Financial investments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Financial investments |
|
| Summary of the carrying value of investments measured at equity method and summarizes the combined financial information |
| | | | | | | | | As of December 31, | | As of December 31, | | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | US$ | Assets: | | | | | | | Cash and cash equivalents | | 580,989,751 | | 499,468,134 | | 71,422,993 | Financial investments | | 4,408,605,503 | | 3,754,016,087 | | 536,817,161 | Prepaid expenses and other current assets, net | | 656,666,733 | | 561,278,020 | | 80,261,689 | Long-term investments | | 667,927,748 | | 721,968,656 | | 103,240,145 | Other non-current assets | | 3,019,189,760 | | 2,958,203,995 | | 423,017,545 | Total assets | | 9,333,379,495 | | 8,494,934,892 | | 1,214,759,533 | Liabilities: | | | | | | | Accrued expenses and other current liabilities | | 5,232,335,603 | | 4,312,826,530 | | 616,725,991 | Long-term borrowings | | 1,501,000,000 | | 1,613,492,000 | | 230,726,287 | Other non-current liabilities | | 2,143,675 | | 2,143,675 | | 306,541 | Total liabilities | | 6,735,479,278 | | 5,928,462,205 | | 847,758,819 |
| | | | | | | | | | | Year ended | | Year ended | | | | | | | December 31, | | December 31, | | Year ended December 31, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Net revenues | | 383,611,655 | | 326,706,200 | | 205,873,146 | | 29,439,468 | Net income | | 193,845,592 | | 120,087,725 | | 107,642,794 | | 15,392,715 |
|
| Summary of investments measured at cost minus impairment, plus or minus observable price changes from orderly transactions of identical or similar investments |
| | | | | | | | | As of December 31, | | As of December 31, | | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | US$ | Opening balance | | 80,861,876 | | 100,439,344 | | 14,362,635 | Contribution/(Redemption), net | | 18,132,017 | | (12,403,257) | | (1,773,642) | Exchange differences | | 1,445,451 | | (2,096,301) | | (299,765) | Ending Balance | | 100,439,344 | | 85,939,786 | | 12,289,228 |
|
| Summary of investments in VC funds in the form of partnership measured at fair value |
| | | | | | | | | As of December 31, | | As of December 31, | | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | US$ | Opening balance | | 17,227,629 | | 35,224,215 | | 5,036,996 | Switch in | | 374,471 | | — | | — | Redemption | | — | | (834,425) | | (119,321) | Fair value adjustment | | 17,133,677 | | (21,052,326) | | (3,010,443) | Exchange differences | | 488,438 | | (420,226) | | (60,092) | Ending Balance | | 35,224,215 | | 12,917,238 | | 1,847,140 |
|
| Schedule of available-for-sale securities reconciliation |
| | | | | | | | | | | | | | | | | | | | | | | | | Unrealized | | | | | | | | | | | Fair value | | | | | | gains accumulated | | | | | | Fair value | | Amortized cost | | | As of December 31, | | Additions | | Settlements | | in other comprehensive | | Total realized | | Exchange | | As of December 31, | | As of December 31, | | | 2023 | | during the year | | during the year | | income | | gains | | differences | | 2024 | | 2024 | | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | US Treasury securities with original maturities over three months | | 56,181,082 | | — | | (56,243,877) | | — | | 62,795 | | — | | — | | — | Wealth management products with no fixed term | | 350,537,587 | | — | | (326,818,365) | | 485,868 | | 6,818,365 | | — | | 31,023,455 | | 30,000,000 | Fund-linked note | | — | | 125,500,826 | | (15,934,002) | | — | | 1,033,826 | | 1,085,278 | | 111,685,928 | | 111,685,928 | Total | | 406,718,669 | | 125,500,826 | | (398,996,244) | | 485,868 | | 7,914,986 | | 1,085,278 | | 142,709,383 | | 141,685,928 |
| | | | | | | | | | | | | | | | | | | | | | | | | Unrealized | | | | | | | | | | | Fair value | | | | | | gains accumulated | | | | | | Fair value | | Amortized cost | | | As of December 31, | | Additions | | Settlements | | in other comprehensive | | Total realized | | Exchange | | As of December 31, | | As of December 31, | | | 2024 | | during the year | | during the year | | income | | gains | | differences | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | US Treasury securities with original maturities over three months | | — | | 281,795,031 | | — | | — | | 4,784,483 | | (4,753,473) | | 281,826,041 | | 281,826,041 | Wealth management products with no fixed term | | 31,023,455 | | — | | (31,137,165) | | — | | 113,710 | | — | | — | | — | Fund-linked note | | 111,685,928 | | — | | (3,585,900) | | 3,965,808 | | 3,611,268 | | (2,605,396) | | 113,071,708 | | 109,105,900 | Total | | 142,709,383 | | 281,795,031 | | (34,723,065) | | 3,965,808 | | 8,509,461 | | (7,358,869) | | 394,897,749 | | 390,931,941 |
| | | | | | | | | | | | | | | | | | | | | | | | | Unrealized | | | | | | | | | | | Fair value | | | | | | gains accumulated | | | | | | Fair value | | Amortized cost | | | As of December 31, | | Additions | | Settlements | | in other comprehensive | | Total realized | | Exchange | | As of December 31, | | As of December 31, | | | 2024 | | during the year | | during the year | | income | | gains | | differences | | 2025 | | 2025 | | | US$ | | US$ | | US$ | | US$ | | US$ | | US$ | | US$ | | US$ | US Treasury securities with original maturities over three months | | — | | 40,296,153 | | — | | — | | 684,172 | | (679,738) | | 40,300,587 | | 40,300,587 | Wealth management products with no fixed term | | 4,436,295 | | — | | (4,452,555) | | — | | 16,260 | | — | | — | | — | Fund-linked note | | 15,970,875 | | — | | (512,777) | | 567,103 | | 516,405 | | (372,567) | | 16,169,039 | | 15,601,936 | Total | | 20,407,170 | | 40,296,153 | | (4,965,332) | | 567,103 | | 1,216,837 | | (1,052,305) | | 56,469,626 | | 55,902,523 |
|
| Schedule of trading debt securities reconciliation |
| | | | | | | | | | | | | | | Fair value | | | | | | | | | | Fair value | | | As of December 31, | | Additions | | Settlements | | Total | | Fair value change | | As of December 31, | | | 2023 | | during the year | | during the year | | realized gain | | during the year | | 2024 | | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | Wealth management products with no fixed term | | — | | 97,916,010 | | (10,417,600) | | 179,600 | | 1,072,649 | | 88,750,659 |
| | | | | | | | | | | | | | | | | Fair value | | | | | | | | | | | | Fair value | | | As of December 31, | | Additions | | Settlements | | Total | | Fair value change | | Exchange | | As of December 31, | | | 2024 | | during the year | | during the year | | realized gain | | during the year | | differences | | 2025 | | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | Wealth management products with no fixed term | | 88,750,659 | | 1,270,936,983 | | (730,045,659) | | 1,863,559 | | 4,662,583 | | (3,500,630) | | 632,667,495 |
| | | | | | | | | | | | | | | | | Fair value | | | | | | | | | | | | Fair value | | | As of December 31, | | Additions | | Settlements | | Total | | Fair value change | | Exchange | | As of December 31, | | | 2024 | | during the year | | during the year | | realized gain | | during the year | | differences | | 2025 | | | US$ | | US$ | | US$ | | US$ | | US$ | | US$ | | US$ | Wealth management products with no fixed term | | 12,691,175 | | 181,741,571 | | (104,395,141) | | 266,485 | | 666,741 | | (500,583) | | 90,470,248 |
|
| Schedule of investments measured under amortization cost |
| | | | | | | | | | | | | | | Amortized cost | | | | | | | | | | Amortized cost | | | As of December 31, | | Additions | | Maturities | | Interest earned | | Interest accrued | | As of December 31, | | | 2023 | | during the year | | during the year | | during the year | | during the year | | 2024 | | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | Term deposit | | — | | 5,000,000 | | — | | — | | 10,417 | | 5,010,417 |
| | | | | | | | | | | | | | | Amortized cost | | | | | | | | | | Amortized cost | | | As of December 31, | | Additions | | Maturities | | Interest earned | | Interest accrued | | As of December 31, | | | 2024 | | during the year | | during the year | | during the year | | during the year | | 2025 | | | RMB | | RMB | | RMB | | RMB | | RMB | | RMB | Term deposit | | 5,010,417 | | 10,000,000 | | (10,062,632) | | 52,215 | | 9,792 | | 5,009,792 |
| | | | | | | | | | | | | | | Amortized cost | | | | | | | | | | Amortized cost | | | As of December 31, | | Additions | | Maturities | | Interest earned | | Interest accrued | | As of December 31, | | | 2024 | | during the year | | during the year | | during the year | | during the year | | 2025 | | | US$ | | US$ | | US$ | | US$ | | US$ | | US$ | Term deposit | | 716,480 | | 1,429,981 | | (1,438,937) | | 7,467 | | 1,400 | | 716,391 |
|
| VC funds |
|
| Financial investments |
|
| Summary of the carrying value of investments measured at equity method and summarizes the combined financial information |
| | | | | | | | | | | | | As of | | | | | | | December 31, | | As of December 31, | | | Ownership | | 2024 | | 2025 | | 2025 | | | % | | RMB | | RMB | | US$ | | | | | | | | | | Investment in Dragonfly Ventures Ⅱ Feeder, L.P. | | 5.73 | % | 114,164,666 | | 95,789,583 | | 13,697,728 | Investment in IOSG Fund II LP | | 3.00 | % | 27,176,853 | | 15,854,611 | | 2,267,179 | Total | | | | 141,341,519 | | 111,644,194 | | 15,964,907 |
| | | | | | | | | As of September 30, | | As of September 30, | | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | US$ | Assets: | | | | | | | Cash and cash equivalents | | 26,095,749 | | 61,401,551 | | 8,780,305 | Investments | | 3,107,977,290 | | 2,301,191,361 | | 329,065,988 | Other current or non-current assets | | 11,686,260 | | 2,609,657 | | 373,176 | Total assets | | 3,145,759,299 | | 2,365,202,569 | | 338,219,469 | Liabilities: | | | | | | | Payable and accruals | | 12,085,677 | | 16,097,934 | | 2,301,974 | Total liabilities | | 12,085,677 | | 16,097,934 | | 2,301,974 |
| | | | | | | | | | | Nine months ended | | Nine months ended | | Twelve months ended | | | September 30, | | September 30, | | September 30, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Net investment loss | | (24,856,047) | | (22,646,794) | | (12,073,482) | | (1,726,485) | Net realized gain on investments | | 14,582,478 | | 126,355,211 | | 50,322,271 | | 7,195,989 | Net unrealized (loss) gain on investments | | (50,420,352) | | 203,174,322 | | (533,190,993) | | (76,245,298) | Net (loss) income | | (40,043,826) | | 316,374,217 | | (436,373,062) | | (62,400,518) |
|