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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables)

6 Months Ended

Dec. 31, 2023

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Schedule of parent company balance sheets


		June 30,			December 31,			December 31,
		2023			2023			2023
					RMB			US Dollars
		RMB			(Unaudited)			(Unaudited)
ASSETS
Cash		¥	236,146,589		¥	34,657,271		$	4,881,375
Short-term investments			—			115,950,650			16,331,307
Due from intercompany*			291,525,426			356,442,080			50,203,817
Other current assets			80,036,017			52,568,829			7,404,165
Total Current Assets			607,708,032			559,618,830			78,820,664

Investment in subsidiaries and VIEs			(122,920,490)			(122,676,150)			(17,278,574)
Total Assets		¥	484,787,542		¥	436,942,680		$	61,542,090

LIABILITIES AND SHAREHOLDERS’ EQUITY
Other current liabilities			3,964,912			1,448,570			204,027
Warrant liability - current						8,519,880			1,200,000
Total Current Liabilities			3,964,912			9,968,450			1,404,027

Warrant liability - non-current			31,615,668			993,986			140,000
Total Liabilities		¥	35,580,580		¥	10,962,436		$	1,544,027

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY
Class A ordinary shares, $0.0001 U.S. dollar par value, 500,000,000 shares authorized; 2,306,295 shares and 2,371,573 shares issued and outstanding as of June 30, 2023 and December 31, 2023, respectively**			26,932			27,791			3,914
Class B ordinary shares, $0.0001 U.S. dollar par value, 80,000,000 shares authorized; 7,100,000 shares and 7,100,000 shares issued and outstanding as of June 30, 2023 and December 31, 2023, respectively**			4,693			4,693			661
Additional paid-in capital**			580,340,061			584,275,905			82,293,540
Accumulated deficit			(166,291,897)			(188,845,919)			(26,598,391)
Accumulated other comprehensive income			35,127,173			30,517,774			4,298,339
Total Shareholders’ Equity			449,206,962			425,980,244			59,998,063

Total Liabilities and Shareholders’ Equity		¥	484,787,542		¥	436,942,680		$	61,542,090

*	Due from intercompany are eliminated upon consolidation.

**	Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024 and change in capital structure on March 29, 2024.

Schedule of parent company statements of operations and comprehensive income (loss)


		For the six months ended December 31,
		2022			2023			2023
		RMB			RMB			U.S. Dollars
		(Unaudited)			(Unaudited)			(Unaudited)
Revenues		¥	—		¥	—		$	—
Cost of revenues			—			—			—
Gross profit			—			—			—

General and administrative expenses			16,054,522			11,698,953			1,647,763
Provision for credit losses			—			—			—
Loss from operations		¥	(16,054,522)		¥	(11,698,953)		$	(1,647,763)

Gain (loss) in fair value changes of warrants liability			(20,097,665)			(1,941,195)			(273,412)
Other income (expenses)			3,716,168			(960,280)			(135,253)
Equity in earnings of subsidiaries, VIEs and VIEs’ subsidiaries			2,559,601			(7,954,486)			(1,120,366)
Net loss		¥	(29,876,418)		¥	(22,554,914)		$	(3,176,794)

FOREIGN CURRENCY TRANSLATION ADJUSTMENTS
Foreign currency translation adjustments related to investments in subsidiaries, VIEs and VIEs’ subsidiaries			9,663,701			(4,609,399)			(649,220)
Comprehensive loss attributable to the company		¥	(20,212,717)		¥	(27,164,313)		$	(3,826,014)

Schedule of parent company statements of cash flows


		For the six months ended December 31,
		2022			2023			2023
		RMB			RMB			U.S. Dollars
		(Unaudited)			(Unaudited)			(Unaudited)
Cash flows from operating activities:
Net loss		¥	(29,876,418)		¥	(22,554,914)		$	(3,176,793)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Loss (gain) in fair value changes of warrants liability			20,097,665			10,461,075			1,473,412
Restricted shares issued for management and employees			1,796,417			2,866,560			403,747
Accrued interest income from loans to third parties			—			(3,088,457)			(435,000)
Accrued interest income from short-term investment			—			(2,352,250)			(331,307)
Restricted shares issued for services			4,304,857			1,070,144			150,727
Equity in earnings of subsidiaries and VIEs			(2,559,601)			7,954,486			1,120,366
Other current assets			(14,166,457)			7,289,074			1,026,645
Other current liabilities			(1,080,736)			(2,516,342)			(354,421)
Net cash used in operating activities			(21,484,273)			(870,624)			(122,624)

Cash flows from investing activities:
Repayments from loans to third parties			20,694,900			24,849,650			3,500,000
Payments made for loans to third parties			(48,288,100)			—			—
Payments for short-term investments			—			(113,598,400)			(16,000,000)
Due from intercompany, VIEs and VIEs’ subsidiaries			(80,522,546)			(64,916,652)			(9,143,319)
Net cash used in investing activities			(108,115,746)			(153,665,402)			(21,643,319)

Net cash used in financing activity:
Redemption of warrants			—			(31,866,604)			(4,488,317)
Net cash provided by financing activity			—			(31,866,604)			(4,488,317)

Effect of exchange rate fluctuation on cash			16,278,998			(15,086,688)			(2,124,916)

Net decrease in cash			(113,321,021)			(201,489,318)			(28,379,176)

CASH, beginning of period			296,838,959			236,146,589			33,260,551

CASH, end of period		¥	183,517,938		¥	34,657,271		$	4,881,375