0001193125-22-133595 | 20-F | XBRL Viewer

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Long-term Borrowings - Schedule of Long-Term Borrowings (Detail) - Banks [Member] - LPR+0.295% - Long-term Debt [Member]	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Debt Instrument [Line Items]
Floating annual rate (%)	0.295%	0.295%
Long term borrowings	¥ 145,311,721	$ 22,802,580	¥ 102,415,457
Minimum [Member]
Debt Instrument [Line Items]
Term	30 months
Maximum [Member]
Debt Instrument [Line Items]
Term	95 months

Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of the Parent Company

26. Condensed financial information of the parent company

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

Condensed balance sheets


	As of December 31,
	2020		2021
	RMB		RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		813,175,789		558,271,954		87,605,052
Short-term investments		—		200,238,180		31,421,740
Short-term amounts due from related parties		1,743,981,590		1,595,236,014		250,327,341

Total current assets		2,557,157,379		2,353,746,148		369,354,133

Non-current assets:
Investments in subsidiaries, VIEs and VIEs’ subsidiaries		10,178,732,276		10,850,691,369		1,702,710,255

Total non-current assets		10,178,732,276		10,850,691,369		1,702,710,255

TOTAL ASSETS		12,735,889,655		13,204,437,517		2,072,064,388

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accrued expenses and other current liabilities		6,206,202		2,020,586		317,074
Short-term amounts due to related parties		7,835,083		4,329,997		679,471

Total current liabilities		14,041,285		6,350,583		996,545


	As of December 31,
	2020			2021
	RMB			RMB			US$
Non-current liabilities
Convertible senior notes		822,004,519			681,400,553			106,926,616

Total non-current liabilities		822,004,519			681,400,553			106,926,616

TOTAL LIABILITIES		836,045,804			687,751,136			107,923,161

Commitments and contingencies
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,811 shares issued and 189,514,026 shares outstanding, as of December 31, 2020; 656,508,828 shares authorized, 201,304,881 shares issued and 190,243,651 shares outstanding, as of December 31, 2021)		132,052			132,052			20,722
Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2020 and 2021)		43,836			43,836			6,879
Treasury shares		(371,551,131	)		(346,320,584	)		(54,345,257	)
Additional paid-in capital		4,007,259,660			4,017,374,973			630,413,799
Accumulated other comprehensive loss		(51,419,766	)		(58,997,174	)		(9,257,944	)
Retained earnings		8,315,379,200			8,904,453,278			1,397,303,028

Total shareholders’ equity		11,899,843,851			12,516,686,381			1,964,141,227

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		12,735,889,655			13,204,437,517			2,072,064,388

Condensed statements of comprehensive income


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Share-based compensation expense		(87,299,053	)		(45,633,820	)		(35,344,620	)		(5,546,342	)
General and administrative		(43,146,732	)		(38,512,789	)		(9,973,856	)		(1,565,116	)
Interest and investment income, net		(10,149,429	)		(15,718,860	)		(22,506,569	)		(3,531,772	)
Other non-interest income		20,498,736			19,633,391			4,979,926			781,459
Foreign exchange loss, net		9,946,070			2,073,798			352,492			55,314
Income from the repurchase of convertible senior notes		—			622,109,001			12,046,522			1,890,362
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		3,374,438,333			414,867,940			639,520,183			100,354,672

Net income before income taxes		3,264,287,925			958,818,661			589,074,078			92,438,577
Income tax expense		—			—			—			—

Net income		3,264,287,925			958,818,661			589,074,078			92,438,577

Other comprehensive income
Foreign currency translation adjustment		31,893,073			(38,454,600	)		(7,577,408	)		(1,189,061	)

Total comprehensive income		3,296,180,998			920,364,061			581,496,670			91,249,516

Condensed statements of cash flows


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income		3,264,287,925			958,818,661			589,074,078			92,438,577
Adjustments to reconcile net income to net cash used in operating activities:
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		(3,374,438,333	)		(414,867,940	)		(639,520,183	)		(100,354,672	)
Share-based compensation expense		87,299,053			45,633,820			35,344,620			5,546,342
Income from the repurchase of convertible senior notes		—			(622,109,001	)		(12,046,522	)		(1,890,362	)
Accrued interest of convertible senior notes		23,934,289			27,107,232			15,982,460			2,507,997
Unrealized investment income of short-term Investments		—			—			4,264,330			669,166
Foreign exchange (income)/loss net		(9,946,070	)		(2,073,798	)		(352,492	)		(55,314	)
Changes in operating assets and liabilities:
Receivables from related party		(34,551	)		(221,873,465	)		(97,924	)		(15,366	)
Payable to employees		(2,312,714	)		(176,326	)		(762	)		(120	)
Other current receivables		1,096,665			618,772			—			—
Other current payables		4,292,086			5,651,200			(4,184,856	)		(656,694	)
Net cash used in operating activities		(5,821,650	)		(223,270,845	)		(11,537,251	)		(1,810,446	)


	For the years ended December 31,
	2019		2020			2021
	RMB		RMB			RMB			US$

Net cash provided by /(used in) investing activities		330,197,330		1,497,130,562			(132,143,216	)		(20,736,154	)
Net cash provided by/(used in) financing activities		9,587,663		(1,522,314,300	)		(127,088,249	)		(19,942,920	)
Effect of exchange rate changes on cash and cash equivalents		100,137,695		84,221,631			15,864,881			2,489,546
Net increase/(decrease) in cash and cash equivalents		434,101,038		(164,232,952	)		(254,903,835	)		(39,999,974	)
Cash and cash equivalents at beginning of the year		543,307,703		977,408,741			813,175,789			127,605,026

Cash and cash equivalents at end of the year		977,408,741		813,175,789			558,271,954			87,605,052

Basis of presentation

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

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

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

Loan Principal and Financing Service Fee Receivables

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loan Principal and Financing Service Fee Receivables

3. Loan principal and financing service fee receivables

3.1 Loan principal and financing service fee receivables consists of the following:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Short-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables		4,789,696,238			2,639,004,889			414,117,453
Less: allowance for loan principal and financing service fee receivables		(849,234,936	)		(267,039,108	)		(41,904,263	)

Short-term loan principal and financing service fee receivables, net		3,940,461,302			2,371,965,781			372,213,190

3.2 The following table presents nonaccrual loan principal as of December 31, 2020 and 2021, respectively.


	As of December 31,
	2020			2021
	RMB			RMB			US$
Nonaccrual loan principal		254,885,248			91,016,662			14,282,500
Less: allowance for nonaccrual loan principal		(249,361,894	)		(89,311,940	)		(14,014,992	)

Nonaccrual loan principal, net		5,523,354			1,704,722			267,508

3.3 The following table presents the aging of

past-due

loan principal and financing service fee receivables as of December 31, 2020:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Domestic consumer loans (uncollateralized)
– Loan principal		51,672,697		45,870,724		53,291,222		68,498,711		83,947,214		102,439,323		405,719,891		4,307,995,865		4,713,715,756
– Financing service fee receivables		1,108,845		1,551,330		2,556,916		—		—		—		5,217,091		70,763,391		75,980,482

		52,781,542		47,422,054		55,848,138		68,498,711		83,947,214		102,439,323		410,936,982		4,378,759,256		4,789,696,238

The following table presents the aging of

past-due

loan principal and financing service fee receivables as of December 31, 2021:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		US$
Domestic consumer loans (uncollateralized)
– Loan principal		43,284,767		32,715,863		28,694,398		27,904,847		29,486,766		33,625,049		195,711,690		2,399,252,995		2,594,964,685		407,206,584
– Financing service fee receivables		650,524		821,076		926,548		—		—		—		2,398,148		41,642,056		44,040,204		6,910,869

		43,935,291		33,536,939		29,620,946		27,904,847		29,486,766		33,625,049		198,109,838		2,440,895,051		2,639,004,889		414,117,453

As of December 31, 2020 and 2021, all loans which are past due 90 days or more are nonaccrual.

3.4 Movement of allowance for loan principal and financing service fee receivables is as follows:


	As of December 31,
	2020									2021
	Loan principal			Financing service fee receivables			Total			Loan principal			Financing service fee receivables			Total
	RMB			RMB			RMB			RMB			RMB			RMB			US$
Balance at the beginning of the year		1,502,171,991			26,680,910			1,528,852,901			837,075,499			12,159,437			849,234,936			133,263,493
Adjustment due to the adoption of ASC 326		13,023,667			—			13,023,667			—			—			—			—
Additions/ (reverse)		1,448,967,890			(14,521,473	)		1,434,446,417			(186,372,132	)		(8,805,433	)		(195,177,565	)		(30,627,620	)
Charge-offs		(2,127,088,049	)		—			(2,127,088,049	)		(387,018,263	)		—			(387,018,263	)		(60,731,610	)

Balance at the end of the year		837,075,499			12,159,437			849,234,936			263,685,104			3,354,004			267,039,108			41,904,263

Evaluated for impairment on a portfolio basis		837,075,499			12,159,437			849,234,936			263,685,104			3,354,004			267,039,108			41,904,263

Consolidated Statements of Changes in Shareholder's Equity	CNY (¥)	USD ($)	Class A and B Ordinary Shares [Member] CNY (¥) shares	Treasury Stock [Member] CNY (¥)	Additional Paid-in Capital [Member] CNY (¥)	Accumulated Other Comprehensive Loss/ Foreign Currency Translation Adjustment [Member] CNY (¥)	Retained earnings/ (accumulated deficit) [Member] CNY (¥)	Total Qudian Inc. shareholders' equity CNY (¥)	Non-controlling interests CNY (¥)	Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained earnings/ (accumulated deficit) [Member] CNY (¥)	Cumulative Effect, Period of Adoption, Adjustment [Member] Total Qudian Inc. shareholders' equity CNY (¥)
Beginning Balance at Dec. 31, 2018	¥ 10,820,613,256		¥ 205,278	¥ (362,130,324)	¥ 6,160,445,929	¥ (44,858,239)	¥ 5,066,950,612	¥ 10,820,613,256
Beginning balance, Number of shares at Dec. 31, 2018 \| shares			296,444,088
Canceled Shares			¥ (30,918)	2,087,241,398	(2,087,210,480)
Repurchase of ordinary shares, value	(2,087,241,398)			(2,087,241,398)				(2,087,241,398)
Repurchase of ordinary shares, Number of shares \| shares			(44,343,126)
Vesting of share options held by Share Based Payment Trust			¥ 702		(702)
Vesting of share options held by Share Based Payment Trust, Number of shares \| shares			1,037,500
Exercise of share options	4,322		¥ 412		3,910			4,322
Exercise of share options, Number of shares \| shares			591,564
Share-based compensation (Note 20)	87,299,053				87,299,053			87,299,053
Purchase of capped call option shares, value	(192,804,602)				(192,804,602)			(192,804,602)
Other comprehensive income (loss)	31,893,073					31,893,073		31,893,073
Net income	3,264,287,925						3,264,287,925	3,264,287,925
Ending Balance at Dec. 31, 2019	11,924,051,629		¥ 175,474	(362,130,324)	3,967,733,108	(12,965,166)	8,331,238,537	11,924,051,629
Ending balance, Number of shares at Dec. 31, 2019 \| shares			253,730,026
Issuance of shares by the Company's subsidiary	10,000,000								¥ 10,000,000
Repurchase of ordinary shares, value	(15,528,092)			(15,528,092)				(15,528,092)
Repurchase of ordinary shares, Number of shares \| shares			(1,495,291)
Vesting of share options held by Share Based Payment Trust			¥ 389		(389)
Vesting of share options held by Share Based Payment Trust, Number of shares \| shares			562,500
Exercise of share options	431		¥ 25	6,107,285	(6,106,879)			431
Exercise of share options, Number of shares \| shares			207,963
Share-based compensation (Note 20)	45,633,820				45,633,820			45,633,820
Other comprehensive income (loss)	(38,454,600)					(38,454,600)		(38,454,600)
Net income	958,818,661						958,818,661	958,818,661
Ending Balance at Dec. 31, 2020	11,909,843,851		¥ 175,888	(371,551,131)	4,007,259,660	(51,419,766)	8,315,379,200	11,899,843,851	10,000,000
Ending balance, Number of shares at Dec. 31, 2020 \| shares			253,005,198
Adjustments due to the adoption										¥ (974,677,998)	¥ (974,677,998)	¥ (974,677,998)
Exercise of share options	1,240		¥ 0	25,230,547	(25,229,307)			1,240
Exercise of share options, Number of shares \| shares			729,625
Share-based compensation (Note 20)	35,344,620				35,344,620			35,344,620
Other comprehensive income (loss)	(7,577,408)	$ (1,189,061)				(7,577,408)		(7,577,408)
Net income	585,926,978	91,944,729					589,074,078	589,074,078	(3,147,100)
Ending Balance at Dec. 31, 2021	¥ 12,523,539,281	$ 1,965,216,597	¥ 175,888	¥ (346,320,584)	¥ 4,017,374,973	¥ (58,997,174)	¥ 8,904,453,278	¥ 12,516,686,381	¥ 6,852,900
Ending balance, Number of shares at Dec. 31, 2021 \| shares			253,734,823

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

19. Fair value measurements

Assets and liabilities disclosed at fair value

The Company measures its cash and cash equivalents, restricted cash and cash equivalents, loan principal and financing service fee receivables, finance lease receivables, convertible senior notes and borrowings at amortized cost. The carrying value of loan principal and financing service fee receivables approximate their fair value due to their short-term nature and are considered a level 3 measurement. The fair value was estimated by discounting the scheduled cash flows through to estimated maturity using estimated discount rates based on current offering rates of comparable institutions with similar services. The guarantee liabilities are presented as a level 3 measurement, with fair value estimated by discounting expected future payouts, net charge off rates, expected collection rates and a discount rate for time value. The Company carries the convertible senior notes at face value less unamortized debt discount and issuance costs on its consolidated balance sheets and presents the fair value for disclosure purposes only. The fair value of the convertible senior notes is classified as Level 2 fair value measurements based on dealer quotes. For further information on the convertible senior notes see Note 13.

Assets measured at fair value on a nonrecurring basis

The Company measures its property and equipment, intangible assets and equity method investment at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.

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

fair value of investees is highly judgmental due to the subjectivity of the unobservable inputs (level 3) used in the valuation methodologies used to determine fair value. The Company uses valuation methodology under the market approach which requires management to use unobservable inputs (level 3) such as selection of comparable companies and their multiples, and discount for lack of marketability.

As of December 31, 2021, the Company measured a long-term investment at fair value on a nonrecurring basis using valuation methodology under the market approach. The significant unobservable inputs (level 3) include enterprise value to revenue multiple which was determined based on the median of selected comparable companies at

times, and the discount for lack of marketability which was estimated at

%. The fair value of the long-term investment was RMB

172

million (US$

million) as of December 31, 2021.

Assets and liabilities measured at fair value on a recurring basis

The Company measured its short-term investments, long-term investments with readily determinable fair values, derivative instruments, investment in equity method investee under fair value option and guarantee liabilities at fair value on a recurring basis. As the Company’s guarantee liabilities are not traded in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of guarantee liabilities. Guarantee liabilities are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. The Company did not transfer any assets or liabilities in or out of level 3 during the years ended December 31, 2020 and 2021.

The following table summarizes the Company’s financial assets and liabilities measured or disclosed at fair value on recurring basis as of December 31, 2020 and 2021:


	As of December 31, 2020
	Active market (Level 1)		Observable input (Level 2)		Non-observable input (Level 3)		Total
	RMB		RMB		RMB		RMB
Assets:

Short-term investments		—		5,042,314,438		—		5,042,314,438
Investment in equity method investee under fair value option		306,275,523		—		—		306,275,523
Liabilities:
Guarantee liabilities		—		—		11,697,633		11,697,633
Convertible senior notes		—		626,692,320		—		626,692,320

	As of December 31, 2021
	Active market (Level 1)		Observable input (Level 2)		Non-observable input (Level 3)		Total
	RMB		RMB		RMB		RMB
Assets:
Short-term investments		2,412,379,263		3,514,221,498				5,926,600,761
Long-term investments		62,425,472		—		—		62,425,472
Derivative instruments		—		17,375,517		—		17,375,517
Liabilities:
Guarantee liabilities		—		—		885,303		885,303
Convertible senior notes		—		611,000,109		—		611,000,109

	As of December 31, 2021
	Active market (Level 1)		Observable input (Level 2)		Non-observable input (Level 3)		Total
	US$		US$		US$		US$
Assets:
Short-term investments		378,554,948		551,458,039				930,012,987
Long-term investments		9,795,919		—		—		9,795,919
Derivative instruments		—		2,726,598		—		2,726,598
Liabilities:
Guarantee liabilities		—		—		138,923		138,923
Convertible senior notes		—		95,879,250		—		95,879,250

As of December 31, 2020 and 2021, the discounted cash flow methodology is used to estimate the fair value of guarantee liabilities. The significant unobservable inputs used in the fair value measurement of guarantee liabilities include the discount rate and expected delinquency rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair

value of guarantee liabilities; conversely a decrease in the discount rate can significantly increase the fair value of the guarantee liabilities. The discount rate is determined based on the market rates. Increase in the expected delinquency rates can significantly increase the fair value of guarantee liabilities; conversely a decrease in the expected delinquency rates can significantly decrease the fair value of guarantee liabilities.

Significant Unobservable Inputs


		Range of Inputs Weighted - Average As of December 31,
Financial Liabilities	Unobservable Input	2020		2021
Guarantee liabilities	Discount rates		6.04%		6.04%
	Expected delinquency rates		22.57%-23.03%		18.77%-19.70%

Refer to Note 12.1 for additional information about Level 3 guarantee liabilities measured at fair value on a recurring basis for the years ended December 31, 2020 and 2021.

- Definition

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

+ References + Details

Organization (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Company's Subsidiaries, VIE and Subsidiaries of VIE

As of December 31, 2021, the Company’s main subsidiaries and VIEs are as follows:


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company			Principal activities
Subsidiaries
QD Data Limited (“Qudian HK”)	December 2, 2016	Hong Kong (“HK”)		100	%	Investment holding
QD Technology Limited (“Qudian BVI”)	November 23, 2016	British Virgin Islands (“BVI”)		100	%	Investment holding
Qufenqi (Ganzhou) Information Technology Co., Ltd. (“Qufenqi Ganzhou”)	September 5, 2016	PRC		100	%	Investment holding, research and development
Qudian Inc. Equity Incentive Trust (“Share Based Payment Trust”)	December 30, 2016	HK		Nil		Employee benefits
Qufenqi (HK) Limited (“Qufenqi HK”)	April 28, 2014	HK		100	%	Investment holding
Xiamen Qudian Financial Lease Co., Ltd. (“Xiamen Financial Lease”)	April 21, 2017	PRC		100	%	Financial lease
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC		100	%	Technology development and service
Qu Plus Plus Inc. (“Qu Plus Plus”)	June 28, 2018	Cayman Islands		100	%	Investment holding
Qu Plus Plus Limited (“Qu Plus Plus BVI”)	June 29, 2018	BVI		100	%	Investment holding
Qu Plus (HK) Limited (“Qu Plus HK”)	May 12, 2020	HK		100	%	Investment holding
Xiamen Youxiang Time Technology Service Co., Ltd. (“Xiamen Youxiang Time”)	August 3, 2018	PRC		100	%	Technology development and service, research and development
Xiamen Xincheng Youda Financing Guarantee Co., Ltd. (“Xiamen Xincheng Youda”)	March 7, 2019	PRC		100	%	Financing guarantee service
WLM Kids Inc. (“WLM Kids”)	February 24, 2021	Cayman Islands		100	%	Investment holding
WLM Kids Limited (“WLM Kids BVI”)	February 26, 2021	BVI		100	%	Investment holding


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company			Principal activities
WLM Kids (HK) Limited (“WLM Kids HK”)	March 9, 2021	HK		100	%	Investment holding
VIEs
Beijing Happy Time Technology Development Co., Ltd. (“Beijing Happy Time”)	April 9, 2014	PRC		Nil		Technology development and service, sale of products
Ganzhou Qudian Technology Co., Ltd. (“Ganzhou Qudian”)	November 25, 2016	PRC		Nil		Technology development service, sale of products and educational services
Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC		Nil		Technology development and service, sale of products
Xiamen Weipujia Technology Co., Ltd. (“Xiamen Weipujia”)	June 6, 2018	PRC		Nil		Household service
Xiamen Qu Plus Plus Technology Co., Ltd. (“Xiamen Qu Plus Plus”)	June 5, 2019	PRC		Nil		Technology development and service, sale of products

Schedule of Financial Statements Information of VIEs

The table sets forth the assets and liabilities of the VIEs included in the Company’s consolidated balance sheets:


	As of December 31,
	2020		2021
	RMB		RMB		US$
Short-term loan principal and financing service fee receivables		3,916,692,275		2,339,575,202		367,130,402
Other current assets		7,128,274,773		9,427,793,161		1,479,426,476

Total current assets		11,044,967,048		11,767,368,363		1,846,556,878

Total non-current assets		1,360,688,649		1,744,115,342		273,689,755

Total assets		12,405,655,697		13,511,483,705		2,120,246,633

Total current liabilities		1,541,885,470		1,339,051,890		210,126,461
Total non-current liabilities		184,760,974		592,668,094		93,002,557

Total liabilities		1,726,646,444		1,931,719,984		303,129,018

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


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$


Revenues		8,049,577,016		3,549,458,230		1,600,712,429		251,186,710
Net income		3,440,929,911		562,471,865		868,473,261		136,282,407

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

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


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Net cash provided by operating activities		4,362,960,828			2,250,346,449			747,408,333			117,284,677
Net cash used in investing activities		(842,120,427	)		(2,252,529,599	)		645,957,049			101,364,757
Net cash used in financing activities		(2,855,955,341	)		(1,429,389,722	)		(571,156,011	)		(89,626,842	)

The amount of the net assets of the VIEs were RMB 10,679 million and RMB 11,580 million (US$ 1,817 million) as of December 31, 2020 and 2021. The creditors of the VIEs’ third-party liabilities did not have recourse to the general credit of the Primary Beneficiary in the normal course of business.

- 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

Finance Lease Receivables - Schedule of Finance Lease Receivable (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Leases [Abstract]
Gross investment in finance lease receivables	¥ 38,290,695	$ 6,008,646	¥ 245,124,532
Less: unearned income	(1,287,015)	(201,961)	(12,191,011)
Net investment in finance lease receivables	37,003,680	5,806,685	232,933,521
Less: allowance for finance lease receivables	(5,142,488)	(806,968)	(24,549,329)
Finance lease receivables, net	¥ 31,861,192	$ 4,999,717	¥ 208,384,192

Loan Principal and Financing Service Fee Receivables - Summary of Movement of Allowance for Loan Principal and Financing Service Fee Receivables (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	¥ 849,234,936	$ 133,263,493	¥ 1,528,852,901
Adjustment due to the adoption of ASC 326	0	0	13,023,667
Additions	(195,177,565)	(30,627,620)	1,434,446,417
Charge-offs	(387,018,263)	(60,731,610)	(2,127,088,049)
Balance at the end of the year	267,039,108	$ 41,904,263	849,234,936
Evaluated for impairment on a portfolio basis	267,039,108		849,234,936	$ 41,904,263
Loan Principal [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	837,075,499		1,502,171,991
Adjustment due to the adoption of ASC 326	0		13,023,667
Additions	(186,372,132)		1,448,967,890
Charge-offs	(387,018,263)		(2,127,088,049)
Balance at the end of the year	263,685,104		837,075,499
Evaluated for impairment on a portfolio basis	263,685,104		837,075,499
Financing Service Fee Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	12,159,437		26,680,910
Additions	(8,805,433)		(14,521,473)
Balance at the end of the year	3,354,004		12,159,437
Evaluated for impairment on a portfolio basis	¥ 3,354,004		¥ 12,159,437

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Organization

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Organization

1. Organization

Qudian Inc. (the “Company”, and where appropriate, the term “Company” also refers to its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of the VIEs is a limited company incorporated in the Cayman Islands under the laws of the Cayman Islands on November 16, 2016. The Company, through its subsidiaries, VIEs and subsidiaries of the VIEs, are principally engaged in the operation of online platforms to provide small consumer credit products in the People’s Republic of China (the “PRC”). The Company does not conduct any substantive operations of its own. As PRC law and regulations prohibit foreign control of companies involved in internet value-added business, the Company conducts its primary business operations through its subsidiaries, its VIEs and the subsidiaries of the VIEs.

As of December 31, 2021, the Company’s main subsidiaries and VIEs are as follows:


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company			Principal activities
Subsidiaries
QD Data Limited (“Qudian HK”)	December 2, 2016	Hong Kong (“HK”)		100	%	Investment holding
QD Technology Limited (“Qudian BVI”)	November 23, 2016	British Virgin Islands (“BVI”)		100	%	Investment holding
Qufenqi (Ganzhou) Information Technology Co., Ltd. (“Qufenqi Ganzhou”)	September 5, 2016	PRC		100	%	Investment holding, research and development
Qudian Inc. Equity Incentive Trust (“Share Based Payment Trust”)	December 30, 2016	HK		Nil		Employee benefits
Qufenqi (HK) Limited (“Qufenqi HK”)	April 28, 2014	HK		100	%	Investment holding
Xiamen Qudian Financial Lease Co., Ltd. (“Xiamen Financial Lease”)	April 21, 2017	PRC		100	%	Financial lease
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC		100	%	Technology development and service
Qu Plus Plus Inc. (“Qu Plus Plus”)	June 28, 2018	Cayman Islands		100	%	Investment holding
Qu Plus Plus Limited (“Qu Plus Plus BVI”)	June 29, 2018	BVI		100	%	Investment holding
Qu Plus (HK) Limited (“Qu Plus HK”)	May 12, 2020	HK		100	%	Investment holding
Xiamen Youxiang Time Technology Service Co., Ltd. (“Xiamen Youxiang Time”)	August 3, 2018	PRC		100	%	Technology development and service, research and development
Xiamen Xincheng Youda Financing Guarantee Co., Ltd. (“Xiamen Xincheng Youda”)	March 7, 2019	PRC		100	%	Financing guarantee service
WLM Kids Inc. (“WLM Kids”)	February 24, 2021	Cayman Islands		100	%	Investment holding
WLM Kids Limited (“WLM Kids BVI”)	February 26, 2021	BVI		100	%	Investment holding


Entity	Date of incorporation	Place of incorporation	Percentage of legal ownership by the Company			Principal activities
WLM Kids (HK) Limited (“WLM Kids HK”)	March 9, 2021	HK		100	%	Investment holding
VIEs
Beijing Happy Time Technology Development Co., Ltd. (“Beijing Happy Time”)	April 9, 2014	PRC		Nil		Technology development and service, sale of products
Ganzhou Qudian Technology Co., Ltd. (“Ganzhou Qudian”)	November 25, 2016	PRC		Nil		Technology development service, sale of products and educational services
Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC		Nil		Technology development and service, sale of products
Xiamen Weipujia Technology Co., Ltd. (“Xiamen Weipujia”)	June 6, 2018	PRC		Nil		Household service
Xiamen Qu Plus Plus Technology Co., Ltd. (“Xiamen Qu Plus Plus”)	June 5, 2019	PRC		Nil		Technology development and service, sale of products

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

Despite the lack of technical majority ownership, the Company has effective control of the VIEs through the VIE Agreements and a parent-subsidiary relationship exists between the Company and the VIEs. Through the VIE Agreements, the shareholders of the VIEs effectively assigned all of their voting rights underlying their equity interest in the VIEs to the Company. In addition, through the other exclusive agreements, which consist of

exclusive option agreement, exclusive business cooperation agreement, and equity pledge agreement, the Company, through its wholly-owned subsidiaries in the PRC, has the right to receive economic benefits from the VIEs that potentially could be significant to the VIEs. Lastly, through the financial support undertaking letter, the Company has the obligation to absorb losses of the VIEs that could potentially be significant to the VIEs. Therefore, the Company is considered the primary beneficiary of the VIEs and consolidates the VIEs and its consolidated subsidiaries as required by SEC Regulation

S-X

Rule

3A-02

and ASC topic 810 (“ASC 810”),

Consolidation.

The following is a summary of the VIE Agreements:

(1) Power of Attorney Agreements:

Pursuant to the power of attorney agreements signed between the VIEs’ nominee shareholders and WFOEs, each nominee shareholder irrevocably appointed WFOEs as its

attorney-in-fact

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

(2) Exclusive Call Option Agreements:

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

(3) Exclusive Business Cooperation Agreements:

Pursuant to the exclusive business cooperation agreements entered into by WFOEs and the VIEs and their subsidiaries, WFOEs provides exclusive technical support and consulting services in return for fees based on 100% of the VIEs’ profit before tax, which is adjustable at the sole discretion of WFOEs. Without WFOEs’ consent, the VIEs and their subsidiaries cannot procure services from any third party or enter into similar service

arrangements with any other third party, except for those from WFOEs. In addition, the profitable consolidated VIEs and their subsidiaries have granted WFOEs an exclusive right to purchase any or all of the business or assets of each of the profitable consolidated VIEs and their subsidiaries at the lowest price permitted under PRC law. The agreements are irrevocable or can only be unilaterally revoked/amended by WFOEs.

(4) Equity Pledge Agreements:

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

In addition, the Company entered into following agreements:

(1) Financial support undertaking letters

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

(2) Resolutions of all shareholders and resolution of the board of directors of Qudian Inc.

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

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

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

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

Except for the deposits that were held by banks and other institutions, trust beneficiaries and other funding partners (collectively referred as the “Funding Partners”) as guarantee deposits, all assets of the consolidated trusts, and the collateralization of the land lease right of use asset as described in Note

, there was no other pledge or collateralization of the VIEs’ assets. Creditors of the VIEs have no recourse to the general credit of the Company, who is the primary beneficiary of the VIEs, through its WFOEs. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The table sets forth the assets and liabilities of the VIEs included in the Company’s consolidated balance sheets:


	As of December 31,
	2020		2021
	RMB		RMB		US$
Short-term loan principal and financing service fee receivables		3,916,692,275		2,339,575,202		367,130,402
Other current assets		7,128,274,773		9,427,793,161		1,479,426,476

Total current assets		11,044,967,048		11,767,368,363		1,846,556,878

Total non-current assets		1,360,688,649		1,744,115,342		273,689,755

Total assets		12,405,655,697		13,511,483,705		2,120,246,633

Total current liabilities		1,541,885,470		1,339,051,890		210,126,461
Total non-current liabilities		184,760,974		592,668,094		93,002,557

Total liabilities		1,726,646,444		1,931,719,984		303,129,018

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


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$


Revenues		8,049,577,016		3,549,458,230		1,600,712,429		251,186,710
Net income		3,440,929,911		562,471,865		868,473,261		136,282,407

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


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Net cash provided by operating activities		4,362,960,828			2,250,346,449			747,408,333			117,284,677
Net cash used in investing activities		(842,120,427	)		(2,252,529,599	)		645,957,049			101,364,757
Net cash used in financing activities		(2,855,955,341	)		(1,429,389,722	)		(571,156,011	)		(89,626,842	)

Consolidated Trusts

The Company established several trusts to invest in loans through the Company’s platform using funds from the Company. Such trusts are administered by third party trust companies as the trustees. The Company provides loan facilitation service and financial guarantee to the trusts.

All assets of the consolidated trusts are collateral for the trusts’ obligations and can only be used to settle the trusts’ obligations.

Share Based Payment Trust

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Current and Deferred Component of Income Tax Expense

The current and deferred component of income tax expenses which were substantially attributable to the Company’s PRC subsidiaries, VIEs and subsidiaries of the VIEs, are as follows:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Current income tax expenses		494,121,097		129,397,492		135,188,353		21,214,002
Deferred income tax expenses		132,112,749		132,582,100		125,293,714		19,661,318

Total income tax expenses		626,233,846		261,979,592		260,482,067		40,875,320

Summary of Principal Components of Deferred Tax Assets and Liabilities

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


	As of December 31,
	2020			2021
	RMB			RMB			US$
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables		445,374,376			391,551,056			61,442,906
Allowance for finance lease receivable		14,360,187			10,216,523			1,603,195
Allowance for other current assets		44,792,004			66,008,093			10,358,110
Impairment loss from long-lived assets		—			39,083,895			6,133,116
Guarantee liabilities		203,687,822			186,637,271			29,287,461
Risk assurance liabilities		52,558,773			56,287,963			8,832,810
Share-based compensation		40,910,215			33,776,437			5,300,259
Fair value change on investments		—			2,691,614			422,373
Fair value change on financial assets		—			8,201,268			1,286,958
Lease liabilities		24,966,731			51,560,367			8,090,947
Advertising cost		—			1,787,054			280,428
Net operating loss carry forwards		94,886,663			272,561,783			42,770,891
Less: valuation allowance		(701,745,843	)		(838,371,909	)		(131,558,847	)

Total non-current deferred tax assets net of valuation allowance		219,790,928			281,991,415			44,250,607

Net non-current deferred tax assets		154,959,777			87,285,917			13,697,065

Non-current deferred tax liabilities
Contract assets		(15,735,380	)		—			—
Right-of-use assets		(26,360,534	)		(52,117,255	)		(8,178,335	)
Fair value change on financial assets		(10,230,912	)		(3,629,878	)		(569,607	)
Unallocated revenue		(23,427,601	)		(207,501,495	)		(32,561,513	)

Total non-current deferred tax liabilities		(75,754,427	)		(263,248,628	)		(41,309,455	)

Net non-current deferred tax liabilitie s		(10,923,276	)		(68,543,130	)		(10,755,913	)

Summary of Reconciliation of Income Taxes Expense

Reconciliation between the income taxes expense computed by applying the PRC statutory tax rate to profit before income taxes and the actual provision for income taxes is as follows:


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$

Profit before income tax		3,890,521,771			1,220,798,253			846,409,045			132,820,049
PRC statutory income tax rate		25	%		25	%		25	%		25	%
Income tax at statutory tax rate		972,630,443			305,199,563			211,602,261			33,205,012
Effect of different tax rates		(552,951,519	)		(272,361,568	)		(60,256,708	)		(9,455,592	)
Tax exempt income		(1,625,772	)		(350,121	)		—			—
Expenses not deductible for tax purposes		4,446,637			73,694,299			62,168,979			9,755,669
Adjustment on current income tax of the previous periods		2,453,713			24,502,181			8,525,032			1,337,763
Deferred only adjustment		72,206,605			—			26,769,243			4,200,679
Research and development super-deduction		(14,587,649	)		(20,606,639	)		(19,928,755	)		(3,127,257	)
Tax rate change		(11,870,214	)		(157,679,128	)		(105,024,051	)		(16,480,565	)
Changes in valuation allowance		155,531,602			309,581,005			136,626,066			21,439,611

Income tax expenses		626,233,846			261,979,592			260,482,067			40,875,320

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefit was as follows:


	For the years ended December 31,
	2020			2021
	RMB			RMB		US$
Balance at beginning of the year		—			—		—
Additions		3,322,470			2,588,962		406,265
Decreases		(3,322,470	)		—		—

Balance at end of the year		—			2,588,962		406,265

Long-term Borrowings - Additional Information (Detail) - CNY (¥) ¥ in Millions	1 Months Ended
	Nov. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted average interest rate		4.95%	4.95%
Term and Revolving Facility Agreement [Member]
Debt Instrument [Line Items]
Debt instrument maturity period	8 years
Line of credit, maximum capacity	¥ 1,200

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Basis of presentation

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

Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and the subsidiaries of the VIEs. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in Net income and Total equity. All inter-company transactions and balances have been eliminated.

Use of estimates

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

Revenue recognition

The Company generates revenues primarily by providing borrowers with merchandise and cash installment credit services, credit facilitation services, transaction services, automobile financing services,

e-commerce

sales and educational services.

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

•	Identify the contract(s) with a customer;

•	Identify the performance obligations in the contract;

•	Determine the transaction price;

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

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

Credit facilitation

The Company entered into credit facilitation arrangements with various Funding Partners. The Company: (i) matches borrowers with the Funding Partners which directly fund the credit drawdowns to the borrowers and (ii) provides post-origination services, such as short messaging reminder services throughout the term of the loans. For each successful match, the Company receives a recurring service fee throughout the term of the loans. When borrowers make instalment repayments directly to the Funding Partners, the Funding Partners will then remit the recurring service fees to the Company on a periodic basis. In addition, the Company provides a guarantee on the principal and accrued interest repayments of the defaulted loans to the Funding Partners.

The Company considers the loan facilitation service, post-origination services and guarantee service as separate services, of which the guarantee service and the post origination service is accounted for in accordance with ASC 815,

Derivatives and Hedging

, (“ASC 815”), ASC 460,

Guarantees

, (“ASC 460”) (refer to “Guarantee liabilities” and “Risk Assurance Liabilities” for additional information) and ASC 860,

Transfers and servicing of financial assets, respectively

(“ASC 860”).

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price allocated to loan facilitation income and post-origination services includes variable consideration which is contingent on the borrower making timely repayments. The amount of variable consideration is limited to the amount that is probable not to be reversed in future periods. Management estimated the variable consideration using the expected value method, based on historical defaults, current and forecasted borrower repayment trends and assessed whether variable consideration should be constrained. Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception.

The Company first allocates the transaction price to the guarantee liabilities or risk assurance liabilities. The remaining transaction price is then allocated to the loan facilitation services and post-origination services on a relative standalone selling price basis. The Company does not have observable price for the loan facilitation services and post-origination services because the services are not provided separately. As a result, the estimation of standalone selling price involves significant judgement. The Company estimates the standalone selling price of the loan facilitation and post-origination services using the expected cost plus a margin approach.

Revenues from loan facilitation services are recognized when the Company matches borrowers with the Funding Partners and the funds are provided to the borrower. Additionally, revenues from post-origination services are recognized evenly over the term of the loans as the services are performed. The loan facilitation income recognized was RMB 2,097,593,931, RMB (32,908,294) and RMB 37,028,082 (US$ 5,810,514) for the years ended December 31, 2019, 2020 and 2021, respectively. The post-origination services fee recognized was RMB 199,818,201, RMB 164,541,390 and RMB 2,502,967 (US$ 392,770) for the years ended December 31, 2019, 2020 and 2021, respectively.

Vehicle sales with guarantee

The Company sells vehicles to buyers and provides loan facilitation services to Funding Partners who provides financing to the vehicle buyers. The buyer obtains control of the vehicle when the buyer physically possesses the vehicle and when the Company receives cash consideration for the vehicle from the buyer. The Company will receive recurring service fees from the Funding Partners for its loan facilitation services and post-origination services throughout the term of the loan. In addition, the Company provides a guarantee on the principal and accrued interest repayments of the defaulted loans to the Funding Partners.

For vehicle sales, the Company determines the buyer to be its customer. The transaction price for the vehicle sale is the amount of consideration the Company receives from the buyer for the sale of the vehicle, net of value-added tax. The Company is the principal in the vehicle sale transaction and sales income is recognized on a gross basis when the title of the vehicle is transferred to the buyer.

For the loan facilitation services, the Company determines both the Funding Partners and the buyer to be its customers. The Company considers the loan facilitation service, post-origination services and guarantee service as separate services, of which the guarantee service and the post origination service is accounted for in accordance with ASC 815 and ASC 860, respectively.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price of loan facilitation services includes variable service fees which are contingent on the borrower making timely repayments. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. As a result, the estimation of variable consideration involves significant judgement. The Company makes the assessment of whether the estimate of variable consideration is constrained. Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception.

The Company first allocates the transaction price to the guarantee liabilities at fair value in accordance with ASC 815. The remaining transaction price is then allocated to the loan facilitation services and post-origination services on a relative standalone selling price basis. The Company does not have observable price for the loan facilitation services and post-origination services because the services are not provided separately. As a result, the estimation of standalone selling price involves significant judgement. The Company estimates the standalone selling price of the loan facilitation and post-origination services using the expected cost plus a margin approach.

Revenues from loan facilitation services are recognized when the Company provides loan facilitation services to Funding Partners and the buyer. Additionally, revenues from post-origination services are recognized evenly over the term of the loans as the services are performed.

E-commerce

sales

The Company recognizes revenue from product sales through its

e-commerce

platform. The Company’s single performance obligation is to sell products to customers. The Company is the principal and records revenue on a gross basis as it controls the products before transfer to the customers. Revenue is measured based on the amount of consideration the Company expects to receive reduced by value-added tax, discounts and estimates for product returns. Product returns are estimated using the expected value method based on historical return patterns. Revenues are recognized at a point in time when the products are accepted by the customers. As of December 31, 2020 and 2021, estimated product returns were not material.

Educational services

The Company provides

non-academic,

junior art and sports educational services, and recognizes tuition revenues. Tuition fee is generally collected in advance and initially recorded as prepayments from customers. Revenue is recognized when control of promised services is transferred to the customers in an amount of consideration to which the Company expects to be entitled to in exchange for those services. Tuition revenues are recognized proportionately as the tutoring sessions are delivered. As of December 31, 2020 and 2021, estimated tuition fee revenue was not material.

Transaction services fee

The Company entered into credit transaction arrangements with certain Funding Partners. The Company refers borrowers to the Funding Partners which directly fund the credit drawdowns to the borrowers and provides post-origination services, such as short messaging reminder services throughout the term of the loans. For each successful transaction, the Company typically receives a

pre-agreed

recurring service fee throughout the term of the loans. When borrowers make installment repayments directly to the Funding Partners, the Funding Partners will remit the recurring transaction services fees to the Company on a periodic basis.

The referral services are considered to be the performance obligations in the arrangement. The transaction price is the amount of consideration to which the Company expects to be entitled to in exchange for transferring the promised service to the customer, net of value-added tax. The transaction price allocated to the referral services and post origination services includes variable service fees which are contingent on the borrower making timely repayments to the Funding Partners. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted borrower repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. The Company will update its estimate of the variable consideration at the end of each reporting period. The estimation of variable consideration (including the amount of variable consideration constrained) involves significant judgement. Revenues from transaction services are recognized when the Company successfully refers the borrower to the Funding Partner and the Funding Partner provides the funds to the borrower. Revenues from post-origination services are recognized evenly over the term of the loans as the services are performed. The transaction services fee recognized was RMB 2,161,854,715, RMB (168,120,830) and RMB 131,475,605 (US$ 20,631,392) for the years ended December 31, 2019, 2020 and 2021, respectively. The post-origination services fee recognized was

RMB 37,610,344, RMB 31,578,617 and RMB 20,217,705 (US$ 3,172,599) for the years ended December 31, 2019, 2020 and 2021, respectively.

Financing income

Borrowers can withdraw cash (“cash installment credit services”) or purchase products (e.g. personal consumer electronics) (“merchandise installment credit services”) up to their approved credit limit and elect the installment repayment period, ranging from one to eighteen installments repayment period (either weekly or monthly) through the Company’s application (collectively “financing platform”) or via borrowers’ Alipay accounts. The Company charges financing service fees for facilitating the financing and managing the financing platform. The financing service fees are recorded as financing income in the consolidated statement of comprehensive income in accordance with ASC 310

Receivables

(ASC 310) using the effective interest method.

Incentives are provided to certain borrowers and can only be applied as a reduction to the borrower’s repayments and cannot be withdrawn by the borrowers in cash. These incentives are recorded as a reduction in financing service fees using the effective interest method.

Sales commission fees

In addition to financing income, the Company earns a margin from its merchandise installment credit services on the products purchased from suppliers on behalf of the borrowers. The margin earned is fixed based on the retail sales price without considering the financing terms chosen by the borrower.

Sales commission fees are recognized and recorded net of the related cost on delivery date, as the Company is an agent and arranges for the goods to be provided by the suppliers.

Penalty fee

The Company charges borrowers and lessees penalty fee for late installment payments. The penalty fee is calculated based on the number of overdue days of unpaid outstanding balance of loan principals and lease receivables at the applicable late payment rate. The penalty fee is recognized on a cash basis, which coincides with the penalty fee being probable not to be reversed.

Cost of goods sold

Cost of goods sold primarily consists of the purchase price of products, packaging material and product delivery costs.

Lease

Sales-type leases – Lessor under ASC 842

The Company purchases cars from car dealers and leases them to car buyers. Each car buyer is required to make a down payment and pay installments throughout the term of the lease. The lease agreements include lease payments that are largely fixed, do not contain residual value guarantees or variable lease payments. The lease terms are based on the

non-cancellable

term of the lease and the buyer may have options to terminate the lease in advance when meets certain conditions. The buyer obtains control of the car when the buyer physically possesses the car and when the Company receives cash consideration for the car from the buyer.

A lease arrangement that transfers substantially all of the benefits and risks incident to the ownership of property and that give rise to a dealer’s profit or loss is classified as a sales-type lease. For sales-type leases, when collectability is probable at lease commencement, the Company derecognizes the underlying asset and recognizes the net investment in the lease which is the sum of the lease receivable and the unguaranteed residual asset and recognizes in net income any selling profit or loss. Initial direct costs are expensed, at the commencement date, if the fair value of the underlying asset is different from its carrying amount. Interest income is recognized in financing income over the lease term using the interest method.

Operating Leases – Lessee under ASC 842

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

The Company records a lease liability and corresponding operating lease

right-of-use

(“ROU”) asset at lease commencement. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. The Company’s lease agreements include lease payments that are largely fixed, do not contain material residual value guarantees or variable lease payments. The discount rate is determined using the Company’s incremental borrowing rate at lease commencement since the rate implicit in the lease is not readily determinable. The incremental borrowing rate is the rate of interest that the Company could borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. ROU asset represents the right to use an underlying asset for the lease term and are recognized in an amount equal to the lease liability adjusted for any lease payments made prior to commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. Lease terms are based on the

non-cancellable

term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option, however none of these have been recognized in the Company’s

right-of-use

assets or lease liabilities since those options were not reasonably certain to be exercised.

If there is a lease modification, the Company considers whether the lease modification results in a separate contract. If so, the Company accounts for the separate contract the same manner as any other new lease, in addition to the original unmodified contract. Otherwise, the Company remeasures and reallocates the remaining

consideration in the contract, reassesses the classification of the lease at the effective date of the modification and accounts for any initial direct costs, lease incentives and other payments made to or by the lessee. If the modification fully or partially terminates the existing lease, the Company remeasures the lease liability and decreases the carrying amount of the right-of-use asset in proportion to the full or partial termination of the existing lease and recognize in profit or loss any difference between the reduction in the lease liability and the reduction in the right-of-use asset.

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

Land lease right of use asset

All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842,

Leases

(ASC 842). The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease

right-of-use

(“ROU”) asset on the consolidated balance sheet. The ROU asset is amortized over the remaining lease term

– 36 years.

Foreign currency translation and transactions

The functional currency of the Company, and the subsidiaries in the Cayman Islands, British Virgin Islands and Hong Kong is US$. The Company’s subsidiaries, VIEs, and subsidiaries of the VIEs with operations in the PRC adopted RMB as their functional currencies. The determination of the respective functional currency is based on the criteria stated in ASC 830,

Foreign Currency Matters

. The Company uses RMB as its reporting currency. The financial statements of the Company, and the subsidiaries in the Cayman Islands, British Virgin Islands and Hong Kong are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive loss, as a component of shareholders’ equity. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date.

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

Cash and cash equivalents

Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use.

Restricted cash and cash equivalents

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

Short-term Investments

Short-term investments

Short-term investments consist of 1) wealth management products issued by banks or trust companies 2) negotiable certificate of deposit.

These wealth management products are highly liquid investments with original maturities of less than twelve months. The Company measures its short-term investments at fair value. The realized investment income and changes in fair value are recognized in interest and investment income in the consolidated statements of comprehensive income.

The Company purchased negotiable certificate of deposit in 2021 for the purpose of generating trading revenue. The negotiable certificate of deposit was measured at fair value on recurring basis using quoted prices in active markets.

Derivative instruments

In 2021, the Company entered into total return swap contracts with CITIC Securities Company Limited (“CITIC”) for the purpose of generating return from Chinese public companies’ ADSs in the US stock markets. In exchange, the Company paid CITIC a periodic interest based on LIBOR plus 2.8%. The Company net settles all total return swap contracts with CITIC. The total notional amount of the outstanding contracts was RM

B 619,332,499 (US$ 97,186,784)

as of December 31, 2021. The total return swap contracts can be initiated and terminated upon requests of the Company. The Company accounts for the total return swap contracts in accordance with ASC 815, Derivatives and hedging. The total return swap contracts were measured at fair value, which are primarily based on the change in the market value of the ADSs underlying the total return swap contracts, recorded as in earnings. During the year ended December 31, 2021, the net unrealized investment income recognized in the comprehensive income related to the total return swap contracts were RM

B 17,375,517 (US$ 2,726,598).

As there is no initial cost associated with the derivative, the net unrealized gain represents the derivative’s fair value which is classified as derivative instruments within the consolidated balance sheets.

The total return swap contracts may expose the Company to credit risk to the extent that the counterparty may be unable to meet the terms of the arrangement. The Company mitigates this credit risk by transacting with

counterparty with high credit ratings. The Company pledged cash collateral of RMB 619,332,499 (US$ 97,186,784) to CITIC for its total return swap contracts as of December 31, 2021. The Company also prepays RMB 10,405,181 (US$ 1,632,800) as collateral prepaid to CITIC for new contracts to be entered in the future as of December 31, 2021.

Loan principal and financing service fee receivables

Loan principal and financing service fee receivables represent payments due from borrowers that utilize the Company’s credit services. Loan principal and financing service fee receivables are recorded at amortized cost, net of allowance for loan principal and financing service fee receivables. Deferred origination costs are netted against revenue and amortized over the financing term using the effective interest method.

Allowance for loan principal and financing service fee receivables

The Company considers the loans to be homogenous as they are all unsecured consumer loans of similar principal amounts. The profiles of the borrowers are also similar i.e. age, credit histories and employment status. The allowance for loan principal and financing service fee receivables losses is calculated based on historical loss experience with the entire loan portfolio, using a roll rate-based model. The roll rate-based model stratifies the loan principal and financing service fee receivables by delinquency stages (i.e., current,

1-30

days past due, and

31-60

days past due, etc.) and projected forward in

one-month

increments using historical roll rates. In each month of the simulation, losses on the loan principal and financing service fee receivables types are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a monthly rolling basis. The loss rate calculated for each delinquency stage is then applied to the respective loan principal and service fees balance.

Prior to January 1, 2020, the Company applies a consistent credit risk management framework to the entire portfolio of loans in accordance with ASC

450-20,

Loss Contingencies

(“ASC

450-20”)

and adjusts the allowance that is determined by the roll rate-based model for various qualitative factors. These factors may include gross-domestic product rates, per capita disposable income, consumer price indexes, regulatory impact and other considerations. Each of these macroeconomic factors are equally weighted, and a score is applied to each factor based on

year-on-year

increases and decreases in that respective factor.

Subsequent to January 1, 2020, the Company applies a consistent credit risk management framework to the entire portfolio of loans in accordance with Accounting Standards Update (“ASU”)

No. 2016-13,

Financial instruments – Credit Losses

(Topic 326):

Measurement of Credit Losses on Financial Instruments

(“ASC 326”) and adjusts the allowance that is determined by the roll rate-based model for various qualitative factors that reflect current conditions and reasonable and supportable forecasts of future economic conditions. These factors may include gross-domestic product rates, consumer price indexes, per capita consumption expenditure and other considerations. The Company analyzes a combination of qualitative factors to the change in roll rate using a regression model. Factors that had a strong correlation and economic and commercial significance were selected for the model.

For all the years presented, loan principal and financing service fee receivables are charged off when a settlement is reached for an amount that is less than the outstanding balance or when the Company determined the balance to be uncollectable. In general, the Company considers loan principal and financing service fee receivables meeting any of the following conditions as uncollectable and

charged-off:

(i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) loans that are 180 days past due.

Nonaccrual loan principal

The Company does not accrue financing service fee on loan principals that are considered impaired or are more than 90 days past due. A corresponding allowance is determined under ASC 326. After an impaired financing service fee receivable is placed on nonaccrual status, financing service fee will be recognized when cash is received on a cash basis cost recovery method by applying first to reduce principal and then to financing income thereafter. Financing service fee accrued but not received is generally reversed against financing income. Financing service fee receivables may be returned to accrual status after all of the borrower’s delinquent balances of loan principal and financing service fee have been settled and the borrower remains current for an appropriate period.

Finance lease receivables

Finance lease receivables are carried at amortized cost comprising of original financing lease and direct costs, net of unearned income and allowance for finance lease receivables.

Allowance for finance lease receivables

The Company considers the finance lease receivables to be homogenous as they are all automotive finance lease receivables collateralized by vehicle titles of similar principal amounts. The allowance for finance lease receivables is calculated based on historical loss experience using probability of default (PD) and loss given default (LGD) methods. The Company stratifies PD and LGD by the recovered rate under different scenarios (i.e. cash collection, repossessing the leased vehicle or

non-recovery),

and calculates allowance balance by timing exposure at default under each scenario. This process is repeated on a monthly basis. LGD is projected based on historical experience of actual loss and considered proceeds from recovery of the repossessed assets.

Prior to January 1, 2020, the Company applies a consistent credit risk management framework to the entire portfolio of finance lease receivables in accordance with ASC

450-20

and adjusts the allowance that is determined by the PD and LGD methods for various qualitative factors. These factors may include gross-domestic product rates, per capita disposable income, consumer price indexes, regulatory impact and other considerations. Each of these macroeconomic factors are equally weighted, and a score is applied to each factor based on

year-on-year

increases and decreases in that respective factor.

Subsequent to January 1, 2020 the Company applies a consistent credit risk management framework to the entire portfolio of finance lease receivables in accordance with ASC 326 and adjusts the allowance that is determined by the PD and LGD methods for various qualitative factors that reflect reasonable and supportable forecasts of future economic conditions. These factors may include gross-domestic product rates, consumer price indexes, per capita consumption expenditure and other considerations. The Company analyzes a combination of qualitative factors to the change in roll rate using a regression model. Factors that had a strong correlation and economic and commercial significance were selected for the model.

For all the years presented, finance lease receivables are charged off when a settlement is reached for an amount that is less than the outstanding balance or when the Company determined the balance to be uncollectable. In general, the Company considers finance fee receivables meeting any of the following conditions as uncollectable and

charged-off:

(i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) all finance lease receivables that are 180 days past due are therefore deemed uncollectible and

charged-off;

(iv) the vehicle is repossessed.

Nonaccrual finance lease receivables

A finance lease receivable is considered impaired when the lease receivables are more than 90 days past due, or when it is probable that the Company will be unable to collect all amounts due according to the terms of the contract. Factors such as payment history, compliance with terms and conditions of the underlying financing lease agreement and other subjective factors related to the financial stability of the borrower are considered when determining whether finance lease receivables are impaired. The Company does not accrue financing lease income on net investment of finance lease receivables that are considered impaired. Prior to January 1, 2020, a corresponding allowance is determined under ASC

450-20.

Subsequent to January 1, 2020, a corresponding allowance is determined under ASC 326. Accrual of financing lease income is suspended on accounts that are impaired, accounts in bankruptcy and accounts in repossession. Payments received on

non-accrual

finance lease receivables are first applied to any fees due, then to any interest due and, finally, any remaining amounts received are recorded to principal. Interest accrual resumes once an account has received payments bringing the impaired status to current.

Contract Assets and Account Receivables

Contract assets represent the Company’s right to consideration in exchange for loan facilitation business and transaction services business that the Company has transferred to the customer before payment is due. Account

receivables represent the considerations for which the Company has satisfied its performance obligations and has the unconditional right to consideration. Prior to January 1, 2020, the Company assesses contract assets and account receivables for impairment in accordance with ASC 310. Subsequent to January 1, 2020, the Company assesses contract assets and accounts receivables for impairment in accordance with ASC 326.

Contract assets as of December 31, 2020 and 2021 were RMB 115,906,273 and RMB 27,996,290 (US$ 4,393,229) respectively, net of allowance of RMB 118,952 and RMB 31,168 (US$ 4,890), respectively. Account receivables were RMB 111,037,030 and RMB 204,791,835 (US$ 32,136,308) as of December 31, 2020 and 2021 respectively, which is repayments the borrowers made directly to the Funding Partners and remitted to the Company on a periodic basis. The remaining unsatisfied performance obligations as of December 31, 2020 and 2021, pertaining to post-origination services amounted to RMB 9,154,611 and RMB 1,751,348 (US$ 274,825), respectively. The remaining unsatisfied performance obligations will be recognized over the next two years.

Long-term investments

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

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

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the specific identification method for the vehicle sales business. Cost is determined using the average cost method for the

e-commerce

business and educational services.

Borrowings

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

Guarantee liabilities

As part of the Company’s cooperation with various Funding Partners, the Company provides guarantee on the principal and accrued interest repayment of the defaulted loans to the Funding Partners, even if the loans are subsequently sold by the Funding Partners.

The financial guarantee is accounted for as a credit derivative under ASC 815 because the scope exemption in ASC

815-10-15-58(c)

is not met. The guarantee liabilities are remeasured at each reporting period. The change in fair value of the guarantee liabilities is recorded as changes in guarantee liabilities in the consolidated statements of comprehensive income. When the Company settles the guarantee liabilities through performance of the guarantee by making requisite payments on the respective defaulted loans, the Company records a corresponding deduction to the guarantee liabilities. Subsequent collection from the borrower through the Funding Partners will be recognized as a reversal of the deduction to guarantee liabilities.

Risk assurance liabilities

In April 2019, the Company and various Funding Partners entered into contracts to provide risk assurance on the principal and accrued interest repayment of loans facilitated through the platform the Company operates. The risk assurance liability is exempted from being accounted for as a derivative in accordance with ASC

815-10-15-58.

The risk assurance liability consists of two components. The Company’s obligation to stand ready to make delinquent payments over the term of the arrangement (the

non-contingent

aspect) is accounted for in accordance with ASC 460. At inception, the Company recognizes the

non-contingent

aspect of the risk assurance liability at fair value, which considers the premium required by a third-party market participant to issue the same risk assurance in a standalone transaction.

Prior to January 1, 2020, the release of the

non-contingent

aspect of the risk assurance liability is recognized in earnings as a reduction of changes in guarantee liabilities and risk assurance liabilities. The contingent obligation relating to the contingent loss arising from the arrangement is accounted for in accordance with ASC 450,

Contingencies

. The contingent loss arising from the obligation to make future payments is recognized when borrower default is probable, and the amount of loss is estimable. The contingent loss is calculated based on the expected future payouts, adjusted for various qualitative factors. These factors may include gross-domestic product rates, per capita disposable income, consumer price indexes, regulatory impact and other considerations.

Subsequent to January 1, 2020, the

non-contingent

aspect of the risk assurance liability is subsequently recognized as guarantee income over the term of the arrangement as the Company is released from the stand ready obligation based on the borrower’s repayment of the loan principal. The contingent liability relating to the expected credit losses arising from the contingent aspect of the risk assurance liability is initially measured under

a current expected credit losses model. The subsequent changes in the contingent aspect of the risk assurance liability is adjusted through earnings as changes in guarantee liabilities and risk assurance liabilities. The contingent loss is calculated based on the expected future payouts, adjusted for various qualitative factors that reflect current conditions and reasonable and supportable forecasts of future economic conditions. These factors may include gross-domestic product rates, consumer price indexes, per capita consumption expenditure and other considerations. The Company analyzes a combination of qualitative factors to the change in roll rate using a regression model. Factors that had a strong correlation and economic and commercial significance were selected for the model.

Treasury shares

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

paid-in

capital.

Property and equipment, net

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


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

Costs associated with the repair and maintenance of property and equipment are expensed as incurred. Construction in progress represents building construction costs and unfinished leasehold improvement. Depreciation is recorded starting at the time when assets are ready for the intended use.

Intangible assets

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

1-10

years.

Research and development

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

Impairment of long-lived assets and intangible assets with definite lives

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

Long-lived assets and intangible assets with definite lives are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell.

Employee defined contribution plan

Full time employees of the Company in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount that was expensed as incurred, was RMB 42,724,802, RMB 30,138,113 and RMB 79,010,301 (US$ 12,398,440) for the years ended December 31, 2019, 2020 and 2021, respectively.

Advertising costs

Advertising costs are expensed as incurred in accordance with ASC

720-35,

Other Expense-Advertising costs

. Advertising costs were RMB 85,928,890, RMB 153,327,392 and RMB 19,047,468 (US$ 2,988,963) for the years ended December 31, 2019, 2020 and 2021, respectively. Advertising costs are included in sales and marketing expenses in the consolidated statements of comprehensive income.

Government grants

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

Government grants are recognized when the entity will comply with the conditions attached to the grant received and there is reasonable assurance that the grant will be received or already received.

Value added taxes

Xiamen Youdun Technology Co., Ltd., and Xiamen Youqi Technology Co., Ltd. are small-scale VAT taxpayers with an applicable VAT rate of 3%. The other subsidiaries of the VIEs are all general VAT taxpayers (applicable tax rate: 6%, 13% or 16%).

On April 4, 2018, the Ministry of Finance and the State Administration of Taxation issued the Notice on Adjustment of VAT Rates, which came into effect on May 1, 2018. According to the abovementioned notice, for general VAT payers’ sales activities previously subject to VAT rates of 17%, the applicable VAT rate was adjusted to 16% starting from May 1, 2018.

Income taxes

The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is

more-likely-than-not

that a portion of or all of the deferred tax assets will not be realized. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The components of the deferred tax assets and liabilities are classified as

non-current.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a

two-step

process to determine the amount of the benefit to be recognized. First, the tax position must

be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed

more-likely-than-not

to be sustained, the tax position is then assessed to determine the amount of benefits to recognize in the consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that more-likely-than not to be realized upon ultimate settlement. The Company’s estimated liability for unrecognized tax benefits which is included in the income tax payable in the consolidated balance sheets is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive income. The Company did not recognize any income tax due to uncertain tax position nor incurred any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2019, 2020 and 2021.

Segment information

In accordance with ASC 280

Segment Reporting

(“ASC 280”), the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company had two reportable segments in 2019, consisting of installment credit services and transaction services. In 2020, the Company changed its operating segments to installment credit services and

e-commerce

sales services. In 2021, the

e-commerce

sales services was combined with the installment credit services segment as the

e-commerce

sales services were substantially wound down in 2021 due to

COVID-19.

The CODM reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole, and the Company has only one reportable segment. The corresponding information for earlier periods has been restated. Because substantially all of the Company’s long-lived assets and revenues are located in and derived from the PRC, geographical segments are not presented.

Fair value measurements of financial instruments

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

Fair value of guarantee liabilities

The fair value of the guarantee liabilities was estimated using a discounted cash flow model based on expected payouts from the arrangement with the Funding Partners. The Company estimates its expected future payouts based on estimates of expected delinquency rate and a discount rate for time value.

Fair value measurements

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

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

•

Level

1-Observable

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

•

Level

2-Include

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

•

Level

3-Unobservable

inputs which are supported by little or no market activity

Earnings per share

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

Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares.

The dilutive effect from the conversion of convertible senior notes is reflected in diluted EPS using the

if-converted

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

Share-based payments

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

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

catch-up

adjustment in the period of change and also impact the amount of share-based compensation expense to be recognized in future periods.

A change in any of the terms or conditions of share options is accounted for as a modification of share options. The Company calculates the incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Company recognizes incremental compensation cost in the period the modification occurred. For unvested options, the Company recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of share-based awards granted to employees.

Convenience translation for financial statements presentation

Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB 6.3726 per US$1.00 on December 30, 2021, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted into US$ at such rate.

Investment in equity method investee

The Company uses the equity method to account for an equity investment over which it has significant influence but does not own a majority equity interest or otherwise control, generally accompanying a shareholding of between 20% and 50% of the voting rights. The cost of the investment over the proportional fair value of the assets and liabilities of the investee is reflected in the Company’s memo accounts as “equity method goodwill”. The equity method goodwill is not subsequently amortized and is not tested for impairment under ASC 350. Equity method investments shall continue to be reviewed for impairment in accordance with paragraph ASC

323-10-35-32.

The share of earnings or losses of the investee are recognized in the consolidated statements of comprehensive income. Equity method adjustments include the company’s proportionate share of investee income or loss and other adjustments required by the equity method.

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

Significant risks and uncertainties

Currency convertibility risk

Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized Funding Partners at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts.

Concentration of credit risk

Financial assets that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, guarantee deposits, short-term investment, loan principal and financing service fee receivables, finance lease receivables, derivative instruments, cash collateral for derivatives and other receivables.

The Company places its cash and cash equivalents, short-term investments, derivative instruments and cash collateral for derivatives with reputable counterparties that have high-credit ratings and quality. There has been

no recent history of default in relation to these counterparties. No counterparties represented 10% or more of total financial assets for the years ended December 31, 2020. Two chinese government banks represented 10% or more of total financial assets for the years ended December 31, 2021, amounted to approximately RM

B 2,349 million (US$ 369 million), representing 27%

our total balances from counterparties

The Company manages credit risk of loan principal and financing service fee receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances.

No borrower represented 10% or more of total revenues and loan receivable and financing service fee receivable for the years ended December 31, 2019, 2020 and 2021.

Borrower default risk

Financial assets that potentially expose the Company to borrower default risk consist primarily of loan principal and financing service fee receivables, finance lease receivables, and contract assets.

Besides, the Company enters into guarantee arrangements with Funding Partners to facilitate borrowing transactions, under which the Company provides the Funding Partners protection against the borrower default risk on a set of loans invested by them. The Company will have to perform the guarantee obligation if a default event as defined under the contract occurs. The contractual or notional amounts of these liabilities represent the maximum potential amounts of future payments without consideration of possible recoveries under recourse provisions.

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

Borrower default risk - continued

The Company manages borrower default risk of guarantee liabilities and risk assurance liabilities through self-developed risk management model. The rating scale of risk management model takes into account factors such as identity characteristics, credit history, payment overdue history, payment capacity, behavioral characteristics and online social network activity.

Interest rate risk

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

Business and economic risk

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

COVID-19.

The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC.

Impact of COVID-19

Impact of

COVID-19

Since January 2020, the continued spread of COVID-19 has negatively impacted the Company’s operations. The Company’s revenues generated from installment credit services declined compared to the period before January 2020 due to the reduction in transaction volume to mitigate risk exposures from

COVID-19.

The Company also provided additional credit losses for loan principal and financing service fee receivables, finance lease receivables and other current and

non-current

assets, provided additional constraint on the variable considerations for loan facilitation income, transaction service fees and other related income, and recorded its share of losses from investments in equity method investees and recognized impairment charges on its investments in equity method investees in the two years ended December 31, 2021, due to the impact of

COVID-19

and other factors.

The COVID-19 pandemic continues to evolve. There are still uncertainties of

COVID-19’s

future impact, and the extent of the impact will depend on a number of factors, including the duration and severity of

COVID-19,

the continued emergence and outbreak of new variants, the development and progress of distribution of

COVID-19

vaccine and other medical treatment, the potential change in user behavior, the actions taken by government authorities due to the prolonged impact of COVID-19, particularly to contain the outbreak, stimulate the economy to improve business condition, almost all of which are beyond the Company’s control. As a result,

certain of the Company’s estimates and assumptions, including short-term investment, the allowances for loan principal and financing service fee receivables, finance lease receivables, contract assets and other current and

non-current

assets, and impairment losses from long-term investments, investment in equity method investee and long-lived assets require significant judgments and carry a higher degree of variabilities and volatilities that could result in material changes to the Company’s current estimates in future periods.

Comparative Information

Certain items in the consolidated financial statements are reclassified to conform with the current year’s presentation to facilitate comparison.

Recently Adopted Accounting Pronouncements

In January 2020, the FASB issued ASU

No. 2020-01,

Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) (“ASU

2020-01”),

which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU

2020-01

could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Company has adopted this guidance on its consolidated financial statements. The standard update did not have a material impact on the Company’s statement of financial position.

Recent Accounting Pronouncements: Issued but not effective

In August 2020, the FASB issued ASU

No. 2020-06,

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU

2020-06”),

which focuses on amending the legacy guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. ASU

2020-06

simplifies an issuer’s accounting for convertible instruments by reducing the number of accounting models that require separate accounting for embedded conversion features. ASU

2020-06

also simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. Further, ASU

2020-06

enhances information transparency by making targeted improvements to the disclosures for convertible instruments and

earnings-per-share

(EPS) guidance, i.e., aligning the diluted EPS calculation for convertible instruments by requiring that an entity use the

if-converted

method and that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares, adding information about events or conditions that occur during the reporting period that cause conversion

contingencies to be met or conversion terms to be significantly changed. This update will be effective for the Company’s fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Entities can elect to adopt the new guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently in the process of evaluating the impact of adopting ASU

2020-06

on its consolidated financial statements and related disclosure.

Income Taxes - Additional Information (Details)	12 Months Ended
Income Taxes - Additional Information (Details)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Tax [Line Items]
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Unrecognized tax benefits	¥ 2,588,962		¥ 0	¥ 0	$ 406,265	$ 0
Operating loss carryforwards	1,098,237,738		455,764,785		172,337,466
Unrecognized tax benefits that would impact effective tax rate	2,588,962				406,265
Presented on a Net Basis Against the Deferred Tax Assets Related to Tax Loss Carry Forwards [Member]
Income Tax [Line Items]
Unrecognized tax benefits	2,588,962		¥ 0		$ 406,265
Maximum [Member]
Income Tax [Line Items]
Undistributed earnings from foreign subsidiaries	¥ 10,890,000,000	$ 1,709,000,000
PRC tax authority to conduct examinations, term	5 years	5 years
Variable Interest Entity, Subsidiaries [Member]
Income Tax [Line Items]
Statutory income tax rate	25.00%	25.00%
QD Data Limited ("Qudian HK") [Member]
Income Tax [Line Items]
Statutory income tax rate	16.50%	16.50%
High and New Technology Enterprise [Member] \| Qufenqi Beijing Information Technology Co Ltd [Member]
Income Tax [Line Items]
Statutory income tax rate	15.00%	15.00%
Domestic Tax Authority [Member] \| Maximum [Member]
Income Tax [Line Items]
Operating loss carryforwards, Expiration year	2026	2026
Domestic Tax Authority [Member] \| Minimum [Member]
Income Tax [Line Items]
Operating loss carryforwards, Expiration year	2022	2022

Treasury Shares - Additional Information (Detail)						12 Months Ended
Treasury Shares - Additional Information (Detail)	Dec. 31, 2021 CNY (¥) $ / shares shares	Aug. 23, 2019 CNY (¥) shares	Aug. 23, 2019 USD ($) $ / shares	Apr. 12, 2019 CNY (¥) shares	Apr. 12, 2019 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 13, 2018 USD ($)
Equity, Class of Treasury Stock [Line Items]
Treasury stock, amount						¥ 352,427,812	$ 50,144,695		$ 195,000,000
Cancelled shares						71,645,824	71,645,824
Treasury Stock, Value	¥ 346,320,584					¥ 346,320,584		¥ 371,551,131				$ 54,345,257	¥ 362,130,324
Class A Voting Ordinary Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Remaining balance of treasury shares						11,061,230	11,061,230
Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Treasury stock, amount		¥ 1,393,723,500		¥ 693,517,898	$ 103,191,319	¥ 3,934,156,758	$ 574,026,622	¥ 15,528,092	$ 2,258,112	¥ 1,410,222,466	$ 209,919,048
Share Repurchase Program [Member] \| Class A Voting Ordinary Shares [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	83,613,291	26,169,241		18,173,885	18,173,885			1,495,291	1,495,291	33,237,759	33,237,759
ADS [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchased shares, average price \| $ / shares							$ 4.533
ADS [Member] \| Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Authorized share to be repurchased, maximum aggregate value \| $														$ 300,000,000
Cancelled shares, value										¥ 1,048,092,142	$ 157,495,891
Number of shares repurchased	83,613,291			18,173,885	18,173,885			1,495,291	1,495,291	33,237,759	33,237,759
Repurchased shares, average price \| $ / shares	¥ 6.865		$ 7.451		$ 5.678				$ 1.510		$ 6.316
Cancelled shares										27,302,698	27,302,698
ADS [Member] \| Forward Share Repurchase Agreement [Member]
Equity, Class of Treasury Stock [Line Items]
Authorized share to be repurchased, maximum aggregate value \| $			$ 195,000,000
Number of shares repurchased		26,169,241

Cost of Other Revenues (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Summary of Cost of Other Revenues

Cost of other revenues consists of the following:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Interest expenses of borrowings		288,241,857		15,240,283		—		—
Other costs*		247,530,755		202,030,929		220,193,581		34,553,179

		535,772,612		217,271,212		220,193,581		34,553,179

*	Other costs include commission expenses, salaries and cost of educational services.

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Accounts Payable And Accrued Liabilities Current [Abstract]
Accrued payroll	¥ 16,843,567	$ 2,643,123	¥ 2,833,635
Tax payables	155,211,471	24,356,067	184,595,913
Payable to suppliers	32,100,134	5,037,211	14,964,018
Payable to external service providers	77,657,212	12,186,111	35,405,505
Payable to funding partner	22,694,769	3,561,304	26,805,023
Others	72,360,661	11,354,968	72,186,000
Total	¥ 376,867,814	$ 59,138,784	¥ 336,790,094

Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 2,065,495,008	$ 324,121,239	¥ 1,537,557,823	¥ 2,860,938,368
Short-term investments	5,926,600,761	930,012,987	5,042,314,438
Total current assets	12,218,088,667	1,917,284,731	11,690,476,076
Non-current assets:
Investments in subsidiaries, VIEs and VIEs subsidiaries	85,581,620	13,429,624	349,275,523
Total non-current assets	1,873,036,506	293,920,300	1,707,555,634
TOTAL ASSETS	14,091,125,173	2,211,205,031	13,398,031,710
Current liabilities:
Accrued expenses and other current liabilities	376,867,814	59,138,784	336,790,094
Total current liabilities	493,517,245	77,443,625	472,608,238
Non-current liabilities	10,012,997	1,571,258
Convertible senior notes	681,400,553	106,926,616	822,004,519
TOTAL NON-CURRENT LIABILITIES	1,074,068,647	168,544,809	1,015,579,621
Total liabilities	1,567,585,892	245,988,434	1,488,187,859
Shareholders' equity
Treasury shares	(346,320,584)	(54,345,257)	(371,551,131)	¥ (362,130,324)
Additional paid-in capital	4,017,374,973	630,413,799	4,007,259,660
Accumulated other comprehensive loss	58,997,174	9,257,944	51,419,766
Retained earnings	8,904,453,278	1,397,303,028	8,315,379,200
Total shareholders' equity	12,516,686,381	1,964,141,227	11,899,843,851
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	14,091,125,173	2,211,205,031	13,398,031,710
Class A Voting Ordinary Shares [Member]
Shareholders' equity
Common stock	132,052	20,722	132,052
Class B Voting Ordinary Shares [Member]
Shareholders' equity
Common stock	43,836	6,879	43,836
Parent Company [Member]
Current assets:
Cash and cash equivalents	558,271,954	87,605,052	813,175,789
Short-term investments	200,238,180	31,421,740	0
Short-term amounts due from related parties	1,595,236,014	250,327,341	1,743,981,590
Total current assets	2,353,746,148	369,354,133	2,557,157,379
Non-current assets:
Investments in subsidiaries, VIEs and VIEs subsidiaries	10,850,691,369	1,702,710,255	10,178,732,276
Total non-current assets	10,850,691,369	1,702,710,255	10,178,732,276
TOTAL ASSETS	13,204,437,517	2,072,064,388	12,735,889,655
Current liabilities:
Accrued expenses and other current liabilities	2,020,586	317,074	6,206,202
Short-term amounts due to related parties	4,329,997	679,471	7,835,083
Total current liabilities	6,350,583	996,545	14,041,285
Non-current liabilities
Convertible senior notes	681,400,553	106,926,616	822,004,519
TOTAL NON-CURRENT LIABILITIES	681,400,553	106,926,616	822,004,519
Total liabilities	687,751,136	107,923,161	836,045,804
Shareholders' equity
Treasury shares	(346,320,584)	(54,345,257)	(371,551,131)
Additional paid-in capital	4,017,374,973	630,413,799	4,007,259,660
Accumulated other comprehensive loss	(58,997,174)	(9,257,944)	(51,419,766)
Retained earnings	8,904,453,278	1,397,303,028	8,315,379,200
Total shareholders' equity	12,516,686,381	1,964,141,227	11,899,843,851
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	13,204,437,517	2,072,064,388	12,735,889,655
Parent Company [Member] \| Class A Voting Ordinary Shares [Member]
Shareholders' equity
Common stock	132,052	20,722	132,052
Parent Company [Member] \| Class B Voting Ordinary Shares [Member]
Shareholders' equity
Common stock	¥ 43,836	$ 6,879	¥ 43,836

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Share Option Activity

A summary of share option activity under the 2016 Plan for the years ended December 31, 2020 and 2021 is as follows:


	Number of options			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term		Aggregated intrinsic value
				RMB		RMB		Years		RMB
Balance, December 31, 2019		12,055,912			—		19.87		8.18		578,275,151

Granted		878,125			—		14.51
Exercised		(797,463	)		—		13.45
Forfeited		(1,066,563	)		—		52.22

Balance, December 31, 2020		11,070,011			—		16.79		7.31		99,672,691

Exercised		(1,019,625	)		—		13.60
Forfeited		(158,500	)		—		28.96

Balance, December 31, 2021		9,891,886			—		16.92		6.30		578,275,151

Vested and expected to vest as of December 31, 2021		9,463,751			—		36.72		6.30		453,939,274

Exercisable, December 31, 2021		7,564,042			—		32.39		5.87		362,817,639

Summary of Allocated Share-based Compensation Expense

For the years ended December 31, 2019, 2020 and 2021, the Company allocated share-based compensation expense as follows:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Sales and marketing		4,482,323		1,912,318		1,726,837		270,978
General and administrative		74,311,629		40,894,564		29,684,217		4,658,102
Research and development		8,505,101		2,826,938		3,933,566		617,262

		87,299,053		45,633,820		35,344,620		5,546,342

Long-term Investments	12 Months Ended
Long-term Investments	Dec. 31, 2021
Disclosure Text Block [Abstract]
Long-term investments	8. Long-term investments In 2019, the Company invested RMB 185 million for a 9.24% equity interest in Beijing Changba Technology Co., Ltd. (“Changba”), and the percentage of equity interest changed into 9.02% in 2020. In 2020, the Company invested RMB 20 million for a 13.33% equity interest in Beijing Yijie International Children Culture Communication Co., Ltd. The Company elected to measure the investments using the measurement alternative. There were no observable price changes for these equity investments in 2019 and 2020. For Changba, the Company identified an observable price change in an orderly transaction for an identical investment of the same issuer in 2021 and recognized an unrealized gain of RMB 182 million (US$ 29 million). As of December 31, 2021, the Company identified certain impairment indicators related to the investment and recognized an impairment charge of RMB 195 million for this investment. Net unrealized loss recognized during 2021 for Changba is RMB 13 million (US$ 2 million) and the fair value of Changba was RMB 172 million (US$ 27 million) as of December 31, 2021. In July 2019, the Company subscribed for 550 Series A Preferred Shares from Great Alliance Co-living Limited (“Great Alliance”) at an aggregate purchase price of US$5.5 million (RMB 38 million), which represented a 5.21% equity interest in the entity. The Company sold the investment in 2020, and realized RMB 4 million gain in the consolidated statement of comprehensive income. The Company ceases equity method accounting for SECO and accounted it as a long-term investment measured at fair value upon transfer of investment category. Changes in fair value of RMB 12 million (US$ 2 million) was recorded through the consolidated statement of comprehensive income for the period from December 28 to December 31, 2021. The fair value of SECO was RMB 62 million (US$ 10 million) as of December 31, 2021 based on the last quoted share price. Impairment charges recognized on all equity investment without readily determinable fair value was RMB nil, RMB nil, RMB 219 million (US$ 34 million) for the years ended December 31, 2019, 2020 and 2021, respectively.

Fair Value Measurements - Summary of Significant Unobservable Inputs (Detail) - Discounted Cash Flows [Member] - Guarantees [Member] - Customer	Dec. 31, 2021	Dec. 31, 2020
Discount Rates [Member] \| Weighted Average [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unobservable Input, rates	6.04	6.04
Expected Delinquency Rates [Member] \| Minimum [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unobservable Input, rates	18.77	22.57
Expected Delinquency Rates [Member] \| Maximum [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unobservable Input, rates	19.70	23.03

Finance Lease Receivables - Summary of Nonaccrual Finance Lease Receivables (Detail) - Financial Lease Receivable [Member]	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Non Accrual Financial Lease Receivables [Line Items]
Nonaccrual finance lease receivables	¥ 567,406	$ 89,038	¥ 2,252,409
Less: allowance for nonaccrual financial lease receivables	(114,169)	(17,916)	(427,878)
Nonaccrual finance lease receivables, net	¥ 453,237	$ 71,122	¥ 1,824,531

Consolidated Balance Sheets	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 2,065,495,008	$ 324,121,239	¥ 1,537,557,823
Restricted cash and cash equivalents	177,924,840	27,920,290	135,404,201
Short-term investments	5,926,600,761	930,012,987	5,042,314,438
Short-term loan principal and financing service fee receivables (net of allowance of RMB 849,234,936 and RMB 267,039,108 (US$ 41,904,263) as of December 31, 2020 and 2021, respectively)	2,371,965,781	372,213,190	3,940,461,302
Short-term finance lease receivables (net of allowance of RMB 21,151,963 and RMB 4,948,676 (US$ 776,555) as of December 31, 2020 and 2021, respectively; including unearned revenue of RMB 7,453,471 and RMB 1,215,118 (US$ 190,679) as of December 31, 2020 and 2021, respectively)	31,462,237	4,937,112	179,612,841
Short-term contract assets (net of allowance of RMB 95,778 and RMB 31,168 (US$ 4,890) as of December 31, 2020 and 2021, respectively)	27,964,852	4,388,296	92,812,707
Derivative instruments	17,375,517	2,726,598
Other current assets (net of allowance of RMB 160,745,160 and RMB 201,242,068 (US$ 31,579,272) as of December 31, 2020 and 2021, respectively)	1,599,299,671	250,965,019	762,312,764
Total current assets	12,218,088,667	1,917,284,731	11,690,476,076
Non-current assets:
Long-term finance lease receivables (net of allowance of RMB 3,397,366 and RMB 193,812 (US$ 30,413) as of December 31, 2020 and 2021, respectively; including unearned revenue of RMB 4,737,540 and RMB 71,896 (US$ 11,282) as of December 31, 2020 and 2021, respectively)	398,955	62,605	28,771,351
Right-of-use assets	300,607,320	47,171,848	210,898,398
Investment in equity method investee (including amounts measured at fair value of RMB 306,275,523 and RMB nil (US$ nil) as of December 31, 2020 and 2021, respectively)	85,581,620	13,429,624	349,275,523
Long-term investments (including amounts measured at fair value of RMB nil and RMB 234,425,472 (US$ 36,786,472) as of December 31, 2020 and 2021, respectively)	286,065,467	44,889,914	209,868,073
Property and equipment, net (net of allowance of RMB nil and RMB 147,137,267 (US$ 23,089,048) as of December 31, 2020 and 2021, respectively)	659,100,648	103,427,275	302,969,361
Intangible assets	11,011,807	1,727,992	8,478,390
Long-term contract assets (net of allowance of RMB 23,174 and RMB nil (US$ nil) as of December 31, 2020 and 2021, respectively)	31,438	4,933	23,093,566
Deferred tax assets	87,285,917	13,697,065	154,959,777
Other non-current assets (net of allowance of RMB nil and RMB 2,982,978 (US$ 468,094) as of December 31, 2020 and 2021, respectively)	442,953,334	69,509,044	419,241,195
Total non-current assets	1,873,036,506	293,920,300	1,707,555,634
TOTAL ASSETS	14,091,125,173	2,211,205,031	13,398,031,710
Current liabilities:
Short-term lease liabilities	37,470,431	5,879,928	23,763,237
Accrued expenses and other current liabilities	376,867,814	59,138,784	336,790,094
Guarantee liabilities and risk assurance liabilities (including amounts of guarantee liabilities of RMB 11,697,633 and RMB 885,303 (US$ 138,923), risk assurance liabilities of RMB 19,701,689 and RMB nil (US$ nil) as of December 31, 2020 and 2021, respectively).	885,303	138,923	31,399,322
Income tax payable	78,293,697	12,285,990	80,655,585
Total current liabilities	493,517,245	77,443,625	472,608,238
Non-current liabilities:
Long-term borrowings and interest payables	145,311,721	22,802,580	102,415,457
Convertible senior notes	681,400,553	106,926,616	822,004,519
Deferred tax liabilities	68,543,130	10,755,913	10,923,276
Long-term lease liabilities	168,800,246	26,488,442	80,236,369
Other non-current liabilities	10,012,997	1,571,258
Total non-current liabilities	1,074,068,647	168,544,809	1,015,579,621
Total liabilities	1,567,585,892	245,988,434	1,488,187,859
Commitments and contingencies
Equity:
Treasury shares	(346,320,584)	(54,345,257)	(371,551,131)
Additional paid-in capital	4,017,374,973	630,413,799	4,007,259,660
Accumulated other comprehensive loss	(58,997,174)	(9,257,944)	(51,419,766)
Retained earnings	8,904,453,278	1,397,303,028	8,315,379,200
Total shareholders' equity	12,516,686,381	1,964,141,227	11,899,843,851
Non-controlling interests	6,852,900	1,075,370	10,000,000
Total equity	12,523,539,281	1,965,216,597	11,909,843,851
TOTAL LIABILITIES AND EQUITY	14,091,125,173	2,211,205,031	13,398,031,710
Class A Voting Ordinary Shares [Member]
Equity:
Common stock	132,052	20,722	132,052
Class B Voting Ordinary Shares [Member]
Equity:
Common stock	¥ 43,836	$ 6,879	¥ 43,836

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

17. Income taxes

Cayman Islands

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

British Virgin Islands

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

Hong Kong

Qudian HK, Qufenqi HK, Qu Plus HK, Qu Plus Plus (HK) Limited, Global Select (HK) Limited and WLM Kids HK are incorporated in Hong Kong and are subject to Hong Kong profits tax

of 16.5%

on their activities conducted in Hong Kong.

PRC

The VIEs and their subsidiaries domiciled in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the ‘‘EIT Law’’), which was effective since January 1, 2008 except for the following entities eligible for preferential tax rates.

Xiamen Qudian Technology Co., Ltd. is qualified as High and New Technology Enterprise and is subject to a preferential statutory tax rate

of 15%

for three years from 2019 to 2021.

Dividends, interests, rent or royalties payable by the Company’s PRC subsidiaries, to

non-PRC

resident enterprises, and proceeds from any such

non-resident

enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective

non-PRC

resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

The current and deferred component of income tax expenses which were substantially attributable to the Company’s PRC subsidiaries, VIEs and subsidiaries of the VIEs, are as follows:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Current income tax expenses		494,121,097		129,397,492		135,188,353		21,214,002
Deferred income tax expenses		132,112,749		132,582,100		125,293,714		19,661,318

Total income tax expenses		626,233,846		261,979,592		260,482,067		40,875,320

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


	As of December 31,
	2020			2021
	RMB			RMB			US$
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables		445,374,376			391,551,056			61,442,906
Allowance for finance lease receivable		14,360,187			10,216,523			1,603,195
Allowance for other current assets		44,792,004			66,008,093			10,358,110
Impairment loss from long-lived assets		—			39,083,895			6,133,116
Guarantee liabilities		203,687,822			186,637,271			29,287,461
Risk assurance liabilities		52,558,773			56,287,963			8,832,810
Share-based compensation		40,910,215			33,776,437			5,300,259
Fair value change on investments		—			2,691,614			422,373
Fair value change on financial assets		—			8,201,268			1,286,958
Lease liabilities		24,966,731			51,560,367			8,090,947
Advertising cost		—			1,787,054			280,428
Net operating loss carry forwards		94,886,663			272,561,783			42,770,891
Less: valuation allowance		(701,745,843	)		(838,371,909	)		(131,558,847	)

Total non-current deferred tax assets net of valuation allowance		219,790,928			281,991,415			44,250,607

Net non-current deferred tax assets		154,959,777			87,285,917			13,697,065

Non-current deferred tax liabilities
Contract assets		(15,735,380	)		—			—
Right-of-use assets		(26,360,534	)		(52,117,255	)		(8,178,335	)
Fair value change on financial assets		(10,230,912	)		(3,629,878	)		(569,607	)
Unallocated revenue		(23,427,601	)		(207,501,495	)		(32,561,513	)

Total non-current deferred tax liabilities		(75,754,427	)		(263,248,628	)		(41,309,455	)

Net non-current deferred tax liabilitie s		(10,923,276	)		(68,543,130	)		(10,755,913	)

The Company operates through its subsidiaries, VIEs and subsidiaries of the VIEs and valuation allowance is considered on an individual entity basis. The Company recorded valuation allowance against deferred tax assets of those entities that were in a three-year cumulative financial loss and are not forecasting profits in the near future as of December 31, 2020 and 2021. In making such determination, the Company also evaluated a variety of factors including the Company’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods.

As of December 31, 2020 and 2021, the Company had net operation loss of RMB 455,764,785 and RMB 1,098,237,738 (US$ 172,337,466), respectively, from its PRC and Hong Kong subsidiaries, which can be carried forward to

offset future taxable income

. The PRC subsidiaries’ net operating losses will expire from years

2022

2026

if not utilized.

For the net operating losses from Hong Kong subsidiaries, it can be carried forward with

expiration date.

Reconciliation between the income taxes expense computed by applying the PRC statutory tax rate to profit before income taxes and the actual provision for income taxes is as follows:


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$

Profit before income tax		3,890,521,771			1,220,798,253			846,409,045			132,820,049
PRC statutory income tax rate		25	%		25	%		25	%		25	%
Income tax at statutory tax rate		972,630,443			305,199,563			211,602,261			33,205,012
Effect of different tax rates		(552,951,519	)		(272,361,568	)		(60,256,708	)		(9,455,592	)
Tax exempt income		(1,625,772	)		(350,121	)		—			—
Expenses not deductible for tax purposes		4,446,637			73,694,299			62,168,979			9,755,669
Adjustment on current income tax of the previous periods		2,453,713			24,502,181			8,525,032			1,337,763
Deferred only adjustment		72,206,605			—			26,769,243			4,200,679
Research and development super-deduction		(14,587,649	)		(20,606,639	)		(19,928,755	)		(3,127,257	)
Tax rate change		(11,870,214	)		(157,679,128	)		(105,024,051	)		(16,480,565	)
Changes in valuation allowance		155,531,602			309,581,005			136,626,066			21,439,611

Income tax expenses		626,233,846			261,979,592			260,482,067			40,875,320

of December 31, 2021, the Company intends to permanently reinvest the undistributed earnings from foreign subsidiaries to fund future operations. As of December 31, 2021, the total amount of undistributed earnings from its PRC subsidiaries as well as VIEs is RMB 10,890 million (US$ 1,709 million). The amount of unrecognized deferred tax liabilities for temporary differences related to investments in foreign subsidiaries is not determined because such a determination is not practicable.

Unrecognized Tax Benefit

As of December 31, 2020 and 2021, the Company recorded an unrecognized tax benefit of RMB nil and RMB 2,588,962 (US$ 406,265) respectively, of which RMB nil and RMB 2,588,962 (US$ 406,265) are presented on a net basis against the deferred tax assets related to tax loss carry forwards on the consolidated balance sheets. It is possible that the amount of uncertain tax position will change in the next twelve months; however, an estimate of the range of the possible outcomes cannot be made at this moment. As of December 31, 2021, unrecognized tax benefits of RMB 2,588,962 (US$ 406,265), if ultimately recognized, will impact the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefit was as follows:


	For the years ended December 31,
	2020			2021
	RMB			RMB		US$
Balance at beginning of the year		—			—		—
Additions		3,322,470			2,588,962		406,265
Decreases		(3,322,470	)		—		—

Balance at end of the year		—			2,588,962		406,265

As of December 31, 2020 and 2021, the Company did not recorded any interest expense and penalty accrued in relation to the unrecognized tax benefit in income tax expense.

In general, the PRC tax authority has up to five years to conduct examinations of the Company’s tax filings. Accordingly, as of December 31, 2021, the tax years ended December 31, 2016 through period ended as of December 31, 2021 reporting date for the Company’s PRC subsidiaries remain open to examination by the PRC tax authorities. For the non-PRC entities, the tax years ended December 31, 2015 through period ended December 31, 2021 remain open to examination by tax authorities.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	22. Commitments and contingencies Capital Commitments The Company’s capital commitments relate primarily to commitments in connection with its plan to build an office building and innovation center. Total capital commitments contracted but not yet reflected in the financial statements as of December 31, 2020 and 2021 amounted to RMB 1,250,123,850 and RMB 545,978,654 (US$ 85,675,965) respectively. All of the commitments relating to the construction will be settled in installments.

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares
Current assets	¥ 12,218,088,667	$ 1,917,284,731	¥ 11,690,476,076
Allowance for loan principal and financing service fee receivables, current	267,039,108	41,904,263	849,234,936
Allowance for finance lease receivable net current	4,948,676	776,555	21,151,963
Finance lease receivable unearned revenue current	1,215,118	190,679	7,453,471
Allowance for short term contract assets net current assets	31,168	4,890	95,778
Allowance for other current assets	201,242,068	31,579,272	160,745,160
Non-current assets	1,873,036,506	293,920,300	1,707,555,634
Allowance for finance lease receivable, non-current	193,812	30,413	3,397,366
Finance lease receivable unearned revenue non-current	71,896	11,282	4,737,540
Fair value of investments \| ¥			306,275,523
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	147,137,267	23,089,048	0
Allowance for long term contract assets net current assets	0	0	23,174
Accrued expenses and other current liabilities of the consolidated VIE without recourse to the Company	376,867,814	59,138,784	336,790,094
Risk assurance liabilities	0	0	19,701,689
Guarantee liabilities of the consolidated VIE without recourse to the Company	885,303	138,923	11,697,633
Income tax payable of the consolidated VIE without recourse to the Company	78,293,697	12,285,990	80,655,585
Allowance for Other Assets, Noncurrent	2,982,978	468,094	0
Operating Lease, Liability, Current	37,470,431	5,879,928	23,763,237
Guarantee Liabilities And Risk Assurance Liabilities	885,303	138,923	31,399,322
Longterm Borrowings And Interest Payables	145,311,721	22,802,580	102,415,457
Operating Lease, Liability, Noncurrent	168,800,246	26,488,442	80,236,369
Deferred Income Tax Liabilities, Net	68,543,130	10,755,913	10,923,276
Other Liabilities, Noncurrent	10,012,997	1,571,258
SECO [Member]
Fair value of investments	0	0	306,275,523
SECO And Changba [Member]
Fair value of investments	¥ 234,425,472	$ 36,786,472	¥ 0
Class A Voting Ordinary Shares [Member]
Common stock, par value \| $ / shares		$ 0.0001
Common stock, shares authorized	656,508,828	656,508,828	656,508,828
Common stock, shares issued	201,304,881	201,304,881	201,304,881
Common stock, shares outstanding	190,243,651	190,243,651	189,514,026
Class B Voting Ordinary Shares [Member]
Common stock, par value \| $ / shares		$ 0.0001
Common stock, shares authorized	63,491,172	63,491,172	63,491,172
Common stock, shares issued	63,491,172	63,491,172	63,491,172
Common stock, shares outstanding	63,491,172	63,491,172	63,491,172
Variable Interest Entity [Member]
Current assets	¥ 11,767,368,363	$ 1,846,556,878	¥ 11,044,967,048
Non-current assets	1,744,115,342	273,689,755	1,360,688,649
Accrued expenses and other current liabilities of the consolidated VIE without recourse to the Company	308,973,067	48,484,616	234,321,309
Income tax payable of the consolidated VIE without recourse to the Company	77,466,381	12,156,166	48,983,948
Operating Lease, Liability, Current	37,083,335	5,819,184	21,103,844
Guarantee Liabilities And Risk Assurance Liabilities	0	0	27,735,758
Longterm Borrowings And Interest Payables	145,311,721	22,802,580	102,415,457
Operating Lease, Liability, Noncurrent	168,800,246	26,488,442	79,498,231
Deferred Income Tax Liabilities, Net	68,543,130	10,755,913	2,847,286
Other Liabilities, Noncurrent	10,012,997	1,571,258	0
Consolidated Trusts [Member]
Current assets	4,892,342,449	767,715,289	5,290,064,945
Non-current assets	¥ 0	$ 0	¥ 0

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic Earnings per Share

The following table sets forth the computation of basic earnings per share for the years ended December 31, 2019, 2020 and 2021:


	For the years ended December 31,
	2019				2020				2021
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to Qudian Inc. for basic computation		2,520,194,155		744,093,770		718,824,602		239,994,059		441,499,980		69,280,981		147,574,098		23,157,596
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		215.04		63.49		190.17		63.49		189.95		189.95		63.49		63.49
Denominator used for basic earnings per share		215.04		63.49		190.17		63.49		189.95		189.95		63.49		63.49
Earnings per share – basic		11.72		11.72		3.78		3.78		2.32		0.36		2.32		0.36

Computation of Diluted Earnings per Share

The following table sets forth the computation of diluted earnings per share for the years ended December 31, 2019, 2020 and 2021:


	For the years ended December 31,
	2019				2020				2021
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – diluted:
Numerator:
Interest charges applicable to the Convertible Senior Notes		18,876,619		5,057,670		20,833,583		6,273,649		12,171,824		1,910,025		3,810,636		597,972
Allocation of net income attributable to Qudian Inc. for diluted computation		2,574,495,457		689,792,468		736,911,399		221,907,262		448,623,440		70,398,807		140,450,638		22,039,770
Reallocation of net income attributable to Qudian Inc. as a result of conversion of Class B to Class A shares		694,850,138		—		228,180,911		—		144,261,274		22,637,742		—		—

Allocation of net income attributable to Qudian Inc		3,288,222,214		694,850,138		985,925,893		228,180,911		605,056,538		94,946,574		144,261,274		22,637,742
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		215.04		63.49		190.17		63.49		189.95		189.95		63.49		63.49
Conversion of Class B to Class A ordinary shares		63.49		—		63.49		—		63.49		63.49		—		—
Adjustments for dilutive share options		3.45		—		—		—		—		—		—		—
Conversion of the Convertible Senior Notes to Class A ordinary share		18.48		—		20.67		—		12.85		12.85		—		—

Denominator used for diluted earnings per share		300.46		63.49		274.33		63.49		266.29		266.29		63.49		63.49
Earnings per share – diluted		10.94		10.94		3.59		3.59		2.27		0.36		2.27		0.36

Computation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per ADS for the years ended December 31, 2019, 2020 and 2021:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
	Class A		Class A		Class A		Class A
Earnings per share – ADS:
Denominator used for earnings per ADS – basic		184.70		181.84		46.74		7.33
Denominator used for earnings per ADS – diluted		199.24		196.67		49.11		7.71
Earnings per ADS – basic		11.72		3.78		2.32		0.36

Earnings per ADS – diluted		10.94		3.59		2.27		0.36

Earnings Per Share - Computation of Basic Earnings per Share (Detail) ¥ / shares in Units, $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Class A Voting Ordinary Shares [Member]
Earnings per share – basic:
Allocation of net income attributable to Qudian Inc. for basic computation	¥ 441,499,980	$ 69,280,981	¥ 718,824,602	¥ 2,520,194,155
Weighted average number of Class A and Class B ordinary shares outstanding:
Denominator used for basic earnings per share	189,950	189,950	190,170	215,040
Basic \| (per share)	¥ 2.32	$ 0.36	¥ 3.78	¥ 11.72
Class B Voting Ordinary Shares [Member]
Earnings per share – basic:
Allocation of net income attributable to Qudian Inc. for basic computation	¥ 147,574,098	$ 23,157,596	¥ 239,994,059	¥ 744,093,770
Weighted average number of Class A and Class B ordinary shares outstanding:
Denominator used for basic earnings per share	63,490	63,490	63,490	63,490
Basic \| (per share)	¥ 2.32	$ 0.36	¥ 3.78	¥ 11.72

- Definition

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

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- Definition

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

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+ Details

Lease - Summary of Sales-Type Lease Income (Detail)	12 Months Ended
Lease - Summary of Sales-Type Lease Income (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Financing Income [Member]
Sales-type Lease, Lease Income	¥ 5,502,703	$ 863,494	¥ 45,993,173	¥ 89,872,562
Sales Income [Member]
Sales-type Lease, Lease Income	¥ 0	$ 0	¥ 0	¥ 89,150,614

Finance Lease Receivables - Schedule of Future Minimum Lease Payments to be Received (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Leases [Abstract]
Finance lease receivables, Less than 1 year	¥ 37,626,031	$ 5,904,346	¥ 208,218,275
Finance lease receivables, 1 - 2 years	664,664	104,300	36,167,327
Finance lease receivables, 2 - 3 years	0	0	738,930
Finance lease receivables, 3 - 4 years
Finance lease receivables, Total	¥ 38,290,695	$ 6,008,646	¥ 245,124,532

Income Taxes - Summary of Principal Components of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables	¥ 391,551,056	$ 61,442,906	¥ 445,374,376
Allowance for finance lease receivable	10,216,523	1,603,195	14,360,187
Allowance for other current assets	66,008,093	10,358,110	44,792,004
Impairment loss from long-lived assets	39,083,895	6,133,116	0
Guarantee liabilities	186,637,271	29,287,461	203,687,822
Risk assurance liabilities	56,287,963	8,832,810	52,558,773
Share-based compensation	33,776,437	5,300,259	40,910,215
Fair value change on investments	2,691,614	422,373	0
Fair value change on financial assets	8,201,268	1,286,958	0
Lease liabilities	51,560,367	8,090,947	24,966,731
Advertising cost	1,787,054	280,428
Net operating loss carry forwards	272,561,783	42,770,891	94,886,663
Less: valuation allowance	(838,371,909)	(131,558,847)	(701,745,843)
Total non-current deferred tax assets net of valuation allowance	281,991,415	44,250,607	219,790,928
Net non-current deferred tax assets	87,285,917	13,697,065	154,959,777
Non-current deferred tax liabilities
Contract assets	0	0	(15,735,380)
Right-of-use assets	(52,117,255)	(8,178,335)	(26,360,534)
Fair value change on financial assets	(3,629,878)	(569,607)	(10,230,912)
Unacollected revenue	(207,501,495)	(32,561,513)	(23,427,601)
Total non-current deferred tax liabilities	(263,248,628)	(41,309,455)	(75,754,427)
Net non-current deferred tax liabilities	¥ (68,543,130)	$ (10,755,913)	¥ (10,923,276)

Organization - Schedule of Assets and Liabilities of VIEs (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	¥ 12,218,088,667	$ 1,917,284,731	¥ 11,690,476,076
Total non-current assets	1,873,036,506	293,920,300	1,707,555,634
Total assets	14,091,125,173	2,211,205,031	13,398,031,710
Total current liabilities	493,517,245	77,443,625	472,608,238
Total non-current liabilities	1,074,068,647	168,544,809	1,015,579,621
Total liabilities	1,567,585,892	245,988,434	1,488,187,859
Variable Interest Entity [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	11,767,368,363	1,846,556,878	11,044,967,048
Total non-current assets	1,744,115,342	273,689,755	1,360,688,649
Total assets	13,511,483,705	2,120,246,633	12,405,655,697
Total current liabilities	1,339,051,890	210,126,461	1,541,885,470
Total non-current liabilities	592,668,094	93,002,557	184,760,974
Total liabilities	1,931,719,984	303,129,018	1,726,646,444
Variable Interest Entity [Member] \| Short term Loan Principal and Financing Service Fee Receivables [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	2,339,575,202	367,130,402	3,916,692,275
Variable Interest Entity [Member] \| Other Current Assets [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Total current assets	¥ 9,427,793,161	$ 1,479,426,476	¥ 7,128,274,773

Summary of Significant Accounting Policies - Additional Information (Detail)				12 Months Ended
	Mar. 20, 2019	May 01, 2018	Apr. 04, 2018	Dec. 31, 2021 CNY (¥) Customer	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 CNY (¥) Customer	Dec. 31, 2019 CNY (¥) Customer	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Contract assets				¥ 27,996,290		¥ 115,906,273		$ 4,393,229
Applicable tax rate	13.00%	16.00%		13.00%	13.00%
Account receivables				¥ 204,791,835		111,037,030		32,136,308
Allowance for contract assets, net				31,168		118,952		4,890
Remaining unsatisfied performance obligations pertaining to post-origination services				¥ 1,751,348		9,154,611		$ 274,825
Land use right, term				36 years	36 years
Defined contribution plan expensed incurred				¥ 79,010,301	$ 12,398,440	30,138,113	¥ 42,724,802
Advertising costs				19,047,468	2,988,963	153,327,392	85,928,890
VAT incurred				¥ 104,938,590	16,467,155	¥ 201,297,527	¥ 792,753,015
RMB/US$1.00 exchange rate				6.3726				6.3726
Derivative Asset, Notional Amount				¥ 619,332,499				$ 97,186,784
Unrealized gain on comprehensive income				17,375,517	$ 2,726,598
Derivative, Collateral, Right to Reclaim Cash				¥ 619,332,499				$ 97,186,784
CITIC [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt instrument interest rate during period				2.80%				2.80%
Lender Concentration Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt Instrument, Face Amount				¥ 2,349,000,000				$ 369,000,000
Sales Revenue, Net [Member] \| Concentration of Credit Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of borrower represents 10% or more				0	0	0	0
Loan Receivable and Financing Service Fee Receivable [Member] \| Concentration of Credit Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of borrower represents 10% or more				0	0	0	0
Funding Partners And Banks [Member] \| Concentration of Credit Risk [Member] \| Customer [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage				27.00%	27.00%
Computer Software [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development costs capitalized \| ¥				¥ 0		¥ 0	¥ 0
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate				6.00%	6.00%
Intangible assets estimated useful lives				1	1
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate				16.00%	16.00%
Intangible assets estimated useful lives				10	10
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-31
Summary Of Significant Accounting Policies [Line Items]
Recognition period of performance obligation				2 years				2 years
Previously Reported [Member]
Summary Of Significant Accounting Policies [Line Items]
Applicable tax rate	16.00%		17.00%
Installment Credit Services Segment [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenue from providing loan facilitation service				¥ 37,028,082	$ 5,810,514	(32,908,294)	2,097,593,931
Revenue from post origination services and other				2,502,967	392,770	164,541,390	199,818,201
Transaction services [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenue from post origination services and other				20,217,705	3,172,599	31,578,617	37,610,344
Revenue from transaction services and other				131,475,605	20,631,392	¥ (168,120,830)	¥ 2,161,854,715
Swap [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative, Collateral, Right to Reclaim Cash				619,000,000				$ 97,186,784
Swap [Member] \| CITIC [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative collateral right to reclaim prepaid cash				¥ 10,405,181	$ 1,632,800

Consolidated Statements of Comprehensive Income	12 Months Ended
Consolidated Statements of Comprehensive Income	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Revenues:
Financing income	¥ 1,255,487,959	$ 197,013,457	¥ 2,102,664,997	¥ 3,510,054,957
Guarantee income	3,934,761	617,450	826,197,593
Loan facilitation income and other related income	39,531,049	6,203,284	131,633,096	2,297,413,315
Transaction services fee and other related income	151,693,310	23,803,991	(136,542,213)	2,199,463,876
Total revenues	1,654,042,540	259,555,367	3,687,973,887	8,840,043,542
Cost of revenues:
Cost of goods sold	(78,532,651)	(12,323,487)	(645,082,780)	(366,014,556)
Cost of other revenues	(220,193,581)	(34,553,179)	(217,271,212)	(535,772,612)
Total cost of revenues	(298,726,232)	(46,876,666)	(862,353,992)	(901,787,168)
Operating expenses:
Sales and marketing	(127,376,379)	(19,988,133)	(293,282,118)	(280,615,518)
General and administrative	(443,275,523)	(69,559,599)	(285,905,509)	(286,059,239)
Research and development	(141,263,820)	(22,167,376)	(170,690,876)	(204,780,905)
Changes in guarantee liabilities and risk assurance liabilities (including changes in guarantee liabilities amounts of RMB 116,592,666, RMB 939,954,125 and RMB 22,265,996 (US$ 3,412,413), change in risk assurance liabilities amounts of RMB nil, RMB 203,473,526 and RMB -110,160,462 (US$ -16,882,829) for the year ended December 31, 2018, 2019 and 2020, respectively).	201,602,185	31,635,782	87,894,466	(1,143,427,651)
Provision for receivables and other assets	151,816,830	23,823,373	(1,641,362,182)	(2,283,126,141)
Impairment loss from long-lived assets	(156,394,433)	(24,541,699)
Total operating expenses	(514,891,140)	(80,797,652)	(2,303,346,219)	(4,198,009,454)
Other operating income	82,273,807	12,910,556	343,324,461	108,508,163
Income from operations	922,698,975	144,791,605	865,598,137	3,848,755,083
Interest and investment income, net	129,455,869	20,314,450	708,250,666	24,291,607
Loss from equity method investments	(221,798,009)	(34,804,948)	(370,038,652)	(3,419,825)
Unrealized gain on derivative instruments	17,375,517	2,726,598
Foreign exchange gain/(loss), net	(51,356)	(8,060)	(107,144)	6,635,208
Other income	5,213,254	818,074	26,357,832	24,583,469
Other expenses	(6,485,205)	(1,017,670)	(9,262,586)	(10,323,771)
Net income before income taxes	846,409,045	132,820,049	1,220,798,253	3,890,521,771
Income tax expenses	(260,482,067)	(40,875,320)	(261,979,592)	(626,233,846)
Net income	585,926,978	91,944,729	958,818,661	3,264,287,925
Less: net loss attributable to noncontrolling interests	(3,147,100)	(493,848)
Net income attributable to Qudian Inc.'s shareholders	589,074,078	92,438,577	958,818,661	3,264,287,925
Other comprehensive income/(loss)
Foreign currency translation adjustment	(7,577,408)	(1,189,061)	(38,454,600)	31,893,073
Total comprehensive income	578,349,570	90,755,668	920,364,061	3,296,180,998
Less: comprehensive loss attributable to noncontrolling interests	(3,147,100)	(493,848)
Total comprehensive income attributable to Qudian Inc.'s shareholders	¥ 581,496,670	$ 91,249,516	¥ 920,364,061	¥ 3,296,180,998
Common Class A and Class B [Member]
Earnings per for class A and class B
Basic \| (per share)	¥ 2.32	$ 0.36	¥ 3.78	¥ 11.72
Diluted \| (per share)	¥ 2.27	$ 0.36	¥ 3.59	¥ 10.94
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic	253,438,807	253,438,807	253,658,448	278,531,382
Diluted	266,292,869	266,292,869	274,333,161	300,457,711
American Depositary Shares [Member]
Earnings per for class A and class B
Basic \| (per share)	¥ 2.32	$ 0.36	¥ 3.78	¥ 11.72
Diluted \| (per share)	¥ 2.27	$ 0.36	¥ 3.59	¥ 10.94
Sales Commission Fee [Member]
Revenues:
Revenues	¥ 35,411,010	$ 5,556,760	¥ 80,991,883	¥ 356,811,512
Sales Income and others [Member]
Revenues:
Revenues	100,668,099	15,797,020	610,793,584	431,945,882
Penalty fees [Member]
Revenues:
Revenues	¥ 67,316,352	$ 10,563,405	¥ 72,234,947	¥ 44,354,000

Loan Principal and Financing Service Fee Receivables - Schedule of Aging of Past-Due Loan Principal and Financing Service Fee Receivables (Detail) - Consumer Portfolio Segment [Member] - Uncollateralized [Member]	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 198,109,838		¥ 410,936,982
Current	2,440,895,051		4,378,759,256
Total	2,639,004,889	$ 414,117,453	4,789,696,238
Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	43,935,291		52,781,542
Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	33,536,939		47,422,054
Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	29,620,946		55,848,138
Financing Receivables, 91 to 120 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	27,904,847		68,498,711
Financing Receivables, 121 to 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	29,486,766		83,947,214
Financing Receivables, 151 to 180 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	33,625,049		102,439,323
Loan Principal [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	195,711,690		405,719,891
Current	2,399,252,995		4,307,995,865
Total	2,594,964,685	407,206,584	4,713,715,756
Loan Principal [Member] \| Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	43,284,767		51,672,697
Loan Principal [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	32,715,863		45,870,724
Loan Principal [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	28,694,398		53,291,222
Loan Principal [Member] \| Financing Receivables, 91 to 120 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	27,904,847		68,498,711
Loan Principal [Member] \| Financing Receivables, 121 to 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	29,486,766		83,947,214
Loan Principal [Member] \| Financing Receivables, 151 to 180 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	33,625,049		102,439,323
Financing Service Fee Receivables [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	2,398,148		5,217,091
Current	41,642,056		70,763,391
Total	44,040,204	$ 6,910,869	75,980,482
Financing Service Fee Receivables [Member] \| Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	650,524		1,108,845
Financing Service Fee Receivables [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	821,076		1,551,330
Financing Service Fee Receivables [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 926,548		¥ 2,556,916

Cost of Other Revenues

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Cost of Other Revenues

14. Cost of other revenues

Cost of other revenues consists of the following:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Interest expenses of borrowings		288,241,857		15,240,283		—		—
Other costs*		247,530,755		202,030,929		220,193,581		34,553,179

		535,772,612		217,271,212		220,193,581		34,553,179

*	Other costs include commission expenses, salaries and cost of educational services.

Interest and Investment Income, Net (Tables)

12 Months Ended

Dec. 31, 2021

Other Income And Expenses [Abstract]

Summary of Interest and Investment Income, Net

Interest and investment income, net consists of the following:


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Unrealized investment income of short-term investments		—			45,478,742			17,213,203			2,701,127
Realized investment income of short-term investments		4,108,597			35,892,481			113,179,422			17,760,321
Unrealized investment income of long-term investments		—			4,472,410			(24,635,329	)		(3,865,821	)
Interest income		44,117,299			27,405,264			27,634,511			4,336,458
Income from the repurchase of convertible senior notes		—			622,109,001			12,046,522			1,890,362
Interest expense of convertible senior notes		(23,934,289	)		(27,107,232	)		(15,982,460	)		(2,507,997	)

		24,291,607			708,250,666			129,455,869			20,314,450

Lease - Summary of Future Minimum Rental Payments For Operating Leases (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Leases, Operating [Abstract]
1 year (Including 1 year)	¥ 40,321,257	$ 6,327,285	¥ 35,896,070
1 year to 2 years (Including 2 years)	28,953,101	4,543,373	18,750,779
2 years to 3 years (Including 3 years)	27,307,080	4,285,077	13,526,508
3 years to 4 years (Including 4 years)	26,593,652	4,173,124	12,723,937
4 years to 5 years (Including 5 years)	22,452,011	3,523,211	12,379,967
Over 5 years	108,101,711	16,963,517	36,974,959
Total	253,728,812	39,815,587	130,252,220
Less: imputed interest	47,458,135	7,447,217	26,252,614
Present value of lease liabilities	¥ 206,270,677	$ 32,368,370	¥ 103,999,606

Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Class A Voting Ordinary Shares [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	656,508,828	656,508,828
Common stock, shares issued	201,304,881	201,304,881
Common stock, shares outstanding	190,243,651	189,514,026
Class B Voting Ordinary Shares [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	63,491,172	63,491,172
Common stock, shares issued	63,491,172	63,491,172
Common stock, shares outstanding	63,491,172	63,491,172
Parent Company [Member] \| Class A Voting Ordinary Shares [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	656,508,828	656,508,828
Common stock, shares issued	201,304,881	201,304,811
Common stock, shares outstanding	190,243,651	189,514,026
Parent Company [Member] \| Class B Voting Ordinary Shares [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	63,491,172	63,491,172
Common stock, shares issued	63,491,172	63,491,172
Common stock, shares outstanding	63,491,172	63,491,172

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment, net


	As of December 31,
	2020		2021
	RMB		RMB		US$
Construction in progress		275,107,135		660,788,221		103,692,092
Leasehold improvements		40,451,833		169,217,493		26,553,917
Office and electronic equipment		6,214,684		9,856,959		1,546,772
Motor vehicles		5,621,019		10,204,623		1,601,328

Property and equipment, gross		327,394,671		850,067,296		133,394,109
Less accumulated depreciation		24,425,310		43,829,381		6,877,786

Less allowance		—		147,137,267		23,089,048

Property and equipment, net		302,969,361		659,100,648		103,427,275

Share-based Compensation - Summary of Share Option Activity (Detail) - 2016 Plan [Member] - CNY (¥)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Beginning balance	11,070,011		12,055,912
Number of shares, Granted			878,125	15,299,019
Number of shares, Exercised	(1,019,625)		(797,463)
Number of shares, Forfeited	(158,500)		(1,066,563)
Number of shares, Ending balance	9,891,886	11,070,011
Number of shares, Vested and expected to vest	9,463,751
Number of shares, Exercisable	7,564,042
Weighted average grant date fair value, Beginning balance	¥ 16.79		¥ 19.87
Weighted average grant date fair value, Granted			14.51
Weighted average grant date fair value, Exercised	13.60		13.45
Weighted average grant date fair value, Forfeited	28.96		¥ 52.22
Weighted average grant date fair value, Ending balance	16.92	¥ 16.79
Weighted average grant date fair value, Vested and expected to vest	36.72
Weighted average grant date fair value, Exercisable	¥ 32.39
Weighted average remaining contractual term, Outstanding	6 years 3 months 18 days	7 years 3 months 21 days	8 years 2 months 4 days
Weighted average remaining contractual term, Vested and expected to vest	6 years 3 months 18 days
Weighted average remaining contractual term, Exercisable	5 years 10 months 13 days
Aggregate Intrinsic Value, Outstanding	¥ 578,275,151	¥ 99,672,691	¥ 578,275,151
Aggregate Intrinsic Value, Vested and expected to vest	453,939,274
Aggregate Intrinsic Value, Exercisable	¥ 362,817,639

Restricted Net Assets - Additional Information (Detail) ¥ in Millions, $ in Millions	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Restricted Assets [Line Items]
Percentage of loan principle balance allocate to statutory reserve	1.50%	1.50%
Amounts restricted include paid-in capital and statutory reserve funds	¥ 5,314	$ 834	¥ 5,002
Minimum [Member]
Restricted Assets [Line Items]
Required percentage to allocate after tax profits to statutory reserve	10.00%	10.00%
Maximum [Member]
Restricted Assets [Line Items]
Required percentage to allocate after tax profits to statutory reserve	50.00%	50.00%

Finance Lease Receivables

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Finance Lease Receivables

4. Finance lease receivables

4.1 Finance lease receivables consists of the following:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Gross investment in finance lease receivables		245,124,532			38,290,695			6,008,646
Less: unearned income		(12,191,011	)		(1,287,015	)		(201,961	)

Net investment in finance lease receivables		232,933,521			37,003,680			5,806,685
Less: allowance for finance lease receivables		(24,549,329	)		(5,142,488	)		(806,968	)

Finance lease receivables, net		208,384,192			31,861,192			4,999,717

4.2 The following table presents nonaccrual finance lease receivables as of December 31, 2020 and 2021, respectively.


	As of December 31,
	2020			2021
	RMB			RMB			US$
Nonaccrual finance lease receivables		2,252,409			567,406			89,038
Less: allowance for nonaccrual financial lease receivables		(427,878	)		(114,169	)		(17,916	)

Nonaccrual finance lease receivables, net		1,824,531			453,237			71,122

4.3 The following table presents the aging of

past-due

finance lease receivables as of December 31, 2020:

1-30

days

31-60 days

61-90 days

90-120 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

Finance lease receivables

10,435,239

1,655,460

982,419

621,594

637,153

993,662

15,325,527

217,607,994

232,933,521

The following table presents the aging of

past-due

finance lease receivables as of December 31, 2021:

1-30 days

31-60 days

61-90 days

90-120 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

US$

Finance lease receivables

2,155,618

169,237

317,440

97,182

242,872

227,352

3,209,701

33,793,979

37,003,680

5,806,685

As of December 31, 2020 and 2021, all finance lease receivables which are past due 90 days or more are nonaccrual.

4.4 The following table presents the future minimum lease payments to be received:

Less than
1 year

1 – 2 years

2 – 3 years

3 – 4 years

Total

RMB

As of December 31, 2020

Finance lease receivables

208,218,275

36,167,327

738,930

—

245,124,532

Less than
1 year

1 – 2 years

2 – 3 years

3 – 4 years

Total

RMB

As of December 31, 2021

Finance lease receivables

37,626,031

664,664

—

38,290,695

Less than
1 year

1 – 2 years

2 – 3 years

3 – 4 years

Total

US$

As of December 31, 2021

Finance lease receivables

5,904,346

104,300

—

6,008,646

4.5 Movement of allowance for finance lease receivables for the year ended December 31, 2020 and 2021 are as follows:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Balance at the beginning of the year		39,933,036			24,549,329			3,852,326
Adjustment due to the adoption of ASC 326		26,044,003			—			—
R everse		(29,287,359	)		(16,452,740	)		(2,581,794	)
Charge-offs		(12,140,351	)		(2,954,101	)		(463,564	)

Balance at the end of the year		24,549,329			5,142,488			806,968

Evaluated for impairment on a portfolio basis		24,549,329			5,142,488			806,968

Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of the Parent Company - Condensed Balance Sheets

Condensed balance sheets


	As of December 31,
	2020		2021
	RMB		RMB		US$
ASSETS:
Current assets:
Cash and cash equivalents		813,175,789		558,271,954		87,605,052
Short-term investments		—		200,238,180		31,421,740
Short-term amounts due from related parties		1,743,981,590		1,595,236,014		250,327,341

Total current assets		2,557,157,379		2,353,746,148		369,354,133

Non-current assets:
Investments in subsidiaries, VIEs and VIEs’ subsidiaries		10,178,732,276		10,850,691,369		1,702,710,255

Total non-current assets		10,178,732,276		10,850,691,369		1,702,710,255

TOTAL ASSETS		12,735,889,655		13,204,437,517		2,072,064,388

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accrued expenses and other current liabilities		6,206,202		2,020,586		317,074
Short-term amounts due to related parties		7,835,083		4,329,997		679,471

Total current liabilities		14,041,285		6,350,583		996,545


	As of December 31,
	2020			2021
	RMB			RMB			US$
Non-current liabilities
Convertible senior notes		822,004,519			681,400,553			106,926,616

Total non-current liabilities		822,004,519			681,400,553			106,926,616

TOTAL LIABILITIES		836,045,804			687,751,136			107,923,161

Commitments and contingencies
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,811 shares issued and 189,514,026 shares outstanding, as of December 31, 2020; 656,508,828 shares authorized, 201,304,881 shares issued and 190,243,651 shares outstanding, as of December 31, 2021)		132,052			132,052			20,722
Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2020 and 2021)		43,836			43,836			6,879
Treasury shares		(371,551,131	)		(346,320,584	)		(54,345,257	)
Additional paid-in capital		4,007,259,660			4,017,374,973			630,413,799
Accumulated other comprehensive loss		(51,419,766	)		(58,997,174	)		(9,257,944	)
Retained earnings		8,315,379,200			8,904,453,278			1,397,303,028

Total shareholders’ equity		11,899,843,851			12,516,686,381			1,964,141,227

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		12,735,889,655			13,204,437,517			2,072,064,388

Condensed Financial Information of the Parent Company - Condensed Statements of Comprehensive Income

Condensed statements of comprehensive income


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Share-based compensation expense		(87,299,053	)		(45,633,820	)		(35,344,620	)		(5,546,342	)
General and administrative		(43,146,732	)		(38,512,789	)		(9,973,856	)		(1,565,116	)
Interest and investment income, net		(10,149,429	)		(15,718,860	)		(22,506,569	)		(3,531,772	)
Other non-interest income		20,498,736			19,633,391			4,979,926			781,459
Foreign exchange loss, net		9,946,070			2,073,798			352,492			55,314
Income from the repurchase of convertible senior notes		—			622,109,001			12,046,522			1,890,362
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		3,374,438,333			414,867,940			639,520,183			100,354,672

Net income before income taxes		3,264,287,925			958,818,661			589,074,078			92,438,577
Income tax expense		—			—			—			—

Net income		3,264,287,925			958,818,661			589,074,078			92,438,577

Other comprehensive income
Foreign currency translation adjustment		31,893,073			(38,454,600	)		(7,577,408	)		(1,189,061	)

Total comprehensive income		3,296,180,998			920,364,061			581,496,670			91,249,516

Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows

Condensed statements of cash flows


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Cash flows from operating activities:
Net income		3,264,287,925			958,818,661			589,074,078			92,438,577
Adjustments to reconcile net income to net cash used in operating activities:
Share of profit in subsidiaries, VIEs and VIEs’ subsidiaries		(3,374,438,333	)		(414,867,940	)		(639,520,183	)		(100,354,672	)
Share-based compensation expense		87,299,053			45,633,820			35,344,620			5,546,342
Income from the repurchase of convertible senior notes		—			(622,109,001	)		(12,046,522	)		(1,890,362	)
Accrued interest of convertible senior notes		23,934,289			27,107,232			15,982,460			2,507,997
Unrealized investment income of short-term Investments		—			—			4,264,330			669,166
Foreign exchange (income)/loss net		(9,946,070	)		(2,073,798	)		(352,492	)		(55,314	)
Changes in operating assets and liabilities:
Receivables from related party		(34,551	)		(221,873,465	)		(97,924	)		(15,366	)
Payable to employees		(2,312,714	)		(176,326	)		(762	)		(120	)
Other current receivables		1,096,665			618,772			—			—
Other current payables		4,292,086			5,651,200			(4,184,856	)		(656,694	)
Net cash used in operating activities		(5,821,650	)		(223,270,845	)		(11,537,251	)		(1,810,446	)


	For the years ended December 31,
	2019		2020			2021
	RMB		RMB			RMB			US$

Net cash provided by /(used in) investing activities		330,197,330		1,497,130,562			(132,143,216	)		(20,736,154	)
Net cash provided by/(used in) financing activities		9,587,663		(1,522,314,300	)		(127,088,249	)		(19,942,920	)
Effect of exchange rate changes on cash and cash equivalents		100,137,695		84,221,631			15,864,881			2,489,546
Net increase/(decrease) in cash and cash equivalents		434,101,038		(164,232,952	)		(254,903,835	)		(39,999,974	)
Cash and cash equivalents at beginning of the year		543,307,703		977,408,741			813,175,789			127,605,026

Cash and cash equivalents at end of the year		977,408,741		813,175,789			558,271,954			87,605,052

Fair Value Measurements - Additional Information (Detail) $ in Millions	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Investments, Fair value disclosure			¥ 306,275,523
Fair Value, Nonrecurring [Member] \| Long Term Investments [Member]
Investments, Fair value disclosure	¥ 172,000,000	$ 27
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Revenue Multiple [Member]
Long term investment, Non recurring, Measurement input	33	33

Organization - Schedule of Operations of VIEs (Detail)	12 Months Ended
Organization - Schedule of Operations of VIEs (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Revenues	¥ 1,600,712,429	$ 251,186,710	¥ 3,549,458,230	¥ 8,049,577,016
Net income	¥ 868,473,261	$ 136,282,407	¥ 562,471,865	¥ 3,440,929,911

Ordinary Shares - Additional Information (Detail)	Dec. 31, 2021 Vote
Class A Voting Ordinary Shares [Member]
Class of Stock [Line Items]
Number of votes per share	1
Class B Voting Ordinary Shares [Member]
Class of Stock [Line Items]
Number of votes per share	10

Income Taxes - Summary of Current and Deferred Component of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expenses	¥ 135,188,353	$ 21,214,002	¥ 129,397,492	¥ 494,121,097
Deferred income tax expenses	125,293,714	19,661,318	132,582,100	132,112,749
Income tax expenses	¥ 260,482,067	$ 40,875,320	¥ 261,979,592	¥ 626,233,846

- Definition

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

+ References + Details

Convertible senior notes - Additional Information (Detail)				12 Months Ended
	Jul. 01, 2022	Jul. 01, 2019 CNY (¥) ¥ / shares	Jul. 01, 2019 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($) $ / shares	Jul. 31, 2019 $ / shares	Jul. 01, 2019 USD ($)
Debt Instrument [Line Items]
Proceeds from convertible debt net \| ¥							¥ 2,289,629,341
Underwriting discounts and offering expenses, interest rate effective percentage		2.07%	2.07%
Repurchase of convertible senior notes				¥ 133,000,000	$ 21,000,000	¥ 1,535,000,000
Principal amount of convertible notes				131,000,000	21,000,000	1,500,000,000
Convertible Senior Notes Amortized Cost				119,000,000	19,000,000	878,000,000
Income from the repurchase of convertible senior notes				12,000,000	$ 2,000,000	622,000,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount of convertible debt										$ 300,000,000
Debt interest rate		1.00%								1.00%
Debt maturity		Jul. 01, 2026	Jul. 01, 2026
Debt principal amount for conversion			$ 1,000
Proceeds from convertible debt net		¥ 2,290,000,000	334,000,000
Debt issuance cost		¥ 73,000,000								$ 11,000,000
Proceeds from convertible debt gross			$ 345,000,000
Debt carrying amount gross				685,000,000		835,000,000		$ 108,000,000
Debt unamortized expenses				4,000,000		13,000,000		1,000,000
Debt carrying amount net				¥ 681,000,000		¥ 822,000,000		$ 107,000,000
Debt instrument term				0 days	0 days
Convertible Senior Notes [Member] \| Call Option [Member]
Debt Instrument [Line Items]
Cost of capped call				¥ 193,000,000	$ 28,000,000
Convertible Senior Notes [Member] \| Forecast [Member]
Debt Instrument [Line Items]
Debt repurchase price percentage	100.00%
Convertible Senior Notes [Member] \| ADS [Member]
Debt Instrument [Line Items]
Debt initial conversion rate \| (per share)		¥ 106.2756							$ 9.41
Convertible Senior Notes [Member] \| ADS [Member] \| Call Option [Member]
Debt Instrument [Line Items]
Debt issuance cost paid					$ 28,000,000
Convertible Senior Notes [Member] \| ADS [Member] \| Call Option [Member] \| Strike Price [Member]
Debt Instrument [Line Items]
Debt initial conversion rate \| $ / shares								$ 9.4095
Convertible Senior Notes [Member] \| ADS [Member] \| Call Option [Member] \| Cap Price [Member]
Debt Instrument [Line Items]
Debt initial conversion rate \| $ / shares								$ 12.9150
Convertible Senior Notes [Member] \| Additional Notes [Member]
Debt Instrument [Line Items]
Principal amount of convertible debt										$ 45,000,000

Long-term borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term borrowings

10.

Long-term

borrowings

In November 2019, the Company entered into a revolving credit facility with several banks. The credit facility enables the Company to borrow RMB1,200 million to be used for the construction of the Company’s office building and innovation center. The credit facility expires in eight years and is guaranteed by Xinjiang Qudian Technology Co., Ltd. and Qufenqi (Ganzhou) Information Technology Co., Ltd. and collateralized by the land lease right of use

The following table presents long-term borrowings from banks mentioned above as of December 31, 2020 and 2021:


						As of December 31,
	Floating annual rate (%)			Term		2020		2021
						RMB		RMB		US$
Banks		LPR+0.295	%		30 to 95 months		102,415,457		145,311,721		22,802,580

The weighted average interest rate for the outstanding borrowings was approximately 4.95% and 4.95% as of December 31, 2020 and 2021, respectively.

The following table sets forth the contractual obligations which has not included impact of discount of time value as of December 31, 2020 and 2021:


	Less than 1 year		1 – 2 years		2 – 3 years		3 – 4 years		4 – 5 years		Greater than 5 years		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB
As of December 31, 2020
Long-term borrowings and interest payables (RMB)		5,064,444		5,064,444		25,082,717		24,094,803		23,070,814		43,102,962		125,480,184

As of December 31, 2021
Long-term borrowings and interest payables (RMB)		7,185,665		35,588,502		34,186,806		32,733,923		31,296,790		29,859,658		170,851,344

Long-term borrowings and interest payables (US$)		1,127,587		5,584,613		5,364,656		5,136,667		4,911,149		4,685,632		26,810,304

Other Current Assets - Summary of Allowance for Other current assets (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Schedule Allowance for Other Current Assets [Line Items]
Beginning balance	¥ 160,745,160	$ 25,224,423	¥ 27,259,988
Adjustment due to the adoption of ASC 326	0	0	4,411,290
Additions/ (reverse)	59,901,259	9,399,815	219,292,278
Charge-offs	(19,404,351)	(3,044,966)	(90,218,396)
Ending Balance	¥ 201,242,068	$ 31,579,272	¥ 160,745,160

Condensed Financial Information of the Parent Company - Condensed Statements of Comprehensive Income (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Condensed Statement Of Income Captions [Line Items]
Share-based compensation expense	¥ (35,344,620)	$ (5,546,342)	¥ (45,633,820)	¥ (87,299,053)
General and administrative	(443,275,523)	(69,559,599)	(285,905,509)	(286,059,239)
Interest and investment income, net	129,455,869	20,314,450	708,250,666	24,291,607
Foreign exchange loss, net	(51,356)	(8,060)	(107,144)	6,635,208
Income from the repurchase of convertible senior notes	12,046,522	1,890,362	622,109,001
Share of profit in subsidiaries, VIEs and VIEs' subsidiaries	(221,798,009)	(34,804,948)	(370,038,652)	(3,419,825)
Net income before income taxes	846,409,045	132,820,049	1,220,798,253	3,890,521,771
Net income attributable to Qudian Inc.'s shareholders	589,074,078	92,438,577	958,818,661	3,264,287,925
Other comprehensive income/(loss)
Foreign currency translation adjustment	(7,577,408)	(1,189,061)	(38,454,600)	31,893,073
Total comprehensive income attributable to Qudian Inc.'s shareholders	581,496,670	91,249,516	920,364,061	3,296,180,998
Parent Company [Member]
Condensed Statement Of Income Captions [Line Items]
Share-based compensation expense	(35,344,620)	(5,546,342)	(45,633,820)	(87,299,053)
General and administrative	(9,973,856)	(1,565,116)	(38,512,789)	(43,146,732)
Interest and investment income, net	(22,506,569)	(3,531,772)	(15,718,860)	(10,149,429)
Other non-interest income	4,979,926	781,459	19,633,391	20,498,736
Foreign exchange loss, net	352,492	55,314	2,073,798	9,946,070
Income from the repurchase of convertible senior notes	12,046,522	1,890,362	622,109,001
Share of profit in subsidiaries, VIEs and VIEs' subsidiaries	639,520,183	100,354,672	414,867,940	3,374,438,333
Net income before income taxes	589,074,078	92,438,577	958,818,661	3,264,287,925
Net income attributable to Qudian Inc.'s shareholders	589,074,078	92,438,577	958,818,661	3,264,287,925
Foreign currency translation adjustment	(7,577,408)	(1,189,061)	(38,454,600)	31,893,073
Total comprehensive income attributable to Qudian Inc.'s shareholders	¥ 581,496,670	$ 91,249,516	¥ 920,364,061	¥ 3,296,180,998

Income Taxes - Schedule of Unrecognized Tax Benefits (Details)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Income Tax Disclosure [Abstract]
Balance at beginning of the year	¥ 0	$ 0	¥ 0
Additions	2,588,962	406,265	3,322,470
Decreases	0	0	(3,322,470)
Balance at end of the year	¥ 2,588,962	$ 406,265	¥ 0

Property and equipment, net - Additional information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Property, Plant and Equipment [Abstract]
Depreciation	¥ 18,000,000	$ 3	¥ 9,000,000	¥ 11,000,000
Interest Costs Capitalized	7,000,000	$ 1	¥ 3,000,000	¥ 0
Charges of Leasehold improvements	42,544,996
Charges of construction in progress	¥ 104,592,271

Guarantee liabilities and risk assurance liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Guarantee Liabilities and Risk Assurance Liabilities [Abstract]

Summary of Movement of Guarantee Liabilities

The movement of guarantee liabilities are as follows:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Balance at beginning of the year		263,465,921			11,697,633			1,835,614
Fair value of guarantee liabilities upon the inception of new loans		9,865,341			5,604,145			879,412
Collections/ (performed guarantee)		(283,899,625	)		36,593,107			5,742,257
Change in fair value of guarantee liabilities		22,265,996			(53,009,582	)		(8,318,360	)

Balance at end of the year		11,697,633			885,303			138,923

Summary of movement of risk assurance liabilities

The movement of risk assurance liabilities are as follows:


	As of December 31,
	2020									2021
	Contingent			Non-contingent			Total			Contingent			Non-contingent			Total
	RMB			RMB			RMB			RMB			RMB			RMB			US$
Balance at the beginning of the year		433,083,558			821,277,841			1,254,361,399			15,766,928			3,934,761			19,701,689			3,091,625
Adjustment due to the adoption of ASC 326		1,093,382,647			—			1,093,382,647			—			—			—			—
Fair value of risk assurance liabilities upon the inception of new loans		—			8,854,513			8,854,513			—			—			—			—
Expected credit loss upon the inception of new loans		8,784,102			—			8,784,102			—			—			—			—
Recognized as guarantee income		—			(826,197,593	)		(826,197,593	)		—			(3,934,761	)		(3,934,761	)		(617,450	)
Collections/ (Payouts)		(1,400,538,815	)		—			(1,400,538,815	)		132,825,675			—			132,825,675			20,843,247
Change in fair value of risk assurance liabilities		(118,944,564	)		—			(118,944,564	)		(148,592,603	)		—			(148,592,603	)		(23,317,422	)

Balance at end of the year		15,766,928			3,934,761			19,701,689			—			—			—			—

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2021
Receivables [Abstract]
Restricted Net Assets	25. Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries, VIEs and subsidiaries of the VIEs incorporated in PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Under PRC law, the Company’s subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. In addition, the registered capital of the PRC entities is also restricted. Under PRC regulations, the subsidiaries of the VIEs in the PRC with microloan license are required to provide a statutory reserve, which is appropriated from net income as reported in the Company’s statutory accounts. The Company is required to allocate 1.5% of its balance of loan principal to the statutory reserve. The statutory reserves can only be used for specific purposes and not distributable as cash dividends. Under PRC regulations, the Company’s subsidiary in the PRC with a license to provide financing guarantee service is required to provide a statutory reserve, which is appropriated from net income as reported in the Company’s statutory accounts. The Company is required to allocate 10 % of its after tax profits to the statutory reserve. The statutory reserves can only be used for specific purposes and not distributable as cash dividends. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the subsidiaries. The PRC entities are also subject to similar statutory reserve requirements. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. Amounts restricted that include paid-in capital and statutory reserve funds, as determined pursuant to PRC GAAP, were RMB 5,002 million and RMB 5,314 million (US$ 834 million) as of December 31, 2020 and 2021, respectively.

Earnings per share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

18. Earnings per share

The following table sets forth the computation of basic earnings per share for the years ended December 31, 2019, 2020 and 2021:


	For the years ended December 31,
	2019				2020				2021
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – basic:
Numerator:
Allocation of net income attributable to Qudian Inc. for basic computation		2,520,194,155		744,093,770		718,824,602		239,994,059		441,499,980		69,280,981		147,574,098		23,157,596
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		215.04		63.49		190.17		63.49		189.95		189.95		63.49		63.49
Denominator used for basic earnings per share		215.04		63.49		190.17		63.49		189.95		189.95		63.49		63.49
Earnings per share – basic		11.72		11.72		3.78		3.78		2.32		0.36		2.32		0.36

The following table sets forth the computation of diluted earnings per share for the years ended December 31, 2019, 2020 and 2021:


	For the years ended December 31,
	2019				2020				2021
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
Earnings per share – diluted:
Numerator:
Interest charges applicable to the Convertible Senior Notes		18,876,619		5,057,670		20,833,583		6,273,649		12,171,824		1,910,025		3,810,636		597,972
Allocation of net income attributable to Qudian Inc. for diluted computation		2,574,495,457		689,792,468		736,911,399		221,907,262		448,623,440		70,398,807		140,450,638		22,039,770
Reallocation of net income attributable to Qudian Inc. as a result of conversion of Class B to Class A shares		694,850,138		—		228,180,911		—		144,261,274		22,637,742		—		—

Allocation of net income attributable to Qudian Inc		3,288,222,214		694,850,138		985,925,893		228,180,911		605,056,538		94,946,574		144,261,274		22,637,742
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic		215.04		63.49		190.17		63.49		189.95		189.95		63.49		63.49
Conversion of Class B to Class A ordinary shares		63.49		—		63.49		—		63.49		63.49		—		—
Adjustments for dilutive share options		3.45		—		—		—		—		—		—		—
Conversion of the Convertible Senior Notes to Class A ordinary share		18.48		—		20.67		—		12.85		12.85		—		—

Denominator used for diluted earnings per share		300.46		63.49		274.33		63.49		266.29		266.29		63.49		63.49
Earnings per share – diluted		10.94		10.94		3.59		3.59		2.27		0.36		2.27		0.36

The following table sets forth the computation of basic and diluted earnings per ADS for the years ended December 31, 2019, 2020 and 2021:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
	Class A		Class A		Class A		Class A
Earnings per share – ADS:
Denominator used for earnings per ADS – basic		184.70		181.84		46.74		7.33
Denominator used for earnings per ADS – diluted		199.24		196.67		49.11		7.71
Earnings per ADS – basic		11.72		3.78		2.32		0.36

Earnings per ADS – diluted		10.94		3.59		2.27		0.36

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2020		2021
	RMB		RMB		US$
Accrued payroll		2,833,635		16,843,567		2,643,123
Tax payables		184,595,913		155,211,471		24,356,067
Payable to suppliers		14,964,018		32,100,134		5,037,211
Payable to external service providers		35,405,505		77,657,212		12,186,111
Payable to funding partner		26,805,023		22,694,769		3,561,304
Others		72,186,000		72,360,661		11,354,968

		336,790,094		376,867,814		59,138,784

Provision for Receivables and Other Assets (Tables)

12 Months Ended

Dec. 31, 2021

Provision for receivables and other assets abstract [Abstract]

Summary of Provision for Receivables and Other Assets

Provision for receivables and other assets consists of the following:


	For the years ended December 31,
	2019		2020			2021
	RMB		RMB			RMB			US$
Provision /(reversal) for loan principal and financing service fee receivables		2,159,235,919		1,434,446,417			(195,177,565	)		(30,627,620	)
Provision /(reversal) for finance lease receivables		30,236,266		(29,287,359	)		(16,452,740	)		(2,581,794	)
Provision for contract assets		—		(3,089,153	)		(87,784	)		(13,774	)
Provision for other current assets		93,653,956		219,292,278			59,901,259			9,399,815
Provision for investment in equity method investee		—		20,000,000			—			—

		2,283,126,141		1,641,362,182			(151,816,830	)		(23,823,373	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured or disclosed at fair value on recurring basis as of December 31, 2020 and 2021:


	As of December 31, 2020
	Active market (Level 1)		Observable input (Level 2)		Non-observable input (Level 3)		Total
	RMB		RMB		RMB		RMB
Assets:

Short-term investments		—		5,042,314,438		—		5,042,314,438
Investment in equity method investee under fair value option		306,275,523		—		—		306,275,523
Liabilities:
Guarantee liabilities		—		—		11,697,633		11,697,633
Convertible senior notes		—		626,692,320		—		626,692,320

	As of December 31, 2021
	Active market (Level 1)		Observable input (Level 2)		Non-observable input (Level 3)		Total
	RMB		RMB		RMB		RMB
Assets:
Short-term investments		2,412,379,263		3,514,221,498				5,926,600,761
Long-term investments		62,425,472		—		—		62,425,472
Derivative instruments		—		17,375,517		—		17,375,517
Liabilities:
Guarantee liabilities		—		—		885,303		885,303
Convertible senior notes		—		611,000,109		—		611,000,109

	As of December 31, 2021
	Active market (Level 1)		Observable input (Level 2)		Non-observable input (Level 3)		Total
	US$		US$		US$		US$
Assets:
Short-term investments		378,554,948		551,458,039				930,012,987
Long-term investments		9,795,919		—		—		9,795,919
Derivative instruments		—		2,726,598		—		2,726,598
Liabilities:
Guarantee liabilities		—		—		138,923		138,923
Convertible senior notes		—		95,879,250		—		95,879,250

Summary of Significant Unobservable Inputs

Significant Unobservable Inputs


		Range of Inputs Weighted - Average As of December 31,
Financial Liabilities	Unobservable Input	2020		2021
Guarantee liabilities	Discount rates		6.04%		6.04%
	Expected delinquency rates		22.57%-23.03%		18.77%-19.70%

Ordinary Shares	12 Months Ended
Ordinary Shares	Dec. 31, 2021
Equity [Abstract]
Ordinary Shares	23. Ordinary shares The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity which is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into equal number of Class A ordinary shares.

- Definition

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

+ References

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+ Details

Share-based Compensation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2016 ¥ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	¥ 35,344,620	$ 5,546,342	¥ 45,633,820	¥ 87,299,053
Total intrinsic value of options exercised	13,862,597	$ 2,175,344	¥ 10,723,410	¥ 338,242,304
Unrecognized compensation expense relating to unvested share options	¥ 25,460,836						$ 3,995,361
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 5 months 26 days	1 year 5 months 26 days
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options granted				878,125	15,299,019	15,299,019
Options expiration period					10 years	10 years
Common Stock, Capital Shares Reserved for Future Issuance					1,000,000	1,000,000
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit \| (per share)					¥ 0.0006	$ 0.0001
2016 Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period					3 years	3 years
2016 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period					5 years	5 years
2016 Plan [Member] \| Replacement Awards for 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options granted					12,364,319	12,364,319

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Detail) - Class A Voting Ordinary Shares [Member]	12 Months Ended
	Dec. 31, 2021 ¥ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 ¥ / shares shares	Dec. 31, 2019 ¥ / shares shares
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic	189,950,000	189,950,000	190,170,000	215,040,000.00
Diluted	266,290,000	266,290,000	274,330,000	300,460,000
Basic \| (per share)	¥ 2.32	$ 0.36	¥ 3.78	¥ 11.72
Diluted \| (per share)	¥ 2.27	$ 0.36	¥ 3.59	¥ 10.94
ADS [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic	46.74	46.74	181.84	184.70
Diluted	49.11	49.11	196.67	199.24
Basic \| (per share)	¥ 2.32	$ 0.36	¥ 3.78	¥ 11.72
Diluted \| (per share)	¥ 2.27	$ 0.36	¥ 3.59	¥ 10.94
ADS [Member] \| US [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic	7.33	7.33
Diluted	7.71	7.71

- Definition

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

+ References

+ Details

- Definition

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

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+ Details

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Summary of Other Current Assets

Other current assets consist of the following:


		As of December 31,
		2020			2021
		RMB			RMB			US$
Prepaid expenses			46,683,662			36,116,886			5,667,528
Inventory			91,895,497			15,212,282			2,387,139
Deposits in trust protection fund	5.1		65,272,000			82,872,000			13,004,425
Guarantee deposits held by Funding Partners			58,119,412			63,977,048			10,039,395
Receivables from third party payment service providers	5.2		325,613,031			456,492,520			71,633,638
Receivables from Funding Partners and other service providers			163,011,741			270,647,297			42,470,467
Other account receivables			56,482,783			34,157,040			5,359,985
Receivable from broker for derivative collateral	5.3		—			619,332,499			97,186,784
Others			115,979,798			221,734,167			34,794,930

Total			923,057,924			1,800,541,739			282,544,291
Less: Allowance for other current assets			(160,745,160	)		(201,242,068	)		(31,579,272	)

			762,312,764			1,599,299,671			250,965,019

5.1 According to the relevant PRC regulations, the consolidated trusts are required to deposit 1% of the trusts’ capital to the trust protection fund, which will be released when the trusts are liquidated.

5.2 The Company has accounts with third-party payment service providers mainly to grant and collect loans. The balance of receivables from third-party payment service providers is unrestricted as to withdrawal and use and readily available to the Company on demand.

5.3

Receivable from broker for derivative collateral is RMB

619

million cash collateral pledged by the company into the account of CITIC for its total return swap contracts.

Summary of allowance for Other current assets

Allowance for other current assets consist of the following:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Balance at the beginning of the year		27,259,988			160,745,160			25,224,423
Adjustment due to the adoption of ASC 326		4,411,290			—			—
Additions		219,292,278			59,901,259			9,399,815
Charge-offs		(90,218,396	)		(19,404,351	)		(3,044,966	)

Balance at the end of the year		160,745,160			201,242,068			31,579,272

Finance Lease Receivables - Schedule of Aging of Past-Due Finance Lease Receivable (Detail) - Financial Lease Receivable [Member]	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 3,209,701		¥ 15,325,527
Current	33,793,979		217,607,994
Total	37,003,680	$ 5,806,685	232,933,521
Financing Receivables, 1 to 30 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	2,155,618		10,435,239
Financing Receivables, 31 to 60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	169,237		1,655,460
Financing Receivables, 61 to 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	317,440		982,419
Financing Receivables, 90 to 120 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	97,182		621,594
Financing Receivables 120 To 150 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	242,872		637,153
Financing Receivables 150 To 180 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Aging of past due	¥ 227,352		¥ 993,662

Lease - Summary of Operating Lease Supplemental Cash Flow Information (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Operating Lease Supplemental Cash Flow Information [Abstract]
Operating ROU assets released in exchange for operating lease liabilities	¥ 352,298,094	$ 55,283,259	¥ 1,794,151
Operating ROU assets obtained in exchange for new operating lease liabilities	¥ 522,578,298	$ 82,003,938	¥ 92,795,997

Consolidated Statements of Comprehensive Income (Parenthetical)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Changes in guarantee liabilities	¥ 53,009,582	$ 8,318,360	¥ 22,265,996	¥ 939,954,125
Changes in risk assurance liabilities	¥ 148,592,603	$ 23,317,422	¥ (110,160,462)	¥ 203,473,526

Property and equipment, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment, net

9. Property and equipment, net


	As of December 31,
	2020		2021
	RMB		RMB		US$
Construction in progress		275,107,135		660,788,221		103,692,092
Leasehold improvements		40,451,833		169,217,493		26,553,917
Office and electronic equipment		6,214,684		9,856,959		1,546,772
Motor vehicles		5,621,019		10,204,623		1,601,328

Property and equipment, gross		327,394,671		850,067,296		133,394,109
Less accumulated depreciation		24,425,310		43,829,381		6,877,786

Less allowance		—		147,137,267		23,089,048

Property and equipment, net		302,969,361		659,100,648		103,427,275

Depreciation expense, for the years ended December 31, 2019, 2020 and 2021, was RMB 11 million, RMB 9 million and RMB 18 million (US$ 3 million), respectively.

As of December 31, 2019, 2020 and 2021, the interest cost incurred and capitalized was RM

B nil

RMB 3

million

and RMB

million (US$ 1 million), respectively.

During the fourth quarter of the fiscal year ended December 31, 2021, the Company determined that the carrying value of construction in progress and leasehold improvements was impaired. These assets had been recorded as part of the “Construction in progress” and “Leasehold improvements” category in the table above. The Company leased various properties in connection with the Company’s educational services business. According to the changes in the Company’s plan and executive management team that occurred during December, 2021, the Company expects that they will close part of the educational service activity centers and not sublease which is an impairment trigger. The Company’s undiscounted cash flow forecasts of the asset groups related to these educational service activity centers are below their carrying values. The Company has accordingly recorded a charge of RMB 42,544,996 of leasehold improvements and RMB 104,592,271 of construction in progress in the consolidated statement of comprehensive income for the year ended December 31, 2021.

Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2021

Related Party Balances and Transactions

20. Related party balances and transactions


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

There were no significant related party transactions in 2019, 2020 and 2021.

Long-term Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Borrowings

The following table presents long-term borrowings from banks mentioned above as of December 31, 2020 and 2021:


						As of December 31,
	Floating annual rate (%)			Term		2020		2021
						RMB		RMB		US$
Banks		LPR+0.295	%		30 to 95 months		102,415,457		145,311,721		22,802,580

Schedule of Contractual Obligations

The following table sets forth the contractual obligations which has not included impact of discount of time value as of December 31, 2020 and 2021:


	Less than 1 year		1 – 2 years		2 – 3 years		3 – 4 years		4 – 5 years		Greater than 5 years		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB
As of December 31, 2020
Long-term borrowings and interest payables (RMB)		5,064,444		5,064,444		25,082,717		24,094,803		23,070,814		43,102,962		125,480,184

As of December 31, 2021
Long-term borrowings and interest payables (RMB)		7,185,665		35,588,502		34,186,806		32,733,923		31,296,790		29,859,658		170,851,344

Long-term borrowings and interest payables (US$)		1,127,587		5,584,613		5,364,656		5,136,667		4,911,149		4,685,632		26,810,304

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Income Taxes - Summary of Reconciliation of Income Taxes Expenses (Details)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Profit before income tax	¥ 846,409,045	$ 132,820,049	¥ 1,220,798,253	¥ 3,890,521,771
PRC statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Income tax at statutory tax rate	¥ 211,602,261	$ 33,205,012	¥ 305,199,563	¥ 972,630,443
Effect of different tax rates	(60,256,708)	(9,455,592)	(272,361,568)	(552,951,519)
Exempt income	0	0	(350,121)	(1,625,772)
Expenses not deductible for tax purposes	62,168,979	9,755,669	73,694,299	4,446,637
Adjustment on current income tax of the previous periods	8,525,032	1,337,763	24,502,181	2,453,713
Deferred only adjustment	26,769,243	4,200,679	0	72,206,605
Research and development super-deduction	(19,928,755)	(3,127,257)	(20,606,639)	(14,587,649)
Tax rate change	(105,024,051)	(16,480,565)	(157,679,128)	(11,870,214)
Changes in valuation allowance	136,626,066	21,439,611	309,581,005	155,531,602
Income tax expenses	¥ 260,482,067	$ 40,875,320	¥ 261,979,592	¥ 626,233,846

Cost of Other Revenues - Summary of Cost of Other Revenues (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cost of Revenue [Abstract]
Interest expenses of borrowings	¥ 0	$ 0	¥ 15,240,283	¥ 288,241,857
Other costs	220,193,581	34,553,179	202,030,929	247,530,755
Total	¥ 220,193,581	$ 34,553,179	¥ 217,271,212	¥ 535,772,612

Provision for Receivables and Other Assets - Summary of Provision for Receivables and Other Assets (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Provision for receivables and other assets abstract [Abstract]
Provision/(reversal) for loan principal and financing service fee receivables	¥ (195,177,565)	$ (30,627,620)	¥ 1,434,446,417	¥ 2,159,235,919
Provision/(reversal) for finance lease receivables	(16,452,740)	(2,581,794)	(29,287,359)	30,236,266
Provision for contract assets	(87,784)	(13,774)	(3,089,153)
Provision for other current assets	59,901,259	9,399,815	219,292,278	93,653,956
Provision for investment in equity method investee	0	0	20,000,000
Provision for Doubtful Accounts	¥ (151,816,830)	$ (23,823,373)	¥ 1,641,362,182	¥ 2,283,126,141

Long-term Borrowings - Schedule of Contractual Obligations (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Contractual Obligation Fiscal Year Maturity [Abstract]
Payment due by period, less than 1 year	¥ 7,185,665	$ 1,127,587	¥ 5,064,444
Payment due by period, 1-2 years	35,588,502	5,584,613	5,064,444
Payment due by period,2 -3 years	34,186,806	5,364,656	25,082,717
Payment due by period, 3 - 4 year	32,733,923	5,136,667	24,094,803
Payment due by period, 4 - 5 year	31,296,790	4,911,149	23,070,814
Payment due by period, Greater than 5 years	29,859,658	4,685,632	43,102,962
Total	¥ 170,851,344	$ 26,810,304	¥ 125,480,184

Investment in Equity Method Investee - Additional Information (Detail)		12 Months Ended
	Oct. 17, 2016 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 28, 2021 CNY (¥)	Dec. 28, 2021 USD ($)	Jun. 03, 2020 USD ($) $ / shares shares
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		¥ 85,581,620		¥ 349,275,523		$ 13,429,624
Loss from equity method investments		¥ (221,798,009)	$ (34,804,948)	(370,038,652)	¥ (3,419,825)
Secoo Holding Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, Change in fair value				366,344,810			¥ 251,634,432	$ 39,486,934
Equity Method Investments				306,275,523
Ganzhou Qu Campus Technology Co., Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Allowance on net asset value				20,000,000
Equity method investment commitment value	¥ 190,000,000
Loss from equity method investments				¥ 3,000,000
Common Class A [Member] \| Secoo Holding Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, number of shares acquired \| shares									10,204,082
Equity method investment, price per share \| $ / shares									$ 9.80
Equity method investment, Purchase price \| $									$ 100,000,000
Equity method investment, ownership percentage	45.90%								28.89%

Property and equipment, net- Tables - (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 850,067,296	$ 133,394,109	¥ 327,394,671
Less accumulated depreciation	43,829,381	6,877,786	24,425,310
Less allowance	147,137,267	23,089,048	0
Property and equipment, net	659,100,648	103,427,275	302,969,361
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	660,788,221	103,692,092	275,107,135
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	169,217,493	26,553,917	40,451,833
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,856,959	1,546,772	6,214,684
Other Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 10,204,623	$ 1,601,328	¥ 5,621,019

Convertible senior notes	12 Months Ended
Convertible senior notes	Dec. 31, 2021
Debt Instruments [Abstract]
Convertible senior notes	13. Convertible senior notes On July 1, 2019, the Company issued US$300 million convertible senior notes (the “Notes”) to several initial purchasers and an additional US$45 million principal amount of the Notes pursuant to the initial purchaser’s option to purchase additional Notes. The Notes are senior, unsecured obligations of the Company, and interest is payable semi-annually in cash at a rate of 1.00% per annum on July 1 and January 1 of each year, beginning on January 1, 2020. The Notes will mature on July 1, 2026 unless earlier repurchased, converted, or redeemed prior to such date. The initial conversion rate of the Notes is 106.2756 of the Company’s ADS per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$9.41 per ADS) and will be subject to adjustment in certain events but will not be adjusted for accrued and unpaid interest, if any. The conversion rate will be subject to adjustment in certain events but will not be adjusted for accrued and unpaid interest, if any. In addition, following a make-whole fundamental change that occur prior to the maturity date or following the Company’s delivery of a notice of tax redemption, the Company will, under certain circumstances, increase the conversion rate for the Notes so surrendered for conversion by a number of additional ADSs. Upon conversion, the Company will be physically settled by delivering to the converting holder a number of ADSs equal to the conversion rate in effect immediately prior to the close of business on the relevant conversion date and pay cash in lieu of any fractional ADS deliverable upon conversion based on the last reported sale price of the ADSs on the relevant conversion date. The holders may require the Company to repurchase for cash all or any portion of their Notes on July 1, 2022 (the “Repurchase Date”) at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the Repurchase Date. The net proceeds from the issuance of the Notes were US$334 million (equivalent to RMB 2,290 million at the exchange rates in July 1, 2019), after deducting underwriting discounts and offering expenses of US$11 million (equivalent to RMB 73 million at the exchange rates in July 1, 2019) from the initial proceeds of US$345 million. The underwriting discounts and offering expenses are amortized at an effective interest rate of 2.07% to accrete the discounted carrying value of the Notes to its face value on July 1, 2022, the repurchase date of the Notes. In 2020 and 2021, the Company repurchased Notes with a principal amount of RMB 1,535 million and RMB 133 million (US$21 million), with an amortized cost of RMB 1,500 million and RMB 131 million (US$21 million), for a total cash consideration of RMB 878 million and RMB 119 million (US$19 million) , respectively. As a result, the Company recognized a net gain of RMB 622 million and RMB 12 million (US$2 million) from the repurchase that is recorded as interest and investment income, net in the consolidated statements of comprehensive income. As of December 31, 2020 and 2021, the gross carrying amount of the Notes was RMB 835 million and RMB 685 million (US$ 108 million), net against unamortized debt discount and offering expenses was RMB 13 million and RMB 4 million (US$ 1 million) , respectively . The net carrying amount of the liability was RMB 822 million and RMB 681 million (US$ 107 million) , respectively. The liability will be accreted as of July 1, 2022. In connection with the issuance of the Notes, the Company purchased the capped call options on the Company’s ADS with certain counterparties by using US$28 million from the net proceeds of the Notes to pay the cost of such transactions. A capped call is a call option purchased by the Company with a strike price equal to the conversion price but the settlement price is capped at an amount equal to what would be the strike price of the separate high strike call option. The purpose of the capped call was to effectively raise the conversion price on the Notes from US$9.4095 (strike price) to US$12.9150 (cap price) per ADS, and mitigate the potential future dilution upon conversion of the Notes. The cost of the capped call of US$28 million (equivalent to RMB 193 million) was recorded as a reduction of the Company’s additional paid-in capital on the consolidated statements of shareholders’ equity with no subsequent changes in fair value to be recorded.

Earnings Per Share - Computation of Diluted Earnings per Share (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Class A Voting Ordinary Shares [Member]
Earnings per share –diluted:
Interest charges applicable to the Convertible Senior Notes	¥ 12,171,824	$ 1,910,025	¥ 20,833,583	¥ 18,876,619
Allocation of net income attributable to Qudian Inc. for diluted computation	448,623,440	70,398,807	736,911,399	2,574,495,457
Reallocation of net income attributable to Qudian Inc. as a result of conversion of	144,261,274	22,637,742	228,180,911	694,850,138
Allocation of net income attributable to Qudian Inc	¥ 605,056,538	$ 94,946,574	¥ 985,925,893	¥ 3,288,222,214
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding– basic	189,950,000	189,950,000	190,170,000	215,040,000.00
Conversion of Class B to Class A ordinary shares	63,490,000	63,490,000	63,490,000	63,490,000
Adjustments for dilutive share options			0	3,450,000
Conversion of the Convertible Senior Notes to Class A ordinary share	12,850,000	12,850,000	20,670,000	18.48
Denominator used for diluted earnings per share	266,290,000	266,290,000	274,330,000	300,460,000
Diluted \| (per share)	¥ 2.27	$ 0.36	¥ 3.59	¥ 10.94
Class B Voting Ordinary Shares [Member]
Earnings per share –diluted:
Interest charges applicable to the Convertible Senior Notes	¥ 3,810,636	$ 597,972	¥ 6,273,649	¥ 5,057,670
Allocation of net income attributable to Qudian Inc. for diluted computation	140,450,638	22,039,770	221,907,262	689,792,468
Allocation of net income attributable to Qudian Inc	¥ 144,261,274	$ 22,637,742	¥ 228,180,911	¥ 694,850,138
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding– basic	63,490,000	63,490,000	63,490,000	63,490,000
Denominator used for diluted earnings per share	63,490,000	63,490,000	63,490,000	63,490,000
Diluted \| (per share)	¥ 2.27	$ 0.36	¥ 3.59	¥ 10.94

Guarantee liabilities and risk assurance liabilities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Guarantor Obligations [Line Items]
Risk Assurance Liabilities Maximum Exposure	¥ 0	$ 0	¥ 53,000,000
Maximum potential undiscounted future payment	¥ 37,000,000	$ 6,000,000	¥ 221,000,000
Minimum [Member]
Guarantor Obligations [Line Items]
Initial term of the guarantee	1 month
Remaining term of the guarantee	1 month
Maximum [Member]
Guarantor Obligations [Line Items]
Initial term of the guarantee	4 years
Remaining term of the guarantee	1 year 6 months

Interest and Investment Income, Net - Summary of Interest and Investment Income, Net (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Investment Income Interest And Dividend [Abstract]
Unrealized investment income of short-term investments	¥ 17,213,203	$ 2,701,127	¥ 45,478,742
Realized investment income of short-term investments	113,179,422	17,760,321	35,892,481	¥ 4,108,597
Unrealized investment income of long-term investments	(24,635,329)	(3,865,821)	4,472,410
Interest income	27,634,511	4,336,458	27,405,264	44,117,299
Income from the repurchase of convertible senior notes	12,046,522	1,890,362	622,109,001
Interest expense of convertible senior notes	(15,982,460)	(2,507,997)	(27,107,232)	(23,934,289)
Net investment income	¥ 129,455,869	$ 20,314,450	¥ 708,250,666	¥ 24,291,607

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Class of Asset


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

Other Current Assets - Additional Information (Detail) - 12 months ended Dec. 31, 2021	CNY (¥)	USD ($)
Percentage of capital to deposit to trust protection fund by consolidated trusts	1.00%
Derivative, Collateral, Right to Reclaim Cash	¥ 619,332,499	$ 97,186,784
Swap [Member]
Derivative, Collateral, Right to Reclaim Cash	¥ 619,000,000	$ 97,186,784

Share-based Compensation - Summary of Allocated Share-based Compensation Expense (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	¥ 35,344,620	$ 5,546,342	¥ 45,633,820	¥ 87,299,053
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,726,837	270,978	1,912,318	4,482,323
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	29,684,217	4,658,102	40,894,564	74,311,629
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	¥ 3,933,566	$ 617,262	¥ 2,826,938	¥ 8,505,101

Other Current Assets

12 Months Ended

Dec. 31, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

5. Other current assets

Other current assets consist of the following:


		As of December 31,
		2020			2021
		RMB			RMB			US$
Prepaid expenses			46,683,662			36,116,886			5,667,528
Inventory			91,895,497			15,212,282			2,387,139
Deposits in trust protection fund	5.1		65,272,000			82,872,000			13,004,425
Guarantee deposits held by Funding Partners			58,119,412			63,977,048			10,039,395
Receivables from third party payment service providers	5.2		325,613,031			456,492,520			71,633,638
Receivables from Funding Partners and other service providers			163,011,741			270,647,297			42,470,467
Other account receivables			56,482,783			34,157,040			5,359,985
Receivable from broker for derivative collateral	5.3		—			619,332,499			97,186,784
Others			115,979,798			221,734,167			34,794,930

Total			923,057,924			1,800,541,739			282,544,291
Less: Allowance for other current assets			(160,745,160	)		(201,242,068	)		(31,579,272	)

			762,312,764			1,599,299,671			250,965,019

5.3

Receivable from broker for derivative collateral is RMB

619

million cash collateral pledged by the company into the account of CITIC for its total return swap contracts.

Other receivables as referred to in the “Fair value measurements of financial instruments” accounting policy consists of deposits in trust protection fund, guarantee deposits held by Funding Partners, receivables from third party payment service providers, accounts receivables and others.

Allowance for other current assets consist of the following:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Balance at the beginning of the year		27,259,988			160,745,160			25,224,423
Adjustment due to the adoption of ASC 326		4,411,290			—			—
Additions		219,292,278			59,901,259			9,399,815
Charge-offs		(90,218,396	)		(19,404,351	)		(3,044,966	)

Balance at the end of the year		160,745,160			201,242,068			31,579,272

Other Current Assets - Summary of Other Current Assets (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Other Current Assets [Abstract]
Prepaid expenses	¥ 36,116,886	$ 5,667,528	¥ 46,683,662
Inventory	15,212,282	2,387,139	91,895,497
Deposits in trust protection fund	82,872,000	13,004,425	65,272,000
Guarantee deposits held by Funding Partners	63,977,048	10,039,395	58,119,412
Receivables from third party payment service providers	456,492,520	71,633,638	325,613,031
Receivables from Funding Partners and other service providers	270,647,297	42,470,467	163,011,741
Other account receivables	34,157,040	5,359,985	56,482,783
Receivable from broker for derivative collateral	619,332,499	97,186,784
Others	221,734,167	34,794,930	115,979,798
Total	1,800,541,739	282,544,291	923,057,924
Less: Allowance for other current assets	(201,242,068)	(31,579,272)	(160,745,160)	$ (25,224,423)	¥ (27,259,988)
Other assets current	¥ 1,599,299,671	$ 250,965,019	¥ 762,312,764

Loan Principal and Financing Service Fee Receivables - Summary of Nonaccrual Loan Principal (Detail) - Loan principal [Member]	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loan principal	¥ 91,016,662	$ 14,282,500	¥ 254,885,248
Less: allowance for nonaccrual loan principal	(89,311,940)	(14,014,992)	(249,361,894)
Nonaccrual loan principal, net	¥ 1,704,722	$ 267,508	¥ 5,523,354

Organization - Additional Information (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Net asset of VIE, not pledged	¥ 14,091,125,173	$ 2,211,205,031	¥ 13,398,031,710
Variable Interest Entity [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Net asset of VIE, not pledged	13,511,483,705	2,120,246,633	12,405,655,697
Asset Not Pledged as Collateral [Member] \| Variable Interest Entity [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Net asset of VIE, not pledged	¥ 11,580,000,000	$ 1,817,000,000	¥ 10,679,000,000

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (SX 210.13-01(a)(4)(iv))
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
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-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

Finance Lease Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Finance Lease Receivables

4.1 Finance lease receivables consists of the following:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Gross investment in finance lease receivables		245,124,532			38,290,695			6,008,646
Less: unearned income		(12,191,011	)		(1,287,015	)		(201,961	)

Net investment in finance lease receivables		232,933,521			37,003,680			5,806,685
Less: allowance for finance lease receivables		(24,549,329	)		(5,142,488	)		(806,968	)

Finance lease receivables, net		208,384,192			31,861,192			4,999,717

Summary of Nonaccrural Finance Lease Receivables

4.2 The following table presents nonaccrual finance lease receivables as of December 31, 2020 and 2021, respectively.


	As of December 31,
	2020			2021
	RMB			RMB			US$
Nonaccrual finance lease receivables		2,252,409			567,406			89,038
Less: allowance for nonaccrual financial lease receivables		(427,878	)		(114,169	)		(17,916	)

Nonaccrual finance lease receivables, net		1,824,531			453,237			71,122

Schedule of Aging of Past-Due Loan Financing Lease Receivables

4.3 The following table presents the aging of

past-due

finance lease receivables as of December 31, 2020:

1-30

days

31-60 days

61-90 days

90-120 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

Finance lease receivables

10,435,239

1,655,460

982,419

621,594

637,153

993,662

15,325,527

217,607,994

232,933,521

The following table presents the aging of

past-due

finance lease receivables as of December 31, 2021:

1-30 days

31-60 days

61-90 days

90-120 days

120-150 days

150-180 days

Total past due

Current

Total

RMB

US$

Finance lease receivables

2,155,618

169,237

317,440

97,182

242,872

227,352

3,209,701

33,793,979

37,003,680

5,806,685

Schedule of Finance Receivables, Minimum Payments to be Received

4.4 The following table presents the future minimum lease payments to be received:

Less than
1 year

1 – 2 years

2 – 3 years

3 – 4 years

Total

RMB

As of December 31, 2020

Finance lease receivables

208,218,275

36,167,327

738,930

—

245,124,532

Less than
1 year

1 – 2 years

2 – 3 years

3 – 4 years

Total

RMB

As of December 31, 2021

Finance lease receivables

37,626,031

664,664

—

38,290,695

Less than
1 year

1 – 2 years

2 – 3 years

3 – 4 years

Total

US$

As of December 31, 2021

Finance lease receivables

5,904,346

104,300

—

6,008,646

Summary of Movement of Allowance for Finance Lease Receivables

4.5 Movement of allowance for finance lease receivables for the year ended December 31, 2020 and 2021 are as follows:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Balance at the beginning of the year		39,933,036			24,549,329			3,852,326
Adjustment due to the adoption of ASC 326		26,044,003			—			—
R everse		(29,287,359	)		(16,452,740	)		(2,581,794	)
Charge-offs		(12,140,351	)		(2,954,101	)		(463,564	)

Balance at the end of the year		24,549,329			5,142,488			806,968

Evaluated for impairment on a portfolio basis		24,549,329			5,142,488			806,968

Interest and Investment Income, Net

12 Months Ended

Dec. 31, 2021

Other Income And Expenses [Abstract]

Interest and Investment Income, Net

16. Interest and investment income, net

Interest and investment income, net consists of the following:


	For the years ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
Unrealized investment income of short-term investments		—			45,478,742			17,213,203			2,701,127
Realized investment income of short-term investments		4,108,597			35,892,481			113,179,422			17,760,321
Unrealized investment income of long-term investments		—			4,472,410			(24,635,329	)		(3,865,821	)
Interest income		44,117,299			27,405,264			27,634,511			4,336,458
Income from the repurchase of convertible senior notes		—			622,109,001			12,046,522			1,890,362
Interest expense of convertible senior notes		(23,934,289	)		(27,107,232	)		(15,982,460	)		(2,507,997	)

		24,291,607			708,250,666			129,455,869			20,314,450

Subsequent events - Additional Information (Detail)						2 Months Ended		12 Months Ended
Subsequent events - Additional Information (Detail)	Dec. 31, 2021 $ / shares shares	Aug. 23, 2019 CNY (¥) shares	Aug. 23, 2019 $ / shares	Apr. 12, 2019 CNY (¥) shares	Apr. 12, 2019 USD ($) $ / shares shares	Apr. 30, 2022 CNY (¥) shares	Apr. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 USD ($) $ / shares shares	Jan. 31, 2022 USD ($)
Subsequent Event [Line Items]
Treasury stock, amount								¥ 352,427,812	$ 50,144,695		$ 195,000,000
American Depositary Share A D S [Member]
Subsequent Event [Line Items]
Repurchased shares, average price \| $ / shares									$ 4.533
Share Repurchase Program [Member]
Subsequent Event [Line Items]
Treasury stock, amount		¥ 1,393,723,500		¥ 693,517,898	$ 103,191,319			¥ 3,934,156,758	$ 574,026,622	¥ 15,528,092	$ 2,258,112	¥ 1,410,222,466	$ 209,919,048
Share Repurchase Program [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Number of shares repurchased	83,613,291	26,169,241		18,173,885	18,173,885					1,495,291	1,495,291	33,237,759	33,237,759
Share Repurchase Program [Member] \| American Depositary Share A D S [Member]
Subsequent Event [Line Items]
Number of shares repurchased	83,613,291			18,173,885	18,173,885					1,495,291	1,495,291	33,237,759	33,237,759
Repurchased shares, average price \| $ / shares	$ 6.865		$ 7.451		$ 5.678						$ 1.510		$ 6.316
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, Repurchase amount \| $														$ 60,000,000
Subsequent Event [Member] \| Share Repurchase Program [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Number of shares repurchased						3,488,570	3,488,570
Subsequent Event [Member] \| Share Repurchase Program [Member] \| American Depositary Share A D S [Member]
Subsequent Event [Line Items]
Number of shares repurchased						3,488,570	3,488,570
Treasury stock, amount						¥ 26,457,680	$ 4,158,751
Repurchased shares, average price \| $ / shares							$ 1.192

Guarantee liabilities and risk assurance liabilities

12 Months Ended

Dec. 31, 2021

Guarantee Liabilities and Risk Assurance Liabilities [Abstract]

Guarantee liabilities and risk assurance liabilities

12. Guarantee liabilities and risk assurance liabilities

12.1 Guarantee liabilities

The movement of guarantee liabilities are as follows:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Balance at beginning of the year		263,465,921			11,697,633			1,835,614
Fair value of guarantee liabilities upon the inception of new loans		9,865,341			5,604,145			879,412
Collections/ (performed guarantee)		(283,899,625	)		36,593,107			5,742,257
Change in fair value of guarantee liabilities		22,265,996			(53,009,582	)		(8,318,360	)

Balance at end of the year		11,697,633			885,303			138,923

As of December 31, 2020 and 2021, the maximum potential undiscounted future payment the Company would be required to make was RMB 221 million and RMB 37 million (US$ 6 million), respectively. The initial term of the guarantee is the same as the term of loans facilitated under the arrangements with the Funding Partners, which ranges from 1 month to 4 years, as of December 31, 2021. The remaining term of the guarantee ranges from 1 month to 1.5 years as of December 31, 2021.

The movement of risk assurance liabilities are as follows:


	As of December 31,
	2020									2021
	Contingent			Non-contingent			Total			Contingent			Non-contingent			Total
	RMB			RMB			RMB			RMB			RMB			RMB			US$
Balance at the beginning of the year		433,083,558			821,277,841			1,254,361,399			15,766,928			3,934,761			19,701,689			3,091,625
Adjustment due to the adoption of ASC 326		1,093,382,647			—			1,093,382,647			—			—			—			—
Fair value of risk assurance liabilities upon the inception of new loans		—			8,854,513			8,854,513			—			—			—			—
Expected credit loss upon the inception of new loans		8,784,102			—			8,784,102			—			—			—			—
Recognized as guarantee income		—			(826,197,593	)		(826,197,593	)		—			(3,934,761	)		(3,934,761	)		(617,450	)
Collections/ (Payouts)		(1,400,538,815	)		—			(1,400,538,815	)		132,825,675			—			132,825,675			20,843,247
Change in fair value of risk assurance liabilities		(118,944,564	)		—			(118,944,564	)		(148,592,603	)		—			(148,592,603	)		(23,317,422	)

Balance at end of the year		15,766,928			3,934,761			19,701,689			—			—			—			—

As of December 31, 2020 and 2021, maximum potential undiscounted future payment that the Company would be required to make was RMB 53 million and RMB nil million (US$ nil million

respectively. The risk assurance liability has expired as of December 31, 2021.

Investment in Equity Method Investee	12 Months Ended
Investment in Equity Method Investee	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Equity Method Investee	7. Investment in equity method investee On October 17, 2016, the Company made a commitment to invest RMB 190 million in cash for 45.9% of the equity interest in Ganzhou QuCampus Technology Co., Ltd (“Ganzhou QuCampus”) which mainly operates computer services, advisory, and online merchandise services. As the Company has significant influence over Ganzhou QuCampus, Ganzhou QuCampus was accounted for as an equity method investment. The Company’s share of loss in Ganzhou QuCampus for the year ended December 31, 2020 was RMB 3 million, which was recognized in the consolidated statements of comprehensive income. Due to the impact of COVID-19, Ganzhou QuCampus ceased operations in 2020 and the company recognized an impairment of RMB 20 million as of December 31, 2020. In 2021, Ganzhou QuCampus has been dissolved and cancelled its registration according to law. On June 3, 2020, the Company agreed to acquire up to 10,204,082 Class A ordinary shares of Secoo Holding Limited for a price of US$ 9.80 per Class A ordinary share. The total aggregate purchase price was US$ 100 million. Secoo Holding Limited operates an integrated online and offline platform that sells high-end lifestyle products and services and its American depositary shares (“ADS”) are listed on the NASDAQ under the code “SECO”. Two ADS represents one Class A ordinary share. The transaction was closed on June 17, 2020. The Company determined that it has significant influence of SECO. The aggregate Class A ordinary shares purchased by the Company represente d 28.89% of the total ordinary shares, and the Company’s Vice President, Ms. Qi Zhu, was appointed to SECO’s Board. The Company elected to measure SECO at fair value. The Company ceases equity method accounting for SECO as the company represent less than 20% voting share and Qi Zhu resigned from the post of director as of December 28, 2021. SECO is accounted as long-term investment measured at fair value as of December 31, 2021. Changes in fair value of RMB 366,344,810 and RMB 251,634,432 (US$ 39,486,934) was recorded through the consolidated statement of comprehensive income for the year ended December 31, 2020 and for the period from January 1, 2021 to December 28, 2021, respectively. The fair value of SECO was RMB 306,275,523 as of December 31, 2020, based on the last quoted share price. S-X 4-08(g) disclosures for the periods from June 17 to December 31, 2020 and January 1 to December 28, 2021 are not presented because SECO’s summarized financial information are unavailable when the Company’s financial statements are issued.

Lease

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease

6. Lease

Sales-type lease

Sales-type lease income recognized consists of the following:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Financing income		89,872,562		45,993,173		5,502,703		863,494
Sales income		89,150,614		—		—		—

Operating lease arrangements

The Company leases certain office premises and educational service activity centers under

non-cancelable

leases, and an operating lease arrangement with the local government of Xiamen for land. Lease costs under operating leases for the years ended December 31, 2019, 2020 and 2021 were RMB 30,856,490, RMB 33,525,924 and RMB 80,884,049 (US$ 12,692,472), respectively.

Future minimum lease payments under

non-cancelable

operating leases agreements consist of the following as of December 31, 2020 and 2021:


	As of December 31,
	2020		2021
	RMB		RMB		US$
1 year (Including 1 year)		35,896,070		40,321,257		6,327,285
1 year to 2 years (Including 2 years)		18,750,779		28,953,101		4,543,373
2 years to 3 years (Including 3 years)		13,526,508		27,307,080		4,285,077
3 years to 4 years (Including 4 years)		12,723,937		26,593,652		4,173,124
4 years to 5 years (Including 5 years)		12,379,967		22,452,011		3,523,211
Over 5 years		36,974,959		108,101,711		16,963,517

Total lease payment		130,252,220		253,728,812		39,815,587

Less: imputed interest		26,252,614		47,458,135		7,447,217

Present value of lease liabilities		103,999,606		206,270,677		32,368,370

The Company’s operating lease commitments have no renewal options, rent escalation clauses and restriction or contingent rents as of December 31, 2019, 2020 and 2021. The weighted average discount rate as of December 31, 2020 and 2021 is 3.20% and 4.01%, respectively. The weighted average remaining lease term as of December 31, 2020 and 2021 is 50 months and 103 months, respectively.

Supplemental lease cash flow disclosures


	For the years ended December 31,
	2020		2021
	RMB		RMB		US$
Operating ROU assets released in exchange for operating lease liabilities		1,794,151		352,298,094		55,283,259
Operating ROU assets obtained in exchange for new operating lease liabilities		92,795,997		522,578,298		82,003,938

Guarantee liabilities and risk assurance liabilities - Summary of Movement of Guarantee Liabilities (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Guarantees [Abstract]
Balance at beginning of the year	¥ 11,697,633	$ 1,835,614	¥ 263,465,921
Fair value of guarantee liabilities upon the inception of new loans	5,604,145	879,412	9,865,341
Collections/ (performed guarantee)	36,593,107	5,742,257	(283,899,625)
Change in fair value of guarantee liabilities	(53,009,582)	(8,318,360)	22,265,996
Balance at end of the year	¥ 885,303	$ 138,923	¥ 11,697,633

Guarantee liabilities and risk assurance liabilities - Summary of movement of risk assurance liabilities (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Balance at the beginning of the year	¥ 19,701,689	$ 3,091,625	¥ 1,254,361,399
Adjustment due to the adoption of ASC 326			1,093,382,647
Fair value of risk assurance liabilities upon the inception of new loans			8,854,513
Expected credit loss upon the inception of new loans			8,784,102
Recognized as guarantee income	(3,934,761)	(617,450)	(826,197,593)
Collections/ (Payouts)	132,825,675	20,843,247	(1,400,538,815)
Change in fair value of risk assurance liabilities	(148,592,603)	(23,317,422)	(118,944,564)
Balance at end of the year	0	$ 0	19,701,689
Contingent
Balance at the beginning of the year	15,766,928		433,083,558
Adjustment due to the adoption of ASC 326			1,093,382,647
Expected credit loss upon the inception of new loans			8,784,102
Collections/ (Payouts)	132,825,675		(1,400,538,815)
Change in fair value of risk assurance liabilities	(148,592,603)		(118,944,564)
Balance at end of the year			15,766,928
Non-contingent
Balance at the beginning of the year	3,934,761		821,277,841
Fair value of risk assurance liabilities upon the inception of new loans			8,854,513
Recognized as guarantee income	¥ (3,934,761)		(826,197,593)
Balance at end of the year			¥ 3,934,761

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash flows from operating activities:
Net income	¥ 585,926,978	$ 91,944,729	¥ 958,818,661	¥ 3,264,287,925
Adjustments to reconcile net income to net cash provided by operating activities:
Provision/(reversal) for receivables and other assets	(151,816,830)	(23,823,373)	1,641,362,182	2,283,126,141
Impairment loss from long-lived assets	156,394,433	24,541,699
Depreciation and amortization	21,619,246	3,392,531	10,424,113	16,704,682
Amortization of right-of-use assets	77,855,551	12,217,235	33,525,924	30,856,490
Loss on disposal of property and equipment	256,289	40,217		278,718
Accrued interest of convertible senior notes	15,982,460	2,507,997	27,107,232	23,934,289
Income from the repurchase of convertible senior notes	(12,046,522)	(1,890,362)	(622,109,001)
Share-based compensation expense	35,344,620	5,546,342	45,633,820	87,299,053
Share of loss from equity method investment	221,798,009	34,804,948	370,038,652	3,419,825
Unrealized investment income of short-term investments	(17,213,203)	(2,701,127)	(45,478,742)	(3,584,153)
Unrealized investment income of long-term investments	24,635,329	3,865,821
Unrealized investment income of derivative instruments	(17,375,517)	(2,726,598)
Foreign exchange (gain)/ loss, net	51,356	8,060	107,144	(6,635,208)
Changes in operating assets and liabilities:
Financing service fee receivables	31,940,278	5,012,127	77,321,929	3,873,447
Finance lease receivables				330,214,661
Contract assets	133,132,960	20,891,467	2,899,485,965	(2,096,477,837)
Receivables from related parties				2,071
Deferred tax assets and liabilities	125,293,714	19,661,318	132,655,274	132,112,749
Other current and non-current assets	(402,938,535)	(63,229,849)	438,899,289	(119,570,060)
Interest payables			(10,843,333)	(73,479,202)
Guarantee liabilities	(10,812,329)	(1,696,690)	(251,768,288)	(39,138,657)
Risk assurance liabilities	(168,294,292)	(26,409,047)	(2,328,042,357)	1,254,361,399
Operating lease liabilities	(77,467,656)	(12,156,366)	(26,406,203)	(27,876,445)
Other current and non-current liabilities	349,798,672	54,891,043	(879,020,326)	439,679,436
Net cash provided by operating activities	922,065,011	144,692,122	2,471,711,935	5,503,389,324
Cash flows from investing activities:
Proceeds from redemption of short-term investments	18,799,896,906	2,950,114,067	11,815,240,269	457,817,239
Proceeds from redemption of long-term investments			50,985,560
Proceeds from collection of loan principal	16,368,229,503	2,568,532,389	20,724,809,596	22,140,852,309
Principal collection of finance lease receivables	189,717,720	29,770,850	273,855,570
Proceeds from disposal of long-term assets	149,084	23,395		530,975
Purchases of short-term investments	(19,796,721,359)	(3,106,537,576)	(16,802,875,965)	(454,233,086)
Purchases of property and equipment, intangible assets and land lease right of use asset	(478,432,280)	(75,076,465)	(221,786,498)	(76,389,281)
Purchases of long-term investments	(63,185,197)	(9,915,136)	(76,403,621)	(222,709,723)
Purchases of equity method investment			(738,758,741)	(15,000,000)
Payments to originate loan principal	(14,636,496,696)	(2,296,785,723)	(18,294,941,866)	(22,760,427,250)
Deposit pledged as collateral or prepayment for derivative instruments	(629,737,680)	(98,819,584)
Net cash used in investing activities	(246,579,999)	(38,693,783)	(3,269,875,696)	(929,558,817)
Cash flows from financing activities:
Proceeds from deposits to funding			235,245,240
Proceeds from borrowings	42,896,264	6,731,360	102,415,457	2,251,563,000
Proceeds from convertible senior notes, net of issuance cost				2,289,629,341
Proceeds from issuance of shares of subsidiary			10,000,000
Proceeds from exercise of share options	1,240	195	431	4,322
Repayment of borrowings			(1,038,727,000)	(5,402,354,040)
Repurchase of ordinary shares			(15,528,092)	(2,087,241,398)
Repurchase of convertible senior notes	(119,367,198)	(18,731,319)	(859,219,671)
Payments for interest of convertible senior notes	(7,722,291)	(1,211,796)	(25,457,967)
Repayment of forward purchase				(192,804,602)
Payments of deposits to funding				(231,131,760)
Net cash used in financing activities	(84,191,985)	(13,211,560)	(1,591,271,602)	(3,372,335,137)
Effect of exchange rate changes	(20,835,203)	(3,269,498)	(56,189,971)	76,077,072
Net increase/(decrease) in cash and cash equivalents, and restricted cash and cash equivalents	570,457,824	89,517,281	(2,445,625,334)	1,277,572,442
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	1,672,962,024	262,524,248	4,118,587,358	2,841,014,916
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	2,243,419,848	352,041,529	1,672,962,024	4,118,587,358
Reconciliation of cash and cash equivalents, and restricted cash to the consolidated balance sheet
Cash and cash equivalents	2,065,495,008	324,121,239	1,537,557,823	2,860,938,368
Restricted cash and cash equivalents	177,924,840	27,920,290	135,404,201	1,257,648,990
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	2,243,419,848	352,041,529	1,672,962,024	4,118,587,358
Supplemental disclosures of cash flow information:
Income taxes paid, net of refunds	137,550,241	21,584,634	638,407,957	263,971,349
Interest expense paid	¥ 7,722,291	$ 1,211,796	¥ 26,083,616	¥ 361,721,059

Provision for Receivables and Other Assets

12 Months Ended

Dec. 31, 2021

Provision for receivables and other assets abstract [Abstract]

Provision for receivables and other assets

15. Provision for receivables and other assets

Provision for receivables and other assets consists of the following:


	For the years ended December 31,
	2019		2020			2021
	RMB		RMB			RMB			US$
Provision /(reversal) for loan principal and financing service fee receivables		2,159,235,919		1,434,446,417			(195,177,565	)		(30,627,620	)
Provision /(reversal) for finance lease receivables		30,236,266		(29,287,359	)		(16,452,740	)		(2,581,794	)
Provision for contract assets		—		(3,089,153	)		(87,784	)		(13,774	)
Provision for other current assets		93,653,956		219,292,278			59,901,259			9,399,815
Provision for investment in equity method investee		—		20,000,000			—			—

		2,283,126,141		1,641,362,182			(151,816,830	)		(23,823,373	)

Related Party Balances and Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Related Parties


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

Loan Principal and Financing Service Fee Receivables - Loan Principal and Financing Service Fee Receivables (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Short-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables	¥ 2,639,004,889	$ 414,117,453	¥ 4,789,696,238
Less: allowance for loan principal and financing service fee receivables	(267,039,108)	(41,904,263)	(849,234,936)
Short-term loan principal and financing service fee receivables, net	¥ 2,371,965,781	$ 372,213,190	¥ 3,940,461,302

Organization - Schedule of Cash Flows of VIEs (Detail)	12 Months Ended
Organization - Schedule of Cash Flows of VIEs (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Variable Interest Entity [Line Items]
Net cash provided by operating activities	¥ 922,065,011	$ 144,692,122	¥ 2,471,711,935	¥ 5,503,389,324
Net cash used in investing activities	(246,579,999)	(38,693,783)	(3,269,875,696)	(929,558,817)
Net cash used in financing activities	(84,191,985)	(13,211,560)	(1,591,271,602)	(3,372,335,137)
Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Net cash provided by operating activities	747,408,333	117,284,677	2,250,346,449	4,362,960,828
Net cash used in investing activities	645,957,049	101,364,757	(2,252,529,599)	(842,120,427)
Net cash used in financing activities	¥ (571,156,011)	$ (89,626,842)	¥ (1,429,389,722)	¥ (2,855,955,341)

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

11. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2020		2021
	RMB		RMB		US$
Accrued payroll		2,833,635		16,843,567		2,643,123
Tax payables		184,595,913		155,211,471		24,356,067
Payable to suppliers		14,964,018		32,100,134		5,037,211
Payable to external service providers		35,405,505		77,657,212		12,186,111
Payable to funding partner		26,805,023		22,694,769		3,561,304
Others		72,186,000		72,360,661		11,354,968

		336,790,094		376,867,814		59,138,784

Lease - Additional information (Detail)	12 Months Ended
Lease - Additional information (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Leases, Operating [Abstract]
Rental costs under operating leases	¥ 80,884,049	$ 12,692,472	¥ 33,525,924	¥ 30,856,490
Operating lease weighted average discount rate	4.01%	4.01%	3.20%
Weighted Average Remaining Lease Term	103 months	103 months	50 months

Organization - Schedule of Company's Subsidiaries, VIE and Subsidiaries of VIE (Detail)	12 Months Ended
	Dec. 31, 2021
QD Data Limited ("Qudian HK") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	Hong Kong (“HK”)
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
QD Technologies Limited ("Qudian BVI") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	British Virgin Islands (“BVI”)
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Qufenqi (Ganzhou) Information Technology Co., Ltd. ("Qufenqi Ganzhou") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding, research and development
Qudian Inc. Equity Incentive Trust ("Share Based Payment Trust") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	HK
Percentage of legal ownership by the Company	0.00%
Principal activities	Employee benefits
Qufenqi (HK) Limited [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Qudian Financial Lease Co., Ltd. ("Xiamen Financial Lease") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Financial lease
Xiamen Happy Time Technology Co., Ltd. ("Xiamen Happy Time") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service
Qu Plus Plus Inc. ("Qu Plus Plus") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	Cayman Islands
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Qu Plus Plus Limited ("Qu Plus Plus BVI") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	BVI
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Qu Plus HK (Limited) ("Qu Plus HK") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Youxiang Time Technology Service Co., Ltd. ("Xiamen Youxiang Time") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service, research and development
Xiamen Xincheng Youda Financing Guarantee Co Ltd. ("Xiamen Xincheng Youda") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Financing guarantee service
WLM Kids Inc. ("WLM Kids") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	Cayman Islands
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
WLM Kids Limited. ("WLM Kids BVI") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	BVI
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
WLM Kids (HK) Limited. ("WLM Kids HK") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Beijing Happy Time Technology Development Co., Ltd. ("Beijing Happy Time") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products
Ganzhou Qudian Technology Co., Ltd. ("Ganzhou Qudian") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development service, sale of products and educational services
Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products
Xiamen Weipujia Technology Co., Ltd. ("Xiamen Weipujia") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Household service
Xiamen Qu Plus Plus Technology Development Co., Ltd. ("Xiamen Qu Plus Plus") [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development and service, sale of products

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Class of Asset (Detail)	12 Months Ended
	Dec. 31, 2021
Office and Electronic Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Estimated Residual	0.00%
Office and Electronic Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Estimated Residual	5.00%
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	4 years
Estimated Residual	5.00%
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Residual	0.00%
Estimated Useful Life	Over the shorter of the expected life of leasehold improvements or the lease term

Finance Lease Receivables - Summary of Movement of Allowance for Finance Lease Receivables (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	¥ 849,234,936	$ 133,263,493	¥ 1,528,852,901
Adjustment due to the adoption of ASC 326	0	0	13,023,667
Reverse	(195,177,565)	(30,627,620)	1,434,446,417
Charge-offs	(387,018,263)	(60,731,610)	(2,127,088,049)
Balance at the end of the year	267,039,108	41,904,263	849,234,936
Evaluated for impairment on a portfolio basis	267,039,108		849,234,936	$ 41,904,263
Financial Lease Receivable [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at the beginning of the year	24,549,329	3,852,326	39,933,036
Adjustment due to the adoption of ASC 326			26,044,003
Reverse	(16,452,740)	(2,581,794)	(29,287,359)
Charge-offs	(2,954,101)	(463,564)	(12,140,351)
Balance at the end of the year	5,142,488	$ 806,968	24,549,329
Evaluated for impairment on a portfolio basis	¥ 5,142,488		¥ 24,549,329	$ 806,968

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent events	27. Subsequent events In January 2022, the Company repurchased convertible senior notes at market price, with a principal amount of US$ 60,000,000. In March and April 2022, the Company repurchased an aggregate of 3,488,570 ADSs, representing 3,488,570 Class A ordinary shares, at an average price of $1.192 per ADS, for US$ 4,158,751 (RMB 26,457,680).

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Assets:
Short-term investments	¥ 5,926,600,761	$ 930,012,987	¥ 5,042,314,438
Investment in equity method investee under fair value option			306,275,523
Long-term investments	62,425,472	9,795,919
Derivative instruments	17,375,517	2,726,598
Liabilities:
Guarantee liabilities	885,303	138,923	11,697,633
Convertible senior notes	611,000,109	95,879,250	626,692,320
Active market (Level 1) [Member]
Assets:
Short-term investments	2,412,379,263	378,554,948
Investment in equity method investee under fair value option			306,275,523
Long-term investments	62,425,472	9,795,919
Observable Input (Level 2) [Member]
Assets:
Short-term investments	3,514,221,498	551,458,039	5,042,314,438
Derivative instruments	17,375,517	2,726,598
Liabilities:
Convertible senior notes	611,000,109	95,879,250	626,692,320
Non-Observable Input (Level 3) [Member]
Liabilities:
Guarantee liabilities	¥ 885,303	$ 138,923	¥ 11,697,633

Share-based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation

21. Share-based compensation

Stock options

On December 9, 2016, as a part of the restructuring, the Board of Directors of Qudian Inc. approved the 2016 Equity Incentive Plan (the “2016 Plan”), as well as the cancelation of the 2015 Share Plan and the 2015 Incentive Plan Supplementary Agreement which were approved on December 26, 2015 and May 1, 2016, respectively. During the year ended December 31, 2016, the Company granted a total of 15,299,019 of share options for the ordinary shares of Qudian Inc. under 2016 Plan. The Company granted 12,364,319

share options under the 2016 Plan to the employees as replacement awards for the 2015 plan. All the share options granted under 2016 Plan were vested over 3 to 5 years. The 2016 Plan expires 10 years from the date of the grant. The company reserved 1,000,000 shares for issuance under the 2016 Plan. The exercise price for such options is RMB 0.0006 (US$ 0.0001) per share.

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

For the years ended December 31, 2019, 2020 and 2021, the Company estimated the fair value of the options based on the quoted share price at grant date. Due to the options’ di minimis exercise price, the various assumptions used in the binomial option pricing model will not have a material impact in the calculation of the fair value of the options.

The Company recognized compensation cost for the share options on a graded vesting basis. The total share-based compensation expenses recognized by the Company for the share option granted were RMB 87,299,053, RMB 45,633,820 and RMB 35,344,620 (US$ 5,546,342) for the years ended December 31, 2019, 2020 and 2021, respectively.

A summary of share option activity under the 2016 Plan for the years ended December 31, 2020 and 2021 is as follows:


	Number of options			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term		Aggregated intrinsic value
				RMB		RMB		Years		RMB
Balance, December 31, 2019		12,055,912			—		19.87		8.18		578,275,151

Granted		878,125			—		14.51
Exercised		(797,463	)		—		13.45
Forfeited		(1,066,563	)		—		52.22

Balance, December 31, 2020		11,070,011			—		16.79		7.31		99,672,691

Exercised		(1,019,625	)		—		13.60
Forfeited		(158,500	)		—		28.96

Balance, December 31, 2021		9,891,886			—		16.92		6.30		578,275,151

Vested and expected to vest as of December 31, 2021		9,463,751			—		36.72		6.30		453,939,274

Exercisable, December 31, 2021		7,564,042			—		32.39		5.87		362,817,639

The aggregate intrinsic value in the table above represents the difference between the exercise price and the Company’s closing stock price on the last trading day in 2019, 2020 and 2021, respectively. Total intrinsic value of options exercised for the years ended December 31, 2019, 2020 and 2021 was RMB

338,242,304

, RMB

10,723,410

and RMB

13,862,597

(US$

2,175,344)

respectively.

As of December 31, 2021, total unrecognized compensation expense relating to unvested share options was RMB 25,460,836 (US$ 3,995,361). The expense is expected to be recognized over a weighted-average period of 1.49 years.

For the years ended December 31, 2019, 2020 and 2021, the Company allocated share-based compensation expense as follows:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Sales and marketing		4,482,323		1,912,318		1,726,837		270,978
General and administrative		74,311,629		40,894,564		29,684,217		4,658,102
Research and development		8,505,101		2,826,938		3,933,566		617,262

		87,299,053		45,633,820		35,344,620		5,546,342

Lease (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Sales-type lease income

Sales-type lease income recognized consists of the following:


	For the years ended December 31,
	2019		2020		2021
	RMB		RMB		RMB		US$
Financing income		89,872,562		45,993,173		5,502,703		863,494
Sales income		89,150,614		—		—		—

Operating lease arrangements

Summary of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under

non-cancelable

operating leases agreements consist of the following as of December 31, 2020 and 2021:


	As of December 31,
	2020		2021
	RMB		RMB		US$
1 year (Including 1 year)		35,896,070		40,321,257		6,327,285
1 year to 2 years (Including 2 years)		18,750,779		28,953,101		4,543,373
2 years to 3 years (Including 3 years)		13,526,508		27,307,080		4,285,077
3 years to 4 years (Including 4 years)		12,723,937		26,593,652		4,173,124
4 years to 5 years (Including 5 years)		12,379,967		22,452,011		3,523,211
Over 5 years		36,974,959		108,101,711		16,963,517

Total lease payment		130,252,220		253,728,812		39,815,587

Less: imputed interest		26,252,614		47,458,135		7,447,217

Present value of lease liabilities		103,999,606		206,270,677		32,368,370

Summary of Operating Lease Supplemental Cash Flow Information

Supplemental lease cash flow disclosures


	For the years ended December 31,
	2020		2021
	RMB		RMB		US$
Operating ROU assets released in exchange for operating lease liabilities		1,794,151		352,298,094		55,283,259
Operating ROU assets obtained in exchange for new operating lease liabilities		92,795,997		522,578,298		82,003,938

Related Party Balances and Transactions - Summary of Related Parties (Detail)	12 Months Ended
	Dec. 31, 2021
Luo Min [Member]
Related Party Transaction [Line Items]
Relationship with the Company	Founder, chief executive officer and controlling shareholder of the Company
Key Management and their Immediate Families [Member]
Related Party Transaction [Line Items]
Relationship with the Company	The Company’s key management and their immediate families

Treasury Shares	12 Months Ended
Treasury Shares	Dec. 31, 2021
Equity [Abstract]
Treasury Shares	24. Treasury shares On December 13, 2018, the Board of Directors of the Company authorized a share repurchase program, pursuant to which the Company was authorized to repurchase its own issued and outstanding ADS up to an aggregate value of US$300 million from the open market, in negotiated transactions off the market, or through other legally permissible means in accordance with applicable securities laws from time to time. In 2018, the Company repurchased an aggregate of 33,237,759 ADSs, representing 33,237,759 Class A ordinary shares, at an average price of $6.316. per ADS, for US$209,919,048 (RMB 1,410,222,466). The Company canceled an aggregate of 27,302,698 ADS, for US$ 157,495,891 (RMB 1,048,092,142). On April 12, 2019, the Company entered into an ADS Repurchase Agreement with Kunlun Group Limited to repurchase an aggregate of 18,173,885 ADSs, representing 18,173,885 Class A ordinary shares, at an average price of $5.678 per ADS, for US$103,191,319 (RMB 693,517,898). All of the shares were repurchased and canceled subsequently. On August 23, 2019, the Company entered into a forward share repurchase agreement with Citibank, N.A. under which it will repurchase up to US$195 million worth of its outstanding ADSs representing its Class A ordinary shares. The forward share repurchase agreement was completed in October 2019. The company repurchased an aggregate of 26,169,241 Class A ordinary shares, at an average price of $7.451 per ADS, for US$195,000,000 (RMB 1,393,723,500). The Company received 26,169,241 deliveries of ADSs and all of them were cancelled. In 2020, the Company repurchased an aggregate of 1,495,291 ADSs, representing 1,495,291 Class A ordinary shares, at an average price of $1.510 per ADS, for US$2,258,112 (RMB 15,528,092). The amount of treasury shares as of December 31, 2019, 2020 and 2021 were 362,130,324, 371,551,131 and 346,320,584 shares, respectively. As of December 31, 2021, the Company repurchased an aggregate of 83,613,291 ADSs, representing 83,613,291 Class A ordinary shares under the Share Repurchase Program, at an average price of $6.865 per ADS, for US$ 574,026,622 (RMB 3,934,156,758). As of December 31, 2021, 71,645,824 shares were canceled, and 906,237 shares were used for exercise of share options. The remaining balance of treasury shares represents 11,061,230 Class A ordinary shares, at an average price of $4.533 per ADS, for US$ 50,144,695 (RMB 352,427,812). These shares were recorded at their purchase cost on the consolidated balance sheets and have not been cancelled as of December 31, 2021.

Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Detail)	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash flows from operating activities:
Net income	¥ 589,074,078	$ 92,438,577	¥ 958,818,661	¥ 3,264,287,925
Adjustments to reconcile net income to net cash used in operating activities:
Share of profit in subsidiaries, VIEs and VIEs' subsidiaries	221,798,009	34,804,948	370,038,652	3,419,825
Share-based compensation expense	35,344,620	5,546,342	45,633,820	87,299,053
Income from the repurchase of convertible senior notes	(12,046,522)	(1,890,362)	(622,109,001)
Unrealized investment income of short-term investments	(17,213,203)	(2,701,127)	(45,478,742)	(3,584,153)
Foreign exchange (gain)/loss net	51,356	8,060	107,144	(6,635,208)
Changes in operating assets and liabilities:
Net cash provided by operating activities	922,065,011	144,692,122	2,471,711,935	5,503,389,324
Net cash provided by /(used in) investing activities	(246,579,999)	(38,693,783)	(3,269,875,696)	(929,558,817)
Net cash provided by/(used in) financing activities	(84,191,985)	(13,211,560)	(1,591,271,602)	(3,372,335,137)
Effect of exchange rate changes on cash and cash equivalents	(20,835,203)	(3,269,498)	(56,189,971)	76,077,072
Net increase/(decrease) in cash and cash equivalents	570,457,824	89,517,281	(2,445,625,334)	1,277,572,442
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	1,672,962,024	262,524,248	4,118,587,358	2,841,014,916
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	2,243,419,848	352,041,529	1,672,962,024	4,118,587,358
Parent Company [Member]
Cash flows from operating activities:
Net income	589,074,078	92,438,577	958,818,661	3,264,287,925
Adjustments to reconcile net income to net cash used in operating activities:
Share of profit in subsidiaries, VIEs and VIEs' subsidiaries	(639,520,183)	(100,354,672)	(414,867,940)	(3,374,438,333)
Share-based compensation expense	35,344,620	5,546,342	45,633,820	87,299,053
Income from the repurchase of convertible senior notes	(12,046,522)	(1,890,362)	(622,109,001)
Accrued interest of convertible senior notes	15,982,460	2,507,997	27,107,232	23,934,289
Unrealized investment income of short-term investments	4,264,330	669,166
Foreign exchange (gain)/loss net	(352,492)	(55,314)	(2,073,798)	(9,946,070)
Changes in operating assets and liabilities:
Receivables from related party	(97,924)	(15,366)	(221,873,465)	(34,551)
Payable to employees	(762)	(120)	(176,326)	(2,312,714)
Other current receivables	0	0	618,772	1,096,665
Other current payables	(4,184,856)	(656,694)	5,651,200	4,292,086
Net cash provided by operating activities	(11,537,251)	(1,810,446)	(223,270,845)	(5,821,650)
Net cash provided by /(used in) investing activities	(132,143,216)	(20,736,154)	1,497,130,562	330,197,330
Net cash provided by/(used in) financing activities	(127,088,249)	(19,942,920)	(1,522,314,300)	9,587,663
Effect of exchange rate changes on cash and cash equivalents	15,864,881	2,489,546	84,221,631	100,137,695
Net increase/(decrease) in cash and cash equivalents	(254,903,835)	(39,999,974)	(164,232,952)	434,101,038
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	813,175,789	127,605,026	977,408,741	543,307,703
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	¥ 558,271,954	$ 87,605,052	¥ 813,175,789	¥ 977,408,741

Loan Principal and Financing Service Fee Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Nonaccrual Loan Principal

The following table presents nonaccrual loan principal as of December 31, 2020 and 2021, respectively.


	As of December 31,
	2020			2021
	RMB			RMB			US$
Nonaccrual loan principal		254,885,248			91,016,662			14,282,500
Less: allowance for nonaccrual loan principal		(249,361,894	)		(89,311,940	)		(14,014,992	)

Nonaccrual loan principal, net		5,523,354			1,704,722			267,508

Schedule of Aging of Past-Due Loan Principal and Financing Service Fee Receivables

The following table presents the aging of

past-due

loan principal and financing service fee receivables as of December 31, 2020:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Domestic consumer loans (uncollateralized)
– Loan principal		51,672,697		45,870,724		53,291,222		68,498,711		83,947,214		102,439,323		405,719,891		4,307,995,865		4,713,715,756
– Financing service fee receivables		1,108,845		1,551,330		2,556,916		—		—		—		5,217,091		70,763,391		75,980,482

		52,781,542		47,422,054		55,848,138		68,498,711		83,947,214		102,439,323		410,936,982		4,378,759,256		4,789,696,238

The following table presents the aging of

past-due

loan principal and financing service fee receivables as of December 31, 2021:


	1-30 days		31-60 days		61-90 days		91-120 days		121-150 days		151-180 days		Total past due		Current		Total		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		US$
Domestic consumer loans (uncollateralized)
– Loan principal		43,284,767		32,715,863		28,694,398		27,904,847		29,486,766		33,625,049		195,711,690		2,399,252,995		2,594,964,685		407,206,584
– Financing service fee receivables		650,524		821,076		926,548		—		—		—		2,398,148		41,642,056		44,040,204		6,910,869

		43,935,291		33,536,939		29,620,946		27,904,847		29,486,766		33,625,049		198,109,838		2,440,895,051		2,639,004,889		414,117,453

Summary of Movement of Allowance for Loan Principal and Financing Service Fee Receivables

Movement of allowance for loan principal and financing service fee receivables is as follows:


	As of December 31,
	2020									2021
	Loan principal			Financing service fee receivables			Total			Loan principal			Financing service fee receivables			Total
	RMB			RMB			RMB			RMB			RMB			RMB			US$
Balance at the beginning of the year		1,502,171,991			26,680,910			1,528,852,901			837,075,499			12,159,437			849,234,936			133,263,493
Adjustment due to the adoption of ASC 326		13,023,667			—			13,023,667			—			—			—			—
Additions/ (reverse)		1,448,967,890			(14,521,473	)		1,434,446,417			(186,372,132	)		(8,805,433	)		(195,177,565	)		(30,627,620	)
Charge-offs		(2,127,088,049	)		—			(2,127,088,049	)		(387,018,263	)		—			(387,018,263	)		(60,731,610	)

Balance at the end of the year		837,075,499			12,159,437			849,234,936			263,685,104			3,354,004			267,039,108			41,904,263

Evaluated for impairment on a portfolio basis		837,075,499			12,159,437			849,234,936			263,685,104			3,354,004			267,039,108			41,904,263

Related Party Balances and Transactions - Additional Information (Detail) - CNY (¥)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Key Management and their Immediate Families [Member] \| Due on Demand, Interest Free and Uncollateralized [Member]
Related Party Transaction [Line Items]
Amounts due from related parties	¥ 0	¥ 0	¥ 0

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of presentation

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

Principles of consolidation

Use of estimates

Revenue recognition

e-commerce

sales and educational services.

•	Identify the contract(s) with a customer;

•	Identify the performance obligations in the contract;

•	Determine the transaction price;

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

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

Credit facilitation

Derivatives and Hedging

, (“ASC 815”), ASC 460,

Guarantees

, (“ASC 460”) (refer to “Guarantee liabilities” and “Risk Assurance Liabilities” for additional information) and ASC 860,

Transfers and servicing of financial assets, respectively

(“ASC 860”).

Vehicle sales with guarantee

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price of loan facilitation services includes variable service fees which are contingent on the borrower making timely repayments. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. As a result, the estimation of variable consideration involves significant judgement. The Company makes the assessment of whether the estimate of variable consideration is constrained. Any subsequent changes in the transaction price will be allocated to the performance obligations on the same basis as at contract inception.

E-commerce

sales

The Company recognizes revenue from product sales through its

e-commerce

Educational services

The Company provides

non-academic,

Transaction services fee

pre-agreed

RMB 37,610,344, RMB 31,578,617 and RMB 20,217,705 (US$ 3,172,599) for the years ended December 31, 2019, 2020 and 2021, respectively.

Financing income

Receivables

(ASC 310) using the effective interest method.

Sales commission fees

Sales commission fees are recognized and recorded net of the related cost on delivery date, as the Company is an agent and arranges for the goods to be provided by the suppliers.

Penalty fee

Cost of goods sold

Cost of goods sold primarily consists of the purchase price of products, packaging material and product delivery costs.

Lease

Sales-type leases – Lessor under ASC 842

non-cancellable

Operating Leases – Lessee under ASC 842

The Company records a lease liability and corresponding operating lease

right-of-use

non-cancellable

term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option, however none of these have been recognized in the Company’s

right-of-use

assets or lease liabilities since those options were not reasonably certain to be exercised.

Land lease right of use asset

All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842,

Leases

(ASC 842). The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease

right-of-use

(“ROU”) asset on the consolidated balance sheet. The ROU asset is amortized over the remaining lease term

– 36 years.

Foreign currency translation and transactions

Foreign Currency Matters

Restricted cash and cash equivalents

Short-term investments

Short-term investments consist of 1) wealth management products issued by banks or trust companies 2) negotiable certificate of deposit.

Derivative instruments

B 619,332,499 (US$ 97,186,784)

B 17,375,517 (US$ 2,726,598).

Guarantee deposits

In the ordinary course of business, the Company is required to guarantee the recoverability of the loan principal and interest for loans originated by the Company that are transferred to certain Funding Partners, and the recoverability of loans directly funded by certain Funding Partners. As a result, the Company may provide a cash deposit to the respective Funding Partners. The cash deposits are released only after the loan principal and interest are settled. Guarantee deposits represent cash that cannot be withdrawn without the permission of the Funding Partners. These guarantee deposits qualify as compensating balance arrangements under SEC Regulation

S-X

Rule

5-02

and are classified as current assets in the consolidated balance sheets.

Loan principal and financing service fee receivables

Allowance for loan principal and financing service fee receivables

1-30

days past due, and

31-60

days past due, etc.) and projected forward in

one-month

Prior to January 1, 2020, the Company applies a consistent credit risk management framework to the entire portfolio of loans in accordance with ASC

450-20,

Loss Contingencies

(“ASC

450-20”)

year-on-year

increases and decreases in that respective factor.

Subsequent to January 1, 2020, the Company applies a consistent credit risk management framework to the entire portfolio of loans in accordance with Accounting Standards Update (“ASU”)

No. 2016-13,

Financial instruments – Credit Losses

(Topic 326):

Measurement of Credit Losses on Financial Instruments

charged-off:

(i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) loans that are 180 days past due.

Nonaccrual loan principal

Finance lease receivables

Finance lease receivables are carried at amortized cost comprising of original financing lease and direct costs, net of unearned income and allowance for finance lease receivables.

Allowance for finance lease receivables

non-recovery),

Prior to January 1, 2020, the Company applies a consistent credit risk management framework to the entire portfolio of finance lease receivables in accordance with ASC

450-20

year-on-year

increases and decreases in that respective factor.

charged-off:

charged-off;

(iv) the vehicle is repossessed.

Nonaccrual finance lease receivables

450-20.

non-accrual

Contract Assets and Account Receivables

Long-term investments

Inventories

e-commerce

business and educational services.

Borrowings

Guarantee liabilities

The financial guarantee is accounted for as a credit derivative under ASC 815 because the scope exemption in ASC

815-10-15-58(c)

Risk assurance liabilities

815-10-15-58.

The risk assurance liability consists of two components. The Company’s obligation to stand ready to make delinquent payments over the term of the arrangement (the

non-contingent

aspect) is accounted for in accordance with ASC 460. At inception, the Company recognizes the

non-contingent

aspect of the risk assurance liability at fair value, which considers the premium required by a third-party market participant to issue the same risk assurance in a standalone transaction.

Prior to January 1, 2020, the release of the

non-contingent

Contingencies

Subsequent to January 1, 2020, the

non-contingent

Treasury shares

paid-in

capital.

Property and equipment, net


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

Intangible assets

1-10

years.

Research and development

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

Employee defined contribution plan

Advertising costs

Advertising costs are expensed as incurred in accordance with ASC

720-35,

Other Expense-Advertising costs

Government grants

Government grants are recognized when the entity will comply with the conditions attached to the grant received and there is reasonable assurance that the grant will be received or already received.

Value added taxes

On March

20, 2019, the Ministry of Finance, the State Administration of Taxation and the General Administration of Customs issued the Announcement on Policies for Deepening the VAT Reform, or Announcement 39, which came into effect on April 2019, to further slash VAT rates. According to Announcement 39, for general VAT payers’ sales activities previously subject to VAT at an existing applicable rate of 16%, the applicable VAT rate was adjusted to 13%.

VAT is reported as a deduction to revenue when incurred and amounted to RMB 792,753,015, RMB 201,297,527 and RMB 104,938,590

(US$ 16,467,155) for the years ended December 31, 2019, 2020 and 2021, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Output VAT receivable net of input VAT payable is recorded in accrued expenses and other current liabilities on the consolidated balance sheets.

Income taxes

more-likely-than-not

non-current.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a

two-step

process to determine the amount of the benefit to be recognized. First, the tax position must

be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed

more-likely-than-not

Segment information

In accordance with ASC 280

Segment Reporting

e-commerce

sales services. In 2021, the

e-commerce

sales services was combined with the installment credit services segment as the

e-commerce

sales services were substantially wound down in 2021 due to

COVID-19.

Fair value measurements of financial instruments

Fair value of guarantee liabilities

Fair value measurements

•

Level

1-Observable

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

•

Level

2-Include

•

Level

3-Unobservable

inputs which are supported by little or no market activity

Earnings per share

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

Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares.

The dilutive effect from the conversion of convertible senior notes is reflected in diluted EPS using the

if-converted

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

Share-based payments

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

catch-up

adjustment in the period of change and also impact the amount of share-based compensation expense to be recognized in future periods.

Convenience translation for financial statements presentation

Investment in equity method investee

323-10-35-32.

Currency convertibility risk

Concentration of credit risk

B 2,349 million (US$ 369 million), representing 27%

our total balances from counterparties

The Company manages credit risk of loan principal and financing service fee receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances.

No borrower represented 10% or more of total revenues and loan receivable and financing service fee receivable for the years ended December 31, 2019, 2020 and 2021.

Borrower default risk

Borrower default risk - continued

Interest rate risk

Business and economic risk

COVID-19.

The Company’s operations could also be adversely affected by significant political, regulatory, economic and social uncertainties in the PRC.

Impact of

COVID-19

COVID-19.

The Company also provided additional credit losses for loan principal and financing service fee receivables, finance lease receivables and other current and

non-current

COVID-19

and other factors.

The COVID-19 pandemic continues to evolve. There are still uncertainties of

COVID-19’s

future impact, and the extent of the impact will depend on a number of factors, including the duration and severity of

COVID-19,

the continued emergence and outbreak of new variants, the development and progress of distribution of

COVID-19

non-current

Comparative Information

Certain items in the consolidated financial statements are reclassified to conform with the current year’s presentation to facilitate comparison.

Recently Adopted Accounting Pronouncements

In January 2020, the FASB issued ASU

No. 2020-01,

2020-01”),

2020-01

Recent Accounting Pronouncements: Issued but not effective

In August 2020, the FASB issued ASU

No. 2020-06,

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU

2020-06”),

which focuses on amending the legacy guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. ASU

2020-06

simplifies an issuer’s accounting for convertible instruments by reducing the number of accounting models that require separate accounting for embedded conversion features. ASU

2020-06

also simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. Further, ASU

2020-06

enhances information transparency by making targeted improvements to the disclosures for convertible instruments and

earnings-per-share

(EPS) guidance, i.e., aligning the diluted EPS calculation for convertible instruments by requiring that an entity use the

if-converted

2020-06

on its consolidated financial statements and related disclosure.

Commitments and Contingencies - Additional Information (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Leases, Operating [Abstract]
Total capital commitments	¥ 545,978,654	$ 85,675,965	¥ 1,250,123,850

Long-term Investments - Additional Information (Detail)			1 Months Ended	12 Months Ended
Long-term Investments - Additional Information (Detail)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Jul. 31, 2019 CNY (¥) shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($)	Jul. 31, 2019 USD ($) shares	Apr. 19, 2019 CNY (¥)
Schedule of Equity Method Investments [Line Items]
Equity method investments	¥ 85,581,620			¥ 85,581,620		¥ 349,275,523		$ 13,429,624
Marketable Securities, Unrealized Gain (Loss)				182,000,000	$ 29,000,000
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount				195,000,000
Changes in fair value of Investments	12,000,000	$ 2,000,000
Equity Securities, FV-NI, Current	62,000,000			62,000,000				10,000,000
Unrealized gain loss on investments				(24,635,329)	(3,865,821)
Asset Impairment Charges				219,000,000	34,000,000	¥ 0	¥ 0
Lianyou [Member]
Schedule of Equity Method Investments [Line Items]
Realized Gain (Loss), long term investment			¥ 4,000,000
Beijing Changba Technology Co., Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			13.33%			9.02%			13.33%	9.24%
Equity method investments			¥ 20,000,000							¥ 185,000,000
Equity Securities, FV-NI, Current	¥ 172,000,000			172,000,000				$ 27,000,000
Unrealized gain loss on investments				¥ 13,000,000	$ 2,000,000
Great Alliance Coliving Limited [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments			¥ 38,000,000						$ 5,500,000
Great Alliance Coliving Limited [Member] \| Series A Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Equity investments shares subscribed \| shares			550						550
Beijing Yijie International Children Culture Communication Co Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			5.21%						5.21%