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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2021
CNY (¥)
Cash flows from operating activities:        
Net (loss) income ¥ 35,517,634 $ 5,002,554 ¥ (90,414,597) ¥ (620,248,897)
Adjustments to reconcile net (loss) income to net cash used in operating activities:        
Depreciation of property and equipment 6,014,868 847,176 11,843,695 18,275,703
Amortization of intangible assets 90,827,064 12,792,724 75,650,610 70,456,937
Operating lease expenses 24,187,908 3,406,796 40,033,943 46,120,215
Loss from the disposal of property and equipment 2,187,446 308,095 1,511,049 12,315
Provision (Reversal) for allowance for credit losses 11,809,161 1,663,286 (4,970,827) 2,182,083
Share of (income) loss in equity method investments 31,610,752 4,452,281 (62,395,476) 15,127,838
Impairment losses on investments 58,005,769 8,169,942 78,462,371 33,653,746
Impairment losses on other assets 12,755,822 1,796,620    
Share-based compensation     66,741,438 132,139,459
Impairment of goodwill 13,966,789 1,967,181    
Gain from disposal of investment in equity investee (5,132,053) (722,835)    
Foreign exchange gain, net (125,893) (17,732)    
Changes in operating assets and liabilities:        
Accounts receivable 23,927,442 3,370,110 87,178,982 6,173,518
Prepayments (10,364,572) (1,459,819) 54,652,740 (28,610,593)
Other current assets (16,200,082) (2,281,734) 39,362,970 (139,662,715)
Other non-current assets (52,099,252) (7,338,026) (32,173,299) (5,214,782)
Amounts due from related parties (32,868,136) (4,629,380) 1,033,302 (28,113,868)
Accounts payable (132,440,692) (18,653,880) (157,142,986) (161,945,337)
Advances from customers 9,659,281 1,360,481 (4,224,318) (3,434,987)
Accrued expenses and other current liabilities (56,200,218) (7,915,635) (155,526,435) 74,287,172
Amounts due to related parties (61,150,253) (8,612,833) (26,720,244) 69,982,877
Deferred revenue 21,246,496 2,992,506 41,543,702 (19,612,664)
Lease liabilities (22,822,500) (3,214,482) (32,280,025) (47,825,789)
Cash (used in) provided by operating activities (47,687,219) (6,716,604) (67,833,405) (586,257,769)
Cash flows from investing activities:        
Proceeds on disposal of property and equipment 103,155 14,529 360,935 503,894
Purchases of property and equipment (5,156,302) (726,250) (5,895,746) (6,873,896)
Purchases of intangible assets (11,146,423) (1,569,941) (18,270,215) (115,631,314)
Purchases of short-term bank deposits (1,778,550,000) (250,503,528) (2,415,288,000) (1,736,355,000)
Purchases of long-term bank deposits (760,000,000) (107,043,761) (220,000,000) (45,000,000)
Proceeds from disposal of short-term bank deposits 2,868,625,000 404,037,381 2,104,283,000 1,840,229,000
Proceeds from disposal of long-term bank deposits 80,000,000 11,267,764    
Proceeds from disposal of investments 10,309,198 1,452,020 4,333,627 151,102,000
Payments for acquisitions of equity investments     (48,141,000) (107,103,932)
Loan to related parties     (10,000,000)  
Repayment of loan from related parties 10,000,000 1,408,471    
Cash (used in) provided by investing activities 414,184,628 58,336,685 (608,617,399) (19,129,248)
Cash flows from financing activities        
Return of capital to non-controlling interests (965) (136)    
Repurchase of ordinary shares     (108,967,252) (107,151,908)
Cash used in financing activities (965) (136) (108,967,252) (107,151,908)
Effect of foreign exchange rate changes on cash and cash equivalents 94,834,375 13,357,142 365,968,962 (112,129,959)
Net (decrease) increase in cash, cash equivalents and restricted cash 461,330,819 64,977,087 (419,449,094) (824,668,884)
Cash, cash equivalent and restricted cash at the beginning of the year 4,047,659,499 570,100,917 4,467,108,593 5,291,777,477
Cash, cash equivalent and restricted cash at the end of the year 4,508,990,318 635,078,004 4,047,659,499 4,467,108,593
Supplemental disclosure of cash flow information:        
Income tax paid 436,767 61,517 2,452,965  
Supplemental disclosure on non-cash investing and financing activities:        
Accrued purchases of property and equipment 13,826 1,947 ¥ 1,966,037 ¥ 442,148
Accrued purchases of intangible assets ¥ 45,754,717 $ 6,444,417