Intangible asset, net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible asset, net

7.Intangible asset, net

Intangible asset, net consists of the following:

	As of December 31,
	2021			2022
	RMB			RMB
Cost:
Land use right		—			49,292,208
Franchise right		334,865			334,865
Less: Accumulated amortization		(334,865	)		(909,941	)
Intangible asset, net		—			48,717,132

Amortization expense for the years ended December 31, 2020, 2021 and 2022 amounted to RMB166,280, RMB99,301 and RMB575,076, respectively.

As of December 31, 2021 and 2022, land use right with net book value of nil and RMB48,717,132 was pledged as collateral under a loan arrangement (also see Note 10).

As of December 31, 2022, the future estimated amortization expenses are as below.

	Estimated amortization expense
Years ended December 31,	RMB
2023		985,844
2024		985,844
2025		985,844
2026		985,844
2027		985,844
Thereafter		43,787,912
Total		48,717,132