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Consolidated Balance Sheets - CNY (¥)
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents ¥ 121,794,484 ¥ 152,368,315
Restricted cash 7,916,393 31,869,116
Accounts receivable, net 17,691,916 30,525,920
Inventories 36,792,722 37,578,415
Prepaid expenses and other current assets 142,235,378 158,881,587
Total current assets 326,625,658 417,080,989
Non-current assets    
Property and equipment, net 332,069,736 502,158,702
Intangible assets, net 81,014,374 97,019,088
Operating lease right-of-use assets 348,916,320 493,308,393
Other non-current assets 88,050,605 53,966,563
Total non-current assets 850,051,035 1,146,452,746
Total assets 1,176,676,693 1,563,533,735
Current liabilities    
Bank borrowings, current 395,087,735 381,262,545
Accounts payable 199,151,784 223,837,607
Contract liabilities 37,197,137 39,677,547
Amount due to related parties 17,413,631 48,116,596
Convertible notes, at fair value, current 473,715,560
Operating lease liabilities 180,805,734 178,115,199
Other current liabilities 172,606,016 191,206,863
Total current liabilities 1,002,262,037 1,535,931,917
Non-current liabilities    
Contract liabilities 10,132,998 8,021,755
Operating lease liabilities 240,282,461 380,075,128
Convertible notes, at fair value, non-current 1,152,723,200 464,847,231
Other non-current liabilities 7,710,918 7,673,110
Total non-current liabilities 1,410,849,577 860,617,224
Total liabilities 2,413,111,614 2,396,549,141
Shareholders’ deficit    
Ordinary shares, value 9,733 9,733
Additional paid-in capital 1,821,605,222 1,818,421,338
Accumulated losses (3,102,993,825) (2,668,505,330)
Accumulated other comprehensive income 38,393,189 9,184,842
Treasury shares (1,207,053 and 1,233,053 ordinary shares as of December 31, 2025 and 2024, respectively)
Total deficit attributable to shareholders of the Company (1,242,985,681) (840,889,417)
Non-controlling interests 6,550,760 7,874,011
Total shareholders’ deficit (1,236,434,921) (833,015,406)
Commitments and contingencies
Total liabilities and shareholders’ deficit 1,176,676,693 1,563,533,735
Series A-2 Convertible Preferred Share    
Shareholders’ deficit    
Series A-2 Convertible Preferred Share (US$0.00004697934970338660 par value, 0.2 share authorized, issued and outstanding as of December 31, 2025 and 2024)
Class A-1 Special Voting Share    
Shareholders’ deficit    
Ordinary shares, value
Related Party    
Current assets    
Amount due from related parties ¥ 194,765 ¥ 5,857,636