v3.26.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Operating activities:        
Net loss ¥ (338,000,000) $ (48,333,815) ¥ (156,991,074) ¥ (161,975,688)
Adjustments to reconcile net loss to net cash provided by operating activities        
Extinguishment losses, net 10,440,057
Termination of franchise agreement 11,005,303
Impairment for intangible assets 7,739,577 1,106,745 18,720,464
Depreciation and amortization 1,842,241 263,437 4,673,551 6,107,400
Allowance of accounts receivable 1,518,121 217,088 3,100,973 3,481,333
Allowance of other current assets 4,031,676
Provision of inventories to net realizable value 179,261 25,634 4,887,040 802,807
Unrealized foreign currency exchange (gain)/loss, net (16,927) 66,797
Changes in fair value of financial instruments 20,191,599 2,887,360 (4,803,913) (17,101,260)
Impairment loss for goodwill 21,665,680 3,098,151 67,932,627 6,592,220
Impairment loss for other equity investments accounted for using Measurement Alternative 8,490,163 1,214,077 5,645,887 8,288,296
Share-based compensation 218,332,931 31,221,194 19,143,702 83,863,299
Unrealized loss on digital assets 38,723,236 5,537,349
Gain from deconsolidation of VIEs (134,665)
Deferred tax benefit (2,533,484) (362,283) (5,173,726) (1,255,808)
Changes in assets and liabilities, net of effects from business combination and deconsolidation of VIEs:        
Accounts receivable, net (9,936,904) (1,420,958) (4,493,100) (4,487,704)
Inventories (3,688,748) (527,484) 4,141,620 (955,200)
Prepayments and other current assets (224,638,469) (32,122,874) (70,189,761) (53,940,356)
Other non-current assets (8,494,519) (1,214,700) (12,922,095) (5,487,600)
Accounts payable 1,215,969 173,881 (9,357,338) 524,686
Contract liabilities 1,600,167 228,821 (1,396,803) 4,802,774
Operating lease liabilities 2,800,931 400,528 (1,124,143) (2,364,187)
Accrued expenses and other current liabilities (14,600,766) (2,087,885) 21,284,152 22,376,950
Net cash used in operating activities (277,600,000) (39,695,734) (112,907,188) (89,350,546)
Investing activities:        
Purchase of property and equipment (31,988) (4,575) (380,698) (201,699)
Net proceeds from disposal of property and equipment 75,795 62,551
Acquisition of short-term investments (104,086,826)
Payment of a deposit for investments (4,031,676)
Cash paid for acquiring a short-term investment (17,688,930)
Cash acquired in business combinations (note 17) 1,484,570 7,916,556
Cash disposed upon deconsolidation of VIEs (52,917)
Proceeds from sale of digital assets 22,620,255 3,234,653
Purchase of digital assets (459,740,026) (65,741,949)
Net cash used in investing activities (437,151,759) (62,511,871) (10,857,028) (135,161,792)
Financing activities:        
Proceeds from IPO 213,168,986
Proceeds from investors 138,829,278 19,852,323 14,979,464
Proceeds from short-term bank borrowings 42,800,000 6,120,319 55,500,000 19,531,207
Repayment of short-term bank borrowings (55,870,000) (7,989,304) (24,500,000) (59,262,008)
Proceeds from long-term bank borrowings 38,087 5,642,555
Repayment of long-term bank borrowings (719,307) (102,860) (2,421,458) (2,392,934)
Proceeds from related parties’ loans 23,219,304 3,320,316 19,201,935 5,297,764
Repayment of related parties’ loans (4,082,936) (583,852) (1,655,986) (7,999,659)
Repayment for shareholders’ loans (13,929,200)
Proceeds from loans pledged by digital assets 356,510,817 50,980,369
Issuance of convertible loans, net of issuance costs 189,402,889 27,084,253 19,237,039 29,685,273
Repayment of convertible loans (3,587,434) (512,996) (541,306) (3,482,300)
Proceeds from loans from employees and individuals 4,511,037 645,070 49,518,197 136,331,248
Repayment of loans from employees and individuals (14,355,871) (2,052,862) (25,085,498) (106,587,537)
Net cash provided by financing activities 676,657,777 96,760,776 104,270,474 216,003,395
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (1,728,914) 118,432 1,163,093 (9,107,882)
Net decrease in cash, cash equivalents and restricted cash (39,819,122) (5,328,397) (18,330,649) (17,616,825)
Cash and cash equivalents, beginning of the year 60,957,156 8,351,095 78,790,697 26,801,767
Restricted cash, beginning of the year 497,108 70,102,863
Cash, cash equivalents and restricted cash at the beginning of the year 60,957,156 8,351,095 79,287,805 96,904,630
Cash and cash equivalents, end of the year 21,121,206 3,020,292 60,957,156 78,790,697
Restricted cash, end of the year 16,828 2,406 497,108
Cash, cash equivalents and restricted cash at the end of the year 21,138,034 3,022,698 60,957,156 79,287,805
Supplemental disclosure of cash flow information        
Interest expenses paid (2,368,128) (338,638) (9,553,499) (11,973,444)
Income tax paid (208,475)
Supplemental disclosure of non-cash flow information        
Business acquisition by ordinary shares (48,146,767) (12,040,885)
Interest expenses accrued (18,074,033) (2,584,552) (7,185,472) (205,224)
Right-of-use assets obtained in exchange for operating lease obligations (8,413,033) (1,203,048) (1,612,783) (2,423,083)
Yuli        
Investing activities:        
Payment of consideration payable resulted from acquisition (212,785)
Cook SF        
Investing activities:        
Payment of consideration payable resulted from acquisition (13,894,425)
Mengwei Stores        
Investing activities:        
Payment of consideration payable resulted from acquisition (551,641)
Lishang        
Investing activities:        
Payment of consideration payable resulted from acquisition (2,420,000)
Yai’s Thai        
Investing activities:        
Payment of consideration payable resulted from acquisition ¥ (12,036,695)

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