XML 25 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS
 12 Months Ended
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2021
CNY (¥)
Operating activities:        
Net income (loss) ¥ (271,835,982) $ (38,287,297) ¥ (49,462,929) ¥ 225,820,409
Adjustments to reconcile net income (loss) to net cash provided by operating activities        
Allowance for doubtful accounts (Note 4) 139,445,017 19,640,420 25,044,327 1,272,454
Share-based compensation (Note 15) 47,659,304 6,712,673 58,219,186 47,218,156
Depreciation and amortization (Note 7 and 8) 148,064,759 20,854,485 142,711,409 95,473,048
Reduction in the carrying amount of right-of-use assets 8,303,344 1,169,502 8,525,547 10,730,213
Investment income (1,426,370) (200,900) (10,917,736) (21,167,575)
Unrealized foreign exchange loss (gain) (4,557,547) (641,917) (7,508,084) 1,882,626
Deferred income tax expense (benefit) (10,952,309) (1,542,600) (6,079,533) 4,321,601
Loss on disposal of property, plant and equipment 22,077 3,109 478,457 235,581
Write-down of inventories (Note 5) 21,681,652 3,053,797 8,991,793 3,679,669
Changes in operating assets and liabilities:        
Accounts receivable 65,371,286 9,207,353 (56,145,868) (168,520,346)
Inventories 2,627,537 370,081 (156,107,463) (131,185,130)
Prepayments and other current assets (5,062,337) (713,015) (125,888,562) (24,763,588)
Other non-current assets 6,269,554 883,048 (1,834,238) 1,520,050
Accounts payable and notes payable (33,303,059) (4,690,638) 93,747,996 286,726,602
Advances from customers (5,657,752) (796,878) 7,545,887 (22,764,635)
Deferred revenue 5,953,975 838,600 5,517,801 18,119,340
Other non-current liabilities (1,280,068) (180,294) (9,365,449) (4,374,815)
Income tax receivable 13,340,152 1,878,921 (13,349,602)  
Income taxes payable (540,152) (76,079) (15,703,460) 3,046,431
Accrued expenses and other current liabilities (21,922,192) (3,087,676) (13,056,147) 15,256,165
Operating lease liabilities (8,465,797) (1,192,383) (7,219,675) (8,351,554)
Net cash provided by (used in) operating activities 93,735,092 13,202,312 (121,856,343) 334,174,702
Investing activities:        
Cash paid for purchase of property, plant and equipment (78,934,562) (11,117,701) (135,349,387) (285,745,233)
Purchase of term deposits (379,419,347) (53,440,096) (635,470,550) (357,162,950)
Cash received from redemption of term deposits 513,238,247 72,288,095 551,794,100 353,295,700
Cash paid for purchase of short-term investments (420,000,000) (59,155,763) (2,593,000,000) (6,032,000,000)
Cash received from sale of short-term investments 581,426,370 81,892,191 3,213,917,736 6,027,167,575
Prepayment for an investment     (4,000,000)  
Others       (614,066)
Net cash (used in) provided by investing activities 216,310,708 30,466,726 397,891,899 (295,058,974)
Financing activities:        
Cash received from exercise of employee stock options 654,023 92,117 2,203,086 6,246,384
Proceeds from short-term bank borrowings 100,000,000 14,084,705 340,000,000 340,000,000
Repayment for short-term bank borrowings (160,000,000) (22,535,528) (360,000,000) (340,000,000)
Net cash provided by (used in) financing activities (59,345,977) (8,358,706) (17,796,914) 6,246,384
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 8,913,200 1,255,398 30,043,572 (8,490,370)
Net increase in cash, cash equivalents and restricted cash 259,613,023 36,565,730 288,282,214 36,871,742
Cash, cash equivalents and restricted cash at the beginning of the year 720,627,170 101,498,214 432,344,956 395,473,214
Cash, cash equivalents and restricted cash at the end of the year 980,240,193 138,063,944 720,627,170 432,344,956
Supplemental information        
Interest paid 1,616,253 227,645 5,711,056 6,346,189
Income tax paid 1,066,182 150,169 13,374,909 39,668,576
Construction payable ¥ 13,441,923 $ 1,893,255 7,522,480 ¥ 11,279,464
Prepayment for a service in previous year to purchase of an investment     ¥ 3,000,000