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Property and equipment, net
 12 Months Ended
Dec. 31, 2024
Property and equipment, net  
Property and equipment, net

9. Property and equipment, net

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As of December 31, 

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2023

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2024

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RMB

    

RMB

    

US$

Construction in progress

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1,134,688,427

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1,302,148,272

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178,393,582

Leasehold improvements

 

13,615,929

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15,967,920

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2,187,596

Office and electronic equipment

 

7,774,324

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11,704,829

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1,603,555

Motor vehicles

 

13,313,052

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13,402,055

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1,836,074

Aircraft

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175,367,530

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180,292,710

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24,700,000

Buildings

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—

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118,266,537

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16,202,449

Property and equipment, gross

 

1,344,759,262

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1,641,782,323

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224,923,256

Less accumulated depreciation

 

35,527,263

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54,915,306

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7,523,366

Less impairment

 

894,274

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833,390

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114,174

Property and equipment, net

 

1,308,337,725

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1,586,033,627

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217,285,716

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Depreciation expense, for the years ended December 31, 2022, 2023 and 2024, was RMB 6 million, RMB 14 million and RMB 21 million (US$ 3 million), respectively.

For the years ended December 31, 2022, 2023 and 2024, the interest cost incurred and capitalized was RMB 7 million, RMB 2 million and RMB nil (US$ nil), respectively.

In 2024 and 2023, the Company capitalized buildings and acquired aircraft at a cost of RMB 118 million (US$ 16 million) and RMB 175 million, respectively, to support its business expansion initiatives. In 2023, the depreciation expense for the aircraft amounted to RMB 9 million. In 2024, the depreciation expense for the aircraft was RMB 17 million (US$ 2 million), while no depreciation expenses were recorded for the buildings as they were capitalized in December 2024. As of December 31, 2024, the net value of the aircraft and buildings was RMB 271 million (US$ 37 million).

For the years ended December 31, 2022, 2023 and 2024, the carrying amounts of the disposed property and equipment were RMB 9,611,937, RMB 2,817,196 and RMB 816,244 (US$ 111,825), respectively. The loss from disposal of property and equipment was RMB 8,227,046, RMB 2,568,274 and RMB 690,098 (US$ 94,543) for the years ended December 31, 2022, 2023 and 2024, respectively.