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Condensed financial information of the parent company - Condensed statements of comprehensive income (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed statements of comprehensive income/(loss)
Share-based compensation expense			¥ (2,257,795)	¥ (4,935,782)
General and administrative	¥ (291,503,527)	$ (41,684,450)	(276,564,752)	(273,588,744)
Interest and investment income, net	990,368,590	141,620,825	380,062,136	255,332,621
Foreign exchange gain/(loss), net	(46,304,828)	(6,621,502)	20,658,172	(2,931,704)
Share of loss/(profit) in subsidiaries, VIEs and VIEs' subsidiaries	(18,937,550)	(2,708,034)	(4,048,792)	3,207,384
Net income before income taxes	739,301,975	105,718,775	157,537,018	101,474,055
Income tax expense	30,674,579	4,386,405	65,805,623	62,340,516
Net income	708,627,396	101,332,370	91,731,395	39,133,539
Other comprehensive income
Foreign currency translation adjustment	(68,932,636)	(9,857,236)	37,882,398	21,829,283
Total comprehensive income	639,694,760	91,475,134	129,613,793	60,962,822
Parent Company \| Reportable legal entity
Condensed statements of comprehensive income/(loss)
Share-based compensation expense			(2,257,795)	(4,935,782)
General and administrative	(32,361,695)	(4,627,661)	(40,780,739)	(19,070,062)
Interest and investment income, net	474,598,252	67,866,647	189,674,053	104,687,566
Other income	19,514,738	2,790,570	24,463,472	28,626,092
Foreign exchange gain/(loss), net	(45,888,491)	(6,561,967)	20,792,611	(545,948)
Share of loss/(profit) in subsidiaries, VIEs and VIEs' subsidiaries	292,764,592	41,864,781	(100,160,207)	(69,628,327)
Net income before income taxes	708,627,396	101,332,370	91,731,395	39,133,539
Net income	708,627,396	101,332,370	91,731,395	39,133,539
Other comprehensive income
Foreign currency translation adjustment	(68,932,636)	(9,857,236)	37,882,398	21,829,283
Total comprehensive income	¥ 639,694,760	$ 91,475,134	¥ 129,613,793	¥ 60,962,822

Short-term borrowings (Details) ¥ in Millions	Sep. 30, 2025 CNY (¥) loan tranche	Jul. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Hong Kong Branch of Zheshang Bank
Short and Long-term borrowings
Contract to company borrows	¥ 1,436		¥ 720
Debt interest rate	2.40%		4.40%
Number of loan contracts \| loan	2
Number of tranches of loan \| tranche	2
Loan From Macao Development Bank \| Qufenqi (HK) Limited ("Qufenqi HK")
Short and Long-term borrowings
Contract to company borrows		¥ 140
Debt interest rate		3.00%
Percentage of financing fee		0.50%
Loan From Hong Kong Branch of Zheshang Bank, Tranche One
Short and Long-term borrowings
Contract to company borrows	¥ 720
Loan From Hong Kong Branch of Zheshang Bank, Tranche Two
Short and Long-term borrowings
Contract to company borrows	¥ 716

Interest and investment income, net (Tables)

12 Months Ended

Dec. 31, 2025

Interest and investment income, net

Schedule of interest and investment income, net


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Unrealized investment (loss)/income of short-term investments	(202,012,339)	125,179,719	72,933,526	10,429,356
Realized investment income of short-term investments	300,705,577	191,828,265	793,211,793	113,427,777
Unrealized investment income/(loss) of long-term investments	645,974,321	(131,604,073)	(6,218,420)	(889,222)
Realized investment loss of long-term investments	(659,477,110)	—	—	—
Investment income of structured deposits	59,394,774	49,039,769	18,943,295	2,708,855
Interest income, net	110,747,398	145,618,456	111,498,396	15,944,059
Total	255,332,621	380,062,136	990,368,590	141,620,825

Schedule of gain/(loss) on derivative instruments


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Unrealized investment (loss)/income of derivative instruments	(149,741,836)	222,975,608	151,074,089	21,603,307
Realized investment income/(loss) of derivative instruments	303,576,774	(203,518,248)	37,636,493	5,381,947
Total	153,834,938	19,457,360	188,710,582	26,985,254

Ordinary shares (Details)	Dec. 31, 2025 Vote
Class A ordinary shares
Ordinary shares
Number of votes per share	1
Class B ordinary shares
Ordinary shares
Number of votes per share	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and the subsidiaries of the VIEs. All inter-company transactions and balances have been eliminated.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Areas where management uses subjective judgment include, but are not limited to, allowance for loan principal and financing service fee receivables, allowance for finance lease receivables, allowance for other receivables, impairment of other assets, incremental borrowing rates for lease liabilities, impairment of equity investment, impairment of long-lived assets, valuation allowance for deferred tax assets, uncertain tax positions, and fair value of investments. Actual results could differ from these estimates, and as such, differences may be material to the consolidated financial statements.

Revenue recognition

The Company generates revenues primarily by providing delivery services, ready-to-cook meal products and others.

Under ASC 606, revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services, net of value-added tax. The Company determines revenue recognition through the following steps:

●	Identify the contract(s) with a customer;

●	Identify the performance obligations in the contract;

●	Determine the transaction price;

●	Allocate the transaction price to the performance obligations in the contract; and

●	Recognize revenue when (or as) the entity satisfies a performance obligation.

2. Summary of Significant Accounting Policies - continued

Revenue recognition - continued

Sales income

The Company recognizes revenue from product sales through its platform of ready-to-cook meal and other products, in “Sales income and others” in consolidated statements of comprehensive income. The Company’s single performance obligation is to sell products to customers. The Company acts as a principal as it takes control of the products before they are transferred to customers. The Company is also primarily obligated for the products sold to the customers, bears inventory risks and has the latitude in establishing prices. Revenue is measured based on the amount of consideration the Company expects to receive reduced by value-added tax, discounts and estimates for product returns. Product returns are estimated using the expected value method based on historical return patterns. Revenues are recognized at a point in time when the products are accepted by the customers. As of December 31, 2023, 2024 and 2025, estimated product returns were not material.

Delivery services income

In 2023, 2024 and the first two quarters of 2025, the Company provided “last mile” package delivering service from warehouses to the locations in Australia and New Zealand designated by international delivery customers after the packages were shipped by international delivery customers from China to Australia and New Zealand. The Company’s customers are international delivery channel companies. The Company concludes that it acts as a principal in these transactions as the Company is primarily responsible for the delivery of packages and has the ability to control the related services. The Company has the ability to control the services provided by delivery drivers as it is responsible for identifying qualifying drivers and directing them to complete the deliveries. Additionally, the Company has ultimate control over the amounts charged to the customers. Revenues resulting from these services are recognized on a gross basis at a fixed rate or a pre-determined amount for each completed delivery, with the amounts paid to the drivers recorded in costs of revenue. These revenues are recognized at the point of delivery of package.

Cost of delivery services income and other revenues

Cost of delivery services income and other revenues primarily consists of fulfillment expenses, packaging material, and the purchase price of products, mainly including the amounts paid to the drivers for delivery services.

Leases

Operating leases

The Company has operating leases for certain office rentals and regional processing centers as a lessee. At inception of a contract, the Company determines whether that contract is or contains a lease. For each lease arrangement identified, the Company determines its classification as an operating or finance lease.

2. Summary of Significant Accounting Policies - continued

Leases - continued

Operating leases - continued

The Company records a lease liability and corresponding operating lease right-of-use (“ROU”) asset at lease commencement. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. The Company’s lease agreements include lease payments that are largely fixed, and do not contain material residual value guarantees or variable lease payments. The discount rate is determined by using the Company’s incremental borrowing rate at lease commencement since the rate implicit in the lease is not readily determinable. The incremental borrowing rate is the rate of interest that the Company could borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. ROU asset represents the right to use an underlying asset for the lease term and is recognized in an amount equal to the lease liability adjusted for any lease payments made prior to the commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option, however none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised.

If there is a lease modification, the Company considers whether the lease modification results in a separate contract. If so, the Company accounts for the separate contract in the same manner as any other new lease, in addition to the original unmodified contract. Otherwise, the Company remeasures and reallocates the remaining consideration in the contract, reassesses the classification of the lease at the effective date of the modification and accounts for any initial direct costs, lease incentives and other payments made to or by the lessee. If the modification fully or partially terminates the existing lease, the Company remeasures the lease liability and decreases the carrying amount of the right-of-use asset in proportion to the full or partial termination of the existing lease and recognizes in profit or loss any difference between the reduction in the lease liability and the reduction in the right-of-use asset.

Besides, operating lease expense is recognized as a single lease cost on a straight-line basis over the lease term and is included in cost of goods sold, cost of delivery services income and other revenues and general and administrative expenses, in the consolidated statements of comprehensive income. Lease liabilities that become due within one year after the balance sheet date are classified as current liabilities.

Land lease right of use asset

All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842, Leases (ASC 842). The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease right-of-use (“ROU”) asset in the consolidated balance sheet. The ROU asset is amortized over the remaining lease term – 33 years.

Foreign currency translation and transactions

The functional currency of the Company, and the subsidiaries that are not in mainland China is US$. The Company’s subsidiaries, VIEs, and subsidiaries of the VIEs with operations in the PRC adopted RMB as their functional currency. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters. The Company uses RMB as its reporting currency. The financial statements of the Company, and the subsidiaries that are not in mainland China are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated comprehensive income/(loss), as a component of shareholders’ equity. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date.

2. Summary of Significant Accounting Policies - continued

Foreign currency translation and transactions - continued

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive income during the period or year in which they occur.

Restricted cash and cash equivalents

Restricted cash is cash and cash equivalents that are not readily available for normal disbursement and mainly represents security deposits held in designated bank accounts for the guarantee of on-and-off balance sheet transactions. Such restricted cash is not available to fund the general liquidity needs of the Company.

Short-term investments and structured deposits

Short-term investments include (i) wealth management products with the intention to sell in the near term which are classified as trading securities and measured at fair value; (ii) wealth management products with original maturities less than one year; (iii) marketable equity securities (level 1) and restricted equity securities (level 2) in listed companies, both of which are measured at fair value. For trading securities, the realized investment income and changes in fair value are recognized in interest and investment income in the consolidated statements of comprehensive income. The banks or trust companies publish the redemption price of wealth management products daily (level 1) or publish their net value on a regular basis (level 2). The products that have fixed interest rates are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity and are recorded at amortized cost.

Structured deposits are financial instruments with fixed maturity dates. The Company classifies structured deposits that have fixed interest rates as held-to-maturity debt investments in accordance with ASC 320, as it has the positive intent and ability to hold these investments to maturity. These deposits are stated at amortized cost, net of any allowance for credit losses. The fair value of structured deposits is estimated using prevailing interest rates (level 2).

The Company utilized a forward-looking CECL model to assess the credit loss of financial instruments measured at amortized cost. Based upon the Company’s assessment of various factors, including historical experience, credit quality of the related financial institutions, and other factors that may affect its ability to collect the short-term investment, the Company determined there were no credit losses for the years ended December 31, 2023, 2024 and 2025.

The Company recorded interest income from the held-to maturity investments of RMB 80,693,057, RMB 51,034,427 and RMB 22,823,764 (US$ 3,263,755), and investment income from other short-term investments carried at fair value of RMB 77,394,955,RMB 315,013,325 and RMB 862,264,850 (US$ 123,302,234) in the consolidated statements of comprehensive income for the years ended December 31, 2023, 2024, and 2025, respectively.

Time deposit

Time deposits are straightforward interest-bearing instruments characterized by fixed maturity dates, predetermined interest rates, and principal preservation. They are typically classified as cash equivalents or short-term investments on financial statements, depending on their maturity period (e.g., ≤3 months for cash equivalents under US GAAP). Risks associated with time deposits are generally limited to credit risk related to the issuing institution.

2. Summary of Significant Accounting Policies - continued

Derivative instruments

In 2025, the Company entered into total return swap contracts with CITIC Securities Company Limited (“CITIC”), Guotai Haitong Securities Co., Ltd (“GTHT”) and GF Securities Co. Ltd (“GF”) respectively, for the purpose of generating return from Chinese public companies’ ADSs in the US stock markets. In exchange, the Company paid CITIC, GTHT and GF a periodic interest based on SOFR plus fixed rate published by CICC, GTHT and GF. The Company net settles all total return swap contracts with CICC, GTHT and GF.

The total notional amount of the outstanding contracts was RMB 267,280,381 and RMB 824,279,618 (US$ 117,870,418) as of December 31, 2024 and 2025, respectively. The total return swap contracts can be initiated and terminated upon requests of the Company. The Company accounts for the total return swap contracts in accordance with ASC 815, Derivatives and hedging. The total return swap contracts were measured at fair value, which are primarily based on the change in the market value of the ADSs underlying the total return swap contracts, recorded as earnings. As there is no initial cost associated with the derivative, the net unrealized gain/(loss) represents the derivative’s fair value which is classified as derivative instruments-asset/(liability) within the consolidated balance sheets. The cumulative unrealized investment loss as of December 31, 2024 and 2025 related to the total return swap contracts were RMB 89,894,630 and RMB 52,011,906 (US$ 7,437,604), respectively. The cumulative unrealized investment gain as of December 31, 2024 and 2025 related to the total return swap contracts were RMB nil and RMB 113,191,365 (US$ 16,186,150).

The total return swap contracts may expose the Company to credit risk to the extent that the counterparty may be unable to meet the terms of the arrangement. The Company mitigates this credit risk by transacting with a counterparty with high credit ratings. The Company pledged cash collateral of RMB 267,280,381and 824,279,618 (US$ 117,870,418) to CITIC and GF for its total return swap contracts as of December 31, 2024 and 2025, respectively. The Company also prepaid RMB 1,231,094,816 and RMB 369,603,877 (US$ 52,852,651) to these securities companies for new contracts to be entered into in the future as of December 31, 2024 and 2025 respectively. (Note 5)

2. Summary of Significant Accounting Policies - continued

Account Receivables.net

Account receivables represent the considerations for which the Company has satisfied its performance obligations and has the unconditional right to consideration. The allowance for account receivables is calculated based on historical loss experience using probability of default (PD) and loss given default (LGD) methods. LGD is determined by referencing historical recovery experience and market-observable data for similar financial instruments. The Company applies a consistent credit risk management framework to the entire portfolio of account receivables in accordance with ASC 326 and adjusts the allowance that is determined by the PD and LGD methods for various qualitative factors that reflect reasonable and supportable forecasts of future economic conditions. These factors may include gross-domestic product rates, consumer price indexes, per capita consumption expenditure and other considerations. The Company analyzes a combination of qualitative factors to the change in roll rate using a regression model. Factors that had a strong correlation and economic and commercial significance were selected for the model.

Account receivables were RMB 34,275,509 and RMB 5,351,275 (US$ 765,222) as of December 31, 2024 and 2025 respectively, net of allowance of RMB 274,956 and RMB 236 (US$ 34), respectively.

Long-term investments

Long-term investments represent equity investments in privately held companies without a readily determinable fair value and listed companies with readily determinable fair value. Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in earnings in accordance with ASC 321. The Company elected to measure equity securities without a readily determinable fair value that does not qualify for the net asset value practical expedient using the measurement alternative. Under the alternative measurement, the equity securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

For equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment considering impairment indicators to evaluate whether investments are impaired at each reporting date. Impairment indicators considered include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee, including factors that raise significant concerns about the investee’s ability to continue as a going concern, a significant adverse change in the regulatory, economic, or technological environment of the investee and a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method.

Borrowings

The borrowings from banks are initially recognized equaling to the cash received from the beneficiary and measured subsequently at amortized cost using the effective interest method. Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for these assets have not been made.

2. Summary of Significant Accounting Policies - continued

Treasury shares

The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares at market price is recorded in the treasury shares account on the consolidated balance sheets. The differences between the resale price and repurchase cost of the treasury shares is reflected in additional paid-in capital.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method with the residual value based on the estimated useful lives of the class of asset, which range as follows:


	Estimated	Estimated
Category	Useful Life	Residual
Office and electronic equipment	3-10 years	Nil%-5	%
Motor vehicles	4 years	5	%
Aircraft	10 years	5	%
Building	30 years	5	%
Leasehold improvements	Over the shorter of the expected life of leasehold improvements or the lease term	Nil	%

Costs associated with the repair and maintenance of property and equipment are expenses as incurred.

Construction represents building construction costs and unfinished leasehold improvements.

Depreciation is recorded starting at the time when assets are ready for the intended use. Retirements, sales and disposals of assets are recorded net of the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income.

Intangible assets

Intangible assets represent purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets, most of which vary from 1-10 years.

2. Summary of Significant Accounting Policies - continued

Research and development

Research and development expenses are primarily incurred in the development of new services, and new features of the Company’s technology infrastructure to support its business operations. Research and development costs are expensed as incurred unless such costs qualify for capitalization as software development costs. In order to qualify for capitalization, (i) the preliminary project should be completed, (ii) management has committed to funding the project and it is probable that the project will be completed, and the software will be used to perform the function intended, and (iii) it will result in significant additional functionality in the Company’s services. No research and development costs were capitalized for all the years presented as the Company has not met all of the necessary capitalization requirements.

Impairment of long-lived assets, including intangible assets with definite lives

The Company evaluates long-lived assets, such as fixed assets, right-of-use assets and construction in progress, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC Topic 360, Property, Plant and Equipment. When such events occur, the Company assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. As of December 31, 2025, as the Company’s long-lived assets are located at the headquarter and being used together by the headquarter staff in centrally managing both cash management and the exploration of new businesses, such long-lived assets are included in a single entity-wide asset group. Within such asset groups, the building is considered the primary asset as it is the most significant long-lived asset. If the Company identifies an impairment, the Company reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgments have been utilized, the timing or the amount of any impairment charges could be different. The Company evaluates its long-lived assets for recoverability due to net operating losses for the year ended December 31, 2025. As the sum of the undiscounted future cash flows exceeds the carrying amount, the asset group is deemed recoverable, and no impairment loss is recognized.

Employee defined contribution plan

Full time employees of the Company in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred, was RMB 14,321,884, RMB 19,125,406 and RMB 18,416,589 (US$ 2,633,537) for the years ended December 31, 2023, 2024 and 2025, respectively.

2. Summary of Significant Accounting Policies - continued

Advertising costs

Advertising costs are expensed as incurred in accordance with ASC 720-35, Other Expense-Advertising costs. Advertising costs were RMB 946,664, RMB 53,979 and RMB 3,992,262 (US$ 570,886) for the years ended December 31, 2023, 2024 and 2025, respectively. Advertising costs are included in sales and marketing expenses in the consolidated statements of comprehensive income.

Government grants

Government grants include cash subsidies received by the Company’s entities in the PRC from local governments as incentives for investing in certain local districts and contributions to technological development and are typically granted based on the amount of investment made by the Company in the form of registered capital or taxable income generated by the Company in these local districts. Such grants allow the Company full discretion in utilizing the funds and are used by the Company for general corporate purposes. The local governments have sole discretion as to whether the Company meets all of the criteria to be entitled to the subsidies.

Government financial incentives received involve no future conditions or continuing performance obligations of the Company and are recognized as other operating income. The Company recognized government grants of RMB 5,483,308, RMB 175,519 and RMB 51,796 (US$ 7,407) during the years ended December 31, 2023, 2024 and 2025, respectively, in other operating income in the consolidated statements of comprehensive income.

Value added taxes

Xiamen Youqi Technology Co., Ltd. and other companies related to expanding new business opportunities are small-scale VAT taxpayers with an applicable VAT rate of 3%. The other subsidiaries of the VIEs are all general VAT taxpayers (applicable tax rate: 6% or 13%).

VAT is reported as a deduction to revenue when incurred and amounted to RMB 26,906,439, RMB 52,519,936 and RMB 57,324,548 (US$ 8,197,301) for the years ended December 31, 2023, 2024 and 2025, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Output VAT receivable net of input VAT payable is recorded in accrued expenses and other current liabilities on the consolidated balance sheets.

Goods and services tax (‘GST’)

Revenues, expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the Australian Tax Office. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables on the consolidated balance sheets. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows.

2. Summary of Significant Accounting Policies - continued

Income taxes

The Company recognizes income taxes under the liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted tax rates in effect for the years in which the differences are expected to reverse. The Company records a valuation allowance against the amount of deferred tax assets that it determines is not more likely-than-not to be realized. The effect on deferred taxes of a change in tax rates is recognized in earnings in the period that includes the date of the enactment.

Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free liquidation. The Company applies to the provisions of ASC Topic 740.

Income Taxes (“ASC 740”), in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company has elected to classify interest and penalties related to an uncertain tax position (if and when required) as part of income tax expense in the consolidated statements of comprehensive income. In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, the PRC subsidiaries’ tax years of 2020– 2025 remain open to examination by the respective tax authorities. The Company may also be subject to the examination of the tax filings in other jurisdictions, which are not material to the consolidated financial statements.

Segment information

In accordance with ASC 280 Segment Reporting, operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment, with consolidated net income (loss) being the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on consolidated net income (loss) as reported in the consolidated statements of Comprehensive income. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein. During the years ended December 31, 2023, 2024, and 2025, although the Company generated substantially all of its revenue from clients in mainland China, Australia and New Zealand, it did not maintain material long-lived assets outside of mainland China and Hong Kong. Accordingly, no separate geographical segment information is presented in 2023, 2024 and 2025, the CODM reviewed the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole, and the Company had only one reportable segment.

Fair value measurements of financial instruments

The fair values of cash and cash equivalents, restricted cash and cash equivalent, short-term investments, finance lease receivables, derivative instruments, other receivables (as defined in Note 5), borrowings and other payables in current assets and liabilities are measured at fair value or approximate to their respective fair values because of their short maturities. The carrying amount of the long-term borrowings, approximate to its fair value due to the fact that the related interest rates are approximate to the rates currently offered by banks for similar debt instruments of comparable maturity.

2. Summary of Significant Accounting Policies - continued

Fair value measurements

Fair value is the price that would be received by selling an asset or paid to transfer liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and the market-based risk measurement or assumptions that market participants would use when pricing the assets or liability.

Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1-Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 2-Include observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data

Level 3-Unobservable inputs which are supported by little or no market activity

Earnings/(loss) per share

Basic earnings/(loss) per share is computed by dividing the net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period and year presented.

Diluted earnings/(loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares.

The dilutive effect from the dilutive effect of share options is reflected in diluted EPS using the treasury stock method.

Share-based payments

The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”).

Share-based payment transactions with employees and independent directors, such as share options, are measured based on the grant date fair value of the equity instrument. The Company recognizes the compensation costs net of estimated forfeitures using the accelerated recognition method, over the applicable vesting period for each separately vesting portion of the award. The estimate of forfeitures is adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change and also impact the amount of share-based compensation expense to be recognized in future periods.

A change in any of the terms or conditions of share options is accounted for as a modification of share options. The Company calculates the incremental compensation cost of a modification as the excess, if any, of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the fair value of the options, the share price and other pertinent factors at the modification date. For vested options, the Company recognizes incremental compensation cost in the period the modification occurred. For unvested options, the Company recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified option is lower than the fair value of the original option immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original options.

2. Summary of Significant Accounting Policies - continued

Convenience translation for financial statements presentation

Translations of amounts from RMB into US$ for the convenience of the readers were calculated at the exchange rate of RMB 6.9931 per US$ 1.00 on December 31, 2025, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been or could have been converted into US$ at such rate.

Investment in equity method investee

The Company uses the equity method to account for an equity investment over which it has significant influence but does not own a majority equity interest or otherwise control, generally accompanying a shareholding of between 20% and 50% of the voting rights, and an equity investment over limited partnership which investor’s interest is over 3% to 5%. The cost of the investment over the proportional fair value of the assets and liabilities of the investee is reflected in the Company’s memo accounts as “equity method goodwill”. The equity method goodwill is not subsequently amortized and is not tested for impairment under ASC 350. Equity method investments shall continue to be reviewed for impairment in accordance with paragraph ASC 323-10-35-32. The share of earnings or losses of the investee are recognized in the consolidated statements of comprehensive income. Equity method adjustments include the Company’s proportionate share of investee income or loss and other adjustments required by the equity method.

The Company assesses its equity investment for other-than-temporary impairment by considering factors as well as relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the investees including current earnings trends, the general market conditions in the investee’s industry or geographic area, factors related to the investee’s ability to remain in business, such as the investee’s liquidity, debt ratios, and cash burn rate and other company-specific information.

Significant risks and uncertainties

Currency convertibility risk

A substantial portion of the Company’s revenues and expenses are denominated in currencies other than Renminbi. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized Funding Partners at exchange rates quoted the PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts.

Concentration of credit risk

Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, time and structured deposit, short-term investment, derivative instruments, cash collateral for derivatives, accounts receivable and other receivables.

Deposits held in mainland China are subject to restrictions on foreign exchange and the ability to transfer cash outside of mainland China. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (“PBOC”) was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of RMB500 thousands.

2. Summary of Significant Accounting Policies - continued

Significant risks and uncertainties - continued

Concentration of credit risk - continued

The Company places its cash and cash equivalents, short-term investments, derivative instruments, cash collateral for derivatives and other receivables with reputable counterparties that have high-credit ratings and quality. There has been no recent history of default in relation to these counterparties. For the year ended December 31, 2024, China Merchants Bank Co., Ltd. accounted for 22% of the total financial assets, or approximately RMB1,831 million (US $251 million). For the year ended December 31, 2025, China Zheshang Bank Co., Ltd. and China Merchants Bank Co., Ltd. represented 20% and 10% of the total financial assets, amounted to approximately RMB 2,289 million (US $327 million) and RMB 1,171 million (US $167 million), respectively.

Borrower default risk

Financial assets that potentially expose the Company to borrower default risk are finance lease receivables.

The Company manages borrower default risk on their payment for finance lease receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances.

Interest rate risk

The Company is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management, the Company reviews and takes appropriate steps to manage its interest rate exposures on its interest-bearing assets and liabilities. The Company has not been exposed to material risks due to changes in market interest rates and not used any derivative financial instruments to manage the interest risk exposure during the years presented.

Business and economic risk

The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships; regulatory considerations and risks associated with the Company’s ability to attract employees necessary to support its growth and risks related to outbreaks of epidemics. The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC.

Concentration risk of revenue and customers

A substantial portion of the Company’s total revenue is attributable to key customers. For the year ended December 31, 2025, three customers, Customer A, Customer B, and Customer C, accounted for 24%, 19%, and 10% of the total revenue, representing approximately RMB 9,634,779 (US$ 1,377,755), RMB 7,872,475 (US$ 1,125,749) and RMB 4,261,328 (US$ 609,362) respectively.

For the year ended December 31, 2024, four customers, Customer C, Customer B, Customer D, and Customer A, accounted for 39%, 22%, 11% and 10% of total revenue, representing approximately RMB 83,463,994, RMB 47,629,353, RMB 24,452,405, and RMB 22,125,951 respectively.

For the year ended December 31, 2023, two customers, Customer D and Customer C, accounted for 36% and 13% of total revenue, representing approximately RMB 45,749,204 and RMB 16,198,314 respectively.

2. Summary of Significant Accounting Policies - continued

Significant risks and uncertainties – continued

Concentration risk of revenue and customers - continued

Similarly, the Company’s total accounts receivables are concentrated with a limited number of customers. As of the year ended December 31, 2025, Customer A represented 98% of the total accounts receivables, amounting to approximately RMB 5,230,801 (US$ 747,995). This outstanding balance was subsequently and fully collected in January 2026. As of December 31, 2024, Customer C, Customer B, and Customer A represented 38%, 27%, and 26% of the total accounts receivable balance, amounting to approximately RMB 13,291,323, RMB 9,300,571 and RMB 9,028,752 respectively.

The Company monitors these concentrations as part of its standard business practices.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The Company adopted ASU 2023-09 for its annual period beginning January 1, 2025, on a prospectively basis. See Note 15 Income taxes, for further information.

New and Amended Standards Not Adopted by the Company

In December 2024, the FASB issued ASU 2024-03: Disaggregation of Income Statement Expenses, which requires additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. This ASU should be applied prospectively with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the assets. The guidance is effective for the Company beginning January 1, 2026, with early adoption permitted. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangible - Goodwill and Other Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting guidance for costs to develop software for internal use. It removes the previous development stage model and introduces a more judgment-based approach. The guidance is effective for the Company for the beginning January 1, 2028, with early adoption permitted. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The update provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The guidance is effective for the Company beginning January 1, 2029, with early adoption permitted. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements.

Organization

12 Months Ended

Dec. 31, 2025

Organization

Organization

1. Organization

High Templar Tech Limited (the “Company”, formerly known as Qudian Inc., and where appropriate, the term “Company” also refers to its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of the VIEs, is a limited company incorporated in the Cayman Islands under the laws of the Cayman Islands on November 16, 2016. The Company, through its subsidiaries, VIEs and subsidiaries of the VIEs, are principally engaged in providing borrowers with merchandise and cash installment credit services, credit facilitation services, transaction services, automobile financing services, educational service, ready-to-cook meal sales, other products sales in the People’s Republic of China (the “PRC”), and delivery services in markets such as Australia and New Zealand. The Company does not conduct any substantive operations of its own. As PRC law and regulations prohibit foreign control of companies involved in internet value-added business, the Company conducts its primary business operations through its subsidiaries incorporated in mainland China and contractual arrangements with the variable interest entities based in mainland China.

As of December 31, 2025, the Company’s main subsidiaries and VIEs are as follows:


			Percentage of
			legal
			ownership by
		Place of	the
Entity	Date of incorporation	incorporation	Company		Principal activities
Subsidiaries
QD Data Limited	December 2, 2016	Hong Kong (“HK”)	100	%	Investment holding
QD Technologies Limited	November 23, 2016	British Virgin Islands (“BVI”)	100	%	Investment holding
Qufenqi (Shanghai) Information Technology Co., Ltd. (“Qufenqi Shanghai” formerly known as Qufenqi (Ganzhou) Information Technology Co.）	September 5, 2016	PRC	100	%	Investment holding, research and development
Xiamen Qudian Financial Lease Ltd. (“Xiamen Financial Lease”)	April 21, 2017	PRC	100	%	Financial lease
Qufenqi (HK) Limited (“Qufenqi HK”)	April 28, 2014	HK	100	%	Investment holding
Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC	100	%	Technology development and service, sale of products
Bloomgoods Inc. (“Bloomgoods Inc.”)	June 28, 2018	Cayman Islands	100	%	Investment holding
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC	100	%	Technology development and service
Bloomgoods Limited (“Bloomgoods Limited”)	June 29, 2018	BVI	100	%	Investment holding
Bloomgoods (HK) Limited (“Bloomgoods (HK) Limited”)	May 12, 2020	HK	100	%	Investment holding
F&H EXPRESS PTY LTD (“F&H EXPRESS PTY”)	December 9, 2022	Australia	100	%	Delivery service
LAST MILE EXPRESS PTY LTD (“LAST MILE EXPRESS”)	October 17, 2022	Australia	100	%	Delivery service
VIEs
Xiamen Quxianxiang Time Technology Co., Ltd. (“Xiamen Quxianxiang”)	April 9, 2014	PRC	Nil		Technology development and service, sale of products
Xiamen Lexiang Time Technology Co., Ltd. (“Xiamen Lexiang”)	November 25, 2016	PRC	Nil		Technology development service, sale of products and educational services

1. Organization - continued

Xiamen Qudian was a VIE of the Company before June 30, 2023. On June 30, 2023, Xiamen Happy Time Technology Co., Ltd. entered into an investment agreement with Xiamen Qudian and invested RMB 99.90 million in Xiamen Qudian to obtain control over Xiamen Qudian. As a result of the investment, the Company continued to consolidate Xiamen Qudian through voting interest model in 2023.

The Company, through Qufenqi Shanghai (the “WFOE”) entered into power of attorney and an exclusive call option agreement with the nominee shareholders of the VIEs that gave the WFOE the power to direct the activities that most significantly affect the economic performance of the VIEs and acquire the equity interests in the VIEs when permitted by the PRC laws, respectively. Certain exclusive agreements have been entered into with the VIEs through the WFOE, which obligate the WFOE to absorb a majority of the risk of loss from the VIEs’ activities and entitle the WFOE to receive a majority of their residual returns. In addition, the Company has entered into share pledge agreements for the equity interests in the VIEs held by the nominee shareholders of the VIEs. The Company agreed to provide unlimited financial support to the VIEs for their operations. In addition, pursuant to the resolutions of all shareholders of the Company and the resolutions of the board of directors of the Company (the “Resolutions”), the board of directors of the Company (the “Board of Directors”) or any officer authorized by the Board of Directors (the “Authorized Officer”) shall cause the WFOE to exercise the rights under the power of attorney entered into among the WFOE, the VIEs and the nominee shareholders of the VIEs and the WFOE’ rights under the exclusive call option agreement between the WFOE and the VIEs. As a result of the Resolutions and the provision of unlimited financial support from the Company to the VIEs, the Company has been determined to be most closely associated with the VIEs within the group of related parties and was considered to be the Primary Beneficiary.

Despite the lack of equity ownership, as a result of a series of contractual arrangements (the “Contractual Arrangements”), the shareholders of the VIEs effectively assigned all of their voting rights underlying their equity interests in the VIEs to the Company, which gives the Company the power to direct the activities that most significantly impact the VIEs’ economic performance. In addition, through the other exclusive agreements, which consist of exclusive option agreement, exclusive business cooperation agreement, and equity pledge agreement, the Company, through its wholly owned subsidiaries in the PRC, has the right to receive economic benefits from the VIEs that potentially could be significant to the VIEs. Lastly, through the financial support undertaking letter, the Company has the obligation to absorb losses of the VIEs that could potentially be significant to the VIEs. Therefore, the Company is considered the primary beneficiary of the VIEs and consolidates the VIEs and its consolidated subsidiaries as required by SEC Regulation S-X Rule 3A-02 and ASC topic 810 (“ASC 810”), Consolidation.

1. Organization - continued

The following is a summary of the VIE Agreements:

(1)	Power of Attorney Agreements:

Pursuant to the power of attorney agreements signed between the VIEs’ nominee shareholders and WFOE, each nominee shareholder irrevocably appointed WFOE as its attorney-in-fact to exercise on each shareholder’s behalf any and all rights that each shareholder has in respect of its equity interest in the VIEs (including but not limited to executing the exclusive right to purchase agreements, the voting rights and the right to appoint directors and executive officers of the VIEs). The agreements are effective and irrevocable as long as the nominee shareholder remains a shareholder of the VIEs.

(2)	Exclusive Call Option Agreements:

Pursuant to the exclusive call option agreements entered into between the VIEs’ nominee shareholders and WFOE, the nominee shareholders irrevocably granted WFOE a call option to request the nominee shareholders to transfer or sell any part or all of its equity interests in the VIEs, or any or all of the assets of the VIEs, to WFOE, or their designees. The purchase price of the equity interests in the VIEs shall be equal to the minimum price required by PRC law. As for the assets of the VIEs, the purchase price should be equal to the book value of the assets or the minimum price as permitted by applicable PRC law, whichever is higher. Without WFOE’s prior written consent, the VIEs and their nominee shareholders shall not amend their articles of association, increase or decrease the registered capital, sell or otherwise dispose of their assets or beneficial interests, create or allow any encumbrance on their assets or other beneficial interests and provide any loans or guarantees, etc. The nominee shareholders cannot request any dividends or other form of assets. If dividends or other form of assets were distributed, the nominee shareholders shall transfer all received distribution to WFOE or their designees. The agreements are not terminated until all of the equity interests of the VIEs have been transferred to WFOE or the person(s) designated by WFOE. None of the nominee shareholders have the right to terminate or revoke the agreements under any circumstance unless otherwise regulated by law.

(3)	Exclusive Business Cooperation Agreements:

Pursuant to the exclusive business cooperation agreements entered into by WFOE and the VIEs and their subsidiaries, WFOE provides exclusive technical support and consulting services in return for fees based on 100% of the VIEs’ profit before tax, which is adjustable at the sole discretion of WFOE. Without WFOE’s consent, the VIEs and their subsidiaries cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from WFOE. In addition, the profitable consolidated VIEs and their subsidiaries have granted WFOE an exclusive right to purchase any or all of the business or assets of each of the profitable consolidated VIEs and their subsidiaries at the lowest price permitted under PRC law. The agreements are irrevocable or can only be unilaterally revoked/amended by WFOE.

1. Organization - continued

The following is a summary of the VIE Agreements: - continued

(4)	Equity Interest Pledge Agreements

Pursuant to the equity interest pledge agreements, each nominee shareholder of the VIEs has pledged all of its respective equity interests in the VIEs to WFOE as continuing first priority security interest to guarantee the performance of their and the VIEs’ obligations under the power of attorney agreements, the exclusive call option agreements and the exclusive business cooperation agreements. WFOE is entitled to all dividends during the effective period of the share pledge except as it agrees otherwise in writing. If the VIEs or any of the nominee shareholders breaches its contractual obligations, WFOE will be entitled to certain rights regarding the pledged equity interests, including receiving proceeds from the auction or sale of all or part of the pledged equity interests of the VIEs in accordance with PRC law. None of the nominee shareholders shall, without the prior written consent of the WFOE, assign or transfer to any third party, distribute dividends and create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIEs. The agreements are not terminated until all of the technical support and consulting and service fees have been fully paid under the exclusive business cooperation agreements and all of VIEs’ obligations have been terminated under the other controlling agreements.

In addition, the Company entered into the following agreements:

(1)	Financial support undertaking letters

Pursuant to the financial support undertaking letters, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIEs, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. The Company will not request repayment of the loans or borrowings if the VIEs or their shareholders do not have sufficient funds or are unable to repay.

(2)	Resolutions of all shareholders and resolution of the board of directors of High Templar Tech Limited

The shareholders and the Board of Directors resolved that the Board of Directors or any officer authorized by the Board of Directors shall cause WFOE to exercise its rights under the power of attorney agreements and the exclusive call option agreements when the Board of Directors or the Authorized Officer determines that such exercise is in the best interests of the Company and WFOE to do so.

In the opinion of the Company’s legal counsel, (i) the ownership structure of the PRC subsidiaries and the VIEs, both currently does not violate applicable PRC laws and regulations; (ii) each of the VIE Agreements is valid, binding and enforceable in accordance with its terms and applicable PRC laws or regulations and will not violate applicable PRC laws or regulations and (iii) the financial support letters issued by the Company to the VIEs, does not violate the PRC laws and regulations

However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found in violation of existing and/or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the nominee shareholders of the VIEs may have interests that are different than those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the contractual agreements with the VIEs.

1. Organization - continued

The following is a summary of the VIE Agreements: - continued

In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC laws or regulations, the Company could be subject to penalties, which could include, but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s financial services, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business.

Except for the deposits that were held by banks and other institutions, and other funding partners (collectively referred to as the “Funding Partners”) as guaranteed deposits, there was no other pledge or collateralization of the VIEs’ assets. Creditors of the VIEs have no recourse to the general credit of the Company, who is the primary beneficiary of the VIEs, through its WFOE. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The carrying amounts of the assets, liabilities and the results of operations of the VIEs and VIEs’ subsidiaries are presented in aggregate due to the similarity of the purpose and design of the VIEs and VIEs’ subsidiaries, the nature of the assets in these VIEs and VIEs’ subsidiaries and the type of the involvement of the Company in these VIEs and VIEs’ subsidiaries. The carrying amounts of the assets, liabilities and the results of operations of the VIEs and VIEs’ subsidiaries included in the Company’s consolidated balance sheets and statements of comprehensive (loss) income are as follows:


	As of December 31,
	2024	2025
	RMB	RMB	US$
Amounts due from group companies	488,678,227	529,739,389	75,751,725
Other current assets*	4,097,569,900	5,099,441,409	729,210,423
Total current assets	4,586,248,127	5,629,180,798	804,962,148
Total non-current assets**	2,623,967,844	1,880,476,320	268,904,537
Total assets	7,210,215,971	7,509,657,118	1,073,866,685
Amounts due to group companies	5,099	13,305,968	1,902,728
Other current liabilities	8,300,951	43,004,982	6,149,631
Total current liabilities	8,306,050	56,310,950	8,052,359
Total liabilities	8,306,050	56,310,950	8,052,359

The following table sets forth the results of operations of the VIEs included in the Company’s consolidated statements of comprehensive income/(loss):


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Revenues	47,770,942	198	2,914,256	416,733
Net income /(loss)***	171,107,836	(448,652,409)	279,960,596	40,033,833

* As of December 31 2025, other current assets primarily include cash and cash equivalents of RMB 1,466 million (US$ 210 million), restricted cash of RMB 1,487 million (US$ 213 million), short term deposit of RMB 854 million (US$122 million), and time and structured deposits of RMB 750 million (US$ 107 million).

** As of December 31, 2025, total non-current assets primarily include long-term equity investments of RMB 1,556 million (US$ 223 million), which mainly consist of an investment in the subsidiary, Shenzhen Qudian Investment Partnership (Limited Partnership).

*** As of December 31, 2025, net income primarily includes interest and investment income of RMB 378 million (US$54 million) and investment income of derivative instruments of RMB 132 million (US$19 million), partially offset by general and administrative expenses of RMB 180 million (US$26 million).

1. Organization - continued

The following is a summary of the VIE Agreements: - continued

The table sets forth the cash flows of the VIEs included in the Company’s consolidated statements of cash flows:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Net cash provided by/ (used in) operating activities	1,132,978,031	(1,349,175,834)	(122,542,784)	(17,523,385)
Net cash provided by/ (used in) investing activities	1,449,584,102	(561,586,008)	173,360,780	24,790,262
Net cash (used in) financing activities	(111,291,410)	(156,112,319)	—	—

The carrying amounts of the assets, liabilities and the results of operations of the VIEs and their subsidiaries are presented in aggregate due to the similarity of the purpose and design of the VIEs and their subsidiaries, the nature of the assets in these VIEs and their subsidiaries and the type of the involvement of the Company in these VIEs and their subsidiaries.

The amounts of the net assets of the VIEs were RMB 7,202 million and RMB 7,453 million (US$ 1,066 million) as of December 31, 2024 and 2025. The creditors of the VIEs’ third-party liabilities did not have recourse to the general credit of the Primary Beneficiary in the normal course of business.

Share Based Payment Trust

On December 30, 2016, the board of the Company approved and set up HTT Equity Incentive Trust (the “Share Based Payment Trust”) for the purpose of holding options awarded to certain employees and the underlying shares before they are exercised as instructed by the employees. Upon the exercise of the options, the shares will be transferred to the relevant employees. As the Company has the power to govern the financial and operating policies of the Share Based Payment Trust and derives benefits from the contributions of the employees who have been awarded the options of the Company through their continued employment with the Company, the assets and liabilities of the Share Based Payment Trust are included in the consolidated balance sheets.

Income taxes - Summary of reconciliation of income taxes expenses (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Effective Income Tax Rate Reconciliation, Amount
Income before income tax	¥ (739,301,975)	$ (105,718,775)	¥ (157,537,018)	¥ (101,474,055)
PRC statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Income tax expense at PRC statutory income tax rate	¥ 184,825,494		¥ 39,384,255	¥ 25,368,514
Effect of different tax rates			(97,962,122)	(25,070,403)
Tax exempted income			(113,208,078)	(198,231)
Outside basis difference				(215,985,749)
Expenses not deductible for tax purposes			13,122,045	36,882,867
Adjustment on current income tax of the previous periods				(18,394,143)
Non-deductible guarantee liability:				93,833,446
Write-off of NOL and others			450,292,380	252,778,471
Withholding income tax			23,250,000	4,427,205
Changes in valuation allowance			(249,072,857)	(91,301,461)
Total income tax expense/(benefit)	¥ 30,674,579	$ 4,386,405	¥ 65,805,623	¥ 62,340,516
Effective tax rate	4.10%	4.10%	41.80%	61.40%

Other current assets (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Other current assets
Prepayment	¥ 6,527,809	$ 933,464	¥ 28,947,278
Inventory	54,679,786	7,819,105	10,674,018
Receivables from third party payment service providers	185,566	26,536	12,693,037
Receivables from Funding Partners and other service providers	21,332,155	3,050,458	24,435,473
Receivable from broker for derivative collateral	824,279,618	117,870,418	267,280,381
Deposits prepaid to securities companies	369,603,877	52,852,651	1,231,094,816
Others	254,059,186	36,329,980	430,728,834
Total	1,530,667,997	218,882,612	2,005,853,837
Less: Allowance for other current assets	(77,493,926)	(11,081,484)	(72,671,045)	$ (10,391,821)	¥ (116,860,992)
Other current assets	¥ 1,453,174,071	$ 207,801,128	¥ 1,933,182,792

Long-term investments (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Long-term investments
Long-term investments	¥ 73		¥ 79		$ 10
Impairment loss	¥ 6	$ 1	¥ 132	¥ 8

Earnings per share - Computation of basic earnings per share (Details) ¥ / shares in Units, $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Class A ordinary shares
Numerator:
Allocation of net income attributable to High Templar Tech Limited for basic computation	¥ 431,112,989	$ 61,648,338	¥ 59,881,000	¥ 27,698,446
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	98,630	98,630	119,370	153,790
Earnings per share - basic \| (per share)	¥ 4.37	$ 0.63	¥ 0.5	¥ 0.18
Class B ordinary shares
Numerator:
Allocation of net income attributable to High Templar Tech Limited for basic computation	¥ 277,514,407	$ 39,684,032	¥ 31,850,395	¥ 11,435,093
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	63,490	63,490	63,490	63,490
Earnings per share - basic \| (per share)	¥ 4.37	$ 0.63	¥ 0.5	¥ 0.18

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Provision for/(Reversal of) expected credit losses for receivables and other assets (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Provision for/(Reversal of) expected credit losses for receivables and other assets
Collection of return of finance lease receivables	¥ (1,946,105)	$ (278,289)	¥ (2,848,564)	¥ (4,954,732)
Expected credit loss/(reversal) for accounts receivables	(281,983)	(40,323)	105,538	199,711
Expected credit loss/(reversal) for other current assets	4,822,880	689,663	(14,764,657)	29,314,107
Expected credit loss/(reversal) for other non-current assets	(473,144)	(67,659)	(1,108,096)	94,462
Total	¥ 2,121,648	$ 303,392	¥ (18,615,779)	¥ 24,653,548

Condensed financial information of the parent company - Condensed statements of cash flows (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ 708,627,396	$ 101,332,370	¥ 91,731,395	¥ 39,133,539
Adjustments to reconcile net income to net cash used in operating activities:
Share of loss in subsidiaries, VIEs and VIEs' subsidiaries	18,937,550	2,708,034	4,048,792	(3,207,384)
Share-based compensation expense			2,257,795	4,935,782
Unrealized investment loss/(income) of short-term Investments	6,218,420	889,222	131,604,073	13,502,789
Foreign exchange loss/(gain), net	46,304,828	6,621,502	(20,658,172)	2,931,704
Net cash provided by/(used in) operating activities	687,058,206	98,248,018	(111,000,228)	352,019,561
Net cash provided by (used in) investing activities	845,438,085	120,896,037	(2,344,367,080)	3,895,444,173
Net cash provided by (used in) financing activities	555,594,196	79,448,914	186,843,558	(565,971,561)
Effect of exchange rate changes on cash and cash equivalents	(76,554,891)	(10,947,204)	46,243,392	12,538,338
Net increase/(decrease) in cash and cash equivalents, and restricted cash and cash equivalents	2,011,535,596	287,645,765	(2,222,280,358)	3,694,030,511
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	5,044,498,144	721,353,640	7,266,778,502	3,572,747,991
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	7,056,033,740	1,008,999,405	5,044,498,144	7,266,778,502
Parent Company \| Reportable legal entity
Cash flows from operating activities:
Net income/(loss)	708,627,396	101,332,370	91,731,395	39,133,539
Adjustments to reconcile net income to net cash used in operating activities:
Share of loss in subsidiaries, VIEs and VIEs' subsidiaries	(292,764,592)	(41,864,781)	100,160,207	69,628,327
Share-based compensation expense			2,257,795	4,935,782
Unrealized investment loss/(income) of short-term Investments	(141,587,920)	(20,246,803)	1,925,270	138,739,373
Foreign exchange loss/(gain), net	45,888,491	6,561,967	(20,792,611)	545,948
Payables to employee	(5,303,469)	(758,386)	4,893,049	405,208
Other payables	1,155,545	165,240	10,942,366	2,935,558
Net cash provided by/(used in) operating activities	316,015,451	45,189,607	191,117,471	256,323,735
Net cash provided by (used in) investing activities	822,761,158	117,653,281	(523,283,656)	29,180,599
Net cash provided by (used in) financing activities	415,494,195	59,414,880	186,843,558	(420,660,054)
Effect of exchange rate changes on cash and cash equivalents	(66,679,638)	(9,535,061)	37,199,026	(10,899,643)
Net increase/(decrease) in cash and cash equivalents, and restricted cash and cash equivalents	1,487,591,166	212,722,707	(108,123,601)	(146,055,363)
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	305,194,205	43,642,191	413,317,806	559,373,169
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	¥ 1,792,785,371	$ 256,364,898	¥ 305,194,205	¥ 413,317,806

Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income taxes

Schedule of income before income tax expense


		For the years ended December 31, 2025
		RMB		US$
PRC		466,207,421		66,666,775
Cayman		418,226,619		59,805,611
Others		(145,132,065)		(20,753,611)
Total		739,301,975		105,718,775

Schedule of Current and Deferred Component of Income Tax Expense


	For the years ended December 31,
	2023	2024
	RMB	RMB
Current income tax expense	64,458,408	65,805,623
Deferred income tax benefit	(2,117,892)	—
Total income tax expense	62,340,516	65,805,623


		For the years ended December 31, 2025
		RMB		US$
Current income tax expense:
PRC		24,067,270		3,441,573
Hong Kong		5,673,334		811,276
United States		834,699		119,360
Australia		93,526		13,374
United Kingdom		5,750		822
Total current tax expense		30,674,579		4,386,405

Deferred income tax expense		—		—

Total income tax expense:
PRC		24,067,270		3,441,573
Hong Kong		5,673,334		811,276
United States		834,699		119,360
Australia		93,526		13,374
United Kingdom		5,750		822
Total income tax expense		30,674,579		4,386,405

Schedule of Principal Components of Deferred Tax Assets and Liabilities


	As of December 31,
	2024	2025
	RMB	RMB	US$
Deferred tax assets:
Allowance for finance lease receivable	1,613,414	1,756,839	251,225
Allowance for other current assets	19,387,060	27,884,637	3,987,450
Impairment loss from long-lived assets	385,314	385,314	55,099
Guarantee liabilities	47,762	47,762	6,830
Share-based compensation	34,309,231	32,900,502	4,704,709
Fair value change on investments	105,192,397	108,338,541	15,492,205
Fair value change on financial assets	839,617	23,703,239	3,389,518
Lease liabilities	11,008,553	1,242,650	177,697
Advertising cost	23,027,357	24,007,530	3,433,031
Net operating loss carry forwards	609,993,234	403,082,914	57,640,090
Total deferred tax assets	805,803,939	623,349,928	89,137,854
Less: valuation allowance	(759,896,561)	(606,307,862)	(86,700,870)
Total deferred tax assets, net of valuation allowance	45,907,378	17,042,066	2,436,984
Net off against deferred tax liabilities	(45,907,378)	(17,042,066)	(2,436,984)
Net deferred tax assets	—	—	—
Deferred tax liabilities:
Right-of-use assets	11,113,077	629,683	90,044
Fair value change on financial assets	34,794,301	16,412,383	2,346,940
Total deferred tax liabilities	45,907,378	17,042,066	2,436,984
Net off against deferred tax assets	(45,907,378)	(17,042,066)	(2,436,984)
Net deferred tax liabilities	—	—	—

Schedule of changes related to valuation allowance


	As of December 31,
	2024	2025
	RMB	RMB	US$
Balance at beginning of the year	(1,008,969,418)	(759,896,561)	(108,663,763)
Additions	(85,036,821)	(65,445,776)	(9,358,620)
Reversals	334,109,678	219,034,475	31,321,513
Balance at end of the year	(759,896,561)	(606,307,862)	(86,700,870)

Schedule of Reconciliation of Income Taxes Expense


	For the years ended December 31,
	2023		2024
	RMB		RMB
Income before income tax	101,474,055		157,537,018
PRC statutory income tax rate	25	%	25	%
Income tax expense at PRC statutory income tax rate	25,368,514		39,384,255
Effect of different tax rates	(25,070,403)		(97,962,122)
Tax exempted income	(198,231)		(113,208,078)
Outside basis difference	(215,985,749)		—
Expenses not deductible for tax purposes	36,882,867		13,122,045
Adjustment on current income tax of the previous periods	(18,394,143)		—
Non-deductible guarantee liability:	93,833,446		—
Write-off of NOL and others	252,778,471		450,292,380
Withholding income tax	4,427,205		23,250,000
Changes in valuation allowance	(91,301,461)		(249,072,857)
Income tax expenses	62,340,516		65,805,623
Effective tax rate	61.4	%	41.8	%


	For the years ended December 31, 2025
	Amount		Percent
	RMB		%
Income/(loss) before income tax	739,301,975		100.0	%
PRC statutory income tax rate	25.0	%	—
Computed income tax expense with PRC statutory income tax rate	184,825,494		25.0	%

Domestic tax effects
Tax exempted income	(10,955,971)		(1.5)	%
Write-off of NOL	22,301,473		3.0	%
Changes in valuation allowance	(112,048,066)		(15.2)	%
Other	7,315,121		1.0	%

Foreign tax effects
Hong Kong
Statutory tax rate difference between Hong Kong and PRC	10,150,643		1.4	%
Tax exempted income	(1,966,394)		(0.3)	%
Changes in valuation allowance	22,856,618		3.1	%
Other	5,632,510		0.8	%
Cayman
Statutory tax rate difference between Cayman and PRC	(104,556,655)		(14.1)	%
Other foreign jurisdictions	7,119,806		1.0	%

Total	30,674,579		4.1	%

Schedule of Income taxes paid, disaggregated by jurisdiction


		For the years ended December 31, 2025
		RMB		US$
Hong Kong		5,631,579		805,305
Others* (PRC, US)		160,420		22,940
Total		5,791,999		828,245

* It represents the total amount of all other tax jurisdictions where the income taxes paid is less that 5% of the total.

Investment in equity method investee

12 Months Ended

Dec. 31, 2025

Investment in equity method investee

Investment in equity method investee

7. Investment in equity method investee

The Company subscribed for 3.02% to 99.99% of the registered capital of four limited partnerships and one limited company for RMB 103 million and RMB 104 million (US$ 15 million) as of December 31, 2024 and 2025. The carrying amounts of all investments in equity method invested were RMB 146 million and RMB 127 million (US$ 18 million) as of December 31, 2024 and 2025, respectively.

Related party balances and transactions

12 Months Ended

Dec. 31, 2025

Related party balances and transactions

18. Related party balances and transactions


Name of related parties		Relationship with the Company
Luo Min		Founder, chief executive officer and controlling shareholder of the Company
Key management and their immediate families		The Company’s key management and their immediate families

There were no significant related party transactions in 2023, 2024 and 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Restricted net assets

12 Months Ended

Dec. 31, 2025

Restricted net assets

Restricted net assets

23. Restricted net assets

The Company is a holding company with no material operations of its own and conducts the operations primarily through its PRC subsidiaries and the VIEs. As an offshore holding company, the Company is permitted under PRC laws and regulations to provide funding from the proceeds of its offshore fundraising activities to its PRC subsidiaries only through loans or capital contributions, and to its VIEs only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements.

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries, VIEs and subsidiaries of the VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. The Company has not previously declared or paid any cash dividend or dividend in kind and has no plan to declare or pay any dividends in the near future.

Under PRC law, the Company’s subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after-tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and have the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. In addition, the registered capital of the PRC entities is also restricted.

23. Restricted net assets - continued

Under PRC regulations, the subsidiaries of the VIEs in the PRC with a license to provide financing guarantee service are required to provide a statutory reserve, which is appropriated from net income as reported in the Company’s statutory accounts. The Company is required to allocate 1.5% of its balance of loan principal to the statutory reserve. The statutory reserve can only be used for specific purposes and not distributable as cash dividends.

Under PRC regulations, the Company’s subsidiary in the PRC with a license to provide financing guarantee service is required to provide a statutory reserve, which is appropriated from net income as reported in the Company’s statutory accounts. The Company is required to allocate 10 % of its after-tax profits to the statutory reserve. The statutory reserve can only be used for specific purposes and not distributable as cash dividends.

Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the subsidiaries. The PRC entities are also subject to similar statutory reserve requirements. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends.

Amounts restricted that include paid-in capital and statutory reserve funds, as determined pursuant to PRC GAAP, were RMB 4,033 million and RMB 3,497 million (US$ 500 million) as of December 31, 2024 and 2025, respectively.

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property and equipment, net

Property and equipment, net


		As of December 31,
		2024		2025
		RMB		RMB		US$
Construction in progress		1,302,148,272		—		—
Leasehold improvements		15,967,920		13,615,929		1,947,052
Office and electronic equipment		11,704,829		9,951,202		1,423,003
Motor vehicles		13,402,055		10,553,180		1,509,085
Aircraft		180,292,710		172,729,570		24,700,000
Buildings		118,266,537		1,570,548,470		224,585,444
Property and equipment, gross		1,641,782,323		1,777,398,351		254,164,584
Less accumulated depreciation		54,915,306		98,571,734		14,095,570
Less impairment		833,390		833,390		119,174
Property and equipment, net		1,586,033,627		1,677,993,227		239,949,840

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

We have adopted a comprehensive risk management system to manage various risks that we face, including financial risks, operational risks, compliance risks, public opinion risks, risks associated with stability of information technology systems, cybersecurity risks and supplier management risks. Cybersecurity risk management is a core component of our overall risk management framework. We have established an array of risk management procedures to identify, assess and manage such risks, including risk identification, risk assessment, risk control and risk monitoring. We have also implemented procedural design, evaluation mechanism as well as risk grading and liability assessment mechanism to enhance our risk management. Set forth below are measures that we undertake to manage cybersecurity risks.

Cybersecurity Governance Group

We have formed a Cybersecurity Governance Group, which is led by our management and comprised of personnel from our legal department, internal audit, information technology department and various business departments, to carry out cybersecurity risk management. The cybersecurity department is a professional technical team dedicated to managing cybersecurity risks. The cyber-security department is comprised of experts in devising cyber security strategies, conducting security audits of operating source code, tracking and analyzing risks, and solving technology related troubles.

Internal Policies

Preventive Policies

We have adopted the following internal policies and procedures to prevent cybersecurity incidents:

●

Human Resource Recruitment Policy, which mandates background screening for every employee to be carried out by our human resource department before any personnel is employed;

●

The Code of Conduct, Statement of Confidentiality, and Security Policies, established by our human resource department, which set forth the appropriate procedures every employee should follow in handling personal information obtained during the ordinary course of business;

●

Data Classification Policy, which standardizes the management of data classification and protection, and ensures restricted access to confidential data only by authorized personnel;

●

System Access Management Policy, which specifies the operation process of the Group’s information technology system to ensure that access to all application system (including operational and financial critical systems) is properly assigned, monitored and terminated;

●

System Configuration Standards, which set out standards for security-related configuration in operation system and database to ensure the proper configuration and strengthening of the Group’s information infrastructure and softwares;

●

System Password Complexity Standards, which set out procedures relating to control over access control software passwords to enhance the safety and stability of our network space.

Remediation Policies

We have also adopted the following internal policies and procedures to remediate cybersecurity incidents:

●

System Operation Policy, which sets out the procedures for identifying, reporting, responding and handling of cybersecurity incidents to reduce losses caused by cybersecurity incidents and enhance business continuity;

●

System Backup Standards, which standardize the management of data backup (including full and incremental backup) and recovery, and ensures storage of critical data and all system applications and ensures data integrity and accuracy in case of system recovery.

Technical Measures

We have implemented various technical measures, such as real-time monitoring of traffic logs, host-based vulnerability scanning, transmission encryption and authentication, firewalls and intrusion prevention systems, in order to timely identify and address cybersecurity threats and protect the security and integrity of our information technology systems and data stored in our systems.

Engagement of Third-Party Service Providers

We have engaged independent auditors to conduct independent audits and assessments on our compliance with the internal control requirements under the Sarbanes-Oxley Act of 2002, and IT general controls, or ITGC, is an important part of it. ITGC audits cover cybersecurity, including information technology governance, information security (network and data security), access controls, system change management and operation maintenance management.

In addition, to comply with the requirements under the Cybersecurity Law and Data Security Law of the PRC and enhance the security of our information technology systems, we have engaged third-party agencies to perform classifications, filings, assessments and rectifications for hierarchical cybersecurity protection on a periodic basis.

We have adopted third-party security assessment procedures and data outflow control procedures to manage risks from cybersecurity threats associated with our use of any third-party service provider. We perform security assessments on third parties that provide information technology systems to us or have access to our data by assessing their basic data security capabilities, information security compliance and application security vulnerabilities. All data outbound transfers to third parties require internal approval, and upon approval, data shall be transmitted externally via email or other traceable means.

We enter into a Data Security Confidentiality Agreement with third-party suppliers before engaging them to stipulate the cybersecurity responsibilities of such third parties and remediation measures to be taken in the event of cybersecurity incidents. When data are transmitted through API interfaces, we monitor the sensitivity and volume of data involved in API calls and the authority of interfaces through API interface monitoring applications.

Risks from Cybersecurity Threats

As we generate and process a large amount of data through our platform and rely on our information technology systems for our business operations, we face risks associated with cybersecurity threats. For more details, see “Item 4. Information on the Company—D. Risk Factors—Risks Related to Our Business and Industry—Any significant disruption in the Group’s information technology systems, including events beyond our control, could prevent the Group from offering its services and products, thereby reduce the attractiveness of the Group’s services and products and result in a loss of customers”; “—If the Group is unable to protect the confidential information it has access to in its day-to-day operation and adapt to the relevant regulatory framework as to protection of such information, the Group’s business and operations may be adversely affected”; and “—Privacy concerns relating to the Group’s products and services and the use of confidential information could damage our reputation, deter current and potential users and customers from using the Group’s products and services.”

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

We have established an array of risk management procedures to identify, assess and manage such risks, including risk identification, risk assessment, risk control and risk monitoring. We have also implemented procedural design, evaluation mechanism as well as risk grading and liability assessment mechanism to enhance our risk management. Set forth below are measures that we undertake to manage cybersecurity risks.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Board of Directors Oversight [Text Block]

Our board of directors is responsible for and engaged in the oversight of our continuous efforts in monitoring, assessing and managing the risks associated with cybersecurity threats or incidents. The board reviews reports from management on material cybersecurity risks and incidents and discusses remediation plans with the management.

In addition, our audit committee is responsible for risk assessment and risk management, including risks relating to cybersecurity threats or incidents. The responsibilities of our audit committee include discussing policies with respect to risk assessment and risk management periodically with the management, internal auditors, and independent auditors, and our plans or processes to monitor, control and minimize such risks and exposures.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our board of directors is responsible for and engaged in the oversight of our continuous efforts in monitoring, assessing and managing the risks associated with cybersecurity threats or incidents.In addition, our audit committee is responsible for risk assessment and risk management, including risks relating to cybersecurity threats or incidents.

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The board reviews reports from management on material cybersecurity risks and incidents and discusses remediation plans with the management.

Cybersecurity Risk Role of Management [Text Block]

Management

Our management is informed about and monitors the prevention, detection, mitigation, and re-mediation of cybersecurity risks and incidents primarily through (i) Cybersecurity Governance Group, (ii) cybersecurity, legal and internal audit departments, and (iii) review and approval of cybersecurity-related policies and procedures.

Cybersecurity Governance Group

Our Cybersecurity Governance Group, led by our management, is in charge of cybersecurity risk management, including assessing and managing material risks from cybersecurity threats, as well as prevention (through implementation of policies and cybersecurity awareness training), detection, mitigation and remediation of cybersecurity incidents. The Cybersecurity Governance Group reports its cybersecurity work to the management through periodic meetings.

Mr. Fu has abundant experience in cybersecurity and data security. He was deeply involved in the establishment and management of information security frame-work at those companies. Mr. Fu is in charge of establishing our cybersecurity risk management framework, building up our cybersecurity governance and technical capabilities, covering network border security protection, data security and privacy compliance, and formulating cybersecurity policies and procedures that tailor to the nature of our business, with a focus on prevention, risk control and continuous improvement.

Mr. Yang is experienced in legal affairs. Prior to joining our Company, Mr. Yang served as a director at Xiamen C&D Corporation, responsible for finance, tax and legal affairs. Mr. Yang currently leads our legal department and he is in charge of interpreting and reviewing cybersecurity-related laws, regulations and policies.

Mr. Jiang is experienced in internal audit. Prior to joining our Company, Mr. Jiang served as a manager of Risk Assurance department at PwC, responsible for information technology audit and internal control advisory. Mr. Jiang currently leads our internal audit department to perform internal audits on the implementation of cybersecurity-related policies and procedures.

Cybersecurity, Legal and Internal Audit Departments

Our cybersecurity, legal and internal audit departments also perform different functions with respect to cybersecurity management. The legal department is responsible for interpreting cybersecurity-related laws and regulations and reviewing cybersecurity-related internal policies. The internal audit department is responsible for internal audits on the implementation of cyber-security-related policies and procedures. The internal audit department and the legal department jointly report to our Vice President of Finance. The cybersecurity department is responsible for formulating and implementing cybersecurity-related policies and procedures, and reports to senior director of information technology and leaders of the Cybersecurity Governance Group.

Policy Review and Approval

All cybersecurity-related internal policies shall be reviewed and approved by the management personnel in charge of the proposing department as well as the information technology department prior to adoption.

Based on information obtained through such channels, our management makes assessments of cybersecurity risks and incidents and reports the nature, origin and potential impact of cybersecurity risks and incidents to the board of directors based on an assessment of materiality so that the board can learn about material cybersecurity risks and incidents on a timely basis and make decisions accordingly.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Cybersecurity Governance Group

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

Accounts Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Receivables

Schedule of accounts receivables


		As of December 31,
		2024		2025
		RMB		RMB		US$
Accounts receivables		34,550,465		5,351,511		765,256
Allowance for credit losses		(274,956)		(236)		(34)
Accounts receivables, net		34,275,509		5,351,275		765,222

Schedule of movements of allowance for accounts receivables


		As of December 31,
		2024		2025
		RMB		RMB		US$
Balance at the beginning of the year		205,489		274,956		39,318
Additions/(reversal)		69,467		(274,720)		(39,284)
Balance at the end of the year		274,956		236		34

Organization (Tables)

12 Months Ended

Dec. 31, 2025

Organization

Schedule of Company's main subsidiaries and VIEs


			Percentage of
			legal
			ownership by
		Place of	the
Entity	Date of incorporation	incorporation	Company		Principal activities
Subsidiaries
QD Data Limited	December 2, 2016	Hong Kong (“HK”)	100	%	Investment holding
QD Technologies Limited	November 23, 2016	British Virgin Islands (“BVI”)	100	%	Investment holding
Qufenqi (Shanghai) Information Technology Co., Ltd. (“Qufenqi Shanghai” formerly known as Qufenqi (Ganzhou) Information Technology Co.）	September 5, 2016	PRC	100	%	Investment holding, research and development
Xiamen Qudian Financial Lease Ltd. (“Xiamen Financial Lease”)	April 21, 2017	PRC	100	%	Financial lease
Qufenqi (HK) Limited (“Qufenqi HK”)	April 28, 2014	HK	100	%	Investment holding
Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC	100	%	Technology development and service, sale of products
Bloomgoods Inc. (“Bloomgoods Inc.”)	June 28, 2018	Cayman Islands	100	%	Investment holding
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC	100	%	Technology development and service
Bloomgoods Limited (“Bloomgoods Limited”)	June 29, 2018	BVI	100	%	Investment holding
Bloomgoods (HK) Limited (“Bloomgoods (HK) Limited”)	May 12, 2020	HK	100	%	Investment holding
F&H EXPRESS PTY LTD (“F&H EXPRESS PTY”)	December 9, 2022	Australia	100	%	Delivery service
LAST MILE EXPRESS PTY LTD (“LAST MILE EXPRESS”)	October 17, 2022	Australia	100	%	Delivery service
VIEs
Xiamen Quxianxiang Time Technology Co., Ltd. (“Xiamen Quxianxiang”)	April 9, 2014	PRC	Nil		Technology development and service, sale of products
Xiamen Lexiang Time Technology Co., Ltd. (“Xiamen Lexiang”)	November 25, 2016	PRC	Nil		Technology development service, sale of products and educational services

Schedule of financial statements information of VIEs


	As of December 31,
	2024	2025
	RMB	RMB	US$
Amounts due from group companies	488,678,227	529,739,389	75,751,725
Other current assets*	4,097,569,900	5,099,441,409	729,210,423
Total current assets	4,586,248,127	5,629,180,798	804,962,148
Total non-current assets**	2,623,967,844	1,880,476,320	268,904,537
Total assets	7,210,215,971	7,509,657,118	1,073,866,685
Amounts due to group companies	5,099	13,305,968	1,902,728
Other current liabilities	8,300,951	43,004,982	6,149,631
Total current liabilities	8,306,050	56,310,950	8,052,359
Total liabilities	8,306,050	56,310,950	8,052,359


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Revenues	47,770,942	198	2,914,256	416,733
Net income /(loss)***	171,107,836	(448,652,409)	279,960,596	40,033,833


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Net cash provided by/ (used in) operating activities	1,132,978,031	(1,349,175,834)	(122,542,784)	(17,523,385)
Net cash provided by/ (used in) investing activities	1,449,584,102	(561,586,008)	173,360,780	24,790,262
Net cash (used in) financing activities	(111,291,410)	(156,112,319)	—	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of consolidation

Use of estimates

Revenue recognition

The Company generates revenues primarily by providing delivery services, ready-to-cook meal products and others.

●	Identify the contract(s) with a customer;

●	Identify the performance obligations in the contract;

●	Determine the transaction price;

●	Allocate the transaction price to the performance obligations in the contract; and

●	Recognize revenue when (or as) the entity satisfies a performance obligation.

Sales income

Delivery services income

Cost of delivery services income and other revenues

Leases

Operating leases

Land lease right of use asset

Foreign currency translation and transactions

Restricted cash and cash equivalents

Short-term investments and structured deposits

Time deposit

Derivative instruments

Account Receivables.net

Account receivables were RMB 34,275,509 and RMB 5,351,275 (US$ 765,222) as of December 31, 2024 and 2025 respectively, net of allowance of RMB 274,956 and RMB 236 (US$ 34), respectively.

Long-term investments

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method.

Borrowings

Treasury shares

Property and equipment, net


	Estimated	Estimated
Category	Useful Life	Residual
Office and electronic equipment	3-10 years	Nil%-5	%
Motor vehicles	4 years	5	%
Aircraft	10 years	5	%
Building	30 years	5	%
Leasehold improvements	Over the shorter of the expected life of leasehold improvements or the lease term	Nil	%

Costs associated with the repair and maintenance of property and equipment are expenses as incurred.

Construction represents building construction costs and unfinished leasehold improvements.

Intangible assets

Research and development

Impairment of long-lived assets, including intangible assets with definite lives

Employee defined contribution plan

Advertising costs

Government grants

Value added taxes

Goods and services tax ('GST')

Goods and services tax (‘GST’)

Income taxes

Segment information

Fair value measurements of financial instruments

Fair value measurements

Level 1-Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 3-Unobservable inputs which are supported by little or no market activity

Earnings/(loss) per share

Diluted earnings/(loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares.

The dilutive effect from the dilutive effect of share options is reflected in diluted EPS using the treasury stock method.

Share-based payments

The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (“ASC 718”).

Convenience translation for financial statements presentation

Investment in equity method investee

Significant risks and uncertainties

Currency convertibility risk

Concentration of credit risk

Borrower default risk

Financial assets that potentially expose the Company to borrower default risk are finance lease receivables.

The Company manages borrower default risk on their payment for finance lease receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances.

Interest rate risk

Business and economic risk

Concentration risk of revenue and customers

For the year ended December 31, 2023, two customers, Customer D and Customer C, accounted for 36% and 13% of total revenue, representing approximately RMB 45,749,204 and RMB 16,198,314 respectively.

The Company monitors these concentrations as part of its standard business practices.

Recently Adopted Accounting Pronouncements

New and Amended Standards Not Adopted by the Company

Interest and investment income, net - Gain/(loss) on derivative instruments (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Interest and investment income, net
Unrealized investment (loss)/income of derivative instruments	¥ 151,074,089	$ 21,603,307	¥ 222,975,608	¥ (149,741,836)
Realized investment income/(loss) of derivative instruments	37,636,493	5,381,947	(203,518,248)	303,576,774
Total	¥ 188,710,582	$ 26,985,254	¥ 19,457,360	¥ 153,834,938

Short-term investments

12 Months Ended

Dec. 31, 2025

Short-term investments

Short-term investments

3. Short-term investments

The following table presents short-term investments classification as of December 31, 2024 and 2025.


		As of December 31,
		2024		2025
		RMB		RMB		US$
Debt securities:
Wealth management products, government bonds, or products issued by banks or security/trust companies		178,821,757		117,501,734		16,802,524
Equity securities:
Marketable equity securities		939,725,698		761,723,058		108,924,949
Short-term investments		1,118,547,455		879,224,792		125,727,473

Subsequent events

12 Months Ended

Dec. 31, 2025

Subsequent events

Subsequent events

25. Subsequent events

Subsequent to December 31, 2025, Qufenqi (Shanghai) Information Technology Co., Ltd., a wholly-owned subsidiary of the Company, entered into a capital increase agreement with Xiamen Lexiang and invested in Xiamen Lexiang to obtain direct equity control over Xiamen Lexiang. As a result of the investment, the Company continues to consolidate Xiamen Lexiang through the voting interest model.

As of April 6, 2026, the Company repurchased an aggregate of 1,480,454 ADSs, representing 1,480,454 Class A ordinary shares, at an average price of US$ 2.6968 per ADS, for US$ 3,992,448 (RMB 27,477,627).

Other current assets (Tables)

12 Months Ended

Dec. 31, 2025

Other current assets

Schedule of other current assets


				As of December 31,
				2024		2025
				RMB		RMB		US$
Prepayment				28,947,278		6,527,809		933,464
Inventory		5.1		10,674,018		54,679,786		7,819,105
Receivables from third party payment service providers				12,693,037		185,566		26,536
Receivables from Funding Partners and other service providers				24,435,473		21,332,155		3,050,458
Receivable from broker for derivative collateral				267,280,381		824,279,618		117,870,418
Deposits prepaid to securities companies				1,231,094,816		369,603,877		52,852,651
Others		5.2		430,728,834		254,059,186		36,329,980
Total				2,005,853,837		1,530,667,997		218,882,612
Less: Allowance for other current assets				(72,671,045)		(77,493,926)		(11,081,484)
				1,933,182,792		1,453,174,071		207,801,128

5.1The Company’s inventory has balance of RMB 55 million (US$8 million) as of December 31, 2025, which mainly consists of AI robots in AI pet sales business and others related to those wind-down business, with an impairment loss of RMB 46 million (US$7 million) for the year ended December 31, 2025.

5.2Others include borrowings to third - party individuals of RMB 46 million and RMB 47 million as of December 31, 2024 and 2025, respectively. Maturity dates of these borrowings range from January 15, 2022 to July 1, 2026, and the interest rates range from 0.00% to 5.50%. The borrowings are partially secured by certain financial and real estate assets.

Schedule of allowance for other current assets


	As of December 31,
	2024	2025
	RMB	RMB	US$
Balance at the beginning of the year	116,860,992	72,671,045	10,391,821
Additions/(reversal)	(15,572,138)	5,587,076	798,941
Charge-offs	(28,617,809)	(764,195)	(109,278)
Balance at the end of the year	72,671,045	77,493,926	11,081,484

Provision for/(Reversal of) expected credit losses for receivables and other assets (Tables)

12 Months Ended

Dec. 31, 2025

Provision for/(Reversal of) expected credit losses for receivables and other assets

Schedule of provision for/(reversal of) expected credit losses for receivables and other assets


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Collection of return of finance lease receivables	(4,954,732)	(2,848,564)	(1,946,105)	(278,289)
Expected credit loss/(reversal) for accounts receivables	199,711	105,538	(281,983)	(40,323)
Expected credit loss/(reversal) for other current assets	29,314,107	(14,764,657)	4,822,880	689,663
Expected credit loss/(reversal) for other non-current assets	94,462	(1,108,096)	(473,144)	(67,659)
Total	24,653,548	(18,615,779)	2,121,648	303,392

Treasury shares

12 Months Ended

Dec. 31, 2025

Treasury shares

Treasury shares

22. Treasury shares

On June 11, 2022, the Board of Directors of the Company authorized the company to implement a share repurchase program to repurchase from time to time of up to US$200 million worth of ADSs, each representing one Class A ordinary share, par value US$ 0.0001 per share, of the Company over a period of 24 months starting from July 2022.

On March 18,2024, the Board of Directors of the Company authorized the company implement a share repurchase program to repurchase from time to time of up to time of up to US$300 million worth of ADSs, each representing one Class A ordinary share, par value US$ 0.0001 per share, of the Company over a period of 36 months starting from June 2024.

As of December 31, 2025, the Company repurchased an aggregate of 181,417,608 ADSs, representing 181,417,608 Class A ordinary shares under the share repurchase program, at an average price of US$ 4.2407 per ADS, for US$ 769,338,518 (RMB 5,380,061,190). As of December 31, 2025, 71,645,824 shares were canceled, and 1,652,188 shares were used for exercise of share options. The remaining balance of treasury shares represents 108,119,596 Class A ordinary shares, at an average price of US$ 2.2703 per ADS, for US$ 245,458,571 (RMB1,716,516,330). These shares were recorded at their purchase cost on the consolidated balance sheets and have not been cancelled as of December 31, 2025.

The total cost of treasury shares as of December 31, 2023, 2024 and 2025 was RMB 899,627,520, RMB 1,419,285,878 and RMB 1,716,516,330 (US$ 245,458,571), respectively. The Company may retire such treasury shares, in which case they will resume the status of authorized but unissued shares.

Earnings per share - Computation of diluted earnings per share (Details) ¥ / shares in Units, $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Class A ordinary shares
Numerator:
Allocation of net income attributable to HTT for diluted computation	¥ 439,063,867	$ 62,785,298	¥ 60,715,780	¥ 27,952,696
Reallocation of net income attributable to HTT as a result of conversion of Class B to Class A shares	269,563,529	38,547,072	31,015,615	11,180,843
Allocation of net income attributable to HTT	¥ 708,627,396	$ 101,332,370	¥ 91,731,395	¥ 39,133,539
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	98,630	98,630	119,370	153,790
Conversion of Class B to Class A ordinary shares	63,490	63,490	63,490	63,490
Adjustments for dilutive share options	4,790	4,790	4,920	4,940
Denominator used for diluted earnings per share	166,910	166,910	187,780	222,220
Earnings per share - diluted \| (per share)	¥ 4.25	$ 0.61	¥ 0.49	¥ 0.18
Class B ordinary shares
Numerator:
Allocation of net income attributable to HTT for diluted computation	¥ 269,563,529	$ 38,547,072	¥ 31,015,615	¥ 11,180,843
Allocation of net income attributable to HTT	¥ 269,563,529	$ 38,547,072	¥ 31,015,615	¥ 11,180,843
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	63,490	63,490	63,490	63,490
Denominator used for diluted earnings per share	63,490	63,490	63,490	63,490
Earnings per share - diluted \| (per share)	¥ 4.25	$ 0.61	¥ 0.49	¥ 0.18

Accounts Receivables- Movements of allowance for accounts receivables - (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accounts Receivables
Balance at the beginning of the year	¥ 274,956	$ 39,318	¥ 205,489
Additions/(reversal)	(274,720)	(39,284)	69,467
Balance at the end of the year	¥ 236	$ 34	¥ 274,956

Leases - Future minimum rental payments for operating leases (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Leases
1 year (Including 1 year)	¥ 4,396,500	$ 628,691	¥ 19,881,698
1 year to 2 years (Including 2 years)	718,780	102,784	15,925,475
2 years to 3 years (Including 3 years)			10,233,700
3 years to 4 years (Including 4 years)			9,335,618
4 years to 5 years (Including 5 years)			6,713,328
Over 5 years			14,278,622
Total lease payments	5,115,280	731,475	76,368,441
Less: imputed interest	227,400	32,518	8,965,407
Present value of lease liabilities	4,887,880	698,958	67,403,034
Less: Current portion	(4,232,810)	(605,284)	(18,696,986)
Long-term lease liabilities	¥ 655,070	$ 93,674	¥ 48,706,048

Fair value measurements

12 Months Ended

Dec. 31, 2025

Fair value measurements

Fair value measurements

17. Fair value measurements

Assets and liabilities disclosed at fair value

Cash and cash equivalents and restricted cash are classified as Level 1, as their carrying amounts approximate fair value based on quoted market prices in active markets. Time and structured deposits are classified as Level 2; their fair value is estimated using prevailing interest rates. Short-term investments consist of: (i) publicly traded stocks and funds, which are classified as Level 1 assets using quoted market prices; and (ii) restricted securities, classified as Level 2 as their fair value is determined based on quoted market prices adjusted for a lack of marketability discount due to Rule 144 restrictions. Private equity funds and trust products assets using net value provided by securities companies, which are classified as Level 2 assets as there are no active markets for these products. The Company’s other financial instruments included account receivables, short-term borrowing and certain amount of accrued expense and other liabilities as well as prepaid expense and other current asset. The carrying values of these financial instruments approximate to their fair values due to their short-term maturities.

Assets measured at fair value on a nonrecurring basis

The Company measures its property and equipment, intangible assets and equity method investment at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. The fair value measurements are classified within Level 3 as their valuation involves unobservable inputs.

The Company also measures equity investments without readily determinable fair values on a nonrecurring basis. The non-recurring fair value measurements to the carrying amount of such investments usually require management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer from an observable price change in an orderly transaction and the investment held by the Company. These non-recurring fair value measurements were measured as of the observable transaction dates. The valuation methodologies involved require management to use the observable transaction price at the transaction date (level 2). When there is impairment of equity securities accounted for under the measurement alternative, the non-recurring fair value measurements are measured at the date of impairment. Estimating the fair value of investees is highly judgmental due to the subjectivity of the unobservable inputs (level 3) used in the valuation methodologies used to determine fair value.

Assets and liabilities measured at fair value on a recurring basis

The Company measured its short-term investments, derivative instruments, at fair value on a recurring basis. The Company measures its short-term investments at fair value using the redemption price of wealth management products (level 1) daily or net value (level 2) on a regular basis published by the banks or trust companies, quoted prices of marketable equity securities (level 1), restricted equity securities in listed companies (level 2), which are valued based on the quoted market price of the identical unrestricted common shares adjusted for a lack of marketability discount, and negotiable certificate of deposit in active markets (level 1). The fair value of derivative instruments is based on the change in the market value of the underlying ADSs and periodic interest (level 2). For equity investments in private equity funds, over which the Company do not have the ability to exercise significant influence, are measured using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), or NAV practical expedient. The Company did not transfer any assets or liabilities in or out of level 3 during the years ended December 31, 2024 and 2025.

17. Fair value measurements - continued

Assets and liabilities measured at fair value on a recurring basis - continued

The following table summarizes the Company’s financial assets and liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2024 and 2025:


		As of December 31, 2024
		Active market		Observable		Non-observable
		(Level 1)		input (Level 2)		input (Level 3)		Total
		RMB		RMB		RMB		RMB
Assets:
Short-term investments		1,091,582,140		26,965,315		—		1,118,547,455
Long-term investments without readily determinable fair value using NAV practical expedient¹		—		—		—		15,163,357
Liabilities:
Derivative instruments		—		89,894,630		—		89,894,630


		As of December 31, 2025
		Active market		Observable		Non-observable
		(Level 1)		input (Level 2)		input (Level 3)		Total
		RMB		RMB		RMB		RMB
Assets:
Short-term investments		768,234,872		110,989,920		—		879,224,792
Long-term investments without readily determinable fair value using NAV practical expedient¹		—		—		—		14,700,093
Derivative instruments		—		113,191,365		—		113,191,365
Liabilities:
Derivative instruments		—		52,011,906		—		52,011,906


		As of December 31, 2025
		Active market		Observable		Non-observable
		(Level 1)		input (Level 2)		input (Level 3)		Total
		US$		US$		US$		US$
Assets:
Short-term investments		109,856,126		15,871,348		—		125,727,473
Long-term investments without readily determinable fair value using NAV practical expedient¹		—		—		—		2,102,085
Derivative instruments		—		16,186,150		—		16,186,150
Liabilities:
Derivative instruments		—		7,437,604		—		7,437,604

¹ Investments are measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Share-based Compensation - Additional Information (Detail)			12 Months Ended
	Dec. 09, 2016 ¥ / shares shares	Dec. 09, 2016 $ / shares shares	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Share-based compensation
Share-based compensation expense			¥ 0	$ 0	¥ 2,257,795	¥ 4,935,782
Total intrinsic value of options exercised			4,685,077	669,957	3,938,396	3,056,001
Total fair value of shares vested			0	$ 0	2,257,960	¥ 29,797,645
2016 Plan
Share-based compensation
Options expiration period	10 years	10 years
Total intrinsic value of options exercised \| ¥			¥ 4,685,077		¥ 3,938,396
Shares reserved for issuance \| shares	1,000,000	1,000,000
Exercise price, options per share. \| (per share)	¥ 0.0006	$ 0.0001
2016 Plan \| Minimum
Share-based compensation
Options vesting period	3 years	3 years
2016 Plan \| Maximum
Share-based compensation
Options vesting period	5 years	5 years

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2025

Short-term investments

Schedule of short-term Investments


		As of December 31,
		2024		2025
		RMB		RMB		US$
Debt securities:
Wealth management products, government bonds, or products issued by banks or security/trust companies		178,821,757		117,501,734		16,802,524
Equity securities:
Marketable equity securities		939,725,698		761,723,058		108,924,949
Short-term investments		1,118,547,455		879,224,792		125,727,473

Other current assets - Allowance for other current assets (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Other current assets
Balance at the beginning of the year	¥ 72,671,045	$ 10,391,821	¥ 116,860,992
Additions/(reversal)	5,587,076	798,941	(15,572,138)
Charge-offs	(764,195)	(109,278)	(28,617,809)
Balance at the end of the year	¥ 77,493,926	$ 11,081,484	¥ 72,671,045

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair value measurements

Summary of financial assets and liabilities measured at fair value on a recurring basis


		As of December 31, 2024
		Active market		Observable		Non-observable
		(Level 1)		input (Level 2)		input (Level 3)		Total
		RMB		RMB		RMB		RMB
Assets:
Short-term investments		1,091,582,140		26,965,315		—		1,118,547,455
Long-term investments without readily determinable fair value using NAV practical expedient¹		—		—		—		15,163,357
Liabilities:
Derivative instruments		—		89,894,630		—		89,894,630


		As of December 31, 2025
		Active market		Observable		Non-observable
		(Level 1)		input (Level 2)		input (Level 3)		Total
		RMB		RMB		RMB		RMB
Assets:
Short-term investments		768,234,872		110,989,920		—		879,224,792
Long-term investments without readily determinable fair value using NAV practical expedient¹		—		—		—		14,700,093
Derivative instruments		—		113,191,365		—		113,191,365
Liabilities:
Derivative instruments		—		52,011,906		—		52,011,906


		As of December 31, 2025
		Active market		Observable		Non-observable
		(Level 1)		input (Level 2)		input (Level 3)		Total
		US$		US$		US$		US$
Assets:
Short-term investments		109,856,126		15,871,348		—		125,727,473
Long-term investments without readily determinable fair value using NAV practical expedient¹		—		—		—		2,102,085
Derivative instruments		—		16,186,150		—		16,186,150
Liabilities:
Derivative instruments		—		7,437,604		—		7,437,604

Short-term borrowings

12 Months Ended

Dec. 31, 2025

Short-term borrowings

Short-term borrowings

10. Short-term borrowings

In 2024, the Company entered into a loan contract with the Hong Kong Branch of Zheshang Bank through the method of internal guarantee for external loan. This contract enables the company to borrow RMB 720 million. The credit carries an interest rate of 4.40%. The Company has repaid all borrowings in August 2025, and the credit facility has been terminated.

In July 2025, Qufenqi HK, a subsidiary of the Company, entered into a credit loan agreement with Macao Development Bank for a principal amount of RMB140 million. The loan carries an annual interest rate of 3.00%. The principal, together with accrued interest and a 0.5% financing arrangement fee, is due in a lump sum upon maturity in July 2026.

In September 2025, the Company entered into two loan contracts with the Hong Kong Branch of Zheshang Bank under an internal guarantee for external loan structure. The total principal amount borrowed was RMB1,436 million (consisting of two tranches of RMB720 million and RMB716 million, respectively). These loans bear a fixed annual interest rate of 2.40%, with interest payable semi-annually. Both tranches are scheduled to mature in September 2026. These borrowings are secured by standby letters of credit issued by domestic banks in China, which are in turn collateralized by the Company’s restricted cash or other assets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2024	2025
	RMB	RMB	US$
Accrued payroll	7,290,249	1,428,821	204,319
Tax payables	3,758,066	6,816,712	974,777
Payable to suppliers	115,793,122	153,182,488	21,904,804
Payable to external service providers	19,447,813	20,839,700	2,980,037
Payable to funding partner	50,365,126	50,013,688	7,151,862
Business deposits	5,593,315	5,493,315	785,534
Others	59,830,173	52,476,646	7,504,061
Total	262,077,864	290,251,370	41,505,394

Summary of Significant Accounting Policies - Additional information (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥) segment $ / ¥	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($) $ / ¥	Dec. 31, 2024 USD ($)	May 31, 2015 CNY (¥)
Summary Of Significant Accounting Policies
Land use right, term	33 years	33 years
Allowance for credit loss	¥ 0		¥ 0		¥ 0
Interest income from held-to maturity investments	22,823,764	$ 3,263,755	51,034,427		80,693,057
Investment income from other short-term investments carried at fair value	862,264,850	123,302,234	315,013,325		77,394,955
Total notional amount	824,279,618		267,280,381			$ 117,870,418
loss from decrease in value of excluded component	52,011,906	7,437,604	89,894,630
Gain from increase in value of excluded component	113,191,365	16,186,150	0
Derivative collateral right to reclaim cash	824,279,618		267,280,381			117,870,418
Account receivables	5,351,275		34,275,509			765,222
Allowance for account receivables, net	236		274,956		205,489	$ 34	$ 39,318
Impairment loss recognized	0
Defined contribution plan expensed incurred	18,416,589	2,633,537	19,125,406		14,321,884
Advertising costs	3,992,262	570,886	53,979		946,664
Government grants	51,796	7,407	175,519		5,483,308
VAT incurred	¥ 57,324,548	$ 8,197,301	52,519,936		26,906,439
Operating segment \| segment	1	1
Number of reportable segments \| segment	1	1
Exchange rate \| $ / ¥	6.9931					6.9931
Deposits in the licensed banks								¥ 500,000
Revenues	¥ 40,963,626	$ 5,857,721	¥ 216,428,374		¥ 126,338,353
Concentration of credit risk \| Financial assets \| China Merchants Bank Company Limited
Summary Of Significant Accounting Policies
Concentration risk, percentage	10.00%	10.00%	22.00%	22.00%
Financial assets	¥ 1,171,000,000		¥ 1,831,000,000			$ 167,000,000	$ 251,000,000
Concentration of credit risk \| Financial assets \| China Zheshang Bank Co., Ltd
Summary Of Significant Accounting Policies
Concentration risk, percentage	20.00%	20.00%
Financial assets	¥ 2,289,000,000					327,000,000
Concentration of credit risk \| Accounts receivable \| Customer A
Summary Of Significant Accounting Policies
Concentration risk, percentage			26.00%	26.00%
Revenues \| $				$ 9,028,752
Concentration of credit risk \| Accounts receivable \| Customer B
Summary Of Significant Accounting Policies
Concentration risk, percentage			27.00%	27.00%
Revenues \| $				$ 9,300,571
Concentration of credit risk \| Accounts receivable \| Customer C
Summary Of Significant Accounting Policies
Concentration risk, percentage			38.00%	38.00%
Revenues \| $				$ 13,291,323
Customer concentration risk \| Revenue benchmark \| Customer A
Summary Of Significant Accounting Policies
Concentration risk, percentage	24.00%	24.00%	10.00%	10.00%
Revenues	¥ 9,634,779	$ 1,377,755	¥ 22,125,951
Customer concentration risk \| Revenue benchmark \| Customer B
Summary Of Significant Accounting Policies
Concentration risk, percentage	19.00%	19.00%	22.00%	22.00%
Revenues	¥ 7,872,475	$ 1,125,749	¥ 47,629,353
Customer concentration risk \| Revenue benchmark \| Customer C
Summary Of Significant Accounting Policies
Concentration risk, percentage	10.00%	10.00%	39.00%	39.00%	13.00%
Revenues	¥ 4,261,328	$ 609,362	¥ 83,463,994		¥ 16,198,314
Customer concentration risk \| Revenue benchmark \| Customer D
Summary Of Significant Accounting Policies
Concentration risk, percentage			11.00%	11.00%	36.00%
Revenues			¥ 24,452,405		¥ 45,749,204
Customer concentration risk \| Accounts receivable \| Customer A
Summary Of Significant Accounting Policies
Account receivables	¥ 5,230,801					747,995
Concentration risk, percentage	98.00%	98.00%
Xiamen Youqi Technology Co., Ltd. and other companies
Summary Of Significant Accounting Policies
Applicable tax rate	3.00%	3.00%
Computer software
Summary Of Significant Accounting Policies
Research and development costs capitalized	¥ 0
Minimum
Summary Of Significant Accounting Policies
Intangible assets estimated useful lives	P1Y	P1Y
Minimum \| Other Subsidiaries
Summary Of Significant Accounting Policies
Applicable tax rate	6.00%	6.00%
Maximum
Summary Of Significant Accounting Policies
Intangible assets estimated useful lives	P10Y	P10Y
Maximum \| Other Subsidiaries
Summary Of Significant Accounting Policies
Applicable tax rate	13.00%	13.00%
Swap
Summary Of Significant Accounting Policies
Derivative collateral right to reclaim cash	¥ 824,279,618		267,280,381			$ 117,870,418
CICC, CITIC and GF \| Swap
Summary Of Significant Accounting Policies
Prepaid for new contracts to be entered into	¥ 369,603,877	$ 52,852,651	¥ 1,231,094,816

Organization - Schedule of Company's Subsidiaries, VIE and Subsidiaries of VIE (Details)	12 Months Ended
	Dec. 31, 2025
QD Data Limited
Organization
Place of incorporation	Hong Kong (“HK”)
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
QD Technologies Limited
Organization
Place of incorporation	British Virgin Islands (“BVI”)
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Qufenqi (Shanghai) Information Technology Co., Ltd. ("Qufenqi Shanghai" formerly known as Qufenqi (Ganzhou) Information Technology Co.
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding, research and development
Xiamen Qudian Financial Lease Co., Ltd. ("Xiamen Financial Lease")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Financial lease
Qufenqi (HK) Limited ("Qufenqi HK")
Organization
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service, sale of products
Bloomgoods Inc. ("Bloomgoods Inc.")
Organization
Place of incorporation	Cayman Islands
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Happy Time Technology Co., Ltd. ("Xiamen Happy Time")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service
Bloomgoods Limited ("Bloomgoods Limited")
Organization
Place of incorporation	BVI
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Bloomgoods (HK) Limited ("Bloomgoods (HK) Limited")
Organization
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
F&H EXPRESS PTY LTD ("F&H EXPRESS PTY")
Organization
Place of incorporation	Australia
Percentage of legal ownership by the Company	100.00%
Principal activities	Delivery service
LAST MILE EXPRESS PTY LTD ("LAST MILE EXPRESS")
Organization
Place of incorporation	Australia
Percentage of legal ownership by the Company	100.00%
Principal activities	Delivery service
Xiamen Quxianxiang Time Technology Co., Ltd. ("Xiamen Quxianxiang")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products
Xiamen Lexiang Time Technology Co., Ltd. ("Xiamen Lexiang")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development service, sale of products and educational services

Condensed financial information of the parent company - Condensed balance sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Class A Ordinary shares
Condensed balance sheet
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	656,508,828	656,508,828
Ordinary shares, issued	201,304,881	201,304,881
Ordinary shares, outstanding	93,185,285	105,198,013
Class B Ordinary shares
Condensed balance sheet
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	63,491,172	63,491,172
Ordinary shares, issued	63,491,172	63,491,172
Ordinary shares, outstanding	63,491,172	63,491,172
Parent Company \| Reportable legal entity \| Class A Ordinary shares
Condensed balance sheet
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	656,508,828	656,508,828
Ordinary shares, issued	201,304,881	201,304,881
Ordinary shares, outstanding	93,185,285	105,198,013
Parent Company \| Reportable legal entity \| Class B Ordinary shares
Condensed balance sheet
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	63,491,172	63,491,172
Ordinary shares, issued	63,491,172	63,491,172
Ordinary shares, outstanding	63,491,172	63,491,172

Organization - Additional Information (Details)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Organization
Net asset of VIE, not pledged		¥ 13,612,910,787	$ 1,946,620,353	¥ 12,464,227,285
Variable Interest Entity
Organization
Net asset of VIE, not pledged		7,509,657,118	1,073,866,685	7,210,215,971
Asset not pledged as collateral \| Variable Interest Entity
Organization
Net asset of VIE, not pledged		¥ 7,453,000,000	$ 1,066,000,000	¥ 7,202,000,000
Xiamen Happy Time Technology Co., Ltd. ("Xiamen Happy Time") \| Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian")
Organization
Investment amount	¥ 99,900,000

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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+ Details

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based compensation

Summary of share option activity


								Weighted
								average
								remaining		Aggregated
				Weighted average		Weighted average		contractual		intrinsic
		Number of options		exercise price		grant date fair value		term		value
				RMB		RMB		Years		RMB
Balance, December 31, 2023		9,174,361		—		17.44		4.32		132,873,059
Exercised		(254,326)		—		28.02		2.93		3,938,396
Forfeited		—		—		—		—		—
Balance, December 31, 2024		8,920,035		—		33.17		3.42		183,603,721
Exercised		(164,628)		—		26.91		—		4,685,077
Forfeited		—		—		—		—		—
Balance, December 31, 2025		8,755,407		—		32.67		2.34		217,351,278
Vested and Exercisable as of December 31, 2025		8,755,407		—		32.67		2.34		217,351,278

Summary of allocated share-based compensation expense


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB		US$
Sales and marketing		265,862		299,806		—		—
General and administrative		4,649,664		1,754,168		—		—
Research and development		20,256		203,821		—		—
Total		4,935,782		2,257,795		—		—

Property and equipment, net

12 Months Ended

Dec. 31, 2025

Property and equipment, net

Property and equipment, net

9. Property and equipment, net


		As of December 31,
		2024		2025
		RMB		RMB		US$
Construction in progress		1,302,148,272		—		—
Leasehold improvements		15,967,920		13,615,929		1,947,052
Office and electronic equipment		11,704,829		9,951,202		1,423,003
Motor vehicles		13,402,055		10,553,180		1,509,085
Aircraft		180,292,710		172,729,570		24,700,000
Buildings		118,266,537		1,570,548,470		224,585,444
Property and equipment, gross		1,641,782,323		1,777,398,351		254,164,584
Less accumulated depreciation		54,915,306		98,571,734		14,095,570
Less impairment		833,390		833,390		119,174
Property and equipment, net		1,586,033,627		1,677,993,227		239,949,840

Depreciation expense, for the years ended December 31, 2023, 2024 and 2025, was RMB 14 million, RMB 21 million and RMB 50 million (US$ 7 million), respectively.

For the years ended December 31, 2023, 2024 and 2025, the interest cost incurred and capitalized was RMB 2 million, RMB nil and RMB nil (US$ nil), respectively.

In 2025 and 2024, the Company capitalized buildings at a cost of RMB 1,452 million (US$ 208 million) and RMB 118 million, respectively, to support its business expansion initiatives. In 2024, the depreciation expense for the aircraft was RMB 17 million, while no depreciation expenses were recorded for the buildings as they were capitalized in December 2024. In May 2025, these buildings were completed and transferred from construction in progress to buildings. Consequently, in 2025, the depreciation expense for the aircraft and the buildings was RMB 17 million (US$ 2 million) and RMB 31 million (US$ 4 million), respectively.

The total net value of the aircraft and buildings was RMB 271 million and RMB 1,670 million (US$ 239 million) as of December 31, 2024 and 2025, respectively.

For the years ended December 31, 2023, 2024 and 2025, the carrying amounts of the disposed property and equipment were RMB 2,817,196, RMB 816,244 and RMB 3,582,671 (US$ 512,315), respectively. The loss from disposal of property and equipment was RMB 2,568,274, RMB 690,098 and RMB 982,761 (US$ 140,533) for the years ended December 31, 2023, 2024 and 2025, respectively.

Earnings per share - Computation of basic and diluted earnings per share (Details) - American Depositary Shares shares in Thousands	12 Months Ended
	Dec. 31, 2025 ¥ / shares shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 ¥ / shares shares	Dec. 31, 2023 ¥ / shares shares
Earnings/(loss) per share - ADS:
Weighted average number of ordinary share outstanding- basic	98,630	98,630	119,370	153,790
Weighted average number of ordinary share outstanding- diluted	103,420	103,420	124,290	158,730
Earnings per share - basic \| (per share)	¥ 4.37	$ 0.63	¥ 0.5	¥ 0.18
Earnings per share - diluted \| (per share)	¥ 4.25	$ 0.61	¥ 0.49	¥ 0.18

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Document Entity Information - shares	12 Months Ended
Document Entity Information - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Document Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2025
Entity File Number	001-38230
Entity Registrant Name	High Templar Tech Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	No. 101, Meishe Road, Meilin Street
Entity Address, Address Line Two	Tongan District
Entity Address, City or Town	Xiamen
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001692705
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	5395	5395	1408
Auditor Name	Marcum Asia CPAs LLP	Marcum Asia CPAs LLP	Ernst & Young Hua Ming LLP
Auditor Location	New York, New York	New York, New York	Shanghai, the People’s Republic of China
Business Contact
Document Entity Information
Entity Address, Address Line One	No. 101, Meishe Road, Meilin Street
Entity Address, Address Line Two	Tongan District,
Entity Address, City or Town	Xiamen
Entity Address, Country	CN
Contact Personnel Name	Min Luo
Country Region	86
City Area Code	592
Local Phone Number	596-8208
Contact Personnel Email Address	ir@hightemplar.com
Class A ordinary shares
Document Entity Information
Title of 12(b) Security	Class A Ordinary Shares
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	93,185,285
Class B ordinary shares
Document Entity Information
Entity Common Stock, Shares Outstanding	63,491,172
American Depositary Shares
Document Entity Information
Title of 12(b) Security	American Depositary Shares
Trading Symbol	HTT
Security Exchange Name	NYSE

Restricted net assets (Details) ¥ in Millions, $ in Millions	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	10.00%	10.00%
Percentage of loan principle balance allocate to statutory reserve	1.50%	1.50%
Amounts restricted include paid-in capital and statutory reserve funds	¥ 3,497	$ 500	¥ 4,033
Minimum
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	10.00%	10.00%
Maximum
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	50.00%	50.00%

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings per share

Schedule of computation of basic earnings per share


	For the years ended December 31,
	2023		2024		2025
	RMB	RMB	RMB	RMB	RMB	US$	RMB	US$
	Class A	Class B	Class A	Class B	Class A	Class A	Class B	Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to High Templar Tech Limited for basic computation	27,698,446	11,435,093	59,881,000	31,850,395	431,112,989	61,648,338	277,514,407	39,684,032
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic	153.79	63.49	119.37	63.49	98.63	98.63	63.49	63.49
Denominator used for basic earnings per share	153.79	63.49	119.37	63.49	98.63	98.63	63.49	63.49
Earnings per share – basic	0.18	0.18	0.50	0.50	4.37	0.63	4.37	0.63

Schedule of computation of diluted earnings per share


		For the years ended December 31,
		2023				2024				2025
		RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
		Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – diluted:
Numerator:
Allocation of net income attributable to HTT for diluted computation		27,952,696		11,180,843		60,715,780		31,015,615		439,063,867		62,785,298		269,563,529		38,547,072
Reallocation of net income attributable to HTT as a result of conversion of Class B to Class A shares		11,180,843		—		31,015,615		—		269,563,529		38,547,072		—		—
Allocation of net income attributable to HTT		39,133,539		11,180,843		91,731,395		31,015,615		708,627,396		101,332,370		269,563,529		38,547,072
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		153.79		63.49		119.37		63.49		98.63		98.63		63.49		63.49
Conversion of Class B to Class A ordinary shares		63.49		—		63.49		—		63.49		63.49		—		—
Adjustments for dilutive share options		4.94		—		4.92		—		4.79		4.79		—		—
Denominator used for diluted earnings per share		222.22		63.49		187.78		63.49		166.91		166.91		63.49		63.49
Earnings per share – diluted		0.18		0.18		0.49		0.49		4.25		0.61		4.25		0.61

Schedule of computation of basic and diluted earnings per ADS


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB		US$
		Class A		Class A		Class A		Class A
Earnings per share – ADS:
Denominator used for earnings per ADS – basic		153.79		119.37		98.63		98.63
Denominator used for earnings per ADS – diluted		158.73		124.29		103.42		103.42
Earnings per ADS – basic		0.18		0.50		4.37		0.63
Earnings per ADS – diluted		0.18		0.49		4.25		0.61

Cost of delivery services income and other revenues

12 Months Ended

Dec. 31, 2025

Cost of delivery services income and other revenues

Cost of delivery services income and other revenues

12. Cost of delivery services income and other revenues

Cost of delivery services income and other revenues consists of the following:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Delivery cost	131,685,885	200,004,561	27,316,262	3,906,174
Other costs*	711,777	—	2,991,187	427,734
Total	132,397,662	200,004,561	30,307,449	4,333,908

* Other costs include the cost of Neemoo coffee and AI pet sales.

Income taxes - Summary of principal components of the deferred tax assets and liabilities (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Deferred tax assets:
Allowance for finance lease receivable	¥ 1,756,839	$ 251,225	¥ 1,613,414
Allowance for other current assets	27,884,637	3,987,450	19,387,060
Impairment loss from long-lived assets	385,314	55,099	385,314
Guarantee liabilities	47,762	6,830	47,762
Share-based compensation	32,900,502	4,704,709	34,309,231
Fair value change on investments	108,338,541	15,492,205	105,192,397
Fair value change on financial assets	23,703,239	3,389,518	839,617
Lease liabilities	1,242,650	177,697	11,008,553
Advertising cost	24,007,530	3,433,031	23,027,357
Net operating loss carry forwards	403,082,914	57,640,090	609,993,234
Total deferred tax assets	623,349,928	89,137,854	805,803,939
Less: valuation allowance	(606,307,862)	(86,700,870)	(759,896,561)	$ (108,663,763)	¥ (1,008,969,418)
Total deferred tax assets, net of valuation allowance	17,042,066	2,436,984	45,907,378
Net off against deferred tax liabilities	(17,042,066)	(2,436,984)	(45,907,378)
Net deferred tax assets	0	0	0
Deferred tax liabilities:
Right-of-use assets	629,683	90,044	11,113,077
Fair value change on financial assets	16,412,383	2,346,940	34,794,301
Total deferred tax liabilities	17,042,066	2,436,984	45,907,378
Net off against deferred tax assets	(17,042,066)	(2,436,984)	(45,907,378)
Net deferred tax liabilities	¥ 0	$ 0	¥ 0

Related party balances and transactions (Tables)

12 Months Ended

Dec. 31, 2025

Summary of related parties


Name of related parties		Relationship with the Company
Luo Min		Founder, chief executive officer and controlling shareholder of the Company
Key management and their immediate families		The Company’s key management and their immediate families

Earnings per share

12 Months Ended

Dec. 31, 2025

Earnings per share

Earnings per share

16. Earnings per share

The following table sets forth the computation of basic earnings per share for the years ended December 31, 2023, 2024 and 2025:


	For the years ended December 31,
	2023		2024		2025
	RMB	RMB	RMB	RMB	RMB	US$	RMB	US$
	Class A	Class B	Class A	Class B	Class A	Class A	Class B	Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to High Templar Tech Limited for basic computation	27,698,446	11,435,093	59,881,000	31,850,395	431,112,989	61,648,338	277,514,407	39,684,032
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic	153.79	63.49	119.37	63.49	98.63	98.63	63.49	63.49
Denominator used for basic earnings per share	153.79	63.49	119.37	63.49	98.63	98.63	63.49	63.49
Earnings per share – basic	0.18	0.18	0.50	0.50	4.37	0.63	4.37	0.63

16. Earnings per share - continued

The following table sets forth the computation of diluted earnings per share for the years ended December 31, 2023, 2024 and 2025:


		For the years ended December 31,
		2023				2024				2025
		RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
		Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – diluted:
Numerator:
Allocation of net income attributable to HTT for diluted computation		27,952,696		11,180,843		60,715,780		31,015,615		439,063,867		62,785,298		269,563,529		38,547,072
Reallocation of net income attributable to HTT as a result of conversion of Class B to Class A shares		11,180,843		—		31,015,615		—		269,563,529		38,547,072		—		—
Allocation of net income attributable to HTT		39,133,539		11,180,843		91,731,395		31,015,615		708,627,396		101,332,370		269,563,529		38,547,072
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		153.79		63.49		119.37		63.49		98.63		98.63		63.49		63.49
Conversion of Class B to Class A ordinary shares		63.49		—		63.49		—		63.49		63.49		—		—
Adjustments for dilutive share options		4.94		—		4.92		—		4.79		4.79		—		—
Denominator used for diluted earnings per share		222.22		63.49		187.78		63.49		166.91		166.91		63.49		63.49
Earnings per share – diluted		0.18		0.18		0.49		0.49		4.25		0.61		4.25		0.61

The following table sets forth the computation of basic and diluted earnings per ADS for the years ended December 31, 2023, 2024 and 2025:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB		US$
		Class A		Class A		Class A		Class A
Earnings per share – ADS:
Denominator used for earnings per ADS – basic		153.79		119.37		98.63		98.63
Denominator used for earnings per ADS – diluted		158.73		124.29		103.42		103.42
Earnings per ADS – basic		0.18		0.50		4.37		0.63
Earnings per ADS – diluted		0.18		0.49		4.25		0.61

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of future minimum rental payments for operating leases


		As of December 31,
		2024		2025
		RMB		RMB		US$
1 year (Including 1 year)		19,881,698		4,396,500		628,691
1 year to 2 years (Including 2 years)		15,925,475		718,780		102,784
2 years to 3 years (Including 3 years)		10,233,700		—		—
3 years to 4 years (Including 4 years)		9,335,618		—		—
4 years to 5 years (Including 5 years)		6,713,328		—		—
Over 5 years		14,278,622		—		—
Total lease payments		76,368,441		5,115,280		731,475
Less: imputed interest		8,965,407		227,400		32,518
Present value of lease liabilities		67,403,034		4,887,880		698,958
Less: Current portion		(18,696,986)		(4,232,810)		(605,284)
Non-current portion of lease liabilities		48,706,048		655,070		93,674

Schedule of operating lease supplemental cash flow information


		For the years ended December 31,
		2024		2025
		RMB		RMB		US$
Cash payments for operating leases		30,645,878		13,668,558		1,954,578
Operating ROU assets released in exchange for operating lease liabilities		24,904,133		51,317,359		7,338,285
Operating ROU assets obtained in exchange for new operating lease liabilities		51,284,880		2,054,335		293,766

Cost of delivery services income and other revenues (Tables)

12 Months Ended

Dec. 31, 2025

Cost of delivery services income and other revenues

Schedule of cost of delivery services income and other revenues


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Delivery cost	131,685,885	200,004,561	27,316,262	3,906,174
Other costs*	711,777	—	2,991,187	427,734
Total	132,397,662	200,004,561	30,307,449	4,333,908

* Other costs include the cost of Neemoo coffee and AI pet sales.

Fair value measurements - Assets and liabilities measured at fair value on a recurring basis (Detail)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Assets:
Short-term investments	¥ 879,224,792	$ 125,727,473	¥ 1,118,547,455
Derivative instruments	113,191,365	16,186,150
Liabilities:
Derivative instruments	52,011,906	7,437,604	89,894,630
Fair value, recurring
Assets:
Short-term investments	879,224,792	125,727,473	1,118,547,455
Long-term investments without readily determinable fair value using NAV practical expedient	14,700,093	2,102,085	15,163,357
Derivative instruments	113,191,365	16,186,150
Liabilities:
Derivative instruments	52,011,906	7,437,604	89,894,630
Active market (Level 1) \| Fair value, recurring
Assets:
Short-term investments	768,234,872	109,856,126	1,091,582,140
Observable input (Level 2) \| Fair value, recurring
Assets:
Short-term investments	110,989,920	15,871,348	26,965,315
Derivative instruments	113,191,365	16,186,150
Liabilities:
Derivative instruments	¥ 52,011,906	$ 7,437,604	¥ 89,894,630

Provision for/(Reversal of) expected credit losses for receivables and other assets

12 Months Ended

Dec. 31, 2025

Provision for/(Reversal of) expected credit losses for receivables and other assets

Provision for/(Reversal of) expected credit losses for receivables and other assets

13. Provision for/(Reversal of) expected credit losses for receivables and other assets

Provision for/(Reversal of) expected credit losses for receivables and other assets consists of the following:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Collection of return of finance lease receivables	(4,954,732)	(2,848,564)	(1,946,105)	(278,289)
Expected credit loss/(reversal) for accounts receivables	199,711	105,538	(281,983)	(40,323)
Expected credit loss/(reversal) for other current assets	29,314,107	(14,764,657)	4,822,880	689,663
Expected credit loss/(reversal) for other non-current assets	94,462	(1,108,096)	(473,144)	(67,659)
Total	24,653,548	(18,615,779)	2,121,648	303,392

Condensed financial information of the parent company

12 Months Ended

Dec. 31, 2025

Condensed financial information of the parent company

Condensed financial information of the parent company

24. Condensed financial information of the parent company

The following is the condensed financial information of the Company on a parent company only basis.

Condensed balance sheets


		As of December 31,
		2024		2025
		RMB		RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		305,194,205		1,792,785,371		256,364,898
Short-term investments		698,152,621		574,322,435		82,127,016
Time and Structured deposits		380,047,326		—		—
Short-term amounts due from related parties		440,259,744		320,663,822		45,854,317
Other current assets		14,670		42,098		6,020
Total current assets		1,823,668,566		2,687,813,726		384,352,251
Non-current assets:
Investments in subsidiaries, VIEs and VIEs’ subsidiaries		10,211,096,821		10,483,508,886		1,499,121,832
Total non-current assets		10,211,096,821		10,483,508,886		1,499,121,832
TOTAL ASSETS		12,034,765,387		13,171,322,612		1,883,474,083


		As of December 31,
		2024		2025
		RMB		RMB		US$
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Short-term borrowings		720,000,000		1,436,000,000		205,345,269
Accrued expenses and other current liabilities		19,456,357		12,424,971		1,776,747
Short-term amounts due to related parties		3,880,000		91,293,750		13,054,833
Total current liabilities		743,336,357		1,539,718,721		220,176,849
Non-current liabilities		—		—		—
TOTAL LIABILITIES		743,336,357		1,539,718,721		220,176,849
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,881 shares issued and 105,198,013 shares outstanding, as of December 31, 2024; 656,508,828 shares authorized, 201,304,881 shares issued and 93,185,285 shares outstanding, as of December 31, 2025)		132,052		132,052		18,883
Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2024 and 2025)		43,836		43,836		6,268
Treasury shares		(1,419,285,878)		(1,716,516,330)		(245,458,571)
Additional paid-in capital		4,026,668,369		4,024,378,922		575,478,532
Accumulated other comprehensive income/ (loss)		13,751,495		(55,181,141)		(7,890,798)
Retained earnings		8,670,119,156		9,378,746,552		1,341,142,920
Total shareholders’ equity		11,291,429,030		11,631,603,891		1,663,297,234
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		12,034,765,387		13,171,322,612		1,883,474,083

24. Condensed financial information of the parent company - continued

Condensed statements of comprehensive income


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB		US$
Share-based compensation expense		(4,935,782)		(2,257,795)		—		—
General and administrative		(19,070,062)		(40,780,739)		(32,361,695)		(4,627,661)
Interest and investment income, net		104,687,566		189,674,053		474,598,252		67,866,647
Other income		28,626,092		24,463,472		19,514,738		2,790,570
Foreign exchange gain/(loss), net		(545,948)		20,792,611		(45,888,491)		(6,561,967)
Share of loss/(profit) in subsidiaries, VIEs and VIEs’ subsidiaries		(69,628,327)		(100,160,207)		292,764,592		41,864,781
Net income before income taxes		39,133,539		91,731,395		708,627,396		101,332,370
Income tax expense		—		—		—		—
Net income		39,133,539		91,731,395		708,627,396		101,332,370
Other comprehensive income
Foreign currency translation adjustment		21,829,283		37,882,398		(68,932,636)		(9,857,236)
Total comprehensive income		60,962,822		129,613,793		639,694,760		91,475,134

Condensed statements of cash flows


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Cash flows from operating activities:
Net income	39,133,539	91,731,395	708,627,396	101,332,370
Adjustments to reconcile net income to net cash used in operating activities:
Share of loss/(profit) in subsidiaries, VIEs and VIEs’ subsidiaries	69,628,327	100,160,207	(292,764,592)	(41,864,781)
Share-based compensation expense	4,935,782	2,257,795	—	—
Unrealized investment loss/(income) of short-term Investments	138,739,373	1,925,270	(141,587,920)	(20,246,803)
Foreign exchange loss/(gain)	545,948	(20,792,611)	45,888,491	6,561,967
Payables to employee	405,208	4,893,049	(5,303,469)	(758,386)
Other payables	2,935,558	10,942,366	1,155,545	165,240
Net cash provided by operating activities	256,323,735	191,117,471	316,015,451	45,189,607
Net cash provided by (used in) investing activities	29,180,599	(523,283,656)	822,761,158	117,653,281
Net cash provided by (used in) financing activities	(420,660,054)	186,843,558	415,494,195	59,414,880
Effect of exchange rate changes on cash and cash equivalents	(10,899,643)	37,199,026	(66,679,638)	(9,535,061)
Net increase (decrease) in cash and cash equivalents	(146,055,363)	(108,123,601)	1,487,591,166	212,722,707
Cash and cash equivalents at beginning of the year	559,373,169	413,317,806	305,194,205	43,642,191
Cash and cash equivalents at end of the year	413,317,806	305,194,205	1,792,785,371	256,364,898

24. Condensed financial information of the parent company - continued

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries and VIEs.

The parent company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries, VIEs and VIEs’ subsidiaries” and their respective profit or loss as “Share of loss/(profit) subsidiaries, VIEs and VIEs’ subsidiaries” on the condensed statements of comprehensive income. Equity method accounting ceases when the carrying amount of investment, including any additional financial support, in a subsidiary and VIEs is reduced to zero unless the parent company has guaranteed obligations of the subsidiary and VIEs or is otherwise committed to provide further financial support. If the subsidiary and VIEs subsequently report net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended.

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Share-based Compensation - Share-based compensation expense (Detail)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Share-based compensation
Share-based compensation expense	¥ 0	$ 0	¥ 2,257,795	¥ 4,935,782
Sales and marketing
Share-based compensation
Share-based compensation expense			299,806	265,862
General and administrative
Share-based compensation
Share-based compensation expense			1,754,168	4,649,664
Research and development
Share-based compensation
Share-based compensation expense			¥ 203,821	¥ 20,256

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Other current assets

12 Months Ended

Dec. 31, 2025

Other current assets

Other current assets

5. Other current assets

Other current assets consist of the following:


				As of December 31,
				2024		2025
				RMB		RMB		US$
Prepayment				28,947,278		6,527,809		933,464
Inventory		5.1		10,674,018		54,679,786		7,819,105
Receivables from third party payment service providers				12,693,037		185,566		26,536
Receivables from Funding Partners and other service providers				24,435,473		21,332,155		3,050,458
Receivable from broker for derivative collateral				267,280,381		824,279,618		117,870,418
Deposits prepaid to securities companies				1,231,094,816		369,603,877		52,852,651
Others		5.2		430,728,834		254,059,186		36,329,980
Total				2,005,853,837		1,530,667,997		218,882,612
Less: Allowance for other current assets				(72,671,045)		(77,493,926)		(11,081,484)
				1,933,182,792		1,453,174,071		207,801,128

Allowance for other current assets consists of the following:


	As of December 31,
	2024	2025
	RMB	RMB	US$
Balance at the beginning of the year	116,860,992	72,671,045	10,391,821
Additions/(reversal)	(15,572,138)	5,587,076	798,941
Charge-offs	(28,617,809)	(764,195)	(109,278)
Balance at the end of the year	72,671,045	77,493,926	11,081,484

Other current assets - Additional information (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Other current assets
Inventory	¥ 55		$ 8
Impairment of inventory	46	$ 7
Receivables from individuals	¥ 47			¥ 46
Minimum
Other current assets
Interest rates	0.00%	0.00%
Maximum
Other current assets
Interest rates	5.50%	5.50%

Income taxes - Changes to valuation allowance (Details)	12 Months Ended
Income taxes - Changes to valuation allowance (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Income taxes
Balance at beginning of the year	¥ (759,896,561)	$ (108,663,763)	¥ (1,008,969,418)
Additions	(65,445,776)	(9,358,620)	(85,036,821)
Reversals	219,034,475	31,321,513	334,109,678
Balance at end of the year	¥ (606,307,862)	$ (86,700,870)	¥ (759,896,561)

Income taxes - Income taxes paid, disaggregated by jurisdiction (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income taxes
Income taxes paid	¥ 5,791,999	$ 828,245	¥ 144,224,535	¥ 43,369,793
Hong Kong
Income taxes
Income taxes paid	5,631,579	805,305
Others* (PRC, US)
Income taxes
Income taxes paid	¥ 160,420	$ 22,940

Condensed financial information of the parent company (Tables)

12 Months Ended

Dec. 31, 2025

Condensed financial information of the parent company

Schedule of condensed financial information of the parent company - condensed balance sheets


		As of December 31,
		2024		2025
		RMB		RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		305,194,205		1,792,785,371		256,364,898
Short-term investments		698,152,621		574,322,435		82,127,016
Time and Structured deposits		380,047,326		—		—
Short-term amounts due from related parties		440,259,744		320,663,822		45,854,317
Other current assets		14,670		42,098		6,020
Total current assets		1,823,668,566		2,687,813,726		384,352,251
Non-current assets:
Investments in subsidiaries, VIEs and VIEs’ subsidiaries		10,211,096,821		10,483,508,886		1,499,121,832
Total non-current assets		10,211,096,821		10,483,508,886		1,499,121,832
TOTAL ASSETS		12,034,765,387		13,171,322,612		1,883,474,083


		As of December 31,
		2024		2025
		RMB		RMB		US$
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Short-term borrowings		720,000,000		1,436,000,000		205,345,269
Accrued expenses and other current liabilities		19,456,357		12,424,971		1,776,747
Short-term amounts due to related parties		3,880,000		91,293,750		13,054,833
Total current liabilities		743,336,357		1,539,718,721		220,176,849
Non-current liabilities		—		—		—
TOTAL LIABILITIES		743,336,357		1,539,718,721		220,176,849
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,881 shares issued and 105,198,013 shares outstanding, as of December 31, 2024; 656,508,828 shares authorized, 201,304,881 shares issued and 93,185,285 shares outstanding, as of December 31, 2025)		132,052		132,052		18,883
Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2024 and 2025)		43,836		43,836		6,268
Treasury shares		(1,419,285,878)		(1,716,516,330)		(245,458,571)
Additional paid-in capital		4,026,668,369		4,024,378,922		575,478,532
Accumulated other comprehensive income/ (loss)		13,751,495		(55,181,141)		(7,890,798)
Retained earnings		8,670,119,156		9,378,746,552		1,341,142,920
Total shareholders’ equity		11,291,429,030		11,631,603,891		1,663,297,234
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		12,034,765,387		13,171,322,612		1,883,474,083

Schedule of condensed financial information of the parent company - condensed statements of comprehensive income


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB		US$
Share-based compensation expense		(4,935,782)		(2,257,795)		—		—
General and administrative		(19,070,062)		(40,780,739)		(32,361,695)		(4,627,661)
Interest and investment income, net		104,687,566		189,674,053		474,598,252		67,866,647
Other income		28,626,092		24,463,472		19,514,738		2,790,570
Foreign exchange gain/(loss), net		(545,948)		20,792,611		(45,888,491)		(6,561,967)
Share of loss/(profit) in subsidiaries, VIEs and VIEs’ subsidiaries		(69,628,327)		(100,160,207)		292,764,592		41,864,781
Net income before income taxes		39,133,539		91,731,395		708,627,396		101,332,370
Income tax expense		—		—		—		—
Net income		39,133,539		91,731,395		708,627,396		101,332,370
Other comprehensive income
Foreign currency translation adjustment		21,829,283		37,882,398		(68,932,636)		(9,857,236)
Total comprehensive income		60,962,822		129,613,793		639,694,760		91,475,134

Schedule of condensed financial information of the parent company - condensed statements of cash flows


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Cash flows from operating activities:
Net income	39,133,539	91,731,395	708,627,396	101,332,370
Adjustments to reconcile net income to net cash used in operating activities:
Share of loss/(profit) in subsidiaries, VIEs and VIEs’ subsidiaries	69,628,327	100,160,207	(292,764,592)	(41,864,781)
Share-based compensation expense	4,935,782	2,257,795	—	—
Unrealized investment loss/(income) of short-term Investments	138,739,373	1,925,270	(141,587,920)	(20,246,803)
Foreign exchange loss/(gain)	545,948	(20,792,611)	45,888,491	6,561,967
Payables to employee	405,208	4,893,049	(5,303,469)	(758,386)
Other payables	2,935,558	10,942,366	1,155,545	165,240
Net cash provided by operating activities	256,323,735	191,117,471	316,015,451	45,189,607
Net cash provided by (used in) investing activities	29,180,599	(523,283,656)	822,761,158	117,653,281
Net cash provided by (used in) financing activities	(420,660,054)	186,843,558	415,494,195	59,414,880
Effect of exchange rate changes on cash and cash equivalents	(10,899,643)	37,199,026	(66,679,638)	(9,535,061)
Net increase (decrease) in cash and cash equivalents	(146,055,363)	(108,123,601)	1,487,591,166	212,722,707
Cash and cash equivalents at beginning of the year	559,373,169	413,317,806	305,194,205	43,642,191
Cash and cash equivalents at end of the year	413,317,806	305,194,205	1,792,785,371	256,364,898

Leases - Supplemental lease cash flow (Details)	12 Months Ended
Leases - Supplemental lease cash flow (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Leases
Cash payments for operating leases	¥ 13,668,558	$ 1,954,578	¥ 30,645,878
Operating ROU assets released in exchange for operating lease liabilities	51,317,359	7,338,285	24,904,133
Operating ROU assets obtained in exchange for new operating lease liabilities	¥ 2,054,335	$ 293,766	¥ 51,284,880

Organization - Schedule of Assets and Liabilities of VIEs (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Organization
Other current assets	¥ 1,453,174,071	$ 207,801,128	¥ 1,933,182,792
Total current assets	11,392,218,043	1,629,065,513	10,139,522,498
Total non-current assets	2,220,692,744	317,554,840	2,324,704,787
Total assets	13,612,910,787	1,946,620,353	12,464,227,285
Total current liabilities	1,980,651,826	283,229,445	1,124,092,207
Total non-current liabilities	655,070	93,674	48,706,048
Total liabilities	1,981,306,896	283,323,119	1,172,798,255
Variable Interest Entity
Organization
Total current assets	5,629,180,798	804,962,148	4,586,248,127
Total non-current assets	1,880,476,320	268,904,537	2,623,967,844
Total assets	7,509,657,118	1,073,866,685	7,210,215,971
Total current liabilities	56,310,950	8,052,359	8,306,050
Total liabilities	56,310,950	8,052,359	8,306,050
Variable Interest Entity \| Group companies
Organization
Other current assets	529,739,389	75,751,725	488,678,227
Other current liabilities	13,305,968	1,902,728	5,099
Variable Interest Entity \| Nonrelated party
Organization
Other current assets	5,099,441,409	729,210,423	4,097,569,900
Other current liabilities	¥ 43,004,982	$ 6,149,631	¥ 8,300,951

Organization - Schedule of Operations of VIEs (Details)	12 Months Ended
Organization - Schedule of Operations of VIEs (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Revenues	¥ 40,963,626	$ 5,857,721	¥ 216,428,374	¥ 126,338,353
Net income	708,627,396	101,332,370	91,731,395	39,133,539
Cash and cash equivalents	5,532,375,615		4,263,311,636	7,207,343,478	$ 791,119,191
Time and structured deposits	1,885,242,800		2,009,018,598		269,586,135
Investment in equity method investee	127,000,000		146,100,984		18,000,000
Interest and investment income, net	990,368,590	141,620,825	380,062,136	255,332,621
Gain on derivative instruments	188,710,582	26,985,254	19,457,360	153,834,938
General and administrative	291,503,527	41,684,450	276,564,752	273,588,744
Variable Interest Entity
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Revenues	2,914,256	416,733	198	47,770,942
Net income	279,960,596	40,033,833	¥ (448,652,409)	¥ 171,107,836
Cash and cash equivalents	1,466,000,000				210,000,000
Short term deposit	854,000,000				122,000,000
Restricted cash	1,487,000,000				213,000,000
Time and structured deposits	750,000,000				107,000,000
Investment in equity method investee	1,556,000,000				$ 223,000,000
Interest and investment income, net	378,000,000	54,000,000
Gain on derivative instruments	132,000,000	19,000,000
General and administrative	¥ 180,000,000	$ 26,000,000

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 5,532,375,615	$ 791,119,191	¥ 4,263,311,636
Restricted cash	1,523,658,125	217,880,214	781,186,508
Short-term investments	879,224,792	125,727,473	1,118,547,455
Time and structured deposits	1,885,242,800	269,586,135	2,009,018,598
Derivative instruments-asset	113,191,365	16,186,150
Accounts receivables (net of allowance of RMB 274,956 and RMB 236 (US$ 34) as of December 31, 2024 and 2025, respectively)	5,351,275	765,222	34,275,509
Other current assets (net of allowance of RMB 72,671,045 and RMB 77,493,926 (US$ 11,081,484) as of December 31, 2024 and 2025, respectively)	1,453,174,071	207,801,128	1,933,182,792
Total current assets	11,392,218,043	1,629,065,513	10,139,522,498
Non-current assets:
Right-of-use assets	92,623,246	13,244,948	158,006,692
Investment in equity method investee	127,000,000	18,000,000	146,100,984
Long-term investments (including amounts measured at fair value of RMB 15,163,357 and RMB 14,700,093 (US$ 2,102,085) as of December 31, 2024 and 2025, respectively)	72,768,693	10,405,785	78,987,113
Property and equipment, net	1,677,993,227	239,949,840	1,586,033,627
Intangible assets	1,586,300	226,838	2,207,259
Other non-current assets (net of allowance of RMB 440,085 and RMB nil (US$ nil) as of December 31, 2024 and 2025, respectively)	249,188,498	35,633,482	353,369,112
Total non-current assets	2,220,692,744	317,554,840	2,324,704,787
TOTAL ASSETS	13,612,910,787	1,946,620,353	12,464,227,285
Current liabilities:
Short-term borrowings	1,576,000,000	225,365,003	720,000,000
Short-term lease liabilities (including short-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB 67,180 and RMB 44,274 (US$ 6,331) as of December 31, 2024 and 2025, respectively)	4,232,810	605,284	18,696,986
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB 8,233,771 and RMB 17,207,708 (US$ 2,460,670) as of December 31, 2024 and 2025, respectively)	290,251,370	41,505,394	262,077,864
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB nil and RMB 17,953,357 (US$ 2,567,296) as of December 31, 2024 and 2025, respectively)	58,155,740	8,316,160	33,422,727
Derivative instruments-liability (including derivative instruments-liability of the consolidated VIEs without recourse to the Company of RMB nil and RMB 7,799,642 (US$ 1,115,334) as of December 31, 2024 and 2025, respectively)	52,011,906	7,437,604	89,894,630
Total current liabilities	1,980,651,826	283,229,445	1,124,092,207
Non-current liabilities:
Long-term lease liabilities (including long-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil (US$ nil) as of December 31, 2024 and 2025, respectively)	655,070	93,674	48,706,048
Total non-current liabilities	655,070	93,674	48,706,048
Total liabilities	1,981,306,896	283,323,119	1,172,798,255
Commitments and contingencies
Equity:
Treasury shares	(1,716,516,330)	(245,458,571)	(1,419,285,878)
Additional paid-in capital	4,024,378,922	575,478,532	4,026,668,369
Accumulated other comprehensive income/(loss)	(55,181,141)	(7,890,798)	13,751,495
Retained earnings	9,378,746,552	1,341,142,920	8,670,119,156
Total equity	11,631,603,891	1,663,297,234	11,291,429,030
TOTAL LIABILITIES AND EQUITY	13,612,910,787	1,946,620,353	12,464,227,285
Class A Ordinary shares
Equity:
Ordinary shares	132,052	18,883	132,052
Class B Ordinary shares
Equity:
Ordinary shares	¥ 43,836	$ 6,268	¥ 43,836

Summary of Significant Accounting Policies - Estimated useful lives of class of asset (Details)	Dec. 31, 2025
Office and electronic equipment \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Life	3 years
Estimated Residual	0.00%
Office and electronic equipment \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Life	10 years
Estimated Residual	5.00%
Motor vehicles
Summary of Significant Accounting Policies
Estimated Useful Life	4 years
Estimated Residual	5.00%
Aircraft
Summary of Significant Accounting Policies
Estimated Useful Life	10 years
Estimated Residual	5.00%
Building
Summary of Significant Accounting Policies
Estimated Useful Life	30 years
Estimated Residual	5.00%
Leasehold improvements
Summary of Significant Accounting Policies
Estimated Residual	0.00%

Investment in equity method investee (Details)	12 Months Ended
Investment in equity method investee (Details)	Dec. 31, 2025 CNY (¥) company Partnership	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Schedule of equity method investments
Investment in equity method investee	¥ 127,000,000	$ 18,000,000	¥ 146,100,984
Investments in limited partnership and limited company
Schedule of equity method investments
Investment in equity method investee	¥ 104,000,000	$ 15,000,000	¥ 103,000,000
Limited partnerships
Schedule of equity method investments
Number of limited partnerships in which investments made \| Partnership	4
Limited partnerships \| Minimum
Schedule of equity method investments
Equity method investment, ownership percentage	3.02%	3.02%
Limited partnerships \| Maximum
Schedule of equity method investments
Equity method investment, ownership percentage	99.99%	99.99%
Investment in limited company
Schedule of equity method investments
Number of limited Company in which investments made \| company	1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 40,963,626	$ 5,857,721	¥ 216,428,374	¥ 126,338,353
Cost of revenues:
Cost of goods sold	(7,737,150)	(1,106,398)	(1,018,512)	(27,716,207)
Cost of delivery services income and other revenues	(30,307,449)	(4,333,908)	(200,004,561)	(132,397,662)
Total cost of revenues	(38,044,599)	(5,440,306)	(201,023,073)	(160,113,869)
Operating expenses:
Sales and marketing	(8,063,980)	(1,153,134)	(5,868,172)	(3,796,273)
General and administrative	(291,503,527)	(41,684,450)	(276,564,752)	(273,588,744)
Research and development	(45,733,544)	(6,539,810)	(58,464,333)	(47,763,109)
(Provision for)/Reversal of expected credit losses on receivables and other assets	(2,121,648)	(303,392)	18,615,779	(24,653,548)
Impairment loss from other assets	(54,276,250)	(7,761,401)	(1,570,020)	(5,799,642)
Total operating expenses	(401,698,949)	(57,442,187)	(323,851,498)	(355,601,316)
Other operating income	377,474	53,978	298,363	58,368,285
Loss from operations	(398,402,448)	(56,970,794)	(308,147,834)	(331,008,547)
Interest and investment income, net	990,368,590	141,620,825	380,062,136	255,332,621
Gain/(loss) from equity method investments	(18,937,550)	(2,708,034)	(4,048,792)	3,207,384
Gain on derivative instruments	188,710,582	26,985,254	19,457,360	153,834,938
Foreign exchange (loss)/gain, net	(46,304,828)	(6,621,502)	20,658,172	(2,931,704)
Other income	26,019,373	3,720,721	61,351,231	29,004,500
Other expenses	(2,151,744)	(307,695)	(11,795,255)	(5,965,137)
Net income before income taxes	739,301,975	105,718,775	157,537,018	101,474,055
Income tax expenses	(30,674,579)	(4,386,405)	(65,805,623)	(62,340,516)
Net income	708,627,396	101,332,370	91,731,395	39,133,539
Other comprehensive income
Foreign currency translation adjustment	(68,932,636)	(9,857,236)	37,882,398	21,829,283
Total comprehensive income	¥ 639,694,760	$ 91,475,134	¥ 129,613,793	¥ 60,962,822
Class A and Class B ordinary shares
Earnings per share for Class A and Class B ordinary shares:
Basic (in dollars per share) \| (per share)	¥ 4.37	$ 0.63	¥ 0.5	¥ 0.18
Diluted (in dollars per share) \| (per share)	¥ 4.25	$ 0.61	¥ 0.49	¥ 0.18
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic (in shares)	162,123,417	162,123,417	182,859,075	217,281,512
Diluted (in shares)	166,905,308	166,905,308	187,780,699	222,222,858
American Depositary Shares
Earnings per share for Class A and Class B ordinary shares:
Basic (in dollars per share) \| (per share)	¥ 4.37	$ 0.63	¥ 0.5	¥ 0.18
Diluted (in dollars per share) \| (per share)	¥ 4.25	$ 0.61	¥ 0.49	¥ 0.18
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic (in shares)	98,630,000	98,630,000	119,370,000	153,790,000
Diluted (in shares)	103,420,000	103,420,000	124,290,000	158,730,000
Delivery service income
Revenues:
Revenues	¥ 23,972,162	$ 3,427,974	¥ 203,744,767	¥ 95,291,863
Sales income and others
Revenues:
Revenues	¥ 16,991,464	$ 2,429,747	¥ 12,683,607	¥ 31,046,490

Long-term Investments

12 Months Ended

Dec. 31, 2025

Long-term investments

Long-term investments

8. Long-term investments

The balance of long-term investments was RMB 79 million and RMB 73 million (US$ 10 million) as of December 31, 2024 and 2025, respectively. The Company identified significant deterioration in the business prospects of certain investees of equity investment without readily determinable fair value, and recognized impairment loss of RMB 8 million, RMB 132 million and RMB 6 million (US$ 1 million) for the years ended December 31, 2023, 2024 and 2025, respectively.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Subsequent events (Details)			12 Months Ended
Subsequent events (Details)	Apr. 06, 2026 CNY (¥) shares	Apr. 06, 2026 USD ($) $ / shares shares	Dec. 31, 2025 $ / shares
American Depositary Shares
Subsequent events
Repurchased shares, average price \| $ / shares			$ 2.2703
Subsequent event
Subsequent events
Amount of shares repurchased	¥ 27,477,627	$ 3,992,448
Subsequent event \| American Depositary Shares
Subsequent events
Number of shares repurchased \| shares	1,480,454	1,480,454
Repurchased shares, average price \| $ / shares		$ 2.6968
Subsequent event \| Class A ordinary shares
Subsequent events
Number of shares repurchased \| shares	1,480,454	1,480,454

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accrued expenses and other current liabilities
Accrued payroll	¥ 1,428,821	$ 204,319	¥ 7,290,249
Tax payables	6,816,712	974,777	3,758,066
Payable to suppliers	153,182,488	21,904,804	115,793,122
Payable to external service providers	20,839,700	2,980,037	19,447,813
Payable to funding partner	50,013,688	7,151,862	50,365,126
Business deposits	5,493,315	785,534	5,593,315
Others	52,476,646	7,504,061	59,830,173
Total	¥ 290,251,370	$ 41,505,394	¥ 262,077,864

Income taxes - Income before income tax expense (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income taxes
Income before income tax expense, domestic	¥ 466,207,421	$ 66,666,775
Net income before income taxes	739,301,975	105,718,775	¥ 157,537,018	¥ 101,474,055
Cayman
Income taxes
Income before income tax expense, foreign	418,226,619	59,805,611
Others
Income taxes
Income before income tax expense, foreign	¥ (145,132,065)	$ (20,753,611)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

6. Leases

Operating lease arrangements

The Company leases certain office premises and overseas warehouses under non-cancelable leases, and an operating lease arrangement with the local government of Xiamen for land. Lease costs under operating leases for the years ended December 31, 2023, 2024 and 2025 were RMB 27,357,349, RMB 32,958,949 and RMB 16,120,422 (US$ 2,305,190), respectively.

Future minimum lease payments under non-cancelable operating lease agreements consist of the following as of December 31, 2024 and 2025:


		As of December 31,
		2024		2025
		RMB		RMB		US$
1 year (Including 1 year)		19,881,698		4,396,500		628,691
1 year to 2 years (Including 2 years)		15,925,475		718,780		102,784
2 years to 3 years (Including 3 years)		10,233,700		—		—
3 years to 4 years (Including 4 years)		9,335,618		—		—
4 years to 5 years (Including 5 years)		6,713,328		—		—
Over 5 years		14,278,622		—		—
Total lease payments		76,368,441		5,115,280		731,475
Less: imputed interest		8,965,407		227,400		32,518
Present value of lease liabilities		67,403,034		4,887,880		698,958
Less: Current portion		(18,696,986)		(4,232,810)		(605,284)
Non-current portion of lease liabilities		48,706,048		655,070		93,674

The Company’s operating lease commitments have no renewal options, rent escalation clauses and restriction or contingent rents as of December 31, 2024 and 2025. The weighted average discount rate as of December 31, 2024 and 2025 is 3.82%, and 3.99%, respectively. The weighted average remaining lease term as of December 31, 2024 and 2025 are 69 months and 12 months, respectively.

Total lease payments were reduced from RMB 76,368,441 to RMB 5,115,280 as of December 31, 2025 due to the early termination of lease contracts for last-mile delivery services, as the Company wound down such operations in Australia and New Zealand.

Supplemental lease cash flow disclosures


		For the years ended December 31,
		2024		2025
		RMB		RMB		US$
Cash payments for operating leases		30,645,878		13,668,558		1,954,578
Operating ROU assets released in exchange for operating lease liabilities		24,904,133		51,317,359		7,338,285
Operating ROU assets obtained in exchange for new operating lease liabilities		51,284,880		2,054,335		293,766

Share-based Compensation - Summary of share option activity (Detail)	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Share-based compensation
Number of options, Exercised	(1,652,188)	(1,652,188)
Aggregated intrinsic value, Exercised	¥ 4,685,077	$ 669,957	¥ 3,938,396	¥ 3,056,001
2016 Plan
Share-based compensation
Number of options, Beginning balance	8,920,035	8,920,035	9,174,361
Number of options, Exercised	(164,628)	(164,628)	(254,326)
Number of options, Ending balance	8,755,407	8,755,407	8,920,035	9,174,361
Number of options, Vested and Exercisable	8,755,407
Weighted average grant date fair value, Beginning balance \| ¥ / shares	¥ 33.17		¥ 17.44
Weighted average grant date fair value, Exercised \| ¥ / shares	26.91		28.02
Weighted average grant date fair value, Ending balance \| ¥ / shares	32.67		¥ 33.17	¥ 17.44
Weighted average grant date fair value, Vested and Exercisable \| ¥ / shares	¥ 32.67
Weighted average remaining contractual term, Outstanding	2 years 4 months 2 days	2 years 4 months 2 days	3 years 5 months 1 day	4 years 3 months 25 days
Weighted average remaining contractual term, Exercised			2 years 11 months 4 days
Weighted average remaining contractual term, Vested and Exercisable	2 years 4 months 2 days	2 years 4 months 2 days
Aggregated intrinsic value, Outstanding \| ¥	¥ 217,351,278		¥ 183,603,721	¥ 132,873,059
Aggregated intrinsic value, Exercised \| ¥	4,685,077		¥ 3,938,396
Aggregated intrinsic value, Vested and Exercisable \| ¥	¥ 217,351,278

Income taxes

12 Months Ended

Dec. 31, 2025

Income taxes

Income taxes

15. Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company, Fast Horse Inc and WLM Kids Inc. are not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

Under the current laws of the BVI, QD Technologies Limited, and Bloomgoods Limited are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

QD Data Limited, Qufenqi HK, Bloomgoods (HK) Limited, Qu Plus Plus (HK) Limited, Qudian Fresh (HK) Limited, Qudian Daily Food (HK) Limited are incorporated in Hong Kong and are subject to Hong Kong profits tax of 16.5% on their activities conducted in Hong Kong.

Australia

LAST MILE EXPRESS, F&H EXPRESS PTY and Fast Horse Rental Pty Ltd are incorporated in Australia and are subject to a federal tax rate of 30% on their taxable income.

PRC

The Company’s subsidiaries, VIEs and subsidiaries of the VIEs domiciled in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008 except for the following entity which is eligible for a preferential tax rate.

Dividends, interest, rent or royalties payable by the Company’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

15. Income taxes - continued

In accordance with the disaggregation requirements of ASU 2023-09 adopted by the Company, income before income tax expense for the year ended December 31, 2025, is attributable to the following geographic locations:


		For the years ended December 31, 2025
		RMB		US$
PRC		466,207,421		66,666,775
Cayman		418,226,619		59,805,611
Others		(145,132,065)		(20,753,611)
Total		739,301,975		105,718,775

For the years ended December 31, 2023 and 2024, which represent periods prior to the adoption of ASU 2023-09, the current and deferred components of income tax expenses which were substantially attributable to the Company’s PRC subsidiaries, VIEs and subsidiaries of the VIEs, are as follows:


	For the years ended December 31,
	2023	2024
	RMB	RMB
Current income tax expense	64,458,408	65,805,623
Deferred income tax benefit	(2,117,892)	—
Total income tax expense	62,340,516	65,805,623

For the year ended December 31, 2025, following the adoption of ASU 2023-09 on a prospective basis, the current and deferred components of income tax expenses, disaggregated by jurisdiction, are as follows:


		For the years ended December 31, 2025
		RMB		US$
Current income tax expense:
PRC		24,067,270		3,441,573
Hong Kong		5,673,334		811,276
United States		834,699		119,360
Australia		93,526		13,374
United Kingdom		5,750		822
Total current tax expense		30,674,579		4,386,405

Deferred income tax expense		—		—

Total income tax expense:
PRC		24,067,270		3,441,573
Hong Kong		5,673,334		811,276
United States		834,699		119,360
Australia		93,526		13,374
United Kingdom		5,750		822
Total income tax expense		30,674,579		4,386,405

15. Income taxes - continued

The principal components of the deferred tax assets and liabilities are as follows:


	As of December 31,
	2024	2025
	RMB	RMB	US$
Deferred tax assets:
Allowance for finance lease receivable	1,613,414	1,756,839	251,225
Allowance for other current assets	19,387,060	27,884,637	3,987,450
Impairment loss from long-lived assets	385,314	385,314	55,099
Guarantee liabilities	47,762	47,762	6,830
Share-based compensation	34,309,231	32,900,502	4,704,709
Fair value change on investments	105,192,397	108,338,541	15,492,205
Fair value change on financial assets	839,617	23,703,239	3,389,518
Lease liabilities	11,008,553	1,242,650	177,697
Advertising cost	23,027,357	24,007,530	3,433,031
Net operating loss carry forwards	609,993,234	403,082,914	57,640,090
Total deferred tax assets	805,803,939	623,349,928	89,137,854
Less: valuation allowance	(759,896,561)	(606,307,862)	(86,700,870)
Total deferred tax assets, net of valuation allowance	45,907,378	17,042,066	2,436,984
Net off against deferred tax liabilities	(45,907,378)	(17,042,066)	(2,436,984)
Net deferred tax assets	—	—	—
Deferred tax liabilities:
Right-of-use assets	11,113,077	629,683	90,044
Fair value change on financial assets	34,794,301	16,412,383	2,346,940
Total deferred tax liabilities	45,907,378	17,042,066	2,436,984
Net off against deferred tax assets	(45,907,378)	(17,042,066)	(2,436,984)
Net deferred tax liabilities	—	—	—

15. Income taxes - continued

The Company operates through its subsidiaries, VIEs and subsidiaries of the VIEs and valuation allowance is considered on an individual entity basis. The Company recorded full valuation allowance against deferred tax assets of those entities that were in a three-year cumulative financial loss and/or are not forecasting profits in the near future as of December 31, 2024 and 2025. In making such determination, the Company also evaluated a variety of factors including the Company’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. The changes related to valuation allowance were as follows:


	As of December 31,
	2024	2025
	RMB	RMB	US$
Balance at beginning of the year	(1,008,969,418)	(759,896,561)	(108,663,763)
Additions	(85,036,821)	(65,445,776)	(9,358,620)
Reversals	334,109,678	219,034,475	31,321,513
Balance at end of the year	(759,896,561)	(606,307,862)	(86,700,870)

As of December 31, 2024 and 2025, the Company had net operating loss (the “NOL”) of RMB 2,836 million and RMB 2,389 million (US$ 342 million), mainly from its PRC, Hong Kong and Australian subsidiaries, which can be carried forward to offset future taxable income. The PRC subsidiaries’ net operating losses will expire from the years 2026 to 2030 if not utilized. Net operating losses from Hong Kong and Australian subsidiaries can be carried forward with no expiration date.

The reconciliation of taxes at the PRC statutory rate to our provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:


	For the years ended December 31,
	2023		2024
	RMB		RMB
Income before income tax	101,474,055		157,537,018
PRC statutory income tax rate	25	%	25	%
Income tax expense at PRC statutory income tax rate	25,368,514		39,384,255
Effect of different tax rates	(25,070,403)		(97,962,122)
Tax exempted income	(198,231)		(113,208,078)
Outside basis difference	(215,985,749)		—
Expenses not deductible for tax purposes	36,882,867		13,122,045
Adjustment on current income tax of the previous periods	(18,394,143)		—
Non-deductible guarantee liability:	93,833,446		—
Write-off of NOL and others	252,778,471		450,292,380
Withholding income tax	4,427,205		23,250,000
Changes in valuation allowance	(91,301,461)		(249,072,857)
Income tax expenses	62,340,516		65,805,623
Effective tax rate	61.4	%	41.8	%

15. Income taxes - continued

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 2, Summary of Significant Accounting Policies, the reconciliation of taxes at the PRC statutory rate to our provision for income taxes for the year ended December 31, 2025 was as follows (in RMB, except for percentages):


	For the years ended December 31, 2025
	Amount		Percent
	RMB		%
Income/(loss) before income tax	739,301,975		100.0	%
PRC statutory income tax rate	25.0	%	—
Computed income tax expense with PRC statutory income tax rate	184,825,494		25.0	%

Domestic tax effects
Tax exempted income	(10,955,971)		(1.5)	%
Write-off of NOL	22,301,473		3.0	%
Changes in valuation allowance	(112,048,066)		(15.2)	%
Other	7,315,121		1.0	%

Foreign tax effects
Hong Kong
Statutory tax rate difference between Hong Kong and PRC	10,150,643		1.4	%
Tax exempted income	(1,966,394)		(0.3)	%
Changes in valuation allowance	22,856,618		3.1	%
Other	5,632,510		0.8	%
Cayman
Statutory tax rate difference between Cayman and PRC	(104,556,655)		(14.1)	%
Other foreign jurisdictions	7,119,806		1.0	%

Total	30,674,579		4.1	%

As of December 31, 2025, the Company intends to permanently reinvest partial of the undistributed earnings from foreign subsidiaries to fund future operations. As of December 31, 2025, the total amount of undistributed earnings from its PRC subsidiaries as well as VIEs is RMB 11,514 million (US$ 1,646 million). The amount of unrecognized deferred tax liabilities for temporary differences related to investments in foreign subsidiaries is not determined because such a determination is not practicable.

Income taxes paid, disaggregated by jurisdiction for the year ended December 31, 2025, are as follows:


		For the years ended December 31, 2025
		RMB		US$
Hong Kong		5,631,579		805,305
Others* (PRC, US)		160,420		22,940
Total		5,791,999		828,245

* It represents the total amount of all other tax jurisdictions where the income taxes paid is less that 5% of the total.

15. Income taxes - continued

Unrecognized Tax Benefit

As of December 31, 2024 and 2025, the Company recorded an unrecognized tax benefit of RMB nil and RMB nil (US$ nil) respectively. As of December 31, 2025, unrecognized tax benefits of RMB nil (US$ nil), if ultimately recognized, will impact the effective tax rate.

As of December 31, 2024 and 2025, the Company did not record any interest expense and penalty accrued in relation to the unrecognized tax benefit in income tax expense.

In general, the PRC tax authority has up to five years to conduct examinations of the Company’s tax filings. Accordingly, as of December 31, 2025, the tax years ended December 31, 2020 through the period ended as of December 31, 2025 reporting date for the Company’s PRC subsidiaries remain open to examination by the PRC tax authorities. For the non-PRC entities, the tax years ended December 31, 2019, through period ended December 31, 2025 remain open to examination by tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Topic 740
-SubTopic 10
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Accounts Receivables (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Accounts Receivables
Accounts receivables	¥ 5,351,511	$ 765,256	¥ 34,550,465
Allowance for credit losses	(236)	(34)	(274,956)	$ (39,318)	¥ (205,489)
Accounts receivables, net	¥ 5,351,275	$ 765,222	¥ 34,275,509

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of estimated useful lives of class of asset


	Estimated	Estimated
Category	Useful Life	Residual
Office and electronic equipment	3-10 years	Nil%-5	%
Motor vehicles	4 years	5	%
Aircraft	10 years	5	%
Building	30 years	5	%
Leasehold improvements	Over the shorter of the expected life of leasehold improvements or the lease term	Nil	%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cost of delivery services income and other revenues - Summary of cost of other revenues (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cost of delivery services income and other revenues
Delivery cost	¥ 27,316,262	$ 3,906,174	¥ 200,004,561	¥ 131,685,885
Other costs	2,991,187	427,734		711,777
Total	¥ 30,307,449	$ 4,333,908	¥ 200,004,561	¥ 132,397,662

Short-term investments (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Debt securities:
Wealth management products, government bonds, or products issued by banks or security/trust companies	¥ 117,501,734	$ 16,802,524	¥ 178,821,757
Equity securities:
Marketable equity securities	761,723,058	108,924,949	939,725,698
Short-term investments	¥ 879,224,792	$ 125,727,473	¥ 1,118,547,455

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1

+ Details

Income taxes - Current and deferred components of income tax expenses, disaggregated by jurisdiction (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Current income tax expense:
Current tax expense, domestic	¥ 24,067,270	$ 3,441,573
Total current tax expense	30,674,579	4,386,405	¥ 65,805,623	¥ 64,458,408
Deferred income tax expense/(benefit)				(2,117,892)
Total income tax expense:
Income tax expense/(benefit), domestic	24,067,270	3,441,573
Total income tax expense/(benefit)	30,674,579	4,386,405	¥ 65,805,623	¥ 62,340,516
Hong Kong
Current income tax expense:
Current tax expense, foreign	5,673,334	811,276
Total income tax expense:
Income tax expense/(benefit), foreign	5,673,334	811,276
United States
Current income tax expense:
Current tax expense, foreign	834,699	119,360
Total income tax expense:
Income tax expense/(benefit), foreign	834,699	119,360
Australia
Current income tax expense:
Current tax expense, foreign	93,526	13,374
Total income tax expense:
Income tax expense/(benefit), foreign	93,526	13,374
United Kingdom
Current income tax expense:
Current tax expense, foreign	5,750	822
Total income tax expense:
Income tax expense/(benefit), foreign	¥ 5,750	$ 822

Accounts Receivables

12 Months Ended

Dec. 31, 2025

Accounts Receivables

Accounts Receivables

4. Accounts Receivables

4.1 Accounts receivable consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB		US$
Accounts receivables		34,550,465		5,351,511		765,256
Allowance for credit losses		(274,956)		(236)		(34)
Accounts receivables, net		34,275,509		5,351,275		765,222

4.2 Movements of allowance for accounts receivable for the years ended December 31, 2024 and 2025 are as follows:


		As of December 31,
		2024		2025
		RMB		RMB		US$
Balance at the beginning of the year		205,489		274,956		39,318
Additions/(reversal)		69,467		(274,720)		(39,284)
Balance at the end of the year		274,956		236		34

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	¥ 708,627,396	$ 101,332,370	¥ 91,731,395	¥ 39,133,539
Adjustments to reconcile net income to net cash provided by/ (used in) operating activities:
Provision for/ (Reversal of) expected credit loss for receivables and other assets	2,121,648	303,392	(18,615,779)	24,653,548
Impairment loss from other assets	54,276,250	7,761,401	1,570,020	5,799,642
Depreciation and amortization	50,698,734	7,249,823	22,506,444	13,915,526
Amortization of right-of-use assets	16,120,422	2,305,190	32,958,949	27,357,349
Loss on disposal of property and equipment	982,761	140,533	690,098	2,568,274
Share-based compensation expense			2,257,795	4,935,782
Losses/(Income) from equity method investments	18,937,550	2,708,034	4,048,792	(3,207,384)
Unrealized investment income of short-term investments and structured deposits	(66,880,381)	(9,563,767)	(128,094,346)	(13,304,022)
Investment losses of long-term investments	6,218,420	889,222	131,604,073	13,502,789
Investment income of derivative instruments	(188,710,582)	(26,985,254)	(19,457,360)	(153,834,938)
Foreign exchange loss/(gain), net	46,304,828	6,621,502	(20,658,172)	2,931,704
Changes in operating assets and liabilities:
Accounts receivables	29,198,954	4,175,395	(8,468,158)	(26,082,307)
Deferred tax assets and liabilities				(2,117,892)
Other current and non-current assets	31,168,387	4,457,020	(47,282,039)	395,362,790
Operating lease liabilities	(13,668,558)	(1,954,578)	(30,645,878)	(25,839,863)
Other current and non-current liabilities	(8,337,623)	(1,192,265)	(125,146,062)	46,245,024
Net cash provided by/(used in) operating activities	687,058,206	98,248,018	(111,000,228)	352,019,561
Cash flows from investing activities:
Proceeds from redemption of short-term investments and time and structured deposits	14,556,046,559	2,081,486,974	10,556,981,319	22,690,772,623
Proceeds from redemption of long-term investments			1,132,210	15,861,577
Principal collection of secured lending	45,899,180	6,563,495	236,539,876	11,775,050
Principal collection of finance lease receivables				5,953,915
Payments to originate secured lending			(242,436,280)	(100,000,000)
Proceeds from disposal of long-term assets	174,503,728	24,953,701	975,009	4,698,769
Purchases of short-term investments and time and structured deposits	(14,160,308,769)	(2,024,897,223)	(11,345,027,121)	(19,193,774,685)
Purchases of property and equipment, intangible assets and land use right	(116,616,188)	(16,675,893)	(317,998,577)	(565,028,199)
Purchase of long-term investment				(22,910,000)
Purchase of equity method investment			(14,000,000)
Collection/(Payments) of deposits related to derivative instruments	345,913,575	49,464,983	(1,250,533,516)	1,048,095,123
Film investment as passive investor			30,000,000
Net cash provided by/ (used in) investing activities	845,438,085	120,896,037	(2,344,367,080)	3,895,444,173
Cash flows from financing activities:
Proceeds from capital injection	100,000	14,300
Proceeds from short-term borrowings	1,576,000,000	225,365,003	720,000,000
Proceeds from exercise of share options				213
Repayment of borrowings	(720,000,000)	(102,958,631)		(145,311,721)
Repurchase of ordinary shares	(300,505,804)	(42,971,758)	(533,156,442)	(420,660,053)
Net cash (used in)/provide by financing activities	555,594,196	79,448,914	186,843,558	(565,971,561)
Effect of exchange rate changes	(76,554,891)	(10,947,204)	46,243,392	12,538,338
Net increase/(decrease) in cash and cash equivalents, and restricted cash and cash equivalents	2,011,535,596	287,645,765	(2,222,280,358)	3,694,030,511
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	5,044,498,144	721,353,640	7,266,778,502	3,572,747,991
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	7,056,033,740	1,008,999,405	5,044,498,144	7,266,778,502
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheets
Cash and cash equivalents	5,532,375,615		4,263,311,636	7,207,343,478
Restricted cash and cash equivalents	1,523,658,125		781,186,508	59,435,024
Total cash and cash equivalents, and restricted cash and cash equivalents	7,056,033,740		5,044,498,144	7,266,778,502
Supplemental disclosures of cash flow information:
Income taxes paid	5,791,999	828,245	¥ 144,224,535	¥ 43,369,793
Interest expense paid	¥ 32,227,052	$ 4,608,405

Related party balances and transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related party balances and transactions
Related party transactions	$ 0	$ 0	$ 0
Luo Min
Related party balances and transactions
Relationship with the company	Founder, chief executive officer and controlling shareholder of the Company

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY	Class A and B Ordinary shares CNY (¥) shares	Treasury shares CNY (¥)	Additional paid-in capital CNY (¥)	Accumulated other comprehensive loss/foreign currency translation adjustment CNY (¥)	Retained earnings CNY (¥)	Total HTT shareholders' equity CNY (¥)	CNY (¥)	USD ($)
Beginning balance at Dec. 31, 2022	¥ 175,888	¥ (486,954,953)	¥ 4,036,197,237	¥ (45,960,186)	¥ 8,539,254,222	¥ 12,042,712,208
Beginning balance (in shares) at Dec. 31, 2022 \| shares	232,246,326
Repurchase of ordinary shares		(420,660,053)				(420,660,053)
Repurchase of ordinary shares (in shares) \| shares	(31,870,360)
Exercise of share options		7,987,486	(7,987,273)			213
Exercise of share options (in shares) \| shares	224,925
Share-based compensation (Note 19)			4,935,782			4,935,782
Other comprehensive income (loss)				21,829,283		21,829,283	¥ 21,829,283
Net income					39,133,539	39,133,539	39,133,539
Ending balance at Dec. 31, 2023	¥ 175,888	(899,627,520)	4,033,145,746	(24,130,903)	8,578,387,761	11,687,950,972
Ending balance (in shares) at Dec. 31, 2023 \| shares	200,600,891
Repurchase of ordinary shares		(528,393,708)				(528,393,708)
Repurchase of ordinary shares (in shares) \| shares	(32,156,032)
Exercise of share options		8,735,350	(8,735,172)			178
Exercise of share options (in shares) \| shares	244,326
Share-based compensation (Note 19)			2,257,795			2,257,795
Other comprehensive income (loss)				37,882,398		37,882,398	37,882,398
Net income					91,731,395	91,731,395	91,731,395
Ending balance at Dec. 31, 2024	¥ 175,888	(1,419,285,878)	4,026,668,369	13,751,495	8,670,119,156	11,291,429,030	11,291,429,030
Ending balance (in shares) at Dec. 31, 2024 \| shares	168,689,185
Repurchase of ordinary shares		(299,619,946)				(299,619,946)
Repurchase of ordinary shares (in shares) \| shares	(12,081,828)
Exercise of share options		2,389,494	(2,389,447)			47
Exercise of share options (in shares) \| shares	69,100
Other comprehensive income (loss)				(68,932,636)		(68,932,636)	(68,932,636)	$ (9,857,236)
Net income					708,627,396	708,627,396	708,627,396	101,332,370
Capital injection			100,000			100,000
Ending balance at Dec. 31, 2025	¥ 175,888	¥ (1,716,516,330)	¥ 4,024,378,922	¥ (55,181,141)	¥ 9,378,746,552	¥ 11,631,603,891	¥ 11,631,603,891	$ 1,663,297,234
Ending balance (in shares) at Dec. 31, 2025 \| shares	156,676,457

Property and equipment, net - Additional information (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Property and equipment, net
Depreciation expense	¥ 50,000,000	$ 7,000,000	¥ 21,000,000	¥ 14,000,000
Interest costs incurred and capitalized	0	0	0	2,000,000
Property and equipment, gross	1,777,398,351		1,641,782,323		$ 254,164,584
Property and equipment, net	1,677,993,227		1,586,033,627		239,949,840
Disposals	3,582,671	512,315	816,244	2,817,196
Loss on disposal of property and equipment	982,761	140,533	690,098	¥ 2,568,274
Aircraft
Property and equipment, net
Depreciation expense	17,000,000	2,000,000	17,000,000
Property and equipment, gross	172,729,570		180,292,710		24,700,000
Building
Property and equipment, net
Depreciation expense			0
Property and equipment, gross	1,570,548,470		118,266,537		224,585,444
Property and equipment, gross	1,452,000,000	208,000,000	118,000,000
Building and Aircraft
Property and equipment, net
Depreciation expense	31,000,000	$ 4,000,000
Property and equipment, net	¥ 1,670,000,000		¥ 271,000,000		$ 239,000,000

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares
Derivative instruments	¥ 113,191,365	$ 16,186,150
Allowance for account receivables, net	236	34	¥ 274,956
Allowance for other current assets	77,493,926	11,081,484	72,671,045
Fair value of long-term investments	14,700,093	2,102,085	15,163,357
Allowance of other non-current assets	0	0	440,085
Short-term lease liabilities	4,232,810	605,284	18,696,986
Accrued expenses and other current liabilities	290,251,370	41,505,394	262,077,864
Income tax payable	58,155,740	8,316,160	33,422,727
Derivative instruments	52,011,906	7,437,604	89,894,630
Long-term lease liabilities	¥ 655,070	$ 93,674	¥ 48,706,048
Class A Ordinary shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001
Ordinary shares, authorized	656,508,828	656,508,828	656,508,828
Ordinary shares, issued	201,304,881	201,304,881	201,304,881
Ordinary shares, outstanding	93,185,285	93,185,285	105,198,013
Class B Ordinary shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001
Ordinary shares, authorized	63,491,172	63,491,172	63,491,172
Ordinary shares, issued	63,491,172	63,491,172	63,491,172
Ordinary shares, outstanding	63,491,172	63,491,172	63,491,172
Variable Interest Entity
Derivative instruments	¥ 7,799,642	$ 1,115,334
Short-term lease liabilities	44,274	6,331	¥ 67,180
Accrued expenses and other current liabilities	17,207,708	2,460,670	8,233,771
Income tax payable	17,953,357	2,567,296	0
Derivative instruments \| ¥			0
Long-term lease liabilities	¥ 0	$ 0	¥ 0

Ordinary shares

12 Months Ended

Dec. 31, 2025

Ordinary shares

Ordinary shares

21. Ordinary shares

The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity which is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into an equal number of Class A ordinary shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Share-based compensation

12 Months Ended

Dec. 31, 2025

Share-based compensation

Share-based compensation

19. Share-based compensation

Stock options

On December 9, 2016, the Board of Directors of High Templar Tech Limited approved the 2016 Equity Incentive Plan (the “2016 Plan”). All the share options granted under the 2016 Plan were vested over 3 to 5 years. The 2016 Plan expires 10 years from the date of the grant. The Company reserved 1,000,000 shares for issuance under the 2016 Plan. The exercise price for such options is RMB 0.0006 (US$ 0.0001) per share.

The Company has set up the Share Based Payment Trust for the purpose of holding options awarded to certain employees and underlying shares before they are exercised as instructed by the employees. Shares options held by Share Based Payment Trust are legally outstanding upon satisfaction of vesting conditions.

The Company estimated the fair value of the options based on the quoted share price at grant date. Due to the options’ di minimis exercise price, the various assumptions used in the binomial option pricing model will not have a material impact in the calculation of the fair value of the options.

The Company recognized compensation cost for the share options on a graded vesting basis. The total share-based compensation expenses recognized by the Company for the share option granted were RMB 4,935,782, RMB 2,257,795 and RMB nil (US$ nil) for the years ended December 31, 2023, 2024 and 2025, respectively.

A summary of share option activities under the 2016 Plan for the years ended December 31, 2024 and 2025 is as follows:


								Weighted
								average
								remaining		Aggregated
				Weighted average		Weighted average		contractual		intrinsic
		Number of options		exercise price		grant date fair value		term		value
				RMB		RMB		Years		RMB
Balance, December 31, 2023		9,174,361		—		17.44		4.32		132,873,059
Exercised		(254,326)		—		28.02		2.93		3,938,396
Forfeited		—		—		—		—		—
Balance, December 31, 2024		8,920,035		—		33.17		3.42		183,603,721
Exercised		(164,628)		—		26.91		—		4,685,077
Forfeited		—		—		—		—		—
Balance, December 31, 2025		8,755,407		—		32.67		2.34		217,351,278
Vested and Exercisable as of December 31, 2025		8,755,407		—		32.67		2.34		217,351,278

19. Share-based compensation - continued

Stock options - continued

The aggregate intrinsic value in the table above represents the difference between the exercise price and the Company’s closing stock price on the last trading day in 2023, 2024 and 2025, respectively. The total intrinsic value of options exercised for the years ended December 31, 2023, 2024 and 2025 was RMB 3,056,001, RMB 3,938,396 and RMB 4,685,077 (US$ 669,957) respectively. The total fair value of shares vested during the years ended December 31, 2023, 2024 and 2025 was RMB 29,797,645, RMB 2,257,960 and RMB nil (US$ nil), respectively.

For the years ended December 31, 2023, 2024 and 2025, the Company allocated share-based compensation expense as follows:


		For the years ended December 31,
		2023		2024		2025
		RMB		RMB		RMB		US$
Sales and marketing		265,862		299,806		—		—
General and administrative		4,649,664		1,754,168		—		—
Research and development		20,256		203,821		—		—
Total		4,935,782		2,257,795		—		—

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2025

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

11. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2024	2025
	RMB	RMB	US$
Accrued payroll	7,290,249	1,428,821	204,319
Tax payables	3,758,066	6,816,712	974,777
Payable to suppliers	115,793,122	153,182,488	21,904,804
Payable to external service providers	19,447,813	20,839,700	2,980,037
Payable to funding partner	50,365,126	50,013,688	7,151,862
Business deposits	5,593,315	5,493,315	785,534
Others	59,830,173	52,476,646	7,504,061
Total	262,077,864	290,251,370	41,505,394

Commitments and contingencies

12 Months Ended

Dec. 31, 2025

Commitments and contingencies

Commitments and contingencies

20. Commitments and contingencies

Capital Commitments

The Company’s capital commitments relate primarily to commitments in connection with the ongoing construction and facility improvements of its headquarter. The total capital commitments contracted but not yet reflected in the financial statements as of December 31, 2024 and 2025 amounted to RMB 157,801,809 and RMB 17,467,110 (US$ 2,497,763) respectively. All of the commitments relating to the construction will be settled in installments.

Commitments and contingencies (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Commitments and contingencies
Total capital commitments	¥ 17,467,110	$ 2,497,763	¥ 157,801,809

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class A ordinary shares
Number of underlying shares represented by one ADS	1	1	1

Interest and investment income, net - Summary of Interest and Investment Income, Net (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Interest and investment income, net
Unrealized investment (loss)/income of short-term investments	¥ 72,933,526	$ 10,429,356	¥ 125,179,719	¥ (202,012,339)
Realized investment income of short-term investments	793,211,793	113,427,777	191,828,265	300,705,577
Unrealized investment income/(loss) of long-term investments	(6,218,420)	(889,222)	(131,604,073)	645,974,321
Realized investment loss of long-term investments				(659,477,110)
Investment income of structured deposits	18,943,295	2,708,855	49,039,769	59,394,774
Interest income, net	111,498,396	15,944,059	145,618,456	110,747,398
Total	¥ 990,368,590	$ 141,620,825	¥ 380,062,136	¥ 255,332,621

Income taxes - Reconciliation of taxes at the PRC statutory rate to our provision for income taxes (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income taxes
Net income before income taxes	¥ 739,301,975	$ 105,718,775	¥ 157,537,018	¥ 101,474,055
Effective Income Tax Rate Reconciliation, Amount
Income tax expense at PRC statutory income tax rate	184,825,494		39,384,255	25,368,514
Tax exempted income			113,208,078	198,231
Changes in valuation allowance			(249,072,857)	(91,301,461)
Total income tax expense/(benefit)	¥ 30,674,579	$ 4,386,405	¥ 65,805,623	¥ 62,340,516
Tax Jurisdiction of Domicile [Extensible Enumeration]	PRC	PRC
Effective Income Tax Rate Reconciliation, Percent
Income/(loss) before income tax	100.00%	100.00%
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Effective tax rate	4.10%	4.10%	41.80%	61.40%
PRC
Effective Income Tax Rate Reconciliation, Amount
Tax exempted income	¥ (10,955,971)
Write-off of NOL	22,301,473
Changes in valuation allowance	(112,048,066)
Other	¥ 7,315,121
Effective Income Tax Rate Reconciliation, Percent
Tax exempted income	(1.50%)	(1.50%)
Write-off of NOL	3.00%	3.00%
Changes in valuation allowance	(15.20%)	(15.20%)
Other	1.00%	1.00%
Hong Kong
Effective Income Tax Rate Reconciliation, Amount
Tax exempted income	¥ (1,966,394)
Changes in valuation allowance	22,856,618
Other	5,632,510
Statutory tax rate difference	¥ 10,150,643
Effective Income Tax Rate Reconciliation, Percent
Tax exempted income	(0.30%)	(0.30%)
Changes in valuation allowance	3.10%	3.10%
Other	0.80%	0.80%
Statutory tax rate difference	1.40%	1.40%
Cayman
Effective Income Tax Rate Reconciliation, Amount
Statutory tax rate difference	¥ (104,556,655)
Effective Income Tax Rate Reconciliation, Percent
Statutory tax rate difference	(14.10%)	(14.10%)
Other foreign jurisdictions
Effective Income Tax Rate Reconciliation, Amount
Other	¥ 7,119,806
Effective Income Tax Rate Reconciliation, Percent
Other	1.00%	1.00%

Pay vs Performance Disclosure	12 Months Ended
Pay vs Performance Disclosure	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ 708,627,396	$ 101,332,370	¥ 91,731,395	¥ 39,133,539

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and equipment, net (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Property and equipment, net
Property and equipment, gross	¥ 1,777,398,351	$ 254,164,584	¥ 1,641,782,323
Less accumulated depreciation	98,571,734	14,095,570	54,915,306
Less impairment	833,390	119,174	833,390
Property and equipment, net	1,677,993,227	239,949,840	1,586,033,627
Construction in progress
Property and equipment, net
Property and equipment, gross			1,302,148,272
Leasehold improvements
Property and equipment, net
Property and equipment, gross	13,615,929	1,947,052	15,967,920
Office and electronic equipment
Property and equipment, net
Property and equipment, gross	9,951,202	1,423,003	11,704,829
Motor vehicles
Property and equipment, net
Property and equipment, gross	10,553,180	1,509,085	13,402,055
Aircraft
Property and equipment, net
Property and equipment, gross	172,729,570	24,700,000	180,292,710
Buildings
Property and equipment, net
Property and equipment, gross	¥ 1,570,548,470	$ 224,585,444	¥ 118,266,537

Organization - Schedule of Cash Flows of VIEs (Details)	12 Months Ended
Organization - Schedule of Cash Flows of VIEs (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Variable Interest Entity
Net cash provided by/ (used in) operating activities	¥ 687,058,206	$ 98,248,018	¥ (111,000,228)	¥ 352,019,561
Net cash provided by investing activities	845,438,085	120,896,037	(2,344,367,080)	3,895,444,173
Net cash (used in)/provided by financing activities	555,594,196	79,448,914	186,843,558	(565,971,561)
Variable Interest Entity
Variable Interest Entity
Net cash provided by/ (used in) operating activities	(122,542,784)	(17,523,385)	(1,349,175,834)	1,132,978,031
Net cash provided by investing activities	¥ 173,360,780	$ 24,790,262	(561,586,008)	1,449,584,102
Net cash (used in)/provided by financing activities			¥ (156,112,319)	¥ (111,291,410)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Additional information (Details)	12 Months Ended
Leases - Additional information (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Leases
Lease costs under operating leases	¥ 16,120,422	$ 2,305,190	¥ 32,958,949	¥ 27,357,349
Weighted average discount rate	3.99%		3.82%		3.99%
Weighted average remaining lease term	12 months		69 months		12 months
Total lease payments	¥ 5,115,280		¥ 76,368,441		$ 731,475

Income taxes - Additional information (Details)	12 Months Ended
Income taxes - Additional information (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023	Dec. 31, 2025 USD ($)
Income taxes
Statutory income tax rate	25.00%	25.00%	25.00%
Operating loss carryforwards	¥ 2,389,000,000	¥ 2,836,000,000		$ 342,000,000
Undistributed earnings from PRC subsidiaries	11,514,000,000			1,646,000,000
Unrecognized tax benefits	0	¥ 0		0
Unrecognized tax benefits that would impact effective tax rate	¥ 0			$ 0
Maximum
Income taxes
PRC tax authority to conduct examinations, term	5 years
Hong Kong
Income taxes
Statutory income tax rate	16.50%
PRC
Income taxes
Statutory income tax rate	25.00%
Withholding tax rate	10.00%
AUSTRALIA
Income taxes
Statutory income tax rate	30.00%

Condensed financial information of the parent company - Condensed balance sheets (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 5,532,375,615	$ 791,119,191	¥ 4,263,311,636	¥ 7,207,343,478
Short-term investments	879,224,792	125,727,473	1,118,547,455
Time and Structured deposits	1,885,242,800	269,586,135	2,009,018,598
Other current assets	1,453,174,071	207,801,128	1,933,182,792
Total current assets	11,392,218,043	1,629,065,513	10,139,522,498
Non-current assets:
Total non-current assets	2,220,692,744	317,554,840	2,324,704,787
TOTAL ASSETS	13,612,910,787	1,946,620,353	12,464,227,285
Current liabilities:
Short-term borrowings	1,576,000,000	225,365,003	720,000,000
Total current liabilities	1,980,651,826	283,229,445	1,124,092,207
Total non-current liabilities	655,070	93,674	48,706,048
Total liabilities	1,981,306,896	283,323,119	1,172,798,255
Shareholders' equity
Treasury shares	(1,716,516,330)	(245,458,571)	(1,419,285,878)	¥ (899,627,520)
Additional paid-in capital	4,024,378,922	575,478,532	4,026,668,369
Accumulated other comprehensive income/ (loss)	(55,181,141)	(7,890,798)	13,751,495
Retained earnings	9,378,746,552	1,341,142,920	8,670,119,156
Total equity	11,631,603,891	1,663,297,234	11,291,429,030
TOTAL LIABILITIES AND EQUITY	13,612,910,787	1,946,620,353	12,464,227,285
Class A Ordinary shares
Shareholders' equity
Common stock	132,052	18,883	132,052
Class B Ordinary shares
Shareholders' equity
Common stock	43,836	6,268	43,836
Parent Company \| Reportable legal entity
Current assets:
Cash and cash equivalents	1,792,785,371	256,364,898	305,194,205
Short-term investments	574,322,435	82,127,016	698,152,621
Time and Structured deposits			380,047,326
Short-term amounts due from related parties	¥ 320,663,822	$ 45,854,317	¥ 440,259,744
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Other current assets	¥ 42,098	$ 6,020	¥ 14,670
Total current assets	2,687,813,726	384,352,251	1,823,668,566
Non-current assets:
Investments in subsidiaries, VIEs and VIEs' subsidiaries	10,483,508,886	1,499,121,832	10,211,096,821
Total non-current assets	10,483,508,886	1,499,121,832	10,211,096,821
TOTAL ASSETS	13,171,322,612	1,883,474,083	12,034,765,387
Current liabilities:
Short-term borrowings	1,436,000,000	205,345,269	720,000,000
Accrued expenses and other inter-companies	12,424,971	1,776,747	19,456,357
Short-term amounts due to related parties	¥ 91,293,750	$ 13,054,833	¥ 3,880,000
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Total current liabilities	¥ 1,539,718,721	$ 220,176,849	¥ 743,336,357
Total liabilities	1,539,718,721	220,176,849	743,336,357
Shareholders' equity
Treasury shares	(1,716,516,330)	(245,458,571)	(1,419,285,878)
Additional paid-in capital	4,024,378,922	575,478,532	4,026,668,369
Accumulated other comprehensive income/ (loss)	(55,181,141)	(7,890,798)	13,751,495
Retained earnings	9,378,746,552	1,341,142,920	8,670,119,156
Total equity	11,631,603,891	1,663,297,234	11,291,429,030
TOTAL LIABILITIES AND EQUITY	13,171,322,612	1,883,474,083	12,034,765,387
Parent Company \| Reportable legal entity \| Class A Ordinary shares
Shareholders' equity
Common stock	132,052	18,883	132,052
Parent Company \| Reportable legal entity \| Class B Ordinary shares
Shareholders' equity
Common stock	¥ 43,836	$ 6,268	¥ 43,836

Treasury shares (Details)			12 Months Ended
Treasury shares (Details)	Mar. 18, 2024 USD ($) $ / shares	Jun. 11, 2022 USD ($) $ / shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Treasury shares
Cancelled shares \| shares			71,645,824	71,645,824
Exercise of stock options \| shares			1,652,188	1,652,188
Remaining balance of treasury shares			¥ 1,716,516,330		$ 245,458,571
Treasury stock, value			¥ 1,716,516,330		$ 245,458,571		¥ 1,419,285,878	¥ 899,627,520
Class A ordinary shares
Treasury shares
Remaining balance of treasury shares \| shares			108,119,596	108,119,596
Number of underlying shares represented by one ADS			1		1		1	1
Common stock, par value \| $ / shares					$ 0.0001	$ 0.0001
American Depositary Shares
Treasury shares
Repurchased shares, average price \| $ / shares				$ 2.2703
Share Repurchase Program 2022
Treasury shares
Treasury stock amount			¥ 5,380,061,190	$ 769,338,518
Period		24 months
Share Repurchase Program 2022 \| Class A ordinary shares
Treasury shares
Number of shares repurchased \| shares			181,417,608	181,417,608
Number of underlying shares represented by one ADS		1
Common stock, par value \| $ / shares		$ 0.0001
Share Repurchase Program 2022 \| American Depositary Shares
Treasury shares
Authorized share to be repurchased, maximum aggregate value \| $		$ 200,000,000
Number of shares repurchased \| shares			181,417,608	181,417,608
Repurchased shares, average price \| $ / shares				$ 4.2407
Share Repurchase Program 2024
Treasury shares
Period	36 months
Share Repurchase Program 2024 \| Class A ordinary shares
Treasury shares
Number of underlying shares represented by one ADS	1
Common stock, par value \| $ / shares	$ 0.0001
Share Repurchase Program 2024 \| American Depositary Shares
Treasury shares
Authorized share to be repurchased, maximum aggregate value \| $	$ 300,000,000

Interest and investment income, net

12 Months Ended

Dec. 31, 2025

Interest and investment income, net

Interest and investment income, net

14.1 Interest and investment income, net

Interest and investment income, net consists of the following:


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Unrealized investment (loss)/income of short-term investments	(202,012,339)	125,179,719	72,933,526	10,429,356
Realized investment income of short-term investments	300,705,577	191,828,265	793,211,793	113,427,777
Unrealized investment income/(loss) of long-term investments	645,974,321	(131,604,073)	(6,218,420)	(889,222)
Realized investment loss of long-term investments	(659,477,110)	—	—	—
Investment income of structured deposits	59,394,774	49,039,769	18,943,295	2,708,855
Interest income, net	110,747,398	145,618,456	111,498,396	15,944,059
Total	255,332,621	380,062,136	990,368,590	141,620,825

14.2 Gain/(loss) on derivative instruments


	For the years ended December 31,
	2023	2024	2025
	RMB	RMB	RMB	US$
Unrealized investment (loss)/income of derivative instruments	(149,741,836)	222,975,608	151,074,089	21,603,307
Realized investment income/(loss) of derivative instruments	303,576,774	(203,518,248)	37,636,493	5,381,947
Total	153,834,938	19,457,360	188,710,582	26,985,254