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Leases

12 Months Ended

Dec. 31, 2023

12. LEASES

Supplemental balance sheet information related to operating lease was as follows:

	As of
	December 31,		December 31,
	2022		2023
	RMB		RMB			US$
Right-of-use assets		31,403,688		12,237,211			1,728,505
Less: impairment		-		(3,244,676	)		(458,857	)
Right-of-use assets		31,403,688		8,992,535			1,269,648

Operating lease liabilities – current		18,079,265		8,806,671			1,243,406
Operating lease liabilities – non-current		13,276,535		5,216,622			736,530
Total operating lease liabilities		31,355,800		14,023,293			1,979,936

The weighted average remaining lease terms and discount rates for the operating lease as of December 31, 2023 were as follows:

Remaining lease term and discount rate:
Weighted average remaining lease term (years)	2.33
Weighted average discount rate	4.2	%

A summary of lease expenses recognized in the consolidated statements of operations as of December 31, 2023 and supplemental cash flow information related to operating leases were as follows:

	As of
	December 31,		December 31,
	2022		2023
	RMB		RMB			US$
Lease expense
Operating lease expense - third party		10,933,292		10,148,284			1,432,827
Short-term lease expense		-		15,056,781			2,125,853
Sublease income (1)		-		(707,009	)		(99,822	)
Total lease expense		10,933,292		24,498,055			3,458,858

Other information
Cash paid for operating leases				8,543,549			1,206,256
Right-of-use assets obtained in exchange for operating new lease liabilities		35,873,660		15,838,886			2,236,278

* (1)

For the year ended December 31, 2023, the Group incurred sublease income of RMB 707,009 (US$99,822), and sublease cost of RMB 858,098 (US$121,154).

For the years ended December 31, 2021, 2022 and 2023, the Group incurred total operating lease expenses of RMB3,498,048, RMB10,933,292 and RMB24,498,055 (US$ 3,458,858) respectively.

The following is a schedule of future minimum payments under the Group’s operating leases as of December 31, 2023:

Year	Amounts
	RMB		US$
2024		9,206,946		1,299,920
2025		3,510,711		495,674
2026		581,689		82,128
2027		539,727		76,204
2028		334,122		47,174
Thereafter		558,808		78,898
Total lease payments		14,732,003		2,079,998
Less: imputed interest		708,710		100,062
Total operating lease liabilities, net of interest		14,023,293		1,979,936

The Company recognized a lease termination loss of RMB 478,933, which is included in Lease termination loss on the Consolidated Statement of Operations and Comprehensive Income / (Loss) for the year ended December 31, 2023, related to the early termination of warehouse.