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CONSOLIDATED STATEMENTS OF CASHFLOWS
12 Months Ended
Dec. 31, 2022
CNY (¥)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
CNY (¥)
Dec. 31, 2020
CNY (¥)
Cash flows from operating activities        
Net income (loss) ¥ 31,118,886 $ 4,468,151 ¥ (174,944,484) ¥ (37,704,077)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Amortization of right-of-use assets 5,505,422 790,486 2,920,433 269,315
Depreciation and amortization expenses 3,928,131 564,014 2,609,699 353,557
Gain on lease termination 0 0 (12,088) 0
Share-based compensation 9,347,347 1,342,123 19,344 214,882
Inventory write-down 184,073,191 26,429,830 26,753,768 0
Changes in assets and liabilities:        
Accounts receivable, net 0 0 1,165,716 (1,165,716)
Inventories, net (71,446,484) (10,258,519) (233,385,726) (7,238,293)
Prepayments 304,300,103 43,692,401 (364,369,453) (2,126,527)
Other current assets 51,740,635 7,429,089 (38,564,595) (2,575,074)
Accounts payable 10,591,202 1,520,719 1,937,951 390,152
Accounts payable - related party 0 0 (4,716,981) 0
Advance from customers (794,302,470) (114,048,541) 851,987,235 45,033,520
Other payables (19,683,959) (2,826,287) (175,721) 168,553
Operating lease liabilities, current (5,330,448) (765,363) (4,687,184) (302,256)
Other current liabilities 15,217,655 2,185,001 5,194,954 1,654,065
Net cash provided by (used in) operating activities (274,940,789) (39,476,896) 71,732,868 (3,027,899)
Cash flow from investing activities:        
Purchases of property, plant and equipment (17,531,162) (2,517,181) (8,692,683) (936,776)
Refund of prepayment for property, plant and equipment 0 0 550,000 0
Purchases of short-term investment 0 0 (32,293,440) 0
Proceeds from sales of short-term investments 33,640,500 4,830,213 0 0
Purchases of intangible assets (49,292,208) (7,077,536) 0 0
Loan provided to a related party 0 0 (100,000) (2,270,000)
Collection of loan provided to a related party 0 0 4,490,000 1,560,000
Net cash used in investing activities (33,182,870) (4,764,504) (36,046,123) (1,646,776)
Cash flow from financing activities:        
Proceeds from related parties 0 0 0 30,255,000
Repayment to related parties 0 0 (31,355,000) (890,000)
Proceeds from issuance of ordinary shares 144,043,186 20,682,191 201,199,989 0
Cash contribution from shareholders 0 0 51,135 0
Proceeds from long-term debts 17,093,316 2,454,314 0 0
Repayments of long-term debts (140,000) (20,102) 0 0
Repayment of loan payable 0 0 (5,000,000) 0
Net cash provided by financing activities 160,996,502 23,116,403 164,896,124 29,365,000
Effects of exchange rate changes on cash, cash equivalents and restricted cash 1,132,887 162,663 (2,062,387) 0
Net increase (decrease) in cash, cash equivalents and restricted cash (145,994,270) (20,962,334) 198,520,482 24,690,325
Cash, cash equivalents and restricted cash at beginning of the year 233,853,654 33,577,471 35,333,172 10,642,847
Cash, cash equivalents and restricted cash at end of the year 87,859,384 12,615,137 233,853,654 35,333,172
Supplemental cash flow disclosures:        
Interest paid 180,619 25,934 0 0
Income taxes paid 89,169 12,803 276,186 2,336
Non-cash investing and financing activities:        
Operating lease right-of-use asset obtained in exchange for operating lease liability ¥ 4,557,092 $ 654,322 ¥ 0 ¥ 0