v3.25.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Operating activities:        
Net loss ¥ (156,991,074) $ (21,507,690) ¥ (161,975,688) ¥ (122,248,608)
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 18,720,464 2,564,693
Accretion of interest expenses on loans at amortized cost 18,795,751
Accretion of interest expenses on cash consideration payable for Lishang acquisition 185,012
Depreciation and amortization 4,673,551 640,274 6,107,400 3,544,322
Allowance of accounts receivable 3,100,973 424,832 3,481,333 5,334,098
Allowance of other current assets 4,031,676 552,337 4,262,335
Loss from disposal of property and equipment 13,748
Provision of inventories to net realizable value 4,887,040 669,522 802,807 149,075
Unrealized foreign currency exchange (gain)/loss, net (16,927) (2,319) 66,797 (671,007)
Changes in fair value of financial instruments (4,803,913) (658,133) (17,101,260) 1,875,889
Changes in fair value of contingent consideration payables (92,796)
Impairment loss for goodwill 67,932,627 9,306,732 6,592,220
Impairment loss for other equity investments accounted for using Measurement Alternative 5,645,887 773,483 8,288,296 22,705,285
Share-based compensation 19,143,702 2,622,676 83,863,299 38,993,201
Gain from deconsolidation of VIEs (134,665) (13,543,650)
Deferred tax benefit (5,173,726) (708,798) (1,255,808) (601,737)
Changes in assets and liabilities, net of effects from business combination and deconsolidation of VIEs:        
Accounts receivable, net (4,493,100) (615,552) (4,487,704) (21,010,479)
Inventories 4,141,620 567,400 (955,200) 3,094,089
Prepayments and other current assets (70,189,761) (9,615,958) (53,940,356) 11,254,698
Other non-current assets (12,922,095) (1,770,320) (5,487,600) (32,746,114)
Accounts payable (9,357,338) (1,281,950) 524,686 667,966
Contract liabilities (1,396,803) (191,361) 4,802,774 4,943,301
Operating lease liabilities (1,124,143) (154,007) (2,364,187) 1,000,658
Accrued expenses and other current liabilities 21,284,152 2,915,915 22,376,950 37,011,898
Net cash used in operating activities (112,900,000) (15,468,224) (89,350,546) (37,083,065)
Investing activities:        
Purchase of property and equipment (380,698) (52,155) (201,699) (191,634)
Net proceeds from disposal of property and equipment 75,795 10,384 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) (348,230)
Cash acquired in business combinations (note 16) 1,484,570 203,385 7,916,556 2,223,351
Cash disposed upon deconsolidation of VIEs (52,917) (128,114)
Net cash used in investing activities (10,857,028) (1,487,406) (135,161,792) (444,627)
Financing activities:        
Proceeds from IPO 213,168,986
Proceeds from individual investors 14,979,464 2,052,178
Proceeds from short-term bank borrowings 55,500,000 7,603,469 19,531,207 15,741,315
Repayment of short-term bank borrowings (24,500,000) (3,356,486) (59,262,008) (14,000,379)
Proceeds from long-term bank borrowings 38,087 5,218 5,642,555 870,031
Repayment of long-term bank borrowings (2,421,458) (331,738) (2,392,934) (651,669)
Proceeds from related parties’ loans 19,201,935 2,630,654 5,297,764 13,000,289
Repayment of related parties’ loans (1,655,986) (226,869) (7,999,659) (2,096,794)
Proceeds from shareholders’ loans 13,929,200
Repayment for shareholders’ loans (13,929,200)
Issuance of convertible loans, net of issuance costs 19,237,039 2,635,464 29,685,273 17,411,500
Repayment of convertible loans (541,306) (74,159) (3,482,300)
Proceeds from loans from employees and individuals 49,518,197 6,783,965 136,331,248 11,419,248
Repayment of loans from employees and individuals (25,085,498) (3,436,699) (106,587,537) (3,685,119)
Settlement of contingent payable for acquisition of Mengwei Stores (585,473)
Net cash provided by financing activities 104,270,474 14,284,997 216,003,395 51,352,149
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 1,163,093 (145,725) (9,107,882) 5,829,672
Net increase/(decrease) in cash, cash equivalents and restricted cash (18,330,649) (2,816,358) (17,616,825) 19,654,129
Cash and cash equivalents, beginning of the year 78,790,697 11,097,438 26,801,767 13,493,501
Restricted cash, beginning of the year 497,108 70,016 70,102,863 63,757,000
Cash, cash equivalents and restricted cash at the beginning of the year 79,287,805 11,167,454 96,904,630 77,250,501
Cash and cash equivalents, end of the year 60,957,156 8,351,096 78,790,697 26,801,767
Restricted cash, end of the year 497,108 70,102,863
Cash, cash equivalents and restricted cash at the end of the year 60,957,156 8,351,096 79,287,805 96,904,630
Supplemental disclosure of cash flow information        
Interest expenses paid (9,553,499) (1,308,824) (14,095,688) (4,906,616)
Income tax paid (208,475) (235,548)
Supplemental disclosure of non-cash flow information        
Business acquisition by preferred shares (1,398,431)
Business acquisition by ordinary shares (48,146,767) (6,596,080) (12,040,885)
Business acquisition by share options (18,492,454)
Right-of-use assets obtained in exchange for operating lease obligations (1,612,783) (220,950) (2,423,083) (3,228,307)
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)
Yunmao        
Investing activities:        
Payment of consideration payable resulted from acquisition
Mengwei Stores        
Investing activities:        
Payment of consideration payable resulted from acquisition (551,641)
YJW        
Investing activities:        
Payment of consideration payable resulted from acquisition (1,500,000)
Lishang        
Investing activities:        
Payment of consideration payable resulted from acquisition (2,420,000) (500,000)
Yai’s Thai        
Investing activities:        
Payment of consideration payable resulted from acquisition ¥ (12,036,695) $ (1,649,020)

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