0001104659-26-044568 | 20-F | XBRL Viewer

Print Document

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Warranty terms (Details)	12 Months Ended
	Dec. 31, 2025 km
Minimum
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	3 months
Minimum \| Key components of electric scooters
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	12 months
Minimum \| Battery packs
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	12 months
Kilometers covered under warranty	10,000
Minimum \| Smart electric-scooters
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	3 months
Maximum \| Battery packs
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	60 months
Kilometers covered under warranty	40,000
Maximum \| Smart electric-scooters
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty term	36 months

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Schedule of condensed balance sheets


		As of December 31,
		2024		2025
		RMB		RMB
Assets
Current assets
Cash and cash equivalents		40,441,814		48,651,480
Term deposits		68,289,800		—
Restricted cash		215,652,000		210,864,000
Prepayments and other current assets		13,518,861		10,497,711

Total current assets		337,902,475		270,013,191

Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries		600,596,446		642,812,016

Total assets		938,498,921		912,825,207

Liabilities
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE’s subsidiaries		4,632,432		4,529,580
Accrued expenses and other current liabilities		2,584,269		3,364,323

Total current liabilities and total liabilities		7,216,701		7,893,903

Shareholders’ equity:
Class A ordinary shares		90,549		91,796
Class B ordinary shares		10,316		9,504
Additional paid-in capital		1,988,638,160		2,016,533,709
Accumulated other comprehensive loss		(3,129,362)		(17,990,674)
Accumulated deficit		(1,054,327,443)		(1,093,713,031)

Total shareholders’ equity		931,282,220		904,931,304

Total liabilities and shareholders’ equity		938,498,921		912,825,207

Schedule of condensed statements of results of operations


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Total operating expenses		(17,739,201)		(13,025,259)		(12,321,808)
Share of loss from subsidiaries, consolidated VIE and VIE’s subsidiaries		(270,498,551)		(195,199,614)		(36,346,156)
Interest income		16,401,770		15,024,234		9,282,376
Loss before income taxes		(271,835,982)		(193,200,639)		(39,385,588)
Income tax expense		—		—		—

Net loss		(271,835,982)		(193,200,639)		(39,385,588)

Schedule of condensed statements of cash flows


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash provided by (used in) operating activities		14,392,402		(177,106)		1,448,176
Net cash provided by (used in) investing activities		133,818,900		(89,689,320)		7,644,080
Net cash provided by financing activities		654,023		267,335		164,587
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash		4,034,789		4,212,517		(5,835,177)

Net increase (decrease) in cash, cash equivalents and restricted cash		152,900,114		(85,386,574)		3,421,666

Cash, cash equivalents and restricted cash at the beginning of the year		188,580,274		341,480,388		256,093,814

Cash, cash equivalents and restricted cash at the end of the year		341,480,388		256,093,814		259,515,480

OPERATING LEASES - Maturities of lease liabilities (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
OPERATING LEASES
Within 1 year	¥ 3,365,974
After 1 year but within 2 years	4,030,116
Total undiscounted lease payment	7,396,090
Less: Imputed interest	(251,990)
Present value of lease liabilities	¥ 7,144,100	¥ 1,343,010

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2025

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 mainland China 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. Furthermore, on November 14, 2024, an additional amendment was made to the VIE Agreements when certain equity interests were transferred from one equity holder to another.

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, 2024 and 2025, and consolidated revenues, net loss and cash flow information for the years ended December 31, 2023, 2024 and 2025, 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,
		2024		2025
		RMB		RMB
Cash and cash equivalents		543,298,396		758,887,889
Term deposits		134,178,095		114,178,095
Restricted cash		376,157		—
Short-term investments		—		20,126,575
Accounts receivable, net		117,003,716		19,181,215
Inventories		582,024,734		524,264,388
Prepayments and other current assets		234,385,266		304,440,726
Amounts due from inter-companies		213,867,617		317,093,486

Total current assets		1,825,133,981		2,058,172,374

Property, plant and equipment, net		318,530,570		418,500,969
Intangible assets, net		887,955		673,040
Operating lease right-of-use assets		71,223,350		70,360,147
Deferred income tax assets		31,752,254		56,203,598
Other non-current assets		19,309,049		32,696,276

Total assets		2,266,837,159		2,636,606,404

Short-term bank borrowings		200,000,000		240,000,000
Notes payable		294,348,768		394,285,714
Accounts payable		856,557,922		670,748,944
Income taxes payable		909,115		933,612
Advances from customers		32,623,364		174,904,222
Deferred revenue—current		50,247,103		75,148,049
Accrued expenses and other current liabilities		192,470,955		382,533,451
Amounts due to inter-companies		492,542,370		506,661,309

Total current liabilities		2,119,699,597		2,445,215,301

Deferred revenue—non-current		16,886,859		23,316,175
Deferred income tax liabilities		3,269,464		2,057,892
Operating lease liabilities—non-current		89,990		976,934
Other non-current liabilities		9,697,841		12,941,916

Total liabilities		2,149,643,751		2,484,508,218


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenues		2,645,570,002		3,395,510,431		4,328,389,653
Net (loss) income		(236,441,380)		(129,349,151)		8,138,514
Net cash provided by operating activities		93,727,586		51,395,662		343,484,736
Net cash provided by (used in) investing activities		82,502,334		(231,450,112)		(172,347,587)
Net cash (used in) provided by financing activities		(60,000,000)		100,000,000		40,000,000
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash		4,599,207		3,099,468		4,076,187
Net increase (decrease) in cash, cash equivalents and restricted cash		120,829,127		(76,954,982)		215,213,336
Cash, cash equivalents and restricted cash at the beginning of the year		499,800,408		620,629,535		543,674,553
Cash, cash equivalents and restricted cash at the end of the year		620,629,535		543,674,553		758,887,889

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,. 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.

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating activities:
Net loss	¥ (39,385,588)	$ (5,632,064)	¥ (193,200,639)	¥ (271,835,982)
Adjustments to reconcile net loss to net cash provided by operating activities:
Allowance for doubtful accounts	(5,870,581)	(839,482)	7,632,517	139,445,017
Share-based compensation (Note 13)	27,731,397	3,965,537	24,232,978	47,659,304
Depreciation and amortization	110,958,296	15,866,825	122,145,353	148,064,759
Reduction in the carrying amount of right-of-use assets	4,975,534	711,492	6,742,635	8,303,344
Investment income	(5,543,812)	(792,755)	(2,358,995)	(1,426,370)
Unrealized foreign exchange gain	(4,076,187)	(582,887)	(1,965,545)	(4,557,547)
Deferred income tax benefit	(24,206,422)	(3,461,472)	(23,286,678)	(10,952,309)
Loss on disposal of property, plant and equipment	2,305,199	329,639	470,395	22,077
Write-downs of inventories (Note 4)	89,204,469	12,756,069	30,028,243	21,681,652
Changes in operating assets and liabilities:
Accounts receivable	101,333,387	14,490,482	(44,889,491)	65,371,286
Inventories	(89,468,382)	(12,793,808)	(288,201,161)	2,627,537
Prepayments and other current assets	(77,815,236)	(11,127,431)	(58,796,807)	(5,062,337)
Other non-current assets	(16,929,320)	(2,420,861)	(6,136,484)	6,269,554
Accounts payable and notes payable	(64,925,901)	(9,284,280)	423,029,917	(33,303,059)
Advances from customers	146,731,281	20,982,294	16,557,569	(5,657,752)
Deferred revenue	31,330,262	4,480,168	12,210,754	5,953,975
Other non-current liabilities	3,244,075	463,897	729,322	(1,280,068)
Income tax receivable				13,340,152
Income taxes payable	1,125,796	160,987	(285,999)	(540,152)
Accrued expenses and other current liabilities	166,457,067	23,803,043	32,804,911	(21,922,192)
Operating lease liabilities	(3,905,319)	(558,453)	(5,176,177)	(8,465,797)
Net cash provided by operating activities	353,270,015	50,516,940	52,286,618	93,735,092
Investing activities:
Cash paid for purchase of property, plant and equipment	(177,808,393)	(25,426,261)	(119,749,137)	(78,934,562)
Cash paid for purchase of term deposits	(50,008,000)	(7,151,049)	(379,755,995)	(379,419,347)
Cash received from redemption of term deposits	195,028,000	27,888,633	204,717,290	513,238,247
Cash paid for purchase of short-term investments	(3,435,678,000)	(491,295,420)	(2,045,830,020)	(420,000,000)
Cash received from sale of short-term investments	3,377,865,710	483,028,372	2,048,189,015	581,426,370
Net cash provided by (used in) investing activities	(90,600,683)	(12,955,725)	(292,428,847)	216,310,708
Financing activities:
Cash received from exercise of employee stock options	164,587	23,536	267,335	654,023
Proceeds from short-term bank borrowings	240,000,000	34,319,544	200,000,000	100,000,000
Repayment for short-term bank borrowings	(200,000,000)	(28,599,620)	(100,000,000)	(160,000,000)
Net cash (used in) provided by financing activities	40,164,587	5,743,460	100,267,335	(59,345,977)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(13,648,886)	(1,951,765)	6,051,800	8,913,200
Net increase (decrease) in cash, cash equivalents and restricted cash	289,185,033	41,352,910	(133,823,094)	259,613,023
Cash, cash equivalents and restricted cash at the beginning of the year	846,417,099	121,036,035	980,240,193	720,627,170
Cash, cash equivalents and restricted cash at the end of the year	1,135,602,132	162,388,945	846,417,099	980,240,193
Supplemental information
Interest paid	5,900,833	843,808	5,460,000	1,616,253
Income tax paid	89,930	12,860	142,311	1,066,182
Construction payable	¥ 55,417,029	$ 7,924,530	¥ 19,824,443	¥ 13,441,923

INCOME TAX - Income tax benefit (Details)	12 Months Ended
INCOME TAX - Income tax benefit (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Current
Mainland China	¥ 52,582		¥ (464,340)	¥ 759,425
Non-Mainland China	1,170,249		144,468
Total Current income tax expense (benefit)	1,222,831		(319,872)	759,425
Deferred
Mainland China	(22,952,588)		(23,286,678)	(10,952,309)
Non-Mainland China	(1,253,834)
Total Deferred income tax benefit	(24,206,422)	$ (3,461,472)	(23,286,678)	(10,952,309)
Total	¥ (22,983,591)	$ (3,286,610)	¥ (23,606,550)	¥ (10,192,884)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

ACCOUNTS RECEIVABLE, NET - Movement of the allowance for doubtful accounts (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of movement of the allowance for doubtful accounts
Balance at the beginning of the year	¥ 176,634,845	¥ 169,038,710	¥ 29,593,693
Additions	1,624,524	19,840,922	139,445,017
Reversal	(7,262,484)	(12,244,787)
Balance at the end of the year	¥ 170,996,885	¥ 176,634,845	¥ 169,038,710

SHORT-TERM BANK BORROWINGS - Narrative (Details)	1 Months Ended
SHORT-TERM BANK BORROWINGS - Narrative (Details)	Dec. 31, 2025 CNY (¥) agreement	Jun. 30, 2025 CNY (¥)	Mar. 31, 2025 CNY (¥)	Jun. 30, 2024 CNY (¥) agreement	Mar. 31, 2024 CNY (¥) agreement	Aug. 31, 2023 CNY (¥)	Jun. 30, 2023 CNY (¥)	Mar. 31, 2023 CNY (¥)	Dec. 31, 2024 CNY (¥)
SHORT-TERM BANK BORROWINGS
Weighted average interest rate	2.50%								3.00%
Secured borrowings \| Twelve months secured loan facility
SHORT-TERM BANK BORROWINGS
Debt term				12 months	12 months			12 months
Maximum credit facility amount				¥ 100,000,000	¥ 100,000,000			¥ 160,000,000	¥ 200,000,000
Withdrawal amount under facility agreement		¥ 100,000,000	¥ 100,000,000	¥ 100,000,000	¥ 100,000,000	¥ 58,619,195	¥ 41,380,805
Percentage of interest bearded under facility agreement		2.50%	2.60%	3.00%	3.00%	3.20%	3.20%
Repayment of loan				¥ 100,000,000
Number of debt arrangements entered \| agreement				2	2
Outstanding amount	¥ 200,000,000
Collateral deposits	210,864,000
Unsecured borrowing
SHORT-TERM BANK BORROWINGS
Maximum credit facility amount	200,000,000
Unsecured borrowing \| March 2025 Twelve Month Revolving Loan Facility
SHORT-TERM BANK BORROWINGS
Debt term			12 months
Maximum credit facility amount			¥ 20,000,000
Withdrawal amount under facility agreement			¥ 20,000,000
Percentage of interest bearded under facility agreement			2.60%
Outstanding amount	¥ 20,000,000
Unsecured borrowing \| December 2025 Twelve Month Revolving Loan Facility
SHORT-TERM BANK BORROWINGS
Debt term	12 months
Withdrawal amount under facility agreement	¥ 20,000,000
Percentage of interest bearded under facility agreement	2.30%
Outstanding amount	¥ 20,000,000
Number of line of credit agreements \| agreement	2
Unsecured borrowing \| December 2025 Twelve Month Revolving Loan Facility One
SHORT-TERM BANK BORROWINGS
Maximum credit facility amount	¥ 100,000,000
Unsecured borrowing \| December 2025 Twelve Month Revolving Loan Facility Two
SHORT-TERM BANK BORROWINGS
Maximum credit facility amount	¥ 1,000,000,000

INCOME TAX - Operating loss carry forwards (Details)	Dec. 31, 2025 CNY (¥)
INCOME TAX
Operating loss carry forwards, Total	¥ 566,702,406
Operating loss carry forwards, 2026	21,713,526
Operating loss carry forwards, 2027	72,944,125
Operating loss carry forwards, 2028	151,690,992
Operating loss carry forwards, 2029	256,708,356
Operating loss carry forwards, 2030	¥ 63,645,407

ORDINARY SHARE (Details) - USD ($)	12 Months Ended
ORDINARY SHARE (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
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	141,231,394	139,303,366
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
Ordinary shares, outstanding	15,222,020	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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES - Principal terms of VIE Agreements (Details)	12 Months Ended
	Dec. 31, 2025 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

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

PROPERTY, PLANT AND EQUIPMENT, NET.

PROPERTY, PLANT AND EQUIPMENT, NET

6. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consisted of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Furniture		399,918,776		516,646,489
Machinery and equipment		232,110,473		274,038,907
Building		152,378,097		154,577,570
Office and electronic equipment		34,892,580		34,408,262
Leasehold improvement		10,878,525		11,524,486
Motor vehicles		3,775,545		4,451,537
Property, plant and equipment		833,953,996		995,647,251

Less: Accumulated depreciation		(513,940,364)		(575,474,216)

Property, plant and equipment, net		320,013,632		420,173,035

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


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		26,811,275		32,342,412		38,373,759
Selling and marketing expenses		107,996,726		78,589,848		62,465,700
Research and development expenses		3,641,514		3,847,241		3,982,199
General and administrative expenses		9,057,825		7,101,034		5,871,696

Total depreciation expense		147,507,340		121,880,535		110,693,354

OPERATING LEASES

12 Months Ended

Dec. 31, 2025

OPERATING LEASES

OPERATING LEASES

17. OPERATING LEASES

The Group leases its facilities and offices under non-cancelable operating lease agreements. For the years ended December 31, 2023, 2024 and 2025, the operating lease cost were RMB7,549,026, RMB6,829,793 and RMB5,190,078, respectively, and the short-term lease cost were RMB1,480,259, RMB1,263,426 and RMB2,846,447, 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, 2024 and 2025 was as follows:


		As of December 31,
		2024		2025
		RMB		RMB
Operating lease right-of-use assets		71,223,350		75,954,225

Operating lease liabilities—current (Note 10)		1,253,020		3,187,599
Operating lease liabilities—non-current		89,990		3,956,501
Total operating lease liabilities		1,343,010		7,144,100


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for amounts included in the measurement of operating lease liabilities		7,711,479		5,263,335		4,119,863
Right-of-use assets obtained in exchange for new operating lease liabilities		3,744,607		1,144,700		9,706,409
Modification to right-of-use assets		(5,217,099)		—		—

The weighted average remaining lease term as of December 31, 2025 was 2.5 years, and the weighted average discount rate of the operating leases was 3.09%.

Maturities of lease liabilities under the Group’s non-cancellable operating leases as of December 31, 2025 were as follows:


		As of December 31, 2025
		RMB
Within 1 year		3,365,974
After 1 year but within 2 years		4,030,116
Total undiscounted lease payment		7,396,090
Less: Imputed interest		(251,990)
Present value of lease liabilities		7,144,100

As of December 31, 2025, the Group has no significant lease contract that has been entered into but not yet commenced.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented comprehensive cybersecurity management and security emergency response policies that are integrated into our overall risk management system. These procedures aim to ensure our overall network security, protect our data transmission system and prevent data leakage and other cybersecurity incidents. More specifically, we implement technical measures such as system vulnerability monitoring, anti-virus software, firewalls, and log monitoring to ensure the stability and proper operation of its information systems. Meanwhile, we grant employees only the necessary data access permissions required for their job responsibilities and monitor their operations to prevent improper access to or disclosure of data. In this way, we strive to ensure that information and data can only be obtained and used when necessary. In addition, for data at different levels, we adopt differentiated security protection strategies. Moreover, we engage law firms to conduct thorough due diligence on data compliance and to assess our data-processing activities. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented comprehensive cybersecurity management and security emergency response policies that are integrated into our overall risk management system. These procedures aim to ensure our overall network security, protect our data transmission system and prevent data leakage and other cybersecurity incidents. More specifically, we implement technical measures such as system vulnerability monitoring, anti-virus software, firewalls, and log monitoring to ensure the stability and proper operation of its information systems. Meanwhile, we grant employees only the necessary data access permissions required for their job responsibilities and monitor their operations to prevent improper access to or disclosure of data. In this way, we strive to ensure that information and data can only be obtained and used when necessary. In addition, for data at different levels, we adopt differentiated security protection strategies. Moreover, we engage law firms to conduct thorough due diligence on data compliance and to assess our data-processing activities.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors is responsible for overseeing our company’s cybersecurity risk management and be informed on risks from cybersecurity threats. Our board of directors shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity officer, who serves as the management representative of our cybersecurity committee, reports to our board of directors on (i) a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues, if any, and (ii) on disclosure concerning cybersecurity matters in our annual report on Form 20-F.
Cybersecurity Risk Role of Management [Text Block]	At the management level, our cybersecurity committee is responsible for overseeing the process of assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident. Our cybersecurity officer, who serves as the management representative of our cybersecurity committee, reports to our board of directors on (i) a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues, if any, and (ii) on disclosure concerning cybersecurity matters in our annual report on Form 20-F. Our cybersecurity officer has extensive experience in enterprise compliance and risk management and has been responsible for our company’s data security issues since 2018. He is familiar with our company’s operational and data processing models and possesses thorough knowledge of information security and data compliance regulations in various countries and regions, including mainland China, the European Union, and the United States. If a cybersecurity incident occurs, our cybersecurity committee will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our data management committee will promptly report the investigation and assessment results to our corporate governance and nominating committee and our corporate governance and nominating committee will decide on the relevant response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our cybersecurity committee shall promptly prepare disclosure material for review and approval by our corporate governance and nominating committee before it is disseminated to the public.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At the management level, our cybersecurity committee is responsible for overseeing the process of assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity officer has extensive experience in enterprise compliance and risk management and has been responsible for our company’s data security issues since 2018. He is familiar with our company’s operational and data processing models and possesses thorough knowledge of information security and data compliance regulations in various countries and regions, including mainland China, the European Union, and the United States.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	If a cybersecurity incident occurs, our cybersecurity committee will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our data management committee will promptly report the investigation and assessment results to our corporate governance and nominating committee and our corporate governance and nominating committee will decide on the relevant response measures and whether any disclosure is necessary.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAX

Components of loss before income taxes


	For the Year Ended
	December 31,
	2023	2024	2025
	RMB	RMB	RMB
Mainland China	(270,748,715)	(202,919,043)	(34,306,330)
Non-Mainland China	(11,280,151)	(13,888,146)	(28,062,849)
Total	(282,028,866)	(216,807,189)	(62,369,179)

Schedule of income tax expense (benefit)


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Current
Mainland China		759,425		(464,340)		52,582
Non-Mainland China		—		144,468		1,170,249
Total Current income tax expense (benefit)		759,425		(319,872)		1,222,831
Deferred
Mainland China		(10,952,309)		(23,286,678)		(22,952,588)
Non-Mainland China		—		—		(1,253,834)
Total Deferred income tax benefit		(10,952,309)		(23,286,678)		(24,206,422)

Total		(10,192,884)		(23,606,550)		(22,983,591)

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


	For the Year Ended
	December 31,
	2023	2024
	RMB	RMB
Expected taxation at PRC statutory tax rate	(71,077,803)	(54,201,797)
Tax effect of tax‑exempt entities and differing tax rates in different jurisdictions	2,820,038	105,035
Research and development expenses bonus deduction	(30,807,283)	(25,718,922)
Non-deductible share-based compensation expenses	11,742,974	5,850,869
Other non-deductible expenses	2,491,593	888,261
Preferential tax rate difference	7,301,540	15,880,110
Others	229,108	1,116,269
Change in valuation allowance	67,106,949	32,473,625

Actual income tax benefit	(10,192,884)	(23,606,550)
Effect of preferential tax rates on basic net loss per ordinary share	(0.05)	(0.10)
Effect of preferential tax rates on diluted net loss per ordinary share	(0.05)	(0.10)


		For the Year Ended
		December 31,
		2025
		Amount		Percent
Expected taxation at PRC statutory tax rate		(15,592,295)		25.0	%
Nontaxable or nondeductible items
Share-based compensation expenses		6,691,566		(10.7)	%
Other non-deductible expenses		4,745,881		(7.6)	%
Other Adjustments
Tax incentives relating to R&D expenditures		(28,027,491)		44.9	%
Preferential tax rate difference		(338,266)		0.5	%
Other		2,026,356		(3.2)	%
Change in valuation allowance		6,688,725		(10.7)	%
Foreign tax effects		821,933		(1.3)	%
Actual income tax benefit		(22,983,591)		36.9	%
Effect of preferential tax rates on basic net loss per ordinary share		0.00
Effect of preferential tax rates on diluted net loss per ordinary share		0.00

Schedule of deferred income tax assets and deferred income tax liabilities


	As of December 31,
	2024	2025
	RMB	RMB
Deferred income tax assets
Net operating loss carry forwards	115,610,787	130,002,615
Accrued warranty	4,394,077	5,801,139
Advertising expense	2,113,991	2,113,991
Deferred revenue	10,709,100	16,727,916
Allowance for doubtful accounts	43,361,947	40,986,292
Lease Liabilities	226,552	1,502,360
Write-downs of inventories	6,426,901	19,587,760
Less: Valuation allowance	(140,255,931)	(146,944,656)

Total deferred income tax assets, net	42,587,424	69,777,417

Deferred income tax liabilities
Operating lease right-of-use assets	226,551	1,502,360
Property, plant and equipment	13,878,083	12,875,517

Total deferred income tax liabilities	14,104,634	14,377,877

Net deferred income tax assets	31,752,254	57,457,432
Net deferred income tax liabilities	3,269,464	2,057,892

Schedule of changes in valuation allowance


	For the Year Ended
	December 31,
	2023	2024	2025
	RMB	RMB	RMB
Balance at the beginning of the year	40,764,285	107,782,306	140,255,931
Additions	68,593,841	32,473,625	31,752,295
Reduction	(1,575,820)	—	(25,063,570)

Balance at the end of the year	107,782,306	140,255,931	146,944,656

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

INVENTORIES

Schedule of inventories


		As of December 31,
		2024		2025
		RMB		RMB
Finished goods		471,547,560		475,807,376
Raw materials		177,630,159		176,772,275

Inventories		649,177,719		652,579,651

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


		As of December 31,
		2024		2025
		RMB		RMB
Refundable deposits from franchised stores—current		51,690,234		100,288,691
Construction payable		20,327,073		55,417,029
Sales rebate		6,135,710		51,155,685
Accrued payroll and social insurance		26,300,779		37,566,931
Accrued warehouse rental		8,593,422		31,739,789
Accrued selling and marketing expenses		23,150,372		31,658,518
Warranty—current		19,746,554		25,878,752
Other taxes payable		9,065,664		24,900,193
Operating lease liabilities—current (Note 17)		1,253,020		3,187,599
Others*		35,093,180		43,020,424

Accrued expenses and other current liabilities		201,356,008		404,813,611

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

Schedule of movement of provision for warranty

The movement of provision for warranty was as follows:


	For the Year Ended December 31,
	2023	2024	2025
Balance at the beginning of the year	33,812,290	25,325,839	29,293,848
Additional provisions recognized	21,565,131	27,645,757	45,999,122
Warranty claims paid	(30,051,582)	(23,677,748)	(36,618,707)
Balance at the end of the year	25,325,839	29,293,848	38,674,263

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY, PLANT AND EQUIPMENT, NET.

Schedule of property and equipment


		As of December 31,
		2024		2025
		RMB		RMB
Furniture		399,918,776		516,646,489
Machinery and equipment		232,110,473		274,038,907
Building		152,378,097		154,577,570
Office and electronic equipment		34,892,580		34,408,262
Leasehold improvement		10,878,525		11,524,486
Motor vehicles		3,775,545		4,451,537
Property, plant and equipment		833,953,996		995,647,251

Less: Accumulated depreciation		(513,940,364)		(575,474,216)

Property, plant and equipment, net		320,013,632		420,173,035

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


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		26,811,275		32,342,412		38,373,759
Selling and marketing expenses		107,996,726		78,589,848		62,465,700
Research and development expenses		3,641,514		3,847,241		3,982,199
General and administrative expenses		9,057,825		7,101,034		5,871,696

Total depreciation expense		147,507,340		121,880,535		110,693,354

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS

Schedule of prepayments and other current assets


		As of December 31,
		2024		2025
		RMB		RMB
Deductible input VAT and VAT refunds receivable		180,529,266		221,121,149
Prepayments to suppliers		34,798,844		61,597,780
Deferred charge		24,910,815		22,200,487
Receivable from online platforms		12,035,147		19,827,258
Interest receivable		10,503,125		12,725,205
Others		5,161,142		6,064,693

Prepayments and other current assets		267,938,339		343,536,572

SHARE-BASED COMPENSATION - Share option activities (Details) - Amended 2016 Plan and 2018 Plan - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of share
Outstanding, at beginning of period (in shares)	3,753,328
Exercised (in shares)	(115,220)
Expired (in shares)	(140)
Outstanding, at end of period (in shares)	3,637,968	3,753,328
Exercisable, at end of period (in shares)	3,637,968
Weighted average exercise price
Outstanding, at beginning of period (in dollars per share)	$ 2.45
Exercised (in dollars per share)	0.2
Expired (in dollars per share)	0.2
Outstanding, at end of period (in dollars per share)	2.52	$ 2.45
Exercisable, at end of period (in dollars per share)	$ 2.52
Additional disclosures
Weighted remaining contractual years, Outstanding at end of period	2 years 8 months 19 days	3 years 7 months 24 days
Weighted remaining contractual years, Exercisable at end of period	2 years 8 months 19 days
Aggregate intrinsic value, Outstanding at end of period	$ 1,347,928	$ 792,578
Aggregate intrinsic value, Exercisable at end of period	$ 1,347,928

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(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

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.

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. 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, lower of cost and net realizable value of inventories, inventory valuation for excess and obsolete inventories 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.

(d) Convenience translation

Translations of balances in the consolidated financial statements from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.9931, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, 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.

(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.

(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, excluding cash on hand, are deposited in financial institutions at the following locations:


		As of December 31,
		2024		2025
		RMB		RMB
Financial institutions in mainland China
—Denominated in RMB		229,710,326		546,200,227
—Denominated in USD		311,341,363		216,499,485
—Denominated in EUR		66,246,844		103,125,928
—Denominated in GBP		1,127,657		1,286,142

Total cash and cash equivalents balances held at financial institutions in mainland China		608,426,190		867,111,782

Financial institutions in the United States
—Denominated in USD		1,583,932		497,269

Total cash balances held at financial institutions in the United States		1,583,932		497,269

Financial institutions in Hong Kong S.A.R.
—Denominated in USD		9,328,332		41,517,988
—Denominated in HKD		45,736		34,370
—Denominated in EUR		5,674		6,210

Total cash balances held at financial institutions in Hong Kong S.A.R.		9,379,742		41,558,568

Total cash balances held at financial institutions in other locations		10,485,440		15,382,246

Total cash and cash equivalents balances held at financial institutions		629,875,304		924,549,865

(g) Term deposits

Term deposits represent deposits placed with bank with original maturities of more than three months but less than one year. Term deposits are presented in the following table:


		As of December 31,
		2024		2025
		RMB		RMB
Financial institutions in mainland China
—Denominated in RMB		20,000,000		—
—Denominated in USD		254,351,895		128,235,695

Total term deposits		274,351,895		128,235,695

(h) Restricted cash

Restricted cash is an amount of cash deposited with banks primarily in conjunction with borrowings from banks. 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. 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, 2025. The Group’s restricted cash are denominated in USD and RMB and are deposited in mainland China.

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,
	2024	2025
	RMB	RMB
Cash and cash equivalents	630,021,303	924,738,132
Restricted cash	216,395,796	210,864,000
Total cash, cash equivalents and restricted cash	846,417,099	1,135,602,132

(i) Short-term investments

The Group’s short-term investments represent the Group’s investments in financial products managed by financial institutions in mainland China 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 elected the fair value option at the date of initial recognition in accordance with Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments, 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 amounts of RMB1,426,370, RMB2,358,995 and RMB5,543,812 for the years ended December 31, 2023, 2024 and 2025, respectively, were reflected on the consolidated statement of comprehensive loss as investment income. Fair value is estimated based on quoted prices provided by financial institutions at the end of each reporting period. As of December 31, 2024 and 2025, the balances of short-term investments were nil and RMB62,661,176, respectively.

(j) Inventories

Inventories, consisting of finished goods and raw materials 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 finished goods comprise direct materials, direct production costs and an allocation of production overheads based on normal operating capacity, and shipping cost. 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. The Group also reviews inventory to determine whether its carrying value exceeds the net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Once inventory is written down, a new, lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

(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
Furniture		3 - 5 years
Machinery and equipment		3 - 10 years
Building		50 years
Office and electronic equipment		2 - 5 years
Leasehold improvements		The shorter of the estimated useful life or remaining lease term
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.

(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.

(m) Leases

The Group 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 the amount of the lease payments on a collateralized basis 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.

(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. 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, 2023, 2024 and 2025.

(o) 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 represent financial products issued by financial institutions, the fair value of which is measured based on prices quoted by the issuers. They are categorized in Level 2 of the fair value hierarchy.

As of December 31, 2024 and 2025, the carrying amount of accounts receivable, other receivables, notes payable, accounts payable, and other payables are carried at cost which approximates their fair values due to the short-term nature of the instruments, the carrying amount of cash and cash equivalents, term deposits, restricted cash and short-term bank borrowings approximates its fair value as interest rate is comparable to the prevailing interest rate 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.

(p) Revenue recognition

The Group generates substantially all of its revenues from sales of electric scooters, accessories and spare parts. In mainland China, the Group sells these products to offline distributors and also sells accessories and spare parts online. In overseas markets, the Group sells these products to offline business partners, as well as directly to individual customers online. The Group also generates revenues from its subscription-based mobile application services and insurance agency services.

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 ASC Topic 606, Revenue from Contracts with Customers: (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 offline distributors in mainland China and business partners in overseas markets, or directly to overseas 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. When the Group sells its products to its domestic offline distributors in mainland China, the transfer of control of the products is evidenced by goods receipt notes signed by the domestic offline distributors or their designated carriers, which is generally at the Group’s warehouse. When the Group sells its products to overseas offline business partners, the transfer of control of the products 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 platforms, the Group is responsible for the delivery to individual customers. The transfer of control of the products is evidenced by goods receipt notes signed by individual customers.

The Group provides sales volume rebates to qualified distributors and business partners based on the volume sold to them in a certain period and grants online individual customers unconditional right to return the products within 7 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 and overseas offline business partners or individual customers. Consideration is recorded net of sales volume rebate, sales returns and VAT. Sales returns are estimated based on historical experience and are recognized as a reduction of revenue. The amount of sales returns was insignificant for the years ended December 31, 2023, 2024 and 2025.

The Group utilizes delivery service providers to deliver products to overseas offline business partners 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 business partners 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 business partners 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 business partners and individual customers. Shipping costs incurred for sales of products and recognized as cost of revenues were RMB52,541,201, RMB70,938,685 and RMB74,501,053 for the years ended December 31, 2023, 2024 and 2025, respectively.

Cash collected before product delivery is recognized as advances from customers.

Service

When the Group sells its smart electric scooters to its customers, it generally provides mobile application services for free for one year (the “free service period”). Customers are able to locate their smart electric scooters, as well as obtain the operating status (e.g. battery status, mileage and real-time positioning), and claim online repair and maintenance requests by registering their smart electric scooters on the Group’s mobile application. Customers may elect to subscribe to such services 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 for the 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, named 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.

As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations that are unsatisfied or partially unsatisfied was RMB281,062,668. Given the profile of contract terms, RMB257,746,493 of the remaining performance obligation is expected to be recognized as revenue within the next 12 months.

(q) 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 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.

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. Balances of contract liabilities were RMB103,026,822 and RMB281,062,668 as of December 31, 2024 and 2025, respectively. Revenue recognized during the years ended December 31, 2024 and 2025 from contract liabilities at the beginning of each respective year was RMB61,059,585 and RMB86,139,963, respectively.

(r) 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.

(s) Cost of Revenues

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

(t) 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, as well as expenses associated with the use of facilities and equipment by these functions, such as depreciation and rental expenses. Advertising and promotion expenses, which consist primarily of online and offline advertisements, are expensed when the services are received. The advertising and promotion expenses were RMB177,824,898, RMB183,032,140 and RMB313,062,356 for the years ended December 31, 2023, 2024 and 2025, respectively.

(u) General and Administrative Expenses

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

(v) 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, and design and development expenses, primarily including validation and testing fees. Research and development expenses are expensed as incurred.

(w) 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 loss in the same periods in which the expenses are incurred.

The Group’s government grants mainly consist of certain subsidies from local government or industrial parks where its offices locate. There were no significant commitment, contingencies or provision for recapture conditions for the government grants received for the years ended December 31, 2023, 2024 and 2025.

(x) 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 price of the Company’s American Depositary Shares (“ADSs”) traded in the open market on the grant date, converted into the equivalent value per ordinary share. 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 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.

(y) Employee Benefits

The Company’s subsidiaries in mainland China, the VIE and VIE’s subsidiaries 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 a monthly contribution calculated at a stated contribution rate on the monthly 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 loss amounted to RMB42,376,447, RMB43,792,304 and RMB51,032,540 for the years ended December 31, 2023, 2024 and 2025, respectively.

(z) Income Taxes

Current income taxes are provided on the basis of net 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 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, 2024 and 2025, the Group did not have any significant unrecognized uncertain tax positions.

(aa) Foreign currency translation and foreign currency risks

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

The functional currency of the Company’s subsidiaries in mainland China, the 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 loss.

The financial statements of the Company, its subsidiaries incorporated in Hong Kong S.A.R. and non-PRC countries are translated from their respective functional currencies 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 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.

(bb) Concentration and risk

Concentration of customers and suppliers

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


	For the Year Ended December 31,
	2023			2024			2025
	RMB	%		RMB	%		RMB	%
Greater than 10% of the total revenue:
Customer A	319,208,693	12	%	527,366,534	16	%	731,464,019	17	%

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

 

For the Year Ended December 31,

2023

2024

 

2025

RMB

 

RMB

 

RMB

 

Greater than 10% of total purchase:

Supplier Y

286,132,811

322,251,970

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

Concentration of credit risk

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

The Group’s investment policy requires cash,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. In determining the credit risk for other receivables, the Group has taken into account the historical default experience and forward-looking information, as appropriate. The management has assessed that no debtors of these receivables had a significant increase in credit risk since initial recognition and risk of default is insignificant, and therefore, no material credit loss allowance was provided for other receivables for the reporting period.

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 Group 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.

(cc) Loss per Share

Basic loss per share is computed by dividing net 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 loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares used in calculating basic net 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 loss per share calculation when inclusion of such shares would be anti-dilutive.

(dd) 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 as a whole. 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. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The revenue, costs and expenses, and the net loss for the reportable segment are the same as those presented on the consolidated statements of comprehensive loss.

(ee) Restricted Net Assets

The paid-in capitals of the Group’s subsidiaries in mainland China, the VIE and VIE’s subsidiaries are subject to restrictions on their distribution and transfer according to PRC laws and regulations. In addition, in accordance with the PRC Company Laws, the Group’s subsidiaries in mainland China, the 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.

As of December 31, 2024 and 2025, the Group had restricted net assets in amount of RMB433,868,390 and RMB433,872,669, respectively, which were comprised of the paid-in capital and statutory surplus fund of the Group’s subsidiaries in mainland China, the VIE and VIE’s subsidiaries.

(ff) Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company adopted this new guidance on a prospective basis as of January 1, 2025. The adoption resulted in incremental disclosures, see Note 14.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires that at each interim and annual reporting period public entities disclose (1) the amounts of purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions; (2) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses. In January 2025, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update clarifies that ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact on its financial statements of adopting this guidance.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU relates to estimating credit losses under CECL for current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC Topic 606, Revenue from Contracts with Customers. The ASU does not apply to other types of accounts receivable and loans. The ASU provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company adopted ASU 2025-05 for the year beginning January 1, 2026 and there was no material impact to the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance; makes certain targeted improvements; and modifies certain of the existing disclosure requirements in ASC Topic 832, Government Assistance. The new guidance is effective for public business entities in annual periods beginning after December 15, 2028 (including interim periods within), with early adoption permitted in any period for which financial statements have not yet been issued. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosure.

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2025

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of Group's VIE information


		As of December 31,
		2024		2025
		RMB		RMB
Cash and cash equivalents		543,298,396		758,887,889
Term deposits		134,178,095		114,178,095
Restricted cash		376,157		—
Short-term investments		—		20,126,575
Accounts receivable, net		117,003,716		19,181,215
Inventories		582,024,734		524,264,388
Prepayments and other current assets		234,385,266		304,440,726
Amounts due from inter-companies		213,867,617		317,093,486

Total current assets		1,825,133,981		2,058,172,374

Property, plant and equipment, net		318,530,570		418,500,969
Intangible assets, net		887,955		673,040
Operating lease right-of-use assets		71,223,350		70,360,147
Deferred income tax assets		31,752,254		56,203,598
Other non-current assets		19,309,049		32,696,276

Total assets		2,266,837,159		2,636,606,404

Short-term bank borrowings		200,000,000		240,000,000
Notes payable		294,348,768		394,285,714
Accounts payable		856,557,922		670,748,944
Income taxes payable		909,115		933,612
Advances from customers		32,623,364		174,904,222
Deferred revenue—current		50,247,103		75,148,049
Accrued expenses and other current liabilities		192,470,955		382,533,451
Amounts due to inter-companies		492,542,370		506,661,309

Total current liabilities		2,119,699,597		2,445,215,301

Deferred revenue—non-current		16,886,859		23,316,175
Deferred income tax liabilities		3,269,464		2,057,892
Operating lease liabilities—non-current		89,990		976,934
Other non-current liabilities		9,697,841		12,941,916

Total liabilities		2,149,643,751		2,484,508,218


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenues		2,645,570,002		3,395,510,431		4,328,389,653
Net (loss) income		(236,441,380)		(129,349,151)		8,138,514
Net cash provided by operating activities		93,727,586		51,395,662		343,484,736
Net cash provided by (used in) investing activities		82,502,334		(231,450,112)		(172,347,587)
Net cash (used in) provided by financing activities		(60,000,000)		100,000,000		40,000,000
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash		4,599,207		3,099,468		4,076,187
Net increase (decrease) in cash, cash equivalents and restricted cash		120,829,127		(76,954,982)		215,213,336
Cash, cash equivalents and restricted cash at the beginning of the year		499,800,408		620,629,535		543,674,553
Cash, cash equivalents and restricted cash at the end of the year		620,629,535		543,674,553		758,887,889

- 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 LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT LIABILITIES

Summary of other non-current liabilities


	As of December 31,
	2024	2025
	RMB	RMB
Warranty—non-current	9,547,294	12,795,511
Refundable deposits from franchised stores—non-current	150,547	146,405

Other non-current liabilities	9,697,841	12,941,916

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2025

OPERATING LEASES

Summary of supplemental information related to operating leases


		As of December 31,
		2024		2025
		RMB		RMB
Operating lease right-of-use assets		71,223,350		75,954,225

Operating lease liabilities—current (Note 10)		1,253,020		3,187,599
Operating lease liabilities—non-current		89,990		3,956,501
Total operating lease liabilities		1,343,010		7,144,100


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for amounts included in the measurement of operating lease liabilities		7,711,479		5,263,335		4,119,863
Right-of-use assets obtained in exchange for new operating lease liabilities		3,744,607		1,144,700		9,706,409
Modification to right-of-use assets		(5,217,099)		—		—

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


		As of December 31, 2025
		RMB
Within 1 year		3,365,974
After 1 year but within 2 years		4,030,116
Total undiscounted lease payment		7,396,090
Less: Imputed interest		(251,990)
Present value of lease liabilities		7,144,100

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

INCOME TAX - Changes in valuation allowance (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAX
Balance at the beginning of the year	¥ 140,255,931	¥ 107,782,306	¥ 40,764,285
Additions	31,752,295	32,473,625	68,593,841
Reduction	(25,063,570)		(1,575,820)
Balance at the end of the year	¥ 146,944,656	¥ 140,255,931	¥ 107,782,306

ACCOUNTS RECEIVABLE, NET - Summary (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Accounts receivable	¥ 208,368,929		¥ 308,556,264
Allowance for doubtful accounts	(170,996,885)		(176,634,845)	¥ (169,038,710)	¥ (29,593,693)
Accounts receivable, net	¥ 37,372,044	$ 5,344,131	¥ 131,921,419

PROPERTY, PLANT AND EQUIPMENT, NET - Summary (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	¥ 995,647,251		¥ 833,953,996
Less: Accumulated depreciation	(575,474,216)		(513,940,364)
Property, plant and equipment, net	420,173,035	$ 60,083,945	320,013,632
Furniture
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	516,646,489		399,918,776
Machinery and equipment
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	274,038,907		232,110,473
Building
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	154,577,570		152,378,097
Office and electronic equipment
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	34,408,262		34,892,580
Leasehold improvement
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	11,524,486		10,878,525
Motor vehicles
PROPERTY, PLANT AND EQUIPMENT, NET.
Property, plant and equipment	¥ 4,451,537		¥ 3,775,545

REVENUE INFORMATION

12 Months Ended

Dec. 31, 2025

REVENUE INFORMATION

REVENUE INFORMATION

16. REVENUE INFORMATION

Revenues consisted of the following:


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Electric scooter sales		2,358,658,368		2,960,507,972		3,896,479,832
Accessory and spare parts sales		197,634,073		241,680,284		299,172,649
Service revenues		95,465,205		86,108,088		112,213,017
Revenues		2,651,757,646		3,288,296,344		4,307,865,498

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


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Mainland China		2,247,593,239		2,845,174,856		4,003,396,070
Europe		151,521,237		172,195,656		177,783,756
Others		252,643,170		270,925,832		126,685,672
Revenues		2,651,757,646		3,288,296,344		4,307,865,498

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

REVENUE INFORMATION - Disaggregation of revenue (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
REVENUE INFORMATION
Revenues	¥ 4,307,865,498	$ 616,016,573	¥ 3,288,296,344	¥ 2,651,757,646
Electric scooter sales
REVENUE INFORMATION
Revenues	3,896,479,832		2,960,507,972	2,358,658,368
Accessory and spare parts sales
REVENUE INFORMATION
Revenues	299,172,649		241,680,284	197,634,073
Service revenues
REVENUE INFORMATION
Revenues	¥ 112,213,017		¥ 86,108,088	¥ 95,465,205

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- 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/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

SHORT-TERM BANK BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

SHORT-TERM BANK BORROWINGS

Schedule of short-term bank borrowings


		As of December 31,
		2024		2025
		RMB		RMB
Secured borrowing		200,000,000		200,000,000
Unsecured borrowing		—		40,000,000

Short-term bank borrowings		200,000,000		240,000,000

INVENTORIES (Details)	12 Months Ended
INVENTORIES (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
INVENTORIES
Finished goods	¥ 475,807,376		¥ 471,547,560
Raw materials	176,772,275		177,630,159
Inventories	652,579,651		649,177,719		$ 93,317,649
Write-down of inventories	¥ 89,204,469	$ 12,756,069	¥ 30,028,243	¥ 21,681,652

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convenience translation (Details)	Dec. 31, 2025 $ / ¥
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Convenience translation rate (in RMB/USD)	6.9931

NOTES PAYABLE

12 Months Ended

Dec. 31, 2025

NOTES PAYABLE

NOTES PAYABLE

9. NOTES PAYABLE

In April 2022, the Group entered into a twelve-month revolving loan facility agreement with a commercial bank in mainland China, which was extended to mature in May 2026. Pursuant to this agreement, the Group was entitled to utilize the facility for short-term bank loans and bank acceptance notes up to RMB300,000,000. As of December 31, 2024 and 2025, this facility was utilized for bank acceptance notes, with an outstanding balance of RMB 144,348,768 and RMB184,285,714, respectively.

In January 2024, the Group entered into a six-month revolving loan facility agreement with a commercial bank in mainland China, which was extended to mature in January 2025. Pursuant to this agreement, the Group was entitled to utilize the facility for bank acceptance notes up to RMB50,000,000. In March 2025, the Group further entered into a six-month revolving loan facility agreement, under which the Group was entitled to utilize the facility for bank acceptance notes up to RMB60,000,000. In October 2025, this facility was extended to mature in April 2026, with the cap increased to RMB100,000,000. As of December 31, 2024 and 2025, total outstanding notes payable under this facility agreement were RMB50,000,000 and RMB100,000,000, respectively.

In October and November 2024, the Group entered into two twelve-month revolving loan facility agreements with a commercial bank in mainland China, pursuant to each of which the Group was entitled to utilize the facility for short-term bank loans and bank acceptance notes up to RMB50,000,000 (RMB100,000,000 in aggregate). In December 2025, the facilities were extended to mature in December 2026, with the cap for each facility increased to RMB100,000,000 (RMB200,000,000 in aggregate). As of December 31, 2024 and 2025, the outstanding notes payable under these facility agreements were RMB100,000,000 and RMB80,000,000, respectively.

In June 2025, the Group entered into a twelve-month revolving loan facility agreement with a commercial bank in mainland China, which was extended to mature in June 2026. Pursuant to this agreement, the Group was entitled to utilize the facility for bank acceptance notes up to RMB30,000,000. As of December 31, 2025, the facility was utilized for bank acceptance notes, with an outstanding balance of RMB30,000,000.

As of December 31, 2024 and 2025, notes payable represent non-interest-bearing bank acceptance notes issued by the Group to suppliers that are due within twelve months.

NET LOSS PER ORDINARY SHARE (Tables)

12 Months Ended

Dec. 31, 2025

NET LOSS PER ORDINARY SHARE

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


		For the Year Ended
		December 31,
		2023		2024		2025

		(In RMB, except for share data)
Numerator:
Net loss		(271,835,982)		(193,200,639)		(39,385,588)

Denominator:
Weighted average number of ordinary shares outstanding		154,795,461		155,735,312		156,334,581
Weighted average number of ordinary shares equivalents outstanding		2,020,644		2,724,930		3,380,117

Denominator for basic and diluted net loss per ordinary share		156,816,105		158,460,242		159,714,698

Net loss per ordinary share
—Basic		(1.73)		(1.22)		(0.25)
—Diluted		(1.73)		(1.22)		(0.25)

Schedule of antidilutive securities


		For the Year Ended
		December 31,
		2024		2025
Share options		3,753,328		3,637,968
Unvested restricted share units		2,753,342		7,670,528

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration and risk (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Concentration and risk
Revenues	¥ 4,307,865,498	$ 616,016,573	¥ 3,288,296,344	¥ 2,651,757,646
Credit loss allowance	0
Cost of goods and services \| Supplier concentration \| Supplier Y
Concentration and risk
Purchases from suppliers			¥ 322,251,970	¥ 286,132,811
Concentration risk (as a percent)			12.00%	16.00%
Revenue \| Customer concentration \| Customer A
Concentration and risk
Revenues	¥ 731,464,019		¥ 527,366,534	¥ 319,208,693
Concentration risk (as a percent)	17.00%	17.00%	16.00%	12.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Short-term investments (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Schedule of Investments [Line Items]
Changes in fair value of investments	¥ 5,543,812	$ 792,755	¥ 2,358,995	¥ 1,426,370
Short-term investments	62,661,176		0
Short-term investments
Schedule of Investments [Line Items]
Changes in fair value of investments	¥ 5,543,812		¥ 2,358,995	¥ 1,426,370

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 13))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract Balances (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in the Group's contract liabilities (advances from customers and deferred revenue)
Balances of contract liabilities	¥ 281,062,668	¥ 103,026,822
Revenue recognized from contract liabilities at the beginning	¥ 86,139,963	¥ 61,059,585

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Term deposits (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Term deposits
Total term deposits held	¥ 128,235,695	¥ 274,351,895
RMB
Term deposits
Total term deposits held		20,000,000
USD
Term deposits
Total term deposits held	¥ 128,235,695	¥ 254,351,895

SHORT-TERM BANK BORROWINGS

12 Months Ended

Dec. 31, 2025

SHORT-TERM BANK BORROWINGS

SHORT-TERM BANK BORROWINGS

8. SHORT-TERM BANK BORROWINGS


		As of December 31,
		2024		2025
		RMB		RMB
Secured borrowing		200,000,000		200,000,000
Unsecured borrowing		—		40,000,000

Short-term bank borrowings		200,000,000		240,000,000

In March 2023, the Group entered into a twelve-month secured loan facility agreement with a commercial bank in mainland China, pursuant to which the Group was entitled to utilize the facility for secured bank loans up to RMB160,000,000. The Group drew down RMB41,380,805 and RMB58,619,195 in June and August 2023, respectively, at 3.2% per annum, and repaid RMB100,000,000 in June 2024. In March and June 2024, the Group entered into two additional twelve - month secured loan facility agreements with the same bank, which were extended to mature in March and June 2026, respectively. Pursuant to each of the agreements, the Group was entitled to borrow up to RMB100,000,000 (RMB200,000,000 in aggregate). The Group drew down RMB100,000,000 under each facility (RMB200,000,000 in aggregate) at 3.0% per annum in 2024, and fully repaid in March and June 2025, respectively. The Group further drew down RMB100,000,000 in March 2025 at 2.6% per annum, and drew down RMB100,000,000 in June 2025 at 2.5% per annum. As of December 31, 2025, total outstanding borrowings under these loan facility agreements were RMB200,000,000, secured by a U.S. dollar deposit equivalent to RMB210,864,000 placed with the bank.

In March 2025, the Group entered into a twelve-month revolving loan facility agreement with a commercial bank in mainland China, pursuant to which the Group was entitled to utilize the facility for short-term bank loans up to RMB20,000,000. The Group drew down RMB20,000,000 in March 2025 at 2.6% per annum. As of December 31, 2025, total outstanding borrowings under this loan facility agreement were RMB20,000,000.

In December 2025, the Group entered into two twelve-month revolving loan facility agreements with a commercial bank in mainland China, pursuant to each of which the Group was entitled to utilize the facilities for short-term bank loans and bank acceptance notes up to RMB100,000,000 (RMB200,000,000 in aggregate). The Group drew down RMB20,000,000 in December 2025 at 2.3% per annum. As of December 31, 2025, total outstanding borrowings under these loan facility agreements were RMB20,000,000.

As of December 31, 2024 and 2025, the outstanding short-term bank borrowings bore weighted average interest rates of 3.0% and 2.5% per annum, respectively, and were denominated in RMB.

INCOME TAX - PRC Tax Administration and Collection Law (Details)	12 Months Ended
	Dec. 31, 2025 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
Income tax examination, description	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 subsidiaries in mainland China, the VIE and VIE’s subsidiaries for the years from 2021 to 2025 are open to examination by the PRC tax authorities.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document Information
Document Type	20-F
Document Period End Date	Dec. 31, 2025
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Securities Act File Number	001-38696
Entity Registrant Name	Niu Technologies
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	23/F,Building C, Rongxin Technology Center,
Entity Address, Address Line Two	No. 34 Chuangyuan Road,
Entity Address, City or Town	Chaoyang District, Beijing
Entity Address, Postal Zip Code	100012
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	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	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG Huazhen LLP
Auditor Firm ID	1186
Auditor Location	Beijing, China
Business Contact
Document Information
Contact Personnel Name	Fion Wenjuan Zhou
Country Region	86
City Area Code	10
Local Phone Number	6432-1899
Contact Personnel Email Address	ir@niu.com
Entity Address, Address Line One	23/F,Building C, Rongxin Technology Center,
Entity Address, Address Line Two	No. 34 Chuangyuan Road,
Entity Address, City or Town	Chaoyang District, Beijing
Entity Address, Postal Zip Code	100012
Entity Address, Country	CN
American depository shares
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
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	141,231,394
Class B ordinary shares
Document Information
Entity Common Stock, Shares Outstanding	15,222,020

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Results of Operations (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed Statements of Results of Operations
Total operating expenses	¥ (933,184,599)	$ (133,443,623)	¥ (750,306,678)	¥ (891,239,250)
Interest income	26,464,512	3,784,375	37,089,488	35,492,190
Loss before income taxes	(62,369,179)	(8,918,674)	(216,807,189)	(282,028,866)
Income tax expense	(22,983,591)	(3,286,610)	(23,606,550)	(10,192,884)
Net loss	(39,385,588)	$ (5,632,064)	(193,200,639)	(271,835,982)
Parent \| Reportable Legal Entities
Condensed Statements of Results of Operations
Total operating expenses	(12,321,808)		(13,025,259)	(17,739,201)
Share of loss from subsidiaries, consolidated VIE and VIE's subsidiaries	(36,346,156)		(195,199,614)	(270,498,551)
Interest income	9,282,376		15,024,234	16,401,770
Loss before income taxes	(39,385,588)		(193,200,639)	(271,835,982)
Net loss	¥ (39,385,588)		¥ (193,200,639)	¥ (271,835,982)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES - Group's VIE information (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Group's VIE information
Cash and cash equivalents	¥ 924,738,132		¥ 630,021,303		$ 132,235,794
Term deposits	128,235,695		274,351,895		18,337,460
Restricted cash	210,864,000		216,395,796		30,153,151
Short-term investments	62,661,176				8,960,429
Accounts receivable, net	37,372,044		131,921,419		5,344,131
Inventories	652,579,651		649,177,719		93,317,649
Prepayments and other current assets	343,536,572		267,938,339		49,125,076
Total current assets	2,359,987,270		2,169,806,471		337,473,690
Property, plant and equipment, net	420,173,035		320,013,632		60,083,945
Intangible assets, net	776,328		1,043,801		111,013
Operating lease right-of-use assets	75,954,225		71,223,350		10,861,310
Deferred income tax assets	57,457,432		31,752,254		8,216,303
Other non-current assets	35,988,114		19,318,659		5,146,232
Total assets	2,950,336,404		2,613,158,167		421,892,493
Short-term bank borrowings	240,000,000		200,000,000		34,319,544
Notes payable	394,285,714		294,348,768		56,382,107
Accounts payable	704,089,088		869,015,140		100,683,400
Income taxes payable	2,197,710		1,071,914		314,268
Advances from customers	182,598,444		35,892,860		26,111,230
Deferred revenue-current	75,148,049		50,247,103		10,746,028
Accrued expenses and other current liabilities	404,813,611		201,356,008		57,887,575
Total current liabilities	2,003,132,616		1,651,931,793		286,444,152
Deferred revenue-non-current	23,316,175		16,886,859		3,334,169
Deferred income tax liabilities	2,057,892		3,269,464		294,275
Operating lease liabilities-non-current	3,956,501		89,990		565,772
Other non-current liabilities	12,941,916		9,697,841		1,850,669
Total liabilities	2,045,405,100		1,681,875,947		$ 292,489,037
Revenues	4,307,865,498	$ 616,016,573	3,288,296,344	¥ 2,651,757,646
Net Income (Loss)	(39,385,588)	(5,632,064)	(193,200,639)	(271,835,982)
Net cash provided by operating activities	353,270,015	50,516,940	52,286,618	93,735,092
Net cash provided by (used in) investing activities	(90,600,683)	(12,955,725)	(292,428,847)	216,310,708
Net cash (used in) provided by financing activities	40,164,587	5,743,460	100,267,335	(59,345,977)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(13,648,886)	(1,951,765)	6,051,800	8,913,200
Net increase (decrease) in cash, cash equivalents and restricted cash	289,185,033	41,352,910	(133,823,094)	259,613,023
Cash, cash equivalents and restricted cash at the beginning of the year	846,417,099	121,036,035	980,240,193	720,627,170
Cash, cash equivalents and restricted cash at the end of the year	1,135,602,132	$ 162,388,945	846,417,099	980,240,193
VIE
Group's VIE information
Cash and cash equivalents	758,887,889		543,298,396
Term deposits	114,178,095		134,178,095
Restricted cash			376,157
Short-term investments	20,126,575
Accounts receivable, net	19,181,215		117,003,716
Inventories	524,264,388		582,024,734
Prepayments and other current assets	304,440,726		234,385,266
Amounts due from inter-companies	317,093,486		213,867,617
Total current assets	2,058,172,374		1,825,133,981
Property, plant and equipment, net	418,500,969		318,530,570
Intangible assets, net	673,040		887,955
Operating lease right-of-use assets	70,360,147		71,223,350
Deferred income tax assets	56,203,598		31,752,254
Other non-current assets	32,696,276		19,309,049
Total assets	2,636,606,404		2,266,837,159
Short-term bank borrowings	240,000,000		200,000,000
Notes payable	394,285,714		294,348,768
Accounts payable	670,748,944		856,557,922
Income taxes payable	933,612		909,115
Advances from customers	174,904,222		32,623,364
Deferred revenue-current	75,148,049		50,247,103
Accrued expenses and other current liabilities	382,533,451		192,470,955
Amounts due to inter-companies	506,661,309		492,542,370
Total current liabilities	2,445,215,301		2,119,699,597
Deferred revenue-non-current	23,316,175		16,886,859
Deferred income tax liabilities	2,057,892		3,269,464
Operating lease liabilities-non-current	976,934		89,990
Other non-current liabilities	12,941,916		9,697,841
Total liabilities	2,484,508,218		2,149,643,751
Revenues	4,328,389,653		3,395,510,431	2,645,570,002
Net Income (Loss)	8,138,514		(129,349,151)	(236,441,380)
Net cash provided by operating activities	343,484,736		51,395,662	93,727,586
Net cash provided by (used in) investing activities	(172,347,587)		(231,450,112)	82,502,334
Net cash (used in) provided by financing activities	40,000,000		100,000,000	(60,000,000)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	4,076,187		3,099,468	4,599,207
Net increase (decrease) in cash, cash equivalents and restricted cash	215,213,336		(76,954,982)	120,829,127
Cash, cash equivalents and restricted cash at the beginning of the year	543,674,553		620,629,535	499,800,408
Cash, cash equivalents and restricted cash at the end of the year	¥ 758,887,889		¥ 543,674,553	¥ 620,629,535

OTHER NON-CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES

11. OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consisted of the following:


	As of December 31,
	2024	2025
	RMB	RMB
Warranty—non-current	9,547,294	12,795,511
Refundable deposits from franchised stores—non-current	150,547	146,405

Other non-current liabilities	9,697,841	12,941,916

INCOME TAX - Summary (Details) - HKD ($) $ in Millions	12 Months Ended
INCOME TAX - Summary (Details) - HKD ($) $ in Millions	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2018
INCOME TAX
Statutory income tax (as a percent)			25.00%
Hong Kong S.A.R.
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%
Mainland China
INCOME TAX
Statutory income tax (as a percent)			25.00%
Mainland China \| Beijing Niudian
INCOME TAX
Preferential tax rate			15.00%
Mainland China \| Forecast \| Beijing Niudian
INCOME TAX
Preferential tax rate	15.00%	15.00%
Mainland China \| Jiangsu Xiaoniu
INCOME TAX
Preferential tax rate			15.00%	15.00%
Mainland China \| Jiangsu Xiaoniu \| Forecast
INCOME TAX
Preferential tax rate		15.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and cash equivalents (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
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	¥ 924,549,865	¥ 629,875,304
Mainland China \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	867,111,782	608,426,190
Mainland China \| USD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	216,499,485	311,341,363
Mainland China \| RMB \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	546,200,227	229,710,326
Mainland China \| EUR \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	103,125,928	66,246,844
Mainland China \| GBP \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	1,286,142	1,127,657
United States \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	497,269	1,583,932
United States \| USD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	497,269	1,583,932
Hong Kong S.A.R. \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	41,558,568	9,379,742
Hong Kong S.A.R. \| USD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	41,517,988	9,328,332
Hong Kong S.A.R. \| HKD \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	34,370	45,736
Hong Kong S.A.R. \| EUR \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	6,210	5,674
Others \| Cash and cash equivalents
Cash and cash equivalents
Total cash and cash equivalents balances held at financial institutions	¥ 15,382,246	¥ 10,485,440

NET LOSS PER ORDINARY SHARE

12 Months Ended

Dec. 31, 2025

NET LOSS PER ORDINARY SHARE

NET LOSS PER ORDINARY SHARE

15. NET LOSS PER ORDINARY SHARE

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


		For the Year Ended
		December 31,
		2023		2024		2025

		(In RMB, except for share data)
Numerator:
Net loss		(271,835,982)		(193,200,639)		(39,385,588)

Denominator:
Weighted average number of ordinary shares outstanding		154,795,461		155,735,312		156,334,581
Weighted average number of ordinary shares equivalents outstanding		2,020,644		2,724,930		3,380,117

Denominator for basic and diluted net loss per ordinary share		156,816,105		158,460,242		159,714,698

Net loss per ordinary share
—Basic		(1.73)		(1.22)		(0.25)
—Diluted		(1.73)		(1.22)		(0.25)

Securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share because to do so would have been antidilutive for the years ended December 31, 2024 and 2025 were as follow:


		For the Year Ended
		December 31,
		2024		2025
Share options		3,753,328		3,637,968
Unvested restricted share units		2,753,342		7,670,528

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

Summary of the share options activities


						Weighted
				Weighted		average
				average		remaining		Aggregate
		Number of		exercise		contractual		intrinsic
		shares		price		years		value
				US$				US$
Outstanding at January 1, 2025		3,753,328		2.45		3.65		792,578
Exercised		(115,220)		0.20		—		—
Expired		(140)		0.20		—		—
Outstanding at December 31, 2025		3,637,968		2.52		2.72		1,347,928
Exercisable as of December 31, 2025		3,637,968		2.52		2.72		1,347,928

Summary of the restricted share units activities


				Weighted
				average grant
		Number of		date fair
		shares		value
				US$
Unvested as of January 1, 2025		2,753,342		2.05

Granted		6,339,600		0.89
Vested		(1,023,514)		3.11
Forfeited		(398,900)		1.15

Unvested as of December 31, 2025		7,670,528		1.00

Schedule of share-based compensation expenses recognized


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		1,237,902		751,445		858,055
Selling and marketing expenses		9,991,688		7,110,420		5,396,473
Research and development expenses		21,653,946		7,325,327		9,890,499
General and administrative expenses		14,775,768		9,045,786		11,586,370
Total share-based compensation expense		47,659,304		24,232,978		27,731,397

Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of share-based compensation expenses recognized


		For the Year Ended
		December 31,
		2023
		RMB
Selling and marketing expenses		905,764
Research and development expenses		2,191,242
General and administrative expenses		3,047,542
Total share options compensation expenses		6,144,548

Unvested restricted share units

SHARE-BASED COMPENSATION

Schedule of share-based compensation expenses recognized


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		1,237,902		751,445		858,055
Selling and marketing expenses		9,085,924		7,110,420		5,396,473
Research and development expenses		19,462,704		7,325,327		9,890,499
General and administrative expenses		11,728,226		9,045,786		11,586,370
Total restricted share units compensation expenses		41,514,756		24,232,978		27,731,397

REVENUE INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

REVENUE INFORMATION

Schedule of net revenues


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Electric scooter sales		2,358,658,368		2,960,507,972		3,896,479,832
Accessory and spare parts sales		197,634,073		241,680,284		299,172,649
Service revenues		95,465,205		86,108,088		112,213,017
Revenues		2,651,757,646		3,288,296,344		4,307,865,498

Schedule of the group's revenue based on geographic areas


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Mainland China		2,247,593,239		2,845,174,856		4,003,396,070
Europe		151,521,237		172,195,656		177,783,756
Others		252,643,170		270,925,832		126,685,672
Revenues		2,651,757,646		3,288,296,344		4,307,865,498

NET LOSS PER ORDINARY SHARE - Basic and diluted net income (loss) per share computation (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net loss	¥ (39,385,588)	$ (5,632,064)	¥ (193,200,639)	¥ (271,835,982)
Denominator:
Weighted average number of ordinary shares outstanding	156,334,581	156,334,581	155,735,312	154,795,461
Weighted average number of ordinary shares equivalents outstanding	3,380,117	3,380,117	2,724,930	2,020,644
Denominator for basic and diluted net loss per ordinary share	159,714,698	159,714,698	158,460,242	156,816,105
Denominator for diluted net loss per ordinary share	159,714,698	159,714,698	158,460,242	156,816,105
Net loss per ordinary share
-Basic \| (per share)	¥ (0.25)	$ (0.04)	¥ (1.22)	¥ (1.73)
-Diluted \| (per share)	¥ (0.25)	$ (0.04)	¥ (1.22)	¥ (1.73)

ORDINARY SHARE

12 Months Ended

Dec. 31, 2025

ORDINARY SHARE

ORDINARY SHARE

12. 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.

As of December 31, 2024 and 2025, the outstanding Class A ordinary shares were 139,303,366 and 141,231,394, and the outstanding Class B ordinary shares were 16,542,020 and 15,222,020, respectively.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

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

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

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

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

Convenience translation

(d) Convenience translation

Commitments and contingencies

(e) Commitments and contingencies

Cash and cash equivalents

(f) Cash and cash equivalents


		As of December 31,
		2024		2025
		RMB		RMB
Financial institutions in mainland China
—Denominated in RMB		229,710,326		546,200,227
—Denominated in USD		311,341,363		216,499,485
—Denominated in EUR		66,246,844		103,125,928
—Denominated in GBP		1,127,657		1,286,142

Total cash and cash equivalents balances held at financial institutions in mainland China		608,426,190		867,111,782

Financial institutions in the United States
—Denominated in USD		1,583,932		497,269

Total cash balances held at financial institutions in the United States		1,583,932		497,269

Financial institutions in Hong Kong S.A.R.
—Denominated in USD		9,328,332		41,517,988
—Denominated in HKD		45,736		34,370
—Denominated in EUR		5,674		6,210

Total cash balances held at financial institutions in Hong Kong S.A.R.		9,379,742		41,558,568

Total cash balances held at financial institutions in other locations		10,485,440		15,382,246

Total cash and cash equivalents balances held at financial institutions		629,875,304		924,549,865

Term deposits

(g) Term deposits

Term deposits represent deposits placed with bank with original maturities of more than three months but less than one year. Term deposits are presented in the following table:


		As of December 31,
		2024		2025
		RMB		RMB
Financial institutions in mainland China
—Denominated in RMB		20,000,000		—
—Denominated in USD		254,351,895		128,235,695

Total term deposits		274,351,895		128,235,695

Restricted cash

(h) Restricted cash


	As of December 31,
	2024	2025
	RMB	RMB
Cash and cash equivalents	630,021,303	924,738,132
Restricted cash	216,395,796	210,864,000
Total cash, cash equivalents and restricted cash	846,417,099	1,135,602,132

Short-term investments

(i) Short-term investments

Inventories

(j) Inventories

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.

The estimated useful lives are as follows:


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

Intangible assets, net

(l) Intangible assets, net

Leases

(m) Leases

Impairment of long-lived assets

(n) Impairment of long-lived assets

Fair value measurements

(o) 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.

Revenue recognition

(p) Revenue recognition

Products

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

Contract Balances

(q) Contract Balances

Warranties

(r) Warranties

Cost of Revenues

(s) Cost of Revenues

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

Selling and Marketing Expenses

(t) Selling and Marketing Expenses

General and Administrative Expenses

(u) General and Administrative Expenses

Research and Development Expenses

(v) Research and Development Expenses

Government Grants

(w) Government Grants

Share-based Compensation

(x) 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.

Employee Benefits

(y) Employee Benefits

Income Taxes

(z) Income Taxes

Foreign currency translation and foreign currency risks

(aa) Foreign currency translation and foreign currency risks

The functional currency of the Company’s subsidiaries in mainland China, the VIE and VIE’s subsidiaries is RMB.

Concentration and risk

(bb) Concentration and risk

Concentration of customers and suppliers

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


	For the Year Ended December 31,
	2023			2024			2025
	RMB	%		RMB	%		RMB	%
Greater than 10% of the total revenue:
Customer A	319,208,693	12	%	527,366,534	16	%	731,464,019	17	%

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

 

For the Year Ended December 31,

2023

2024

 

2025

RMB

 

RMB

 

RMB

 

Greater than 10% of total purchase:

Supplier Y

286,132,811

322,251,970

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

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.

Loss per Share

(cc) Loss per Share

Segment Reporting

(dd) Segment Reporting

Restricted Net Assets

(ee) Restricted Net Assets

Recent Accounting Pronouncements

(ff) Recent Accounting Pronouncements

OPERATING LEASES - Summary (Details) - CNY (¥)	12 Months Ended
OPERATING LEASES - Summary (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING LEASES
Operating lease cost	¥ 5,190,078	¥ 6,829,793	¥ 7,549,026
Short-term lease cost	2,846,447	¥ 1,263,426	¥ 1,480,259
Leasing costs other than operating leases costs and short-term lease	¥ 0

INVENTORIES

12 Months Ended

Dec. 31, 2025

INVENTORIES

INVENTORIES

4. INVENTORIES

Inventories consisted of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Finished goods		471,547,560		475,807,376
Raw materials		177,630,159		176,772,275

Inventories		649,177,719		652,579,651

Write-downs of inventories from the carrying amount to their estimated net realizable value, were recognized in cost of revenues amounting to RMB21,681,652, RMB30,028,243 and RMB89,204,469 for the years ended December 31, 2023, 2024 and 2025, respectively.

PREPAYMENTS AND OTHER CURRENT ASSETS (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Deductible input VAT and VAT refunds receivable	¥ 221,121,149		¥ 180,529,266
Prepayments to suppliers	61,597,780		34,798,844
Deferred charge	22,200,487		24,910,815
Receivable from online platforms	19,827,258		12,035,147
Interest receivable	12,725,205		10,503,125
Others	6,064,693		5,161,142
Prepayments and other current assets	¥ 343,536,572	$ 49,125,076	¥ 267,938,339

INCOME TAX - Components of loss before income taxes and withholding tax on undistributed dividends (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
INCOME TAX
Mainland China	¥ (34,306,330)		¥ (202,919,043)	¥ (270,748,715)
Non-Mainland China	(28,062,849)		(13,888,146)	(11,280,151)
Loss before income taxes	¥ (62,369,179)	$ (8,918,674)	¥ (216,807,189)	¥ (282,028,866)
Withholding income tax rate	5.00%	5.00%
Percentage of ownership interests held by foreign investors (as a percent)	25.00%	25.00%

- Definition

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

INCOME TAX - Income taxes paid (Details)	12 Months Ended
INCOME TAX - Income taxes paid (Details)	Dec. 31, 2025 CNY (¥)
INCOME TAX
Income tax paid in mainland China	¥ 28,085
income tax paid in jurisdictions outside mainland China	¥ 61,845

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents	¥ 924,738,132	$ 132,235,794	¥ 630,021,303
Restricted cash	210,864,000	30,153,151	216,395,796
Total cash, cash equivalents and restricted cash	¥ 1,135,602,132	$ 162,388,945	¥ 846,417,099	$ 121,036,035	¥ 980,240,193	¥ 720,627,170

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation expense (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	¥ 110,693,354	¥ 121,880,535	¥ 147,507,340
Cost of revenues
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	38,373,759	32,342,412	26,811,275
Selling and marketing expenses
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	62,465,700	78,589,848	107,996,726
Research and development expenses
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	3,982,199	3,847,241	3,641,514
General and administrative expenses
PROPERTY, PLANT AND EQUIPMENT, NET.
Depreciation expense	¥ 5,871,696	¥ 7,101,034	¥ 9,057,825

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, plant and equipment, net (Details)	Dec. 31, 2025
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
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
Building
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, plant and equipment, useful life	50 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases, Impairment of long-lived assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Impairment of Long-lived Assets
Impairment of long-lived assets	¥ 0	¥ 0	¥ 0

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets
Cash and cash equivalents	¥ 924,738,132	$ 132,235,794	¥ 630,021,303
Term deposits	128,235,695	18,337,460	274,351,895
Restricted cash	210,864,000	30,153,151	216,395,796
Short-term investments	62,661,176	8,960,429
Accounts receivable, net	37,372,044	5,344,131	131,921,419
Inventories	652,579,651	93,317,649	649,177,719
Prepayments and other current assets	343,536,572	49,125,076	267,938,339
Total current assets	2,359,987,270	337,473,690	2,169,806,471
Non-current assets
Property, plant and equipment, net	420,173,035	60,083,945	320,013,632
Intangible assets, net	776,328	111,013	1,043,801
Operating lease right-of-use assets	75,954,225	10,861,310	71,223,350
Deferred income tax assets	57,457,432	8,216,303	31,752,254
Other non-current assets	35,988,114	5,146,232	19,318,659
Total non-current assets	590,349,134	84,418,803	443,351,696
Total assets	2,950,336,404	421,892,493	2,613,158,167
Current liabilities
Short-term bank borrowings	240,000,000	34,319,544	200,000,000
Notes payable (including notes payable of VIE without recourse to the Company were RMB294,348,768 and RMB394,285,714 as of December 31, 2024 and 2025, respectively)	394,285,714	56,382,107	294,348,768
Accounts payable (including accounts payable of VIE without recourse to the Company of RMB856,557,922 and RMB670,748,944 as of December 31, 2024 and 2025, respectively)	704,089,088	100,683,400	869,015,140
Income taxes payable (including income taxes payable of VIE without recourse to the Company of RMB909,115 and RMB933,612 as of December 31, 2024 and 2025, respectively)	2,197,710	314,268	1,071,914
Advances from customers (including advances from customers of VIE without recourse to the Company of RMB32,623,364 and RMB174,904,222 as of December 31, 2024 and 2025, respectively)	182,598,444	26,111,230	35,892,860
Deferred revenue-current (including deferred revenue-current of VIE without recourse to the Company of RMB50,247,103 and RMB75,148,049 as of December 31, 2024 and 2025, respectively)	75,148,049	10,746,028	50,247,103
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB192,470,955 and RMB382,533,451 as of December 31, 2024 and 2025, respectively)	404,813,611	57,887,575	201,356,008
Total current liabilities	2,003,132,616	286,444,152	1,651,931,793
Non-current liabilities
Deferred revenue-non-current (including deferred revenue non-current of VIE without recourse to the Company of RMB16,886,859 and RMB23,316,175 as of December 31, 2024 and 2025, respectively)	23,316,175	3,334,169	16,886,859
Deferred income tax liabilities (including deferred income tax liabilities of VIE without recourse to the Company of RMB3,269,464 and RMB2,057,892 as of December 31, 2024 and 2025, respectively)	2,057,892	294,275	3,269,464
Operating lease liabilities-non-current (including operating lease liabilities of VIE without recourse to the Company were RMB89,990 and RMB976,934 as of December 31, 2024 and 2025, respectively)	3,956,501	565,772	89,990
Other non-current liabilities (including other non-current liabilities of VIE without recourse to the Company of RMB9,697,841 and RMB12,941,916 as of December 31, 2024 and 2025, respectively)	12,941,916	1,850,669	9,697,841
Total non-current liabilities	42,272,484	6,044,885	29,944,154
Total liabilities	2,045,405,100	292,489,037	1,681,875,947
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Additional paid-in capital	2,016,533,709	288,360,485	1,988,638,160
Accumulated other comprehensive loss	(17,990,674)	(2,572,632)	(3,129,362)
Accumulated deficit	(1,093,713,031)	(156,398,883)	(1,054,327,443)
Total shareholders' equity	904,931,304	129,403,456	931,282,220
Total liabilities and shareholders' equity	2,950,336,404	421,892,493	2,613,158,167
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary Shares	91,796	13,127	90,549
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary Shares	¥ 9,504	$ 1,359	¥ 10,316

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Selling and Marketing Expenses, Government Grants, Employee Benefits (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising expenses	¥ 313,062,356	¥ 183,032,140	¥ 177,824,898
Employee social benefits included as expenses	¥ 51,032,540	¥ 43,792,304	¥ 42,376,447

SHORT-TERM BANK BORROWINGS (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
SHORT-TERM BANK BORROWINGS
Short-term bank borrowings	¥ 240,000,000	¥ 200,000,000
Secured borrowings
SHORT-TERM BANK BORROWINGS
Short-term bank borrowings	200,000,000	¥ 200,000,000
Unsecured borrowing
SHORT-TERM BANK BORROWINGS
Short-term bank borrowings	¥ 40,000,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues	¥ 4,307,865,498	$ 616,016,573	¥ 3,288,296,344	¥ 2,651,757,646
Cost of revenues	(3,464,294,613)	(495,387,541)	(2,789,533,350)	(2,081,010,633)
Gross profit	843,570,885	120,629,032	498,762,994	570,747,013
Operating expenses:
Selling and marketing expenses	(675,769,295)	(96,633,724)	(489,577,690)	(495,734,694)
Research and development expenses	(166,452,286)	(23,802,360)	(130,111,359)	(150,985,739)
General and administrative expenses (including allowance for doubtful accounts of RMB139,445,017 and RMB7,632,517 for the years ended December 31, 2023 and 2024, respectively, and a reversal of allowance of RMB5,870,581 for the year ended December 31, 2025)	(90,963,018)	(13,007,539)	(130,617,629)	(244,518,817)
Total operating expenses	(933,184,599)	(133,443,623)	(750,306,678)	(891,239,250)
Government grants	1,366,650	195,428	911,556	2,968,735
Operating loss	(88,247,064)	(12,619,163)	(250,632,128)	(317,523,502)
Interest expenses	(6,130,439)	(876,641)	(5,623,544)	(1,423,924)
Interest income	26,464,512	3,784,375	37,089,488	35,492,190
Investment income	5,543,812	792,755	2,358,995	1,426,370
Loss before income taxes	(62,369,179)	(8,918,674)	(216,807,189)	(282,028,866)
Income tax benefit	22,983,591	3,286,610	23,606,550	10,192,884
Net loss	(39,385,588)	(5,632,064)	(193,200,639)	(271,835,982)
Other comprehensive loss:
Foreign currency translation adjustment, net of nil income taxes	(14,861,312)	(2,125,139)	6,366,312	7,386,368
Unrealized gain on available-for-sale securities, net income taxes of RMB3,080, nil and nil for the year 2023, 2024 and 2025, respectively \| ¥				17,454
Less: reclassification adjustment for gain on available-for-sale securities realized in net loss, net of RMB64,025, nil and nil income taxes for the year 2023, 2024 and 2025, respectively \| ¥				(362,810)
Comprehensive loss	¥ (54,246,900)	$ (7,757,203)	¥ (186,834,327)	¥ (264,794,970)
Net loss per ordinary share
-Basic \| (per share)	¥ (0.25)	$ (0.04)	¥ (1.22)	¥ (1.73)
-Diluted \| (per share)	¥ (0.25)	$ (0.04)	¥ (1.22)	¥ (1.73)
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share
-Basic \| shares	159,714,698	159,714,698	158,460,242	156,816,105
-Diluted \| shares	159,714,698	159,714,698	158,460,242	156,816,105

OTHER NON-CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS

7. OTHER NON-CURRENT ASSETS

Other non-current assets consisted of the following:


	As of December 31,
	2024	2025
	RMB	RMB
Deposits	6,531,928	16,935,994
Prepayment for property, plant and equipment	8,683,050	8,423,185
Prepayment for insurance	4,103,681	10,628,935

Other non-current assets	19,318,659	35,988,114

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Movement of provision (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement of provision
Accrued warranty-beginning of year	¥ 29,293,848	¥ 25,325,839	¥ 33,812,290
Additional provisions recognized	45,999,122	27,645,757	21,565,131
Warranty claims paid	(36,618,707)	(23,677,748)	(30,051,582)
Accrued warranty-end of year	¥ 38,674,263	¥ 29,293,848	¥ 25,325,839

SHARE-BASED COMPENSATION - Restricted share units activities (Details) - Unvested restricted share units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of shares
Unvested balance at beginning of period (in shares) \| shares	2,753,342
Granted (in shares) \| shares	6,339,600
Vested (in shares) \| shares	(1,023,514)
Forfeited (in shares) \| shares	(398,900)
Unvested balance at end of period (in shares) \| shares	7,670,528
Weighted average grant date fair value
Unvested balance at beginning of period (in dollars per share) \| $ / shares	$ 2.05
Granted (in dollars per share) \| $ / shares	0.89
Vested (in dollars per share) \| $ / shares	3.11
Forfeited (in dollars per share) \| $ / shares	1.15
Unvested balance at end of period (in dollars per share) \| $ / shares	$ 1

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS

PREPAYMENTS AND OTHER CURRENT ASSETS

5. PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets consisted of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Deductible input VAT and VAT refunds receivable		180,529,266		221,121,149
Prepayments to suppliers		34,798,844		61,597,780
Deferred charge		24,910,815		22,200,487
Receivable from online platforms		12,035,147		19,827,258
Interest receivable		10,503,125		12,725,205
Others		5,161,142		6,064,693

Prepayments and other current assets		267,938,339		343,536,572

REVENUE INFORMATION - Revenues based on geographic areas (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
REVENUE INFORMATION
Revenues	¥ 4,307,865,498	$ 616,016,573	¥ 3,288,296,344	¥ 2,651,757,646
Mainland China
REVENUE INFORMATION
Revenues	4,003,396,070		2,845,174,856	2,247,593,239
Europe
REVENUE INFORMATION
Revenues	177,783,756		172,195,656	151,521,237
Others
REVENUE INFORMATION
Revenues	¥ 126,685,672		¥ 270,925,832	¥ 252,643,170

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

INCOME TAX

12 Months Ended

Dec. 31, 2025

INCOME TAX

INCOME TAX

14. 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 issuance of the shares or on an instrument of transfer in respect of a share.

Hong Kong

Under the Hong Kong tax laws, the Company’s subsidiary 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.

Mainland China

The Company’s subsidiaries in mainland China, 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, having obtained renewed HNTE qualifications in 2024 and 2025, respectively, and enjoy a preferential income tax rate of 15% for the fiscal years from 2024 to 2026 and 2025 to 2027, 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 loss before income taxes are as follows:


	For the Year Ended
	December 31,
	2023	2024	2025
	RMB	RMB	RMB
Mainland China	(270,748,715)	(202,919,043)	(34,306,330)
Non-Mainland China	(11,280,151)	(13,888,146)	(28,062,849)
Total	(282,028,866)	(216,807,189)	(62,369,179)

Income tax benefit consists of the following:


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Current
Mainland China		759,425		(464,340)		52,582
Non-Mainland China		—		144,468		1,170,249
Total Current income tax expense (benefit)		759,425		(319,872)		1,222,831
Deferred
Mainland China		(10,952,309)		(23,286,678)		(22,952,588)
Non-Mainland China		—		—		(1,253,834)
Total Deferred income tax benefit		(10,952,309)		(23,286,678)		(24,206,422)

Total		(10,192,884)		(23,606,550)		(22,983,591)

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 mainland China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within mainland China or if the received dividends have no connection with the establishment or place of such immediate holding company within mainland China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with mainland China that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such tax treaty with mainland China. According to the arrangement between mainland China and Hong Kong S.A.R. on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in mainland 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, 2023 and 2024 are as follows:


	For the Year Ended
	December 31,
	2023	2024
	RMB	RMB
Expected taxation at PRC statutory tax rate	(71,077,803)	(54,201,797)
Tax effect of tax‑exempt entities and differing tax rates in different jurisdictions	2,820,038	105,035
Research and development expenses bonus deduction	(30,807,283)	(25,718,922)
Non-deductible share-based compensation expenses	11,742,974	5,850,869
Other non-deductible expenses	2,491,593	888,261
Preferential tax rate difference	7,301,540	15,880,110
Others	229,108	1,116,269
Change in valuation allowance	67,106,949	32,473,625

Actual income tax benefit	(10,192,884)	(23,606,550)
Effect of preferential tax rates on basic net loss per ordinary share	(0.05)	(0.10)
Effect of preferential tax rates on diluted net loss per ordinary share	(0.05)	(0.10)

The Company adopted the new guidance of ASU 2023-09 on a prospective basis as of January 1, 2025. Reconciliation of the differences between the PRC statutory income tax rate and the Group’s income effective tax rate for the year ended December 31, 2025 is as follows :


		For the Year Ended
		December 31,
		2025
		Amount		Percent
Expected taxation at PRC statutory tax rate		(15,592,295)		25.0	%
Nontaxable or nondeductible items
Share-based compensation expenses		6,691,566		(10.7)	%
Other non-deductible expenses		4,745,881		(7.6)	%
Other Adjustments
Tax incentives relating to R&D expenditures		(28,027,491)		44.9	%
Preferential tax rate difference		(338,266)		0.5	%
Other		2,026,356		(3.2)	%
Change in valuation allowance		6,688,725		(10.7)	%
Foreign tax effects		821,933		(1.3)	%
Actual income tax benefit		(22,983,591)		36.9	%
Effect of preferential tax rates on basic net loss per ordinary share		0.00
Effect of preferential tax rates on diluted net loss per ordinary share		0.00

Note: In 2025, the Group paid RMB28,085 of income taxes in mainland China and RMB61,845 in jurisdictions outside mainland China.

b) Deferred income tax assets and deferred income tax liabilities


	As of December 31,
	2024	2025
	RMB	RMB
Deferred income tax assets
Net operating loss carry forwards	115,610,787	130,002,615
Accrued warranty	4,394,077	5,801,139
Advertising expense	2,113,991	2,113,991
Deferred revenue	10,709,100	16,727,916
Allowance for doubtful accounts	43,361,947	40,986,292
Lease Liabilities	226,552	1,502,360
Write-downs of inventories	6,426,901	19,587,760
Less: Valuation allowance	(140,255,931)	(146,944,656)

Total deferred income tax assets, net	42,587,424	69,777,417

Deferred income tax liabilities
Operating lease right-of-use assets	226,551	1,502,360
Property, plant and equipment	13,878,083	12,875,517

Total deferred income tax liabilities	14,104,634	14,377,877

Net deferred income tax assets	31,752,254	57,457,432
Net deferred income tax liabilities	3,269,464	2,057,892

As of December 31, 2025, the Group had net operating loss carry forwards of RMB566,702,406 attributable to the subsidiaries in mainland China, the VIE and VIE’s subsidiaries. Tax losses of RMB21,713,526, RMB72,944,125, RMB151,690,992, RMB256,708,356 and RMB63,645,407 will expire, if unused, by 2026, 2027, 2028,2029 and 2030, 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, 2024 and 2025 was primarily provided for the deferred income tax assets of certain subsidiaries in mainland China, the 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,
	2023	2024	2025
	RMB	RMB	RMB
Balance at the beginning of the year	40,764,285	107,782,306	140,255,931
Additions	68,593,841	32,473,625	31,752,295
Reduction	(1,575,820)	—	(25,063,570)

Balance at the end of the year	107,782,306	140,255,931	146,944,656

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 subsidiaries in mainland China, the VIE and VIE’s subsidiaries for the years from 2021 to 2025 are open to examination by the PRC tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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

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

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

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

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Net Assets (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
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%
Restricted net assets	¥ 433,872,669	¥ 433,868,390

OTHER NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT ASSETS

Schedule of other non-current assets


	As of December 31,
	2024	2025
	RMB	RMB
Deposits	6,531,928	16,935,994
Prepayment for property, plant and equipment	8,683,050	8,423,185
Prepayment for insurance	4,103,681	10,628,935

Other non-current assets	19,318,659	35,988,114

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2025

ACCOUNTS RECEIVABLE, NET

Schedule of accounts receivable, net


		As of December 31,
		2024		2025
		RMB		RMB
Accounts receivable		308,556,264		208,368,929
Allowance for doubtful accounts		(176,634,845)		(170,996,885)

Accounts receivable, net		131,921,419		37,372,044

Schedule of movement of the allowance for doubtful accounts


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at the beginning of the year		29,593,693		169,038,710		176,634,845
Additions		139,445,017		19,840,922		1,624,524
Reversal		—		(12,244,787)		(7,262,484)
Balance at the end of the year		169,038,710		176,634,845		170,996,885

OTHER NON-CURRENT LIABILITIES (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
OTHER NON-CURRENT LIABILITIES
Warranty-non-current	¥ 12,795,511		¥ 9,547,294
Refundable deposits from franchised stores-non-current	146,405		150,547
Other non-current liabilities	¥ 12,941,916	$ 1,850,669	¥ 9,697,841

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2025 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of operating segment	1

SHARE-BASED COMPENSATION - Compensation costs (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 27,731,397	¥ 24,232,978	¥ 47,659,304
Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expenses	858,055	751,445	1,237,902
Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	5,396,473	7,110,420	9,991,688
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	9,890,499	7,325,327	21,653,946
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	11,586,370	9,045,786	14,775,768
Employee Stock Option
SHARE-BASED COMPENSATION
Share-based compensation expenses			6,144,548
Employee Stock Option \| Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses			905,764
Employee Stock Option \| Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses			2,191,242
Employee Stock Option \| General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses			3,047,542
Unvested restricted share units
SHARE-BASED COMPENSATION
Share-based compensation expenses	27,731,397	24,232,978	41,514,756
Unvested restricted share units \| Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expenses	858,055	751,445	1,237,902
Unvested restricted share units \| Selling and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	5,396,473	7,110,420	9,085,924
Unvested restricted share units \| Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	9,890,499	7,325,327	19,462,704
Unvested restricted share units \| General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 11,586,370	¥ 9,045,786	¥ 11,728,226

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

3. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Accounts receivable		308,556,264		208,368,929
Allowance for doubtful accounts		(176,634,845)		(170,996,885)

Accounts receivable, net		131,921,419		37,372,044

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


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance at the beginning of the year		29,593,693		169,038,710		176,634,845
Additions		139,445,017		19,840,922		1,624,524
Reversal		—		(12,244,787)		(7,262,484)
Balance at the end of the year		169,038,710		176,634,845		170,996,885

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign currency translation adjustment, income tax	¥ 0	¥ 0	¥ 0
Unrealized holding gains on available-for-sale security, income taxes	0	0	3,080
Reclassification adjustment for gains on available-for-sale securities realized in net income, income tax	¥ 0	¥ 0	¥ 64,025

NET LOSS PER ORDINARY SHARE - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Employee Stock Option
Antidilutive securities
Antidilutive securities	3,637,968	3,753,328
Unvested restricted share units
Antidilutive securities
Antidilutive securities	7,670,528	2,753,342

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, 2022	¥ 99,744		¥ 1,915,825,641		¥ (16,536,686)		¥ (589,290,822)		¥ 1,310,097,877
Beginning balance (in shares) at Dec. 31, 2022 \| shares	154,261,562	154,261,562
Increase (decrease) in shareholders' deficit
Net loss							(271,835,982)		(271,835,982)
Foreign currency translation adjustment, net of nil income taxes					7,386,368				7,386,368
Unrealized holding gains on available-for-sale security, net of income taxes					17,454				17,454
Reclassification adjustment for gains on available-for-sale securities realized in net loss, net income taxes					(362,810)				(362,810)
Share-based compensation (Note 13)			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		1,964,138,365		(9,495,674)		(861,126,804)		1,093,616,234
Ending balance (in shares) at Dec. 31, 2023 \| shares	155,117,030	155,117,030
Increase (decrease) in shareholders' deficit
Net loss							(193,200,639)		(193,200,639)
Foreign currency translation adjustment, net of nil income taxes					6,366,312				6,366,312
Share-based compensation (Note 13)			24,232,978						24,232,978
Exercise of share-based awards	¥ 518		266,817						267,335
Exercise of share-based awards (in shares) \| shares	728,356	728,356
Ending balance at Dec. 31, 2024	¥ 100,865		1,988,638,160		(3,129,362)		(1,054,327,443)		931,282,220
Ending balance (in shares) at Dec. 31, 2024 \| shares	155,845,386	155,845,386
Increase (decrease) in shareholders' deficit
Net loss	¥ 0		0		0		(39,385,588)		(39,385,588)	$ (5,632,064)
Foreign currency translation adjustment, net of nil income taxes	0		0		(14,861,312)		0		(14,861,312)	(2,125,139)
Share-based compensation (Note 13)			27,731,397						27,731,397
Exercise of share-based awards	¥ 435		164,152						164,587
Exercise of share-based awards (in shares) \| shares	608,028	608,028
Ending balance at Dec. 31, 2025	¥ 101,300	$ 14,486	¥ 2,016,533,709	$ 288,360,485	¥ (17,990,674)	$ (2,572,632)	¥ (1,093,713,031)	$ (156,398,883)	¥ 904,931,304	$ 129,403,456
Ending balance (in shares) at Dec. 31, 2025 \| shares	156,453,414	156,453,414

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Refundable deposits from franchised stores-current	¥ 100,288,691		¥ 51,690,234
Construction payable	55,417,029		20,327,073
Sales rebate	51,155,685		6,135,710
Accrued payroll and social insurance	37,566,931		26,300,779
Accrued warehouse rental	31,739,789		8,593,422
Accrued selling and marketing expenses	31,658,518		23,150,372
Warranty-current	25,878,752		19,746,554
Other taxes payable	24,900,193		9,065,664
Operating lease liabilities-current (Note 17)	3,187,599		1,253,020
Others	43,020,424		35,093,180
Accrued expenses and other current liabilities	¥ 404,813,611	$ 57,887,575	¥ 201,356,008

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares
Notes payable	¥ 394,285,714	$ 56,382,107	¥ 294,348,768
Accounts payable	704,089,088	100,683,400	869,015,140
Income taxes payable	2,197,710	314,268	1,071,914
Advances from customers	182,598,444	26,111,230	35,892,860
Deferred revenue-current	75,148,049	10,746,028	50,247,103
Accrued expenses and other current liabilities	404,813,611	57,887,575	201,356,008
Deferred revenue-non-current	23,316,175	3,334,169	16,886,859
Deferred income tax liabilities	2,057,892	294,275	3,269,464
Operating lease liabilities	3,956,501	565,772	89,990
Other non-current liabilities	¥ 12,941,916	$ 1,850,669	¥ 9,697,841
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	141,231,394	141,231,394	139,303,366
Ordinary shares, outstanding \| shares	141,231,394	141,231,394	139,303,366
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	15,222,020	15,222,020	16,542,020
Ordinary shares, outstanding \| shares	15,222,020	15,222,020	16,542,020
VIE
Notes payable	¥ 394,285,714		¥ 294,348,768
Accounts payable	670,748,944		856,557,922
Income taxes payable	933,612		909,115
Advances from customers	174,904,222		32,623,364
Deferred revenue-current	75,148,049		50,247,103
Accrued expenses and other current liabilities	382,533,451		192,470,955
Deferred revenue-non-current	23,316,175		16,886,859
Deferred income tax liabilities	2,057,892		3,269,464
Operating lease liabilities	976,934		89,990
Other non-current liabilities	¥ 12,941,916		¥ 9,697,841

Pay vs Performance Disclosure	12 Months Ended
Pay vs Performance Disclosure	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ (39,385,588)	$ (5,632,064)	¥ (193,200,639)	¥ (271,835,982)

- Definition

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

+ References

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

18. COMMITMENTS AND CONTINGENCIES

The Group did not have any significant capital or other commitments or guarantees or contingencies as of December 31, 2024 and 2025.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


		As of December 31,
		2024		2025
		RMB		RMB
Refundable deposits from franchised stores—current		51,690,234		100,288,691
Construction payable		20,327,073		55,417,029
Sales rebate		6,135,710		51,155,685
Accrued payroll and social insurance		26,300,779		37,566,931
Accrued warehouse rental		8,593,422		31,739,789
Accrued selling and marketing expenses		23,150,372		31,658,518
Warranty—current		19,746,554		25,878,752
Other taxes payable		9,065,664		24,900,193
Operating lease liabilities—current (Note 17)		1,253,020		3,187,599
Others*		35,093,180		43,020,424

Accrued expenses and other current liabilities		201,356,008		404,813,611

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

The Group provides limited warranties to its end customers for terms varying from 3 months to a lifetime, subject to certain conditions, such as normal use. For certain key components of electric scooter, the Group mainly provides quality warranties varying from 12 months to a lifetime. For battery packs, warranties generally range from 12 months to 60 months or 10,000 to 40,000-kilometer warranty, depending on the models. For the other components of the electric scooters, the Group provides quality warranties varying from 3 months to 36 months depending on the parts. The Group is responsible for replacing or repairing the faulty products during their respective warranty terms.

The movement of provision for warranty was as follows:


	For the Year Ended December 31,
	2023	2024	2025
Balance at the beginning of the year	33,812,290	25,325,839	29,293,848
Additional provisions recognized	21,565,131	27,645,757	45,999,122
Warranty claims paid	(30,051,582)	(23,677,748)	(36,618,707)
Balance at the end of the year	25,325,839	29,293,848	38,674,263

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

19. 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 Topic 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 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 Group’s consolidated financial statements. As of December 31, 2024 and 2025, 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,
		2024		2025
		RMB		RMB
Assets
Current assets
Cash and cash equivalents		40,441,814		48,651,480
Term deposits		68,289,800		—
Restricted cash		215,652,000		210,864,000
Prepayments and other current assets		13,518,861		10,497,711

Total current assets		337,902,475		270,013,191

Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries		600,596,446		642,812,016

Total assets		938,498,921		912,825,207

Liabilities
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE’s subsidiaries		4,632,432		4,529,580
Accrued expenses and other current liabilities		2,584,269		3,364,323

Total current liabilities and total liabilities		7,216,701		7,893,903

Shareholders’ equity:
Class A ordinary shares		90,549		91,796
Class B ordinary shares		10,316		9,504
Additional paid-in capital		1,988,638,160		2,016,533,709
Accumulated other comprehensive loss		(3,129,362)		(17,990,674)
Accumulated deficit		(1,054,327,443)		(1,093,713,031)

Total shareholders’ equity		931,282,220		904,931,304

Total liabilities and shareholders’ equity		938,498,921		912,825,207

(b)	Condensed Statements of Results of Operations


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Total operating expenses		(17,739,201)		(13,025,259)		(12,321,808)
Share of loss from subsidiaries, consolidated VIE and VIE’s subsidiaries		(270,498,551)		(195,199,614)		(36,346,156)
Interest income		16,401,770		15,024,234		9,282,376
Loss before income taxes		(271,835,982)		(193,200,639)		(39,385,588)
Income tax expense		—		—		—

Net loss		(271,835,982)		(193,200,639)		(39,385,588)

(c)	Condensed Statements of Cash Flows


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net cash provided by (used in) operating activities		14,392,402		(177,106)		1,448,176
Net cash provided by (used in) investing activities		133,818,900		(89,689,320)		7,644,080
Net cash provided by financing activities		654,023		267,335		164,587
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash		4,034,789		4,212,517		(5,835,177)

Net increase (decrease) in cash, cash equivalents and restricted cash		152,900,114		(85,386,574)		3,421,666

Cash, cash equivalents and restricted cash at the beginning of the year		188,580,274		341,480,388		256,093,814

Cash, cash equivalents and restricted cash at the end of the year		341,480,388		256,093,814		259,515,480

OPERATING LEASES - Supplemental information related to operating leases (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
OPERATING LEASES
Operating lease right-of-use assets	¥ 75,954,225	¥ 71,223,350		$ 10,861,310
Operating lease liabilities-current (Note 10)	¥ 3,187,599	¥ 1,253,020
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 RMB192,470,955 and RMB382,533,451 as of December 31, 2024 and 2025, respectively)	Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB192,470,955 and RMB382,533,451 as of December 31, 2024 and 2025, respectively)		Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB192,470,955 and RMB382,533,451 as of December 31, 2024 and 2025, respectively)
Operating lease liabilities-non-current	¥ 3,956,501	¥ 89,990		$ 565,772
Total operating lease liabilities	7,144,100	1,343,010
Cash paid for amounts included in the measurement of operating lease liabilities	4,119,863	5,263,335	¥ 7,711,479
Right-of-use assets obtained in exchange for new operating lease liabilities	¥ 9,706,409	¥ 1,144,700	3,744,607
Modification to right-of-use assets			¥ (5,217,099)
Weighted average remaining lease term	2 years 6 months			2 years 6 months
Weighted average discount rate	3.09%			3.09%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Allowance for doubtful accounts	¥ 5,870,581	¥ 7,632,517	¥ 139,445,017
Foreign currency translation adjustment, income tax	0	0	0
Unrealized gain on available for sale securities, income tax	0	0	3,080
Reclassification adjustment for gain on available for sale securities realized in net income, income tax	¥ 0	¥ 0	¥ 64,025

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, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) installment shares	Dec. 31, 2023 CNY (¥) installment shares
Unvested restricted share units
SHARE-BASED COMPENSATION
Total fair value of restricted share units vested \| ¥			¥ 22,711,848	¥ 33,121,118	¥ 47,144,928
Unrecognized compensation expense \| ¥			¥ 39,331,351
Unrecognized compensation expense, recognition period			2 years 7 months 28 days
Number of awards granted (in shares)			6,339,600
Unvested restricted share units \| Share-Based Payment Arrangement, Tranche One
SHARE-BASED COMPENSATION
Number of equal installments in which the awards will vest \| installment					4
Unvested restricted share units \| Share-Based Payment Arrangement, Tranche Two
SHARE-BASED COMPENSATION
Number of awards granted (in shares)				320,000
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			2,337,681	2,326,755	2,313,923
Granted (in shares)			0	0	0
Unrecognized compensation expense \| ¥					¥ 0
Amended 2016 Plan and 2018 Plan
SHARE-BASED COMPENSATION
Total intrinsic value of share options exercised \| ¥			¥ 1,396,873	¥ 994,926	4,799,425
Total fair value of share options vested \| ¥					¥ 11,027,023

INCOME TAX - Reconciliation of differences between PRC statutory income tax rate and effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥) ¥ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares
Reconciliation of differences between PRC statutory income tax rate and effective income tax rate (in amount)
Expected taxation at PRC statutory tax rate	¥ (15,592,295)		¥ (54,201,797)	¥ (71,077,803)
Tax effect of taxexempt entities and differing tax rates in different jurisdictions			105,035	2,820,038
Non-deductible share-based compensation expenses	6,691,566		5,850,869	11,742,974
Other non-deductible expenses	4,745,881		888,261	2,491,593
Research and development expenses bonus deduction	(28,027,491)		(25,718,922)	(30,807,283)
Preferential tax rate difference	(338,266)		15,880,110	7,301,540
Others	2,026,356		1,116,269	229,108
Change in valuation allowance	6,688,725		32,473,625	67,106,949
Foreign tax effects	821,933
Total	¥ (22,983,591)	$ (3,286,610)	¥ (23,606,550)	¥ (10,192,884)
Tax Jurisdiction of Domicile [Extensible Enumeration]	CHINA	CHINA	CHINA	CHINA
Effect of preferential tax rates on basic earnings per Class A and Class B ordinary share \| ¥ / shares	¥ 0		¥ (0.1)	¥ (0.05)
Effect of preferential tax rates on diluted earnings per Class A and Class B ordinary share \| ¥ / shares	¥ 0		¥ (0.1)	¥ (0.05)
Reconciliation of differences between PRC statutory income tax rate and effective income tax rate (in percent)
PRC statutory tax rate	25.00%	25.00%
Share-based compensation expenses	(10.70%)	(10.70%)
Other non-deductible expenses	(7.60%)	(7.60%)
Tax incentives relating to R&D expenditures	44.90%	44.90%
Preferential tax rate difference	0.50%	0.50%
Other	(3.20%)	(3.20%)
Change in valuation allowance	(10.70%)	(10.70%)
Foreign tax effects	(1.30%)	(1.30%)
Actual income tax benefit (in percent)	36.90%	36.90%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash and cash equivalents


		As of December 31,
		2024		2025
		RMB		RMB
Financial institutions in mainland China
—Denominated in RMB		229,710,326		546,200,227
—Denominated in USD		311,341,363		216,499,485
—Denominated in EUR		66,246,844		103,125,928
—Denominated in GBP		1,127,657		1,286,142

Total cash and cash equivalents balances held at financial institutions in mainland China		608,426,190		867,111,782

Financial institutions in the United States
—Denominated in USD		1,583,932		497,269

Total cash balances held at financial institutions in the United States		1,583,932		497,269

Financial institutions in Hong Kong S.A.R.
—Denominated in USD		9,328,332		41,517,988
—Denominated in HKD		45,736		34,370
—Denominated in EUR		5,674		6,210

Total cash balances held at financial institutions in Hong Kong S.A.R.		9,379,742		41,558,568

Total cash balances held at financial institutions in other locations		10,485,440		15,382,246

Total cash and cash equivalents balances held at financial institutions		629,875,304		924,549,865

Schedule of term deposits


		As of December 31,
		2024		2025
		RMB		RMB
Financial institutions in mainland China
—Denominated in RMB		20,000,000		—
—Denominated in USD		254,351,895		128,235,695

Total term deposits		274,351,895		128,235,695

Schedule of cash and cash equivalents and restricted cash


	As of December 31,
	2024	2025
	RMB	RMB
Cash and cash equivalents	630,021,303	924,738,132
Restricted cash	216,395,796	210,864,000
Total cash, cash equivalents and restricted cash	846,417,099	1,135,602,132

Schedule of estimated useful lives of property and equipment


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

Summary of concentration of customers and suppliers


	For the Year Ended December 31,
	2023			2024			2025
	RMB	%		RMB	%		RMB	%
Greater than 10% of the total revenue:
Customer A	319,208,693	12	%	527,366,534	16	%	731,464,019	17	%

 

For the Year Ended December 31,

2023

2024

 

2025

RMB

 

RMB

 

RMB

 

Greater than 10% of total purchase:

Supplier Y

286,132,811

322,251,970

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

NOTES PAYABLE (Details)	1 Months Ended
NOTES PAYABLE (Details)	Jun. 30, 2025 CNY (¥)	Mar. 31, 2025 CNY (¥)	Nov. 30, 2024 CNY (¥) agreement	Oct. 31, 2024 CNY (¥) agreement	Jan. 31, 2024 CNY (¥)	Apr. 30, 2022 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Oct. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
NOTES PAYABLE
Notes payable							¥ 394,285,714	$ 56,382,107		¥ 294,348,768
April 2022 Twelve Month Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Debt term						12 months
Maximum credit facility amount						¥ 300,000,000
Notes payable							184,285,714			144,348,768
January 2024 Six Months Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Debt term					6 months
Maximum credit facility amount					¥ 50,000,000
March 2025 Six Months Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Debt term		6 months
Maximum credit facility amount		¥ 60,000,000							¥ 100,000,000
January 2024 And March 2025 Six Months Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Notes payable							100,000,000			50,000,000
October 2024 And November 2024 Twelve Months Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Maximum credit facility amount							200,000,000			100,000,000
Notes payable							80,000,000			¥ 100,000,000
Number of debt arrangements entered \| agreement			2	2
October 2024 Twelve Months Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Debt term				12 months
Maximum credit facility amount				¥ 50,000,000			100,000,000
November 2024 Twelve Months Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Debt term			12 months
Maximum credit facility amount			¥ 50,000,000				100,000,000
June 2025 Twelve Months Revolving Loan Facility \| Notes Payable to Banks
NOTES PAYABLE
Debt term	12 months
Maximum credit facility amount	¥ 30,000,000
Notes payable							¥ 30,000,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Value added taxes, Revenue recognition (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Revenue recognition
Cost of revenues	¥ 3,464,294,613	$ 495,387,541	¥ 2,789,533,350	¥ 2,081,010,633
Free service period	1 year	1 year
Transaction price allocated to remaining performance obligations	¥ 281,062,668
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue recognition
Transaction price allocated to remaining performance obligations	¥ 257,746,493
Period over which remaining performance obligation is expected to be recognized as revenue	12 months
Shipping costs
Revenue recognition
Cost of revenues	¥ 74,501,053		¥ 70,938,685	¥ 52,541,201
Minimum
Revenue recognition
Return and refund policy term (in days)	7 days	7 days
Maximum
Revenue recognition
Return and refund policy term (in days)	30 days	30 days

OTHER NON-CURRENT ASSETS (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
OTHER NON-CURRENT ASSETS
Deposits	¥ 16,935,994		¥ 6,531,928
Prepayment for property, plant and equipment	8,423,185		8,683,050
Prepayment for insurance	10,628,935		4,103,681
Other non-current assets	¥ 35,988,114	$ 5,146,232	¥ 19,318,659

INCOME TAX - Deferred income tax assets and deferred income tax liabilities (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets
Net operating loss carry forwards	¥ 130,002,615	¥ 115,610,787
Accrued warranty	5,801,139	4,394,077
Advertising expense	2,113,991	2,113,991
Deferred revenue	16,727,916	10,709,100
Allowance for doubtful accounts	40,986,292	43,361,947
Lease Liabilities	1,502,360	226,552
Write-downs of inventories	19,587,760	6,426,901
Less: Valuation allowance	(146,944,656)	(140,255,931)	¥ (107,782,306)	¥ (40,764,285)
Total deferred income tax assets, net	69,777,417	42,587,424
Deferred income tax liabilities
Operating lease right-of-use assets	1,502,360	226,551
Property, plant and equipment	12,875,517	13,878,083
Total deferred income tax liabilities	14,377,877	14,104,634
Net deferred income tax assets	57,457,432	31,752,254
Net deferred income tax liabilities	¥ 2,057,892	¥ 3,269,464

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed Statements of Cash Flows
Net cash provided by (used in) operating activities	¥ 353,270,015	$ 50,516,940	¥ 52,286,618	¥ 93,735,092
Net cash provided by (used in) investing activities	(90,600,683)	(12,955,725)	(292,428,847)	216,310,708
Net cash provided by financing activities	40,164,587	5,743,460	100,267,335	(59,345,977)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(13,648,886)	(1,951,765)	6,051,800	8,913,200
Net increase (decrease) in cash, cash equivalents and restricted cash	289,185,033	41,352,910	(133,823,094)	259,613,023
Cash, cash equivalents and restricted cash at the beginning of the year	846,417,099	121,036,035	980,240,193	720,627,170
Cash, cash equivalents and restricted cash at the end of the year	1,135,602,132	$ 162,388,945	846,417,099	980,240,193
Reportable Legal Entities \| Parent
Condensed Statements of Cash Flows
Net cash provided by (used in) operating activities	1,448,176		(177,106)	14,392,402
Net cash provided by (used in) investing activities	7,644,080		(89,689,320)	133,818,900
Net cash provided by financing activities	164,587		267,335	654,023
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(5,835,177)		4,212,517	4,034,789
Net increase (decrease) in cash, cash equivalents and restricted cash	3,421,666		(85,386,574)	152,900,114
Cash, cash equivalents and restricted cash at the beginning of the year	256,093,814		341,480,388	188,580,274
Cash, cash equivalents and restricted cash at the end of the year	¥ 259,515,480		¥ 256,093,814	¥ 341,480,388

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 924,738,132	$ 132,235,794	¥ 630,021,303
Term deposits	128,235,695	18,337,460	274,351,895
Restricted cash	210,864,000	30,153,151	216,395,796
Prepayments and other current assets	343,536,572	49,125,076	267,938,339
Total current assets	2,359,987,270	337,473,690	2,169,806,471
Non-current assets
Total assets	2,950,336,404	421,892,493	2,613,158,167
Current liabilities
Accrued expenses and other current liabilities	404,813,611	57,887,575	201,356,008
Total current liabilities and total liabilities	2,045,405,100	292,489,037	1,681,875,947
Shareholders' equity:
Additional paid-in capital	2,016,533,709	288,360,485	1,988,638,160
Accumulated other comprehensive loss	(17,990,674)	(2,572,632)	(3,129,362)
Accumulated deficit	(1,093,713,031)	(156,398,883)	(1,054,327,443)
Total shareholders' equity	904,931,304	129,403,456	931,282,220	¥ 1,093,616,234	¥ 1,310,097,877
Total liabilities and shareholders' equity	2,950,336,404	421,892,493	2,613,158,167
Class A ordinary shares
Shareholders' equity:
Ordinary shares	91,796	13,127	90,549
Class B ordinary shares
Shareholders' equity:
Ordinary shares	9,504	$ 1,359	10,316
Parent \| Reportable Legal Entities
Current assets
Cash and cash equivalents	48,651,480		40,441,814
Term deposits			68,289,800
Restricted cash	210,864,000		215,652,000
Prepayments and other current assets	10,497,711		13,518,861
Total current assets	270,013,191		337,902,475
Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE's subsidiaries	642,812,016		600,596,446
Total assets	912,825,207		938,498,921
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE's subsidiaries	4,529,580		4,632,432
Accrued expenses and other current liabilities	3,364,323		2,584,269
Total current liabilities and total liabilities	7,893,903		7,216,701
Shareholders' equity:
Additional paid-in capital	2,016,533,709		1,988,638,160
Accumulated other comprehensive loss	(17,990,674)		(3,129,362)
Accumulated deficit	(1,093,713,031)		(1,054,327,443)
Total shareholders' equity	904,931,304		931,282,220
Total liabilities and shareholders' equity	912,825,207		938,498,921
Parent \| Reportable Legal Entities \| Class A ordinary shares
Shareholders' equity:
Ordinary shares	91,796		90,549
Parent \| Reportable Legal Entities \| Class B ordinary shares
Shareholders' equity:
Ordinary shares	¥ 9,504		¥ 10,316

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

13. 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 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 2,313,923, 2,326,755 and 2,337,681 ordinary shares for the years ended December 31, 2023, 2024 and 2025, representing 1.5% of total issued and outstanding shares as of December 31, 2022, 2023 and 2024, respectively, pursuant to the 2018 Share Incentive Plan.

No share options had been granted for the years ended December 31, 2023, 2024 and 2025. All the outstanding share options had been fully vested and no unrecognized compensation expense related to share options as of December 31, 2023.

A summary of the share options activities under the Amended 2016 Plan and the 2018 Plan for the year ended December 31, 2025 was presented below:


						Weighted
				Weighted		average
				average		remaining		Aggregate
		Number of		exercise		contractual		intrinsic
		shares		price		years		value
				US$				US$
Outstanding at January 1, 2025		3,753,328		2.45		3.65		792,578
Exercised		(115,220)		0.20		—		—
Expired		(140)		0.20		—		—
Outstanding at December 31, 2025		3,637,968		2.52		2.72		1,347,928
Exercisable as of December 31, 2025		3,637,968		2.52		2.72		1,347,928

The total intrinsic value of share options exercised for the years ended December 31, 2023, 2024 and 2025, were RMB4,799,425,RMB994,926 and RMB1,396,873, respectively. The total fair value of share options vested for the years ended December 31, 2023 was RMB11,027,023.

Compensation expenses recognized for share options for the years ended December 31, 2023 was allocated to the following expense items:


		For the Year Ended
		December 31,
		2023
		RMB
Selling and marketing expenses		905,764
Research and development expenses		2,191,242
General and administrative expenses		3,047,542
Total share options compensation expenses		6,144,548

A summary of the restricted share units activities for the year ended December 31, 2025 was presented below:


				Weighted
				average grant
		Number of		date fair
		shares		value
				US$
Unvested as of January 1, 2025		2,753,342		2.05

Granted		6,339,600		0.89
Vested		(1,023,514)		3.11
Forfeited		(398,900)		1.15

Unvested as of December 31, 2025		7,670,528		1.00

The restricted share units are generally scheduled to be vested over four equal annual installments, except for 320,000 restricted share units granted in 2024 with vesting in two equal annual installments under 2018 Plan. The total fair value of restricted share units vested during the years ended December 31, 2023, 2024 and 2025 was RMB47,144,928, RMB33,121,118 and RMB22,711,848, respectively.

Compensation expenses recognized for restricted share units for the years ended December 31, 2023, 2024 and 2025 were allocated to the following expense items:


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		1,237,902		751,445		858,055
Selling and marketing expenses		9,085,924		7,110,420		5,396,473
Research and development expenses		19,462,704		7,325,327		9,890,499
General and administrative expenses		11,728,226		9,045,786		11,586,370
Total restricted share units compensation expenses		41,514,756		24,232,978		27,731,397

As of December 31, 2025, RMB39,331,351 of total unrecognized compensation expense related to restricted share units was expected to be recognized over a weighted average period of approximately 2.66 years.

Total share-based compensation expenses recognized for the years ended December 31, 2023, 2024 and 2025 were allocated to the following expense items:


		For the Year Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cost of revenues		1,237,902		751,445		858,055
Selling and marketing expenses		9,991,688		7,110,420		5,396,473
Research and development expenses		21,653,946		7,325,327		9,890,499
General and administrative expenses		14,775,768		9,045,786		11,586,370
Total share-based compensation expense		47,659,304		24,232,978		27,731,397