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VARIABLE INTEREST ENTITIES | 6 Months Ended
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Dec. 31, 2024
VARIABLE INTEREST ENTITIES |
VARIABLE INTEREST ENTITIES | NOTE 24. VARIABLE INTEREST ENTITIES VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. All VIEs and their subsidiaries with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. Summary information regarding consolidated VIEs and their subsidiaries is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2024 | ​ | December 31, 2024
​ |  | RMB |  | RMB |  | US Dollars
ASSETS |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Current Assets |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Cash |  | ¥ | 35,357,534 | ​ | ¥ | 23,868,345 | ​ | $ | 3,269,950
Restricted cash | ​ | ​ | 848,936 | ​ | ​ | 8,123 | ​ | ​ | 1,113
Notes receivable |  | ​ | 1,341,820 | ​ | ​ | 3,206,733 | ​ |  | 439,321
Accounts receivable, net |  | ​ | 38,631,762 | ​ | ​ | 40,366,074 | ​ |  | 5,530,129
Inventories, net | ​ | ​ | 1,128,912 | ​ | ​ | 1,541,020 | ​ | ​ | 211,119
Other receivables, net | ​ | ​ | 3,514,776 | ​ | ​ | 4,043,246 | ​ | ​ | 553,922
Loans to third parties | ​ | ​ | 31,008,330 | ​ | ​ | 20,713,978 | ​ | ​ | 2,837,803
Purchase advances, net | ​ | ​ | 30,691 | ​ | ​ | 15,062 | ​ | ​ | 2,063
Contract costs, net | ​ | ​ | 48,335,817 | ​ | ​ | 41,628,922 | ​ | ​ | 5,703,139
Prepaid expenses | ​ | ​ | 138,683 | ​ | ​ | 412,109 | ​ | ​ | 56,457
Operating lease right-of-use assets, net - current | ​ | ​ | 1,026,599 | ​ | ​ | — | ​ | ​ | —
Total current assets |  | ​ | 161,363,860 | ​ | ​ | 135,803,612 | ​ | ​ | 18,605,016
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 22,137,940 | ​ | ​ | 20,859,877 | ​ | ​ | 2,857,791
Long-term loan to third parties | ​ | ​ | — | ​ | ​ | 18,500,000 | ​ | ​ | 2,534,490
Operating lease right-of-use assets, net - non-current | ​ | ​ | 7,695,347 | ​ | ​ | 7,339,716 | ​ | ​ | 1,005,537
Total Assets |  | ¥ | 191,197,147 | ​ | ¥ | 182,503,205 | ​ | $ | 25,002,834
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Short-term bank loans |  | ¥ | 12,425,959 | ​ | ¥ | 11,582,636 | ​ | $ | 1,586,815
Accounts payable | ​ | ​ | 10,187,518 | ​ | ​ | 14,100,871 | ​ | ​ | 1,931,811
Other payables | ​ | ​ | 1,160,065 | ​ | ​ | 1,272,678 | ​ | ​ | 174,356
Other payable- related parties | ​ | ​ | 2,252,236 | ​ | ​ | 1,740,482 | ​ | ​ | 238,445
Contract liabilities | ​ | ​ | 1,820,481 | ​ | ​ | 4,098,136 | ​ | ​ | 561,442
Accrued payroll and employees’ welfare | ​ | ​ | 2,030,300 | ​ | ​ | 2,155,740 | ​ | ​ | 295,335
Intercompany payables* | ​ | ​ | 269,423,190 | ​ | ​ | 269,395,125 | ​ | ​ | 36,906,981
Taxes payable | ​ | ​ | 933,219 | ​ | ​ | 1,624,242 | ​ | ​ | 222,520
Short-term borrowings - related parties |  | ​ | 10,002,875 |  | ​ | 10,018,208 | ​ |  | 1,372,489
Operating lease liabilities - current |  | ​ | 3,741,247 |  | ​ | 3,891,976 | ​ |  | 533,198
Total current liabilities | ​ | ​ | 313,977,090 | ​ | ​ | 319,880,094 | ​ | ​ | 43,823,392
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities - non-current | ​ | ​ | 3,971,285 | ​ | ​ | 2,781,196 | ​ | ​ | 381,022
Long-term borrowings - related party | ​ | ​ | 10,000,000 | ​ | ​ | 10,000,000 | ​ | ​ | 1,369,994
Total Liabilities | ​ | ¥ | 327,948,375 | ​ | ¥ | 332,661,290 | ​ | $ | 45,574,408
*Intercompany payables are eliminated upon consolidation. The financial performance of VIEs and their subsidiaries reported in the unaudited condensed consolidated interim statement of operations and comprehensive income for the six months ended December 31, 2023 includes revenues of ¥45,256,672 ($6,200,139), operating expenses of ¥21,646,029 ($2,965,494), and net loss of ¥6,890,440 ($943,986). The financial performance of VIEs and their subsidiaries reported in the unaudited condensed consolidated interim statement of operations and comprehensive income for the six months ended December 31, 2024 includes revenues of ¥42,069,270 ($5,763,466), operating expenses of ¥26,163,114 ($3,584,332), and net loss of ¥12,484,924 ($1,710,428).

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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