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Consolidated Statements of Cash Flows (Unaudited)
6 Months Ended
Jun. 30, 2023
CNY (¥)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
CNY (¥)
Cash flows from operating activities:      
Net income (loss) ¥ (134,319,481) $ (18,588,875) ¥ 111,393,524
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of right-of-use assets 3,758,499 520,150 2,536,996
Depreciation and amortization expenses 2,656,632 367,659 1,753,838
Loss on lease termination 113,588 15,720
Share-based compensation 137,598 19,043 4,673,673
Inventory write-down 73,273,361 10,140,519
Changes in assets and liabilities:      
Accounts receivable 1,484,741 205,478
Inventories, net (13,043,807) (1,805,171) (178,821,025)
Prepayments 29,070,689 4,023,179 108,228,527
Other current assets 15,608,398 2,160,093 6,088,030
Accounts payable 40,189,889 5,561,998 4,475,972
Advance from customers (18,644,091) (2,580,211) (220,497,734)
Operating lease liabilities, current (2,006,248) (277,651) (2,505,918)
Other current liabilities (32,915,974) (4,555,340) (2,567,263)
Net cash used in operating activities (35,000,000) (4,793,409) (165,241,380)
Cash flow from investing activities:      
Purchases of property, plant and equipment (86,014,785) (11,903,842) (1,136,260)
Proceeds from sales of short-term investments 31,772,500
Purchases of intangible assets (49,292,209)
Net cash used in investing activities (86,014,785) (11,903,842) (18,655,969)
Cash flow from financing activities:      
Proceeds from long-term debts 50,876,549 7,040,957
Repayments of long-term debts (530,000) (73,348)
Net cash provided by financing activities 50,346,549 6,967,609
Effects of exchange rate changes on cash, cash equivalents and restricted cash (297,627) (41,189) 1,452,892
Net decrease in cash, cash equivalents and restricted cash (70,602,069) (9,770,831) (182,444,457)
Cash, cash equivalents and restricted cash at beginning of the period 87,859,384 12,159,122 233,853,654
Cash, cash equivalents and restricted cash at end of the period 17,257,315 2,388,291 51,409,197
Supplemental cash flow disclosures:      
Interest paid 1,054,271 145,904
Income taxes paid 8,697
Non-cash investing and financing activities:      
Operating lease right-of-use asset obtained in exchange for operating lease liability ¥ 255,315 $ 35,334