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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAX

Components of income (loss) before income taxes

​

​	​	​	​	​	​	​
​	​	For the Year Ended
​	​	December 31,
​		2021		2022		2023
​	​	RMB	​	RMB	​	RMB
Cayman		(9,397,404)		(10,448,513)		(1,192,264)
Indonesia	​	(881,810)	​	(984,230)	​	(1,268,462)
Hong Kong S.A.R.		(6,700,069)		(14,613,793)		(7,930,644)
B.V.I.	​	—	​	(278,774)	​	(48,100)
Others	​	—	​	—	​	(840,681)
PRC, excluding Hong Kong S.A.R.		289,836,300		(44,894,563)		(270,748,715)
Total		272,857,017		(71,219,873)		(282,028,866)

Schedule of income tax expense (benefit)

​

​	​	​	​	​	​	​
​	​	For the Year Ended December 31,
​	​	2021	​	2022	​	2023
​		RMB		RMB		RMB
Current income tax expense (benefit)		42,715,007		(15,677,411)		759,425
Deferred income tax expense (benefit)		4,321,601		(6,079,533)		(10,952,309)
Total		47,036,608		(21,756,944)		(10,192,884)

Schedule of reconciliation of statutory income tax rate and effective income tax rate

​

​	​	​	​	​	​	​
​		For the Year Ended
​		December 31,
​	​	2021		2022		2023
​		RMB	​	RMB		RMB
Computed expected income tax expense (benefit)		68,214,254	​	(17,804,968)	​	(71,077,803)
Non-PRC entities not subject to income tax		4,244,821	​	6,581,327	​	2,820,038
Research and development expenses bonus deduction		(23,328,287)	​	(34,910,421)	​	(30,807,283)
Non-deductible share-based compensation expenses		11,015,406	​	13,866,734	​	11,742,974
Other non-deductible expenses		723,768	​	638,898	​	2,491,593
Preferential tax rate difference		—	​	(3,075,033)	​	7,301,540
Tax filing differences	​	2,682,378	​	(3,770,720)	​	229,108
Change in valuation allowance	​	(16,515,732)	​	16,717,239	​	67,106,949
​	​	​	​	​	​	​
Actual income tax expense (benefit)		47,036,608	​	(21,756,944)	​	(10,192,884)
Effect of preferential tax rates on basic earnings per Class A and Class B ordinary share	​	—	​	0.02	​	(0.05)
Effect of preferential tax rates on diluted earnings per Class A and Class B ordinary share	​	—	​	0.02	​	(0.05)

​

Schedule of deferred income tax assets and deferred income tax liabilities

​

​	​	​	​	​
​		As of December 31,
​		2022		2023
​		RMB		RMB
Deferred income tax assets	​	​	​	​
Net operating loss carry forwards		33,325,461		74,876,303
Accrued warranty		5,071,844		3,798,876
Advertising expense	​	—	​	2,113,991
Deferred revenue		8,470,357		8,938,710
Allowance for doubtful accounts		7,037,684		41,878,340
Lease Liabilities	​	3,334,705	​	1,099,451
Write-downs for inventories		825,208		4,529,042
Less: Valuation allowance		(40,764,285)		(107,782,306)
​	​	​	​	​
Total deferred income tax assets, net	​	17,300,974	​	29,452,407
​	​	​	​	​
Deferred income tax liabilities	​	​	​	​
Operating lease right of use assets	​	3,334,705	​	1,099,451
Short-term investments	​	60,946	​	—
Property, plant and equipment	​	9,171,103	​	9,968,429
​	​	​	​	​
Total deferred income tax liabilities	​	12,566,754	​	11,067,880
​	​	​	​	​
Net deferred income tax assets	​	6,132,499	​	20,747,021
Net deferred income tax liabilities	​	1,398,279	​	2,362,494

​

Schedule of changes in valuation allowance

​

​	​	​	​	​	​	​
​		For the Year Ended
​		December 31,
​	​	2021		2022		2023
​		RMB	​	RMB		RMB
Balance at the beginning of the year		41,219,052		24,508,473		40,764,285
Additions		5,567,822		25,114,239		68,593,841
Reduction	​	(22,278,401)	​	(8,858,427)	​	(1,575,820)
​	​	​	​	​	​	​
Balance at the end of the year		24,508,473		40,764,285		107,782,306

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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