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Consolidated Balance Sheets
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Current assets    
Cash and cash equivalents ¥ 203,586,692 ¥ 239,077,430
Time deposits 17,165,400
Short-term investments 372,375,701
Accounts receivable, net 27,561,509 5,617,195
Inventories 50,718,849 71,467,517
Prepaid expenses and other current assets 159,587,212 108,274,731
Total current assets 458,619,662 796,812,574
Non-current assets    
Property and equipment, net 691,875,923 720,035,970
Intangible assets, net 147,448,242 96,018,313
Operating lease right-of-use assets 849,079,096 946,872,784
Other non-current assets 68,415,741 82,270,359
Total non-current assets 1,756,819,002 1,845,197,426
Total assets 2,215,438,664 2,642,010,000
Current liabilities    
Bank borrowings, current 538,232,521 407,807,493
Accounts payable 224,849,282 105,673,391
Contract liabilities 40,714,834 22,122,305
Operating lease liabilities 200,877,880 180,468,426
Derivative financial liabilities 269,251,436
Other current liabilities 338,153,970 310,454,355
Total current liabilities 1,395,832,695 1,318,262,369
Non-current liabilities    
Bank borrowings, non-current 5,266,370 8,800,016
Contract liabilities 5,271,661 3,311,176
Operating lease liabilities 707,688,605 820,248,803
Derivative financial liabilities 19,083,004
Convertible notes, at fair value 420,712,380 354,080,264
Other non-current liabilities 8,896,258 7,919,952
Total non-current liabilities 1,242,035,184 1,213,443,215
Total liabilities 2,637,867,879 2,531,705,584
Commitments and contingencies
Shareholders’ (deficit) equity    
Ordinary shares (US$0.00000939586994067732 par value, 500,000,000 shares authorized, 166,217,880 shares and 158,248,149 shares issued and outstanding as of December 31, 2023, respectively, 149,181,538 shares and 140,938,555 shares issued and outstanding as of December 31, 2022, respectively) 9,733 8,616
Additional paid-in capital 1,807,715,296 1,472,014,651
Accumulated losses (2,256,423,775) (1,380,173,392)
Accumulated other comprehensive income 21,491,865 17,000,825
Treasury shares (7,969,731 and 8,242,983 ordinary shares as of December 31, 2023 and 2022, respectively)
Total (deficit) equity attributable to shareholders of the Company (427,206,881) 108,850,700
Non-controlling interests 4,777,666 1,453,716
Total shareholders’ (deficit) equity (422,429,215) 110,304,416
Total liabilities and shareholders’ (deficit) equity 2,215,438,664 2,642,010,000
Related Party    
Current liabilities    
Amount due to related parties 53,004,208 22,484,963
Non-current liabilities    
Amount due to related parties ¥ 94,199,910