMB 832,436 and RMB 33,928,456 as of December 31, 2024 and 2025, respectively. The balance sheet amounts, with the exception of shareholders’ equity at December 31, 2024 and 2025 were translated at USD 1.00 to RMB 7.1884 and to RMB 7.0288, respectively. The average translation rates applied to statement of income accounts for the years ended December 31, 2023, 2024 and 2025 were USD 1.00 to RMB 7.0467, RMB 7.1217 and RMB 7.1429, respectively. The shareholders’ equity accounts were stated at their historical rate. Cash flows are also translated at average translation rates for the period, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Cash and cash equivalents 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. Short-term investments Short-term investments consist primarily of structured financial products issued by international financial institutions and equity securities traded in active markets. The structured financial products are generally Phoenix autocallable notes linked to the performance of certain underlying equity securities. These instruments are typically settled or redeemable within a relatively short period of time. Short-term investments are measured at fair value. Changes in fair value are recognized in investment gain(loss), net in the consolidated statements of income and comprehensive income. Notes receivable Notes receivable represents bank acceptance bills received from customers and are generally due within one year. Notes receivable is recorded at their amortized cost, which approximates fair value due to their short-term nature. Bill discounting arrangements The Company may enter into bill discounting arrangements with banks to obtain financing. If the bank retains the right of recourse in the event of default, the transaction is accounted for as a secured borrowing. Accordingly, the notes receivable is not derecognized, and the proceeds received are recognized as short-term borrowings. If the Company transfers notes receivable without recourse and meets the criteria for derecognition under ASC 860, the notes receivable is derecognized upon transfer. Allowance for expected credit losses Notes receivable is subject to the Company’s expected credit loss model. Given the short-term nature of these instruments and the high credit quality of the issuing banks, no material allowance for expected credit losses has been recognized. Accounts receivable, net Accounts receivable includes trade accounts due from customers. Accounts are considered overdue after 90 days. 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 — expected credit losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on expected 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, ASU2019-11, 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 expected 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. The Company evaluates its accounts receivable for expected credit losses on a regular basis. The Company maintains an estimated allowance for expected credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company’s estimation of allowance for expected 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 is 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. The allowance for expected credit losses as of December 31, 2024, and 2025 was RMB 4,030,967 and RMB 5,513,270, respectively. Inventories Inventories are comprised of finished goods and are stated at the lower of cost or net realizable value using the weighted average method. Management reviews inventories for obsolescence and cost in excess of net realizable value periodically when appropriate and records a reserve against the inventory when the carrying value exceeds net realizable value. As of December 31, 2024, and 2025, the Company has allowances of RMB 850,926 and RMB 675,697, respectively. Prepayments and other current assets Prepayments and other current assets are mainly payments made to vendors or service providers for purchasing goods or services that have not been received or provided, deposits for rent and utilities and employee advances. This amount is refundable and bears no interest. Prepayment and deposit are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2025, management has assessed that the prepayments are recoverable, as the underlying contracts remain valid and the related goods or services are expected to be received. Property and equipment, net Property 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: <table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--PropertyPlantAndEquipmentsTextBlock_zLf6KHEwRFnh" 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; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of estimated useful lives</td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 84%; text-align: left">Office equipment</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Mechanical equipment</td> <td> </td> <td style="text-align: center"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zSxNI7DTfUh5" title="Estimated useful lives">3 – <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zm5Us8mULxZ9" title="Estimated useful lives">5 years</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">Electronic equipment</td> <td> </td> <td style="text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zQjWcrNUInqh" title="Estimated useful lives">3 – <span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zmgMNVWSy7l6" title="Estimated useful lives">5 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Vehicles</td> <td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zF1UxHAQc7L5" title="Estimated useful lives">3 – <span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zDaVwdxaHYL9" title="Estimated useful lives">5 years</td></tr> </table> Management reviews the estimated useful lives and residual values of property and equipment at least annually and revises them as necessary to reflect changes in expected usage, technological developments, and physical condition. Cost method investments 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 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. 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. Impairment for long-lived assets Long-lived assets, including property and equipment 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. No impairment losses were recognized during the years ended 31 December 2024 and 2025. Convertible bonds 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. Business combination 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. Fair value measurement 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. 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 follow: <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> <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> <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> Warrants liabilities The Company accounts for warrants (Public Warrants and 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. 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. The Company has classified its Public Warrants as equity instruments and its Private Warrants as liability-classified instruments. The fair value of the Private Warrants is estimated using a Black-Scholes option pricing model and is classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs. The Company reassesses the classification of its warrants at each reporting date and will reclassify warrants if facts and circumstances change. Revenue recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Revenue is recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to receive. The Company’s revenue is derived from holographic solutions and related services, including product sales, software development, licensing, advertising, and other services. For arrangements that include variable consideration, such as cost-per-action, cost-per-connection, or revenue-sharing arrangements, the Company estimates the amount of consideration to which it expects to be entitled and applies the constraint such that revenue is recognized only to the extent that it is probable that a significant reversal will not occur. Revenue is recognized when the following 5-step revenue recognition criteria are met: <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> </table> <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">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> </table> <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">3)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Determine the transaction price</td> </tr> </table> <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">4)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Allocate the transaction price</td> </tr> </table> <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">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> The Company’s revenue recognition policies effective upon the adoption of ASC 606 are as follows: <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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">(i)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Solutions</td> </tr> </table> <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology LiDAR Products</td> </tr> </table> The Company generates LiDAR revenue through selling integrated circuit board embedded with holographic software. The Company considers the hardware and embedded software as a single performance obligation as they are highly integrated. 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. The Company considers the hardware and embedded software to be a single performance obligation as they are highly integrated and not separately identifiable. <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Intelligence Vision software and Technology Development Service</td> </tr> </table> The Company generates revenue by developing 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 as the criteria in ASC 606-10-25-27 are met. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivables 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. <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Licensing and Content Products</td> </tr> </table> The Company provides holographic content products and holographic software for music videos, shows, and commercials on a fixed-price basis. Content and software are generally pre-developed functional IP, and customer-specific arrangements typically involve selection, compilation, formatting, or delivery rather than substantive modification. Revenue is recognized at a point in time when control transfers. The Company evaluates whether such arrangements represent a right to use intellectual property or a right to access intellectual property. Based on the nature of these arrangements, they are considered functional intellectual property and revenue is recognized at a point in time when control is transferred to the customer. No post-contract support or upgrades are provided. <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">d.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Hardware Sales</td> </tr> </table> The Company is a distributer 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. 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. <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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">(ii)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Service</td> </tr> </table> 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 of 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. The Company’s SDK service is a collection of software development tools in one installable package that enables customers (usually software developers) to add holographic functionality and run holographic advertisements in their APPs or software. SDK contracts are primarily on a fixed rate basis, or cost per SDK Connection. Revenue is recognized when the performance obligation is satisfied, which occurs when a successful SDK connection is completed. Service fees are generally billed monthly based on per-connection basis. For arrangements involving usage-based or other variable consideration, the Company applies the variable consideration constraint and recognizes revenue only to the extent that it is probable that a significant reversal will not occur. Contract balances 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 no contract assets as of December 31, 2024 and 2025. Contract liabilities represent 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 2,950,665 and RMB 5,483,268 as of December 31, 2024 and 2025, respectively. During the year ended December 31, 2025, the Company recognized revenue of approximately RMB 2,499,072 that was included in the contract liability balance at the beginning of the year. The company expects to recognize the remaining contract liabilities as revenue over the next 12 months. The Company applies the practical expedient under ASC 606 and does not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less. Cost of revenues 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. 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. Research and development 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. Value added taxes (“VAT”) Revenue represents the invoiced value of service net of VAT. VAT is based on the gross sales price. The VAT rate is 6% on services and 13% on goods in China. 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 taxes 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. Income taxes 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. Deferred taxes are 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 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 of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. 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. Leases 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. 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. 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. 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. 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. Share-based compensation The Company records share-based compensation expense for employees by allocations from MicroCloud using a proportional cost allocation method by considering the headcount and its estimates of each employee’s time attributable to the Company. The share-based compensation expenses are valued at fair value on the grant date when the reward is approved. Share-based compensation is recognized net of forfeitures, as amortized expense on a straight-line basis over the requisite service period, which is the vesting period. The Company accounts for share-based compensation expenses using an estimated forfeiture rate at the time of grant and revising, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expenses are recorded net of estimated forfeitures such that expenses are recorded only for those share-based awards that are expected to vest. Employee benefit 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. Non-controlling interests Our non-controlling interests represent the minority shareholders’ ownership interests related to our subsidiaries, including 44% for Ocean HK, 35% for HaiCloud Inc and their 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 year ended December 31, 2025 between non-controlling interest holders and our shareholders. Non-controlling interests consist of the following: <table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--ScheduleOfNoncontrollingInterestsSubscriptionsReceivableTableTextBlock_zR6i56P1ZZH" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of noncontrolling interests</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(2,001,657</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(284,779</td> <td style="width: 1%; padding-bottom: 1pt; 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; padding-bottom: 1pt">HaiCloud Inc</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">-</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">7,175,508</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">1,020,872</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; 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 style="border-bottom: Black 2.5pt double; text-align: right">(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 style="border-bottom: Black 2.5pt double; text-align: right">5,173,851</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">736,093</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Loss per share The Company computes loss per share in accordance with ASC 260, “Loss per Share”. ASC 260 requires companies to present basic and diluted loss per share. Basic loss per share is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted loss per share 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 loss per share. Statutory reserves 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. Segment reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses enabling investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The standard will be effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the ASU during the year ended December 31, 2024. The adoption did not have a material impact on our consolidated financial statements. The CODM (Guohui Kang) primarily reviews consolidated financial information and does not regularly evaluate discrete financial information for each operating segment. Accordingly, the Company operates as a single reportable segment. The Company’s revenues are primarily generated in the People’s Republic of China (“PRC”). Information about geographic areas, including revenues and long-lived assets, is disclosed separately in the notes to the consolidated financial statements The Company has determined two operating segments: (1) Holographic solutions, and (2) Holographic technology service. These segments are determined based on the nature of products and services provided to customers and the manner in which management internally reviews financial information. Recently issued accounting pronouncements 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. The Company adopted ASU 2023-09 for the year ended December 31, 2025. The adoption resulted in enhanced disclosures and did not have a material impact on the Company’s consolidated financial position or results of operations. 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.

851470436

1843388870

1580172173 2693653812

Basis of presentation The accompanying 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.

Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the wholly-foreign owned enterprise (“WFOE”) over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

Use of estimates and assumptions The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for expected credit losses, revenue recognition, right-of-use assets and lease liabilities, valuation allowance for deferred tax assets and uncertain tax position, purchase price allocations for business combination and accounting for Convertible Instruments under ASC 815. These estimates include, among others, assessments of recoverability of assets and valuation allowances, which are subject to significant judgment and may be affected by future events and conditions. Actual results could differ from these estimates.

Foreign currency translation and other comprehensive income (loss) The reporting currency of the Company was US Dollar (“USD”) for the year ended December 31, 2022. 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 Company therefore changed its reporting currency from USD to Chinese Renminbi (“RMB”) as of June 30, 2023. To enhance comparability of its consolidated financial statement, the Company presented financial information in both RMB and USD for the year ended December 31, 2025 as additional information to the reader. 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. Translation adjustments included in accumulated other comprehensive loss amounted to RMB 832,436 and RMB 33,928,456 as of December 31, 2024 and 2025, respectively. The balance sheet amounts, with the exception of shareholders’ equity at December 31, 2024 and 2025 were translated at USD 1.00 to RMB 7.1884 and to RMB 7.0288, respectively. The average translation rates applied to statement of income accounts for the years ended December 31, 2023, 2024 and 2025 were USD 1.00 to RMB 7.0467, RMB 7.1217 and RMB 7.1429, respectively. The shareholders’ equity accounts were stated at their historical rate. Cash flows are also translated at average translation rates for the period, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

USD 1.00 to RMB 7.0467

RMB

7.1429

Cash and cash equivalents 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.

Short-term investments Short-term investments consist primarily of structured financial products issued by international financial institutions and equity securities traded in active markets. The structured financial products are generally Phoenix autocallable notes linked to the performance of certain underlying equity securities. These instruments are typically settled or redeemable within a relatively short period of time. Short-term investments are measured at fair value. Changes in fair value are recognized in investment gain(loss), net in the consolidated statements of income and comprehensive income. Notes receivable Notes receivable represents bank acceptance bills received from customers and are generally due within one year. Notes receivable is recorded at their amortized cost, which approximates fair value due to their short-term nature. Bill discounting arrangements The Company may enter into bill discounting arrangements with banks to obtain financing. If the bank retains the right of recourse in the event of default, the transaction is accounted for as a secured borrowing. Accordingly, the notes receivable is not derecognized, and the proceeds received are recognized as short-term borrowings. If the Company transfers notes receivable without recourse and meets the criteria for derecognition under ASC 860, the notes receivable is derecognized upon transfer. Allowance for expected credit losses Notes receivable is subject to the Company’s expected credit loss model. Given the short-term nature of these instruments and the high credit quality of the issuing banks, no material allowance for expected credit losses has been recognized.

Accounts receivable, net Accounts receivable includes trade accounts due from customers. Accounts are considered overdue after 90 days. 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 — expected credit losses (Accounting Standards Codification (“ASC” Topic 326): Measurement on expected 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, ASU2019-11, 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 expected 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. The Company evaluates its accounts receivable for expected credit losses on a regular basis. The Company maintains an estimated allowance for expected credit losses to reduce its accounts receivable to the amount that it believes will be collected. The Company’s estimation of allowance for expected 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 is 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. The allowance for expected credit losses as of December 31, 2024, and 2025 was RMB 4,030,967 and RMB 5,513,270, respectively.

4030967

5513270

Inventories Inventories are comprised of finished goods and are stated at the lower of cost or net realizable value using the weighted average method. Management reviews inventories for obsolescence and cost in excess of net realizable value periodically when appropriate and records a reserve against the inventory when the carrying value exceeds net realizable value. As of December 31, 2024, and 2025, the Company has allowances of RMB 850,926 and RMB 675,697, respectively.

850926

675697

Prepayments and other current assets Prepayments and other current assets are mainly payments made to vendors or service providers for purchasing goods or services that have not been received or provided, deposits for rent and utilities and employee advances. This amount is refundable and bears no interest. Prepayment and deposit are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2025, management has assessed that the prepayments are recoverable, as the underlying contracts remain valid and the related goods or services are expected to be received.

Property and equipment, net Property 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: <table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--PropertyPlantAndEquipmentsTextBlock_zLf6KHEwRFnh" 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; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of estimated useful lives</td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 84%; text-align: left">Office equipment</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Mechanical equipment</td> <td> </td> <td style="text-align: center"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zSxNI7DTfUh5" title="Estimated useful lives">3 – <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zm5Us8mULxZ9" title="Estimated useful lives">5 years</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">Electronic equipment</td> <td> </td> <td style="text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zQjWcrNUInqh" title="Estimated useful lives">3 – <span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zmgMNVWSy7l6" title="Estimated useful lives">5 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Vehicles</td> <td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zF1UxHAQc7L5" title="Estimated useful lives">3 – <span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zDaVwdxaHYL9" title="Estimated useful lives">5 years</td></tr> </table> Management reviews the estimated useful lives and residual values of property and equipment at least annually and revises them as necessary to reflect changes in expected usage, technological developments, and physical condition.

<table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--PropertyPlantAndEquipmentsTextBlock_zLf6KHEwRFnh" 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; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of estimated useful lives</td> <td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 84%; text-align: left">Office equipment</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Mechanical equipment</td> <td> </td> <td style="text-align: center"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zSxNI7DTfUh5" title="Estimated useful lives">3 – <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MechanicalEquipmentMember_zm5Us8mULxZ9" title="Estimated useful lives">5 years</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">Electronic equipment</td> <td> </td> <td style="text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zQjWcrNUInqh" title="Estimated useful lives">3 – <span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zmgMNVWSy7l6" title="Estimated useful lives">5 years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Vehicles</td> <td> </td> <td style="text-align: center"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zF1UxHAQc7L5" title="Estimated useful lives">3 – <span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zDaVwdxaHYL9" title="Estimated useful lives">5 years</td></tr> </table>

P3Y

P5Y

P3Y

P5Y

P3Y

P5Y

Cost method investments 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 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. 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.

Impairment for long-lived assets Long-lived assets, including property and equipment 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. No impairment losses were recognized during the years ended 31 December 2024 and 2025.

Convertible bonds 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.

Business combination 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.

Fair value measurement 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. 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 follow: <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> <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> <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>

Warrants liabilities The Company accounts for warrants (Public Warrants and 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. 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. The Company has classified its Public Warrants as equity instruments and its Private Warrants as liability-classified instruments. The fair value of the Private Warrants is estimated using a Black-Scholes option pricing model and is classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs. The Company reassesses the classification of its warrants at each reporting date and will reclassify warrants if facts and circumstances change.

Revenue recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Revenue is recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to receive. The Company’s revenue is derived from holographic solutions and related services, including product sales, software development, licensing, advertising, and other services. For arrangements that include variable consideration, such as cost-per-action, cost-per-connection, or revenue-sharing arrangements, the Company estimates the amount of consideration to which it expects to be entitled and applies the constraint such that revenue is recognized only to the extent that it is probable that a significant reversal will not occur. Revenue is recognized when the following 5-step revenue recognition criteria are met: <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> </table> <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">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> </table> <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">3)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Determine the transaction price</td> </tr> </table> <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">4)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Allocate the transaction price</td> </tr> </table> <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">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> The Company’s revenue recognition policies effective upon the adoption of ASC 606 are as follows: <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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">(i)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Solutions</td> </tr> </table> <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology LiDAR Products</td> </tr> </table> The Company generates LiDAR revenue through selling integrated circuit board embedded with holographic software. The Company considers the hardware and embedded software as a single performance obligation as they are highly integrated. 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. The Company considers the hardware and embedded software to be a single performance obligation as they are highly integrated and not separately identifiable. <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Intelligence Vision software and Technology Development Service</td> </tr> </table> The Company generates revenue by developing 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 as the criteria in ASC 606-10-25-27 are met. Assumptions, risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues, receivables 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. <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Licensing and Content Products</td> </tr> </table> The Company provides holographic content products and holographic software for music videos, shows, and commercials on a fixed-price basis. Content and software are generally pre-developed functional IP, and customer-specific arrangements typically involve selection, compilation, formatting, or delivery rather than substantive modification. Revenue is recognized at a point in time when control transfers. The Company evaluates whether such arrangements represent a right to use intellectual property or a right to access intellectual property. Based on the nature of these arrangements, they are considered functional intellectual property and revenue is recognized at a point in time when control is transferred to the customer. No post-contract support or upgrades are provided. <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: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">d.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Hardware Sales</td> </tr> </table> The Company is a distributer 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. 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. <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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">(ii)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Holographic Technology Service</td> </tr> </table> 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 of 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. The Company’s SDK service is a collection of software development tools in one installable package that enables customers (usually software developers) to add holographic functionality and run holographic advertisements in their APPs or software. SDK contracts are primarily on a fixed rate basis, or cost per SDK Connection. Revenue is recognized when the performance obligation is satisfied, which occurs when a successful SDK connection is completed. Service fees are generally billed monthly based on per-connection basis. For arrangements involving usage-based or other variable consideration, the Company applies the variable consideration constraint and recognizes revenue only to the extent that it is probable that a significant reversal will not occur.

Contract balances 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 no contract assets as of December 31, 2024 and 2025. Contract liabilities represent 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 2,950,665 and RMB 5,483,268 as of December 31, 2024 and 2025, respectively. During the year ended December 31, 2025, the Company recognized revenue of approximately RMB 2,499,072 that was included in the contract liability balance at the beginning of the year. The company expects to recognize the remaining contract liabilities as revenue over the next 12 months. The Company applies the practical expedient under ASC 606 and does not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less.

2950665

5483268

2499072 Cost of revenues 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. 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.

Research and development 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.

Value added taxes (“VAT”) Revenue represents the invoiced value of service net of VAT. VAT is based on the gross sales price. The VAT rate is 6% on services and 13% on goods in China. 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 taxes 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.

Income taxes 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. Deferred taxes are 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 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 of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. 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.

Leases 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. 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. 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. 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. 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.

Share-based compensation The Company records share-based compensation expense for employees by allocations from MicroCloud using a proportional cost allocation method by considering the headcount and its estimates of each employee’s time attributable to the Company. The share-based compensation expenses are valued at fair value on the grant date when the reward is approved. Share-based compensation is recognized net of forfeitures, as amortized expense on a straight-line basis over the requisite service period, which is the vesting period. The Company accounts for share-based compensation expenses using an estimated forfeiture rate at the time of grant and revising, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expenses are recorded net of estimated forfeitures such that expenses are recorded only for those share-based awards that are expected to vest.

Employee benefit 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. Non-controlling interests Our non-controlling interests represent the minority shareholders’ ownership interests related to our subsidiaries, including 44% for Ocean HK, 35% for HaiCloud Inc and their 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 year ended December 31, 2025 between non-controlling interest holders and our shareholders. Non-controlling interests consist of the following: <table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--ScheduleOfNoncontrollingInterestsSubscriptionsReceivableTableTextBlock_zR6i56P1ZZH" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of noncontrolling interests</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(2,001,657</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(284,779</td> <td style="width: 1%; padding-bottom: 1pt; 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; padding-bottom: 1pt">HaiCloud Inc</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">-</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">7,175,508</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">1,020,872</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; 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 style="border-bottom: Black 2.5pt double; text-align: right">(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 style="border-bottom: Black 2.5pt double; text-align: right">5,173,851</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">736,093</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--ScheduleOfNoncontrollingInterestsSubscriptionsReceivableTableTextBlock_zR6i56P1ZZH" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of significant accounting policies (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of noncontrolling interests</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(2,001,657</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">(284,779</td> <td style="width: 1%; padding-bottom: 1pt; 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; padding-bottom: 1pt">HaiCloud Inc</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">-</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">7,175,508</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">1,020,872</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; 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 style="border-bottom: Black 2.5pt double; text-align: right">(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 style="border-bottom: Black 2.5pt double; text-align: right">5,173,851</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">736,093</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-823251

-2001657

-284779

7175508

1020872

-823251

5173851

736093

Loss per share The Company computes loss per share in accordance with ASC 260, “Loss per Share”. ASC 260 requires companies to present basic and diluted loss per share. Basic loss per share is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted loss per share 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 loss per share.

Statutory reserves 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.

Segment reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses enabling investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The standard will be effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the ASU during the year ended December 31, 2024. The adoption did not have a material impact on our consolidated financial statements. The CODM (Guohui Kang) primarily reviews consolidated financial information and does not regularly evaluate discrete financial information for each operating segment. Accordingly, the Company operates as a single reportable segment. The Company’s revenues are primarily generated in the People’s Republic of China (“PRC”). Information about geographic areas, including revenues and long-lived assets, is disclosed separately in the notes to the consolidated financial statements The Company has determined two operating segments: (1) Holographic solutions, and (2) Holographic technology service. These segments are determined based on the nature of products and services provided to customers and the manner in which management internally reviews financial information.

Recently issued accounting pronouncements 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. The Company adopted ASU 2023-09 for the year ended December 31, 2025. The adoption resulted in enhanced disclosures and did not have a material impact on the Company’s consolidated financial position or results of operations. 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.

Note 3 — Reverse Stock Split On February 2, 2024, the Company’s reverse stock split plan became effective. Every ten (10) shares of the Company’s ordinary share issued, par value of US$<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20240202__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_z8egKjnXqWSi" title="Common stock, par value per share">0.0001, was combined into one (1) share of ordinary share, par value $0.001. In October 2024, the Company’s reverse stock split plan became effective. Every ten (20) shares of the Company’s ordinary share issued, par value of US$<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20241031__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zi1BKnzZOMh3" title="Common stock, par value per share">0.001, was combined into one (1) share of ordinary share, par value $0.02. The following information in Note 3 was adjusted for the reverse stock split as required by ASC 260. On March 24, 2025, in an Extraordinary General Meeting of the Shareholders, Company shareholders approved the proposed 1-for-40 reverse share split and increase of authorized share capital. April 21, 2025 is the effective date for the 1-for-40 reverse share split, As the result of the 1-for-40 reverse share split, the authorized share capital of the Company changed from US$10,000,000 divided into 500,000,000 shares comprising (i) 400,000,000 Class A Shares, and (ii) 100,000,000 Class B Shares to US$10,000,000 divided into 12,500,000 shares comprising (i) 10,000,000 Consolidated Class A Shares, and (ii) 2,500,000 Consolidated Class B Shares. Following the Share Consolidation, the authorized share capital of the Company increased from US$10,000,000 divided into 12,500,000 shares comprising (i) 10,000,000 Consolidated Class A Shares, and (ii) 2,500,000 Consolidated Class B Shares to US$400,000,000 divided into 500,000,000 shares comprising (i) 400,000,000 Consolidated Class A Shares by the creation of an additional 390,000,000 Consolidated Class A Shares, and (ii) 100,000,000 Consolidated Class B Shares by the creation of an additional 97,500,000 Consolidated Class B Shares.

0.0001

0.001

Company shareholders approved the proposed 1-for-40 reverse share split and increase of authorized share capital. April 21, 2025 is the effective date for the 1-for-40 reverse share split, As the result of the 1-for-40 reverse share split, the authorized share capital of the Company changed from US$10,000,000 divided into 500,000,000 shares comprising (i) 400,000,000 Class A Shares, and (ii) 100,000,000 Class B Shares to US$10,000,000 divided into 12,500,000 shares comprising (i) 10,000,000 Consolidated Class A Shares, and (ii) 2,500,000 Consolidated Class B Shares. Following the Share Consolidation, the authorized share capital of the Company increased from US$10,000,000 divided into 12,500,000 shares comprising (i) 10,000,000 Consolidated Class A Shares, and (ii) 2,500,000 Consolidated Class B Shares to US$400,000,000 divided into 500,000,000 shares comprising (i) 400,000,000 Consolidated Class A Shares by the creation of an additional 390,000,000 Consolidated Class A Shares, and (ii) 100,000,000 Consolidated Class B Shares by the creation of an additional 97,500,000 Consolidated Class B Shares. Note 4 — Deconsolidation During the year ended December 31, 2025, the Company disposed of Yichang Ji Yue and Beijing Ji Yue. The Company deconsolidated Yichang Ji Yue and Beijing Ji Yue on September 30, 2025, when control was transferred. The Company disposed of 100% equity interests and ceased to have control over the subsidiaries. The gain on disposal is included in other income in the consolidated statements of operations. The Company recognized a gain of RMB 311,369 from the transfer. The gain primarily resulted from the derecognition of net liabilities of the disposed subsidiaries. Since the disposal did not represent any strategic change of the Company’s operation and the tax impact of the disposal was not material, the disposal was not presented as discontinued operations. The Company does not retain any equity interest or continuing involvement in the disposed subsidiaries. Net assets of the entities disposed of and loss on disposal were as follows: <table cellpadding="0" cellspacing="0" id="xdx_889_ecustom--ScheduleOfNetAssetsOfEntitiesDisposedTableTextBlock_zYyAjaTYSxJe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Deconsolidation (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of net assets of entities disposed</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20251231__srt--CounterpartyNameAxis__custom--YichangJiYueMember_z8433z1VMoi1" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20251231__srt--CounterpartyNameAxis__custom--BeijingJiYueMember_zAzfVOYYXZQl" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20251231_zKfbW3iDK91a" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center">Yichang</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center">Beijing</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">Total</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Ji Yue</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">Ji Yue</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">RMB</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--DisposalGroupIncludingDiscontinuedOperationAssetsCurrent_iI_pp0p" 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">Total current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,326,247</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">4,525,934</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">7,852,181</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentAssets_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other assets</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 id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationAssets_iI_pp0d_zF2JyGkiazJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total assets</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">3,326,247</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">4,525,934</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">7,852,181</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,440,060</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,723,488</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,163,548</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DisposalGroupIncludingDiscontinuedOperationNetAssets_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total net assets</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">(113,813</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">(197,554</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">(311,367</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--TotalConsideration_iI_pp0d_zEi1adnLYzB5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total consideration</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</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">2</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DisposalGroupProfitOnDisposal_iNI_pp0d_di_zD7R842xFaCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total gain on disposal</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">113,815</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">197,554</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">311,369</td> <td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_889_ecustom--ScheduleOfNetAssetsOfEntitiesDisposedTableTextBlock_zYyAjaTYSxJe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Deconsolidation (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of net assets of entities disposed</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20251231__srt--CounterpartyNameAxis__custom--YichangJiYueMember_z8433z1VMoi1" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20251231__srt--CounterpartyNameAxis__custom--BeijingJiYueMember_zAzfVOYYXZQl" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20251231_zKfbW3iDK91a" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center">Yichang</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center">Beijing</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">Total</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Ji Yue</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">Ji Yue</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">RMB</td> <td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--DisposalGroupIncludingDiscontinuedOperationAssetsCurrent_iI_pp0p" 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">Total current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3,326,247</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">4,525,934</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">7,852,181</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentAssets_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other assets</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 id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationAssets_iI_pp0d_zF2JyGkiazJh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total assets</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">3,326,247</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">4,525,934</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">7,852,181</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,440,060</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,723,488</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,163,548</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DisposalGroupIncludingDiscontinuedOperationNetAssets_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total net assets</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">(113,813</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">(197,554</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">(311,367</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--TotalConsideration_iI_pp0d_zEi1adnLYzB5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total consideration</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</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">2</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DisposalGroupProfitOnDisposal_iNI_pp0d_di_zD7R842xFaCe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total gain on disposal</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">113,815</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">197,554</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">311,369</td> <td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> 3326247 4525934 7852181 3326247 4525934 7852181

3440060

4723488

8163548

-113813 -197554 -311367 2 2 -113815 -197554 -311369

Note 5 — Business combination Acquisition of Shanghai Kuosou On May 31, 2025, Haiyun Xingchen entered into acquisition agreement to acquire 100% equity interests of Shanghai Kuosou which mainly engaged in advertising services. The aggregate purchase price is RMB <span id="xdx_908_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_pp0d_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_zydzkZXT6I8f" title="Total consideration">794,125 and the business registration change was completed on July 3, 2025. The acquisition date was July 3, 2025, when control was obtained. The Company’s acquisition of Shanghai Kuosou was accounted for as business combination in accordance with ASC 805. The Company then allocated the fair value of consideration of Shanghai Kuosou 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. The Company considers that the carrying balance of the financial statement of Shanghai Kuosou at the date of the acquisition is equal to the fair value, as all key items of the financial statements of Shanghai Kuosou 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 Shanghai Kuosou. <table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--AssetAcquisitionContingentConsiderationTableTextBlock_zkCb9Z024o1f" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of assets and liabilities assumed</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 88%; text-align: left">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_903_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_pp0p" title="Cash">2,023,429</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">Other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_905_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_pp0p" title="Other current assets">547,494</td> <td style="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; padding-bottom: 1pt">Current liabilities</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 id="xdx_900_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_pp0d_di_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_zxzBHO4C1Kq9" title="Current liabilities">(1,776,798</td> <td style="padding-bottom: 1pt; 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; 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 style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_pp0p" title="Total consideration">794,125</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Goodwill and intangible assets No goodwill or identifiable intangible assets were recognized as part of this acquisition. Management determined that: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">●</td> <td>The acquired entity primarily consists of short-term monetary assets and liabilities</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">●</td> <td>There were no identifiable intangible assets that met the recognition criteria under ASC 805</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">●</td> <td>The fair value of net identifiable assets approximated the purchase consideration</td></tr> </table> Accordingly, no goodwill or bargain purchase gain was recognized. Valuation methodology The fair values of the acquired assets and liabilities were estimated using valuation techniques consistent with the market and cost approaches. Due to the short-term nature of the acquired assets and liabilities, their carrying amounts were considered to approximate fair value. Acquisition-related costs Acquisition-related costs were not material and were expensed as incurred within general and administrative expenses. The acquired business contributed revenue of RMB 51,692,524 and net income of RMB 234,739 for the year ended December 31, 2025.

794125

<table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--AssetAcquisitionContingentConsiderationTableTextBlock_zkCb9Z024o1f" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of assets and liabilities assumed</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 88%; text-align: left">Cash</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_903_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_pp0p" title="Cash">2,023,429</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">Other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_905_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_pp0p" title="Other current assets">547,494</td> <td style="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; padding-bottom: 1pt">Current liabilities</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 id="xdx_900_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_pp0d_di_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_zxzBHO4C1Kq9" title="Current liabilities">(1,776,798</td> <td style="padding-bottom: 1pt; 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; 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 style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_c20250531__us-gaap--BusinessAcquisitionAxis__custom--ShanghaiKuosouMember_pp0p" title="Total consideration">794,125</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2023429

547494

1776798

794125

51692524

234739

Note 6 — Short-term Investments Short-term Investments consist of the following: <table cellpadding="0" cellspacing="0" id="xdx_899_eus-gaap--MarketableSecuritiesTextBlock_zWctifXp9mne" 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; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of short-term investments</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; 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">December 31, 2024</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">December 31, 2025</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">December 31, 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; padding-bottom: 1pt; 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">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; width: 64%; text-align: left">Structured financial products</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">687,702,649</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">633,204,356</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">90,087,121</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; padding-bottom: 1pt">Equity securities and ETFs</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">37,962,037</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">265,947,428</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">37,836,818</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; padding-bottom: 2.5pt">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">725,664,686</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">899,151,784</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">127,923,939</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Fair value measurements The Company measures its short-term investments at fair value on a recurring basis in accordance with the fair value hierarchy established under applicable accounting standards: <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="text-align: justify; width: 0.5in"></td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">Level 1: Quoted prices (unadjusted) in active markets for identical assets.</td> </tr> </table> <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="text-align: justify; width: 0.5in"></td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">Level 2: Observable inputs other than quoted prices included within Level 1.</td> </tr> </table> <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="text-align: justify; width: 0.5in"></td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify">Level 3: Unobservable inputs supported by little or no market activity.</td> </tr> </table> The following tables present the Company’s short-term investments measured at fair value on a recurring basis: <table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--FairValueDisclosureOfShorttermInvestmentsTableTextBlock_zV9mulOcTz7c" 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; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Fair value disclosure of short-term investments</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; 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="14" 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="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">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">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">37,962,037</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_90F_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">37,962,037</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_900_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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_901_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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; padding-bottom: 1pt">Structured financial products</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">687,702,649</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 id="xdx_908_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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 id="xdx_900_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">687,702,649</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 id="xdx_901_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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-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">725,664,686</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">37,962,037</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">687,702,649</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">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 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">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">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">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">265,947,428</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_900_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">265,947,428</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_901_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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_902_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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; padding-bottom: 1pt">Structured financial products</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">633,204,356</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 id="xdx_900_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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 id="xdx_901_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">633,204,356</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 id="xdx_902_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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-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">899,151,784</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">265,947,428</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">633,204,356</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">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Equity securities and exchange-traded funds are classified as Level 1 as their fair values are based on quoted market prices in active markets. Structured financial products are classified as Level 2 as their fair values are based on observable market inputs and pricing information provided by financial institutions. Investment activity During the year ended December 31, 2025, the Company invested a total of RMB 5,854,990,400 (USD 833,000,000) in short-term investments and recognized an investment loss of RMB 98,351,630 (USD 13,769,146), which was recorded in investment loss, net in the consolidated statements of income and comprehensive income. Subsequent to December 31, 2025, the fair value of certain short-term investments decreased due to market fluctuations. The decline occurred after the balance sheet date and therefore has not been reflected in the accompanying consolidated financial statements. Management believes the change in fair value does not indicate conditions that existed as of December 31, 2025.

<table cellpadding="0" cellspacing="0" id="xdx_899_eus-gaap--MarketableSecuritiesTextBlock_zWctifXp9mne" 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; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of short-term investments</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; 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">December 31, 2024</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">December 31, 2025</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">December 31, 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; padding-bottom: 1pt; 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">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; width: 64%; text-align: left">Structured financial products</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">687,702,649</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">633,204,356</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">90,087,121</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; padding-bottom: 1pt">Equity securities and ETFs</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">37,962,037</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">265,947,428</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">37,836,818</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; padding-bottom: 2.5pt">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">725,664,686</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">899,151,784</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">127,923,939</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

687702649

633204356

90087121

37962037

265947428

37836818

725664686

899151784

127923939

<table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--FairValueDisclosureOfShorttermInvestmentsTableTextBlock_zV9mulOcTz7c" 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; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Fair value disclosure of short-term investments</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; 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="14" 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="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">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">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">37,962,037</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_90F_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">37,962,037</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_900_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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_901_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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; padding-bottom: 1pt">Structured financial products</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">687,702,649</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 id="xdx_908_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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 id="xdx_900_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">687,702,649</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 id="xdx_901_eus-gaap--ShortTermInvestments_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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-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">725,664,686</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">37,962,037</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">687,702,649</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">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 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">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">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">Equity securities and ETFs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">265,947,428</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_900_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">265,947,428</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_901_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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_902_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--EquitySecuritiesAndETFsMember_pp0p" title="Total">-</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; padding-bottom: 1pt">Structured financial products</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">633,204,356</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 id="xdx_900_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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 id="xdx_901_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">633,204,356</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 id="xdx_902_eus-gaap--ShortTermInvestments_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--ShortTermDebtTypeAxis__custom--StructuredFinancialProductsMember_pp0p" title="Total">-</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-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">899,151,784</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">265,947,428</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">633,204,356</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">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

37962037

687702649

725664686

37962037

687702649

265947428

633204356

899151784

265947428

633204356

5854990400 833000000

98351630

13769146

Note 7 — Accounts receivable, net Accounts receivable, net consisted of the following: <table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zz41iYHUFkPf" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of accounts receivable, net</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_499_20241231_zPDAXpcWjeRj" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_497_20251231_zQck5VEe0gog" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_402_eus-gaap--AccountsReceivableGross_iI_pp0d_maARNzNdn_zqFJpprulDF2" 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">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">27,669,404</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_eus-gaap--AccountsReceivableGross_iI_pp0p0_uUSD_c20251231_zcv7kBfz0Kh4" style="width: 9%; text-align: right" title="Accounts receivable">3,936,576</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0d_di_msARNzNdn_zVkXcyN3Cyd6" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Less: allowance for expected credit losses</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">(5,513,270</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_980_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_uUSD_c20251231_zi2ejcbZzhm3" style="border-bottom: Black 1pt solid; text-align: right" title="Less: allowance for doubtful accounts">(784,383</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableNet_iTI_pp0d_mtARNzNdn_zioffIo1faFd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">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">22,156,134</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_984_eus-gaap--AccountsReceivableNet_iTI_pp0p0_uUSD_c20251231_zSBlUgmAzfs6" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts receivable, net">3,152,193</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following table summarizes the changes in allowance for expected credit losses: <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zyhkJFOPBhDg" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of allowance for doubtful accounts</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="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 id="xdx_985_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_c20240101__20241231_zJmhwTvb4mzg" style="width: 9%; text-align: right" title="Beginning balance">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 id="xdx_98C_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_c20250101__20251231_zLdyOZJQOe3c" style="width: 9%; text-align: right" title="Beginning balance">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_98D_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_uUSD_c20250101__20251231_z02nOgvUCPFk" style="width: 9%; text-align: right" title="Beginning balance">560,760</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">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--ProvisionForDoubtfulAccountsReceivable_pp0p0_c20240101__20241231_zl3XMMsDVsna" style="text-align: right">2,492,478</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--ProvisionForDoubtfulAccountsReceivable_pp0p0_c20250101__20251231_zWEKgisL244e" style="text-align: right" title="Allowance for expected credit loss">2,306,700</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_ecustom--ProvisionForDoubtfulAccountsReceivable_pp0p0_uUSD_c20250101__20251231_z20KPMDAk5Ul" style="text-align: right">322,936</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">write-off</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_ecustom--Writeoff_pp0p0_c20240101__20241231_z4fu2gDng4Da" style="text-align: right" title="Write-off">(3,050,297</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_ecustom--Writeoff_pp0p0_c20250101__20251231_zPQnai3Oa3Dj" style="text-align: right">(51,892</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--Writeoff_pp0p0_uUSD_c20250101__20251231_zLqlCf0V76e4" style="text-align: right">(7,265</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Other changes - Deconsolidation</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_ecustom--OtherChangesDeconsolidation_pp0p0_c20240101__20241231_z5vVT4vONJ4" style="text-align: right" title="Other changes - Deconsolidation">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_ecustom--OtherChangesDeconsolidation_pp0p0_c20250101__20251231_zurbHWjnieH5" style="text-align: right" title="Other changes - Deconsolidation">(772,505</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_ecustom--OtherChangesDeconsolidation_pp0p0_uUSD_c20250101__20251231_ze8BbiXawPGl" style="text-align: right" title="Other changes - Deconsolidation">(108,150</td> <td style="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; padding-bottom: 1pt">Exchange rate difference</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_ecustom--ExchangeRateDifference_pp0p0_c20240101__20241231_zpkFyKeWWFgd" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">-</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_ecustom--ExchangeRateDifference_pp0p0_c20250101__20251231_z3b4xPUL0sZf" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">-</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_98E_ecustom--ExchangeRateDifference_pp0p0_uUSD_c20250101__20251231_z8L9Z87OXh1h" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">16,102</td> <td style="padding-bottom: 1pt; 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; padding-bottom: 2.5pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_c20240101__20241231_zKxsza851gbh" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">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 id="xdx_988_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_c20250101__20251231_zefNyibn1aTd" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">5,513,270</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_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_uUSD_c20250101__20251231_zF27y0YcBZv7" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">784,383</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Allowance for expected credit losses for the years ended December 31, 2024 and 2025 amounted to RMB 4,030,967 and RMB 5,513,270 (USD 784,383), respectively.

<table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zz41iYHUFkPf" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of accounts receivable, net</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_499_20241231_zPDAXpcWjeRj" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_497_20251231_zQck5VEe0gog" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_402_eus-gaap--AccountsReceivableGross_iI_pp0d_maARNzNdn_zqFJpprulDF2" 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">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">27,669,404</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_eus-gaap--AccountsReceivableGross_iI_pp0p0_uUSD_c20251231_zcv7kBfz0Kh4" style="width: 9%; text-align: right" title="Accounts receivable">3,936,576</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0d_di_msARNzNdn_zVkXcyN3Cyd6" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Less: allowance for expected credit losses</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">(5,513,270</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_980_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pp0p0_di_uUSD_c20251231_zi2ejcbZzhm3" style="border-bottom: Black 1pt solid; text-align: right" title="Less: allowance for doubtful accounts">(784,383</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--AccountsReceivableNet_iTI_pp0d_mtARNzNdn_zioffIo1faFd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">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">22,156,134</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_984_eus-gaap--AccountsReceivableNet_iTI_pp0p0_uUSD_c20251231_zSBlUgmAzfs6" style="border-bottom: Black 2.5pt double; text-align: right" title="Accounts receivable, net">3,152,193</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

27502332

27669404

3936576

4030967

5513270

784383

23471365

22156134

3152193

<table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--AccountsReceivableAllowanceForCreditLossTableTextBlock_zyhkJFOPBhDg" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of allowance for doubtful accounts</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="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 id="xdx_985_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_c20240101__20241231_zJmhwTvb4mzg" style="width: 9%; text-align: right" title="Beginning balance">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 id="xdx_98C_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_c20250101__20251231_zLdyOZJQOe3c" style="width: 9%; text-align: right" title="Beginning balance">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_98D_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iS_pp0p0_uUSD_c20250101__20251231_z02nOgvUCPFk" style="width: 9%; text-align: right" title="Beginning balance">560,760</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">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--ProvisionForDoubtfulAccountsReceivable_pp0p0_c20240101__20241231_zl3XMMsDVsna" style="text-align: right">2,492,478</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_ecustom--ProvisionForDoubtfulAccountsReceivable_pp0p0_c20250101__20251231_zWEKgisL244e" style="text-align: right" title="Allowance for expected credit loss">2,306,700</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_ecustom--ProvisionForDoubtfulAccountsReceivable_pp0p0_uUSD_c20250101__20251231_z20KPMDAk5Ul" style="text-align: right">322,936</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">write-off</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_ecustom--Writeoff_pp0p0_c20240101__20241231_z4fu2gDng4Da" style="text-align: right" title="Write-off">(3,050,297</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_ecustom--Writeoff_pp0p0_c20250101__20251231_zPQnai3Oa3Dj" style="text-align: right">(51,892</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_ecustom--Writeoff_pp0p0_uUSD_c20250101__20251231_zLqlCf0V76e4" style="text-align: right">(7,265</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Other changes - Deconsolidation</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_ecustom--OtherChangesDeconsolidation_pp0p0_c20240101__20241231_z5vVT4vONJ4" style="text-align: right" title="Other changes - Deconsolidation">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_ecustom--OtherChangesDeconsolidation_pp0p0_c20250101__20251231_zurbHWjnieH5" style="text-align: right" title="Other changes - Deconsolidation">(772,505</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_ecustom--OtherChangesDeconsolidation_pp0p0_uUSD_c20250101__20251231_ze8BbiXawPGl" style="text-align: right" title="Other changes - Deconsolidation">(108,150</td> <td style="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; padding-bottom: 1pt">Exchange rate difference</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_ecustom--ExchangeRateDifference_pp0p0_c20240101__20241231_zpkFyKeWWFgd" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">-</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_ecustom--ExchangeRateDifference_pp0p0_c20250101__20251231_z3b4xPUL0sZf" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">-</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_98E_ecustom--ExchangeRateDifference_pp0p0_uUSD_c20250101__20251231_z8L9Z87OXh1h" style="border-bottom: Black 1pt solid; text-align: right" title="Exchange rate difference">16,102</td> <td style="padding-bottom: 1pt; 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; padding-bottom: 2.5pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_982_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_c20240101__20241231_zKxsza851gbh" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">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 id="xdx_988_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_c20250101__20251231_zefNyibn1aTd" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">5,513,270</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_ecustom--AllowanceForDoubtfulAccountsPremiumAndOtherReceivables_iE_pp0p0_uUSD_c20250101__20251231_zF27y0YcBZv7" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">784,383</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4588786 4030967 560760 2492478 2306700 322936 -3050297 -51892 -7265 -772505 -108150 16102 4030967 5513270 784383

4030967

5513270

784383

Note 8 — Notes Receivable Notes receivable primarily consists of bank acceptance bills received from customers in the ordinary course of business. As of December 31, 2025, the Company had notes receivable of RMB 3,638,300 (2024: nil0), all of which are expected to be settled within one year. During the year ended December 31, 2025, the Company entered into bill discounting arrangements with certain banks. Under these arrangements, the Company discounted notes receivable to obtain financing. As the banks retain the right of recourse in the event of default, the transfers do not qualify for derecognition under ASC 860. Accordingly, the Company continues to recognize these notes receivable and records the proceeds received as short-term borrowings. As of December 31, 2025, notes receivable with a carrying amount of RMB 3,627,557 were pledged as collateral for short-term borrowings of the same amount, disclosed as loan payable in the balance sheet. The Company has assessed the expected credit losses associated with notes receivable and determined that no material allowance for expected credit losses was required as of December 31, 2025.

3638300

3627557

Note 9 — Inventories, net Inventories, net consist of the following: <table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zs8Utu2FwVt5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Inventories, net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of inventories</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_491_20241231_zXIaSF0qgzih" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20251231_zAaUYkvzrWGd" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40F_eus-gaap--InventoryRawMaterials_iI_pp0d_maIGzFY7_zgO37PAmOOfk" 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">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">788,957</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--InventoryRawMaterials_iI_pp0p0_uUSD_c20251231_zJ5r1PkuQeml" style="width: 9%; text-align: right" title="Raw materials">112,246</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryFinishedGoods_iI_pp0d_maIGzFY7_zIZf2aK3mef5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">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">4,483</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--InventoryFinishedGoods_iI_pp0p0_uUSD_c20251231_zXrTskqHCgM" style="border-bottom: Black 1pt solid; text-align: right" title="Finished goods">638</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryGross_iTI_pp0d_mtIGzFY7_maINzcIg_zlPxDeE2Mbu2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">793,440</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--InventoryGross_iTI_pp0p0_uUSD_c20251231_zInuIeu34Dol" style="text-align: right" title="Total">112,884</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryValuationReserves_iNI_pp0d_di_msINzcIg_zcoMqyoQOpd2" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">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">(675,697</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_986_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_uUSD_c20251231_zUUXUnrXFnYf" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Inventory allowance">(96,132</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--InventoryNet_iTI_pp0d_mtINzcIg_z649Qug1vvRe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">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">117,743</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_98B_eus-gaap--InventoryNet_iTI_pp0p0_uUSD_c20251231_zpXeHdKySER1" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventories, net">16,752</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company evaluates inventory for impairment on a regular basis. In determining net realizable value, management considers various factors, including inventory age, historical usage and sales patterns, current market conditions, technological obsolescence, and future demand. Given the rapid technological advancements and short product life cycles in the integrated circuit industry, inventory is subject to a higher risk of obsolescence. As such, the Company applies an aging-based approach to assess inventory impairment, whereby provision rates increase with the age of the inventory. The Company’s impairment assessment is based on historical experience and management’s expectations of future market conditions. Compared with industry peers, the Company applies relatively conservative provision rates, particularly for inventory aged over one year. For the year ended December 31, 2025, the Company recorded a net reversal of inventory write-down of RMB 175,229 (2024: write-down of RMB 674,467), which is included in cost of sales. Management believes that the inventory balances are stated at the lower of cost and net realizable value as of December 31, 2025.

<table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zs8Utu2FwVt5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Inventories, net (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of inventories</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_491_20241231_zXIaSF0qgzih" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20251231_zAaUYkvzrWGd" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40F_eus-gaap--InventoryRawMaterials_iI_pp0d_maIGzFY7_zgO37PAmOOfk" 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">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">788,957</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--InventoryRawMaterials_iI_pp0p0_uUSD_c20251231_zJ5r1PkuQeml" style="width: 9%; text-align: right" title="Raw materials">112,246</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryFinishedGoods_iI_pp0d_maIGzFY7_zIZf2aK3mef5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">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">4,483</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--InventoryFinishedGoods_iI_pp0p0_uUSD_c20251231_zXrTskqHCgM" style="border-bottom: Black 1pt solid; text-align: right" title="Finished goods">638</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InventoryGross_iTI_pp0d_mtIGzFY7_maINzcIg_zlPxDeE2Mbu2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">793,440</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--InventoryGross_iTI_pp0p0_uUSD_c20251231_zInuIeu34Dol" style="text-align: right" title="Total">112,884</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryValuationReserves_iNI_pp0d_di_msINzcIg_zcoMqyoQOpd2" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">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">(675,697</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_986_eus-gaap--InventoryValuationReserves_iNI_pp0p0_di_uUSD_c20251231_zUUXUnrXFnYf" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Inventory allowance">(96,132</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--InventoryNet_iTI_pp0d_mtINzcIg_z649Qug1vvRe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">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">117,743</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_98B_eus-gaap--InventoryNet_iTI_pp0p0_uUSD_c20251231_zpXeHdKySER1" style="border-bottom: Black 2.5pt double; text-align: right" title="Inventories, net">16,752</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1539710

788957

112246

76899

4483

638

1616609

793440

112884

850926

675697

96132

765683

117743

16752

175229

674467

Note 10 — Prepayment and other current assets Prepayment and other current assets consisted of the following: <table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_z01W9vmSnPE6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Prepayment and other current assets (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">Schedule of repayment and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20241231_zxTLVi8Ew4fa" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20251231_zroPQEDcDrM8" 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: bottom; text-align: left"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2024</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidExpenseCurrent_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 64%; vertical-align: top">Prepayments</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9,122,086</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">8,514,583</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">1,211,385</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherReceivables_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Other Receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">549,493</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,503,790</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">213,947</td> <td style="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; vertical-align: top; text-align: left">Less: impairment losses</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">-　</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">(2,050,000</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">(291,657</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--OtherPrepaidExpenseCurrent_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Prepayment and other current assets</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">9,671,579</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">7,968,373</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">1,133,675</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2025, the Company had prepayments of RMB 8,514,583 (2024: RMB 9,122,086). During the year, certain prepayments were written off due to the inability to recover amounts from specific vendors, including cases where vendors could not be contacted or failed to fulfill contractual obligations. Certain prepayments represent advance payments for services to be provided in future periods under contractual arrangements, including research and development and promotional service agreements extending into 2026. Management has assessed the recoverability of prepayments as of December 31, 2025 and believes that the remaining balances are recoverable. For the year ended December 31, 2025, the Company recognized impairment losses on prepayments of RMB 2,072,001, which were recorded in operating expenses and recognized write-off of RMB 22,001.

<table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_z01W9vmSnPE6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Prepayment and other current assets (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">Schedule of repayment and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20241231_zxTLVi8Ew4fa" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20251231_zroPQEDcDrM8" 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: bottom; text-align: left"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2024</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidExpenseCurrent_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 64%; vertical-align: top">Prepayments</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9,122,086</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">8,514,583</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">1,211,385</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherReceivables_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Other Receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">549,493</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,503,790</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">213,947</td> <td style="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; vertical-align: top; text-align: left">Less: impairment losses</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">-　</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">(2,050,000</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">(291,657</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--OtherPrepaidExpenseCurrent_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Prepayment and other current assets</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">9,671,579</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">7,968,373</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">1,133,675</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

9122086

8514583

1211385

549493

1503790

213947

2050000 291657

9671579

7968373

1133675

8514583

9122086

2072001 22001

Note 11 — Property and equipment, net Property and equipment, net consist of the following: <table cellpadding="0" cellspacing="0" id="xdx_881_eus-gaap--PropertyPlantAndEquipmentTextBlock_zVR2mbhQgxgk" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of property and equipment, net</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="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 style="width: 9%; text-align: right">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 style="width: 9%; text-align: right">1,024,191</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">145,714</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">Mechanical equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">150,691</td> <td style="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">Electronic and other equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,684,135</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,729,181</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">246,014</td> <td style="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; padding-bottom: 1pt">Vehicles</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">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 style="border-bottom: Black 1pt solid; text-align: right">114,182</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">16,245</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">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,792,853</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,926,732</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">558,664</td> <td style="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; padding-bottom: 1pt">Less: accumulated depreciation</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">(3,209,052</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 style="border-bottom: Black 1pt solid; text-align: right">(3,435,165</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">(488,728</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; padding-bottom: 2.5pt">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">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 style="border-bottom: Black 2.5pt double; text-align: right">491,567</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">69,936</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense for the years ended December 31, 2023, 2024 and 2025 amounted to RMB 807,722, RMB 818,541 and RMB 206,650 (USD 28,931), respectively.

<table cellpadding="0" cellspacing="0" id="xdx_881_eus-gaap--PropertyPlantAndEquipmentTextBlock_zVR2mbhQgxgk" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of property and equipment, net</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="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 style="width: 9%; text-align: right">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 style="width: 9%; text-align: right">1,024,191</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">145,714</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">Mechanical equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,059,178</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">150,691</td> <td style="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">Electronic and other equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,684,135</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,729,181</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">246,014</td> <td style="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; padding-bottom: 1pt">Vehicles</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">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 style="border-bottom: Black 1pt solid; text-align: right">114,182</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">16,245</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">Subtotal</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,792,853</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,926,732</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">558,664</td> <td style="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; padding-bottom: 1pt">Less: accumulated depreciation</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">(3,209,052</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 style="border-bottom: Black 1pt solid; text-align: right">(3,435,165</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">(488,728</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; padding-bottom: 2.5pt">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">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 style="border-bottom: Black 2.5pt double; text-align: right">491,567</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">69,936</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1005558

1024191

145714

1059178

150691

1684135

1729181

246014

43982

114182

16245

3792853

3926732

558664

3209052

3435165

488728

583801

491567

69936

807722

818541

206650

28931

Note 12 — Account Payable Account payable consists of the following: <table cellpadding="0" cellspacing="0" id="xdx_88A_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zt6AUjlSTLk6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Account Payable (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Schedule of account payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2024</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </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">Purchase of goods and services</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">13,405,894</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">20,872,743</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">2,969,603</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> </table> Accounts payable primarily consist of amounts due to third-party suppliers for the purchase of goods and services in the ordinary course of business. The balances are unsecured, non-interest bearing, and are generally due within one year. As of December 31, 2024 and 2025, accounts payable amounted to RMB 13,405,894 and RMB 20,872,743 (USD 2,969,603), respectively.

<table cellpadding="0" cellspacing="0" id="xdx_88A_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zt6AUjlSTLk6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Account Payable (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Schedule of account payable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2024</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">December 31, 2025</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">RMB</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">USD</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </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">Purchase of goods and services</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">13,405,894</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">20,872,743</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">2,969,603</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td></tr> </table>

13405894

20872743

2969603

13405894

20872743

2969603

Note 13 — Convertible bonds Convertible bonds consist of the following: <table cellpadding="0" cellspacing="0" id="xdx_88D_ecustom--ScheduleOfConvertibleBondsTableTextBlock_zub5gLbsHEmk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible bonds (Details)"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">Schedule of convertible bonds</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 1pt">Investors</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; font-weight: bold; text-align: right">-</td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; 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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">45,265,472</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">6,440,000</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> The Company evaluated the embedded conversion feature under ASC 815 and determined that it meets the definition of a derivative. The conversion feature exposes the holder to variability in the Company’s share price and allows settlement through shares that are readily convertible to cash, thereby meeting the net settlement criterion. However, the Company further assessed whether the embedded feature qualifies for the scope exception under ASC 815-40. As the conversion price is based on a variable formula (70% of the lowest closing price over the preceding 60 trading days), the feature is not considered indexed solely to the Company’s own stock and therefore does not qualify for equity classification. Accordingly, the embedded conversion feature would generally require bifurcation and separate accounting as a derivative liability. However, the Company noted that a substantial portion of the Notes was converted within a short period after issuance, in many cases within days to a few weeks. Based on a sensitivity analysis of price variability and the short duration of exposure, the Company concluded that the fair value impact of the embedded derivative is not material to the financial statements. The Company evaluated the embedded conversion feature under ASC 815 and concluded that, while the feature may meet the definition of a derivative, the fair value of the embedded feature was not material to the financial statements. Accordingly, the Company did not separately account for the feature. The Company considered the short duration between issuance and conversion in its assessment. Therefore, the Notes were accounted for as a single liability instrument. As of December 31, 2025, convertible bonds of RMB 45,265,472 (USD 6,440,000) remained outstanding. <table cellpadding="0" cellspacing="0" id="xdx_88D_ecustom--ScheduleOfConvertibleBondsTableTextBlock_zub5gLbsHEmk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible bonds (Details)"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">Schedule of convertible bonds</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 1pt">Investors</td> <td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; font-weight: bold; text-align: right">-</td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; 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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">45,265,472</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 style="border-bottom: Black 1pt solid; width: 9%; text-align: right">6,440,000</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> </table> 45265472 6440000 45265472 6440000

Note 14 — Taxes Cayman Islands MicroCloud, MC was 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. Hong Kong 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 of profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue to be taxed at the existing tax rate of 16.5%. PRC 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 “EIT Laws”), domestic enterprises and Foreign Investment Enterprises (the “FIE”) are subject to a unified 25% 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 15%, 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 15% from January 2017 to December 2025. Shenzhen Mengyun obtained the “high-tech enterprise” tax status in November 2018 and further renewed in December 2021, which reduced its statutory income tax rate to 15% from January 2018 to December 2023. 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 15% from January 2021 to December 2026. From January 2023 to December 2027. For small and micro-sized enterprises, in accordance with the “Announcement of the Ministry of Finance and the State Taxation Administration No. 6 of 2023”, all taxable incomes not exceeding RMB 3 million will be uniformly levied at an actual tax rate of 5%. Beijing Xihuiyun, Shenzhen Haiyun, Haiyun Xingchen, Shenzhen Yushian, HaiYun Zhichuang, Yichang Jiyue, Beijing Jiyue and Shanghai Kuosou were eligible to employ this policy. Horgos Weiyi, Horgos Youshi, Horgos Bowei and Horgos Tianyuemeng were formed and registered in Horgos in Xinjiang, China from 2016 to 2020, and Kashgar Youshi was formed and registered in Kashgar in Xinjiang, China in 2016. These companies are not subject to income tax for 5 years and can obtain another two years of tax exemption status and three years at reduced income tax rate of 12.5% after the 5 years due to the local tax policies to attract companies in various industries. Significant components of the provision for income taxes are as follows: <table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zzcljmR7GLjk" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of income tax expense benefit</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20230101__20231231_zOvSTjsQadqa" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20240101__20241231_zEDPXouVlGSd" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20250101__20251231_zHT5ACFlJN4" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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">For the year ended December 31, 2023</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">For the year ended December 31, 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">For the year ended December 31, 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">For the year ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Current income tax credit (expense)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(100,859</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">(392,878</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">-</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--CurrentIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20251231_zgvUKb3dIVph" style="width: 9%; text-align: right" title="Current income tax expenses">-</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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Deferred income tax benefit (expense)</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">(4,038,047</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">2,931,528</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">-</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--DeferredIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20251231_zeVOioQDISr6" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax benefits">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherTaxExpenseBenefit_pp0p0_zlLOoZfadXsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Income tax credit (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">(4,138,906</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">2,538,650</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">-</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--OtherTaxExpenseBenefit_pp0p0_uUSD_c20250101__20251231_zaKIje1VXVSi" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax expenses">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> For the year ended December 31, 2025, the Company did not recognize income tax expense primarily due to operating losses incurred during the period and the full valuation allowance recorded against deferred tax assets. The following table reconciles China statutory rates to the Company’s effective tax rate: <table cellpadding="0" cellspacing="0" id="xdx_893_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zEbBEC3BDwN9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Schedule of effective tax rate</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20230101__20231231_zNrsTfJvRpP2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20240101__20241231_znPqVvYcq3xh" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20250101__20251231_zS6rXyVUs4nc" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">For the year ended December 31, 2023</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">For the year ended December 31, 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">For the year ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_zsz723KZf6z8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">China statutory income tax rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.00</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">25.00</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">25.00</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_ecustom--PreferentialTaxRateReduction_dp_zkRcD1yHXtUj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferential tax rate reduction</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(37.28</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(22.08</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2.32</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_zWcxs4W79k5k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Change in valuation allowance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15.37</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.90</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12.37</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_dp_zwjeP2Zo93N1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additional R&D deduction in China</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.38</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.66</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.55</td> <td style="text-align: left">%</td></tr> <tr id="xdx_402_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifference_dp_zPdoyBvEp1aa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Permanent difference</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.20</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.52</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.20</td> <td style="text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_dp_zdMUClv7yLYg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">Tax rate difference outside China(1)</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">(0.05</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">0.38</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">(19.06</td> <td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_zD0cFz15algl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Effective tax rate</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">(26.52</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">16.38</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">-</td> <td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <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: 0in"></td> <td style="width: 0.25in; text-align: left">(1)</td> <td id="xdx_F13_zJS99Q3St7w5" style="text-align: justify"> It is mainly due to the lower tax rate of the entities incorporated in Hong Kong, and tax exempt in Cayman Islands.</td> </tr> </table> Deferred tax assets and liabilities Significant components of deferred tax assets and liabilities were as follows: <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zAj6erOclB7" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of deferred tax assets and liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20241231_zwPRei3n8bJ4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20251231_zrYWafFGDFj6" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40C_eus-gaap--DeferredTaxAssetsNetAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred tax assets:</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 id="xdx_401_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Allowance for expected credit losses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">483,725</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">871,837</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_983_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_pp0p0_uUSD_c20251231_zHgvdMkyFpz6" style="width: 9%; text-align: right" title="Allowance for doubtful accounts">122,056</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ImpairmentLossForInvestment_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Impairment loss for investment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_ecustom--ImpairmentLossForInvestment_iI_pp0p0_uUSD_c20251231_zKGwGGKYPxD2" style="text-align: right" title="Impairment loss for investment">56,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net operating loss carry forward</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,443,342</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,114,228</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_uUSD_c20251231_zuWazoplYopk" style="text-align: right" title="Net operating loss carry forward">2,395,978</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Inventory reserve</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">127,639</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">101,355</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p0_uUSD_c20251231_zk7Dudp9RNcl" style="text-align: right" title="Inventory reserve">14,190</td> <td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RightOfUse_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Right of use</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,848</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 id="xdx_98D_ecustom--RightOfUse_iI_pp0p0_uUSD_c20251231_zqlBE4uUpLCl" style="text-align: right" title="Right of use">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0d_di_znaA0HV2a6X9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Less: valuation 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">(17,479,554</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">(18,487,420</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_98D_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_uUSD_c20251231_zlmI7kQ6qyP3" style="border-bottom: Black 1pt solid; text-align: right" title="Less: valuation allowance">(2,588,224</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred tax assets, net</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 id="xdx_984_eus-gaap--DeferredTaxAssetsNet_iI_pp0p0_uUSD_c20251231_zTTQ51AvxxNd" style="text-align: right" title="Deferred tax assets, net">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred tax liabilities:</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 id="xdx_404_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_iNI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Recognition of intangible assets arising from business combinations</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 id="xdx_989_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_iNI_pp0p0_di_uUSD_c20251231_z5ORXHkm0ahe" style="text-align: right" title="Recognition of intangible assets arising from business acquisition">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredIncomeTaxLiabilityNet_iNI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Deferred tax liabilities, net</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">-</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">-</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--DeferredIncomeTaxLiabilityNet_iNI_pp0p0_di_uUSD_c20251231_zUD8txy1ehpc" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred tax liabilities, net">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DeferredTaxesAssetsLiabilitiesNet_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total deferred tax assets, 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">-</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">-</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_ecustom--DeferredTaxesAssetsLiabilitiesNet_iI_pp0p0_uUSD_c20251231_zIC3X7vYvbk6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax liabilities, net">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company evaluated the recoverable amounts of deferred tax assets and provided a valuation allowance to the extent that future taxable profits will be available against which the net operating loss and temporary differences can be utilized. Valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Company considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets would not be realized based on the Company’s estimate of its future taxable income. If events occur in the future that allow the Company to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur. The Company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2024 and 2025. As of December 31, 2025, the Company had net operating loss carried forward of approximately RMB 115,296,107, which arose from Shanghai Mengyun, Shenzhen Mengyun, Shenzhen Bowei, Shenzhen Yushian, Shanghai Kuosou and Mcloudvr HK, the net operating loss carried forward of the subsidiaries established in the PRC will expire during the period from 2026 to 2030. Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2024 and 2025 and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2025. Value added taxes (“VAT”) 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. Taxes payable consisted of the following: <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfTaxPayableTableTextBlock_z2e1Z0oozbq8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of taxes payable</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20241231_zHgjzA0mj7P2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20251231_zFsfj0t63Fh9" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_406_ecustom--VatTaxesPayable_iI_pp0p" 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">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">195,000</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_ecustom--VatTaxesPayable_iI_pp0p0_uUSD_c20251231_zIB8eDbAwSZf" style="width: 9%; text-align: right" title="VAT taxes payable">27,743</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedIncomeTaxes_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="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">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--AccruedIncomeTaxes_iI_pp0p0_uUSD_c20251231_zwScmhG8umx9" style="text-align: right" title="Income taxes payable">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--OtherTaxesPayable_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">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">34,059</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_ecustom--OtherTaxesPayable_iI_pp0p0_uUSD_c20251231_zZtDjfw8GlZf" style="border-bottom: Black 1pt solid; text-align: right" title="Other taxes payable">4,846</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">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">229,059</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_98E_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0_uUSD_c20251231_zYs6JScnJKcg" style="border-bottom: Black 2.5pt double; text-align: right" title="Totals">32,589</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_890_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zzcljmR7GLjk" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of income tax expense benefit</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20230101__20231231_zOvSTjsQadqa" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20240101__20241231_zEDPXouVlGSd" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20250101__20251231_zHT5ACFlJN4" style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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">For the year ended December 31, 2023</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">For the year ended December 31, 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">For the year ended December 31, 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">For the year ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Current income tax credit (expense)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(100,859</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">(392,878</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">-</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--CurrentIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20251231_zgvUKb3dIVph" style="width: 9%; text-align: right" title="Current income tax expenses">-</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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Deferred income tax benefit (expense)</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">(4,038,047</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">2,931,528</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">-</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--DeferredIncomeTaxExpenseBenefit_pp0p0_uUSD_c20250101__20251231_zeVOioQDISr6" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax benefits">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherTaxExpenseBenefit_pp0p0_zlLOoZfadXsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Income tax credit (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">(4,138,906</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">2,538,650</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">-</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--OtherTaxExpenseBenefit_pp0p0_uUSD_c20250101__20251231_zaKIje1VXVSi" style="border-bottom: Black 2.5pt double; text-align: right" title="Income tax expenses">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-100859

-392878

-4038047

2931528

-4138906

2538650

<table cellpadding="0" cellspacing="0" id="xdx_893_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zEbBEC3BDwN9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Schedule of effective tax rate</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20230101__20231231_zNrsTfJvRpP2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20240101__20241231_znPqVvYcq3xh" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20250101__20251231_zS6rXyVUs4nc" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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">For the year ended December 31, 2023</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">For the year ended December 31, 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">For the year ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_zsz723KZf6z8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">China statutory income tax rate</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">25.00</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">25.00</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">25.00</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_ecustom--PreferentialTaxRateReduction_dp_zkRcD1yHXtUj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferential tax rate reduction</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(37.28</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(22.08</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2.32</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_dp_zWcxs4W79k5k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Change in valuation allowance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15.37</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.90</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12.37</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_dp_zwjeP2Zo93N1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additional R&D deduction in China</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.38</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.66</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.55</td> <td style="text-align: left">%</td></tr> <tr id="xdx_402_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifference_dp_zPdoyBvEp1aa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Permanent difference</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(0.20</td> <td style="text-align: left">)%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.52</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.20</td> <td style="text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_dp_zdMUClv7yLYg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">Tax rate difference outside China(1)</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">(0.05</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">0.38</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">(19.06</td> <td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_zD0cFz15algl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Effective tax rate</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">(26.52</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">16.38</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">-</td> <td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <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: 0in"></td> <td style="width: 0.25in; text-align: left">(1)</td> <td id="xdx_F13_zJS99Q3St7w5" style="text-align: justify"> It is mainly due to the lower tax rate of the entities incorporated in Hong Kong, and tax exempt in Cayman Islands.</td> </tr> </table>

0.2500

-0.3728 -0.2208 -0.0232

-0.1537

0.0390

-0.1237

0.0138

0.0866

0.0855

-0.0020 0.0052 0.0020

-0.0005

0.0038

-0.1906

-0.2652

0.1638

<table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zAj6erOclB7" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of deferred tax assets and liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20241231_zwPRei3n8bJ4" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49F_20251231_zrYWafFGDFj6" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40C_eus-gaap--DeferredTaxAssetsNetAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred tax assets:</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 id="xdx_401_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Allowance for expected credit losses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">483,725</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">871,837</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_983_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts_iI_pp0p0_uUSD_c20251231_zHgvdMkyFpz6" style="width: 9%; text-align: right" title="Allowance for doubtful accounts">122,056</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ImpairmentLossForInvestment_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Impairment loss for investment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_ecustom--ImpairmentLossForInvestment_iI_pp0p0_uUSD_c20251231_zKGwGGKYPxD2" style="text-align: right" title="Impairment loss for investment">56,000</td> <td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net operating loss carry forward</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,443,342</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">17,114,228</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_uUSD_c20251231_zuWazoplYopk" style="text-align: right" title="Net operating loss carry forward">2,395,978</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Inventory reserve</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">127,639</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">101,355</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p0_uUSD_c20251231_zk7Dudp9RNcl" style="text-align: right" title="Inventory reserve">14,190</td> <td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RightOfUse_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Right of use</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,848</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 id="xdx_98D_ecustom--RightOfUse_iI_pp0p0_uUSD_c20251231_zqlBE4uUpLCl" style="text-align: right" title="Right of use">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0d_di_znaA0HV2a6X9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Less: valuation 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">(17,479,554</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">(18,487,420</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_98D_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_uUSD_c20251231_zlmI7kQ6qyP3" style="border-bottom: Black 1pt solid; text-align: right" title="Less: valuation allowance">(2,588,224</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred tax assets, net</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 id="xdx_984_eus-gaap--DeferredTaxAssetsNet_iI_pp0p0_uUSD_c20251231_zTTQ51AvxxNd" style="text-align: right" title="Deferred tax assets, net">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesAbstract_i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred tax liabilities:</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 id="xdx_404_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_iNI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Recognition of intangible assets arising from business combinations</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 id="xdx_989_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_iNI_pp0p0_di_uUSD_c20251231_z5ORXHkm0ahe" style="text-align: right" title="Recognition of intangible assets arising from business acquisition">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredIncomeTaxLiabilityNet_iNI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Deferred tax liabilities, net</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">-</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">-</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--DeferredIncomeTaxLiabilityNet_iNI_pp0p0_di_uUSD_c20251231_zUD8txy1ehpc" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred tax liabilities, net">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DeferredTaxesAssetsLiabilitiesNet_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total deferred tax assets, 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">-</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">-</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_ecustom--DeferredTaxesAssetsLiabilitiesNet_iI_pp0p0_uUSD_c20251231_zIC3X7vYvbk6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total deferred tax liabilities, net">-</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

483725

871837

122056

400000 400000 56000

16443342

17114228

2395978

127639

101355

14190

24848

17479554

18487420

2588224

115296107

<table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfTaxPayableTableTextBlock_z2e1Z0oozbq8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Taxes (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of taxes payable</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20241231_zHgjzA0mj7P2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20251231_zFsfj0t63Fh9" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_406_ecustom--VatTaxesPayable_iI_pp0p" 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">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">195,000</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_ecustom--VatTaxesPayable_iI_pp0p0_uUSD_c20251231_zIB8eDbAwSZf" style="width: 9%; text-align: right" title="VAT taxes payable">27,743</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedIncomeTaxes_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="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">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--AccruedIncomeTaxes_iI_pp0p0_uUSD_c20251231_zwScmhG8umx9" style="text-align: right" title="Income taxes payable">-</td> <td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--OtherTaxesPayable_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">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">34,059</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_ecustom--OtherTaxesPayable_iI_pp0p0_uUSD_c20251231_zZtDjfw8GlZf" style="border-bottom: Black 1pt solid; text-align: right" title="Other taxes payable">4,846</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">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">229,059</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_98E_eus-gaap--TaxesPayableCurrentAndNoncurrent_iI_pp0p0_uUSD_c20251231_zYs6JScnJKcg" style="border-bottom: Black 2.5pt double; text-align: right" title="Totals">32,589</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 115104 195000 27743

5922

26571 34059 4846

147597

229059

32589

Note 15 — Concentration of risk Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. In China, the insurance coverage of each bank is RMB 500,000 (approximately USD 71,136). As of December 31, 2025, cash balance of RMB 475,986,987 (USD 67,719,524) was deposited with financial institutions located in China, of which RMB 471,979,770 (USD 67,149,410) was subject to credit risk. The Hong Kong Deposit Protection Board pays compensation up to a limit of HKD 800,000 (approximately USD 102,802) if the bank with which an individual/a company hold its eligible deposit fails. As of December 31, 2025, cash balance of RMB 976,055,908 (USD 138,865,227) was maintained at financial institutions in Hong Kong, of which RMB 970,871,007 (USD 138,127,562) was subject to credit risk. In the US, the insurance coverage of each bank is USD 250,000. As of December 31, 2025, cash balance of USD 2,205,499 (RMB 15,502,008) was deposited with a financial institution located in US, of which USD 1,705,096 (RMB 11,984,777) was subject to credit risk. In Singapore, Singapore Deposit Insurance Corporation Limited (SDIC) provides the insurance coverage of each bank is SGD 100,000 (USD 77,661). As of December 31, 2025, cash balance of RMB 375,843,966 (USD 53,471,996) was deposited with financial institutions located in Singapore, of which RMB 374,752,246 (USD 53,316,675) was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness. A majority of our expense transactions are denominated in RMB and a significant portion of our and our 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 us 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. 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. 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. Customer concentration risk For the year ended December 31, 2023, two customers accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstCustomerMember_pd" title="Concentration risk percentage">25.0% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondCustomerMember_pd" title="Concentration risk percentage">12.2% of the Company’s total revenue. For the year ended December 31, 2024, two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstCustomerMember_z2rgI31mf4Bl" title="Concentration risk percentage">13.4% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondCustomerMember_pd" title="Concentration risk percentage">12.4% of the Company’s total revenue, respectively. For the year ended December 31, 2025, two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstCustomerMember_zmCTOFTEXeLl" title="Concentration risk percentage">17.1% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondCustomerMember_z2236SHyHTkd" title="Concentration risk percentage">15.2% of the Company’s total revenue, respectively. As of December 31, 2023, three customers accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstCustomerMember_zrRdGEqIrLvl">19.8%, <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondCustomerMember_zfcE3wlgXrT4">13.0% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThirdCustomerMember_zmBMRH1Ahe2c">11.8% of the Company’s accounts receivable, respectively. As of December 31, 2024, one customer accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_pd">10.6% of the Company’s accounts receivable, respectively. As of December 31, 2025, two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstCustomerMember_zLk9o0wCaWCc">23.7% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondCustomerMember_zTdQZPl1Z1sg">15.3% of the Company’s accounts receivable, respectively. Vendor concentration risk For the year ended December 31, 2023, three vendors accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstVendorMember_zJQ2kxzmzLnh" title="Concentration risk percentage">37.6%, <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondVendorMember_pd" title="Concentration risk percentage">13.0% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThirdVendorMember_pd" title="Concentration risk percentage">12.0% of the Company’s total purchases. For the year ended December 31, 2024, two vendors accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstVendorMember_pd" title="Concentration risk percentage">16.6% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondVendorMember_pd" title="Concentration risk percentage">15.4% of the Company’s total purchases. For the year ended December 31, 2025, three vendors accounted for <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstVendorMember_pd" title="Concentration risk percentage">20.7%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondVendorMember_pd" title="Concentration risk percentage">16.0% and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThirdVendorMember_pd" title="Concentration risk percentage">15.3% of the Company’s total purchases. As of December 31, 2023, three vendors accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstVendorMember_zx7ctCkvWZj4" title="Concentration risk percentage">36.1%, <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondVendorMember_zfapIIMrIjId" title="Concentration risk percentage">26.1% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThirdVendorMember_zssBN7cl3n8h" title="Concentration risk percentage">22.2% of the Company’s accounts payable. As of December 31, 2024, four vendors accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstVendorMember_pd" title="Concentration risk percentage">14.3%, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondVendorMember_pd" title="Concentration risk percentage">12.7%, <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThirdVendorMember_pd" title="Concentration risk percentage">12.2% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--FourthVendorMember_pd" title="Concentration risk percentage">10.3% of the Company’s accounts payable. As of December 31, 2025, two vendors accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--FirstVendorMember_pd" title="Concentration risk percentage">27.7% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_c20250101__20251231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__custom--VendorConcentrationRiskMember__srt--MajorCustomersAxis__custom--SecondVendorMember_pd" title="Concentration risk percentage">17.7% of the Company’s accounts payable.

In China, the insurance coverage of each bank is RMB 500,000 (approximately USD 71,136). As of December 31, 2025, cash balance of RMB 475,986,987 (USD 67,719,524) was deposited with financial institutions located in China, of which RMB 471,979,770 (USD 67,149,410) was subject to credit risk. The Hong Kong Deposit Protection Board pays compensation up to a limit of HKD 800,000 (approximately USD 102,802) if the bank with which an individual/a company hold its eligible deposit fails. As of December 31, 2025, cash balance of RMB 976,055,908 (USD 138,865,227) was maintained at financial institutions in Hong Kong, of which RMB 970,871,007 (USD 138,127,562) was subject to credit risk.

0.250

0.122

0.134

0.124

0.171

0.152

0.198

0.130

0.118

0.106

0.237

0.153

0.376

0.130

0.120

0.166

0.154

0.207

0.160

0.153

0.361

0.261

0.222

0.143

0.127

0.122

0.103

0.277

0.177

Note 16 — Leases Lease commitments 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 results in an economic penalty. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The leases generally do not contain options to extend at the time of expiration. As of December 31, 2024 and December 31, 2025, the Company’s operating leases had a weighted average remaining lease term of approximately 1.66 years and 0.74 years, respectively. As of December 31, 2024 and 2025, the weighted average discount rate for operating leases was approximately 7% and 7%, respectively. Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2023, 2024 and 2025 were RMB 1,759,856, RMB 1,614,519 and RMB 1,752,580, respectively. Operating lease expenses are allocated between the cost of revenue and selling, research and development, general, and administrative expenses. Operating lease cost for the years ended December 31, 2023, 2024 and 2025 were RMB 2,306,237, RMB 1,637,384 and RMB 1,696,991, respectively. The five-year maturity of the Company’s operating lease obligations is presented below: <table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zcpokYqXnxd9" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20251231_znBJ4wf18TVi" 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="padding-bottom: 1pt; font-weight: bold; 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">Operating Lease Amount</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">Operating Lease Amount</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Twelve Months Ending December 31,</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_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,180,653</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--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_uUSD_c20251231_zgXQyct8vW0h" style="width: 9%; text-align: right" title="2026">167,974</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--LesseeOperatingLeaseLiabilityPaymentDue_iI_pp0d_z77Kd8Y7hg9e" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,180,653</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_ecustom--LesseeOperatingLeaseLiabilityPaymentDue_iI_pp0p0_uUSD_c20251231_zsZ4NgFkMIOf" style="text-align: right" title="Total lease payments">167,974</td> <td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0d_di_zBEQ3lEZ8pLi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left">Less: Interest</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">(35,218</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--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_uUSD_c20251231_zOPlwSYLRbw7" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Interest">(5,011</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; text-align: left">Present value of lease liabilities</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">1,145,435</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_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0_uUSD_c20251231_zZnNtpbXvNCe" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of lease liabilities">162,963</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Future amortization of the Company’s ROU assets is presented below: <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfFutureAmortizationROUAssetsTableTextBlock_z1guf48DEJUg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details 1)"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of future amortization of ROU assets</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zEwfHvSRXuie" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; 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">Right-of-use assets Amount</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">Right-of-use assets Amount</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Twelve months ending December 31,</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_404_ecustom--FutureAmortizationOfRightOfUseAssetsOneYear_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; padding-bottom: 1pt; text-align: left">2026</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">1,186,167</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_98B_ecustom--FutureAmortizationOfRightOfUseAssetsOneYear_iI_uUSD_c20251231_zaBwHatfLqNl" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="2026">168,758</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--FutureAmortizationOfRightOfUseAssetsDue_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; 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">1,186,167</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--FutureAmortizationOfRightOfUseAssetsDue_iI_uUSD_c20251231_zZ3s8RrV1n0c" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">168,758</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> All remaining lease payments are due within one year as of December 31, 2025.

P1Y7M28D

P0Y8M26D

0.07

1759856

1614519

1752580

2306237 1637384 1696991

<table cellpadding="0" cellspacing="0" id="xdx_895_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zcpokYqXnxd9" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of lease liabilities</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20251231_znBJ4wf18TVi" 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="padding-bottom: 1pt; font-weight: bold; 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">Operating Lease Amount</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">Operating Lease Amount</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Twelve Months Ending December 31,</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_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">2026</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1,180,653</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--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_uUSD_c20251231_zgXQyct8vW0h" style="width: 9%; text-align: right" title="2026">167,974</td> <td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--LesseeOperatingLeaseLiabilityPaymentDue_iI_pp0d_z77Kd8Y7hg9e" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,180,653</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_ecustom--LesseeOperatingLeaseLiabilityPaymentDue_iI_pp0p0_uUSD_c20251231_zsZ4NgFkMIOf" style="text-align: right" title="Total lease payments">167,974</td> <td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0d_di_zBEQ3lEZ8pLi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left">Less: Interest</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">(35,218</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--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_uUSD_c20251231_zOPlwSYLRbw7" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Interest">(5,011</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; text-align: left">Present value of lease liabilities</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">1,145,435</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_ecustom--PresentValueOfLeaseLiabilities_iI_pp0p0_uUSD_c20251231_zZnNtpbXvNCe" style="border-bottom: Black 2.5pt double; text-align: right" title="Present value of lease liabilities">162,963</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1180653

167974

1180653 167974

35218

5011

1145435 162963 <table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfFutureAmortizationROUAssetsTableTextBlock_z1guf48DEJUg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases (Details 1)"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of future amortization of ROU assets</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zEwfHvSRXuie" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; 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">Right-of-use assets Amount</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">Right-of-use assets Amount</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Twelve months ending December 31,</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_404_ecustom--FutureAmortizationOfRightOfUseAssetsOneYear_iI_pp0p" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; padding-bottom: 1pt; text-align: left">2026</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">1,186,167</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_98B_ecustom--FutureAmortizationOfRightOfUseAssetsOneYear_iI_uUSD_c20251231_zaBwHatfLqNl" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="2026">168,758</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--FutureAmortizationOfRightOfUseAssetsDue_iI_pp0p" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; 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">1,186,167</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--FutureAmortizationOfRightOfUseAssetsDue_iI_uUSD_c20251231_zZ3s8RrV1n0c" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">168,758</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> All remaining lease payments are due within one year as of December 31, 2025. 1186167 168758 1186167 168758

Note 17 — Shareholders’ equity Ordinary shares The Company is authorized to issue 500,000,000 ordinary shares with a par value of $<span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20180509__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zGKMzUInODU2" title="Common stock, par value per share">0.8 per share. Holders of the ordinary shares are entitled to one vote for each share. On February 2, 2024, the Company effected a share consolidation at a ratio of one-for-ten (10) ordinary shares with a par value of US$<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20240202__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zjoxiN5PDCrb" title="Common stock, par value per share">0.0001 each in the Company’s issued share capital into one ordinary share with a par value of US$0.001. The Company believed that it was appropriate to reflect on the transactions on a retroactive basis pursuant to ASC 260, Earnings Per Share. The Company has retroactively adjusted all share and per share data for all periods presented. In October, 2024, the Company effected a share consolidation at a ratio of one-for-twenty (20) ordinary shares with a par value of US$<span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20241031__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zEpl34GyFygh" title="Common stock, par value per share">0.001 each in the Company’s issued share capital into one ordinary share with a par value of US$0.02, and changed the Company’s authorized share capital from US$10,000,000 divided into 500,000,000 ordinary shares to US$10,000,000 divided into 400,000,000 Class A ordinary shares and 100,000,000 Class B ordinary shares; The Company has retroactively adjusted all share and per share data from ordinary share to Class A Ordinary Shares for all periods presented. On April 21, 2025, the Company effected a share consolidation at a ratio of one-for-forty (40) ordinary shares with a par value of US$<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20250421__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesMember_zyVmiffbgWtc" title="Common stock, par value per share">0.02 each in the Company’s issued share capital into one ordinary share with a par value of US$0.8. Giving the effects of the share consolidation, as of December 31, 2024 and 2025, there were 1,362,583 and 22,512,360 Class A Ordinary Shares issued and outstanding, respectively, and there were nil <span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__custom--ClassBOrdinarySharesMember_zoklp4xsFHZe" style="display: none" title="Common stock, shares outstanding">0 and 400,000 Class B Ordinary Shares issued and outstanding, respectively. Statutory reserve 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. During the years ended December 31, 2024 and 2025, Mengyun PRC entities collectively attributed RMB 11,670 and nil 0 to statutory reserves, respectively. Restricted assets 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 consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of Mengyun PRC entities. 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. As a result of the foregoing restrictions, Mengyun 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 Mengyun PRC entities from transferring funds to the Company in the form of dividends, loans and advances. As of December 31, 2025, the amounts restricted are primarily comprised of the paid-in capital and statutory reserves of the Company’s PRC subsidiaries, which amounted to RMB 41,775,776. The restricted net assets are determined based on the statutory financial statements of the PRC subsidiaries and reflect the impact of foreign exchange translation adjustments in consolidation under U.S. GAAP.

500000000

0.8

Holders of the ordinary shares are entitled to one vote for each share.

0.0001

0.001

one-for-forty

0.02

1362583

22512360

400000

11670 0 41775776 Note 18 — Warrants The Company issued Public Warrants and Private Warrants in connection with its initial public offering and concurrent private placement. As of December 31, 2025, the Company had 5,750,000 Public Warrants and 270,500 Private Warrants outstanding. The Company accounts for its outstanding Warrants in accordance with ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity.” The Public Warrants meet the criteria for equity classification and are recorded within shareholders’ equity. The Private Warrants do not meet the criteria for equity classification and are therefore classified as liabilities and measured at fair value at each reporting date, with changes in fair value recognized in the consolidated statements of operations. Management has determined that under 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. The Private Warrants are valued using a Black Scholes model. Public Warrants On June 24, 2021, the Company sold 5,750,000 units at a price of $10.00 per Public Unit in its Initial Public Offering. 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 Shares at an exercise price of $11.50 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. The Public Warrants became exercisable on September 16, 2022, the Business Combination date. As of December 31, 2025, the Public Warrants are exercisable for cash as the Company has an effective and current registration statement covering the Ordinary Share 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. 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: <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> <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> <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> <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 Class A Ordinary Share 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> 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. Subsequent to issuance, the Company effected multiple reverse share splits. In accordance with the terms of the warrant agreement, these events resulted in proportional adjustments to both (i) the exercise price of the warrants and (ii) the number of shares issuable upon exercise of each warrant. These adjustments increased the exercise price while correspondingly decreasing the number of shares underlying each warrant. As a result, such changes did not alter the economic substance of the warrants. Following these adjustments, the exercise price of the Private Warrants increased from $11.50 per share at issuance to $2,300 as of December 31, 2024. During the year ended December 31, 2025, the Company effected an additional reverse share split, resulting in a further proportional adjustment. As of December 31, 2025, the exercise price of the Private Warrants was $92,000, with a corresponding reduction in the number of shares issuable upon exercise of each warrant. Private Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated a private placement of 270,500 Private Units at $10.0 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. 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. The fair value of these warrants, using the Black-Scholes option pricing model, on the date of issuance was $<span id="xdx_90B_eus-gaap--FairValueAdjustmentOfWarrants_pp0d_uUSD_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z5AdadsrwzQ4" title="Fair value of warrants">625,000. Variables used in the option-pricing model include (1) risk-free interest rate at the date of grant (<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_pd" title="Risk-free interest rate">0.90%), (2) expected warrant life of <span id="xdx_900_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm_dtY_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zYYg89OTubG1" title="Expected warrant life">5 years, (3) expected volatility of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_pd" title="Expected volatility">58.40%, and (4) expected dividend yield of 0. The Company classifies the Private Warrants as Level 3 instruments within the fair value hierarchy due to the use of unobservable inputs. The key inputs into the Black-Scholes model were as follows at their following measurement dates: <table cellpadding="0" cellspacing="0" id="xdx_897_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zDlEkiCqLIO2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of black-scholes model</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 2023</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">December 31, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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> <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> <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> <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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Input</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; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Share price</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--SharePrice_iI_uUSDPShares_c20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zjK0xn980ch" style="width: 9%; text-align: right">3.55</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--SharePrice_iI_uUSDPShares_c20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z6ySbZDmYV9k" style="width: 9%; text-align: right">4.93</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--SharePrice_iI_uUSDPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zOxenIuIJ1Ik" style="width: 9%; text-align: right">2.64</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_986_eus-gaap--SharePrice_iI_uRMBPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zSz4Rshabm09" style="width: 9%; text-align: right">18.56</td> <td style="width: 1%; 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">Risk-free interest rate</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zpOadvMnRzGd" style="text-align: right" title="Risk-free interest rate">3.95</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z6zpmQFi5G9f" style="text-align: right">4.26</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zO9TCcmFamdl" style="text-align: right">3.47</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zLOfIbo7F4L5" style="text-align: right">3.47</td> <td style="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">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zSti30klhuWc" style="text-align: right" title="Volatility">60.6</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zI3FJoDXCJ5a" style="text-align: right">59.5</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zwRUh9ErgNDe" style="text-align: right">49.66</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z6lCTvHVP06g" style="text-align: right">49.66</td> <td style="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">Exercise price</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zfWd5T31B0Ta" style="text-align: right" title="Exercise price">11.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z5RNI8eoFsCb" style="text-align: right">2,300</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zGEqpGCcq4P" style="text-align: right">92,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uRMBPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zJMbtBO5DZB6" style="text-align: right">646,650</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; width: 52%; text-align: left">Dividend Yield</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zjExfvLdY7Wk" style="width: 9%; text-align: right" title="Dividend Yield">0.0</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_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zm9upPigl3a5" style="width: 9%; text-align: right" title="Dividend Yield">0.0</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zm6CuRJnPAy3" style="width: 9%; text-align: right" title="Dividend Yield">0.0</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_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20250101__20251231_z4k0zSFTr2u2" style="width: 9%; text-align: right" title="Dividend Yield">0.0</td> <td style="width: 1%; 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; width: 52%">Warrant life (yr)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z3y73eU01uCj" title="Warrant life (yr)">3.71 years</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%"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zMCPOPkiZIfk" title="Warrant life (yr)">2.71 years</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%"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zufRnftK2F7j" title="Warrant life (yr)">1.71 years</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%"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zqshfGz3pIAg" title="Warrant life (yr)">1.71 years</td> <td style="text-align: left; width: 1%"> </td></tr> </table> The Company’s warrant liabilities amounted to nil as of December 31, 2024, and 2025. Fair Value Hierarchy The following table presents the fair value of the Company’s warrant liabilities measured on a recurring basis: <table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--ScheduleOfWarrantLiabilitiesMeasuredTableTextBlock_zqWHUOo8e6Sg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details 1)"> <tr style="vertical-align: bottom"> <td style="text-align: center">Schedule of warrant liabilities measured</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zLnP2sPpVP2h" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zcnDIsCHiafh" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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_402_ecustom--WarrantLiabilities_iI_z7C7FUaMPakf" 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">Warrant liabilities (Level 3)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">-</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">-</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_ecustom--WarrantLiabilities_iI_uUSD_c20251231_zRE8V51VrRj7" style="width: 9%; text-align: right" title="Warrant liabilities (Level 3)">-</td> <td style="width: 1%; text-align: left"> </td></tr> </table> The Private Warrants are classified within Level 3 of the fair value hierarchy as the valuation relies on significant unobservable inputs. Fair Value of Private Warrants As of December 31, 2024 and December 31, 2025, the exercise price of the Private Warrants, after giving effect to adjustments under the warrant agreement, was significantly higher than the market price of the Company’s ordinary shares. Accordingly, the warrants were deeply out-of-the-money. As a result, the estimated fair value of the Private Warrants was de minimis as of both reporting dates, and the Company has presented the warrant liability as nil in the accompanying consolidated balance sheets. Changes in Fair Value The change in fair value of the Private Warrants during the year ended December 31, 2025 was primarily attributable to (i) the decline in the Company’s share price, (ii) the reduction in the remaining contractual term, and (iii) adjustments to the exercise price resulting from reverse share splits. The following table summarizes the Company’s Warrants activities and status of Warrants on December 31, 2025: <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfWarrantActivitiesTableTextBlock_zN5aCVr7WLAe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Schedule of Warrants activities</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; padding-left: 0in; 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 Average Exercise Price 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 Remaining Period (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-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Outstanding as of December 31, 2023</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z21FTDxMJKS" style="width: 9%; text-align: right" title="Outstanding warrants, beginning">270,500</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iS_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zdddA3J9hkx3" style="width: 9%; text-align: right" title="Weighted Average Exercise Price Per Share , beginning">11.50</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_909_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOtherthanOptionsAverageRemainingPeriodYears_dtY_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zWTY8B9Ib8z4" title="Average remaining Period (Years)">3.71</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: 0.25in; text-align: left">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zuPGnjb1iS41" style="text-align: right" title="Outstanding warrants Issued">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zJkdsoYDWbX2" style="text-align: right" title="Weighted Average Exercise Price Per Share Issued">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_ziceLgokJax5" style="text-align: right" title="Outstanding warrants Forfeited">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresIntrinsicValue_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z54gwlleVo9e" style="text-align: right" title="Weighted Average Exercise Price Per Share Forfeited">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z7zBXVCDXDM9" style="text-align: right" title="Outstanding warrants Exercised">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zkYwgjqLLw46" style="text-align: right" title="Weighted Average Exercise Price Per Share Exercised">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zEacmiI1PbKi" style="border-bottom: Black 1pt solid; text-align: right" title="Outstanding warrants Expired">-</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_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zviCHR6IMvzb" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price Per Share Expired">-</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-indent: -0.125in; padding-left: 0.125in; text-align: left">Outstanding as of December 31, 2024</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z3yGE2P1dEnb" style="text-align: right" title="Outstanding warrants, beginning">270,500</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iS_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zHtmt45G9AT7" style="text-align: right" title="Weighted Average Exercise Price Per Share , beginning">2,300</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOtherthanOptionsAverageRemainingPeriodYears_dtY_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zUw7baBXSZZg" title="Average remaining Period (Years)">2.71</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z37rbl3l22f6" style="text-align: right" title="Outstanding warrants Issued">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zH0x5dyL0Fzl" style="text-align: right" title="Weighted Average Exercise Price Per Share Issued">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zfFyGBJAzSMc" style="text-align: right" title="Outstanding warrants Forfeited">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresIntrinsicValue_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zHDSeuveRHvf" style="text-align: right" title="Weighted Average Exercise Price Per Share Forfeited">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zlADiCIeWItd" style="text-align: right" title="Outstanding warrants Exercised">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z8kEqRYlkTi7" style="text-align: right" title="Weighted Average Exercise Price Per Share Exercised">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z421UDRKAPK" style="border-bottom: Black 1pt solid; text-align: right" title="Outstanding warrants Expired">-</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_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zpefmKvBD5p7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price Per Share Expired">-</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: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_983_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zjxc2kum3Rh" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding warrants, ending">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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iE_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zcLup5HfraWd" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price Per Share, ending">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_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOtherthanOptionsAverageRemainingPeriodYears_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zh44wqTJWXlj" title="Average remaining Period (Years)">1.71</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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 Shares at an exercise price of $11.50

11.50

2300 92000

270500

10.0

625000

0.0090

P5Y

0.5840

<table cellpadding="0" cellspacing="0" id="xdx_897_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zDlEkiCqLIO2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of black-scholes model</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 2023</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">December 31, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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> <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> <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> <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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Input</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; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Share price</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--SharePrice_iI_uUSDPShares_c20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zjK0xn980ch" style="width: 9%; text-align: right">3.55</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--SharePrice_iI_uUSDPShares_c20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z6ySbZDmYV9k" style="width: 9%; text-align: right">4.93</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--SharePrice_iI_uUSDPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zOxenIuIJ1Ik" style="width: 9%; text-align: right">2.64</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_986_eus-gaap--SharePrice_iI_uRMBPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zSz4Rshabm09" style="width: 9%; text-align: right">18.56</td> <td style="width: 1%; 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">Risk-free interest rate</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zpOadvMnRzGd" style="text-align: right" title="Risk-free interest rate">3.95</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z6zpmQFi5G9f" style="text-align: right">4.26</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zO9TCcmFamdl" style="text-align: right">3.47</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zLOfIbo7F4L5" style="text-align: right">3.47</td> <td style="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">Volatility</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zSti30klhuWc" style="text-align: right" title="Volatility">60.6</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zI3FJoDXCJ5a" style="text-align: right">59.5</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zwRUh9ErgNDe" style="text-align: right">49.66</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z6lCTvHVP06g" style="text-align: right">49.66</td> <td style="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">Exercise price</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zfWd5T31B0Ta" style="text-align: right" title="Exercise price">11.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z5RNI8eoFsCb" style="text-align: right">2,300</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uUSDPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zGEqpGCcq4P" style="text-align: right">92,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_uRMBPShares_c20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zJMbtBO5DZB6" style="text-align: right">646,650</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; width: 52%; text-align: left">Dividend Yield</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zjExfvLdY7Wk" style="width: 9%; text-align: right" title="Dividend Yield">0.0</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_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zm9upPigl3a5" style="width: 9%; text-align: right" title="Dividend Yield">0.0</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zm6CuRJnPAy3" style="width: 9%; text-align: right" title="Dividend Yield">0.0</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_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20250101__20251231_z4k0zSFTr2u2" style="width: 9%; text-align: right" title="Dividend Yield">0.0</td> <td style="width: 1%; 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; width: 52%">Warrant life (yr)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td> <td style="text-align: right; width: 9%"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_z3y73eU01uCj" title="Warrant life (yr)">3.71 years</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%"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zMCPOPkiZIfk" title="Warrant life (yr)">2.71 years</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%"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zufRnftK2F7j" title="Warrant life (yr)">1.71 years</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%"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231__us-gaap--ValuationTechniqueAxis__custom--BlackScholesOptionPricingModelMember_zqshfGz3pIAg" title="Warrant life (yr)">1.71 years</td> <td style="text-align: left; width: 1%"> </td></tr> </table>

3.55

4.93

2.64

18.56

0.0395

0.0426

0.0347

0.606

0.595

0.4966

11.50

2300

92000

646650

0.000

P3Y8M15D

P2Y8M15D

P1Y8M15D

<table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--ScheduleOfWarrantLiabilitiesMeasuredTableTextBlock_zqWHUOo8e6Sg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details 1)"> <tr style="vertical-align: bottom"> <td style="text-align: center">Schedule of warrant liabilities measured</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zLnP2sPpVP2h" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zcnDIsCHiafh" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </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_402_ecustom--WarrantLiabilities_iI_z7C7FUaMPakf" 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">Warrant liabilities (Level 3)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">-</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">-</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_ecustom--WarrantLiabilities_iI_uUSD_c20251231_zRE8V51VrRj7" style="width: 9%; text-align: right" title="Warrant liabilities (Level 3)">-</td> <td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_895_ecustom--ScheduleOfWarrantActivitiesTableTextBlock_zN5aCVr7WLAe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Warrants (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Schedule of Warrants activities</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; padding-left: 0in; 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 Average Exercise Price 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 Remaining Period (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-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Outstanding as of December 31, 2023</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z21FTDxMJKS" style="width: 9%; text-align: right" title="Outstanding warrants, beginning">270,500</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iS_uUSDPShares_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zdddA3J9hkx3" style="width: 9%; text-align: right" title="Weighted Average Exercise Price Per Share , beginning">11.50</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_909_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOtherthanOptionsAverageRemainingPeriodYears_dtY_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zWTY8B9Ib8z4" title="Average remaining Period (Years)">3.71</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: 0.25in; text-align: left">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zuPGnjb1iS41" style="text-align: right" title="Outstanding warrants Issued">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zJkdsoYDWbX2" style="text-align: right" title="Weighted Average Exercise Price Per Share Issued">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_ziceLgokJax5" style="text-align: right" title="Outstanding warrants Forfeited">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresIntrinsicValue_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z54gwlleVo9e" style="text-align: right" title="Weighted Average Exercise Price Per Share Forfeited">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z7zBXVCDXDM9" style="text-align: right" title="Outstanding warrants Exercised">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zkYwgjqLLw46" style="text-align: right" title="Weighted Average Exercise Price Per Share Exercised">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zEacmiI1PbKi" style="border-bottom: Black 1pt solid; text-align: right" title="Outstanding warrants Expired">-</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_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zviCHR6IMvzb" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price Per Share Expired">-</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-indent: -0.125in; padding-left: 0.125in; text-align: left">Outstanding as of December 31, 2024</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z3yGE2P1dEnb" style="text-align: right" title="Outstanding warrants, beginning">270,500</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iS_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zHtmt45G9AT7" style="text-align: right" title="Weighted Average Exercise Price Per Share , beginning">2,300</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOtherthanOptionsAverageRemainingPeriodYears_dtY_c20240101__20241231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zUw7baBXSZZg" title="Average remaining Period (Years)">2.71</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Issued</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z37rbl3l22f6" style="text-align: right" title="Outstanding warrants Issued">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zH0x5dyL0Fzl" style="text-align: right" title="Weighted Average Exercise Price Per Share Issued">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zfFyGBJAzSMc" style="text-align: right" title="Outstanding warrants Forfeited">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresIntrinsicValue_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zHDSeuveRHvf" style="text-align: right" title="Weighted Average Exercise Price Per Share Forfeited">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zlADiCIeWItd" style="text-align: right" title="Outstanding warrants Exercised">-</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z8kEqRYlkTi7" style="text-align: right" title="Weighted Average Exercise Price Per Share Exercised">-</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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_z421UDRKAPK" style="border-bottom: Black 1pt solid; text-align: right" title="Outstanding warrants Expired">-</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_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zpefmKvBD5p7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price Per Share Expired">-</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: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_983_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zjxc2kum3Rh" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding warrants, ending">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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iE_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zcLup5HfraWd" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price Per Share, ending">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_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOtherthanOptionsAverageRemainingPeriodYears_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PrivateWarrantsMember_zh44wqTJWXlj" title="Average remaining Period (Years)">1.71</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

270500

11.50

P3Y8M15D

270500

2300

P2Y8M15D

270500

92000

P1Y8M15D

Note 19 — Commitments and contingencies Contingencies The Company is party to following legal proceedings, as well as unasserted claims. Litigation 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”). Gain Contingencies (Potential Recovery) <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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 a lawsuit seeking damages.</td> </tr> </table> Loss Contingencies (Potential Obligations) <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"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">3.</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Greenland Asset Management initiated a countersuit against the Company in response to the Company’s lawsuit.</td> </tr> </table> Due to the uncertainty surrounding the process and outcome of the lawsuit, and given that the litigation is ongoing and has not yet been finalized, the final ruling of the Court will prevail.

Note 20 — Segments 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. 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’s revenues are primarily generated in the PRC. Information about geographic areas, including revenues and long-lived assets, is disclosed separately. The CODM evaluates segment performance primarily based on revenue and gross profit. The Company has determined two operating segments: (1) Holographic solutions, and (2) Holographic technology service. The segments differ based on the nature of products and services and how they are managed and evaluated internally. The Company’s revenue is primarily derived from holographic solutions and related services, including product sales, software development, licensing, advertising, and other services. Revenue is recognized either at a point in time or over time depending on the nature of the performance obligations. Product sales, licensing, advertising, and other services are generally recognized at a point in time upon transfer of control to the customer. Software development and technology services are recognized over time as services are performed. Disaggregation of revenue by timing of recognition. The following table presents revenue disaggregated by timing of recognition: <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--DisaggregationOfRevenueTableTextBlock_zCHoGnje4egf" 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; padding-bottom: 1pt">Schedule of disaggregation of revenue</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; 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 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 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 December 31, 2023</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 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">Revenue recognized at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_905_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zdLhSqLw7q9h" title="Revenues">22,415,106</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_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zNBvzOfi9Bq5" title="Revenues">135,202,499</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--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_z4LDsTiQASo3" title="Revenues">157,617,605</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; padding-bottom: 1pt">Revenue recognized over time</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 id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z9pzZdPGJ3P8" title="Revenues">45,930,400</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 id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z5bQmQwWesg5" title="Revenues">-</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 id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zM4Y1pbnp9f4" title="Revenues">45,930,400</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; padding-bottom: 2.5pt">Total revenue</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"><span id="xdx_903_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z1XLcMVtJ4Cc" title="Revenues">68,345,506</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"><span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z1qE0DjtYMPi" title="Revenues">135,202,499</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">203,548,005</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic 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 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 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="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: 64%; text-align: left">Revenue recognized at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_909_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zJuyA0PGGbl2" title="Revenues">28,284,788</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_906_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zKgqDAufKfY5" title="Revenues">161,405,750</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_905_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_z5Tz0Vcrzf0e" title="Revenues">189,690,538</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; padding-bottom: 1pt">Revenue recognized over time</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 id="xdx_908_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zsZe6LclYSCf" title="Revenues">100,607,446</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 id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zhXBYWf9xqK1" title="Revenues">-</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 id="xdx_901_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zSxSaKLLiTi8" title="Revenues">100,607,446</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; padding-bottom: 2.5pt">Total revenue</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"><span id="xdx_907_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zI2fhdPIu7z4" title="Revenues">128,892,234</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"><span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zBlKoDhMQCFd" title="Revenues">161,405,750</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">290,297,984</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic 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 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 December 31, 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 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">Revenue recognized at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_901_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zi0dEX1QyRR6" title="Revenues">12,342,114</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_908_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zzS0BUrgqTo3" title="Revenues">204,427,203</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_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zCMGEw3q1sD1" title="Revenues">216,769,317</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; padding-bottom: 1pt">Revenue recognized over time</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 id="xdx_90A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zDcPzxFakvQl" title="Revenues">186,916,906</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 id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zvYLlG0yWefk" title="Revenues">-</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 id="xdx_908_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zD2KBaFCTNG5" title="Revenues">186,916,906</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; padding-bottom: 2.5pt">Total revenue</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"><span id="xdx_902_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zkbixGqAusE3" title="Revenues">199,259,020</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"><span id="xdx_90E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zEu3qhaTIho8" title="Revenues">204,427,203</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">403,686,223</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following tables present summary information by segment for the years ended December 31, 2023, 2024 and 2025: <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zabWNU4Y2Foc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of segments</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2023</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_znKD85vAVzt9" style="width: 9%; text-align: right" title="Revenues">68,345,506</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--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zc29V8VGS1c" style="width: 9%; text-align: right" title="Revenues">135,202,499</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--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zWCrjIdz3pf3" style="width: 9%; text-align: right" title="Revenues">203,548,005</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">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zWUHumQ7lfbf" style="text-align: right" title="Cost of revenues">(59,562,014</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zs0irKTdzUYg" style="text-align: right" title="Cost of revenues">(69,734,292</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zUettouaQ4Rl" style="text-align: right" title="Cost of revenues">(129,296,306</td> <td style="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">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--GrossProfit_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zO4jZcZSgMJ8" style="text-align: right" title="Gross profit">8,783,492</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--GrossProfit_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zZZIQIjn1nNd" style="text-align: right" title="Gross profit">65,468,207</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--GrossProfit_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zR55l0kYyCQg" style="text-align: right" title="Gross profit">74,251,699</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuMJwKmpY9Zk" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(6,161,834</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--DepreciationAndAmortization_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zR8E264exMSf" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">-</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--DepreciationAndAmortization_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zUxbcIuU3R43" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(6,161,834</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zXkSH1zEX3fd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(774,615</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_988_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_ziYVkfNV8ywk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">-</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zly7NalIf19l" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(774,615</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuJbzSzIAkJf" style="width: 9%; text-align: right" title="Revenues">128,892,235</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_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z0sm3h3poIRk" style="width: 9%; text-align: right" title="Revenues">161,405,749</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--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zIttPMgu2N2a" style="width: 9%; text-align: right" title="Revenues">290,297,984</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">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zrWg2wb6kGh4" style="text-align: right" title="Cost of revenues">(106,682,488</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zsifqx3uhUZg" style="text-align: right" title="Cost of revenues">(118,169,173</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zobEaCMTT0P5" style="text-align: right" title="Cost of revenues">(224,851,661</td> <td style="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">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--GrossProfit_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zIdJN1Y30vG7" style="text-align: right" title="Gross profit">22,209,747</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--GrossProfit_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_ztvCYBYgVcNj" style="text-align: right" title="Gross profit">43,236,576</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--GrossProfit_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_z9zgCVJWIIY7" style="text-align: right" title="Gross profit">65,446,323</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zR2XyPvxNPoi" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(363,432</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--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zIPg9AM7bcxg" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(455,109</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--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zCYRTqZDlzfk" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(818,541</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z2QCvgBEY7Uk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(11,927</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z5ySDnFdJUL7" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">-</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zU77Aogodxf6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(11,927</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_988_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zCVW97wrV369" style="width: 9%; text-align: right" title="Revenues">199,259,020</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_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRyrkEEH88Zc" style="width: 9%; text-align: right" title="Revenues">204,427,203</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--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zV3C11dW3ekk" style="width: 9%; text-align: right" title="Revenues">403,686,223</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">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zlPM030Tjjl9" style="text-align: right" title="Cost of revenues">(160,434,849</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zL4eQ9DvwDMa" style="text-align: right" title="Cost of revenues">(157,374,663</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zdEputDEyPpl" style="text-align: right" title="Cost of revenues">(317,809,512</td> <td style="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">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--GrossProfit_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z8KieejOg427" style="text-align: right" title="Gross profit">38,824,171</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--GrossProfit_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zc14JzQK7n2l" style="text-align: right" title="Gross profit">47,052,540</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--GrossProfit_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_z3p1uvXgiQNk" style="text-align: right" title="Gross profit">85,876,711</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zOTUFKCyY4uj" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(197,059</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--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zdtrMlDFWFN5" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(9,591</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--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zVXG3jLfELxe" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(206,650</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zswCuNh7Demg" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(87,550</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zSr81GM6h4p6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(12,344</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_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zLY7zr9mRIBi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(99,894</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Total assets as of: <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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; 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_989_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zfIFdSxgOYci" style="width: 9%; text-align: right" title="Total Assets">1,582,974,051</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_986_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z72keqGwtY81" style="width: 9%; text-align: right" title="Total Assets">2,758,511,223</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--OtherAssets_iI_pp0p0_uUSD_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zVmNa33cVrYi" style="width: 9%; text-align: right" title="Total Assets">392,458,346</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; padding-bottom: 1pt">Holographic technology service</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zuA1U8Yonojg" 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_983_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zbnri3X0R2kd" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">20,187,715</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_98E_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zxtEVcawEWme" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">2,872,142</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; padding-bottom: 2.5pt">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_98A_eus-gaap--OtherAssets_iI_pp0p0_c20241231_zVLu0TYzBVF2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">1,614,897,212</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--OtherAssets_iI_pp0p0_c20251231_zIOKHyCc0URa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,778,698,938</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--OtherAssets_iI_pp0p0_uUSD_c20251231_zlcKKCbST3b6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">395,330,488</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Disaggregated information of holographic solutions revenues by business lines are as follows: <table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--DisaggregationOfRevenueInformationTableTextBlock_zZ58TKEzNZji" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of disaggregation</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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">For the year ended December 31, 2023</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">For the year ended December 31, 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">For the year ended December 31, 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">For the year ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left; padding-bottom: 1pt">Holographic Technology LiDAR Products</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_z6iIVJ31ySMg" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">16,330,569</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_zf1NMtszIgp7" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">20,279,244</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_zcHA1752Ioeg" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">9,020,959</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_z4gGXwRnkyB5" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">1,262,927</td> <td style="width: 1%; padding-bottom: 1pt; 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 Intelligence Vision software and Technology Development Service</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_zmkrkKL77zm5" style="text-align: right" title="Revenues">45,930,400</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_z2bPpCRFzlc3" style="text-align: right" title="Revenues">100,607,447</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_zjniAivZiKJi" style="text-align: right" title="Revenues">187,991,434</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_zplvZKGro0C" style="text-align: right" title="Revenues">26,318,643</td> <td style="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">Holographic Technology Licensing and Content Product</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zqGulwpTsv6g" style="text-align: right" title="Revenues">5,594,979</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zfzqc1dbq71e" style="text-align: right" title="Revenues">7,969,381</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zzqJ47MXstaf" style="text-align: right" title="Revenues">2,246,627</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zr3qUGIrcb0h" style="text-align: right" title="Revenues">314,525</td> <td style="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; padding-bottom: 1pt">Holographic Hardware Sales</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_z6ihPl9Rblk1" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">489,558</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--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_zYjHeRRfvS7l" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">36,163</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--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_zDYYC8iJUzgk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">-</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_986_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_zzULWNNRHhlk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">-</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; padding-bottom: 2.5pt">Total Holographic Solutions</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zRKmkbqDc8Jh" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">68,345,506</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_984_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zUTo2o2Vly03" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">128,892,235</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--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zfxvTNBnANM4" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">199,259,020</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--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zPADHBarvYI1" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">27,896,095</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The CODM evaluates segment performance based on segment revenues, gross profit, significant segment expenses and income before income taxes. Reconciliation of segment gross profit to consolidated loss before income taxes: <table cellpadding="0" cellspacing="0" id="xdx_891_ecustom--ScheduleOfReconciliationOfSegmentGrossProfitTableTextBlock_zLcnlZcGLkMi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of reconciliation of segment gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zoaKa7NxMDWc" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zaFnudX3KPQ7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20230101__20231231_zMfUfxvIovy7" 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 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 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 December 31, 2023</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_40F_eus-gaap--GrossProfit_zdiqwj8kawo3" 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">Gross profit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8,783,492</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">65,468,207</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">74,251,699</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: 0.125in; vertical-align: top"> </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 id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zJELXHgIBhg3" 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">Operating expenses:</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 id="xdx_402_eus-gaap--SellingExpense_iN_di_zmSnxKaKjb4h" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(5,467,408</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,224,908</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,692,316</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_iN_di_znP4XZ1U6x0h" 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">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(23,501,382</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(41,852,819</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65,354,201</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ResearchAndDevelopmentExpenses_iN_di_z1ApkzY094c8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(10,899,882</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(67,755,690</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(78,655,572</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_zjcK7ogm3Ota" 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">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(845,392</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,321</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(857,713</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ChangeInFairValueOfWarrantLiability_z2aNm7wqIra8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of warrant liabilities</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">-</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">372,961</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">372,961</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CostsAndExpenses_zLR9wEKb7mAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total operating expenses</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">(40,714,065</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">(110,472,776</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">(151,186,841</td> <td style="padding-bottom: 2.5pt; 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; vertical-align: top"> </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 id="xdx_409_eus-gaap--OperatingIncomeLoss_zHQ9fsogThdd" 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">Loss from operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(31,930,573</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(45,004,569</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(76,935,142</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: 0.125in; vertical-align: top"> </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 id="xdx_405_eus-gaap--OtherIncomeAndExpensesAbstract_iB_zDB5mhOL1FH5" 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 income (expenses)</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 id="xdx_40D_ecustom--FinanceIncomeNet_zMRp3MsKJIfj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance income, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,596,503</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">766,581</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,363,084</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ProfitOrLossOnDisposalOfSubsidiaries_z04pUH92E4m8" 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">Loss on disposal of subsidiaries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,174,930</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,104,019</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15,278,949</td> <td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OtherIncome_zyN0461Nwgi4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income, net</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">555,352</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">2,568,751</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">3,124,103</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherOperatingIncomeExpenseNet_zQbq4cOuZM89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other expenses, 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">(4,023,075</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">(4,768,687</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">(8,791,762</td> <td style="padding-bottom: 2.5pt; 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; vertical-align: top"> </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 id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zb4sHzvVxDI" 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">Loss before income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(35,953,648</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(49,773,256</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(85,726,904</td> <td style="text-align: left">)</td></tr> </table> <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="text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zrbolsxXTXS9" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zCYGjr5JGIyk" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20240101__20241231_zOGfUQ0A2u4h" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40F_eus-gaap--GrossProfit_zSQuYrtzOi76" 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">Gross profit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">22,209,747</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">43,236,576</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">65,446,323</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"> </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 id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zEI1UQf966Zc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Operating expenses:</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 id="xdx_402_eus-gaap--SellingExpense_iN_di_zai72PfuDRp9" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,465,056</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,061,747</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,526,803</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z7987qhYGaFc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">(8,213,194</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15,039,323</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(23,252,517</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ResearchAndDevelopmentExpenses_iN_di_zpu43oOWDSY7" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(23,148,863</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(151,245,884</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(174,394,747</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_zm8KMZZWpf22" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,272,420</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,220,058</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,492,478</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ChangeInFairValueOfWarrantLiability_z1Emj4S8gkk6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of warrant liabilities</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">-</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">62,543</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">62,543</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CostsAndExpenses_zh6BIYkhV5Hd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total operating expenses</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">(35,099,533</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">(168,504,469</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">(203,604,002</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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 id="xdx_40B_eus-gaap--OperatingIncomeLoss_z3ieGsqjkYBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss from operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,889,786</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(125,267,893</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(138,157,679</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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 id="xdx_405_eus-gaap--OtherIncomeAndExpensesAbstract_iB_zju2GhCdJQib" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income (expenses)</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 id="xdx_40C_ecustom--FinanceIncomeNet_z9PLsXiE6FWe" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance income, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,167,284</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,083,076</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,250,360</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentIncomeNet_zaeyKyx6O0o8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investment gain</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">42,298,644</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,298,644</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ProfitOrLossOnDisposalOfSubsidiaries_zn4yRHFgn6W5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on disposal of subsidiaries</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">5,904,530</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,904,530</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherIncome_zEbq2J5i28D" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income, net</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">1,379,654</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">3,630,906</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">5,010,560</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherOperatingIncomeExpenseNet_z8hthO28tb8b" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other income, 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">3,546,937</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">72,917,157</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">76,464,094</td> <td style="padding-bottom: 2.5pt; 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"> </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 id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zZzxRUQBqwa1" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss before income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(9,342,849</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(52,350,736</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(61,693,585</td> <td style="text-align: left">)</td></tr> </table> <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="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zMTctBgE2Za1" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zH2V4N0Cr15k" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20250101__20251231_zz2KRjg7tEH2" 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 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 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 December 31, 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_40F_eus-gaap--GrossProfit_zp20LG3oNqq2" 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">Gross profit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">38,824,171</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">47,052,540</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">85,876,711</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: 0.125in; vertical-align: top"> </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 id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zABIhSwxgzMe" 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">Operating expenses:</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 id="xdx_402_eus-gaap--SellingExpense_iN_di_zLW8mnViULih" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,019,307</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(675,421</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,694,728</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z1hznp95OH6c" 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">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,550,604</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,687,505</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(19,238,109</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ResearchAndDevelopmentExpenses_iN_di_zNtZSuvJkXuk" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,593,485</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(44,367,345</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(56,960,830</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_zYmc6NC5sLv5" 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">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,978,105</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,400,596</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(4,378,701</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ChangeInFairValueOfWarrantLiability_zSk3ae8QemO1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of warrant liabilities</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">-</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">-</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">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CostsAndExpenses_zgoyQiTmL5ok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total operating expenses</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">(23,141,500</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">(60,130,868</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">(83,272,368</td> <td style="padding-bottom: 2.5pt; 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; vertical-align: top"> </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 id="xdx_407_eus-gaap--OperatingIncomeLoss_ze1KppVLzXb8" 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 (Loss) from operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,682,671</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(13,078,328</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,604,343</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: 0.125in; vertical-align: top"> </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 id="xdx_405_eus-gaap--OtherIncomeAndExpensesAbstract_iB_zivtL2sYWy58" 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 income (expenses)</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 id="xdx_40A_ecustom--FinanceIncomeNet_zvD02HW2eJlb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance income, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,865,996</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,508,337</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">44,374,333</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InvestmentIncomeNet_zxI1UPAIlkz4" 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">Investment loss</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">(98,351,630</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(98,351,630</td> <td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--ProfitOrLossOnDisposalOfSubsidiaries_zj6URZcneXm6" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on disposal of subsidiaries</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">311,369</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">311,369</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherIncome_zXcqsBEZkbpl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income, net</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">481,700</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">406,282</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">887,982</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherOperatingIncomeExpenseNet_zYymKcQmX7Dl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other income (expenses), 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">2,347,696</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">(55,125,642</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">(52,777,946</td> <td style="padding-bottom: 2.5pt; 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: 0.125in; vertical-align: top"> </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 id="xdx_403_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_z1K2vQ3bA1s9" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income (Loss) before income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,030,367</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(68,203,970</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(50,173,603</td> <td style="text-align: left">)</td></tr> </table>

<table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--DisaggregationOfRevenueTableTextBlock_zCHoGnje4egf" 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; padding-bottom: 1pt">Schedule of disaggregation of revenue</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; 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 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 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 December 31, 2023</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 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">Revenue recognized at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_905_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zdLhSqLw7q9h" title="Revenues">22,415,106</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_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zNBvzOfi9Bq5" title="Revenues">135,202,499</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--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_z4LDsTiQASo3" title="Revenues">157,617,605</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; padding-bottom: 1pt">Revenue recognized over time</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 id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z9pzZdPGJ3P8" title="Revenues">45,930,400</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 id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z5bQmQwWesg5" title="Revenues">-</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 id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zM4Y1pbnp9f4" title="Revenues">45,930,400</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; padding-bottom: 2.5pt">Total revenue</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"><span id="xdx_903_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z1XLcMVtJ4Cc" title="Revenues">68,345,506</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"><span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z1qE0DjtYMPi" title="Revenues">135,202,499</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">203,548,005</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic 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 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 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="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: 64%; text-align: left">Revenue recognized at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_909_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zJuyA0PGGbl2" title="Revenues">28,284,788</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_906_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zKgqDAufKfY5" title="Revenues">161,405,750</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_905_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_z5Tz0Vcrzf0e" title="Revenues">189,690,538</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; padding-bottom: 1pt">Revenue recognized over time</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 id="xdx_908_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zsZe6LclYSCf" title="Revenues">100,607,446</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 id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zhXBYWf9xqK1" title="Revenues">-</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 id="xdx_901_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zSxSaKLLiTi8" title="Revenues">100,607,446</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; padding-bottom: 2.5pt">Total revenue</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"><span id="xdx_907_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zI2fhdPIu7z4" title="Revenues">128,892,234</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"><span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zBlKoDhMQCFd" title="Revenues">161,405,750</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">290,297,984</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <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="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Holographic 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 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 December 31, 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 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">Revenue recognized at a point in time</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span id="xdx_901_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zi0dEX1QyRR6" title="Revenues">12,342,114</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_908_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zzS0BUrgqTo3" title="Revenues">204,427,203</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_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zCMGEw3q1sD1" title="Revenues">216,769,317</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; padding-bottom: 1pt">Revenue recognized over time</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 id="xdx_90A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zDcPzxFakvQl" title="Revenues">186,916,906</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 id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zvYLlG0yWefk" title="Revenues">-</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 id="xdx_908_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zD2KBaFCTNG5" title="Revenues">186,916,906</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; padding-bottom: 2.5pt">Total revenue</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"><span id="xdx_902_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zkbixGqAusE3" title="Revenues">199,259,020</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"><span id="xdx_90E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0d_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zEu3qhaTIho8" title="Revenues">204,427,203</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">403,686,223</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

22415106

135202499

157617605

45930400

68345506

135202499

203548005

28284788

161405750

189690538

100607446

128892234

161405750

290297984

12342114

204427203

216769317

186916906

199259020

204427203

403686223

<table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zabWNU4Y2Foc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details 1)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of segments</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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2023</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_98C_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_znKD85vAVzt9" style="width: 9%; text-align: right" title="Revenues">68,345,506</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--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zc29V8VGS1c" style="width: 9%; text-align: right" title="Revenues">135,202,499</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--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zWCrjIdz3pf3" style="width: 9%; text-align: right" title="Revenues">203,548,005</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">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zWUHumQ7lfbf" style="text-align: right" title="Cost of revenues">(59,562,014</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zs0irKTdzUYg" style="text-align: right" title="Cost of revenues">(69,734,292</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zUettouaQ4Rl" style="text-align: right" title="Cost of revenues">(129,296,306</td> <td style="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">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--GrossProfit_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zO4jZcZSgMJ8" style="text-align: right" title="Gross profit">8,783,492</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--GrossProfit_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zZZIQIjn1nNd" style="text-align: right" title="Gross profit">65,468,207</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98B_eus-gaap--GrossProfit_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zR55l0kYyCQg" style="text-align: right" title="Gross profit">74,251,699</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98B_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuMJwKmpY9Zk" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(6,161,834</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--DepreciationAndAmortization_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zR8E264exMSf" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">-</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--DepreciationAndAmortization_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zUxbcIuU3R43" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(6,161,834</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zXkSH1zEX3fd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(774,615</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_988_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_ziYVkfNV8ywk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">-</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zly7NalIf19l" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(774,615</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_981_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zuJbzSzIAkJf" style="width: 9%; text-align: right" title="Revenues">128,892,235</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_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z0sm3h3poIRk" style="width: 9%; text-align: right" title="Revenues">161,405,749</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--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zIttPMgu2N2a" style="width: 9%; text-align: right" title="Revenues">290,297,984</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">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zrWg2wb6kGh4" style="text-align: right" title="Cost of revenues">(106,682,488</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zsifqx3uhUZg" style="text-align: right" title="Cost of revenues">(118,169,173</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zobEaCMTT0P5" style="text-align: right" title="Cost of revenues">(224,851,661</td> <td style="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">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--GrossProfit_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zIdJN1Y30vG7" style="text-align: right" title="Gross profit">22,209,747</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--GrossProfit_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_ztvCYBYgVcNj" style="text-align: right" title="Gross profit">43,236,576</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98C_eus-gaap--GrossProfit_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_z9zgCVJWIIY7" style="text-align: right" title="Gross profit">65,446,323</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zR2XyPvxNPoi" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(363,432</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--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zIPg9AM7bcxg" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(455,109</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--DepreciationAndAmortization_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zCYRTqZDlzfk" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(818,541</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_98C_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z2QCvgBEY7Uk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(11,927</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_z5ySDnFdJUL7" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">-</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zU77Aogodxf6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(11,927</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Revenues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td id="xdx_988_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zCVW97wrV369" style="width: 9%; text-align: right" title="Revenues">199,259,020</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_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zRyrkEEH88Zc" style="width: 9%; text-align: right" title="Revenues">204,427,203</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--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zV3C11dW3ekk" style="width: 9%; text-align: right" title="Revenues">403,686,223</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">Cost of revenues</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zlPM030Tjjl9" style="text-align: right" title="Cost of revenues">(160,434,849</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zL4eQ9DvwDMa" style="text-align: right" title="Cost of revenues">(157,374,663</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98A_eus-gaap--CostOfRevenue_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zdEputDEyPpl" style="text-align: right" title="Cost of revenues">(317,809,512</td> <td style="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">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--GrossProfit_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z8KieejOg427" style="text-align: right" title="Gross profit">38,824,171</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--GrossProfit_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zc14JzQK7n2l" style="text-align: right" title="Gross profit">47,052,540</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--GrossProfit_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_z3p1uvXgiQNk" style="text-align: right" title="Gross profit">85,876,711</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation and amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_989_eus-gaap--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zOTUFKCyY4uj" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(197,059</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--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zdtrMlDFWFN5" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(9,591</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--DepreciationAndAmortization_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zVXG3jLfELxe" style="border-bottom: Black 1pt solid; text-align: right" title="Depreciation and amortization">(206,650</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total capital expenditures</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zswCuNh7Demg" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(87,550</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--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zSr81GM6h4p6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(12,344</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_eus-gaap--PaymentsToAcquireProductiveAssets_iN_pp0p0_di_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateAndOtherMember_zLY7zr9mRIBi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total capital expenditures">(99,894</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Total assets as of: <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="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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, 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">December 31, 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">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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; 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_989_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zfIFdSxgOYci" style="width: 9%; text-align: right" title="Total Assets">1,582,974,051</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_986_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_z72keqGwtY81" style="width: 9%; text-align: right" title="Total Assets">2,758,511,223</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--OtherAssets_iI_pp0p0_uUSD_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zVmNa33cVrYi" style="width: 9%; text-align: right" title="Total Assets">392,458,346</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; padding-bottom: 1pt">Holographic technology service</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98D_eus-gaap--OtherAssets_iI_pp0p0_c20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zuA1U8Yonojg" 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_983_eus-gaap--OtherAssets_iI_pp0p0_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zbnri3X0R2kd" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">20,187,715</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_98E_eus-gaap--OtherAssets_iI_pp0p0_uUSD_c20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember_zxtEVcawEWme" style="border-bottom: Black 1pt solid; text-align: right" title="Total Assets">2,872,142</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; padding-bottom: 2.5pt">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_98A_eus-gaap--OtherAssets_iI_pp0p0_c20241231_zVLu0TYzBVF2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">1,614,897,212</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--OtherAssets_iI_pp0p0_c20251231_zIOKHyCc0URa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">2,778,698,938</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--OtherAssets_iI_pp0p0_uUSD_c20251231_zlcKKCbST3b6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total Assets">395,330,488</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

68345506

135202499

203548005

59562014

69734292

129296306

8783492

65468207

74251699

6161834

774615

128892235

161405749

290297984

106682488

118169173

224851661

22209747

43236576

65446323

363432

455109

818541

11927

199259020

204427203

403686223

160434849

157374663

317809512

38824171

47052540

85876711

197059

9591

206650

87550

12344

99894

1582974051

2758511223

392458346

31923161

20187715

2872142

1614897212

2778698938

395330488

<table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--DisaggregationOfRevenueInformationTableTextBlock_zZ58TKEzNZji" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Schedule of disaggregation</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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">For the year ended December 31, 2023</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">For the year ended December 31, 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">For the year ended December 31, 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">For the year ended December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left; padding-bottom: 1pt">Holographic Technology LiDAR Products</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_984_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_z6iIVJ31ySMg" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">16,330,569</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_985_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_zf1NMtszIgp7" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">20,279,244</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_982_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_zcHA1752Ioeg" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">9,020,959</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; width: 1%; text-align: left"> </td> <td id="xdx_98E_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLiDARProductsMember_z4gGXwRnkyB5" style="padding-bottom: 1pt; width: 9%; text-align: right" title="Revenues">1,262,927</td> <td style="width: 1%; padding-bottom: 1pt; 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 Intelligence Vision software and Technology Development Service</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_987_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_zmkrkKL77zm5" style="text-align: right" title="Revenues">45,930,400</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_z2bPpCRFzlc3" style="text-align: right" title="Revenues">100,607,447</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_982_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_zjniAivZiKJi" style="text-align: right" title="Revenues">187,991,434</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_986_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyIntelligenceVisionSoftwareAndTechnologyDevelopmentServiceMember_zplvZKGro0C" style="text-align: right" title="Revenues">26,318,643</td> <td style="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">Holographic Technology Licensing and Content Product</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98D_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zqGulwpTsv6g" style="text-align: right" title="Revenues">5,594,979</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zfzqc1dbq71e" style="text-align: right" title="Revenues">7,969,381</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zzqJ47MXstaf" style="text-align: right" title="Revenues">2,246,627</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyLicensingAndContentProductMember_zr3qUGIrcb0h" style="text-align: right" title="Revenues">314,525</td> <td style="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; padding-bottom: 1pt">Holographic Hardware Sales</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_98F_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_z6ihPl9Rblk1" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">489,558</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--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_zYjHeRRfvS7l" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">36,163</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--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_zDYYC8iJUzgk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">-</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_986_eus-gaap--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicHardwareSalesMember_zzULWNNRHhlk" style="border-bottom: Black 1pt solid; text-align: right" title="Revenues">-</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; padding-bottom: 2.5pt">Total Holographic Solutions</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td id="xdx_984_eus-gaap--Revenues_pp0p0_c20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zRKmkbqDc8Jh" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">68,345,506</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_984_eus-gaap--Revenues_pp0p0_c20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zUTo2o2Vly03" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">128,892,235</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--Revenues_pp0p0_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zfxvTNBnANM4" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">199,259,020</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--Revenues_pp0p0_uUSD_c20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TotalHolographicSolutionsMember_zPADHBarvYI1" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenues">27,896,095</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

16330569

20279244

9020959

1262927

45930400

100607447

187991434

26318643

5594979

7969381

2246627

314525

489558

36163

68345506

128892235

199259020

27896095

<table cellpadding="0" cellspacing="0" id="xdx_891_ecustom--ScheduleOfReconciliationOfSegmentGrossProfitTableTextBlock_zLcnlZcGLkMi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segments (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Schedule of reconciliation of segment gross profit</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zoaKa7NxMDWc" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20230101__20231231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zaFnudX3KPQ7" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20230101__20231231_zMfUfxvIovy7" 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 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 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 December 31, 2023</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_40F_eus-gaap--GrossProfit_zdiqwj8kawo3" 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">Gross profit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8,783,492</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">65,468,207</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">74,251,699</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: 0.125in; vertical-align: top"> </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 id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zJELXHgIBhg3" 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">Operating expenses:</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 id="xdx_402_eus-gaap--SellingExpense_iN_di_zmSnxKaKjb4h" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(5,467,408</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,224,908</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,692,316</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_iN_di_znP4XZ1U6x0h" 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">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(23,501,382</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(41,852,819</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(65,354,201</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ResearchAndDevelopmentExpenses_iN_di_z1ApkzY094c8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(10,899,882</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(67,755,690</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(78,655,572</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_zjcK7ogm3Ota" 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">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(845,392</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,321</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(857,713</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ChangeInFairValueOfWarrantLiability_z2aNm7wqIra8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of warrant liabilities</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">-</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">372,961</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">372,961</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CostsAndExpenses_zLR9wEKb7mAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total operating expenses</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">(40,714,065</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">(110,472,776</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">(151,186,841</td> <td style="padding-bottom: 2.5pt; 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; vertical-align: top"> </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 id="xdx_409_eus-gaap--OperatingIncomeLoss_zHQ9fsogThdd" 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">Loss from operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(31,930,573</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(45,004,569</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(76,935,142</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: 0.125in; vertical-align: top"> </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 id="xdx_405_eus-gaap--OtherIncomeAndExpensesAbstract_iB_zDB5mhOL1FH5" 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 income (expenses)</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 id="xdx_40D_ecustom--FinanceIncomeNet_zMRp3MsKJIfj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance income, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,596,503</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">766,581</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,363,084</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ProfitOrLossOnDisposalOfSubsidiaries_z04pUH92E4m8" 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">Loss on disposal of subsidiaries</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(7,174,930</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,104,019</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15,278,949</td> <td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OtherIncome_zyN0461Nwgi4" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income, net</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">555,352</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">2,568,751</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">3,124,103</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherOperatingIncomeExpenseNet_zQbq4cOuZM89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other expenses, 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">(4,023,075</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">(4,768,687</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">(8,791,762</td> <td style="padding-bottom: 2.5pt; 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; vertical-align: top"> </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 id="xdx_40E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zb4sHzvVxDI" 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">Loss before income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(35,953,648</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(49,773,256</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(85,726,904</td> <td style="text-align: left">)</td></tr> </table> <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="text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zrbolsxXTXS9" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zCYGjr5JGIyk" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20240101__20241231_zOGfUQ0A2u4h" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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 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 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 December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </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_40F_eus-gaap--GrossProfit_zSQuYrtzOi76" 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">Gross profit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">22,209,747</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">43,236,576</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">65,446,323</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"> </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 id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zEI1UQf966Zc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Operating expenses:</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 id="xdx_402_eus-gaap--SellingExpense_iN_di_zai72PfuDRp9" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,465,056</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,061,747</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,526,803</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z7987qhYGaFc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">(8,213,194</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(15,039,323</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(23,252,517</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ResearchAndDevelopmentExpenses_iN_di_zpu43oOWDSY7" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(23,148,863</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(151,245,884</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(174,394,747</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_zm8KMZZWpf22" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,272,420</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,220,058</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,492,478</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ChangeInFairValueOfWarrantLiability_z1Emj4S8gkk6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of warrant liabilities</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">-</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">62,543</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">62,543</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CostsAndExpenses_zh6BIYkhV5Hd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total operating expenses</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">(35,099,533</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">(168,504,469</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">(203,604,002</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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 id="xdx_40B_eus-gaap--OperatingIncomeLoss_z3ieGsqjkYBk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss from operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,889,786</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(125,267,893</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(138,157,679</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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 id="xdx_405_eus-gaap--OtherIncomeAndExpensesAbstract_iB_zju2GhCdJQib" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income (expenses)</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 id="xdx_40C_ecustom--FinanceIncomeNet_z9PLsXiE6FWe" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance income, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,167,284</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,083,076</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,250,360</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentIncomeNet_zaeyKyx6O0o8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investment gain</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">42,298,644</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,298,644</td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ProfitOrLossOnDisposalOfSubsidiaries_zn4yRHFgn6W5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on disposal of subsidiaries</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">5,904,530</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,904,530</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherIncome_zEbq2J5i28D" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income, net</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">1,379,654</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">3,630,906</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">5,010,560</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherOperatingIncomeExpenseNet_z8hthO28tb8b" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other income, 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">3,546,937</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">72,917,157</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">76,464,094</td> <td style="padding-bottom: 2.5pt; 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"> </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 id="xdx_407_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zZzxRUQBqwa1" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss before income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(9,342,849</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(52,350,736</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(61,693,585</td> <td style="text-align: left">)</td></tr> </table> <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="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicSolutionsMember_zMTctBgE2Za1" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_496_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--HolographicTechnologyServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zH2V4N0Cr15k" style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20250101__20251231_zz2KRjg7tEH2" 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 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 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 December 31, 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_40F_eus-gaap--GrossProfit_zp20LG3oNqq2" 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">Gross profit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">38,824,171</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">47,052,540</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">85,876,711</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: 0.125in; vertical-align: top"> </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 id="xdx_402_eus-gaap--OperatingExpensesAbstract_iB_zABIhSwxgzMe" 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">Operating expenses:</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 id="xdx_402_eus-gaap--SellingExpense_iN_di_zLW8mnViULih" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Selling expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,019,307</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(675,421</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,694,728</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_iN_di_z1hznp95OH6c" 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">General and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(6,550,604</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,687,505</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(19,238,109</td> <td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--ResearchAndDevelopmentExpenses_iN_di_zNtZSuvJkXuk" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Research and development expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(12,593,485</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(44,367,345</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(56,960,830</td> <td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_zYmc6NC5sLv5" 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">Allowance for expected credit losses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,978,105</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,400,596</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(4,378,701</td> <td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ChangeInFairValueOfWarrantLiability_zSk3ae8QemO1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of warrant liabilities</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">-</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">-</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">-</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CostsAndExpenses_zgoyQiTmL5ok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total operating expenses</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">(23,141,500</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">(60,130,868</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">(83,272,368</td> <td style="padding-bottom: 2.5pt; 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; vertical-align: top"> </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 id="xdx_407_eus-gaap--OperatingIncomeLoss_ze1KppVLzXb8" 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 (Loss) from operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,682,671</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(13,078,328</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,604,343</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: 0.125in; vertical-align: top"> </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 id="xdx_405_eus-gaap--OtherIncomeAndExpensesAbstract_iB_zivtL2sYWy58" 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 income (expenses)</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 id="xdx_40A_ecustom--FinanceIncomeNet_zvD02HW2eJlb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance income, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,865,996</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,508,337</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">44,374,333</td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InvestmentIncomeNet_zxI1UPAIlkz4" 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">Investment loss</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">(98,351,630</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(98,351,630</td> <td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--ProfitOrLossOnDisposalOfSubsidiaries_zj6URZcneXm6" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on disposal of subsidiaries</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">311,369</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">311,369</td> <td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherIncome_zXcqsBEZkbpl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income, net</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">481,700</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">406,282</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">887,982</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherOperatingIncomeExpenseNet_zYymKcQmX7Dl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total other income (expenses), 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">2,347,696</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">(55,125,642</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">(52,777,946</td> <td style="padding-bottom: 2.5pt; 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: 0.125in; vertical-align: top"> </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 id="xdx_403_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_z1K2vQ3bA1s9" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income (Loss) before income taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,030,367</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(68,203,970</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(50,173,603</td> <td style="text-align: left">)</td></tr> </table>

8783492

65468207

74251699

5467408

1224908

6692316

23501382

41852819

65354201

10899882 67755690 78655572

845392

12321

857713

372961 372961

-40714065

-110472776

-151186841

-31930573

-45004569

-76935142

2596503 766581 3363084 -7174930 -8104019 -15278949

555352

2568751

3124103

-4023075

-4768687

-8791762

-35953648

-49773256

-85726904

22209747

43236576

65446323

2465056

1061747

3526803

8213194

15039323

23252517

23148863 151245884 174394747

1272420

1220058

2492478

62543 62543

-35099533

-168504469

-203604002

-12889786

-125267893

-138157679

2167284 21083076 23250360

42298644

5904530 5904530

1379654

3630906

5010560

3546937

72917157

76464094

-9342849

-52350736

-61693585

38824171

47052540

85876711

2019307

675421

2694728

6550604

12687505

19238109

12593485 44367345 56960830

1978105

2400596

4378701

-23141500

-60130868

-83272368

15682671

-13078328

2604343

1865996 42508337 44374333

-98351630

311369 311369

481700

406282

887982

2347696

-55125642

-52777946

18030367

-68203970

-50173603

Note 21 — Subsequent events These consolidated financial statements were approved by management and available for issuance on March 27, 2026. The Company has evaluated subsequent events through this date. On January 10, 2026, the Company’s board of directors approved the dissolution of Shenzhen Yushian Technology Co., Ltd. (“SZYSA”). The Company determined that this event represents a non-recognized subsequent event under ASC 855, as the decision to dissolve was made after December 31, 2025 and does not reflect conditions that existed as of the balance sheet date. As part of the planned dissolution, certain assets and liabilities of SZYSA are expected to be transferred within the group or settled in the normal course of business, including the transfer of prepayments to another subsidiary for continued execution of underlying contracts. Based on management’s current assessment, the dissolution is expected to result in losses upon liquidation; however, the final financial impact will depend on the ultimate settlement of assets and liabilities and cannot be reasonably estimated at this time.

The shares and per share information are presented on a retroactive basis to reflect the Share Consolidation and the reclassification of Class A and Class B ordinary shares (Note 17). The shares and per share information are presented on a retroactive basis to reflect the Share Consolidation and the reclassification of Class A and Class B ordinary shares (Note 17). The shares and per share information are presented on a retroactive basis to reflect the Share Consolidation and the reclassification of Class A and Class B ordinary shares (Note 17). It is mainly due to the lower tax rate of the entities incorporated in Hong Kong, and tax exempt in Cayman Islands.