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CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Short-term bank borrowings	¥ 100,000,000	$ 14,084,705	¥ 160,000,000
Notes payable	167,282,688	23,561,274	316,832,113
Accounts payable	575,724,288	81,089,070	459,466,937
Income taxes payable	1,357,913	191,258	1,898,065
Advances from customers	19,304,488	2,718,980	24,931,897
Deferred revenue - current	41,755,097	5,881,082	37,539,733
Accrued expenses and other current liabilities	165,511,396	23,311,795	192,092,943
Deferred revenue-non-current	13,168,111	1,854,690	11,429,500
Deferred income tax liabilities	2,362,494	332,750	1,398,279
Operating lease liabilities	280,421	39,496	7,569,128
Other non-current liabilities	¥ 8,968,519	$ 1,263,189	¥ 13,441,382
Ordinary shares, authorized \| shares	5,000,000,000	5,000,000,000
Class A Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001
Ordinary shares, authorized \| shares	4,900,000,000	4,900,000,000	4,900,000,000
Ordinary shares, issued \| shares	138,575,010	138,575,010	137,719,542
Ordinary shares, outstanding \| shares	138,575,010	138,575,010	137,719,542
Class B Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001
Ordinary shares, authorized \| shares	50,000,000	50,000,000	50,000,000
Ordinary shares, issued \| shares	16,542,020	16,542,020	16,542,020
Ordinary shares, outstanding \| shares	16,542,020	16,542,020	16,542,020
VIE
Short-term bank borrowings	¥ 100,000,000		¥ 160,000,000
Notes payable	167,282,688		316,832,113
Accounts payable	575,235,413		459,406,790
Income taxes payable	1,195,114		1,501,992
Advances from customers	16,399,926		23,522,149
Deferred revenue - current	41,755,097		37,539,733
Accrued expenses and other current liabilities	151,286,008		175,352,229
Deferred revenue-non-current	13,168,111		11,429,500
Deferred income tax liabilities	2,362,494		1,398,279
Operating lease liabilities	280,421		7,569,128
Other non-current liabilities	¥ 8,968,519		¥ 13,441,382

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER CURRENT ASSETS

PREPAYMENTS AND OTHER CURRENT ASSETS

6. PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Deductible input VAT and VAT rebates receivable	104,391,993	123,335,099
Prepayments to suppliers	54,722,157	35,692,402
Receivable from online platforms	11,555,500	12,258,397
Deferred charge	14,359,452	11,722,400
Interest receivable	1,916,240	7,357,967
Income tax receivable	13,349,602	9,450
Others*	5,400,773	4,696,414

Prepayments and other current assets	205,695,717	195,072,129

*	Others mainly include deposits receivable.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Short-term investments (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Schedule of Investments [Line Items]
Short-term investments	¥ 420,000,000	$ 59,155,763	¥ 2,593,000,000	¥ 6,032,000,000
Changes in fair value of investments	1,426,370	$ 200,900	¥ 10,917,736	¥ 21,167,575
Short-term investments
Schedule of Investments [Line Items]
Changes in fair value of investments	¥ 1,426,370

NOTES PAYABLE

12 Months Ended

Dec. 31, 2023

NOTES PAYABLE

NOTES PAYABLE

11. NOTES PAYABLE

In December 2021, the Group entered into a twelve-month loan facility agreement with a commercial bank in the PRC. Pursuant to this agreement, the Group was entitled to borrow a short-term bank borrowing and notes payable of up to RMB200,000,000.

In April 2022, the Group entered into a twelve-month revolving loan facility agreement with a commercial bank in the PRC, and was entitled to extend maturity date to April 2024. Pursuant to this agreement, the Group was entitled to borrow a short-term bank borrowing and notes payable of up to RMB300,000,000.

As of December 31, 2022 and 2023, notes payable represent non-interest-bearing bank acceptance notes issued by the Group to suppliers that are due within twelve months.

As of December 31, 2022 and 2023, unused loan facility amounted to RMB183,167,887 and RMB132,717,312, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Selling and Marketing Expenses, Government Grants, Employee Benefits (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising expenses	¥ 177,824,898	¥ 191,776,905	¥ 160,415,978
Government grants	2,968,735	16,385,038	48,726,818
Employee social benefits included as expenses	¥ 42,376,447	¥ 42,637,403	¥ 31,122,424

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and cash equivalents (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Minimum
Cash and cash equivalents
Original maturities of term deposit	3 months
Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	¥ 872,102,927	¥ 533,697,058
PRC \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	852,651,899	505,445,775
PRC \| Denominated in EUR \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	18,233,516	5,986,595
PRC \| Denominated in RMB \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	334,796,621	278,917,866
PRC \| Denominated in GPB \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	504,471	244,790
PRC \| Denominated in USD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	499,117,291	220,296,524
United States \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	691,290	10,087,973
United States \| Denominated in USD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	691,290	10,087,973
Hong Kong SAR \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	11,556,322	14,709,796
Hong Kong SAR \| Denominated in HKD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	79,213	78,206
Hong Kong SAR \| Denominated in USD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	11,477,109	14,631,590
Others \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	¥ 7,203,416	¥ 3,453,514

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, plant and equipment, net (Details)	12 Months Ended
	Dec. 31, 2023
Building
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	50 years
Machinery and equipment \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	3 years
Machinery and equipment \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	10 years
Furniture \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	3 years
Furniture \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	5 years
Office and electronic equipment \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	2 years
Office and electronic equipment \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	5 years
Motor vehicles \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	3 years
Motor vehicles \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life	4 years

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Results of Operations (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed Statements of Results of Operations
Total operating expenses	¥ (891,239,250)	$ (125,528,423)	¥ (775,347,876)	¥ (609,024,771)
Interest income	35,492,190	4,998,970	12,860,216	5,375,969
Income (loss) before income taxes	(282,028,866)	(39,722,935)	(71,219,873)	272,857,017
Income tax expense	(10,192,884)	(1,435,638)	(21,756,944)	47,036,608
Net income (loss)	(271,835,982)	$ (38,287,297)	(49,462,929)	225,820,409
Parent Company \| Reportable Legal Entities
Condensed Statements of Results of Operations
Total operating expenses	(17,739,201)		(15,414,575)	(11,441,931)
Share of income (loss) from subsidiaries, consolidated VIE and VIE's subsidiaries	(270,498,551)		(39,264,560)	235,264,719
Interest income	16,401,770		5,216,206	1,997,621
Income (loss) before income taxes	(271,835,982)		(49,462,929)	225,820,409
Net income (loss)	¥ (271,835,982)		¥ (49,462,929)	¥ 225,820,409

- 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.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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- Definition

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

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of operating segment	1

OPERATING LEASES

12 Months Ended

Dec. 31, 2023

OPERATING LEASES

OPERATING LEASES

20. OPERATING LEASES

The Group leases its facilities and offices under non-cancelable operating lease agreements. For the years ended December 31, 2021, 2022 and 2023, the operating lease cost were RMB11,947,682, RMB9,352,700 and RMB7,549,026, respectively, and the short-term lease cost were RMB1,357,660, RMB847,735 and RMB1,480,259, respectively. There were no leasing costs other than operating lease costs or short-term lease costs.

A summary of supplemental information related to operating leases as of December 31, 2022 and 2023 was as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Operating lease right-of-use assets	86,597,121	76,821,285

Operating lease liabilities—current (Note 12)	7,743,648	5,094,066
Operating lease liabilities—non-current	7,569,128	280,421
Total operating lease liabilities	15,312,776	5,374,487


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cash paid for amounts included in the measurement of operating lease liabilities	9,569,023	8,046,828	7,711,479
Right-of-use assets obtained in exchange for new operating lease liabilities	10,201,553	921,405	3,744,607
Right-of-use assets obtained in exchange for prepayment for land use right	26,550,000	—	—
Modification to right-of-use assets	(11,469,923)	—	(5,217,099)

The weighted average remaining lease term as of December 31, 2023 was 1.1 years, and the weighted average discount rate of the operating leases was 3.92%.

Maturities of lease liabilities under the Group’s non-cancellable operating leases as of December 31, 2023 were as follows:


		As of December 31, 2023
		RMB
Within 1 year		5,176,941
After 1 year but within 2 years		284,407
Total undiscounted lease payment		5,461,348
less: Imputed interest		(86,861)
Present value of lease liabilities		5,374,487

As of December 31, 2023, the Group has no significant lease contract that has been entered into but not yet commenced.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases, Impairment of Long-lived Assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life of land use right, net	50 years
Impairment of Long-lived Assets
Impairment of long-lived assets	¥ 0	¥ 0	¥ 0

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS

Schedule of short-term investments


	As of December 31,
	2022	2023
	RMB	RMB
Aggregate cost basis	160,000,000	—
Gross unrealized holding gain	406,301	—

Aggregate fair value	160,406,301	—

REVENUE INFORMATION - Revenues based on geographic areas (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
REVENUE INFORMATION
Revenues	¥ 2,651,757,646	$ 373,492,253	¥ 3,168,597,334	¥ 3,704,537,419
PRC
REVENUE INFORMATION
Revenues	2,247,593,239		2,583,843,616	3,158,966,932
Europe
REVENUE INFORMATION
Revenues	151,521,237		343,157,877	430,201,301
Others
REVENUE INFORMATION
Revenues	¥ 252,643,170		¥ 241,595,841	¥ 115,369,186

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of Group's VIE information


	As of December 31,
	2022	2023
	RMB	RMB
Cash	493,570,803	620,484,535
Term deposits-current	—	20,000,000
Restricted cash	6,229,605	145,000
Short-term investments	160,406,301	—
Accounts receivable, net	298,732,239	91,975,054
Inventories	411,954,893	386,966,973
Prepayments and other current assets	187,576,865	177,957,171
Amounts due from inter-companies	24,251,018	44,220,970

Total current assets	1,582,721,724	1,341,749,703

Term deposits-non-current	20,000,000	—
Property, plant and equipment, net	394,621,585	321,213,398
Intangible assets, net	1,317,785	1,102,870
Operating lease right-of-use assets	86,597,121	76,821,285
Deferred income tax assets	6,132,499	20,747,021
Other non-current assets	5,677,414	6,720,608

Total assets	2,097,068,128	1,768,354,885

Short-term bank borrowings	160,000,000	100,000,000
Notes payable	316,832,113	167,282,688
Accounts payable	459,406,790	575,235,413
Amounts due to inter-companies	476,120,909	467,282,009
Income taxes payable	1,501,992	1,195,114
Advances from customers	23,522,149	16,399,926
Deferred revenue—current	37,539,733	41,755,097
Accrued expenses and other current liabilities	175,352,229	151,286,008

Total current liabilities	1,650,275,915	1,520,436,255

Deferred revenue-non-current	11,429,500	13,168,111
Deferred income tax liabilities	1,398,279	2,362,494
Operating lease liabilities	7,569,128	280,421
Other non-current liabilities	13,441,382	8,968,519

Total liabilities	1,684,114,204	1,545,215,800


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Revenues	3,768,134,434	3,187,989,945	2,645,570,002
Net income (loss)	213,848,471	(9,347,980)	(236,441,380)
Net cash provided by (used in) operating activities	354,675,219	(74,417,318)	93,727,586
Net cash (used in) provided by investing activities	(329,808,349)	455,930,283	82,502,334
Net cash used in financing activities	—	(20,000,000)	(60,000,000)
Effect of foreign currency exchange rate changes on cash and restricted cash	(422,991)	7,993,970	4,599,207
Net increase in cash and restricted cash	24,443,879	369,506,935	120,829,127
Cash and restricted cash at the beginning of the year	105,849,594	130,293,473	499,800,408
Cash and restricted cash at the end of the year	130,293,473	499,800,408	620,629,535

- 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

OTHER NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

OTHER NON-CURRENT ASSETS

Schedule of other non-current assets


	As of December 31,
	2022	2023
	RMB	RMB
Prepayment for an investment	7,000,000	—
Deposits	2,376,350	2,728,406
Prepayment for property, plant and equipment	1,914,411	2,231,253
Others	1,392,329	1,770,719

Other non-current assets	12,683,090	6,730,378

SHORT-TERM BANK BORROWINGS

12 Months Ended

Dec. 31, 2023

SHORT-TERM BANK BORROWINGS

SHORT-TERM BANK BORROWINGS

10. SHORT-TERM BANK BORROWINGS


	As of December 31,
	2022	2023
	RMB	RMB
Secured borrowing	160,000,000	100,000,000

In July 2021, a commercial bank in the PRC provided the Group with a ten-month short-term credit bank borrowing of RMB20,000,000 bearing interest of 3.5% per annum. In May 2022, the Group fully repaid this borrowing, and obtained a new one-year short-term borrowing of RMB20,000,000 bearing interest of 3.3% per annum. In November 2022, the borrowing was fully repaid. As of December 31, 2022, the outstanding balance of this borrowing was nil.

In June 2021, the Group entered into a two-year secured loan facility agreement with a commercial bank in the PRC, pursuant to which the Group is entitled to borrow a secured bank loan of up to RMB160,000,000. In June 2021, the Group drew down RMB160,000,000 under this facility agreement bearing interest of 3.5% per annum, and repaid RMB40,000,000 and RMB120,000,000 in September and December 2021, respectively. In December 2021, June 2022 and December 2022, the Group drew down RMB160,000,000 each under this facility agreement for three times, bearing interest of 3.2%, 3.0% and 3.0%, respectively, and fully repaid in June 2022, December 2022 and January 2023, respectively, and the cash collateral in this bank was released accordingly. As of December 31 2022, and 2023, total outstanding balance of these borrowings was RMB160,000,000 and nil, respectively, and the cash collateral in the form of a US dollar deposit held with the bank was equivalent to RMB176,204,380 and nil, respectively.

In March 2023, the Group entered into a twelve-months secured loan facility agreement with a commercial bank in the PRC, pursuant to which the Group is entitled to borrow a secured bank loan of up to RMB160,000,000. In June and August 2023, the Group drew down RMB41,380,805 and RMB58,619,195, respectively, under this facility agreement bearing interest of 3.2% per annum. As of December 31, 2023, the total outstanding borrowings were RMB100,000,000 and the Group provided cash collateral in the form of a US dollar deposit equivalent to RMB107,521,732 held with the bank.

As of December 31, 2022 and 2023, the outstanding short-term bank borrowings bore a weighted average interest rate of 3.0% and 3.2% per annum, respectively, and were denominated in RMB. These loans were obtained from financial institutions located in the PRC.

As of December 31, 2022 and 2023, unused secured loan facility amounted to nil and RMB60,000,000, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Statutory Reserves (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of after tax profit, transferred annually by PRC subsidiaries to statutory surplus fund	10.00%
Maximum percentage criteria for appropriation of after-tax profit of PRC subsidiaries to statutory surplus fund (as a percent)	50.00%
Appropriations to statutory reserves	¥ 0	¥ 42,654	¥ 20,875,864

SHORT-TERM BANK BORROWINGS (Details)	1 Months Ended												12 Months Ended
SHORT-TERM BANK BORROWINGS (Details)	Aug. 31, 2023 CNY (¥)	Jun. 30, 2023 CNY (¥)	Mar. 31, 2023 CNY (¥)	Jan. 31, 2023	Dec. 31, 2022 CNY (¥)	Jun. 30, 2022 CNY (¥)	May 31, 2022 CNY (¥)	Apr. 30, 2022	Dec. 31, 2021 CNY (¥)	Sep. 30, 2021 CNY (¥)	Jul. 31, 2021 CNY (¥)	Jun. 30, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
SHORT-TERM BANK BORROWINGS
Restricted cash					¥ 186,340,321								¥ 107,666,733		¥ 186,340,321		$ 15,164,542
Weighted average interest rate					3.00%								3.20%		3.00%		3.20%
Drawdowns repaid													¥ 160,000,000	$ 22,535,528	¥ 360,000,000	¥ 340,000,000
Two-year secured loan facility
SHORT-TERM BANK BORROWINGS
Debt term												2 years
Withdrawal amount under facility agreement					¥ 160,000,000	¥ 160,000,000			¥ 160,000,000			¥ 160,000,000
Percentage of interest bearded under facility agreement				3.00%	3.00%	3.20%						3.50%
Repayment of loan									¥ 120,000,000	¥ 40,000,000
Collateral deposits					¥ 176,204,380								0		176,204,380
Outstanding amount					160,000,000								0		160,000,000
Two-year secured loan facility \| Maximum
SHORT-TERM BANK BORROWINGS
Maximum credit facility amount												¥ 160,000,000
Twelve months secured loan facility
SHORT-TERM BANK BORROWINGS
Debt term			12 months
Withdrawal amount under facility agreement	¥ 58,619,195	¥ 41,380,805
Percentage of interest bearded under facility agreement	3.20%	3.20%
Collateral deposits													107,521,732
Outstanding amount													100,000,000
Twelve months secured loan facility \| Maximum
SHORT-TERM BANK BORROWINGS
Maximum credit facility amount			¥ 160,000,000
Short term bank borrowings
SHORT-TERM BANK BORROWINGS
Unused secured loan facility amount					0								60,000,000		0
Secured borrowings
SHORT-TERM BANK BORROWINGS
Short-term bank borrowings					160,000,000								¥ 100,000,000		160,000,000
Commercial bank
SHORT-TERM BANK BORROWINGS
Short-term bank borrowings					¥ 0		¥ 20,000,000				¥ 20,000,000				¥ 0
Debt term							1 year	12 months			10 months
Interest rate (in percent)							3.30%				3.50%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Revenues	¥ 2,651,757,646	$ 373,492,253	¥ 3,168,597,334	¥ 3,704,537,419
Cost of revenues	(2,081,010,633)	(293,104,217)	(2,498,916,443)	(2,891,758,188)
Gross profit	570,747,013	80,388,036	669,680,891	812,779,231
Operating expenses:
Selling and marketing expenses	(495,734,694)	(69,822,771)	(440,408,982)	(332,007,462)
Research and development expenses	(150,985,739)	(21,265,897)	(176,478,130)	(135,218,399)
General and administrative expenses (including allowance for doubtful accounts of RMB1,272,454, RMB25,044,327 and RMB139,445,017 for the years ended December 31, 2021, 2022 and 2023, respectively)	(244,518,817)	(34,439,755)	(158,460,764)	(141,798,910)
Total operating expenses	(891,239,250)	(125,528,423)	(775,347,876)	(609,024,771)
Government grants	2,968,735	418,138	16,385,038	48,726,818
Operating income (loss)	(317,523,502)	(44,722,249)	(89,281,947)	252,481,278
Interest expenses	(1,423,924)	(200,556)	(5,715,878)	(6,167,805)
Interest income	35,492,190	4,998,970	12,860,216	5,375,969
Investment income	1,426,370	200,900	10,917,736	21,167,575
Income (loss) before income taxes	(282,028,866)	(39,722,935)	(71,219,873)	272,857,017
Income tax (expense) benefit	10,192,884	1,435,638	21,756,944	(47,036,608)
Net income (loss)	(271,835,982)	(38,287,297)	(49,462,929)	225,820,409
Other comprehensive income (loss)
Foreign currency translation adjustment, net of nil income taxes	7,386,368	1,040,348	37,342,724	(9,657,187)
Unrealized gain on available for sale securities, net income taxes of RMB5,809,288, RMB1,184,686 and RMB3,080 for the year 2021, 2022 and 2023, respectively	17,454	2,458	6,460,896	17,427,865
Less: reclassification adjustment for gain on available for sale securities realized in net income, net income taxes of RMB5,291,894, RMB1,698,460 and RMB64,025 for the year 2021, 2022 and 2023, respectively	(362,810)	(51,100)	(9,219,276)	(15,875,681)
Comprehensive income (loss)	¥ (264,794,970)	$ (37,295,591)	¥ (14,878,585)	¥ 217,715,406
Net income (loss) per ordinary share
-Basic \| (per share)	¥ (1.73)	$ (0.24)	¥ (0.32)	¥ 1.47
-Diluted \| (per share)	¥ (1.73)	$ (0.24)	¥ (0.32)	¥ 1.41
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income (loss) per ordinary share
-Basic	156,816,105	156,816,105	155,176,922	153,672,358
-Diluted	156,816,105	156,816,105	155,176,922	160,460,976

OPERATING LEASES - Summary (Details) - CNY (¥)	12 Months Ended
OPERATING LEASES - Summary (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING LEASES
Operating lease cost	¥ 7,549,026	¥ 9,352,700	¥ 11,947,682
Short-term lease cost	1,480,259	¥ 847,735	¥ 1,357,660
Leasing costs other than operating leases costs and short-term lease	¥ 0

SHORT-TERM BANK BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

SHORT-TERM BANK BORROWINGS

Schedule of short-term bank borrowings


	As of December 31,
	2022	2023
	RMB	RMB
Secured borrowing	160,000,000	100,000,000

INCOME TAX - PRC Tax Administration and Collection Law (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)
INCOME TAX
Period of statute of limitations, if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent	3 years
Period of statute of limitations, if the underpayment is more than RMB 100,000	5 years
Minimum amount of underpayment of taxes for statute of limitations to be extended to five years	¥ 100,000
Period of statute of limitations for transfer pricing issues	10 years

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES - Group's VIE information (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Group's VIE information
Total term deposits held	¥ 97,555,565		¥ 228,589,770
Restricted cash	107,666,733		186,340,321		$ 15,164,542
Short-term investments			160,406,301
Accounts receivable, net	94,956,170		299,742,923		13,374,297
Inventories	392,790,141		417,009,148		55,323,334
Prepayments and other current assets	195,072,129		205,695,717		27,475,335
Total current assets	1,760,614,198		2,012,071,029		247,977,323
Term deposits-non-current			20,000,000
Property, plant and equipment, net	323,112,366		397,356,795		45,509,425
Intangible assets, net	1,306,401		1,857,320		184,003
Operating lease right-of-use assets	76,821,285		86,597,121		10,820,052
Deferred income tax assets	20,747,021		6,132,499		2,922,157
Other non-current assets	6,730,378		12,683,090		947,954
Total assets	2,189,331,649		2,536,697,854		308,360,914
Short-term bank borrowings	100,000,000		160,000,000		14,084,705
Notes payable	167,282,688		316,832,113		23,561,274
Accounts payable	575,724,288		459,466,937		81,089,070
Income taxes payable	1,357,913		1,898,065		191,258
Advances from customers	19,304,488		24,931,897		2,718,980
Deferred revenue - current	41,755,097		37,539,733		5,881,082
Accrued expenses and other current liabilities	165,511,396		192,092,943		23,311,795
Total current liabilities	1,070,935,870		1,192,761,688		150,838,164
Deferred revenue-non-current	13,168,111		11,429,500		1,854,690
Deferred income tax liabilities	2,362,494		1,398,279		332,750
Operating lease liabilities	280,421		7,569,128		39,496
Other non-current liabilities	8,968,519		13,441,382		1,263,189
Total liabilities	1,095,715,415		1,226,599,977		$ 154,328,289
Revenues	2,651,757,646	$ 373,492,253	3,168,597,334	¥ 3,704,537,419
Net income (loss)	(271,835,982)	(38,287,297)	(49,462,929)	225,820,409
Net cash provided by (used in) operating activities	93,735,092	13,202,312	(121,856,343)	334,174,702
Net cash (used in) provided by investing activities	216,310,708	30,466,726	397,891,899	(295,058,974)
Net cash used in financing activities	(59,345,977)	(8,358,706)	(17,796,914)	6,246,384
Effect of foreign currency exchange rate changes on cash and restricted cash	8,913,200	1,255,398	30,043,572	(8,490,370)
Net increase in cash and restricted cash	259,613,023	36,565,730	288,282,214	36,871,742
Cash, cash equivalents and restricted cash at the beginning of the year	720,627,170	101,498,214	432,344,956	395,473,214
Cash, cash equivalents and restricted cash at the end of the year	980,240,193	$ 138,063,944	720,627,170	432,344,956
VIE
Group's VIE information
Cash	620,484,535		493,570,803
Total term deposits held	20,000,000
Restricted cash	145,000		6,229,605
Short-term investments			160,406,301
Accounts receivable, net	91,975,054		298,732,239
Inventories	386,966,973		411,954,893
Prepayments and other current assets	177,957,171		187,576,865
Amounts due from inter-companies	44,220,970		24,251,018
Total current assets	1,341,749,703		1,582,721,724
Term deposits-non-current			20,000,000
Property, plant and equipment, net	321,213,398		394,621,585
Intangible assets, net	1,102,870		1,317,785
Operating lease right-of-use assets	76,821,285		86,597,121
Deferred income tax assets	20,747,021		6,132,499
Other non-current assets	6,720,608		5,677,414
Total assets	1,768,354,885		2,097,068,128
Short-term bank borrowings	100,000,000		160,000,000
Notes payable	167,282,688		316,832,113
Accounts payable	575,235,413		459,406,790
Amounts due to inter-companies	467,282,009		476,120,909
Income taxes payable	1,195,114		1,501,992
Advances from customers	16,399,926		23,522,149
Deferred revenue - current	41,755,097		37,539,733
Accrued expenses and other current liabilities	151,286,008		175,352,229
Total current liabilities	1,520,436,255		1,650,275,915
Deferred revenue-non-current	13,168,111		11,429,500
Deferred income tax liabilities	2,362,494		1,398,279
Operating lease liabilities	280,421		7,569,128
Other non-current liabilities	8,968,519		13,441,382
Total liabilities	1,545,215,800		1,684,114,204
Revenues	2,645,570,002		3,187,989,945	3,768,134,434
Net income (loss)	(236,441,380)		(9,347,980)	213,848,471
Net cash provided by (used in) operating activities	93,727,586		(74,417,318)	354,675,219
Net cash (used in) provided by investing activities	82,502,334		455,930,283	(329,808,349)
Net cash used in financing activities	(60,000,000)		(20,000,000)
Effect of foreign currency exchange rate changes on cash and restricted cash	4,599,207		7,993,970	(422,991)
Net increase in cash and restricted cash	120,829,127		369,506,935	24,443,879
Cash, cash equivalents and restricted cash at the beginning of the year	499,800,408		130,293,473	105,849,594
Cash, cash equivalents and restricted cash at the end of the year	¥ 620,629,535		¥ 499,800,408	¥ 130,293,473

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT, NET.

PROPERTY, PLANT AND EQUIPMENT, NET

7. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Furniture	380,987,667	375,782,740
Machinery and equipment	135,365,960	173,869,199
Building	148,449,403	149,465,476
Office and electronic equipment	31,868,495	33,252,080
Leasehold improvement	10,778,718	10,792,479
Motor vehicles	3,811,160	3,811,160
Property, plant and equipment	711,261,403	746,973,134

Less: Accumulated depreciation	(313,904,608)	(423,860,768)

Property, plant and equipment, net	397,356,795	323,112,366

Depreciation expense on property, plant and equipment was allocated to the following expense items:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	19,702,392	23,554,266	26,811,275
General and administrative expenses	7,856,968	8,113,535	9,057,825
Selling and marketing expenses	62,949,248	104,721,594	107,996,726
Research and development expenses	3,092,290	4,381,707	3,641,514

Total depreciation expense	93,600,898	140,771,102	147,507,340

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER CURRENT ASSETS

Schedule of prepayments and other current assets


	As of December 31,
	2022	2023
	RMB	RMB
Deductible input VAT and VAT rebates receivable	104,391,993	123,335,099
Prepayments to suppliers	54,722,157	35,692,402
Receivable from online platforms	11,555,500	12,258,397
Deferred charge	14,359,452	11,722,400
Interest receivable	1,916,240	7,357,967
Income tax receivable	13,349,602	9,450
Others*	5,400,773	4,696,414

Prepayments and other current assets	205,695,717	195,072,129

*	Others mainly include deposits receivable.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign currency translation adjustment, income tax	¥ 0	¥ 0	¥ 0	¥ 0
Unrealized holding gains on available-for-sale security, income taxes	3,080	1,184,686	5,809,288
Reclassification adjustment for gains on available-for-sale securities realized in net income, income tax	¥ 64,025	¥ 1,698,460	¥ 5,291,894

NET INCOME (LOSS) PER ORDINARY SHARE (Tables)

12 Months Ended

Dec. 31, 2023

NET INCOME (LOSS) PER ORDINARY SHARE

Schedule of basic and diluted net income (loss) per share computation

The following table sets forth the basic and diluted net income (loss) per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net income (loss)	225,820,409	(49,462,929)	(271,835,982)

Denominator:
Weighted average number of ordinary shares outstanding	153,174,715	154,109,051	154,795,461
Weighted average number of ordinary shares equivalents outstanding	497,643	1,067,871	2,020,644

Denominator for basic net income (loss) per ordinary share	153,672,358	155,176,922	156,816,105
Dilutive effect of outstanding share options	4,366,690	—	—
Dilutive effect of unvested restricted share units	2,421,928	—	—

Denominator for diluted net income (loss) per ordinary share	160,460,976	155,176,922	156,816,105

Net income (loss) per ordinary share
—Basic	1.47	(0.32)	(1.73)
—Diluted	1.41	(0.32)	(1.73)

Schedule of antidilutive securities

Securities that could potentially dilute basic net income (loss) per share in the future that were not included in the computation of diluted net income (loss) per share because to do so would have been antidilutive for the years ended December 31, 2022 and 2023 were as follow:


	For the Year Ended
	December 31,
	2022	2023
Share options	4,414,608	3,943,058
Unvested restricted share units	3,890,658	2,003,074

ORDINARY SHARE

12 Months Ended

Dec. 31, 2023

ORDINARY SHARE

ORDINARY SHARE

14. ORDINARY SHARE

The Company’s authorized share capital is US$500,000 divided into 5,000,000,000 shares comprising of (i) 4,900,000,000 Class A ordinary shares with a par value of US$0.0001 each, (ii) 50,000,000 Class B ordinary shares with a par value of US$0.0001 each and (iii) 50,000,000 shares with a par value of US$0.0001 each of such class or classes (however designated) as the Board of Directors may determine in accordance with the Company’s Memorandum and Articles of Association.

Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share entitles the holder to one vote on all matters subject to vote at general meetings of the Company, and each Class B ordinary share entitles the holder to four votes on all matters subject to vote at general meetings of the Company. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

On May 17, 2021, a Class B ordinary shareholder converted 1,440,000 Class B ordinary shares to Class A ordinary shares.

As of December 31, 2022, there were 137,719,542 Class A ordinary shares and 16,542,020 Class B ordinary shares outstanding.

As of December 31, 2023, there were 138,575,010 Class A ordinary shares and 16,542,020 Class B ordinary shares outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2023

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

22. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries, consolidated VIE and VIE’s subsidiaries, 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 and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries” and the subsidiaries, consolidated VIE and VIE’s subsidiaries’ income as “Share of income (loss) from subsidiaries, consolidated VIE and VIE’s subsidiaries” on the condensed statements of results of operations. The parent company only condensed financial information should be read in conjunction with the Company’s consolidated financial statements. As of December 31, 2022 and 2023, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of Niu Technologies, except for those, which have been separately disclosed in the consolidated financial statements.

(a)	Condensed Balance Sheets


	As of December 31,
	2022	2023
	RMB	RMB
Assets
Current assets
Cash and cash equivalents	12,375,894	233,958,655
Term deposits-current	208,589,770	77,555,565
Restricted cash	176,204,380	107,521,733
Prepayments and other current assets	12,486,238	12,035,145

Total current assets	409,656,282	431,071,098

Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries	906,298,879	671,329,320
Other non-current assets	1,219	—

Total assets	1,315,956,380	1,102,400,418

Liabilities
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE’s subsidiaries	4,262,270	4,564,315
Accrued expenses and other current liabilities	1,596,233	4,219,869

Total current liabilities and total liabilities	5,858,503	8,784,184

Shareholders’ equity:
Class A ordinary shares	89,428	90,031
Class B ordinary shares	10,316	10,316
Additional paid-in capital	1,915,825,641	1,964,138,365
Accumulated other comprehensive loss	(16,536,686)	(9,495,674)
Accumulated deficit	(589,290,822)	(861,126,804)

Total shareholders’ equity	1,310,097,877	1,093,616,234

Total liabilities and shareholders’ equity	1,315,956,380	1,102,400,418

(b)	Condensed Statements of Results of Operations


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Total operating expenses	(11,441,931)	(15,414,575)	(17,739,201)
Share of income (loss) from subsidiaries, consolidated VIE and VIE’s subsidiaries	235,264,719	(39,264,560)	(270,498,551)
Interest income	1,997,621	5,216,206	16,401,770

Income (loss) before income taxes	225,820,409	(49,462,929)	(271,835,982)
Income tax expense	—	—	—

Net income (loss)	225,820,409	(49,462,929)	(271,835,982)

(c)	Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Net cash provided by (used in) operating activities	25,839,822	(23,565,305)	14,392,402
Net cash provided by (used in) investing activities	16,132,750	(95,940,040)	133,818,900
Net cash provided by financing activities	6,246,384	2,203,086	654,023
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(6,107,381)	21,972,182	4,034,789

Net increase (decrease) in cash, cash equivalents and restricted cash	42,111,575	(95,330,077)	152,900,114

Cash, cash equivalents and restricted cash at the beginning of the year	241,798,776	283,910,351	188,580,274

Cash, cash equivalents and restricted cash at the end of the year	283,910,351	188,580,274	341,480,388

OPERATING LEASES - Maturities of lease liabilities (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
OPERATING LEASES
Within 1 year	¥ 5,176,941
After 1 year but within 2 years	284,407
Total undiscounted lease payment	5,461,348
less: Imputed interest	(86,861)
Present value of lease liabilities	¥ 5,374,487	¥ 15,312,776

INVENTORIES (Details)	12 Months Ended
INVENTORIES (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
INVENTORIES
Finished goods	¥ 244,373,815		¥ 267,036,620
Works in progress	6,925		69,290
Raw materials	148,409,401		149,903,238
Inventories	392,790,141		417,009,148		$ 55,323,334
Write-down of inventories (Note 5)	¥ 21,681,652	$ 3,053,797	¥ 8,991,793	¥ 3,679,669

SHARE-BASED COMPENSATION - Narrative (Details)	1 Months Ended		12 Months Ended
SHARE-BASED COMPENSATION - Narrative (Details)	Sep. 30, 2018 shares	Mar. 31, 2018 shares	Dec. 31, 2023 CNY (¥) installment shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020
Share options
SHARE-BASED COMPENSATION
Unrecognized compensation expense \| ¥			¥ 0
Unvested restricted share units
SHARE-BASED COMPENSATION
Unrecognized compensation expense \| ¥			¥ 48,330,116
Unrecognized compensation expense, recognition period			1 year 11 months 1 day
Number of awards granted (in shares)			232,000
Number of equal installments in which the awards will vest \| installment			4
Unvested restricted share units \| Tranche One
SHARE-BASED COMPENSATION
Number of awards granted (in shares)			128,000
Number of equal installments in which the awards will vest \| installment			4
Unvested restricted share units \| Tranche Two
SHARE-BASED COMPENSATION
Number of equal installments in which the awards will vest \| installment			2
Amended 2016 Plan
SHARE-BASED COMPENSATION
Maximum aggregate shares that may be issued		5,861,480
Expiration period		10 years
2018 Share Incentive Plan
SHARE-BASED COMPENSATION
Maximum aggregate shares that may be issued	6,733,703
Maximum percentage of total ordinary shares issued and outstanding that may be issued	1.50%			1.50%	1.50%	1.50%
Maximum aggregate shares that may be issued, annual increase			2,313,923	2,305,212	2,285,407
Arrangement with grantees \| Unvested restricted share units
SHARE-BASED COMPENSATION
Number of awards granted (in shares)			232,000
Amended 2016 Plan and 2018 Plan
SHARE-BASED COMPENSATION
Granted (in shares)			0	0	0
Total intrinsic value of share options exercised \| ¥			¥ 4,799,425	¥ 3,708,615	¥ 77,271,754
Total fair value of shares vested \| ¥			¥ 11,027,023	¥ 10,976,490	¥ 15,732,201

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2022	2023
	RMB	RMB
Refundable payment from franchised stores—current	41,735,515	39,203,959
Accrued selling and marketing expenses	8,506,658	29,159,625
Accrued payroll and social insurance	28,508,469	17,566,486
Warranty—current	24,797,169	16,736,341
Construction payable	16,512,545	14,372,306
Operating lease liabilities—current (Note 20)	7,743,648	5,094,066
Sales rebate	13,878,273	4,975,640
Other taxes payable	18,813,540	3,542,993
Interest payable	280,000	87,671
Others*	31,317,126	34,772,309

Accrued expenses and other current liabilities	192,092,943	165,511,396

*	Others mainly include accrued professional fees and other general corporate expenses.

The Group provides limited warranty to its end customers for terms varying from 6 months to 36 months, subject to certain conditions, such as normal use. For certain key components of electric scooter, the Group provides quality warranty varying from 12 months to 24 months. For lithium-ion battery packs, the Group provides a 24-month or 20,000-kilometer warranty or a 36-month or 30,000-kilometer warranty, depending on the model. For the other components of the electric scooters, the Group provides quality warranty varying from 6 months to 36 months depending on the parts. The Group is responsible for replacing or repairing the faulty products during their respective warranty terms.

Movement of provision for warranty was as follows:


	For the Year Ended December 31,
	2021	2022	2023
Accrued warranty—beginning of year	59,195,896	47,788,122	33,812,290
Accrual for warranties issued during the year	35,181,557	20,355,810	23,248,155
Warranty claims paid	(22,554,689)	(23,894,070)	(30,051,582)
Pre-existing warranty expired	(24,034,642)	(10,437,572)	(1,683,024)
Accrued warranty—end of year	47,788,122	33,812,290	25,325,839

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2023

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

1. DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

Organization and principal activities

Niu Technologies (“the Company”), through its wholly-owned subsidiaries, consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (collectively referred to as “the Group”), is principally engaged in designing, manufacturing and selling of electric scooters and its accessories and spare parts under the brand name of “NIU”. The Group’s principal operations and geographic markets are primarily in the People’s Republic of China (“PRC”).

The accompanying consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, consolidated VIE and VIE’s subsidiaries.

The VIE arrangements

The Group operates its online business in the PRC through Beijing Niudian Technologies Co., Ltd. (“Beijing Niudian”, or the “VIE”), a limited liability company established under the laws of the PRC on September 18, 2014. Beijing Niudian holds the necessary PRC operating licenses for the online business. The equity interests of Beijing Niudian are legally held by individuals who act as nominee equity holders of the VIE on behalf of Beijing Niudian Information Technology Co., Ltd. (“Niudian Information”), the Company’s wholly-owned subsidiary. A series of contractual agreements, including Powers of Attorney, Exclusive Business Cooperation Agreement, Equity Pledge Agreement, Exclusive Option Agreement and Spousal Consent Letters (collectively, the “VIE Agreements”), were entered among the Company, Niudian Information, Beijing Niudian and its nominee equity holders on May 27, 2015 and were subsequently amended to include registration of the Equity Pledge Agreement with the relevant registration authority on June 11, 2018, amended when an equity holder transferred certain equity interests to another equity holder on July 20, 2018.

The contractual agreements were further amended when two equity holders transferred certain equity interests to another equity holder on March 10, 2020.

Pursuant to the VIE Agreements, the Company is able to exercise effective control over, bears the risks of, enjoys substantially all of the economic benefits of the VIE, and has an exclusive option to purchase all or part of the equity interests in the VIE when and to the extent permitted by PRC law at the lowest price possible. The Company’s management concluded that Beijing Niudian is a VIE and the Company is its primary beneficiary. As such, the consolidated financial statements of the VIE are included in the consolidated financial statements of the Company.

The principal terms of the VIE Agreements are further described below.

1) Powers of Attorney

The Company and each of the equity holders of Beijing Niudian entered into Powers of Attorney. Pursuant to the Powers of Attorney, the equity holders of Beijing Niudian irrevocably appointed the Company as their attorney-in-fact to exercise all equity holder rights, including, but not limited to, convening and attending in the equity holders’ meeting, appointing or removing directors, executive officers and senior management, disposing of all or part of the equity holder’s interests in Beijing Niudian, casting equity holder’s vote on matters requiring equity holders’ approval and doing all other acts in the capacity of equity holder as permitted by Beijing Niudian’s Memorandum and Articles of Association. In addition, the Company has a right to assign its rights and benefits under the Powers of Attorney to any other parties without an advance notice to the equity holders of Beijing Niudian. The Powers of Attorney shall continue in force and be irrevocable as long as the equity holders of Beijing Niudian remain as the equity holders of Beijing Niudian.

2) Exclusive Business Cooperation Agreement

Niudian Information and Beijing Niudian entered into an Exclusive Business Cooperation Agreement, whereby Niudian Information is appointed as the exclusive service provider for the provision of business support, technology and consulting services to Beijing Niudian. Unless a written consent is given by Niudian Information, Beijing Niudian is not allowed to engage a third party to provide such services, while Niudian Information is able to designate another party to render such services to Beijing Niudian. Beijing Niudian shall pay Niudian Information on a monthly basis a service fee, which shall equal to 100% of the monthly net profits of Beijing Niudian, and Niudian Information has the sole discretion to adjust the basis of calculation of the service fee amount according to service provided to Beijing Niudian. Niudian Information owns the exclusive intellectual property rights, whether created by Niudian Information or Beijing Niudian, as a result of the performance of the Exclusive Business Cooperation Agreement unless terminated in writing by Niudian Information. The Exclusive Business Cooperation Agreement will be in effect until September 17, 2044 which represents the end of operation term of Beijing Niudian.

3) Equity Pledge Agreement

An Equity Pledge Agreement was entered into by and among Niudian Information, Beijing Niudian and equity holders of Beijing Niudian. To guarantee payment from Beijing Niudian, including but not limited to the service fee pursuant to the Exclusive Business Cooperation Agreement, and the performance of Beijing Niudian and the nominee equity holders’ obligations under the contractual arrangements including the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Powers of Attorney, the equity holders of Beijing Niudian pledged their respective equity in Niudian Information under the Equity Pledge Agreement to Niudian Information as collateral. In the event Beijing Niudian fails to pay Niudian Information its service fee, Niudian Information will have the right to sell the pledged equity and apply the proceeds received to pay any outstanding service fees due by Beijing Niudian to Niudian Information. The equity holders of Beijing Niudian agree that, during the term of the Equity Pledge Agreement, they will not dispose of the pledged equity or create or allow any encumbrance on the pledged equity, and they also agree that Niudian Information’s rights relating to the equity pledges shall not be prejudiced by any legal actions of the equity holders of Beijing Niudian, their successors or their designees. The equity pledges have been registered with the relevant registration authority and became effective and enforceable since registration. The Equity Pledge Agreement may only be terminated upon the fulfillment of all contractual obligations under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and Powers of Attorney. During the term of the Equity Pledge Agreement, Niudian Information is entitled to receive dividends attributable to the pledged Beijing Niudian equity.

4) Exclusive Option Agreement

Each of the equity holders of Beijing Niudian entered into an Exclusive Option Agreement with the Company, Niudian Information, and Beijing Niudian, pursuant to which the equity holders of Beijing Niudian granted the Company, and Niudian Information or other person upon the designation by the Company, an irrevocable and exclusive option to purchase, at its discretion and to the extent permitted under the PRC law, all or part of the equity holders’ interests in Beijing Niudian at RMB100 or the lowest price that the PRC law permits at the time unless a valuation of the equity is required by the PRC law. The equity holders of Beijing Niudian commit that without the prior written consent of the Company, the equity holders of Beijing Niudian will not, among other things, (i) create any pledge or encumbrance on their equity interests in Beijing Niudian, (ii) transfer or otherwise dispose of their equity interests in Beijing Niudian, (iii) change Beijing Niudian’s registered capital, (iv) amend Beijing Niudian’s articles of association, (v) dispose of Beijing Niudian’s material assets or enter into any material contract with a value of over RMB100,000 (except in the ordinary course of business), or (vi) merge Beijing Niudian with any other entity. In addition, Beijing Niudian undertakes that, without the Company’s prior written consent, it will not, among other things, create any pledge or encumbrance on any of its assets, or transfer or otherwise dispose of its material assets (except in the ordinary course of business). Beijing Niudian and its equity holders shall appoint those individuals recommended by the Company as directors of Beijing Niudian. Beijing Niudian shall provide operating and financial information to the Company at the request of the Company and ensure the continuance of the business. The Exclusive Option Agreement will remain effective until all equity interests in Beijing Niudian held by its equity holders are transferred or assigned to the Company or its designee. Beijing Niudian and its equity holders shall not have any right to terminate the Exclusive Option Agreement.

5) Spousal Consent Letters

The spouses of each of nominee equity holders signed Spousal Consent Letters to consent that the equity interests in Beijing Niudian held by and registered in the name of the respective nominee equity holders will be disposed of pursuant to the VIE Agreements. These spouses agreed not to assert any rights over the equity interest in Beijing Niudian held by their spouses. In addition, in the event that the spouses obtain any equity interests in Beijing Niudian held by their spouses for any reason, they agreed to be bound by the VIE Agreements.

Risks in relation to the VIE structure

Based on the opinion of the Company’s PRC legal counsel, the management believes the VIE Agreements have resulted in the Company having the power to direct activities that most significantly impact the VIE, including appointing key management, setting up operating policies, exerting financial controls and transferring profit or assets out of the VIE at its discretion. The Company considers that it has the right to receive all the benefits and assets of the VIE. As the VIE was established as a limited liability company under the PRC law, its creditors do not have recourse to the general credit of the Company for the liabilities of the VIE, and the Company does not have the obligation to assume the liabilities of the VIE.

The Company has determined that the VIE Agreements are in compliance with PRC laws and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the VIE Agreements; and if the equity holders of the VIE were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms.

The Company’s ability to control the VIE also depends on the rights provided to the Company under the Powers of Attorney to vote on all matters requiring equity holders’ approval in the respective VIE. As noted above, the Company believes these Powers of Attorney are legally enforceable but yet they may not be as effective as direct equity ownership. In addition, if the corporate structure of the Group or the contractual arrangements between the Company, Niudian Information, the VIE and its respective equity holders were found to be in violation of any existing PRC laws and regulations, the relevant PRC regulatory authorities could:

●

revoke the business license and/or operating licenses of such entities;

●

discontinue or place restrictions or onerous conditions on the Group’s operations;

●

impose fines, confiscate the income from the VIE, or impose other requirements with which the Group may not be able to comply;

●

require the Group to restructure its ownership structure or operations, including terminating the contractual arrangements with the VIE and deregistering the equity pledges of the VIE, which in turn would affect the Company’s ability to consolidate, derive economic interests from, or exert effective control over the VIE; or

●

restrict or prohibit our use of the proceeds of this offering to finance our business and operations in China.

The imposition of any of the above restrictions or actions may result in a material and adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Company to lose the right to direct the activities of the VIE or the right to receive its economic benefits, the Company would no longer be able to consolidate the VIE. The Company’s management believes that the likelihood to lose the Company’s current ownership structure or the contractual arrangements with the VIE is remote based on the current facts and circumstances.

There is no VIE in which the Company has a variable interest but is not the primary beneficiary. Currently there is no contractual arrangement that could require the Company to provide additional financial support to the VIE.

The following consolidated assets and liabilities information of the Group’s VIE as of December 31, 2022 and 2023, and consolidated revenues, net income (loss) and cash flow information for the years ended December 31, 2022, 2022 and 2023, have been included in the accompanying consolidated financial statements. All intercompany transactions and balances with the Company and its wholly-owned subsidiaries have been eliminated upon consolidation.


	As of December 31,
	2022	2023
	RMB	RMB
Cash	493,570,803	620,484,535
Term deposits-current	—	20,000,000
Restricted cash	6,229,605	145,000
Short-term investments	160,406,301	—
Accounts receivable, net	298,732,239	91,975,054
Inventories	411,954,893	386,966,973
Prepayments and other current assets	187,576,865	177,957,171
Amounts due from inter-companies	24,251,018	44,220,970

Total current assets	1,582,721,724	1,341,749,703

Term deposits-non-current	20,000,000	—
Property, plant and equipment, net	394,621,585	321,213,398
Intangible assets, net	1,317,785	1,102,870
Operating lease right-of-use assets	86,597,121	76,821,285
Deferred income tax assets	6,132,499	20,747,021
Other non-current assets	5,677,414	6,720,608

Total assets	2,097,068,128	1,768,354,885

Short-term bank borrowings	160,000,000	100,000,000
Notes payable	316,832,113	167,282,688
Accounts payable	459,406,790	575,235,413
Amounts due to inter-companies	476,120,909	467,282,009
Income taxes payable	1,501,992	1,195,114
Advances from customers	23,522,149	16,399,926
Deferred revenue—current	37,539,733	41,755,097
Accrued expenses and other current liabilities	175,352,229	151,286,008

Total current liabilities	1,650,275,915	1,520,436,255

Deferred revenue-non-current	11,429,500	13,168,111
Deferred income tax liabilities	1,398,279	2,362,494
Operating lease liabilities	7,569,128	280,421
Other non-current liabilities	13,441,382	8,968,519

Total liabilities	1,684,114,204	1,545,215,800


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Revenues	3,768,134,434	3,187,989,945	2,645,570,002
Net income (loss)	213,848,471	(9,347,980)	(236,441,380)
Net cash provided by (used in) operating activities	354,675,219	(74,417,318)	93,727,586
Net cash (used in) provided by investing activities	(329,808,349)	455,930,283	82,502,334
Net cash used in financing activities	—	(20,000,000)	(60,000,000)
Effect of foreign currency exchange rate changes on cash and restricted cash	(422,991)	7,993,970	4,599,207
Net increase in cash and restricted cash	24,443,879	369,506,935	120,829,127
Cash and restricted cash at the beginning of the year	105,849,594	130,293,473	499,800,408
Cash and restricted cash at the end of the year	130,293,473	499,800,408	620,629,535

The unrecognized revenue-producing assets that are held by the VIE primarily consist of ICP License, Production License for National Industrial Products, trademarks, patents, know-how and customer relationships. None of the assets of the VIE can be used only to settle obligations of the VIE. None of the assets of the VIE and its subsidiaries has been pledged or collateralized, except for the restricted cash as of December 31, 2022. The creditors of the VIE and its subsidiaries do not have recourse to the general credit of the Company or its consolidated subsidiaries, except for the restricted cash of the Company which was pledged as collateral for the short -term bank borrowings.

SHARE-BASED COMPENSATION - Share option activities (Details) - Amended 2016 Plan and 2018 Plan - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of share
Outstanding, at beginning of period (in shares)	4,414,608
Granted (in shares)	0	0	0
Exercised (in shares)	(464,300)
Forfeited/Expired (in shares)	(7,250)
Outstanding, at end of period (in shares)	3,943,058	4,414,608
Exercisable, at end of period (in shares)	3,943,058
Weighted average exercise price
Outstanding, at beginning of period (in dollars per share)	$ 2.11
Exercised (in dollars per share)	0.20
Forfeited/Expired (in dollars per share)	0.20
Outstanding, at end of period (in dollars per share)	2.34	$ 2.11
Exercisable, at end of period (in dollars per share)	$ 2.34
Additional disclosures
Weighted remaining contractual years, Outstanding at end of period	4 years 6 months 21 days
Weighted remaining contractual years, Exercisable at end of period	4 years 6 months 21 days
Aggregate intrinsic value, Outstanding at end of period	$ 1,190,466
Aggregate intrinsic value, Exercisable at end of period	$ 1,190,466

SHARE-BASED COMPENSATION - Compensation costs (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 47,659,304	¥ 58,219,186	¥ 47,218,156
Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expenses	1,237,902	1,224,796	846,833
Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	9,991,688	15,433,684	13,292,632
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	21,653,946	22,361,742	17,062,024
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	14,775,768	19,198,964	16,016,667
Share options
SHARE-BASED COMPENSATION
Share-based compensation expenses	6,144,548	10,806,985	12,910,801
Share options \| Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expenses			8,318
Share options \| Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	905,764	1,936,414	2,235,102
Share options \| Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	2,191,242	3,862,189	4,018,126
Share options \| General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	3,047,542	5,008,382	6,649,255
Unvested restricted share units
SHARE-BASED COMPENSATION
Share-based compensation expenses	41,514,756	47,412,201	34,307,355
Unvested restricted share units \| Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expenses	1,237,902	1,224,796	838,515
Unvested restricted share units \| Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	9,085,924	13,497,270	11,057,530
Unvested restricted share units \| Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	19,462,704	18,499,553	13,043,898
Unvested restricted share units \| General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 11,728,226	¥ 14,190,582	¥ 9,367,412

INCOME TAX - Changes in valuation allowance (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
Balance at the beginning of the year	¥ 40,764,285	¥ 24,508,473	¥ 41,219,052
Additions	68,593,841	25,114,239	5,567,822
Reduction	(1,575,820)	(8,858,427)	(22,278,401)
Balance at the end of the year	¥ 107,782,306	¥ 40,764,285	¥ 24,508,473

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

8. INTANGIBLE ASSETS, NET

Intangible assets consisted of the following:


	As of December 31, 2022
		Gross		Net
	Amortization	carrying	Accumulated	carrying
RMB	period	amount	amortization	amount
Trademarks	5-10 years	8,983,153	(8,503,451)	479,702
Domain name	5-10 years	3,820,913	(3,618,766)	202,147
License	10 years	1,943,396	(767,925)	1,175,471

Total		14,747,462	(12,890,142)	1,857,320


	As of December 31, 2023
		Gross		Net
	Amortization	carrying	Accumulated	carrying
RMB	period	amount	amortization	amount
Trademarks	5-10 years	9,130,529	(8,976,570)	153,959
Domain name	5-10 years	3,826,626	(3,655,316)	171,310
License	10 years	1,943,396	(962,264)	981,132

Total		14,900,551	(13,594,150)	1,306,401

Amortization expense on intangible assets was allocated to the following expense items:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	194,340	194,340	194,340
General and administrative expenses	1,677,810	1,745,967	363,079

Total amortization expense	1,872,150	1,940,307	557,419

As of December 31, 2023, estimated amortization expense of the existing intangible assets for each of the next five years is RMB264,453, RMB264,453, RMB250,275, RMB248,986 and RMB248,986.

NET INCOME (LOSS) PER ORDINARY SHARE - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share options
Antidilutive securities
Antidilutive securities	3,943,058	4,414,608
Unvested restricted share units
Antidilutive securities
Antidilutive securities	2,003,074	3,890,658

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

15. SHARE-BASED COMPENSATION

Share options and restricted share units

2016 Global Share Incentive Plan

In January 2016, the Company’s Shareholders and Board of Directors approved 2016 Global Share Incentive Plan and amended it in March 2018 (the “Amended 2016 Plan”). Under the Amended 2016 Plan, a maximum aggregate number of 5,861,480 ordinary shares may be issued pursuant to all awards granted. Share options or restricted share unites expire 10 years from the grant date.

2018 Share Incentive Plan

In September 2018, the Company’s Shareholders and Board of Directors approved the 2018 Share Incentive Plan (the “2018 Plan”). Under the 2018 Plan, the maximum aggregate number of ordinary shares available for issuance is 6,733,703 ordinary shares, which shall be increased by a number equal to 1.5% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year, each fiscal year during the term of the 2018 Plan, if determined and approved by the Board of Directors for the relevant fiscal year. The Board of Directors has approved annual increases of 2,285,407, 2,305,212 and 2,313,923 ordinary shares for the years ended December 31, 2021, 2022 and 2023, representing 1.5% of total issued and outstanding shares as of December 31, 2020, 2021 and 2022, respectively, pursuant to the 2018 Share Incentive Plan.

A summary of the share options activities under the Amended 2016 Plan and the 2018 Plan for the year ended December 31, 2023 was presented below:


		Weighted	Weighted
		average	remaining	Aggregate
	Number of	exercise	contractual	intrinsic
	shares	price	years	value
		US$		US$
Outstanding at January 1, 2023	4,414,608	2.11	—	—
Exercised	(464,300)	0.20	—	—
Forfeited/Expired	(7,250)	0.20	—	—
Outstanding at December 31, 2023	3,943,058	2.34	4.56	1,190,466
Exercisable as of December 31, 2023	3,943,058	2.34	4.56	1,190,466

Compensation expenses recognized for share options for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	8,318	—	—
Selling and marketing expenses	2,235,102	1,936,414	905,764
Research and development expenses	4,018,126	3,862,189	2,191,242
General and administrative expenses	6,649,255	5,008,382	3,047,542
Total share options compensation expenses	12,910,801	10,806,985	6,144,548

No share options had been granted for the years ended December 31, 2021, 2022 and 2023. The total intrinsic value of share options exercised for the years ended December 31, 2021, 2022 and 2023, were RMB77,271,754, RMB3,708,615 and RMB4,799,425, respectively. The total fair value of shares vested for the years ended December 31, 2021, 2022 and 2023 were RMB15,732,201, RMB10,976,490 and RMB11,027,023, respectively.

As of December 31, 2023, total unrecognized compensation expense related to share options was nil.

A summary of the restricted share units activities for the year ended December 31, 2023 was presented below:


		Weighted
		average grant
	Number of	date fair
	shares	value
		US$
Unvested as of January 1, 2023	3,890,658	4.59

Granted	232,000	2.31
Vested	(1,507,862)	4.44
Forfeited	(611,722)	4.30

Unvested as of December 31, 2023	2,003,074	4.53

The restricted share units are generally scheduled to be vested over four equal annual installments, except 128,000 restricted share units were granted in 2022 with vesting in two equal annual installments under the 2018 Plan. For the year ended December 31, 2023, 232,000 restricted share units were granted with vesting in four equal annual installments.

Compensation expenses recognized for restricted share units for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	838,515	1,224,796	1,237,902
Selling and marketing expenses	11,057,530	13,497,270	9,085,924
Research and development expenses	13,043,898	18,499,553	19,462,704
General and administrative expenses	9,367,412	14,190,582	11,728,226
Total restricted share units compensation expenses	34,307,355	47,412,201	41,514,756

As of December 31, 2023, RMB48,330,116 of total unrecognized compensation expense related to restricted share units was expected to be recognized over a weighted average period of approximately 1.92 years.

Total share-based compensation expenses recognized for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	846,833	1,224,796	1,237,902
Selling and marketing expenses	13,292,632	15,433,684	9,991,688
Research and development expenses	17,062,024	22,361,742	21,653,946
General and administrative expenses	16,016,667	19,198,964	14,775,768
Total share-based compensation expense	47,218,156	58,219,186	47,659,304

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Term Deposits (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Total term deposits held	¥ 97,555,565		¥ 228,589,770
Term deposits-current	97,555,565	$ 13,740,414	208,589,770
Term deposits-non-current			20,000,000
Denominated in RMB
Total term deposits held	20,000,000		20,000,000
Denominated in USD
Total term deposits held	¥ 77,555,565		¥ 208,589,770

SHORT-TERM INVESTMENTS (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
SHORT-TERM INVESTMENTS
Aggregate cost basis		¥ 160,000,000
Gross unrealized holding gain		406,301
Aggregate fair value		160,406,301
Gross unrealized holding losses	¥ 0	¥ 0

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Refundable payment from franchised stores-current	¥ 39,203,959		¥ 41,735,515
Accrued selling and marketing expenses	29,159,625		8,506,658
Accrued payroll and social insurance	17,566,486		28,508,469
Warranty-current	16,736,341		24,797,169
Construction payable	14,372,306		16,512,545
Operating lease liabilities-current (Note 12)	5,094,066		7,743,648
Sales rebate	4,975,640		13,878,273
Other taxes payable	3,542,993		18,813,540
Interest payable	87,671		280,000
Others	34,772,309		31,317,126
Accrued expenses and other current liabilities	¥ 165,511,396	$ 23,311,795	¥ 192,092,943

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

4. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Accounts receivable	329,336,616	263,994,880
Allowance for doubtful accounts	(29,593,693)	(169,038,710)

Accounts receivable, net	299,742,923	94,956,170

The movement of the allowance for doubtful accounts was as follows:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	3,307,381	4,549,366	29,593,693
Additions	1,272,454	25,044,327	139,445,017
Write-off	(30,469)	—	—
Balance at the end of the year	4,549,366	29,593,693	169,038,710

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Summary of the share options activities

A summary of the share options activities under the Amended 2016 Plan and the 2018 Plan for the year ended December 31, 2023 was presented below:


		Weighted	Weighted
		average	remaining	Aggregate
	Number of	exercise	contractual	intrinsic
	shares	price	years	value
		US$		US$
Outstanding at January 1, 2023	4,414,608	2.11	—	—
Exercised	(464,300)	0.20	—	—
Forfeited/Expired	(7,250)	0.20	—	—
Outstanding at December 31, 2023	3,943,058	2.34	4.56	1,190,466
Exercisable as of December 31, 2023	3,943,058	2.34	4.56	1,190,466

Summary of the restricted share units activities

A summary of the restricted share units activities for the year ended December 31, 2023 was presented below:


		Weighted
		average grant
	Number of	date fair
	shares	value
		US$
Unvested as of January 1, 2023	3,890,658	4.59

Granted	232,000	2.31
Vested	(1,507,862)	4.44
Forfeited	(611,722)	4.30

Unvested as of December 31, 2023	2,003,074	4.53

Schedule of share-based compensation expenses recognized

Total share-based compensation expenses recognized for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	846,833	1,224,796	1,237,902
Selling and marketing expenses	13,292,632	15,433,684	9,991,688
Research and development expenses	17,062,024	22,361,742	21,653,946
General and administrative expenses	16,016,667	19,198,964	14,775,768
Total share-based compensation expense	47,218,156	58,219,186	47,659,304

Share options

Schedule of share-based compensation expenses recognized

Compensation expenses recognized for share options for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	8,318	—	—
Selling and marketing expenses	2,235,102	1,936,414	905,764
Research and development expenses	4,018,126	3,862,189	2,191,242
General and administrative expenses	6,649,255	5,008,382	3,047,542
Total share options compensation expenses	12,910,801	10,806,985	6,144,548

Unvested restricted share units

Schedule of share-based compensation expenses recognized

Compensation expenses recognized for restricted share units for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	838,515	1,224,796	1,237,902
Selling and marketing expenses	11,057,530	13,497,270	9,085,924
Research and development expenses	13,043,898	18,499,553	19,462,704
General and administrative expenses	9,367,412	14,190,582	11,728,226
Total restricted share units compensation expenses	34,307,355	47,412,201	41,514,756

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents	¥ 872,573,460	$ 122,899,401	¥ 534,286,849
Restricted cash	107,666,733	15,164,542	186,340,321
Total cash, cash equivalents and restricted cash	¥ 980,240,193	$ 138,063,944	¥ 720,627,170	$ 101,498,214	¥ 432,344,956	¥ 395,473,214

ACCOUNTS RECEIVABLE, NET - Summary (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Accounts receivable	¥ 263,994,880		¥ 329,336,616
Allowance for doubtful accounts	(169,038,710)		(29,593,693)	¥ (4,549,366)	¥ (3,307,381)
Accounts receivable, net	¥ 94,956,170	$ 13,374,297	¥ 299,742,923

ORDINARY SHARE (Details) - USD ($)		12 Months Ended
ORDINARY SHARE (Details) - USD ($)	May 17, 2021	Dec. 31, 2023	Dec. 31, 2022
ORDINARY SHARE
Authorized share capital		$ 500,000
Ordinary shares, authorized		5,000,000,000
Class A Ordinary Shares
ORDINARY SHARE
Ordinary shares, authorized		4,900,000,000	4,900,000,000
Ordinary shares, par value (in dollars per share)		$ 0.0001	$ 0.0001
Ordinary shares, outstanding		138,575,010	137,719,542
Class B Ordinary Shares
ORDINARY SHARE
Ordinary shares, authorized		50,000,000	50,000,000
Ordinary shares, par value (in dollars per share)		$ 0.0001	$ 0.0001
Shares converted to Class A ordinary shares (in shares)	1,440,000
Ordinary shares, outstanding		16,542,020	16,542,020
Other classes, Ordinary Shares
ORDINARY SHARE
Ordinary shares, authorized		50,000,000
Ordinary shares, par value (in dollars per share)		$ 0.0001

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed statements of cash flows (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed Statements of Cash Flows
Net cash provided by (used in) operating activities	¥ 93,735,092	$ 13,202,312	¥ (121,856,343)	¥ 334,174,702
Net cash provided by (used in) investing activities	216,310,708	30,466,726	397,891,899	(295,058,974)
Net cash provided by financing activities	(59,345,977)	(8,358,706)	(17,796,914)	6,246,384
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	8,913,200	1,255,398	30,043,572	(8,490,370)
Net increase in cash, cash equivalents and restricted cash	259,613,023	36,565,730	288,282,214	36,871,742
Cash, cash equivalents and restricted cash at the beginning of the year	720,627,170	101,498,214	432,344,956	395,473,214
Cash, cash equivalents and restricted cash at the end of the year	980,240,193	$ 138,063,944	720,627,170	432,344,956
Reportable Legal Entities \| Parent Company
Condensed Statements of Cash Flows
Net cash provided by (used in) operating activities	14,392,402		(23,565,305)	25,839,822
Net cash provided by (used in) investing activities	133,818,900		(95,940,040)	16,132,750
Net cash provided by financing activities	654,023		2,203,086	6,246,384
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	4,034,789		21,972,182	(6,107,381)
Net increase in cash, cash equivalents and restricted cash	152,900,114		(95,330,077)	42,111,575
Cash, cash equivalents and restricted cash at the beginning of the year	188,580,274		283,910,351	241,798,776
Cash, cash equivalents and restricted cash at the end of the year	¥ 341,480,388		¥ 188,580,274	¥ 283,910,351

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT, NET.

Schedule of property and equipment


	As of December 31,
	2022	2023
	RMB	RMB
Furniture	380,987,667	375,782,740
Machinery and equipment	135,365,960	173,869,199
Building	148,449,403	149,465,476
Office and electronic equipment	31,868,495	33,252,080
Leasehold improvement	10,778,718	10,792,479
Motor vehicles	3,811,160	3,811,160
Property, plant and equipment	711,261,403	746,973,134

Less: Accumulated depreciation	(313,904,608)	(423,860,768)

Property, plant and equipment, net	397,356,795	323,112,366

Schedule of depreciation expense on property and equipment allocated to expense items


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	19,702,392	23,554,266	26,811,275
General and administrative expenses	7,856,968	8,113,535	9,057,825
Selling and marketing expenses	62,949,248	104,721,594	107,996,726
Research and development expenses	3,092,290	4,381,707	3,641,514

Total depreciation expense	93,600,898	140,771,102	147,507,340

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAX

Components of income (loss) before income taxes


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cayman	(9,397,404)	(10,448,513)	(1,192,264)
Indonesia	(881,810)	(984,230)	(1,268,462)
Hong Kong S.A.R.	(6,700,069)	(14,613,793)	(7,930,644)
B.V.I.	—	(278,774)	(48,100)
Others	—	—	(840,681)
PRC, excluding Hong Kong S.A.R.	289,836,300	(44,894,563)	(270,748,715)
Total	272,857,017	(71,219,873)	(282,028,866)

Schedule of income tax expense (benefit)


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current income tax expense (benefit)	42,715,007	(15,677,411)	759,425
Deferred income tax expense (benefit)	4,321,601	(6,079,533)	(10,952,309)
Total	47,036,608	(21,756,944)	(10,192,884)

Schedule of reconciliation of statutory income tax rate and effective income tax rate


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Computed expected income tax expense (benefit)	68,214,254	(17,804,968)	(71,077,803)
Non-PRC entities not subject to income tax	4,244,821	6,581,327	2,820,038
Research and development expenses bonus deduction	(23,328,287)	(34,910,421)	(30,807,283)
Non-deductible share-based compensation expenses	11,015,406	13,866,734	11,742,974
Other non-deductible expenses	723,768	638,898	2,491,593
Preferential tax rate difference	—	(3,075,033)	7,301,540
Tax filing differences	2,682,378	(3,770,720)	229,108
Change in valuation allowance	(16,515,732)	16,717,239	67,106,949

Actual income tax expense (benefit)	47,036,608	(21,756,944)	(10,192,884)
Effect of preferential tax rates on basic earnings per Class A and Class B ordinary share	—	0.02	(0.05)
Effect of preferential tax rates on diluted earnings per Class A and Class B ordinary share	—	0.02	(0.05)

Schedule of deferred income tax assets and deferred income tax liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Deferred income tax assets
Net operating loss carry forwards	33,325,461	74,876,303
Accrued warranty	5,071,844	3,798,876
Advertising expense	—	2,113,991
Deferred revenue	8,470,357	8,938,710
Allowance for doubtful accounts	7,037,684	41,878,340
Lease Liabilities	3,334,705	1,099,451
Write-downs for inventories	825,208	4,529,042
Less: Valuation allowance	(40,764,285)	(107,782,306)

Total deferred income tax assets, net	17,300,974	29,452,407

Deferred income tax liabilities
Operating lease right of use assets	3,334,705	1,099,451
Short-term investments	60,946	—
Property, plant and equipment	9,171,103	9,968,429

Total deferred income tax liabilities	12,566,754	11,067,880

Net deferred income tax assets	6,132,499	20,747,021
Net deferred income tax liabilities	1,398,279	2,362,494

Schedule of changes in valuation allowance


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	41,219,052	24,508,473	40,764,285
Additions	5,567,822	25,114,239	68,593,841
Reduction	(22,278,401)	(8,858,427)	(1,575,820)

Balance at the end of the year	24,508,473	40,764,285	107,782,306

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

21. COMMITMENTS AND CONTINGENCIES

The Group did not have any significant capital or other commitments or guarantees or contingencies as of December 31, 2022 and 2023.

INCOME TAX - Reconciliation of differences between PRC statutory income tax rate and effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CNY (¥)
Reconciliation of differences between PRC statutory income tax rate and effective income tax rate
Computed expected income tax expense (benefit)	¥ (71,077,803)		¥ (17,804,968)		¥ 68,214,254
Non-PRC entities not subject to income tax	2,820,038		6,581,327		4,244,821
Research and development expenses bonus deduction	(30,807,283)		(34,910,421)		(23,328,287)
Non-deductible share-based compensation expenses	11,742,974		13,866,734		11,015,406
Other non-deductible expenses	2,491,593		638,898		723,768
Preferential tax rate difference	7,301,540		(3,075,033)
Tax filing differences	229,108		(3,770,720)		2,682,378
Change in valuation allowance	67,106,949		16,717,239		(16,515,732)
Total	¥ (10,192,884)	$ (1,435,638)	¥ (21,756,944)		¥ 47,036,608
Effect of preferential tax rates on basic earnings per Class A and Class B ordinary share \| $ / shares		$ (0.05)		$ 0.02
Effect of preferential tax rates on diluted earnings per Class A and Class B ordinary share \| $ / shares		$ (0.05)		$ 0.02

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

16. FAIR VALUE MEASUREMENT

The following tables presents the fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2022:


	December 31, 2022			Total
RMB	Level 1	Level 2	Level 3	Fair Value
Short-term investments (Note 3)	—	160,406,301	—	160,406,301

There was no financial assets and liabilities measured at fair value as of December 31, 2023.

- 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 + Details

OTHER NON-CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES

13. OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Warranty—non-current	9,015,121	8,589,498
Refundable payment from franchised stores—non-current	1,233,466	379,021
Others	3,192,795	—

Other non-current liabilities	13,441,382	8,968,519

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration and risk (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Concentration and risk
Revenues	¥ 2,651,757,646	$ 373,492,253	¥ 3,168,597,334	¥ 3,704,537,419
Accounts receivable, net	94,956,170		299,742,923		$ 13,374,297
Advances from customers	19,304,488		24,931,897		$ 2,718,980
Total purchases \| Suppliers risk \| Supplier X
Concentration and risk
Purchases from suppliers			¥ 354,956,312	¥ 298,264,146
Concentration risk (as a percent)			13.00%	12.00%
Total purchases \| Suppliers risk \| Supplier Y
Concentration and risk
Purchases from suppliers	¥ 286,132,811
Concentration risk (as a percent)	16.00%	16.00%
Revenue \| Customer risk \| Customer A
Concentration and risk
Revenues	¥ 319,208,693
Concentration risk (as a percent)	12.00%	12.00%
Accounts receivable \| Customer risk \| Customer B
Concentration and risk
Accounts receivable, net	¥ 90,892,779		¥ 135,105,131
Concentration risk (as a percent)	34.00%	34.00%	45.00%
Accounts receivable \| Customer risk \| Customer C
Concentration and risk
Accounts receivable, net	¥ 32,443,005
Concentration risk (as a percent)	12.00%	12.00%
Advances from customers \| Customer risk \| Customer D
Concentration and risk
Advances from customers	¥ 2,396,333		¥ 2,787,482
Concentration risk (as a percent)	12.00%	12.00%	11.00%

INVENTORIES

12 Months Ended

Dec. 31, 2023

INVENTORIES

INVENTORIES

5. INVENTORIES

Inventories consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Finished goods	267,036,620	244,373,815
Works in progress	69,290	6,925
Raw materials	149,903,238	148,409,401

Inventories	417,009,148	392,790,141

Write-downs of inventories from the carrying amount to its estimated net realizable value amounted to RMB3,679,669, RMB8,991,793 and RMB21,681,652 were made for the years ended December 31, 2021, 2022 and 2023, respectively, and were recorded as cost of revenues.

INTANGIBLE ASSETS, NET - Amortization expense on intangible assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTANGIBLE ASSETS, NET
Total amortization expense	¥ 557,419	¥ 1,940,307	¥ 1,872,150
Estimated future amortization expense
Estimated amortization expense for the year ending 2023	264,453
Estimated amortization expense for the year ending 2024	264,453
Estimated amortization expense for the year ending 2025	250,275
Estimated amortization expense for the year ending 2026	248,986
Estimated amortization expense for the year ending 2027	248,986
Cost of revenues
INTANGIBLE ASSETS, NET
Total amortization expense	194,340	194,340	194,340
General and administrative expenses
INTANGIBLE ASSETS, NET
Total amortization expense	¥ 363,079	¥ 1,745,967	¥ 1,677,810

ACCOUNTS RECEIVABLE, NET - Movement of the allowance for doubtful accounts (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of movement of the allowance for doubtful accounts
Balance at the beginning of the year	¥ 29,593,693	¥ 4,549,366	¥ 3,307,381
Additions	139,445,017	25,044,327	1,272,454
Write-off			(30,469)
Balance at the end of the year	¥ 169,038,710	¥ 29,593,693	¥ 4,549,366

PROPERTY, PLANT AND EQUIPMENT, NET - Summary (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	¥ 746,973,134		¥ 711,261,403
Less: Accumulated depreciation	(423,860,768)		(313,904,608)
Property, plant and equipment, net	323,112,366	$ 45,509,425	397,356,795
Furniture
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	375,782,740		380,987,667
Machinery and equipment
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	173,869,199		135,365,960
Building
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	149,465,476		148,449,403
Office and electronic equipment
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	33,252,080		31,868,495
Leasehold improvement
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	10,792,479		10,778,718
Motor vehicles
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	¥ 3,811,160		¥ 3,811,160

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Refundable payment from franchised stores—current	41,735,515	39,203,959
Accrued selling and marketing expenses	8,506,658	29,159,625
Accrued payroll and social insurance	28,508,469	17,566,486
Warranty—current	24,797,169	16,736,341
Construction payable	16,512,545	14,372,306
Operating lease liabilities—current (Note 20)	7,743,648	5,094,066
Sales rebate	13,878,273	4,975,640
Other taxes payable	18,813,540	3,542,993
Interest payable	280,000	87,671
Others*	31,317,126	34,772,309

Accrued expenses and other current liabilities	192,092,943	165,511,396

*	Others mainly include accrued professional fees and other general corporate expenses.

Schedule of movement of provision for warranty


	For the Year Ended December 31,
	2021	2022	2023
Accrued warranty—beginning of year	59,195,896	47,788,122	33,812,290
Accrual for warranties issued during the year	35,181,557	20,355,810	23,248,155
Warranty claims paid	(22,554,689)	(23,894,070)	(30,051,582)
Pre-existing warranty expired	(24,034,642)	(10,437,572)	(1,683,024)
Accrued warranty—end of year	47,788,122	33,812,290	25,325,839

OPERATING LEASES - Supplemental information related to operating leases (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
OPERATING LEASES
Operating lease right-of-use assets	¥ 76,821,285	¥ 86,597,121		$ 10,820,052
Operating lease liabilities-current (Note 12)	¥ 5,094,066	¥ 7,743,648
Operating lease liabilities-current, financial statement location	Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB175,352,229 and RMB151,286,008 as of December 31, 2022 and 2023, respectively)	Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB175,352,229 and RMB151,286,008 as of December 31, 2022 and 2023, respectively)		Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB175,352,229 and RMB151,286,008 as of December 31, 2022 and 2023, respectively)
Operating lease liabilities-non-current	¥ 280,421	¥ 7,569,128		$ 39,496
Total operating lease liabilities	5,374,487	15,312,776
Cash paid for amounts included in the measurement of operating lease liabilities	7,711,479	8,046,828	¥ 9,569,023
Right-of-use assets obtained in exchange for new operating lease liabilities	3,744,607	¥ 921,405	10,201,553
Right-of-use assets obtained in exchange for prepayment for land use right			26,550,000
Modification to right-of-use assets	¥ (5,217,099)		¥ (11,469,923)
Weighted average remaining lease term	1 year 1 month 6 days			1 year 1 month 6 days
Weighted average discount rate	3.92%			3.92%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash and cash equivalents


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in EUR	5,986,595	18,233,516
—Denominated in RMB	278,917,866	334,796,621
—Denominated in GPB	244,790	504,471
—Denominated in USD	220,296,524	499,117,291

Total cash and cash equivalents balances held at mainland PRC financial institutions	505,445,775	852,651,899

Financial institutions in the United States
—Denominated in USD	10,087,973	691,290

Total cash balances held at United States financial institutions	10,087,973	691,290

Financial institutions in the Hong Kong S.A.R.
—Denominated in HKD	78,206	79,213
—Denominated in USD	14,631,590	11,477,109

Total cash balances held at Hong Kong S.A.R. financial institutions	14,709,796	11,556,322

Total cash balances held at financial institutions in other locations	3,453,514	7,203,416

Total cash and cash equivalents balances held at financial institutions	533,697,058	872,102,927

Schedule of term deposits


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in RMB	20,000,000	20,000,000
—Denominated in USD	208,589,770	77,555,565

Total term deposits held	228,589,770	97,555,565
Term deposits—current	208,589,770	97,555,565
Term deposits—non-current	20,000,000	—

Schedule of cash and cash equivalents and restricted cash


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	534,286,849	872,573,460
Restricted cash	186,340,321	107,666,733
Total cash, cash equivalents and restricted cash	720,627,170	980,240,193

Schedule of estimated useful lives of property and equipment


		Estimated useful lives
Building		50 years
Machinery and equipment		3 - 10 years
Furniture		3 - 5 years
Leasehold improvements		The shorter of the estimated useful life or remaining lease term
Office and electronic equipment		2 - 5 years
Motor vehicles		3 - 4 years

Summary of changes in contract liabilities (advances from customers and deferred revenue)


Contract liabilities as of January 1, 2022		60,718,426
Cash received in advance, excluding VAT		2,852,443,422
Revenue recognized from opening balance of contract liabilities		(50,024,734)
Revenue recognized from contract liabilities arising during 2022		(2,789,235,984)
Contract liabilities as of December 31, 2022		73,901,130
Cash received in advance, excluding VAT		2,118,016,702
Revenue recognized from opening balance of contract liabilities		(62,471,630)
Revenue recognized from contract liabilities arising during 2023		(2,055,218,506)
Contract liabilities as of December 31, 2023		74,227,696

Summary of concentration of customers and suppliers

For the Year Ended December 31,

2021

2022

2023

RMB

Greater than 10% of the total revenue

Customer A

319,208,693

12%


	As of December 31,
	2022		2023
	RMB	%	RMB	%
Greater than 10% of the accounts receivable
Customer B	135,105,131	45%	90,892,779	34%
Customer C	*	*	32,443,005	12%


	As of December 31,
	2022		2023
	RMB	%	RMB	%
Greater than 10% of advances from customers
Customer D	2,787,482	11%	2,396,333	12%

For the Year Ended December 31,

2021

2022

2023

RMB

Greater than 10% of total purchase

Supplier X

298,264,146

12%

354,956,312

13%

Supplier Y

286,132,811

16%

NOTES PAYABLE (Details) - CNY (¥)	1 Months Ended
NOTES PAYABLE (Details) - CNY (¥)	May 31, 2022	Apr. 30, 2022	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commercial bank
NOTES PAYABLE
Debt term	1 year	12 months	10 months
Notes Payable
NOTES PAYABLE
Unused secured loan facility amount				¥ 132,717,312	¥ 183,167,887
Notes Payable \| Commercial bank
NOTES PAYABLE
Maximum credit facility amount		¥ 300,000,000				¥ 200,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating activities:
Net income (loss)	¥ (271,835,982)	$ (38,287,297)	¥ (49,462,929)	¥ 225,820,409
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Allowance for doubtful accounts (Note 4)	139,445,017	19,640,420	25,044,327	1,272,454
Share-based compensation (Note 15)	47,659,304	6,712,673	58,219,186	47,218,156
Depreciation and amortization (Note 7 and 8)	148,064,759	20,854,485	142,711,409	95,473,048
Reduction in the carrying amount of right-of-use assets	8,303,344	1,169,502	8,525,547	10,730,213
Investment income	(1,426,370)	(200,900)	(10,917,736)	(21,167,575)
Unrealized foreign exchange loss (gain)	(4,557,547)	(641,917)	(7,508,084)	1,882,626
Deferred income tax expense (benefit)	(10,952,309)	(1,542,600)	(6,079,533)	4,321,601
Loss on disposal of property, plant and equipment	22,077	3,109	478,457	235,581
Write-down of inventories (Note 5)	21,681,652	3,053,797	8,991,793	3,679,669
Changes in operating assets and liabilities:
Accounts receivable	65,371,286	9,207,353	(56,145,868)	(168,520,346)
Inventories	2,627,537	370,081	(156,107,463)	(131,185,130)
Prepayments and other current assets	(5,062,337)	(713,015)	(125,888,562)	(24,763,588)
Other non-current assets	6,269,554	883,048	(1,834,238)	1,520,050
Accounts payable and notes payable	(33,303,059)	(4,690,638)	93,747,996	286,726,602
Advances from customers	(5,657,752)	(796,878)	7,545,887	(22,764,635)
Deferred revenue	5,953,975	838,600	5,517,801	18,119,340
Other non-current liabilities	(1,280,068)	(180,294)	(9,365,449)	(4,374,815)
Income tax receivable	13,340,152	1,878,921	(13,349,602)
Income taxes payable	(540,152)	(76,079)	(15,703,460)	3,046,431
Accrued expenses and other current liabilities	(21,922,192)	(3,087,676)	(13,056,147)	15,256,165
Operating lease liabilities	(8,465,797)	(1,192,383)	(7,219,675)	(8,351,554)
Net cash provided by (used in) operating activities	93,735,092	13,202,312	(121,856,343)	334,174,702
Investing activities:
Cash paid for purchase of property, plant and equipment	(78,934,562)	(11,117,701)	(135,349,387)	(285,745,233)
Purchase of term deposits	(379,419,347)	(53,440,096)	(635,470,550)	(357,162,950)
Cash received from redemption of term deposits	513,238,247	72,288,095	551,794,100	353,295,700
Cash paid for purchase of short-term investments	(420,000,000)	(59,155,763)	(2,593,000,000)	(6,032,000,000)
Cash received from sale of short-term investments	581,426,370	81,892,191	3,213,917,736	6,027,167,575
Prepayment for an investment			(4,000,000)
Others				(614,066)
Net cash (used in) provided by investing activities	216,310,708	30,466,726	397,891,899	(295,058,974)
Financing activities:
Cash received from exercise of employee stock options	654,023	92,117	2,203,086	6,246,384
Proceeds from short-term bank borrowings	100,000,000	14,084,705	340,000,000	340,000,000
Repayment for short-term bank borrowings	(160,000,000)	(22,535,528)	(360,000,000)	(340,000,000)
Net cash provided by (used in) financing activities	(59,345,977)	(8,358,706)	(17,796,914)	6,246,384
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	8,913,200	1,255,398	30,043,572	(8,490,370)
Net increase in cash, cash equivalents and restricted cash	259,613,023	36,565,730	288,282,214	36,871,742
Cash, cash equivalents and restricted cash at the beginning of the year	720,627,170	101,498,214	432,344,956	395,473,214
Cash, cash equivalents and restricted cash at the end of the year	980,240,193	138,063,944	720,627,170	432,344,956
Supplemental information
Interest paid	1,616,253	227,645	5,711,056	6,346,189
Income tax paid	1,066,182	150,169	13,374,909	39,668,576
Construction payable	¥ 13,441,923	$ 1,893,255	7,522,480	¥ 11,279,464
Prepayment for a service in previous year to purchase of an investment			¥ 3,000,000

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

3. SHORT-TERM INVESTMENTS

Short-term investments consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Aggregate cost basis	160,000,000	—
Gross unrealized holding gain	406,301	—

Aggregate fair value	160,406,301	—

The Group’s short-term investments represent wealth management products issued by commercial banks in the PRC which are redeemed upon demand of the Group. The wealth management products are invested in debt securities issued by the PRC government, corporate debt securities, bank deposits, central bank bills and other securities issued by other financial institutions. As of December 31, 2022 and 2023, there were no gross unrealized holding losses.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY	Ordinary shares CNY (¥) shares	Ordinary shares USD ($) shares	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Accumulated other comprehensive loss CNY (¥)	Accumulated other comprehensive loss USD ($)	Accumulated deficit CNY (¥)	Accumulated deficit USD ($)	CNY (¥)	USD ($)
Beginning balance at Dec. 31, 2020	¥ 98,502		¥ 1,801,940,071		¥ (43,016,027)		¥ (765,648,302)		¥ 993,374,244
Beginning balance (in shares) at Dec. 31, 2020 \| shares	152,360,452	152,360,452
Increase (decrease) in shareholders' deficit
Net income (loss)							225,820,409		225,820,409
Foreign currency translation adjustment, net of nil income taxes					(9,657,187)				(9,657,187)
Unrealized holding gains on available-for-sale security, net of income taxes					17,427,865				17,427,865
Reclassification adjustment for gains on available-for-sale securities realized in net income, net of income taxes					(15,875,681)				(15,875,681)
Share-based compensation			47,218,156						47,218,156
Exercise of share-based awards	¥ 852		6,245,532						6,246,384
Exercise of share-based awards (in shares) \| shares	1,320,378	1,320,378
Ending balance at Dec. 31, 2021	¥ 99,354		1,855,403,759		(51,121,030)		(539,827,893)		1,264,554,190
Ending balance (in shares) at Dec. 31, 2021 \| shares	153,680,830	153,680,830
Increase (decrease) in shareholders' deficit
Net income (loss)							(49,462,929)		(49,462,929)
Foreign currency translation adjustment, net of nil income taxes					37,342,724				37,342,724
Unrealized holding gains on available-for-sale security, net of income taxes					6,460,896				6,460,896
Reclassification adjustment for gains on available-for-sale securities realized in net income, net of income taxes					(9,219,276)				(9,219,276)
Share-based compensation			58,219,186						58,219,186
Exercise of share-based awards	¥ 390		2,202,696						2,203,086
Exercise of share-based awards (in shares) \| shares	580,732	580,732
Ending balance at Dec. 31, 2022	¥ 99,744		1,915,825,641		(16,536,686)		(589,290,822)		1,310,097,877
Ending balance (in shares) at Dec. 31, 2022 \| shares	154,261,562	154,261,562
Increase (decrease) in shareholders' deficit
Net income (loss)							(271,835,982)		(271,835,982)	$ (38,287,297)
Foreign currency translation adjustment, net of nil income taxes					7,386,368				7,386,368	1,040,348
Unrealized holding gains on available-for-sale security, net of income taxes					17,454				17,454	2,458
Reclassification adjustment for gains on available-for-sale securities realized in net income, net of income taxes					(362,810)				(362,810)	(51,100)
Share-based compensation			47,659,304						47,659,304
Exercise of share-based awards	¥ 603		653,420						654,023
Exercise of share-based awards (in shares) \| shares	855,468	855,468
Ending balance at Dec. 31, 2023	¥ 100,347	$ 14,134	¥ 1,964,138,365	$ 276,643,103	¥ (9,495,674)	$ (1,337,438)	¥ (861,126,804)	$ (121,287,174)	¥ 1,093,616,234	$ 154,032,625
Ending balance (in shares) at Dec. 31, 2023 \| shares	155,117,030	155,117,030

REVENUE INFORMATION - Disaggregation of revenue (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
REVENUE INFORMATION
Revenues	¥ 2,651,757,646	$ 373,492,253	¥ 3,168,597,334	¥ 3,704,537,419
Electric scooter sales
REVENUE INFORMATION
Revenues	2,358,658,368		2,853,895,423	3,252,988,512
Accessory and spare parts sales
REVENUE INFORMATION
Revenues	197,634,073		242,296,734	397,088,122
Service revenues
REVENUE INFORMATION
Revenues	¥ 95,465,205		¥ 72,405,177	¥ 54,460,785

- Definition

+ References

+ Details

INCOME TAX - Operating loss carry forwards (Details)	Dec. 31, 2023 CNY (¥)
INCOME TAX
Operating loss carry forwards, Total	¥ 334,224,635
Operating loss carry forwards, 2024	0
Operating loss carry forwards, 2025	29,986,636
Operating loss carry forwards, 2026	21,713,526
Operating loss carry forwards, 2027	75,298,399
Operating loss carry forwards, 2028	¥ 207,226,074

NET INCOME (LOSS) PER ORDINARY SHARE

12 Months Ended

Dec. 31, 2023

NET INCOME (LOSS) PER ORDINARY SHARE

NET INCOME (LOSS) PER ORDINARY SHARE

18. NET INCOME (LOSS) PER ORDINARY SHARE

The following table sets forth the basic and diluted net income (loss) per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net income (loss)	225,820,409	(49,462,929)	(271,835,982)

Denominator:
Weighted average number of ordinary shares outstanding	153,174,715	154,109,051	154,795,461
Weighted average number of ordinary shares equivalents outstanding	497,643	1,067,871	2,020,644

Denominator for basic net income (loss) per ordinary share	153,672,358	155,176,922	156,816,105
Dilutive effect of outstanding share options	4,366,690	—	—
Dilutive effect of unvested restricted share units	2,421,928	—	—

Denominator for diluted net income (loss) per ordinary share	160,460,976	155,176,922	156,816,105

Net income (loss) per ordinary share
—Basic	1.47	(0.32)	(1.73)
—Diluted	1.41	(0.32)	(1.73)


	For the Year Ended
	December 31,
	2022	2023
Share options	4,414,608	3,943,058
Unvested restricted share units	3,890,658	2,003,074

NET INCOME (LOSS) PER ORDINARY SHARE - Basic and diluted net income (loss) per share computation (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net income (loss)	¥ (271,835,982)	$ (38,287,297)	¥ (49,462,929)	¥ 225,820,409
Denominator:
Weighted average number of ordinary shares outstanding	154,795,461	154,795,461	154,109,051	153,174,715
Weighted average number of ordinary shares equivalents outstanding	2,020,644	2,020,644	1,067,871	497,643
Denominator for basic net income (loss) per ordinary share	156,816,105	156,816,105	155,176,922	153,672,358
Dilutive effect of outstanding share options				4,366,690
Dilutive effect of unvested restricted share units				2,421,928
Denominator for diluted net income (loss) per ordinary share	156,816,105	156,816,105	155,176,922	160,460,976
Net income (loss) per ordinary share
-Basic \| (per share)	¥ (1.73)	$ (0.24)	¥ (0.32)	¥ 1.47
-Diluted \| (per share)	¥ (1.73)	$ (0.24)	¥ (0.32)	¥ 1.41

REVENUE INFORMATION

12 Months Ended

Dec. 31, 2023

REVENUE INFORMATION

REVENUE INFORMATION

19. REVENUE INFORMATION

Revenues consisted of the following:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Electric scooter sales	3,252,988,512	2,853,895,423	2,358,658,368
Accessory and spare parts sales	397,088,122	242,296,734	197,634,073
Service revenues	54,460,785	72,405,177	95,465,205
Revenues	3,704,537,419	3,168,597,334	2,651,757,646

The following summarized the Group’s revenues from the following geographic areas (based on the location of customers):


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
PRC	3,158,966,932	2,583,843,616	2,247,593,239
Europe	430,201,301	343,157,877	151,521,237
Others	115,369,186	241,595,841	252,643,170
Revenues	3,704,537,419	3,168,597,334	2,651,757,646

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

INCOME TAX - Deferred income tax assets and deferred income tax liabilities (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets
Net operating loss carry forwards	¥ 74,876,303	¥ 33,325,461
Accrued warranty	3,798,876	5,071,844
Advertising expense	2,113,991
Deferred revenue	8,938,710	8,470,357
Allowance for doubtful accounts	41,878,340	7,037,684
Lease liabilities	1,099,451	3,334,705
Write-downs for inventories	4,529,042	825,208
Less: Valuation allowance	(107,782,306)	(40,764,285)	¥ (24,508,473)	¥ (41,219,052)
Total deferred income tax assets, net	29,452,407	17,300,974
Deferred income tax liabilities
Operating lease right of use assets	1,099,451	3,334,705
Short-term investments		60,946
Property, plant and equipment	9,968,429	9,171,103
Total deferred income tax liabilities	11,067,880	12,566,754
Net deferred income tax assets	20,747,021	6,132,499
Net deferred income tax liabilities	¥ 2,362,494	¥ 1,398,279

SHARE-BASED COMPENSATION - Restricted share units activities (Details) - Unvested restricted share units	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of shares
Unvested balance at beginning of period (in shares) \| shares	3,890,658
Granted (in shares) \| shares	232,000
Vested (in shares) \| shares	(1,507,862)
Forfeited (in shares) \| shares	(611,722)
Unvested balance at end of period (in shares) \| shares	2,003,074
Weighted average grant date fair value
Unvested balance at beginning of period (in dollars per share) \| $ / shares	$ 4.59
Granted (in dollars per share) \| $ / shares	2.31
Vested (in dollars per share) \| $ / shares	4.44
Forfeited (in dollars per share) \| $ / shares	4.30
Unvested balance at end of period (in dollars per share) \| $ / shares	$ 4.53

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2023

INVENTORIES

Schedule of inventories


	As of December 31,
	2022	2023
	RMB	RMB
Finished goods	267,036,620	244,373,815
Works in progress	69,290	6,925
Raw materials	149,903,238	148,409,401

Inventories	417,009,148	392,790,141

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

Schedule of intangible assets


	As of December 31, 2022
		Gross		Net
	Amortization	carrying	Accumulated	carrying
RMB	period	amount	amortization	amount
Trademarks	5-10 years	8,983,153	(8,503,451)	479,702
Domain name	5-10 years	3,820,913	(3,618,766)	202,147
License	10 years	1,943,396	(767,925)	1,175,471

Total		14,747,462	(12,890,142)	1,857,320


	As of December 31, 2023
		Gross		Net
	Amortization	carrying	Accumulated	carrying
RMB	period	amount	amortization	amount
Trademarks	5-10 years	9,130,529	(8,976,570)	153,959
Domain name	5-10 years	3,826,626	(3,655,316)	171,310
License	10 years	1,943,396	(962,264)	981,132

Total		14,900,551	(13,594,150)	1,306,401

Summary of amortization expenses on intangible assets

Amortization expense on intangible assets was allocated to the following expense items:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cost of revenues	194,340	194,340	194,340
General and administrative expenses	1,677,810	1,745,967	363,079

Total amortization expense	1,872,150	1,940,307	557,419

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Allowance for doubtful accounts	¥ 139,445,017	¥ 25,044,327	¥ 1,272,454
Foreign currency translation adjustment, income tax	0	0	0	¥ 0
Unrealized gain on available for sale securities, income tax	3,080	1,184,686	5,809,288
Reclassification adjustment for gain on available for sale securities realized in net income, income tax	¥ 64,025	¥ 1,698,460	¥ 5,291,894

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a) Basis of presentation

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

Principles of consolidation

(b) Principles of consolidation

The consolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE for which the Company or its subsidiary is the primary beneficiary, and the VIE’s subsidiaries.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, exercises effective control over the activities that most impact the economic performance, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.

All intercompany transactions and balances among the Company, its subsidiaries, the VIE and the VIE’s subsidiaries have been eliminated upon consolidation.

Use of estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, depreciable lives of property, plant and equipment and intangible assets, the realization of deferred income tax assets, future warranty expenses, current expected credit loss and discount rate for operating leases. Changes in facts and circumstances may result in revising estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

Convenience translation

(d) Convenience translation

Translations of balances in the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$convenience translation amounts in the accompanying consolidated financial statements are unaudited.

Commitments and contingencies

(e) Commitments and contingencies

In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

Cash and cash equivalents

(f) Cash and cash equivalents

Cash consists of cash on hand and cash at bank. Cash equivalents represent term deposits with original maturities of three months or less, which are readily convertible to known amounts of cash. Cash and cash equivalents are deposited in financial institutions at the following locations:


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in EUR	5,986,595	18,233,516
—Denominated in RMB	278,917,866	334,796,621
—Denominated in GPB	244,790	504,471
—Denominated in USD	220,296,524	499,117,291

Total cash and cash equivalents balances held at mainland PRC financial institutions	505,445,775	852,651,899

Financial institutions in the United States
—Denominated in USD	10,087,973	691,290

Total cash balances held at United States financial institutions	10,087,973	691,290

Financial institutions in the Hong Kong S.A.R.
—Denominated in HKD	78,206	79,213
—Denominated in USD	14,631,590	11,477,109

Total cash balances held at Hong Kong S.A.R. financial institutions	14,709,796	11,556,322

Total cash balances held at financial institutions in other locations	3,453,514	7,203,416

Total cash and cash equivalents balances held at financial institutions	533,697,058	872,102,927

Term deposits

(g) Term deposits

Term deposits include current and non-current term deposits. Current term deposits represent deposits placed with bank with original maturities of more than three months but less than one year. Non-current term deposits represent deposits placed with bank with original maturities of more than one year. Term deposits are presented in the following table:


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in RMB	20,000,000	20,000,000
—Denominated in USD	208,589,770	77,555,565

Total term deposits held	228,589,770	97,555,565
Term deposits—current	208,589,770	97,555,565
Term deposits—non-current	20,000,000	—

Restricted cash

(h) Restricted cash

Restricted cash is an amount of cash deposited with banks primarily in conjunction with borrowings from banks and notes payable. Restriction on the use of such cash and the interest earned thereon is imposed by the banks and remains effective throughout the terms of the bank borrowings and notes payable. Restricted cash is classified as current asset on the Company’s consolidated balance sheets, as all the balance are expected to be released to cash within the next twelve months from December 31, 2023. The Group’s restricted cash are denominated in RMB and USD and are deposited at financial institutions in the mainland of the PRC.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	534,286,849	872,573,460
Restricted cash	186,340,321	107,666,733
Total cash, cash equivalents and restricted cash	720,627,170	980,240,193

Short-term investments

(i) Short-term investments

The Group’s short-term investments represent the Group’s investments in financial products managed by financial institutions in the PRC which are redeemable at the option of the Group on any working day or have the original maturities of less than twelve months.

The Group classified the short-term investments, with aggregate amounts of RMB6,032,000,000 and RMB2,593,000,000 purchased for the year ended December 31, 2021 and 2022, respectively, as available-for-sale securities and are reported at fair value. Unrealized holding gains or losses, net of the related tax effect, on available-for-sale securities were excluded from earnings and recorded as a separate component of accumulated other comprehensive income (loss) until realized. Realized gains or losses from the sale of short-term investments are determined on a specific identification basis and are recorded as investment income when earned.

The Group purchased short-term investments with aggregate amounts of RMB420,000,000 for the year ended December 31, 2023, and elected the fair value option at the date of initial recognition in accordance with Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments, (“ASC 825), as the Group believes this approach can better reflect the economics of its investment interest. Changes in the fair value of these investments in the amount of RMB1,426,370 for the year ended December 31, 2023 were reflected on the consolidated statement of comprehensive income (loss) as investment income. Fair value is estimated based on quoted prices provided by financial institutions at the end of each reporting period.

Inventories

(j) Inventories

Inventories, consisting of raw materials, work in progress and finished goods, are stated at the lower of cost or net realizable value. The cost of inventory is determined using the weighted average cost method. Cost of work-in-process and finished goods comprise direct materials, direct production costs and an allocation of production overheads based on normal operating capacity. The Group takes ownership, risks and rewards of the products purchased. Inventory is written down for damaged and slow-moving goods, which is dependent upon factors such as historical and forecasted consumer demand. When appropriate, write downs to inventory are recorded to write down the cost of inventories to their net realizable value.

Property, plant and equipment, net

(k) Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and any recorded impairment.

Costs incurred in the construction of property, plant and equipment, including down payments and progress payments, are initially capitalized as construction in progress and transferred into their respective asset categories when the assets are ready for their intended use, at which time depreciation commences.

The estimated useful lives are as follows:


		Estimated useful lives
Building		50 years
Machinery and equipment		3 - 10 years
Furniture		3 - 5 years
Leasehold improvements		The shorter of the estimated useful life or remaining lease term
Office and electronic equipment		2 - 5 years
Motor vehicles		3 - 4 years

Depreciation on property, plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets.

Depreciation of property, plant and equipment attributable to manufacturing activities is capitalized as part of inventories, and recognized as cost of revenues when the inventory is sold.

When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized and amortized over the remaining useful life.

Intangible assets, net

(l) Intangible assets, net

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets with finite lives are carried at cost less any accumulated amortization and any accumulated impairment losses.

Intangible assets with finite lives are amortized over the useful economic life on straight-line basis and assessed for impairment whenever there is an indication that the intangible assets may be impaired.

Leases

(m) Leases

The Group adopted ASC Topic 842, Leases (“ASC 842”) as of January 1, 2021, and elected the package of practical expedients that not to reassess:(1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. The Group also elected the practical expedient of the short-term lease exemption for contracts with lease terms of twelve months or less. The Group categorizes leases with contractual terms longer than twelve months as either operating or finance lease. However, the Group has no finance leases for any of the periods presented.

The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes a right-of-use asset and a lease liability based on the present value of the lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. Variable lease payments not dependent on an index or rate are excluded from the right-of-use asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Group’s lease is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The Group’s lease terms may include options to extend or terminate the lease. Such options are accounted for only when it is reasonably certain that the Group will exercise the options. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

From time to time, the Group purchases the rights to use government-owned land for a fixed period of time. Prior to the adoption of ASC 842, these land use rights were recorded at cost less accumulated amortization and any accumulated impairment losses in land use right, net in the consolidated balance sheets. Amortization is provided on a straight-line basis over the estimated useful lives, which is 50 years and represents the shorter of the estimated usage years or the terms of the land use rights certificate. Upon the adoption of ASC 842 on January 1, 2021, land use rights acquired assessed in accordance with ASC 842 and recognized in operating right-of-use assets if they meet the definition of lease.

Impairment of long-lived assets

(n) Impairment of long-lived assets

Long-lived assets such as property, plant and equipment, intangible assets and operating lease right-of-use assets with finite lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets with an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment of long-lived assets was recognized for the years ended December 31, 2021, 2022 and 2023.

Value added taxes

(o) Value added taxes

The Company’s PRC subsidiaries are subject to value added tax (“VAT”). Revenues from sales of products are generally subject to VAT at the rate of 13%. Revenues from services are generally subject to VAT at the rate of 6%. VAT are subsequently paid to PRC tax authorities after netting input VAT on purchases and VAT export rebates. The excess of output VAT over input VAT and VAT export rebates is reflected in accrued expenses and other current liabilities, the excess of input VAT and VAT export rebates over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets.

Fair value measurements

(p) Fair value measurements

Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

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

Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

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

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, term deposits, restricted cash, short-term investments, accounts receivable, other receivables, short-term bank borrowings, notes payable, accounts payable, and other payables. The Group measures short-term investments at fair value on a recurring basis. Short-term investments include financial products issued by financial institutions, which are valued based on prices per unit quoted by issuers. They are categorized in Level 2 of the fair value hierarchy.

As of December 31, 2022 and 2023, the carrying values of other financial instruments approximated to their fair values as their interest rates are comparable to the prevailing interest rates in the market.

The Group’s non-financial assets, such as property, plant and equipment, intangible assets and operating lease right-of-use assets, would be measured at fair value only if they were determined to be impaired.

Revenue recognition

(q) Revenue recognition

The Group generates substantially all of its revenues from sales of electric scooters, accessories and spare parts to the Group’s PRC domestic offline distributors and overseas offline distributors or directly to individual customers online. The Group also generates its revenues from its subscription-based mobile application services, as well as insurance service as an agent.

The Group recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which the Group expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value added taxes). For each performance obligation satisfied over time, the Group recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Group does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time.

To achieve that core principle, the Group applies the five steps defined under Accounting Standards Codification Topic 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate distinct goods or services. A performance obligation is considered distinct from other obligations in a contract when it (a) provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and (b) is separately identified in the contract. The Group allocates the transaction price to each performance obligation based on the relative stand-alone selling price (“SSP”) of the goods or services provided. Revenue is recognized upon the transfer of control of promised goods or services to a customer.

Products

The Group identified one performance obligation which is to sell products, such as electric scooters, accessories and spare parts, to the Group’s PRC domestic offline distributors and overseas offline distributors or directly to individual customers online. For all sales of products, the Group requires a signed contract or purchase order, which specifies pricing, quantity and product specifications. Revenue of product sales is recognized on a gross basis upon the satisfaction of its performance obligation, which is to transfer the control of the promised products to customers.

The transfer of control of the products is satisfied at a point in time, which occurs when the products are accepted by the domestic offline distributors, overseas offline distributors or individual customers. When the Group sells its products to its domestic offline distributors for domestic sales in PRC, acceptance of the products by the domestic offline distributors is evidenced by goods receipt notes signed by the domestic offline distributors, which is generally at the Group’s warehouse. When the Group sells its products to overseas offline distributors for oversea sales, acceptance of the products by overseas offline distributors is evidenced by shipping documents dependent upon the terms of the underlying contract. When the Group sells its products to individual customers through its own online store and third-party e-commerce platform, the Group is responsible for the delivery to individual customers. Acceptance of the products is evidenced by goods receipt notes signed by individual customers.

The Group provides sales volume rebate to qualified distributors based on the volume sold to such distributors in a certain period and grants online individual customers unconditional right to return the products within 7 up to 30 days after their acceptance.

Revenues are measured as the amount of consideration the Group expects to receive in exchange for transferring products to domestic offline distributors, overseas offline distributors or individual customers. Consideration is recorded net of sales volume rebate, sales returns and VAT. Sales returns is estimated based on historical experiences, which were insignificant for the years ended December 31, 2021, 2022 and 2023.

The Group utilizes delivery service providers to deliver products to overseas offline distributors and individual customers (“shipping activities”), but the delivery service is not considered as a separate obligation as the shipping activities are performed before the overseas offline distributors and individual customers obtain control of the products. Therefore, shipping activities are not considered a separate promised service to them but rather are activities to fulfill the Group’s promise to transfer the products. Outbound shipping charges to overseas offline distributors and individual customers are included as a part of the revenues, and outbound shipping-related costs are included in our inventory and recognized as cost of revenue upon sale of products to overseas offline distributors and individual customers. Shipping costs incurred for sales of products and recognized as cost of revenues were RMB49,456,660, RMB101,970,407 and RMB52,541,201 for the years ended December 31, 2021, 2022 and 2023, respectively.

For some sales, the Group collects cash before delivery. Cash collected before product delivery is recognized as advances from customers.

Service

When the Group sells its smart electric scooters to its customers, it also provides mobile application services for free for one to two years (the “free service period”). Customers are able to locate their smart electric scooters, as well as obtain the operating status (e.g. battery status), and claim online repair and maintenance requests of their smart electric scooters, upon their registration of their smart electric scooters on the Group’s mobile application. Customers may subscribe to such service after the free service period if they want to continue using aforementioned functions.

Such revenue arrangements are divided into separate distinct performance obligations, including electric scooters and mobile application services. The Group determines the SSP for electric scooters and mobile application services based on their relative selling prices.

The allocated revenue to mobile application services of free service period and subscribed mobile application service revenue is deferred and recognized on a straight-line basis over the service period, as the Group determines that the customer simultaneously receives and consumes benefits provided by the Group as the Group performs during the free service period or the subscription period.

The deferred revenue that will be recognized in the next twelve months is classified as current portion, and the remaining balance of deferred revenue is classified as non-current portion.

The Group also sells insurance plan for electric scooters (“NIU Cover”) to individual customers at their option. The insurance is provided by third party insurance companies. The Group determines that it acts as an agent for the NIU Cover service because it does not obtain control of the service before the service is transferred to the customers. The Group recognizes revenue on net basis when the insurance agreement is entered into between individual customers and insurance providers.

Remaining performance obligations

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as of the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue. Additionally, as a practical expedient, the Group does not disclose the remaining performance obligations of contracts that have an original duration of one year or less.

As of December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations that are unsatisfied or partially unsatisfied was RMB74,227,696. Given the profile of contract terms, RMB61,059,585 of the remaining performance obligation is expected to be recognized as revenue within the next 12 months and RMB13,168,111 is expected to be recognized as revenue between next 12 to 36 months.

Contract Balances

(r) Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable are recorded at the invoiced amount and do not bear interest. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows.

The Group adopted Accounting Standards Codification Topic (“ASU”) No.2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments, and subsequent amendments to the initial guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02, collectively referred to as “ASC 326” on January 1, 2021 using the modified retrospective approach. Upon adoption of ASC 326 starting from January 1, 2021, the provision of credit losses for accounts receivable is based upon the current expected credit losses (“CECL”) model. The CECL model requires an estimate of the credit losses expected over the life of accounts receivable since initial recognition, and accounts receivable with similar risk characteristics are grouped together when estimating CECL. In assessing the CECL, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical credit loss experience, adjusted for relevant factors impacting collectability and forward-looking information indicative of external market conditions. While the Group uses the best information available in making determination, the ultimate recovery of recorded receivables is also dependent upon future economic events and other conditions that may be beyond the Group’s control. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. The Group does not have any off-balance sheet credit exposure related to its customers. This adoption did not have material impact on the Company’s consolidated financial statements.

A contract liability is recognized when the Group has an obligation to transfer products or services to a customer for which the Group has received consideration from the customer, or for which an amount of consideration is due from the customer. Contract liabilities are included in advances from customers and deferred revenue on the consolidated balance sheets.

Changes in the Group’s contract liabilities (advances from customers and deferred revenue) are presented in the following table for the years ended December 31, 2022 and 2023:


Contract liabilities as of January 1, 2022		60,718,426
Cash received in advance, excluding VAT		2,852,443,422
Revenue recognized from opening balance of contract liabilities		(50,024,734)
Revenue recognized from contract liabilities arising during 2022		(2,789,235,984)
Contract liabilities as of December 31, 2022		73,901,130
Cash received in advance, excluding VAT		2,118,016,702
Revenue recognized from opening balance of contract liabilities		(62,471,630)
Revenue recognized from contract liabilities arising during 2023		(2,055,218,506)
Contract liabilities as of December 31, 2023		74,227,696

Warranties

(s) Warranties

The Group provides for the estimated costs of warranties at the time when revenue is recognized. The specific terms and conditions of those warranties vary among different parts of electric scooters. Factors that affect the Group’s warranty obligation include product defect rates and costs of repair or replacement. These factors are estimates that may change based on new information that becomes available during the reported period. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accrued expenses and other current liabilities while the remaining balance is included within other non-current liabilities on the consolidated balance sheets.

Cost of Revenues

(t) Cost of Revenues

Cost of revenues mainly consists of the cost of products sold, logistics costs, write-downs of inventories and warranty costs.

Selling and Marketing Expenses

(u) Selling and Marketing Expenses

Selling and marketing expenses mainly consist of advertising expenses, promotion expenses and payroll and related expenses for personnel engaged in selling and marketing activities. Advertising expenses, which consist primarily of online and offline advertisements, are expensed when the services are received. The advertising expenses were RMB160,415,978, RMB191,776,905 and RMB177,824,898 for the years ended December 31, 2021, 2022 and 2023, respectively.

General and Administrative Expenses

(v) General and Administrative Expenses

General and administrative expenses mainly consist of allowance for doubtful accounts, payroll and related costs for employees involved in general corporate functions, professional fees, foreign currency exchange gains (losses) and other general corporate expenses, as well as expenses associated with the use by these functions of facilities and equipment, such as depreciation and rental expenses.

Research and Development Expenses

(w) Research and Development Expenses

Research and development expenses mainly consist of payroll and related costs for employees involved in researching and developing new products and technologies, design and development expenses, and expenses associated with the use by these functions of facilities and equipment, such as depreciation and rental expenses. Research and development expenses are expensed as incurred.

Government Grants

(x) Government Grants

Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grant will be received. Grants that compensate the Group for expenses incurred are recognized in the Group’s consolidated statements of comprehensive income (loss) on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the acquisition cost of an asset are recorded as a liability in the Group’s consolidated balance sheets and are recognized in the Group’s consolidated statements of comprehensive income (loss) over the useful life of the asset. As of December 31, 2022 and 2023, nil of liability was related to the government grants that compensate the acquisition cost of an asset.

The Group’s government grants mainly consist of certain subsidies or tax refund from local government or industrial parks where its offices locate. For the years ended December 31, 2021, 2022 and 2023, RMB48,726,818, RMB16,385,038 and RMB2,968,735 of government grants are recognized in the consolidated statements of comprehensive income (loss), respectively. There were no significant commitment, contingencies or provision for recapture conditions for the government grants received for the years ended December 31, 2021, 2022 and 2023.

Share-based Compensation

(y) Share-based Compensation

The Company periodically grants share-based awards, including but not limited to, restricted share units and share options to eligible employees and directors.

Share-based awards granted to employees and directors are measured at the grant date fair value of the awards, and are recognized as compensation expense using the straight-line method over the requisite service period, which is generally the vesting period. Forfeitures are accounted when they occur.

A change in any of the terms or conditions of share-based awards is accounted for as a modification of the awards. The Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period the modification occurs. For awards not being fully vested, the Group recognizes the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards over the remaining requisite service period after modification.

Share-based compensation in relation to the restricted share units is measured based on the fair value of the Company’s ordinary shares at the grant date of the award. The fair value is the closing prices of the Company’s ordinary shares traded in the open market as of the grant date. Share-based compensation in relation to the share options is estimated using the Binominal Option Pricing Model. The determination of the fair value of share options is affected by the share price of the Company’s ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including the expected share price volatility (estimated based on the historical volatility of the Company and comparable peer public companies with a time horizon close to the expected term of the Company’s options), risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions.

Employee Benefits

(z) Employee Benefits

The Company’s subsidiaries and the VIE and VIE’s subsidiaries in PRC participate in a government mandated, multiemployer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as cost of revenues and expenses in the accompanying consolidated statements of comprehensive income (loss) amounted to RMB31,122,424, RMB42,637,403 and RMB42,376,447 for the years ended December 31, 2021, 2022 and 2023, respectively.

Income Taxes

(aa) Income Taxes

Current income taxes are provided on the basis of net income (loss) for financial reporting purposes, and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the tax effects of temporary differences and are determined by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse to the temporary differences between the financial statements’ carrying amounts and the tax bases of assets and liabilities. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.

A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. The effect on deferred income taxes arising from a change in tax rates is recognized in the consolidated statements of comprehensive income (loss) in the period of change.

The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, 2022 and 2023, the Group did not have any significant unrecognized uncertain tax positions.

Foreign currency translation and foreign currency risks

(bb) Foreign currency translation and foreign currency risks

The Company’s reporting currency is Renminbi (“RMB”). The functional currency of the Company and its subsidiary incorporated at Hong Kong S.A.R., the United States and Singapore is the United States dollars (“US$”). The functional currencies of the Company’s subsidiary incorporated in British Virgin Islands, Indonesia, Switzerland and Germany are Great Britain Pound (“GBP”), Indonesia Rupiah (“IDR”), Swiss Franc (“CHF”) and European Monetary Unit (“EUR”), respectively.

The functional currency of the Company’s PRC subsidiaries, VIE and VIE’s subsidiaries is RMB.

Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded as foreign currency exchange gains (losses) in the consolidated statements of comprehensive income (loss).

The financial statements of the Company, its subsidiaries incorporated at Hong Kong S.A.R., the United States, Singapore, British Virgin Islands, Indonesia, Switzerland and Germany are translated from the functional currency into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the consolidated statements of comprehensive income (loss) and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss in the consolidated statements of changes in shareholders’ equity.

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the PRC government, controls the conversion of RMB to foreign currencies. The value of the RMB is subject to changes of central government policies and international economic and political developments affecting supply and demand in the China foreign exchange trading system market.

Concentration and risk

(cc) Concentration and risk

Concentration of customers and suppliers

The following tables summarized the customer with greater than 10% of the total revenue and accounts receivable:

For the Year Ended December 31,

2021

2022

2023

RMB

Greater than 10% of the total revenue

Customer A

319,208,693

12%


	As of December 31,
	2022		2023
	RMB	%	RMB	%
Greater than 10% of the accounts receivable
Customer B	135,105,131	45%	90,892,779	34%
Customer C	*	*	32,443,005	12%


	As of December 31,
	2022		2023
	RMB	%	RMB	%
Greater than 10% of advances from customers
Customer D	2,787,482	11%	2,396,333	12%

The following tables summarized the suppliers with greater than 10% of the total purchase:

For the Year Ended December 31,

2021

2022

2023

RMB

Greater than 10% of total purchase

Supplier X

298,264,146

12%

354,956,312

13%

Supplier Y

286,132,811

16%

No suppliers individually represent greater than 10% of accounts payable of the Group as of December 31, 2022 and 2023.

*The amount was less than 10% of total balance.

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash and cash equivalents, term deposits, restricted cash, short-term investments and accounts receivable, net.

The Group’s investment policy requires cash and cash equivalents, term deposits, restricted cash and short-term investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. The Group regularly evaluates the credit standing of the counterparties or financial institutions.

The Group conducts credit evaluations on its customers prior to delivery of goods or services. The assessment of customer creditworthiness is primarily based on historical collection records, research of publicly available information and customer on-site visits by senior management. Based on this analysis, the Group determines what credit terms, if any, to offer to each customer individually. If the assessment indicates a likelihood of collection risk, the Company will not deliver the services or sell the products to the customer or require the customer to pay cash, post letters of credit to secure payment or to make significant down payments.

Interest rate risk

The Group’s short-term bank borrowing bears interests at fixed rates. If the Group were to renew these loans, the Group might be subject to interest rate risk.

Earnings (Loss) per Share

(dd) Earnings (Loss) per Share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to holders of ordinary shares by the weighted average number of ordinary shares or ordinary share equivalents outstanding during the year using the two-class method. Vested share options, which are exercisable for nominal consideration, and vested restricted share units are included in the calculation of the weighted-average number of shares of ordinary shares as ordinary share equivalents. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. A net loss is not allocated to participating securities when the participating securities does not have contractual obligation to share losses.

Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares used in calculating basic net earnings (loss) per ordinary share and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of outstanding share option with the exception of vested share options with nominal exercise consideration and unvested restricted share units (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted earnings (loss)per share calculation when inclusion of such shares would be anti-dilutive.

Segment Reporting

(ee) Segment Reporting

The Company’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Company’s Chief Executive Officer and management personnel do not segregate the Group’s business by product. All products and services are viewed as in one and the only operating segment.

Statutory Reserves

(ff) Statutory Reserves

In accordance with the PRC Company Laws, the Group’s PRC subsidiaries, VIE and VIE’s subsidiaries must make appropriations from their after-tax profits as determined under the Generally Accepted Accounting Principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies.

The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation.

For the years ended December 31, 2021, 2022 and 2023, the Group’s PRC subsidiaries made appropriations to the statutory reserves of RMB20,875,864, RMB42,654 and nil, respectively.

Recent Accounting Pronouncements

(gg) Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standard Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. In addition, it provides new segment disclosure requirements for entities with a single reportable segment. The guidance will be effective for the Company for annual periods beginning January 1, 2024. Early adoption is permitted. The Company is currently evaluating the impact on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires disaggregated information about the effective tax rate reconciliation as well as information on income taxes paid. The guidance will be effective for the Company for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact on its financial statement disclosures.

OTHER NON-CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS

9. OTHER NON-CURRENT ASSETS

Other non-current assets consisted of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Prepayment for an investment	7,000,000	—
Deposits	2,376,350	2,728,406
Prepayment for property, plant and equipment	1,914,411	2,231,253
Others	1,392,329	1,770,719

Other non-current assets	12,683,090	6,730,378

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets
Cash and cash equivalents	¥ 872,573,460	$ 122,899,401	¥ 534,286,849
Total term deposits held	97,555,565		228,589,770
Restricted cash	107,666,733	15,164,542	186,340,321
Prepayments and other current assets	195,072,129	27,475,335	205,695,717
Total current assets	1,760,614,198	247,977,323	2,012,071,029
Non-current assets
Other non-current assets	6,730,378	947,954	12,683,090
Total assets	2,189,331,649	308,360,914	2,536,697,854
Current liabilities
Accrued expenses and other current liabilities	165,511,396	23,311,795	192,092,943
Total liabilities	1,095,715,415	154,328,289	1,226,599,977
Shareholders' equity:
Additional paid-in capital	1,964,138,365	276,643,103	1,915,825,641
Accumulated other comprehensive loss	(9,495,674)	(1,337,438)	(16,536,686)
Accumulated deficit	(861,126,804)	(121,287,174)	(589,290,822)
Total shareholders' equity	1,093,616,234	154,032,625	1,310,097,877	¥ 1,264,554,190	¥ 993,374,244
Total liabilities and shareholders' equity	2,189,331,649	308,360,914	2,536,697,854
Class A Ordinary Shares
Shareholders' equity:
Ordinary shares	90,031	12,681	89,428
Class B Ordinary Shares
Shareholders' equity:
Ordinary shares	10,316	$ 1,453	10,316
Parent Company \| Reportable Legal Entities
Current assets
Cash and cash equivalents	233,958,655		12,375,894
Total term deposits held	77,555,565		208,589,770
Restricted cash	107,521,733		176,204,380
Prepayments and other current assets	12,035,145		12,486,238
Total current assets	431,071,098		409,656,282
Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE's subsidiaries	671,329,320		906,298,879
Other non-current assets			1,219
Total assets	1,102,400,418		1,315,956,380
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE's subsidiaries	4,564,315		4,262,270
Accrued expenses and other current liabilities	4,219,869		1,596,233
Total liabilities	8,784,184		5,858,503
Shareholders' equity:
Additional paid-in capital	1,964,138,365		1,915,825,641
Accumulated other comprehensive loss	(9,495,674)		(16,536,686)
Accumulated deficit	(861,126,804)		(589,290,822)
Total shareholders' equity	1,093,616,234		1,310,097,877
Total liabilities and shareholders' equity	1,102,400,418		1,315,956,380
Parent Company \| Reportable Legal Entities \| Class A Ordinary Shares
Shareholders' equity:
Ordinary shares	90,031		89,428
Parent Company \| Reportable Legal Entities \| Class B Ordinary Shares
Shareholders' equity:
Ordinary shares	¥ 10,316		¥ 10,316

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract Balances (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in the Group's contract liabilities (advances from customers and deferred revenue)
Contract liabilities, beginning balance	¥ 73,901,130	¥ 60,718,426
Cash received in advance, excluding VAT	2,118,016,702	2,852,443,422
Revenue recognized from opening balance of contract liabilities	(62,471,630)	(50,024,734)
Revenue recognized from contract liabilities arising during current year	(2,055,218,506)	(2,789,235,984)
Contract liabilities, ending balance	¥ 74,227,696	¥ 73,901,130

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Value added taxes, Revenue recognition (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenue recognition
Cost of revenues	¥ 2,081,010,633	$ 293,104,217	¥ 2,498,916,443	¥ 2,891,758,188
Transaction price allocated to remaining performance obligations	74,227,696
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue recognition
Transaction price allocated to remaining performance obligations	¥ 61,059,585
Period over which remaining performance obligation is expected to be recognized as revenue	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue recognition
Transaction price allocated to remaining performance obligations	¥ 13,168,111
Shipping costs incurred
Revenue recognition
Cost of revenues	¥ 52,541,201		¥ 101,970,407	¥ 49,456,660
Revenues from sales of products
Value added taxes
VAT rate (in percentage)	13.00%
Revenues from sales of services
Value added taxes
VAT rate (in percentage)	6.00%
Minimum
Revenue recognition
Return and refund policy term (in days)	7 days	7 days
Free service period	1 year	1 year
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue recognition
Period over which remaining performance obligation is expected to be recognized as revenue	12 months
Maximum
Revenue recognition
Return and refund policy term (in days)	30 days	30 days
Free service period	2 years	2 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue recognition
Period over which remaining performance obligation is expected to be recognized as revenue	36 months

OTHER NON-CURRENT ASSETS (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
OTHER NON-CURRENT ASSETS
Prepayment for an investment			¥ 7,000,000
Deposits	¥ 2,728,406		2,376,350
Prepayment for property, plant and equipment	2,231,253		1,914,411
Others	1,770,719		1,392,329
Other non-current assets	¥ 6,730,378	$ 947,954	¥ 12,683,090

INTANGIBLE ASSETS, NET - Summary (Details)	12 Months Ended
INTANGIBLE ASSETS, NET - Summary (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
INTANGIBLE ASSETS, NET
Gross carrying amount	¥ 14,900,551	¥ 14,747,462
Accumulated amortization	(13,594,150)	(12,890,142)
Net carrying amount	1,306,401	1,857,320	$ 184,003
Trademarks
INTANGIBLE ASSETS, NET
Gross carrying amount	9,130,529	8,983,153
Accumulated amortization	(8,976,570)	(8,503,451)
Net carrying amount	¥ 153,959	¥ 479,702
Trademarks \| Maximum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	10 years	10 years
Trademarks \| Minimum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	5 years	5 years
Domain name
INTANGIBLE ASSETS, NET
Gross carrying amount	¥ 3,826,626	¥ 3,820,913
Accumulated amortization	(3,655,316)	(3,618,766)
Net carrying amount	¥ 171,310	¥ 202,147
Domain name \| Maximum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	10 years	10 years
Domain name \| Minimum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	5 years	5 years
License
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	10 years	10 years
Gross carrying amount	¥ 1,943,396	¥ 1,943,396
Accumulated amortization	(962,264)	(767,925)
Net carrying amount	¥ 981,132	¥ 1,175,471

OTHER NON-CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

OTHER NON-CURRENT LIABILITIES

Summary of other non-current liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Warranty—non-current	9,015,121	8,589,498
Refundable payment from franchised stores—non-current	1,233,466	379,021
Others	3,192,795	—

Other non-current liabilities	13,441,382	8,968,519

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of presentation

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

(b) Principles of consolidation

All intercompany transactions and balances among the Company, its subsidiaries, the VIE and the VIE’s subsidiaries have been eliminated upon consolidation.

(d) Convenience translation

(e) Commitments and contingencies

(f) Cash and cash equivalents


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in EUR	5,986,595	18,233,516
—Denominated in RMB	278,917,866	334,796,621
—Denominated in GPB	244,790	504,471
—Denominated in USD	220,296,524	499,117,291

Total cash and cash equivalents balances held at mainland PRC financial institutions	505,445,775	852,651,899

Financial institutions in the United States
—Denominated in USD	10,087,973	691,290

Total cash balances held at United States financial institutions	10,087,973	691,290

Financial institutions in the Hong Kong S.A.R.
—Denominated in HKD	78,206	79,213
—Denominated in USD	14,631,590	11,477,109

Total cash balances held at Hong Kong S.A.R. financial institutions	14,709,796	11,556,322

Total cash balances held at financial institutions in other locations	3,453,514	7,203,416

Total cash and cash equivalents balances held at financial institutions	533,697,058	872,102,927

(g) Term deposits


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in RMB	20,000,000	20,000,000
—Denominated in USD	208,589,770	77,555,565

Total term deposits held	228,589,770	97,555,565
Term deposits—current	208,589,770	97,555,565
Term deposits—non-current	20,000,000	—

(h) Restricted cash


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	534,286,849	872,573,460
Restricted cash	186,340,321	107,666,733
Total cash, cash equivalents and restricted cash	720,627,170	980,240,193

(i) Short-term investments

(j) Inventories

(k) Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and any recorded impairment.

The estimated useful lives are as follows:


		Estimated useful lives
Building		50 years
Machinery and equipment		3 - 10 years
Furniture		3 - 5 years
Leasehold improvements		The shorter of the estimated useful life or remaining lease term
Office and electronic equipment		2 - 5 years
Motor vehicles		3 - 4 years

Depreciation on property, plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets.

Depreciation of property, plant and equipment attributable to manufacturing activities is capitalized as part of inventories, and recognized as cost of revenues when the inventory is sold.

(l) Intangible assets, net

(m) Leases

(n) Impairment of long-lived assets

(o) Value added taxes

(p) Fair value measurements

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

Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

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

(q) Revenue recognition

Products

For some sales, the Group collects cash before delivery. Cash collected before product delivery is recognized as advances from customers.

Service

The deferred revenue that will be recognized in the next twelve months is classified as current portion, and the remaining balance of deferred revenue is classified as non-current portion.

Remaining performance obligations

(r) Contract Balances

Changes in the Group’s contract liabilities (advances from customers and deferred revenue) are presented in the following table for the years ended December 31, 2022 and 2023:


Contract liabilities as of January 1, 2022		60,718,426
Cash received in advance, excluding VAT		2,852,443,422
Revenue recognized from opening balance of contract liabilities		(50,024,734)
Revenue recognized from contract liabilities arising during 2022		(2,789,235,984)
Contract liabilities as of December 31, 2022		73,901,130
Cash received in advance, excluding VAT		2,118,016,702
Revenue recognized from opening balance of contract liabilities		(62,471,630)
Revenue recognized from contract liabilities arising during 2023		(2,055,218,506)
Contract liabilities as of December 31, 2023		74,227,696

(s) Warranties

(t) Cost of Revenues

Cost of revenues mainly consists of the cost of products sold, logistics costs, write-downs of inventories and warranty costs.

(u) Selling and Marketing Expenses

(v) General and Administrative Expenses

(w) Research and Development Expenses

(x) Government Grants

(y) Share-based Compensation

The Company periodically grants share-based awards, including but not limited to, restricted share units and share options to eligible employees and directors.

(z) Employee Benefits

(aa) Income Taxes

(bb) Foreign currency translation and foreign currency risks

The functional currency of the Company’s PRC subsidiaries, VIE and VIE’s subsidiaries is RMB.

(cc) Concentration and risk

Concentration of customers and suppliers

The following tables summarized the customer with greater than 10% of the total revenue and accounts receivable:

For the Year Ended December 31,

2021

2022

2023

RMB

Greater than 10% of the total revenue

Customer A

319,208,693

12%


	As of December 31,
	2022		2023
	RMB	%	RMB	%
Greater than 10% of the accounts receivable
Customer B	135,105,131	45%	90,892,779	34%
Customer C	*	*	32,443,005	12%


	As of December 31,
	2022		2023
	RMB	%	RMB	%
Greater than 10% of advances from customers
Customer D	2,787,482	11%	2,396,333	12%

The following tables summarized the suppliers with greater than 10% of the total purchase:

For the Year Ended December 31,

2021

2022

2023

RMB

Greater than 10% of total purchase

Supplier X

298,264,146

12%

354,956,312

13%

Supplier Y

286,132,811

16%

No suppliers individually represent greater than 10% of accounts payable of the Group as of December 31, 2022 and 2023.

*The amount was less than 10% of total balance.

Concentration of credit risk

Interest rate risk

The Group’s short-term bank borrowing bears interests at fixed rates. If the Group were to renew these loans, the Group might be subject to interest rate risk.

(dd) Earnings (Loss) per Share

(ee) Segment Reporting

(ff) Statutory Reserves

For the years ended December 31, 2021, 2022 and 2023, the Group’s PRC subsidiaries made appropriations to the statutory reserves of RMB20,875,864, RMB42,654 and nil, respectively.

(gg) Recent Accounting Pronouncements

INCOME TAX

12 Months Ended

Dec. 31, 2023

INCOME TAX

INCOME TAX

17. INCOME TAX

a) Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

No stamp duty is payable in respect of the issue of the shares or on an instrument of transfer in respect of a share.

United States

Under the current U.S. federal corporate income tax, the Company’s subsidiary in United States are subject to 21% income tax on its taxable income generated from operations in United States. The company’s subsidiaries have no taxable income for all periods presented.

British Virgin Islands

Under the current laws of the British Virgin Islands (“B.V.I.”), entities incorporated in the B.V.I. are not subject to tax on their income or capital gains.

Indonesia

Under the current laws of the Republic of Indonesia, the Company’s subsidiaries in Indonesia are subject to 25% income tax on its taxable income generated from operations in Indonesia.

Hong Kong

Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and they are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong for any of the periods presented.

PRC

The Group’s mainland China subsidiaries, the VIE, and VIE’s subsidiaries are subject to the PRC Corporate Income Tax Law (“CIT Law”), and are generally subject to a statutory income tax rate of 25%. Under the CIT Law, preferential tax treatments will be granted to entities which conduct businesses in certain encouraged sectors and to entities otherwise classified as “High and New Technology Enterprises” (“HNTE”). Jiangsu Xiaoniu and Beijing Niudian were qualified as HNTEs and enjoy a preferential income tax rate of 15% for the fiscal years from 2021 to 2023 and 2022 to 2024, respectively. An entity could re-apply for the HNTE certificate when the prior certificate expires. The foregoing preferential income tax rates, however, are subject to periodic review and renewal by PRC authorities.

The CIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the CIT Law define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside the PRC should be considered a resident enterprise for PRC tax purposes.

The components of income (loss) before income taxes are as follows:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cayman	(9,397,404)	(10,448,513)	(1,192,264)
Indonesia	(881,810)	(984,230)	(1,268,462)
Hong Kong S.A.R.	(6,700,069)	(14,613,793)	(7,930,644)
B.V.I.	—	(278,774)	(48,100)
Others	—	—	(840,681)
PRC, excluding Hong Kong S.A.R.	289,836,300	(44,894,563)	(270,748,715)
Total	272,857,017	(71,219,873)	(282,028,866)

Income tax expense (benefit) consists of the following:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current income tax expense (benefit)	42,715,007	(15,677,411)	759,425
Deferred income tax expense (benefit)	4,321,601	(6,079,533)	(10,952,309)
Total	47,036,608	(21,756,944)	(10,192,884)

Withholding tax on undistributed dividends

The CIT law also imposes a withholding income tax of 10% on dividends distributed by a foreign investment enterprise (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The Group plans to indefinitely reinvest the undistributed earnings of the Group’s PRC entities, and therefore, no provision for PRC dividend withholding tax was accrued.

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Computed expected income tax expense (benefit)	68,214,254	(17,804,968)	(71,077,803)
Non-PRC entities not subject to income tax	4,244,821	6,581,327	2,820,038
Research and development expenses bonus deduction	(23,328,287)	(34,910,421)	(30,807,283)
Non-deductible share-based compensation expenses	11,015,406	13,866,734	11,742,974
Other non-deductible expenses	723,768	638,898	2,491,593
Preferential tax rate difference	—	(3,075,033)	7,301,540
Tax filing differences	2,682,378	(3,770,720)	229,108
Change in valuation allowance	(16,515,732)	16,717,239	67,106,949

Actual income tax expense (benefit)	47,036,608	(21,756,944)	(10,192,884)
Effect of preferential tax rates on basic earnings per Class A and Class B ordinary share	—	0.02	(0.05)
Effect of preferential tax rates on diluted earnings per Class A and Class B ordinary share	—	0.02	(0.05)

b) Deferred income tax assets and deferred income tax liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Deferred income tax assets
Net operating loss carry forwards	33,325,461	74,876,303
Accrued warranty	5,071,844	3,798,876
Advertising expense	—	2,113,991
Deferred revenue	8,470,357	8,938,710
Allowance for doubtful accounts	7,037,684	41,878,340
Lease Liabilities	3,334,705	1,099,451
Write-downs for inventories	825,208	4,529,042
Less: Valuation allowance	(40,764,285)	(107,782,306)

Total deferred income tax assets, net	17,300,974	29,452,407

Deferred income tax liabilities
Operating lease right of use assets	3,334,705	1,099,451
Short-term investments	60,946	—
Property, plant and equipment	9,171,103	9,968,429

Total deferred income tax liabilities	12,566,754	11,067,880

Net deferred income tax assets	6,132,499	20,747,021
Net deferred income tax liabilities	1,398,279	2,362,494

As of December 31, 2023, the Group had net operating loss carry forwards of RMB334,224,635 attributable to the PRC subsidiaries, the VIE and VIE’s subsidiaries. Tax losses of nil, RMB29,986,636, RMB21,713,526, RMB75,298,399 and RMB207,226,074 will expire, if unused, by 2024, 2025, 2026, 2027 and 2028, respectively.

A valuation allowance is provided against deferred income tax assets when the Group determines that it is more likely than not that some portion or all of the deferred income tax assets will not be utilized in the foreseeable future. The valuation allowance as of December 31, 2022 and 2023 was primarily provided for the deferred income tax assets of certain PRC subsidiaries, VIE and VIE’s subsidiaries. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable. Management considers projected future taxable income and tax planning strategies in making this assessment.

Changes in valuation allowance are as follows:


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	41,219,052	24,508,473	40,764,285
Additions	5,567,822	25,114,239	68,593,841
Reduction	(22,278,401)	(8,858,427)	(1,575,820)

Balance at the end of the year	24,508,473	40,764,285	107,782,306

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiaries, consolidated VIE and VIE’s subsidiaries for the years from 2019 to 2023 are open to examination by the PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information
Document Type	20-F
Document Period End Date	Dec. 31, 2023
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38696
Entity Registrant Name	Niu Technologies
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	No.1 Building, No. 195 Huilongguan East Road,
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	102208
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
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001744781
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Auditor Name	KPMG Huazhen LLP
Auditor Firm ID	1186
Auditor Location	Beijing, China
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Business Contact
Document Information
Contact Personnel Name	Fion Wenjuan Zhou
City Area Code	+86
Local Phone Number	10-6432-1899
Contact Personnel Email Address	ir@niu.com
Entity Address, Address Line One	No.1 Building, No. 195 Huilongguan East Road,
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	102208
Entity Address, Country	CN
ADS
Document Information
Title of 12(b) Security	American depositary shares (one American depositaryshare representing two Class A ordinary shares, parvalue US$0.0001 per share)
Trading Symbol	NIU
Security Exchange Name	NASDAQ
Class A Ordinary Shares
Document Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 pershare
Trading Symbol	NIU
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	138,575,010
Class B Ordinary Shares
Document Information
Entity Common Stock, Shares Outstanding	16,542,020

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2023

OPERATING LEASES

Summary of supplemental information related to operating leases


	As of December 31,
	2022	2023
	RMB	RMB
Operating lease right-of-use assets	86,597,121	76,821,285

Operating lease liabilities—current (Note 12)	7,743,648	5,094,066
Operating lease liabilities—non-current	7,569,128	280,421
Total operating lease liabilities	15,312,776	5,374,487


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cash paid for amounts included in the measurement of operating lease liabilities	9,569,023	8,046,828	7,711,479
Right-of-use assets obtained in exchange for new operating lease liabilities	10,201,553	921,405	3,744,607
Right-of-use assets obtained in exchange for prepayment for land use right	26,550,000	—	—
Modification to right-of-use assets	(11,469,923)	—	(5,217,099)

Schedule of maturities of lease liabilities under the group's non-cancellable operating leases


		As of December 31, 2023
		RMB
Within 1 year		5,176,941
After 1 year but within 2 years		284,407
Total undiscounted lease payment		5,461,348
less: Imputed interest		(86,861)
Present value of lease liabilities		5,374,487

INCOME TAX - Summary (Details) - HKD ($) $ in Millions	12 Months Ended
INCOME TAX - Summary (Details) - HKD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
United States
INCOME TAX
Statutory income tax (as a percent)		21.00%
Indonesia
INCOME TAX
Statutory income tax (as a percent)		25.00%
Hong Kong SAR
INCOME TAX
Statutory income tax (as a percent)		16.50%
Withholding taxes on remittance of dividends		$ 0
Threshold profit taxed at half of the current tax rate under two-tiered profits tax rates regime					$ 2
Tax rate at half of the current tax rate under two-tiered profits tax rates regime					8.25%
PRC
INCOME TAX
Statutory income tax (as a percent)		25.00%
PRC \| Beijing Niudian
INCOME TAX
Preferential tax rate		15.00%	15.00%
PRC \| Forecast \| Beijing Niudian
INCOME TAX
Preferential tax rate	15.00%
PRC \| Jiangsu Xiaoniu
INCOME TAX
Preferential tax rate		15.00%	15.00%	15.00%

OTHER NON-CURRENT LIABILITIES (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
OTHER NON-CURRENT LIABILITIES
Warranty-non-current	¥ 8,589,498		¥ 9,015,121
Refundable payment from franchised stores-non-current	379,021		1,233,466
Others			3,192,795
Other non-current liabilities	¥ 8,968,519	$ 1,263,189	¥ 13,441,382

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation expense (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	¥ 147,507,340	¥ 140,771,102	¥ 93,600,898
Cost of revenues
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	26,811,275	23,554,266	19,702,392
General and administrative expenses
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	9,057,825	8,113,535	7,856,968
Selling and marketing expenses
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	107,996,726	104,721,594	62,949,248
Research and development expenses
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	¥ 3,641,514	¥ 4,381,707	¥ 3,092,290

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Warranty terms (Details)	12 Months Ended
	Dec. 31, 2023 km
Lithium-ion battery packs, model 1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	24 months
Kilometers covered under warranty	20,000
Lithium-ion battery packs, model 2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	36 months
Kilometers covered under warranty	30,000
Minimum
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	6 months
Minimum \| Smart electric-scooters
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	6 months
Minimum \| Key components of electric scooters
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	12 months
Maximum
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	36 months
Maximum \| Smart electric-scooters
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	36 months
Maximum \| Key components of electric scooters
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	24 months

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Schedule of condensed balance sheets


	As of December 31,
	2022	2023
	RMB	RMB
Assets
Current assets
Cash and cash equivalents	12,375,894	233,958,655
Term deposits-current	208,589,770	77,555,565
Restricted cash	176,204,380	107,521,733
Prepayments and other current assets	12,486,238	12,035,145

Total current assets	409,656,282	431,071,098

Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries	906,298,879	671,329,320
Other non-current assets	1,219	—

Total assets	1,315,956,380	1,102,400,418

Liabilities
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE’s subsidiaries	4,262,270	4,564,315
Accrued expenses and other current liabilities	1,596,233	4,219,869

Total current liabilities and total liabilities	5,858,503	8,784,184

Shareholders’ equity:
Class A ordinary shares	89,428	90,031
Class B ordinary shares	10,316	10,316
Additional paid-in capital	1,915,825,641	1,964,138,365
Accumulated other comprehensive loss	(16,536,686)	(9,495,674)
Accumulated deficit	(589,290,822)	(861,126,804)

Total shareholders’ equity	1,310,097,877	1,093,616,234

Total liabilities and shareholders’ equity	1,315,956,380	1,102,400,418

Schedule of condensed statements of results of operations


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Total operating expenses	(11,441,931)	(15,414,575)	(17,739,201)
Share of income (loss) from subsidiaries, consolidated VIE and VIE’s subsidiaries	235,264,719	(39,264,560)	(270,498,551)
Interest income	1,997,621	5,216,206	16,401,770

Income (loss) before income taxes	225,820,409	(49,462,929)	(271,835,982)
Income tax expense	—	—	—

Net income (loss)	225,820,409	(49,462,929)	(271,835,982)

Schedule of condensed statements of cash flows


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Net cash provided by (used in) operating activities	25,839,822	(23,565,305)	14,392,402
Net cash provided by (used in) investing activities	16,132,750	(95,940,040)	133,818,900
Net cash provided by financing activities	6,246,384	2,203,086	654,023
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(6,107,381)	21,972,182	4,034,789

Net increase (decrease) in cash, cash equivalents and restricted cash	42,111,575	(95,330,077)	152,900,114

Cash, cash equivalents and restricted cash at the beginning of the year	241,798,776	283,910,351	188,580,274

Cash, cash equivalents and restricted cash at the end of the year	283,910,351	188,580,274	341,480,388

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Movement of provision (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement of provision
Accrued warranty-beginning of year	¥ 33,812,290	¥ 47,788,122	¥ 59,195,896
Accrual for warranties issued during the year	23,248,155	20,355,810	35,181,557
Warranty claims paid	(30,051,582)	(23,894,070)	(22,554,689)
Pre-existing warranty expired	(1,683,024)	(10,437,572)	(24,034,642)
Accrued warranty-end of year	¥ 25,325,839	¥ 33,812,290	¥ 47,788,122

FAIR VALUE MEASUREMENT - Fair value hierarchy for assets and liabilities (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Fair value hierarchy for assets and liabilities measured at fair value on recurring basis
Short-term investments (Note 3)		¥ 160,406,301
Assets at fair value	¥ 0
Liabilities at fair value	¥ 0
Level 2
Fair value hierarchy for assets and liabilities measured at fair value on recurring basis
Short-term investments (Note 3)		¥ 160,406,301

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convenience translation (Details)	Dec. 31, 2023 $ / ¥
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Convenience translation rate (in RMB/USD)	7.0999

REVENUE INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

REVENUE INFORMATION

Schedule of net revenues


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Electric scooter sales	3,252,988,512	2,853,895,423	2,358,658,368
Accessory and spare parts sales	397,088,122	242,296,734	197,634,073
Service revenues	54,460,785	72,405,177	95,465,205
Revenues	3,704,537,419	3,168,597,334	2,651,757,646

Schedule of the group's revenue based on geographic areas


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
PRC	3,158,966,932	2,583,843,616	2,247,593,239
Europe	430,201,301	343,157,877	151,521,237
Others	115,369,186	241,595,841	252,643,170
Revenues	3,704,537,419	3,168,597,334	2,651,757,646

INCOME TAX - Components of income (loss) before income taxes and withholding tax on undistributed dividends (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
INCOME TAX
Income (loss) before income taxes	¥ (282,028,866)	$ (39,722,935)	¥ (71,219,873)	¥ 272,857,017
Current income tax expense (benefit)	759,425		(15,677,411)	42,715,007
Deferred income tax expense (benefit)	(10,952,309)	(1,542,600)	(6,079,533)	4,321,601
Total	¥ (10,192,884)	$ (1,435,638)	(21,756,944)	47,036,608
Withholding income tax rate	5.00%	5.00%
Percentage of ownership interests held by foreign investors (as a percent)	25.00%	25.00%
Cayman
INCOME TAX
Income (loss) before income taxes	¥ (1,192,264)		(10,448,513)	(9,397,404)
Indonesia
INCOME TAX
Income (loss) before income taxes	(1,268,462)		(984,230)	(881,810)
Hong Kong SAR
INCOME TAX
Income (loss) before income taxes	(7,930,644)		(14,613,793)	(6,700,069)
B.V.I.
INCOME TAX
Income (loss) before income taxes	(48,100)		(278,774)
Others
INCOME TAX
Income (loss) before income taxes	(840,681)
PRC, excluding Hong Kong S.A.R.
INCOME TAX
Income (loss) before income taxes	¥ (270,748,715)		¥ (44,894,563)	¥ 289,836,300

PREPAYMENTS AND OTHER CURRENT ASSETS (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Deductible input VAT and VAT rebates receivable	¥ 123,335,099		¥ 104,391,993
Advances to suppliers	35,692,402		54,722,157
Receivable from online platforms	12,258,397		11,555,500
Deferred charge	11,722,400		14,359,452
Interest receivable	7,357,967		1,916,240
Income tax receivable	9,450		13,349,602
Others	4,696,414		5,400,773
Prepayments and other current assets	¥ 195,072,129	$ 27,475,335	¥ 205,695,717

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENT

Schedule of fair value hierarchy for assets and liabilities measured at fair value on recurring basis


	December 31, 2022			Total
RMB	Level 1	Level 2	Level 3	Fair Value
Short-term investments (Note 3)	—	160,406,301	—	160,406,301

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE, NET

Schedule of accounts receivable, net


	As of December 31,
	2022	2023
	RMB	RMB
Accounts receivable	329,336,616	263,994,880
Allowance for doubtful accounts	(29,593,693)	(169,038,710)

Accounts receivable, net	299,742,923	94,956,170

Schedule of movement of the allowance for doubtful accounts


	For the Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	3,307,381	4,549,366	29,593,693
Additions	1,272,454	25,044,327	139,445,017
Write-off	(30,469)	—	—
Balance at the end of the year	4,549,366	29,593,693	169,038,710

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES - Principal terms of VIE Agreements (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)
DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of monthly net profits under Exclusive Business Cooperation Agreement	100.00%
Maximum equity holders' interests permitted under Exclusive Option Agreement	¥ 100
Minimum value of material assets for dispositions under Exclusive Option Agreement	¥ 100,000

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 872,573,460	$ 122,899,401	¥ 534,286,849
Term deposits-current	97,555,565	13,740,414	208,589,770
Restricted cash	107,666,733	15,164,542	186,340,321
Short-term investments			160,406,301
Accounts receivable, net	94,956,170	13,374,297	299,742,923
Inventories	392,790,141	55,323,334	417,009,148
Prepayments and other current assets	195,072,129	27,475,335	205,695,717
Total current assets	1,760,614,198	247,977,323	2,012,071,029
Non-current assets
Term deposits-non-current			20,000,000
Property, plant and equipment, net	323,112,366	45,509,425	397,356,795
Intangible assets, net	1,306,401	184,003	1,857,320
Operating lease right-of-use assets	76,821,285	10,820,052	86,597,121
Deferred income tax assets	20,747,021	2,922,157	6,132,499
Other non-current assets	6,730,378	947,954	12,683,090
Total non-current assets	428,717,451	60,383,591	524,626,825
Total assets	2,189,331,649	308,360,914	2,536,697,854
Current liabilities
Short-term bank borrowings	100,000,000	14,084,705	160,000,000
Notes payable (including notes payable of VIE without recourse to the Company were RMB316,832,113 and RMB167,282,688 as of December 31, 2022 and 2023, respectively)	167,282,688	23,561,274	316,832,113
Accounts payable (including accounts payable of VIE without recourse to the Company of RMB459,406,790 and RMB575,235,413 as of December 31, 2022 and 2023, respectively)	575,724,288	81,089,070	459,466,937
Income taxes payable (including income taxes payable of VIE without recourse to the Company of RMB1,501,992 and RMB1,195,114 as of December 31, 2022 and 2023, respectively)	1,357,913	191,258	1,898,065
Advances from customers (including advances from customers of VIE without recourse to the Company of RMB23,522,149 and RMB16,399,926 as of December 31, 2022 and 2023, respectively)	19,304,488	2,718,980	24,931,897
Deferred revenue-current (including deferred revenue-current of VIE without recourse to the Company of RMB37,539,733 and RMB41,755,097 as of December 31, 2022 and 2023, respectively)	41,755,097	5,881,082	37,539,733
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB175,352,229 and RMB151,286,008 as of December 31, 2022 and 2023, respectively)	165,511,396	23,311,795	192,092,943
Total current liabilities	1,070,935,870	150,838,164	1,192,761,688
Non-current liabilities
Deferred revenue-non-current (including deferred revenue non-current of VIE without recourse to the Company of RMB11,429,500 and RMB13,168,111 as of December 31, 2022 and 2023, respectively)	13,168,111	1,854,690	11,429,500
Deferred income tax liabilities (including deferred income tax liabilities of VIE without recourse to the Company of RMB1,398,279 and RMB2,362,494 as of December 31, 2022 and 2023, respectively)	2,362,494	332,750	1,398,279
Operating lease liabilities-non-current (including operating lease liabilities of VIE without recourse to the Company were RMB7,569,128 and RMB280,421 as of December 31, 2022 and 2023, respectively)	280,421	39,496	7,569,128
Other non-current liabilities (including other non-current liabilities of VIE without recourse to the Company of RMB13,441,382 and RMB8,968,519 as of December 31, 2022 and 2023, respectively)	8,968,519	1,263,189	13,441,382
Total non-current liabilities	24,779,545	3,490,125	33,838,289
Total liabilities	1,095,715,415	154,328,289	1,226,599,977
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Additional paid-in capital	1,964,138,365	276,643,103	1,915,825,641
Accumulated other comprehensive loss	(9,495,674)	(1,337,438)	(16,536,686)
Accumulated deficit	(861,126,804)	(121,287,174)	(589,290,822)
Total shareholders' equity	1,093,616,234	154,032,625	1,310,097,877
Total liabilities and shareholders' equity	2,189,331,649	308,360,914	2,536,697,854
Class A Ordinary Shares
SHAREHOLDERS' EQUITY:
Ordinary Shares	90,031	12,681	89,428
Class B Ordinary Shares
SHAREHOLDERS' EQUITY:
Ordinary Shares	¥ 10,316	$ 1,453	¥ 10,316