XML 53 R31.htm IDEA: XBRL DOCUMENT

Condensed financial information of the parent company

12 Months Ended

Dec. 31, 2024

Condensed financial information of the parent company

Condensed financial information of the parent company

24. Condensed financial information of the parent company

The following is the condensed financial information of the Company on a parent company only basis.

Condensed balance sheets


		As of December 31,
		2023		2024
		RMB		RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		413,317,806		305,194,205		41,811,435
Short-term investments		78,808,890		698,152,621		95,646,517
Time and Structured deposits		—		380,047,326		52,066,270
Short-term amounts due from intercompanies		687,538,024		440,259,744		60,315,338
Other current assets		—		14,670		2,010
Total current assets		1,179,664,720		1,823,668,566		249,841,570
Non-current assets:
Investments in subsidiaries, VIEs and VIEs’ subsidiaries		10,520,530,855		10,211,096,821		1,398,914,529
Total non-current assets		10,520,530,855		10,211,096,821		1,398,914,529
TOTAL ASSETS		11,700,195,575		12,034,765,387		1,648,756,099


		As of December 31,
		2023		2024
		RMB		RMB		US$
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Short-term borrowings		—		720,000,000		98,639,596
Accrued expenses and other intercompanies		8,364,603		19,456,357		2,665,510
Short-term amounts due to related parties		3,880,000		3,880,000		531,558
Total current liabilities		12,244,603		743,336,357		101,836,664
Non-current liabilities
TOTAL LIABILITIES		12,244,603		743,336,357		101,836,664
Commitments and contingencies
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,881 shares issued and 137,109,719 shares outstanding, as of December 31, 2023; 656,508,828 shares authorized, 201,304,881 shares issued and 105,198,013 shares outstanding, as of December 31, 2024)		132,052		132,052		18,091
Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2023 and 2024)		43,836		43,836		6,006
Treasury shares		(899,627,520)		(1,419,285,878)		(194,441,368)
Additional paid-in capital		4,033,145,746		4,026,668,369		551,651,305
Accumulated other comprehensive loss		(24,130,903)		13,751,495		1,883,947
Retained earnings		8,578,387,761		8,670,119,156		1,187,801,454
Total shareholders’ equity		11,687,950,972		11,291,429,030		1,546,919,435
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		11,700,195,575		12,034,765,387		1,648,756,099

24. Condensed financial information of the parent company - continued

Condensed statements of comprehensive income/(loss)


		For the years ended December 31,
		2022		2023		2024
		RMB		RMB		RMB		US$
Share-based compensation expense		(24,053,760)		(4,935,782)		(2,257,795)		(309,317)
General and administrative		(26,199,820)		(19,070,062)		(40,780,739)		(5,586,938)
Interest and investment income/(loss), net		(13,148,315)		104,687,566		189,674,053		25,985,239
Other non-interest income		11,548,297		28,626,092		24,463,472		3,351,482
Foreign exchange gain/(loss), net		404,232		(545,948)		20,792,611		2,848,576
Income from the repurchase of convertible senior notes		10,028,456		—		—		—
Share of loss in subsidiaries, VIEs and VIEs’ subsidiaries		(320,543,213)		(69,628,327)		(100,160,207)		(13,721,893)
Net income before income taxes		(361,964,123)		39,133,539		91,731,395		12,567,149
Income tax expense		—		—		—		—
Net income/(loss)		(361,964,123)		39,133,539		91,731,395		12,567,149
Other comprehensive income
Foreign currency translation adjustment		13,036,988		21,829,283		37,882,398		5,189,867
Total comprehensive income/(loss)		(348,927,135)		60,962,822		129,613,793		17,757,016

Condensed statements of cash flows


		For the years ended December 31,
		2022		2023		2024
		RMB		RMB		RMB		US$
Cash flows from operating activities:
Net income/(loss)		(361,964,123)		39,133,539		91,731,395		12,567,149
Adjustments to reconcile net income to net cash used in operating activities:
Share of loss in subsidiaries, VIEs and VIEs’ subsidiaries		320,543,213		69,628,327		100,160,207		13,721,893
Share-based compensation expense		24,053,760		4,935,782		2,257,795		309,317
Income from the repurchase of convertible senior notes		(10,028,456)		—		—		—
Accrued interest of convertible senior notes		1,732,915		—		—		—
Investment loss of short-term Investments		67,907,228		138,739,373		1,925,270		263,761
Foreign exchange loss/(gain) net		(404,232)		545,948		(20,792,611)		(2,848,576)
Payables to employee		66,077		405,208		4,893,049		670,345
Other payables		2,937,392		2,935,558		10,942,366		1,499,098
Net cash provided by operating activities		44,843,774		256,323,735		191,117,471		26,182,987
Net cash provided by (used in) investing activities		908,576,201		29,180,599		(523,283,656)		(71,689,567)
Net cash provided by (used in) financing activities		(834,990,790)		(420,660,054)		186,843,558		25,597,462
Effect of exchange rate changes on cash and cash equivalents		(117,327,970)		(10,899,643)		37,199,026		5,096,246
Net increase (decrease) in cash and cash equivalents		1,101,215		(146,055,363)		(108,123,601)		(14,812,872)
Cash and cash equivalents at beginning of the year		558,271,954		559,373,169		413,317,806		56,624,307
Cash and cash equivalents at end of the year		559,373,169		413,317,806		305,194,205		41,811,435

24. Condensed financial information of the parent company – continued

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries and VIEs.

The parent company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries and VIEs” and their respective profit or loss as “Equity in profits of subsidiaries and VIEs” on the condensed statements of comprehensive income/(loss). Equity method accounting ceases when the carrying amount of investment, including any additional financial support, in a subsidiary and VIEs is reduced to zero unless the parent company has guaranteed obligations of the subsidiary and VIEs or is otherwise committed to provide further financial support. If the subsidiary and VIEs subsequently report net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended.

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.