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SHARE-BASED PAYMENT (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of expense arising from share-based payments |
Schedule of expense arising from share-based payments |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2024 |
|  | CNY |  |  | CNY |  |  | CNY |  |  | US$ |
Issuance expense related to agent warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consultants share option expense (Note 5) |  |  | 16,152 |  |  |  | — |  |  |  | — |  |  |  | — |
Consultants share-based payment expense (Note 5) |  |  | — |  |  |  | 3,074 |  |  |  | 483 |  |  |  | 66 |
Total |  |  | 16,152 |  |  |  | 3,074 |  |  |  | 483 |  |  |  | 66 |
Schedule of agent warrants |
Schedule of agent warrants |  |  |  |  |  |
|  | Number of shares |  |  | Exercise price per share |
|  |  |  |  |  |  | US$ |
Outstanding at January, 2022 |  |  | 396,000 |  |  |  | 2.35 |
Outstanding as of December 31, 2022 |  |  | 396,000 |  |  |  | 0.623 | *
Effect of Five-to-One Share Combination (Note 19) |  |  | (316,800 | ) |  |  | — |
Outstanding as of December 31, 2023 |  |  | 79,200 |  |  |  | 3.115 | **
Expired |  |  | (79,200 | ) |  |  | — |
Issued during the year |  |  | 74,394 |  |  |  | 2.20 |
Outstanding as of December 31, 2024 |  |  | 74,394 |  |  |  | — |
The remaining contractual life for the agent warrants as of December 31, 2024 and 2023, were 2.63 years and 0.06 years, respectively.
* |  | The exercise price was revised to $0.623 per share in July, 2022.
** |  | The exercise price was revised to $3.115 per share in March, 2023.
Schedule of share options |
Schedule of share options |  |  |  |  |  |
|  | Number of shares |  |  | Exercise price per share |
|  |  |  |  |  |  | US$ |
Outstanding as of December 31, 2022* |  |  | 8,100,000 |  |  |  | 0.623 |
Granted during the year |  |  | — |  |  |  | — |
Effect of Five-to-One Share Combination (Note 19) |  |  | (6,480,000 | ) |  |  | — |
Outstanding as of December 31, 2023 |  |  | 1,620,000 |  |  |  | 3.115 |
Granted during the year |  |  | — |  |  |  | — |
Outstanding as of December 31, 2024 |  |  | 1,620,000 |  |  |  | 3.115 |
* |  | The share option numbers above are before giving effect to the Share Combination which became effective on April 3, 2023. Refer to Note 19 for further details.
Schedule of inputs to the models for fair value |
Schedule of inputs to the models for fair value |  |  |  |  |  |
|  | Share options |  |  | Agent warrants |
|  |  | 2022 |  |  | 2024 |
Fair value at the measurement date (US$) |  |  | 2,400 |  |  | 24,451 |
Fair value at the measurement date (CNY) |  |  | 16,209 |  |  | 178,443 |
Expected volatility (%) |  |  | 93.50 |  |  | 121.79 |
Risk-free interest rate (%) |  |  | 3.16 |  |  | 4.17 |
Expected life (years) |  |  | 3 |  |  | 2.63 |
Share price (US$) |  |  | 0.623 |  |  | 0.680 |

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