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Intangible Asset, Net
12 Months Ended
Dec. 31, 2023
Intangible Assets, Net [Abstract]  
Intangible asset, net

7.      Intangible asset, net

Intangible asset, net consists of the following:

 

As of
December 31,

   

2022

 

2023

   

RMB

 

RMB

Cost:

   

 

   

 

Land use right

 

49,292,208

 

 

49,292,208

 

Franchise right

 

334,865

 

 

334,865

 

Less: Accumulated amortization

 

(909,941

)

 

(1,895,785

)

Intangible asset, net

 

48,717,132

 

 

47,731,288

 

Amortization expense for the years ended December 31, 2021, 2022 and 2023 amounted to RMB99,301, RMB575,076 and RMB985,844, respectively.

As of December 31, 2022 and 2023, land use right with net book value of RMB48,717,132 and RMB47,731,288 was pledged as collateral under a loan arrangement (also see Note 10).

As of December 31, 2023, the future estimated amortization expenses are as below.

Years ended December 31,

 

Estimated amortization expense

   

RMB

2024

 

985,844

2025

 

985,844

2026

 

985,844

2027

 

985,844

2028

 

985,844

Thereafter

 

42,802,068

Total

 

47,731,288