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Consolidated Balance Sheets
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Current assets    
Cash and cash equivalents ¥ 152,368,315 ¥ 202,314,954
Restricted cash 31,869,116
Time deposits 17,165,400
Accounts receivable, net 30,525,920 27,561,509
Inventories 37,578,415 49,866,245
Prepaid expenses and other current assets 158,881,587 156,854,528
Current assets of discontinued operation 4,857,026
Total current assets 417,080,989 458,619,662
Non-current assets    
Property and equipment, net 502,158,702 665,991,898
Intangible assets, net 97,019,088 110,966,073
Operating lease right-of-use assets 493,308,393 785,437,497
Other non-current assets 53,966,563 63,854,202
Non-current assets of discontinued operation 130,569,332
Total non-current assets 1,146,452,746 1,756,819,002
Total assets 1,563,533,735 2,215,438,664
Current liabilities    
Bank borrowings, current 381,262,545 538,232,521
Accounts payable 223,837,607 219,774,829
Contract liabilities 39,677,547 40,714,834
Convertible notes, at fair value, current 473,715,560
Operating lease liabilities 178,115,199 189,834,647
Other current liabilities 191,206,863 291,715,848
Current liabilities of discontinued operation 63,558,004
Total current liabilities 1,535,931,917 1,395,832,695
Non-current liabilities    
Bank borrowings, non-current 5,266,370
Contract liabilities 8,021,755 5,271,661
Operating lease liabilities 380,075,128 653,658,810
Convertible notes, at fair value, non-current 464,847,231 420,712,380
Other non-current liabilities 7,673,110 8,636,681
Non-current liabilities of discontinued operation 54,289,372
Total non-current liabilities 860,617,224 1,242,035,184
Total liabilities 2,396,549,141 2,637,867,879
Shareholders’ deficit    
Common stock, value 9,733 9,733
Additional paid-in capital 1,818,421,338 1,807,715,296
Accumulated losses (2,668,505,330) (2,256,423,775)
Accumulated other comprehensive income 9,184,842 21,491,865
Treasury shares (1,233,050 and 1,593,946 ordinary shares as of December 31, 2024 and 2023, respectively)
Total deficit attributable to shareholders of the Company (840,889,417) (427,206,881)
Non-controlling interests 7,874,011 4,777,666
Total shareholders’ deficit (833,015,406) (422,429,215)
Commitments and contingencies
Total liabilities and shareholders’ deficit 1,563,533,735 2,215,438,664
Related Party    
Current assets    
Amount due from related parties 5,857,636
Current liabilities    
Amount due to related parties 48,116,596 52,002,012
Non-current liabilities    
Amount due to related parties 94,199,910
Other non-current liabilities 94,199,910
Series A-2 Convertible Preferred Share    
Shareholders’ deficit    
Series A-2 Convertible Preferred Share (US$ 0.00004697934970338660 par value, 0.2 share authorized, issued and outstanding as of December 31, 2024, nil share authorized, issued and outstanding as of December 31, 2023)
Class A-1 Special Voting Share    
Shareholders’ deficit    
Common stock, value