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Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2021
CNY (¥)
Cash flows from operating activities:        
Net income (loss) ¥ (254,352,054) $ (35,911,736) ¥ 31,118,886 ¥ (174,944,484)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Amortization of right-of-use assets 5,752,591 812,203 5,505,422 2,920,433
Depreciation and amortization expenses 4,422,560 624,417 3,928,131 2,609,699
Gain (loss) on lease termination 113,588 16,037 (12,088)
Share-based compensation 718,411 101,432 9,347,347 19,344
Inventory write-down 60,767,978 8,579,776 184,073,191 26,753,768
Changes in assets and liabilities:        
Accounts receivable, net (1,732,378) (244,593) 1,165,716
Inventories, net 28,782,243 4,063,739 (71,446,484) (233,385,726)
Prepayments 47,159,593 6,658,420 304,300,103 (364,369,453)
Other current assets 511,358 72,198 51,740,635 (38,564,595)
Accounts payable 898,564 126,867 10,591,202 1,937,951
Accounts payable - related party (4,716,981)
Advance from customers (16,662,392) (2,352,548) (794,302,470) 851,987,235
Operating lease liabilities, current (4,349,974) (614,169) (5,330,448) (4,687,184)
Other current liabilities (5,504,025) (777,108) (4,466,304) 5,019,233
Net cash provided by (used in) operating activities (133,473,937) (18,845,065) (274,940,789) 71,732,868
Cash flows from investing activities:        
Purchases of property, plant and equipment (105,482,822) (14,893,024) (17,531,162) (8,692,683)
Refund of prepayment for property, plant and equipment 550,000
Purchases of short-term investment (32,293,440)
Proceeds from sales of short-term investments 33,640,500
Purchases of intangible assets (49,292,208)
Loan provided to a related party (100,000)
Collection of loan provided to a related party 4,490,000
Net cash used in investing activities (105,482,822) (14,893,024) (33,182,870) (36,046,123)
Cash flows from financing activities:        
Repayment to related parties (31,355,000)
Proceeds from issuance of ordinary shares 72,802,734 10,278,952 144,043,186 201,199,989
Cash contribution from shareholders 51,135
Proceeds from bank loans 128,247,467 18,107,144 17,093,316
Repayments of bank loans (1,530,000) (216,019) (140,000)
Repayment of loan payable (5,000,000)
Net cash provided by financing activities 199,520,201 28,170,077 160,996,502 164,896,124
Effects of exchange rate changes on cash, cash equivalents and restricted cash 159,828 22,566 1,132,887 (2,062,387)
Net increase (decrease) in cash, cash equivalents and restricted cash (39,276,730) (5,545,446) (145,994,270) 198,520,482
Cash, cash equivalents and restricted cash at beginning of the year 87,859,384 12,404,787 233,853,654 35,333,172
Cash, cash equivalents and restricted cash at end of the year 48,582,654 6,859,341 87,859,384 233,853,654
Supplemental cash flow disclosures:        
Interest paid 3,773,028 532,710 180,619
Income taxes paid 89,169 276,186
Non-cash investing and financing activities:        
Operating lease right-of-use asset obtained in exchange for operating lease liability 5,015,808 708,177 4,557,092
Liabilities assumed in connection with purchase of property, plant and equipment ¥ 46,180,063 $ 6,520,121