| Schedule of activities of Group's obligations associated with the deferred guarantee income |
| | | | | | | | | | | As of | | Fair value | | | | As of | | | January 1, | | of deferred guarantee income | | Release of | | December 31, | | | 2023 | | at inception of new loans | | deferred guarantee income | | 2023 | | | RMB | | RMB | | RMB | | RMB | Xiaoying Credit Loan | | — | | 72,160,875 | | (25,563,732) | | 46,597,143 |
| | | | | | | | | | | As of | | Fair value | | | | As of | | | January 1, | | of deferred guarantee income | | Release of | | December 31, | | | 2024 | | at inception of new loans | | deferred guarantee income | | 2024 | | | RMB | | RMB | | RMB | | RMB | Xiaoying Credit Loan | | 46,597,143 | | 332,919,374 | | (214,792,005) | | 164,724,512 |
| | | | | | | | | | | As of | | Fair value | | | | As of | | | January 1, | | of deferred guarantee income | | Release of | | December 31, | | | 2025 | | at inception of new loans | | deferred guarantee income | | 2025 | | | RMB | | RMB | | RMB | | RMB | Xiaoying Credit Loan | | 164,724,512 | | 981,672,870 | | (678,767,939) | | 467,629,443 |
| | | | | | | | | | | As of | | Fair value | | | | As of | | | January 1, | | of deferred guarantee income | | Release of | | December 31, | | | 2025 | | at inception of new loans | | deferred guarantee income | | 2025 | | | US$ | | US$ | | US$ | | US$ | Xiaoying Credit Loan | | 23,555,292 | | 140,377,353 | | (97,062,524) | | 66,870,121 |
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| Schedule of movement of contingent guarantee liabilities |
| | | | | | | | | | | | | | | | | | | | As of | | | | Provision for | | As of | | | January 1, | | | | contingent | | December 31, | | | 2023 | | Net payout(1) | | liability | | 2023 | | | RMB | | RMB | | RMB | | RMB | Xiaoying Credit Loan | | — | | (5,613,471) | | 67,519,980 | | 61,906,509 |
| | | | | | | | | | | | | | | | | | | | As of | | | | Provision for | | As of | | | January 1, | | | | contingent | | December 31, | | | 2024 | | Net payout(1) | | liability | | 2024 | | | RMB | | RMB | | RMB | | RMB | Xiaoying Credit Loan | | 61,906,509 | | (116,003,939) | | 241,738,132 | | 187,640,702 |
| | | | | | | | | | | | | | | | | | | | As of | | | | Provision for | | As of | | | January 1, | | | | contingent | | December 31, | | | 2025 | | Net payout(1) | | liability | | 2025 | | | RMB | | RMB | | RMB | | RMB | Xiaoying Credit Loan | | 187,640,702 | | (440,606,972) | | 1,001,272,880 | | 748,306,610 |
| | | | | | | | | | | | | | | | | | | | As of | | | | Provision for | | As of | | | January 1, | | | | contingent | | December 31, | | | 2025 | | Net payout (1) | | liability | | 2025 | | | US$ | | US$ | | US$ | | US$ | Xiaoying Credit Loan | | 26,832,264 | | (63,005,960) | | 143,180,118 | | 107,006,422 |
(1)Net payouts represent the amount paid to institutional funding partners upon borrowers’ default net of the amount subsequently recovered from the borrower.
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