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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Measurement [Abstract]  
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:

 

   As of December 31, 2024   Total Fair 
   Level 1   Level 2   Level 3   Value 
   RMB   RMB   RMB   RMB 
Liabilities                
Current                
Convertible Senior Notes due December 10, 2026 (“Senior Convertible Note”)   
      -
    
          -
    473,715,560    473,715,560 
Liability-settled share-based payment to non-employee   
-
    
-
    1,581,448    1,581,448 
Non-current                    
Convertible Notes due June 28, 2027(“Convertible Junior Note”)   
-
    
-
    464,847,231    464,847,231 
                     
Total   
-
    
-
    940,144,239    940,144,239 

 

   As of December 31, 2023   Total Fair 
   Level 1   Level 2   Level 3   Value 
   RMB   RMB   RMB   RMB 
Liabilities                
Current                
Liability-settled share-based payment to non-employee   
       -
    
         -
    2,833,080    2,833,080 
Non-current                    
Convertible notes   
-
    
-
    420,712,380    420,712,380 
Deferred contingent consideration   
-
    
-
    94,199,910    94,199,910 
                     
Total   
-
    
-
    517,745,370    517,745,370 
Schedule of Reconciliation from the Opening Balances

The table below reflects the reconciliation from the opening balances to the closing balances for recuring fair value measurement of the fair value hierarchy for the years ended December 31, 2024, 2023 and 2022:

 

   Convertible Senior
Note		   Convertible Junior
Note		   Liability -settled
share -based
payment to
non-employee		   Deferred contingent
consideration		 
Balance as of January 1, 2024   420,712,380    
-
    2,833,080    94,199,910 
Additions   
-
    439,723,560    
-
      
Changes in fair value, excluding impact of instrument-specific credit risk   44,764,043    21,110,267    (1,277,140)   16,941,248 
Changes in fair value due to instrument specific credit risk   1,494,507    
-
    
-
    
-
 
Foreign currency translation adjustment   6,744,630    4,013,404    25,508    602,346 
Settlement of deferred contingent consideration        
-
    
-
    (111,743,504)
Balance as December 31, 2024   473,715,560    464,847,231    1,581,448    
-
 

 

   Convertible Senior
Note		   Short-term
investments		   Warrant liabilities   ESA derivative
liabilities		   Liability-settled share-based
payment to
non-employee		   Deferred
contingent
consideration		 
Balance as of January 1, 2023   354,080,264    372,375,701    19,083,004    269,251,436    4,039,468    
-
 
Additions   
 
                   
-
    65,968,319 
Changes in fair value, excluding impact of instrument-specific credit risk   58,280,908    3,584,872    83,966,126    (19,654,006)   (1,386,708)   26,106,460 
Realized gain recognized in interest income   
-
    (5,718,400)   
-
    
-
    
-
    
-
 
Changes in fair value due to instrument specific credit risk   2,116,740    
-
    
-
         
-
    
-
 
Foreign currency translation adjustment   6,234,468    (944,458)   2,882,251    (126,498)   180,320    2,125,131 
Exercise of Public and Private warrants   
-
    
-
    (105,931,381)   
-
    
-
    
-
 
Settlement of Liability-settled share-based payment to employee   
-
    
-
    
-
    
-
    
-
    
-
 
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement   
-
    (369,297,715)   
-
    (249,470,932)   
-
    
-
 
Balance as of December 31, 2023   420,712,380    
-
    
-
    
-
    2,833,080    94,199,910 
   Convertible Senior
Note		   Short-term
investments		   Warrant liabilities   ESA derivative
liabilities		   Liability-settled
share-based
payment to
non-employee		 
Balance as of January 1, 2022   318,466,215    
-
    
-
    
-
    
-
 
Additions   
-
    370,242,173    65,418,439    88,172,680    11,519,334 
Changes in fair value, excluding impact of instrument-specific credit risk   4,493,605    2,133,528    (45,903,468)   186,598,308    (7,390,032)
Changes in fair value due to instrument specific credit risk   1,520,393    
-
    
-
    
-
    
-
 
Foreign currency translation adjustment   29,600,051    
-
    (431,967)   (5,519,552)   (89,834)
Balance as of December 31, 2022   354,080,264    372,375,701    19,083,004    269,251,436    4,039,468 
Schedule of Assumptions

As of December 31, 2024, the assumptions were as follow:

 

   Convertible Senior
Note		   Convertible Junior
Note		   Liability-settled share-based
payment to
non-employee		 
Expected volatility   82.00%   22.00%   93.00%
Risk-free interest rate (per annum)   4.25%   4.27%   5.53%
Expected dividend yield   0.00%   0.00%   0.00%
Fair value of the underlying ordinary share  US$3.55   US$  3.55   US$     3.55 
Bond yield   10.52%   10.33%    N/A 

 

As of December 31, 2023, the assumptions were as follow:

 

   Convertible Senior
Note		   Liability-settled
share-based
payment to
non-employee		   Deferred contingent
consideration		 
Expected volatility   22.00%   64.00%   22.00%
Risk-free interest rate (per annum)   4.00%   5.23%   4.20%
Expected dividend yield   0.00%   0.00%   0.00%
Fair value of the underlying ordinary share  US$1.75   US$             1.75    US$   1.75 
Bond yield   10.60%   N/A    N/A 
Discount rate   N/A    N/A    23.00%
Annual per store revenue growth rate   N/A    N/A    2.00%

As of June 28, 2024, the assumptions were as follow:

 

   Convertible
Junior Note		   Deferred contingent
consideration		 
Expected volatility   22.00%   21.00%
Risk-free interest rate (per annum)   4.52%   3.10%
Expected dividend yield   0.00%   0.00%
Fair value of the underlying ordinary share  US$3.75   US$   3.75 
Bond yield   10.80%   N/A 
Discount rate   N/A    21.00%