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CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Current assets	¥ 10,159,946,220	$ 1,430,998,496	¥ 11,058,526,301
Allowance for account receivables, net	205,489	28,943	0
Allowance for finance lease receivable net current	0	0	21,496
Finance lease receivable unearned revenue current	0	0	11,866
Allowance for other current assets	116,860,992	16,459,527	256,349,242
Non-current assets	2,322,249,678	327,082,026	1,687,909,086
Fair value of long-term investments	14,445,946	2,034,669	30,045,542
Allowance of property and equipment, net	894,274	125,956	3,612,025
Allowance of other non-current assets	1,548,480	218,057	1,453,719
Short-term borrowings and interest payables \| ¥			29,062,344
Short-term lease liabilities	29,937,993	4,216,678	6,311,201
Accrued expenses and other current liabilities	299,835,945	42,231,010	295,674,975
Income tax payable	111,841,639	15,752,565	90,753,024
Derivative instruments	312,870,238	44,066,851	163,128,402
Long-term borrowings and interest payables of the consolidated VIEs without recourse to the Company \| ¥			116,249,377
Deferred tax liabilities of the consolidated VIEs without recourse to the Company \| ¥			2,117,892
Long-term lease liabilities of the consolidated VIEs without recourse to the Company	¥ 39,759,111	$ 5,599,954	¥ 425,964
Class A Ordinary shares
Ordinary shares, par value \| $ / shares		$ 0.0001
Ordinary shares, authorized	656,508,828	656,508,828	656,508,828
Ordinary shares, issued	201,304,881	201,304,881	201,304,881
Ordinary shares, outstanding	137,109,719	137,109,719	168,755,154
Class B Ordinary shares
Ordinary shares, par value \| $ / shares		$ 0.0001
Ordinary shares, authorized	63,491,172	63,491,172	63,491,172
Ordinary shares, issued	63,491,172	63,491,172	63,491,172
Ordinary shares, outstanding	63,491,172	63,491,172	63,491,172
Variable Interest Entity
Current assets	¥ 7,797,991,401	$ 1,098,324,117	¥ 10,187,329,026
Non-current assets	365,557,715	51,487,727	1,619,591,980
Short-term borrowings and interest payables	0	0	29,062,344
Short-term lease liabilities	271,587	38,252	6,226,324
Accrued expenses and other current liabilities	48,612,158	6,846,879	283,572,997
Income tax payable	1,644,689	231,650	87,603,805
Derivative instruments	79,697,733	11,225,191	163,128,402
Long-term borrowings and interest payables of the consolidated VIEs without recourse to the Company	0	0	116,249,377
Deferred tax liabilities of the consolidated VIEs without recourse to the Company	0	0	2,107,470
Long-term lease liabilities of the consolidated VIEs without recourse to the Company	39,083	5,505	425,964
Consolidated trusts
Current assets	0	0	378,628,769
Non-current assets	¥ 0	$ 0	¥ 0

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

7. Leases

Sales-type leases

Sales-type lease income recognized consists of the following:


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Financing income	5,502,703	337,355	—	—

7. Leases - continued

Operating lease arrangements

The Company leases certain office premises and overseas warehouses under non-cancelable leases, and an operating lease arrangement with the local government of Xiamen for land. Lease costs under operating leases for the years ended December 31, 2021, 2022 and 2023 were RMB 80,884,049, RMB 56,019,089 and RMB 27,357,349 (US$ 3,863,541), respectively.

Future minimum lease payments under non-cancelable operating lease agreements consist of the following as of December 31, 2022 and 2023:


	As of December 31,
	2022	2023
	RMB	RMB	US$
1 year (Including 1 year)	7,217,720	33,802,951	4,761,045
1 year to 2 years (Including 2 years)	418,138	23,258,088	3,275,833
2 years to 3 years (Including 3 years)	33,840	14,737,167	2,075,687
3 years to 4 years (Including 4 years)	1,151	4,802,888	676,473
4 years to 5 years (Including 5 years)	—	3,982,687	560,950
Over 5 years	—	934,146	131,572
Total lease payments	7,670,849	81,517,927	11,481,560
Less: imputed interest	933,684	11,820,823	1,664,928
Present value of lease liabilities	6,737,165	69,697,104	9,816,632

The Company’s operating lease commitments have no renewal options, rent escalation clauses and restriction or contingent rents as of December 31, 2022 and 2023. The weighted average discount rate as of December 31,2022 and 2023 is 3.08%, and 6.52%, respectively. The weighted average remaining lease term as of December 31,2022 and 2023 is 11 months and 36 months, respectively. Lease payments of over 5 years were increased from RMB nil to RMB 934,146 as of December 31, 2023 due to the increase of lease contracts for last-mile delivery service.

Supplemental lease cash flow disclosures


	For the years ended December 31,
	2022	2023
	RMB	RMB	US$
Cash payments for operating leases	49,405,583	25,839,863	3,639,469
Operating ROU assets released in exchange for operating lease liabilities	543,534,687	26,602,626	3,746,903
Operating ROU assets obtained in exchange for new operating lease liabilities	375,303,436	115,402,428	16,254,092

Organization - Additional Information (Details)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Organization
Net asset of VIE, not pledged		¥ 12,482,195,898	$ 1,758,080,522	¥ 12,746,435,387
Variable Interest Entity
Organization
Net asset of VIE, not pledged		8,163,549,116	1,149,811,844	11,806,921,006
Asset not pledged as collateral \| Variable Interest Entity
Organization
Net asset of VIE, not pledged		¥ 7,689,000,000	$ 1,083,000,000	¥ 11,022,000,000
Xiamen Happy Time Technology Co., Ltd. ("Xiamen Happy Time") \| Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian")
Organization
Investment amount	¥ 99,900,000

- Definition

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

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+ Details

Condensed financial information of the parent company - Condensed statements of cash flows (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ 39,133,539	$ 5,511,844	¥ (361,964,123)	¥ 589,074,078
Adjustments to reconcile net income to net cash used in operating activities:
Losses/(income) from equity method investments	(3,207,384)	(451,751)	(13,998,022)	221,798,009
Share-based compensation expense	4,935,782	695,190	24,053,760	35,344,620
Income from the repurchase of convertible senior notes			(10,028,456)	(12,046,522)
Investment income of short-term Investments	(13,304,022)	(1,873,832)	41,288,248	(17,213,203)
Foreign exchange loss net	2,931,704	412,922	(250,234)	51,356
Changes in operating assets and liabilities:
Net cash provided by operating activities	352,019,561	49,580,918	260,871,457	922,065,011
Net cash (used in)/provided by investing activities	3,895,444,173	548,661,837	1,884,829,256	(246,579,999)
Net cash (used in)/provided by financing activities	(565,971,561)	(79,715,427)	(834,990,791)	(84,191,985)
Effect of exchange rate changes on cash and cash equivalents	12,538,338	1,765,987	18,618,221	(20,835,203)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents	3,694,030,511	520,293,315	1,329,328,143	570,457,824
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	3,572,747,991	503,211,030	2,243,419,848	1,672,962,024
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	7,266,778,502	1,023,504,345	3,572,747,991	2,243,419,848
Parent Company \| Reportable legal entity
Cash flows from operating activities:
Net income/(loss)	39,133,539	5,511,844	(361,964,123)	589,074,078
Adjustments to reconcile net income to net cash used in operating activities:
Losses/(income) from equity method investments	244,411,613	34,424,656	121,864,519	292,443,982
Contractual interests in VIEs and VIEs' subsidiaries	(174,783,286)	(24,617,711)	198,678,694	(931,964,165)
Share-based compensation expense	4,935,782	695,190	24,053,760	35,344,620
Income from the repurchase of convertible senior notes			(10,028,456)	(12,046,522)
Accrued interest of convertible senior notes			(1,732,915)	(15,982,460)
Investment income of short-term Investments	138,739,373	19,541,031	67,907,228	4,264,330
Foreign exchange loss net	545,948	76,895	(404,232)	(352,492)
Changes in operating assets and liabilities:
Receivables from related party				(97,924)
Payable to employees	(405,208)	(57,072)	(66,077)	762
Other current payables	2,935,558	413,465	2,937,392	(4,184,856)
Net cash provided by operating activities	256,323,735	36,102,442	44,843,774	(11,537,251)
Net cash (used in)/provided by investing activities	29,180,599	4,110,001	908,576,201	(132,143,216)
Net cash (used in)/provided by financing activities	(420,660,054)	(59,248,729)	(834,990,790)	(127,088,249)
Effect of exchange rate changes on cash and cash equivalents	(10,899,643)	(1,535,182)	(117,327,970)	15,864,881
Net increase in cash and cash equivalents, and restricted cash and cash equivalents	(146,055,363)	(20,571,468)	1,101,215	(254,903,835)
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	559,373,169	78,786,063	558,271,954	813,175,789
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	¥ 413,317,806	$ 58,214,595	¥ 559,373,169	¥ 558,271,954

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2023

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

12. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Accrued payroll	1,030,216	1,077,834	151,810
Tax payables	47,276,768	4,553,304	641,319
Payable to suppliers	52,627,693	109,331,440	15,399,011
Payable to external service providers	55,247,794	26,282,851	3,701,862
Payable to funding partner	84,635,053	79,295,374	11,168,520
Business deposits	7,959,080	6,282,315	884,846
Others	46,898,371	73,012,827	10,283,642
	295,674,975	299,835,945	42,231,010

Accounts Receivables- Movements of allowance for accounts receivables - (Details) - 12 months ended Dec. 31, 2023	CNY (¥)	USD ($)
Accounts Receivables
Balance at the beginning of the year	¥ 0
Additions	205,489	$ 28,943
Balance at the end of the year	¥ 205,489	$ 28,943

Organization - Schedule of Assets and Liabilities of VIEs (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Organization
Other current assets	¥ 670,276,511	$ 94,406,473	¥ 2,106,091,784
Total current assets	10,159,946,220	1,430,998,496	11,058,526,301
Total non-current assets	2,322,249,678	327,082,026	1,687,909,086
Total assets	12,482,195,898	1,758,080,522	12,746,435,387
Total current liabilities	754,485,815	106,267,104	584,929,946
Total non-current liabilities	39,759,111	5,599,954	118,793,233
Total liabilities	794,244,926	111,867,058	703,723,179
Variable Interest Entity
Organization
Total current assets	7,797,991,401	1,098,324,117	10,187,329,026
Total non-current assets	365,557,715	51,487,727	1,619,591,980
Total assets	8,163,549,116	1,149,811,844	11,806,921,006
Total current liabilities	474,254,177	66,797,304	666,524,001
Total non-current liabilities	39,083	5,505	118,782,810
Total liabilities	474,293,260	66,802,809	785,306,811
Variable Interest Entity \| Group companies
Organization
Total current assets	1,112,061,344	156,630,564	109,713,457
Other current liabilities	344,028,011	48,455,332	96,930,129
Variable Interest Entity \| Nonrelated party
Organization
Other current assets	6,685,930,057	941,693,553	10,077,615,569
Other current liabilities	¥ 130,226,166	$ 18,341,972	¥ 569,593,872

Summary of Significant Accounting Policies - Estimated useful lives of class of asset (Details)	Dec. 31, 2023
Office and electronic equipment \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Life	3 years
Estimated Residual	0.00%
Office and electronic equipment \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Life	10 years
Estimated Residual	5.00%
Motor vehicles
Summary of Significant Accounting Policies
Estimated Useful Life	4 years
Estimated Residual	5.00%
Aircraft
Summary of Significant Accounting Policies
Estimated Useful Life	10 years
Estimated Residual	5.00%
Leasehold improvements
Summary of Significant Accounting Policies
Estimated Residual	0.00%

Condensed financial information of the parent company - Condensed balance sheets (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 7,207,343,478	$ 1,015,133,097	¥ 3,486,376,077	¥ 2,065,495,008
Short-term investments	642,893,540	90,549,661	4,170,403,914
Total current assets	10,159,946,220	1,430,998,496	11,058,526,301
Non-current assets:
Investment in subsidiaries	137,000,000	19,000,000	133,058,138
Total non-current assets	2,322,249,678	327,082,026	1,687,909,086
TOTAL ASSETS	12,482,195,898	1,758,080,522	12,746,435,387
Current liabilities:
Accrued expenses and other current liabilities	299,835,945	42,231,010	295,674,975
Total current liabilities	754,485,815	106,267,104	584,929,946
Total non-current liabilities	39,759,111	5,599,954	118,793,233
Total liabilities	794,244,926	111,867,058	703,723,179
Commitments and contingencies
Shareholders' equity
Treasury shares	(899,627,520)	(126,709,886)	(486,954,953)	¥ (346,320,584)
Additional paid-in capital	4,033,145,746	568,056,697	4,036,197,237
Accumulated other comprehensive loss	(24,130,903)	(3,398,767)	(45,960,186)
Retained earnings	8,578,387,761	1,208,240,647	8,539,254,222
Total Qudian Inc. shareholders' equity	11,687,950,972	1,646,213,464	12,042,712,208
TOTAL LIABILITIES AND EQUITY	12,482,195,898	1,758,080,522	12,746,435,387
Class A Ordinary shares
Shareholders' equity
Common stock	132,052	18,599	132,052
Class B Ordinary shares
Shareholders' equity
Common stock	43,836	6,174	43,836
Parent Company \| Reportable legal entity
Current assets:
Cash and cash equivalents	413,317,806	58,214,595	559,373,169
Short-term investments	78,808,890	11,100,000	217,937,726
Short-term amounts due from related parties	¥ 687,538,024	$ 96,837,705	¥ 868,168,614
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Total current assets	¥ 1,179,664,720	$ 166,152,300	¥ 1,645,479,509
Non-current assets:
Investment in subsidiaries	3,064,040,293	431,561,049	635,715,140
Contractual interests in VIEs and VIEs' subsidiaries	7,456,490,562	1,050,224,731	9,770,421,610
Total non-current assets	10,520,530,855	1,481,785,780	10,406,136,750
TOTAL ASSETS	11,700,195,575	1,647,938,080	12,051,616,259
Current liabilities:
Accrued expenses and other current liabilities	8,364,603	1,178,130	5,024,052
Short-term amounts due to related parties	¥ 3,880,000	$ 546,487	¥ 3,879,999
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Total current liabilities	¥ 12,244,603	$ 1,724,617	¥ 8,904,051
Total liabilities	12,244,603	1,724,617	8,904,051
Commitments and contingencies
Shareholders' equity
Treasury shares	(899,627,520)	(126,709,886)	(486,954,953)
Additional paid-in capital	4,033,145,746	568,056,697	4,036,197,237
Accumulated other comprehensive loss	(24,130,903)	(3,398,767)	(45,960,186)
Retained earnings	8,578,387,761	1,208,240,646	8,539,254,222
Total Qudian Inc. shareholders' equity	11,687,950,972	1,646,213,463	12,042,712,208
TOTAL LIABILITIES AND EQUITY	11,700,195,575	1,647,938,080	12,051,616,259
Parent Company \| Reportable legal entity \| Class A Ordinary shares
Shareholders' equity
Common stock	132,052	18,599	132,052
Parent Company \| Reportable legal entity \| Class B Ordinary shares
Shareholders' equity
Common stock	¥ 43,836	$ 6,174	¥ 43,836

Finance lease receivables - Nonaccrual finance lease receivables (Details)	Dec. 31, 2022 CNY (¥)
Finance lease receivables
Nonaccrual finance lease receivables	¥ 15,143
Less: allowance for nonaccrual financial lease receivables	(3,110)
Nonaccrual finance lease receivables, net	¥ 12,033

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

Commitments and contingencies

21. 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. The total capital commitments contracted but not yet reflected in the financial statements as of December 31,2022 and 2023 amounted to RMB 596,929,756 and RMB 397,421,757 (US$ 55,975,684) respectively. All of the commitments relating to the construction will be settled in installments.

Summary of Significant Accounting Policies - Additional information (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥) segment $ / ¥	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($) $ / ¥	Dec. 31, 2022 USD ($)	May 31, 2015 CNY (¥)
Summary Of Significant Accounting Policies
Land use right, term	35 years	35 years
Allowance for credit loss	¥ 0		¥ 0	¥ 0
Interest income from held-to maturity investments	80,693,057	$ 11,365,379	19,375,505	41,999,468
Investment income from other short-term investments carried at fair value	77,394,955	10,900,851	98,965,612	88,393,157
Wealth management products	350,164,305		3,951,197,465		$ 49,319,611
Marketable equity securities	292,729,235		219,206,449		41,230,050
Derivative Asset, Notional Amount	411,567,717		834,038,316		57,968,101
Unrealized gain on comprehensive income/(loss)	312,870,238	44,066,851	163,128,402
Derivative, Collateral, Right to Reclaim Cash	411,567,717		834,038,316		57,968,101
Contract assets	0		0
Account receivables	25,876,818		0		3,644,674
Allowance for account receivables, net	205,489		0		$ 28,943
Remaining unsatisfied performance obligations	0		0
Defined contribution plan expensed incurred	14,321,884	2,017,195	29,871,441	79,010,301
Advertising costs	946,664	133,335	207,905,890	19,047,468
Government grants	5,483,308	772,308	19,472,671
VAT incurred	¥ 80,085,288	$ 11,611,275	¥ 80,085,288	104,938,590
Number of reportable segments \| segment	1	1
Exchange rate \| $ / ¥	7.0999				7.0999
Deposits in the licensed banks							¥ 500,000
Concentration of credit risk \| Funding partners and banks \| Customer
Summary Of Significant Accounting Policies
Concentration risk, percentage			12.02%
Concentration of credit risk \| Financial assets \| China Merchants Bank Company Limited
Summary Of Significant Accounting Policies
Concentration risk, percentage	25.00%	25.00%
Financial assets	¥ 2,567,000,000				$ 362,000,000
Concentration of credit risk \| Financial assets \| China Guangfa Bank Co., Ltd
Summary Of Significant Accounting Policies
Concentration risk, percentage	9.00%	9.00%
Financial assets	¥ 936,000,000				132,000,000
Lender concentration risk
Summary Of Significant Accounting Policies
Principal amount of convertible debt			¥ 1,329,000,000			$ 193,000,000
Xiamen Youdun Technology Co. Ltd
Summary Of Significant Accounting Policies
Applicable tax rate	3.00%	3.00%
Computer software
Summary Of Significant Accounting Policies
Research and development costs capitalized	¥ 0
Minimum
Summary Of Significant Accounting Policies
Intangible assets estimated useful lives	P1Y	P1Y
Minimum \| Other Subsidiaries
Summary Of Significant Accounting Policies
Applicable tax rate	6.00%	6.00%
Maximum
Summary Of Significant Accounting Policies
Intangible assets estimated useful lives	P10Y	P10Y
Maximum \| Other Subsidiaries
Summary Of Significant Accounting Policies
Applicable tax rate	13.00%	13.00%
Swap
Summary Of Significant Accounting Policies
Derivative, Collateral, Right to Reclaim Cash	¥ 411,567,717		834,038,316		$ 57,968,101
CICC, CITIC and GF \| Swap
Summary Of Significant Accounting Policies
Prepaid for new contracts to be entered into	¥ 50,143,583	$ 7,062,576	¥ 676,742,849
CICC, CITIC and GF \| LIBOR interest rate
Summary Of Significant Accounting Policies
Debt instrument interest rate during period	2.80%				2.80%
CICC, CITIC and GF \| SOFR
Summary Of Significant Accounting Policies
Debt instrument interest rate during period	2.00%				2.00%
CITIC \| Concentration of credit risk \| Funding partners and banks
Summary Of Significant Accounting Policies
Concentration risk, percentage			12.24%
CITIC \| Lender concentration risk
Summary Of Significant Accounting Policies
Principal amount of convertible debt			¥ 1,354,000,000			$ 196,000,000
Installment credit services
Summary Of Significant Accounting Policies
Revenue from providing loan facilitation service	¥ 0	0	18,316,858	37,028,082
Revenue from post origination services and other	0	0	492,215	2,502,967
Transaction services
Summary Of Significant Accounting Policies
Revenue from providing loan facilitation service	0	0	110,912,689	131,475,605
Revenue from post origination services and other	¥ 0	$ 0	¥ 2,877,700	¥ 20,217,705

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Basis of presentation

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

Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and the subsidiaries of the VIEs. 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 receivables, impairment of other assets, incremental borrowing rates for lease liabilities, share-based compensation, impairment of equity investment, impairment of long-lived assets, valuation allowance for deferred tax assets, uncertain tax positions, and fair value of investments. Actual results could differ from these estimates, and as such, differences may be material to the consolidated financial statements.

Revenue recognition

The Company generates revenues primarily by providing borrowers with merchandise and cash installment credit services, credit facilitation services, transaction services, automobile financing services, ready-to-cook meal sales, educational services and delivery 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 are 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 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 judgment. 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 37,028,082, RMB 18,316,858 and RMB nil (US$ nil) for the years ended December 31, 2021, 2022 and 2023, respectively. The post-origination services fee recognized was RMB 2,502,967, RMB 492,215 and RMB nil (US$ nil) for the years ended December 31, 2021, 2022 and 2023, 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/(loss) 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.

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 judgment. 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 131,475,605, RMB 110,912,689 and RMB nil (US$ nil) for the years ended December 31, 2021, 2022 and 2023, respectively. The post-origination services fee recognized was RMB 20,217,705, RMB 2,877,700 and RMB nil (US$ nil) for the years ended December 31, 2021, 2022 and 2023, respectively.

Sales income

The Company recognizes revenue from product sales through its platform of ready-to-cook meal business in “Sales income and others” in consolidated statements of comprehensive income/(loss). The Company’s single performance obligation is to sell products to customers. The Company acts as a principal as it takes control of the products before they are transferred to customers. The Company is also primarily obligated for the products sold to the customers, bears inventory risks and has the latitude in establishing prices. Revenue is measured based on the amount of consideration the Company expects to receive reduced by value-added tax, discounts and estimates for product returns. Product returns are estimated using the expected value method based on historical return patterns. Revenues are recognized at a point in time when the products are accepted by the customers. As of December 31, 2021, 2022 and 2023, estimated product returns were not material.

Educational services income

The Company provides non-academic, junior art and sports educational services, and recognizes tuition revenues beginning in 2021 in “Sales income and others” in consolidated statements of comprehensive income/(loss). 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, 2021, 2022 and 2023, estimated tuition fee revenue was not material.

Delivery services income

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

Cost of goods sold

Cost of goods sold primarily consists of the purchase price of products, packaging material and fulfillment expenses, including (i) lease expenses for regional processing centers and outsourcing expenses charged by third-party labor service companies for workers at regional processing centers for ready-to-cook meal business, and (ii) the amounts paid to the drivers for delivery services.

Leases

Sales-type leases

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

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

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 is recognized in an amount equal to the lease liability adjusted for any lease payments made prior to the commencement date, less any lease incentives received, and any initial direct costs incurred by the Company. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option, however none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised.

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

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

Land lease right of use asset

All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842, Leases (ASC 842). The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease right-of-use (“ROU”) asset in the consolidated balance sheet. The ROU asset is amortized over the remaining lease term – 35 years.

Foreign currency translation and transactions

The functional currency of the Company, and the subsidiaries that are not in mainland China is US$. The Company’s subsidiaries, VIEs, and subsidiaries of the VIEs with operations in the PRC adopted RMB as their functional currency. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters. The Company uses RMB as its reporting currency. The financial statements of the Company, and the subsidiaries that are not in mainland China are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated 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/(loss) during the period or year in which they occur.

Restricted cash and cash equivalents

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

Short-term investments and structured deposits

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

The Company utilized a forward-looking CECL model to assess the credit loss of financial instruments measured at amortized cost. Based upon the Company’s assessment of various factors, including historical experience, credit quality of the related financial institutions, and other factors that may affect its ability to collect the short-term investment, the Company determined there were no credit losses for the years ended December 31, 2021, 2022 and 2023.

The Company recorded interest income from the held-to maturity investments of RMB 41,999,468, RMB 19,375,505 and RMB 80,693,057 (US$ 11,365,379), and investment income from other short-term investments carried at fair value of RMB 88,393,157, RMB 98,965,612 and RMB 77,394,955 (US$ 10,900,851) in the consolidated statements of comprehensive income/(loss) for the years ended December 31, 2021, 2022, and 2023, respectively.

Derivative instruments

In 2022 and 2023, the Company entered into total return swap contracts with CITIC Securities Company Limited (“CITIC”), China International Capital Corporation Limited (“CICC”) and GF Securities Co.,Ltd (“GF”) respectively, for the purpose of generating return from Chinese public companies’ ADSs in the US stock markets. In exchange, the Company paid CITIC,CICC and GF a periodic interest based on LIBOR plus 2.8% or SOFR plus 2.0% or fixed rate published by CICC, CITIC and GF. The Company net settles all total return swap contracts with CICC, CITIC and GF.

The total notional amount of the outstanding contracts was RMB 834,038,316 and RMB 411,567,717 (US$ 57,968,101) as of December 31, 2022 and 2023, respectively. The total return swap contracts can be initiated and terminated upon requests of the Company. The Company accounts for the total return swap contracts in accordance with ASC 815, Derivatives and hedging. The total return swap contracts were measured at fair value, which are primarily based on the change in the market value of the ADSs underlying the total return swap contracts, recorded as earnings. As there is no initial cost associated with the derivative, the net unrealized gain/(loss) represents the derivative’s fair value which is classified as derivative instruments-asset/(liability) within the consolidated balance sheets. The net unrealized investment loss during the year ended December 31, 2022 and 2023 recognized in the comprehensive income/(loss) related to the total return swap contracts were RMB 163,128,402 and RMB 312,870,238 (US$ 44,066,851), respectively.

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 834,038,316 and RMB 411,567,717 (US$ 57,968,101) to CITIC, CICC and GF for its total return swap contracts as of December 31, 2022 and 2023, respectively. The Company also prepaid RMB 676,742,849 and RMB 50,143,583 (US$ 7,062,576) to these securities companies for new contracts to be entered into in the future as of December 31, 2022 and 2023 respectively.

Finance lease receivables

Finance lease receivables are carried at amortized cost comprising 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.

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 determines 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. 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 in 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. The Company assesses contract assets and accounts receivables for impairment in accordance with ASC 326 with the PD and LGD model.

Contract assets as of December 31,2022 and 2023 were RMB nil. Account receivables were RMB nil and RMB 25,876,818 (US$ 3,644,674) as of December 31,2022 and 2023 respectively, net of allowance of RMB nil and RMB 205,489 (US$ 28,943), respectively. There are no remaining unsatisfied performance obligations as of December 31,2022 and 2023, respectively.

Long-term investments

Long-term investments represent equity investments in privately-held companies without a readily determinable fair value and listed companies with readily determinable fair value. Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in earnings in accordance with ASC 321. The Company elected to measure equity securities without a readily determinable fair value that 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 technological environment of the investee and a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value.

Inventories

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

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:


	Estimated	Estimated
Category	Useful Life	Residual
Office and electronic equipment	3-10 years	Nil%-5	%
Motor vehicles	4 years	5	%
Aircraft	10 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 improvements.

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

Intangible assets

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

Research and development

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

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

The Company evaluates long-lived assets, such as fixed assets, right-of-use assets and construction in progress, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC Topic 360, Property, Plant and Equipment. When such events occur, the Company assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. As of December 31, 2023, as the Company’s long-lived assets are located at the headquarter and being used together by the headquarter staff in centrally managing both its last-mile delivery business and cash management, such long-lived assets are included in a single entity-wide asset group. Within such asset group, construction in progress is considered the primary asset as it is the most significant long-lived asset. If the Company identifies an impairment, the Company reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. The Company evaluates its long-lived assets for recoverability due to net operating losses for the year ended December 31, 2023. The Company utilized hypothetical development method and market approach to measure the fair value of construction in progress. Significant assumptions underlying the determination of fair value include the selection of comparable properties and the key adjustments made to the identified comparable properties, which were based on assumptions affected by local real estate market.

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 79,010,301, RMB 29,871,441 and RMB 14,321,884 (US$ 2,017,195) for the years ended December 31, 2021, 2022 and 2023, respectively.

Advertising costs

Advertising costs are expensed as incurred in accordance with ASC 720-35, Other Expense-Advertising costs. Advertising costs were RMB 19,047,468, RMB 207,905,890 and RMB 946,664 (US$ 133,335) for the years ended December 31, 2021, 2022 and 2023, respectively. Advertising costs are included in sales and marketing expenses in the consolidated statements of comprehensive income/(loss).

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 financial incentives received involved no future conditions or continuing performance obligations of the Company and are recognized as other (expense) income. The Company recognized government grants of RMB 19,472,671,and RMB5,483,308 (US$772,308) during the years ended December 31, 2022 and 2023, respectively, in other operating income, net in the consolidated statements of comprehensive income/(loss).

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% or 13%).

VAT is reported as a deduction to revenue when incurred and amounted to RMB 104,938,590, RMB 80,085,288 and RMB 80,085,288 (US$ 11,611,275) for the years ended December 31, 2021, 2022 and 2023, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Output VAT receivable net of input VAT payable is recorded in accrued expenses and other current liabilities on the consolidated balance sheets.

Goods and services tax ('GST')

Goods and services tax (‘GST’)

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

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

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the Australian Tax Office.

Income taxes

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

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

Income taxes - continued

Income Taxes (“ASC 740”), in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company has elected to classify interest and penalties related to an uncertain tax position (if and when required) as part of income tax expense in the consolidated statements of comprehensive income. In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, the PRC subsidiaries’ tax years of 2018 – 2023 remain open to examination by the respective tax authorities. The Company may also be subject to the examination of the tax filings in other jurisdictions, which are not material to the consolidated financial statements.

Segment information

In accordance with ASC 280 Segment Reporting (“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. In 2021, 2022 and 2023, the CODM reviewed the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole, and the Company had only one reportable segment. 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 values of cash and cash equivalents, restricted cash and cash equivalent, short-term investments, finance lease receivables, derivative instruments, other receivables (as defined in Note 6), borrowings and other payables in current assets and liabilities are measured at fair value or approximate to their respective fair values because of their short maturities. The carrying amount of the long-term borrowings, approximate to its fair value due to the fact that the related interest rates approximate to the rates currently offered by banks for similar debt instruments of comparable maturities.

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/(loss) per share

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

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

The dilutive effect from the 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, if any, of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the fair value of the options the share price and other pertinent factors at the modification date. For vested options, the Company recognizes incremental compensation cost in the period the modification occurred. For unvested options, the Company recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified option is lower than the fair value of the original option immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original options. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of share-based option awards granted to employees.

Convenience translation for financial statements presentation

Translations of amounts from RMB into US$ for the convenience of the readers were calculated at the exchange rate of RMB 7.0999 per US$1.00 on December 29, 2023, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted into US$ 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, and an equity investment over limited partnership which investor’s interest is over 3% to 5%. The cost of the investment over the proportional fair value of the assets and liabilities of the investee is reflected in the Company’s memo accounts as “equity method goodwill”. The equity method goodwill is not subsequently amortized and is not tested for impairment under ASC 350. Equity method investments shall continue to be reviewed for impairment in accordance with paragraph ASC 323-10-35-32. The share of earnings or losses of the investee are recognized in the consolidated statements of comprehensive income/(loss). Equity method adjustments include the Company’s proportionate share of investee income or loss and other adjustments required by the equity method.

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

Significant risks and uncertainties

Currency convertibility risk

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

2. Summary of Significant Accounting Policies – continued

Significant risks and uncertainties - continued

Concentration of credit risk

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

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

The Company places its cash and cash equivalents, short-term investments, derivative instruments, cash collateral for derivatives and other receivables with reputable counterparties that have high-credit ratings and quality. There has been no recent history of default in relation to these counterparties. China Merchants Bank Company Limited and CITIC represented 10% or more of the total financial assets for the years ended December 31, 2022, amounted to approximately RMB 1,329 million (US$ 193 million) and RMB 1,354 million (US$196 million), representing 12.02% and 12.24% of the total balances from counterparties, respectively. China Merchants Bank Company Limited and China Guangfa Bank Co., Ltd. represented 25% and 9% of the total financial assets for the years ended December 31, 2023, amounted to approximately RMB 2,567 million (US$362 million) and RMB 936 million (US$132 million), respectively.

Borrower default risk

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

The Company manages borrower default risk on their payment for finance lease receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances. No receivables from a borrower represented 10% or more of the finance lease receivables as of December 31, 2022 and 2023.

Interest rate risk

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

Business and economic risk

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

Recently Adopted Accounting Pronouncements

In March 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022- 02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the recognition and measurement guidance for troubled debt restructurings (TDRs) for companies that have adopted ASU 2016-13 (Topic 326) and adds requirements for enhanced disclosures for modifications made to borrowers experiencing financial difficulty. The amendments also require public business entities to present current period gross write-offs by year of origination in vintage disclosures. The Company adopted this standard on January 1, 2023.There was no material impact to the Company’s financial position or results of operations upon adoption.

Recent Accounting Pronouncements: Issued but not effective

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 480): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered when measuring fair value. Recognizing such a restriction as a separate unit of account is also not permitted. The guidance will be applied prospectively, with special transition provisions for entities that qualify as investment companies under ASC 946. The guidance is effective for all public business entities for fiscal years beginning after 15 December 2023, and interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after 15 December 2024, and interim periods within those fiscal years. Early adoption is permitted for all entities. The Company is currently in the process of evaluating the impact of adopting ASU 2022-03 on its consolidated financial statements and related disclosure.

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment have to provide all the disclosures required by ASC topic 280, including the significant segment expense disclosures. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This update will be effective for the fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently in the process of evaluating the disclosure impact of the adoption.

In December 2023, the FASB issued ASU 2023-09, Improvements to income tax disclosures (“ASU 2023-09”), which requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The ASU 2023-09 also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities and replaces the term “public entity” with “public business entity” (PBE) in ASC 740. This update will be effective for the company’s fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently in the process of evaluating the disclosure impact of adopting ASU 2023-09.

In March 2024, the Securities and Exchange Commission issued The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires entities to provide information of certain climate-related information. This update will be effective for the Company’s fiscal years beginning in 2027. The Company is currently in the process of evaluating the disclosure impact.

Share-based Compensation - Share-based compensation expense (Detail)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Share-based compensation
Share-based compensation expense	¥ 4,935,782	$ 695,190	¥ 24,053,760	¥ 35,344,620
Sales and marketing
Share-based compensation
Share-based compensation expense	265,862	37,446	527,537	1,726,837
General and administrative
Share-based compensation
Share-based compensation expense	4,649,664	654,891	21,102,104	29,684,217
Research and development
Share-based compensation
Share-based compensation expense	¥ 20,256	$ 2,853	¥ 2,424,119	¥ 3,933,566

- Definition

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

+ References

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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

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

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

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

+ Details

Condensed financial information of the parent company

12 Months Ended

Dec. 31, 2023

Condensed financial information of the parent company

Condensed financial information of the parent company

25. 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,
	2022	2023
	RMB	RMB	US$
ASSETS:
Current assets:
Cash and cash equivalents	559,373,169	413,317,806	58,214,595
Short-term investments	217,937,726	78,808,890	11,100,000
Short-term amounts due from related parties	868,168,614	687,538,024	96,837,705
Total current assets	1,645,479,509	1,179,664,720	166,152,300
Non-current assets:
Investment in subsidiaries	635,715,140	3,064,040,293	431,561,049
Contractual interests in VIEs and VIEs’ subsidiaries	9,770,421,610	7,456,490,562	1,050,224,731
Total non-current assets	10,406,136,750	10,520,530,855	1,481,785,780
TOTAL ASSETS	12,051,616,259	11,700,195,575	1,647,938,080


	As of December 31,
	2022	2023
	RMB	RMB	US$
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accrued expenses and other current liabilities	5,024,052	8,364,603	1,178,130
Short-term amounts due to related parties	3,879,999	3,880,000	546,487
Total current liabilities	8,904,051	12,244,603	1,724,617
Non-current liabilities
Convertible senior notes	—	—	—
Total non-current liabilities	—	—	—
TOTAL LIABILITIES	8,904,051	12,244,603	1,724,617
Commitments and contingencies
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,881 shares issued and 168,755,154 shares outstanding, as of December 31, 2022; 656,508,828 shares authorized, 201,304,881 shares issued and 137,109,719 shares outstanding, as of December 31, 2023)	132,052	132,052	18,599
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, 2022 and 2023)	43,836	43,836	6,174
Treasury shares	(486,954,953)	(899,627,520)	(126,709,886)
Additional paid-in capital	4,036,197,237	4,033,145,746	568,056,697
Accumulated other comprehensive loss	(45,960,186)	(24,130,903)	(3,398,767)
Retained earnings	8,539,254,222	8,578,387,761	1,208,240,646
Total shareholders’ equity	12,042,712,208	11,687,950,972	1,646,213,463
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	12,051,616,259	11,700,195,575	1,647,938,080

25. Condensed financial information of the parent company - continued

Condensed statements of comprehensive income/(loss)


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Share-based compensation expense	(35,344,620)	(24,053,760)	(4,935,782)	(695,190)
General and administrative	(9,973,856)	(26,199,820)	(19,070,062)	(2,685,962)
Interest and investment income, net	(22,506,569)	(13,148,315)	104,687,566	14,744,935
Other non-interest income	4,979,926	11,548,297	28,626,092	4,031,901
Foreign exchange loss, net	352,492	404,232	(545,948)	(76,895)
Income from the repurchase of convertible senior notes	12,046,522	10,028,456	—	—
Share of loss in subsidiaries	(292,443,982)	(121,864,519)	(244,411,613)	(34,424,656)
Contractual interests in VIEs and VIEs’ subsidiaries	931,964,165	(198,678,694)	174,783,286	24,617,711
Net income before income taxes	589,074,078	(361,964,123)	39,133,539	5,511,844
Income tax expense	—	—	—	—
Net income/(loss)	589,074,078	(361,964,123)	39,133,539	5,511,844
Other comprehensive income/(loss)
Foreign currency translation adjustment	(7,577,408)	13,036,988	21,829,283	3,074,590
Total comprehensive income/(loss)	581,496,670	(348,927,135)	60,962,822	8,586,434

Condensed statements of cash flows


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Cash flows from operating activities:
Net income/(loss)	589,074,078	(361,964,123)	39,133,539	5,511,844
Adjustments to reconcile net income to net cash used in operating activities:
Share of loss in subsidiaries	292,443,982	121,864,519	244,411,613	34,424,656
Contractual interests in VIEs and VIEs’ subsidiaries	(931,964,165)	198,678,694	(174,783,286)	(24,617,711)
Share-based compensation expense	35,344,620	24,053,760	4,935,782	695,190
Income from the repurchase of convertible senior notes	(12,046,522)	(10,028,456)	—	—
Accrued interest of convertible senior notes	15,982,460	1,732,915	—	—
Investment income of short-term Investments	4,264,330	67,907,228	138,739,373	19,541,031
Foreign exchange loss net	(352,492)	(404,232)	545,948	76,895
Changes in operating assets and liabilities:
Receivables from related party	(97,924)	—	—	—
Payable to employees	(762)	66,077	405,208	57,072
Other current payables	(4,184,856)	2,937,392	2,935,558	413,465
Net cash (used in)/provided by operating activities	(11,537,251)	44,843,774	256,323,735	36,102,442
Net cash (used in)/provided by investing activities	(132,143,216)	908,576,201	29,180,599	4,110,001
Net cash used in financing activities	(127,088,249)	(834,990,790)	(420,660,054)	(59,248,729)
Effect of exchange rate changes on cash and cash equivalents	15,864,881	(117,327,970)	(10,899,643)	(1,535,182)
Net (decrease)/increase in cash and cash equivalents	(254,903,835)	1,101,215	(146,055,363)	(20,571,468)
Cash and cash equivalents at beginning of the year	813,175,789	558,271,954	559,373,169	78,786,063
Cash and cash equivalents at end of the year	558,271,954	559,373,169	413,317,806	58,214,595

25. Condensed financial information of the parent company – continued

Basis of presentation

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

The parent company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries and VIEs” and their respective profit or loss as “Equity in profits of subsidiaries and VIEs” on the condensed statements of comprehensive income/(loss). 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 report net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended.

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

Other current assets (Tables)

12 Months Ended

Dec. 31, 2023

Other current assets

Schedule of other current assets


		As of December 31,
		2022	2023
		RMB	RMB	US$
Prepayment		15,108,499	21,956,225	3,092,470
Inventory	6.1	116,711,168	10,383,964	1,462,551
Deposits in trust protection fund	6.2	13,501,146	—	—
Receivables from third party payment service providers	6.3	3,415,532	7,833,192	1,103,282
Receivables from Funding Partners and other service providers		34,738,492	25,848,011	3,640,616
Receivable from broker for derivative collateral	6.4	834,038,316	411,567,717	57,968,101
Deposits prepaid to securities companies	6.4	676,742,849	50,143,583	7,062,576
Receivables from trust companies	6.5	293,543,842	—	—
Others	6.6	374,641,182	259,404,811	36,536,404
Total		2,362,441,026	787,137,503	110,866,000
Less: Allowance for other current assets		(256,349,242)	(116,860,992)	(16,459,527)
		2,106,091,784	670,276,511	94,406,473

6.1The Company’s inventory mainly consists of inventories in educational services, repossessed vehicles, and products and packing materials to be sold in ready-to-cook meal business. Due to poor market response, these businesses had been wound down and the Company had recognized an impairment charge of RMB 81 million and RMB 0.24 million for the year ended December 31, 2022 and 2023, respectively.

6.2According 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. The company has collected all the deposit as of December 31,2023.

6.3The Company has accounts with third-party payment service providers mainly to overseas payment. 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.

6.4Receivable from broker for derivative collateral is cash collateral pledged by the Company into the accounts of securities companies for its total return swap contracts. Deposit prepayment is prepaid to securities companies for new contracts to be entered into in the future.

6.5Receivables from trust companies are the funds to be distributed back by the trust companies due to the liquidation of the trust plans.

6.6Others include borrowings to third - party individuals of RMB 85 million and RMB 76 million as of December 31, 2022 and 2023, respectively. Maturity dates of these borrowings range from January 15, 2022 to July 1, 2026, and the interest rates range from 0.00% to 5.50%. The borrowings are partially secured by certain financial and real estate assets. The individually assessed allowance of these borrowings was RMB 7 million and RMB 30 million as of December 31, 2022 and 2023, respectively. Others also include a two-year borrowing issued on August 15, 2023 with an interest rate of 6.8%, which is secured by an aircraft as collateral. The portion with a maturity date of more than one year is disclosed in other non-current assets.

Schedule of allowance for other current assets


	As of December 31,
	2022	2023
	RMB	RMB	US$
Balance at the beginning of the year	201,242,068	256,349,242	36,106,036
Additions	72,112,392	29,879,226	4,208,401
Charge-offs	(17,005,218)	(169,367,476)	(23,854,910)
Balance at the end of the year	256,349,242	116,860,992	16,459,527

Short-term and Long-term borrowings

12 Months Ended

Dec. 31, 2023

Short-term and Long-term borrowings

Short-term and Long-term borrowings

11. Short-term and 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 initially 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 asset which has a carrying amount of RMB 95.65 million (US$ 13.87 million) as of December 31, 2022. Drawdowns from the credit facility will incur interest at a rate equal to the Loan Prime Rate (“LPR”) plus 0.295%. The Company has early repaid all borrowings in April, 2023 and the credit facility has been early terminated.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Finance lease receivables - Aging of past-due finance lease receivable (Details) - Financial lease receivables	Dec. 31, 2022 CNY (¥)
Finance lease receivables
Total past due	¥ 132,717
Current	1,269,870
Total	1,402,587
1-30 days
Finance lease receivables
Total past due	78,279
31-60 days
Finance lease receivables
Total past due	29,943
61-90 days
Finance lease receivables
Total past due	9,352
120 To 150 Days
Finance lease receivables
Total past due	3,920
150 To 180 Days
Finance lease receivables
Total past due	¥ 11,223

Long-term investments (Details)			2 Months Ended		12 Months Ended
Long-term investments (Details)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020	Dec. 31, 2019 CNY (¥)
Long-term investments
Long-term investments					¥ 211,000,000		¥ 217,000,000			$ 30,000,000
Impairment loss					8,000,000	$ 1,000,000	27,000,000	¥ 219,000,000
Investment in equity method investee					137,000,000		133,058,138			$ 19,000,000
Marketable securities, unrealized gain (loss)								182,000,000	$ 29,000,000
Investment losses of long-term investments					13,502,789	$ 1,901,828	¥ 58,356,978	24,635,329
Changes in fair value of investments	¥ 12,000,000	$ 2,000,000
Realized investment loss from sale of shares			¥ (10,000,000)	$ (1,500,000)
Balance of shares kept					¥ 0
Beijing Changba Technology Co., Ltd.
Long-term investments
Impairment loss								195,000,000
Investment in equity method investee													¥ 185,000,000
Equity ownership percentage												9.02%	9.24%
Investment losses of long-term investments								13,000,000	$ 2,000,000
Fair value	¥ 172,000,000							¥ 172,000,000			$ 27,000,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues:
Financing income			¥ 308,716,991	¥ 1,255,487,959
Guarantee income				3,934,761
Loan facilitation income and other related income			18,809,073	39,531,049
Transaction services fee and other related income			113,790,389	151,693,310
Total revenues	¥ 126,338,353	$ 17,794,385	577,493,364	1,654,042,540
Cost of revenues:
Cost of goods sold	(27,716,207)	(3,903,746)	(326,888,967)	(78,532,651)
Cost of other revenues	(132,397,662)	(18,647,821)	(56,202,270)	(220,193,581)
Total cost of revenues	(160,113,869)	(22,551,567)	(383,091,237)	(298,726,232)
Operating expenses:
Sales and marketing	(3,796,273)	(534,694)	(271,611,475)	(127,376,379)
General and administrative	(273,588,744)	(38,534,169)	(287,457,156)	(443,275,523)
Research and development	(47,763,109)	(6,727,293)	(58,275,392)	(141,263,820)
Changes in guarantee liabilities and risk assurance liabilities (including changes in guarantee liabilities amounts of RMB 53,009,582, RMB 37,120,954 and RMB nil (US$nil), change in risk assurance liabilities amounts of RMB 148,592,603, RMB 66,870,069 and RMB nil (US$ nil) for the years ended December 31, 2021, 2022 and 2023, respectively).			103,991,023	201,602,185
Expected credit reversal /(loss) for receivables and other assets	(24,653,548)	(3,472,380)	221,121,383	151,816,830
Impairment loss from other assets	(5,799,642)	(816,862)	(268,926,952)	(156,394,433)
Total operating expenses	(355,601,316)	(50,085,398)	(561,158,569)	(514,891,140)
Other operating income	58,368,285	8,221,001	37,255,254	82,273,807
Income/(loss) from operations	(331,008,547)	(46,621,579)	(329,501,188)	922,698,975
Interest and investment income, net	255,332,621	35,962,848	112,816,211	129,455,869
(Loss)/gain from equity method investments	3,207,384	451,751	13,998,022	(221,798,009)
Gain/(loss) on derivative instruments	153,834,938	21,667,198	(70,420,481)	17,375,517
Foreign exchange (loss)/gain, net	(2,931,704)	(412,922)	250,234	(51,356)
Other income	29,004,500	4,085,198	19,832,854	5,213,254
Other expenses	(5,965,137)	(840,172)	(16,599,481)	(6,485,205)
Net income/(loss) before income taxes	101,474,055	14,292,322	(269,623,829)	846,409,045
Income tax expenses	(62,340,516)	(8,780,478)	(92,428,127)	(260,482,067)
Net income/(loss)	39,133,539	5,511,844	(362,051,956)	585,926,978
Less: net loss attributable to noncontrolling interests			(87,833)	(3,147,100)
Net income/(loss) attributable to Qudian Inc.'s shareholders	39,133,539	5,511,844	(361,964,123)	589,074,078
Other comprehensive (loss)/income
Foreign currency translation adjustment	21,829,283	3,074,590	13,036,988	(7,577,408)
Total comprehensive income/(loss)	60,962,822	8,586,434	(349,014,968)	578,349,570
Less: comprehensive loss attributable to noncontrolling interests			(87,833)	(3,147,100)
Total comprehensive income/(loss) attributable to Qudian Inc.'s shareholders	¥ 60,962,822	$ 8,586,434	¥ (348,927,135)	¥ 581,496,670
Class A and Class B ordinary shares
Earnings/(loss) per share for Class A and Class B ordinary shares:
Basic \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.32
Diluted \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.27
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic \| shares	217,281,512	217,281,512	246,024,592	253,438,807
Diluted \| shares	222,222,858	222,222,858	246,024,592	266,292,869
American Depositary Shares
Earnings/(loss) per share for Class A and Class B ordinary shares:
Basic \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.32
Diluted \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.27
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic \| shares	153,790,000	153,790,000	182,530,000	46,740,000
Diluted \| shares	158,730,000	158,730,000	182,530,000	49,110,000
Sales commission fee
Revenues:
Revenues			¥ 115,042	¥ 35,411,010
Penalty fee
Revenues:
Revenues			53,445,376	67,316,352
Sales income and others
Revenues:
Revenues	¥ 126,338,353	$ 17,794,385	¥ 82,616,493	¥ 100,668,099

Commitments and contingencies (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Commitments and contingencies
Total capital commitments	¥ 397,421,757	$ 55,975,684	¥ 596,929,756

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of sales-type lease income


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Financing income	5,502,703	337,355	—	—

Schedule of future minimum rental payments for operating leases


	As of December 31,
	2022	2023
	RMB	RMB	US$
1 year (Including 1 year)	7,217,720	33,802,951	4,761,045
1 year to 2 years (Including 2 years)	418,138	23,258,088	3,275,833
2 years to 3 years (Including 3 years)	33,840	14,737,167	2,075,687
3 years to 4 years (Including 4 years)	1,151	4,802,888	676,473
4 years to 5 years (Including 5 years)	—	3,982,687	560,950
Over 5 years	—	934,146	131,572
Total lease payments	7,670,849	81,517,927	11,481,560
Less: imputed interest	933,684	11,820,823	1,664,928
Present value of lease liabilities	6,737,165	69,697,104	9,816,632

Schedule of operating lease supplemental cash flow information


	For the years ended December 31,
	2022	2023
	RMB	RMB	US$
Cash payments for operating leases	49,405,583	25,839,863	3,639,469
Operating ROU assets released in exchange for operating lease liabilities	543,534,687	26,602,626	3,746,903
Operating ROU assets obtained in exchange for new operating lease liabilities	375,303,436	115,402,428	16,254,092

Fair value measurements - Assets and liabilities measured at fair value on a recurring basis (Detail)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Assets:
Short-term investments	¥ 642,893,540	$ 90,549,661	¥ 4,170,403,914
Liabilities:
Derivative instruments	312,870,238	44,066,851	163,128,402
Fair value, recurring
Assets:
Short-term investments	642,893,540	90,549,661	4,170,403,914
Long-term investments with readily determinable fair values	14,445,946	2,034,669	25,833,155
Liabilities:
Derivative instruments	312,870,238	44,066,851	163,128,402
Active market (Level 1) \| Fair value, recurring
Assets:
Short-term investments	612,857,046	86,319,110	2,118,365,856
Long-term investments with readily determinable fair values			25,833,155
Observable input (Level 2) \| Fair value, recurring
Assets:
Short-term investments	30,036,494	4,230,551	2,052,038,058
Liabilities:
Derivative instruments	¥ 312,870,238	$ 44,066,851	¥ 163,128,402

Condensed financial information of the parent company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed financial information of the parent company

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


	As of December 31,
	2022	2023
	RMB	RMB	US$
ASSETS:
Current assets:
Cash and cash equivalents	559,373,169	413,317,806	58,214,595
Short-term investments	217,937,726	78,808,890	11,100,000
Short-term amounts due from related parties	868,168,614	687,538,024	96,837,705
Total current assets	1,645,479,509	1,179,664,720	166,152,300
Non-current assets:
Investment in subsidiaries	635,715,140	3,064,040,293	431,561,049
Contractual interests in VIEs and VIEs’ subsidiaries	9,770,421,610	7,456,490,562	1,050,224,731
Total non-current assets	10,406,136,750	10,520,530,855	1,481,785,780
TOTAL ASSETS	12,051,616,259	11,700,195,575	1,647,938,080


	As of December 31,
	2022	2023
	RMB	RMB	US$
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accrued expenses and other current liabilities	5,024,052	8,364,603	1,178,130
Short-term amounts due to related parties	3,879,999	3,880,000	546,487
Total current liabilities	8,904,051	12,244,603	1,724,617
Non-current liabilities
Convertible senior notes	—	—	—
Total non-current liabilities	—	—	—
TOTAL LIABILITIES	8,904,051	12,244,603	1,724,617
Commitments and contingencies
Shareholders’ equity
Class A Ordinary shares (US$0.0001 par value; 656,508,828 shares authorized, 201,304,881 shares issued and 168,755,154 shares outstanding, as of December 31, 2022; 656,508,828 shares authorized, 201,304,881 shares issued and 137,109,719 shares outstanding, as of December 31, 2023)	132,052	132,052	18,599
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, 2022 and 2023)	43,836	43,836	6,174
Treasury shares	(486,954,953)	(899,627,520)	(126,709,886)
Additional paid-in capital	4,036,197,237	4,033,145,746	568,056,697
Accumulated other comprehensive loss	(45,960,186)	(24,130,903)	(3,398,767)
Retained earnings	8,539,254,222	8,578,387,761	1,208,240,646
Total shareholders’ equity	12,042,712,208	11,687,950,972	1,646,213,463
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	12,051,616,259	11,700,195,575	1,647,938,080

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


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Share-based compensation expense	(35,344,620)	(24,053,760)	(4,935,782)	(695,190)
General and administrative	(9,973,856)	(26,199,820)	(19,070,062)	(2,685,962)
Interest and investment income, net	(22,506,569)	(13,148,315)	104,687,566	14,744,935
Other non-interest income	4,979,926	11,548,297	28,626,092	4,031,901
Foreign exchange loss, net	352,492	404,232	(545,948)	(76,895)
Income from the repurchase of convertible senior notes	12,046,522	10,028,456	—	—
Share of loss in subsidiaries	(292,443,982)	(121,864,519)	(244,411,613)	(34,424,656)
Contractual interests in VIEs and VIEs’ subsidiaries	931,964,165	(198,678,694)	174,783,286	24,617,711
Net income before income taxes	589,074,078	(361,964,123)	39,133,539	5,511,844
Income tax expense	—	—	—	—
Net income/(loss)	589,074,078	(361,964,123)	39,133,539	5,511,844
Other comprehensive income/(loss)
Foreign currency translation adjustment	(7,577,408)	13,036,988	21,829,283	3,074,590
Total comprehensive income/(loss)	581,496,670	(348,927,135)	60,962,822	8,586,434

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


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Cash flows from operating activities:
Net income/(loss)	589,074,078	(361,964,123)	39,133,539	5,511,844
Adjustments to reconcile net income to net cash used in operating activities:
Share of loss in subsidiaries	292,443,982	121,864,519	244,411,613	34,424,656
Contractual interests in VIEs and VIEs’ subsidiaries	(931,964,165)	198,678,694	(174,783,286)	(24,617,711)
Share-based compensation expense	35,344,620	24,053,760	4,935,782	695,190
Income from the repurchase of convertible senior notes	(12,046,522)	(10,028,456)	—	—
Accrued interest of convertible senior notes	15,982,460	1,732,915	—	—
Investment income of short-term Investments	4,264,330	67,907,228	138,739,373	19,541,031
Foreign exchange loss net	(352,492)	(404,232)	545,948	76,895
Changes in operating assets and liabilities:
Receivables from related party	(97,924)	—	—	—
Payable to employees	(762)	66,077	405,208	57,072
Other current payables	(4,184,856)	2,937,392	2,935,558	413,465
Net cash (used in)/provided by operating activities	(11,537,251)	44,843,774	256,323,735	36,102,442
Net cash (used in)/provided by investing activities	(132,143,216)	908,576,201	29,180,599	4,110,001
Net cash used in financing activities	(127,088,249)	(834,990,790)	(420,660,054)	(59,248,729)
Effect of exchange rate changes on cash and cash equivalents	15,864,881	(117,327,970)	(10,899,643)	(1,535,182)
Net (decrease)/increase in cash and cash equivalents	(254,903,835)	1,101,215	(146,055,363)	(20,571,468)
Cash and cash equivalents at beginning of the year	813,175,789	558,271,954	559,373,169	78,786,063
Cash and cash equivalents at end of the year	558,271,954	559,373,169	413,317,806	58,214,595

Investment in equity method investee

12 Months Ended

Dec. 31, 2023

Investment in equity method investee

Investment in equity method investee

8. Investment in equity method investee

The Company subscribed for 3.02% to 99.99% of the registered capital of four limited partnerships for RMB 88 million and RMB 89 million as of December 31, 2022 and 2023. The carrying amounts of all investments in equity method investee were RMB 133 million and RMB 137 million (US$ 19 million) as of December 31, 2022 and 2023, respectively.

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 had significant influence of SECO. The aggregate Class A ordinary shares purchased by the Company represented 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 represents less than 20% voting share and Qi Zhu resigned from the post of director as of December 28, 2021. SECO is accounted for as long-term investment measured at fair value as of December 31, 2021. Changes in fair value of RMB 251,634,432 were recorded in the consolidated statement of comprehensive income/(loss) for the period from January 1, 2021 to December 28, 2021.

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2023

Short-term investments

Short-term Investments


	As of December 31,
	2022	2023
	RMB	RMB	US$
Debt securities:
Wealth management products issued by banks or trust companies	3,951,197,465	350,164,305	49,319,611
Equity securities:
Marketable equity securities	219,206,449	292,729,235	41,230,050
Short-term investments	4,170,403,914	642,893,540	90,549,661

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ 39,133,539	$ 5,511,844	¥ (362,051,956)	¥ 585,926,978
Adjustments to reconcile net income to net cash provided by operating activities:
(Reversal)/provision of expected credit loss for receivables and other assets	24,653,548	3,472,380	(221,121,383)	(151,816,830)
Impairment loss from other assets	5,799,642	816,862	268,926,952	156,394,433
Depreciation and amortization	13,915,526	1,959,961	7,946,648	21,619,246
Amortization of right-of-use assets	27,357,349	3,853,202	56,380,582	77,855,551
Loss on disposal of property and equipment	2,568,274	361,734	8,227,046	256,289
Gain on lease contract termination			(55,108,922)
Accrued interest of convertible senior notes			1,732,915	15,982,460
Income from the repurchase of convertible senior notes			(10,028,456)	(12,046,522)
Share-based compensation expense	4,935,782	695,190	24,053,760	35,344,620
Losses/(income) from equity method investments	(3,207,384)	(451,751)	(13,998,022)	221,798,009
Unrealized investment (income)/losses of short-term investments	(13,304,022)	(1,873,832)	41,288,248	(17,213,203)
Investment losses of long-term investments	13,502,789	1,901,828	58,356,978	24,635,329
Investment (income)/losses of derivative instruments	(153,834,938)	(21,667,198)	180,503,919	(17,375,517)
Foreign exchange loss/(gain), net	2,931,704	412,922	(250,234)	51,356
Changes in operating assets and liabilities:
Accounts receivables	(26,082,307)	(3,673,617)	44,040,204	31,940,278
Contract assets			27,996,290	133,132,960
Deferred tax assets and liabilities	(2,117,892)	(298,299)	20,860,679	125,293,714
Other current and non-current assets	395,362,790	55,685,685	254,556,401	(402,938,535)
Guarantee liabilities			(885,303)	(10,812,329)
Risk assurance liabilities				(168,294,292)
Operating lease liabilities	(25,839,863)	(3,639,469)	(29,219,868)	(77,467,656)
Other current and non-current liabilities	46,245,024	6,513,476	(41,335,021)	349,798,672
Net cash provided by operating activities	352,019,561	49,580,918	260,871,457	922,065,011
Cash flows from investing activities:
Proceeds from redemption of short-term investments and time and structured deposits	22,690,772,623	3,195,928,481	16,062,252,248	18,799,896,906
Proceeds from redemption of long-term investments	15,861,577	2,234,056
Proceeds from collection of loan principal			6,492,787,117	16,368,229,503
Principal collection of finance lease receivables	5,953,915	838,591	36,115,570	189,717,720
Proceeds from disposal of long-term assets	4,698,769	661,808	7,895,615	149,084
Collection of deposits related to derivative instruments	1,048,095,123	147,621,111
Principal collection of secured lending	11,775,050	1,658,481
Payments to originate secured lending	(100,000,000)	(14,084,705)
Purchases of short-term investments and time and structured deposits	(19,193,774,685)	(2,703,386,623)	(15,538,749,194)	(19,796,721,359)
Purchases of property and equipment, intangible assets and land lease right of use asset	(565,028,199)	(79,582,557)	(273,627,149)	(478,432,280)
Purchases of long-term investments	(22,910,000)	(3,226,806)	(4,161,298)	(63,185,197)
Purchases of equity method investment			(32,150,000)
Payments to originate loan principal			(3,955,464,909)	(14,636,496,696)
Payments of deposits related to derivative instruments			(880,068,744)	(629,737,680)
Payments of film investment as passive investor			(30,000,000)
Net cash (used in)/ provided by investing activities	3,895,444,173	548,661,837	1,884,829,256	(246,579,999)
Cash flows from financing activities:
Proceeds from borrowings				42,896,264
Proceeds from exercise of share options	213	30	141	1,240
Repayment of borrowings	(145,311,721)	(20,466,728)
Repurchase of ordinary shares	(420,660,053)	(59,248,729)	(145,866,006)
Repurchase of convertible senior notes			(689,124,926)	(119,367,198)
Payments for interest of convertible senior notes				(7,722,291)
Net cash used in financing activities	(565,971,561)	(79,715,427)	(834,990,791)	(84,191,985)
Effect of exchange rate changes	12,538,338	1,765,987	18,618,221	(20,835,203)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents	3,694,030,511	520,293,315	1,329,328,143	570,457,824
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	3,572,747,991	503,211,030	2,243,419,848	1,672,962,024
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	7,266,778,502	1,023,504,345	3,572,747,991	2,243,419,848
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheet
Cash and cash equivalents	7,207,343,478		3,486,376,077	2,065,495,008
Restricted cash and cash equivalents	59,435,024		86,371,914	177,924,840
Total cash and cash equivalents, and restricted cash and cash equivalents	7,266,778,502		3,572,747,991	2,243,419,848
Supplemental disclosures of cash flow information:
Income taxes paid	¥ 43,369,793	$ 6,108,508	59,108,121	137,550,241
Interest expense paid			¥ 1,707,057	¥ 7,722,291

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes

Schedule of Current and Deferred Component of Income Tax Expense


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Current income tax expenses	135,188,353	71,567,448	64,458,408	9,078,777
Deferred income tax expenses	125,293,714	20,860,679	(2,117,892)	(298,299)
Total income tax expenses	260,482,067	92,428,127	62,340,516	8,780,478

Schedule of Principal Components of Deferred Tax Assets and Liabilities


	As of December 31,
	2022	2023
	RMB	RMB	US$
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables	18,465,206	19,785,153	2,786,681
Allowance for finance lease receivable	8,944,994	7,706,311	1,085,411
Allowance for other current assets	53,566,319	30,286,267	4,265,731
Impairment loss from long-lived assets	22,131,541	539,153	75,938
Guarantee liabilities	100,082,625	3,517,157	495,381
Share-based compensation	35,798,102	33,692,676	4,745,514
Fair value change on investments	67,969,700	67,463,987	9,502,104
Fair value change on financial assets	34,319,462	82,220,720	11,580,546
Lease liabilities	1,675,482	18,156,568	2,557,299
Advertising cost	35,811,815	23,090,520	3,252,232
Uncollected revenue	4,501,793	4,798,460	675,849
Outside basis difference	44,907,609	19,604,247	2,761,200
Net operating loss carry forwards	746,950,201	775,049,194	109,163,396
Less: valuation allowance	(1,100,270,879)	(1,008,969,418)	(142,110,370)
Total non-current deferred tax assets net of valuation allowance	74,853,970	76,940,995	10,836,912
Net non-current deferred tax assets	—	—	—
Non-current deferred tax liabilities
Right-of-use assets	(1,864,922)	(18,572,655)	(2,615,904)
Fair value change on financial assets	(63,732,300)	(58,368,340)	(8,221,008)
Unallocated revenue	(11,374,640)	—	—
Total non-current deferred tax liabilities	(76,971,862)	(76,940,995)	(10,836,912)
Net non-current deferred tax liabilities	(2,117,892)	—	—

Schedule of Reconciliation of Income Taxes Expense


	For the years ended December 31,
	2021		2022		2023
	RMB		RMB		RMB		US$
Profit (loss) before income tax	846,409,045		(269,623,829)		101,474,055		14,292,322
PRC statutory income tax rate	25	%	25	%	25	%	25	%
Income tax at statutory tax rate	211,602,261		(67,405,957)		25,368,514		3,573,081
Effect of different tax rates	(60,256,708)		12,944,788		(25,070,403)		(3,531,092)
Tax exempted income	—		—		(198,231)		(27,920)
Outside basis difference	—		(109,594,486)		(215,985,749)		(30,420,956)
Expenses not deductible for tax purposes	62,168,979		12,666,674		36,882,867		5,194,842
Adjustment on current income tax of the previous periods	8,525,032		(18,081,862)		(18,394,143)		(2,590,761)
Deferred only adjustment	26,769,243		—		—		—
Non-deductible guarantee liability:	—		—		93,833,446		13,216,164
Write-off of NOL and others due to liquidations:	—		—		252,778,471		35,603,103
Research and development super-deduction	(19,928,755)		—		—		—
Tax rate change	(105,024,051)		—		—		—
Withholding income tax	—		—		4,427,205		623,559
Changes in valuation allowance	136,626,066		261,898,970		(91,301,461)		(12,859,542)
Income tax expenses	260,482,067		92,428,127		62,340,516		8,780,478

Schedule of Unrecognized Tax Benefits


	For the years ended December 31,
	2022	2023
	RMB	RMB	US$
Balance at beginning of the year	2,588,962	—	—
Additions	—	34,580,410	4,870,549
Decreases	(2,588,962)	(34,580,410)	(4,870,549)
Balance at end of the year	—	—	—

Interest and investment income, net

12 Months Ended

Dec. 31, 2023

Interest and investment income, net

Interest and investment income, net

15.1 Interest and investment income, net

Interest and investment income, net consists of the following:


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Unrealized investment income/(loss) of short-term investments	8,078,064	(40,405,563)	(202,012,339)	(28,452,843)
Realized investment income of short-term investments	116,288,421	154,931,404	300,705,577	42,353,495
Unrealized investment (loss)/income of long-term investments	(24,635,329)	(58,356,978)	645,974,321	90,983,580
Realized investment (loss)/income of long-term investments	—	(8,550,287)	(659,477,110)	(92,885,408)
Investment income of structured deposits	6,026,140	3,815,277	59,394,774	8,365,579
Interest income	27,634,511	54,793,874	110,747,398	15,598,445
Income from the repurchase of convertible senior notes	12,046,522	10,028,456	—	—
Interest expense of convertible senior notes	(15,982,460)	(3,439,972)	—	—
	129,455,869	112,816,211	255,332,621	35,962,848

15.2 Gain/(loss) on derivative instruments


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Unrealized investment income/(loss) of derivative instruments	17,375,517	(180,503,919)	(149,741,836)	(21,090,696)
Realized investment income of derivative instruments	—	110,083,438	303,576,774	42,757,894
	17,375,517	(70,420,481)	153,834,938	21,667,198

Treasury shares

12 Months Ended

Dec. 31, 2023

Treasury shares

Treasury shares

23. Treasury shares

On January 16, 2020, the Board of Directors of the Company authorized to implement a share repurchase program to repurchase from time to time of up to US$400 million worth of ADSs, each representing one Class A ordinary share, par value $0.0001 per share, of the Company over a period of 24 months starting from April 2019.

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, 2021, 2022 and 2023 was 346,320,584, 486,954,953 and 899,627,520 shares, respectively.

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

As of December 31, 2023, the Company repurchased an aggregate of 137,179,748 ADSs, representing 137,179,748 Class A ordinary shares under the share repurchase program, at an average price of $4.769 per ADS, for US$ 654,180,148 (RMB 4,500,682,817). As of December 31, 2023, 71,645,824 shares were canceled, and 1,338,762 shares were used for exercise of share options. The remaining balance of treasury shares represents 64,195,162 Class A ordinary shares, at an average price of US$ 1.996 per ADS, for US$ 128,133,022 (RMB 899,627,520). These shares were recorded at their purchase cost on the consolidated balance sheets and have not been cancelled as of December 31, 2023.

Treasury shares (Details)					12 Months Ended
Treasury shares (Details)	Apr. 26, 2024 CNY (¥) shares	Apr. 26, 2024 USD ($) $ / shares shares	Jun. 11, 2022 USD ($) CNY (¥) $ / shares	Jan. 16, 2020 USD ($) CNY (¥) $ / shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CNY (¥)
Treasury shares
Treasury stock amount \| ¥					¥ 420,660,053		¥ 145,866,006
Treasury Stock, Value					¥ 899,627,520		¥ 486,954,953			$ 126,709,886		¥ 346,320,584
Cancelled shares					71,645,824	71,645,824
Exercise of stock options					1,338,762	1,338,762
Remaining balance of treasury shares					¥ 899,627,520					$ 128,133,022
Class A ordinary shares
Treasury shares
Remaining balance of treasury shares					64,195,162	64,195,162
Common stock, par value \| $ / shares										$ 0.0001	$ 0.0001
American Depositary Shares
Treasury shares
Repurchased shares, average price \| $ / shares						$ 1.996
Share Repurchase Program
Treasury shares
Treasury stock amount	¥ 259,921,668	$ 36,609,201			¥ 4,500,682,817	$ 654,180,148		¥ 15,528,092	$ 2,258,112
Period			24 months	24 months
Share Repurchase Program \| Class A ordinary shares
Treasury shares
Number of shares repurchased	15,747,498	15,747,498			137,179,748	137,179,748		1,495,291	1,495,291
Number of common shares representing each ADS \| ¥			1	1
Common stock, par value \| $ / shares			$ 0.0001	$ 0.0001
Share Repurchase Program \| American Depositary Shares
Treasury shares
Authorized share to be repurchased, maximum aggregate value \| $			$ 200,000,000	$ 400,000,000
Number of shares repurchased	15,747,498	15,747,498			137,179,748	137,179,748		1,495,291	1,495,291
Repurchased shares, average price \| $ / shares		$ 2.3308				$ 4.769			$ 1.510

Other current assets - Allowance for other current assets (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other current assets
Balance at the beginning of the year	¥ 256,349,242	$ 36,106,036	¥ 201,242,068
Additions	29,879,226	4,208,401	72,112,392
Charge-offs	(169,367,476)	(23,854,910)	(17,005,218)
Balance at the end of the year	¥ 116,860,992	$ 16,459,527	¥ 256,349,242

Interest and investment income, net - Summary of Interest and Investment Income, Net (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Interest and investment income, net
Unrealized investment income/(loss) of short-term investments	¥ (202,012,339)	$ (28,452,843)	¥ (40,405,563)	¥ 8,078,064
Realized investment income of short-term investments	300,705,577	42,353,495	154,931,404	116,288,421
Unrealized investment (loss)/income of long-term investments	645,974,321	90,983,580	(58,356,978)	(24,635,329)
Realized investment (loss)/income of long-term investments	(659,477,110)	(92,885,408)	(8,550,287)
Investment income of structured deposits	59,394,774	8,365,579	3,815,277	6,026,140
Interest income	110,747,398	15,598,445	54,793,874	27,634,511
Income from the repurchase of convertible senior notes			10,028,456	12,046,522
Interest expense of convertible senior notes			(3,439,972)	(15,982,460)
Net investment income	¥ 255,332,621	$ 35,962,848	¥ 112,816,211	¥ 129,455,869

Cost of other revenues

12 Months Ended

Dec. 31, 2023

Cost of other revenues

Cost of other revenues

13. Cost of other revenues

Cost of other revenues consists of the following:


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Delivery cost	—	—	131,685,885	18,547,569
Other costs*	220,193,581	56,202,270	711,777	100,252
	220,193,581	56,202,270	132,397,662	18,647,821

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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

●	Identify the contract(s) with a customer;

●	Identify the performance obligations in the contract;

●	Determine the transaction price;

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

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

2. Summary of Significant Accounting Policies – continued

Revenue recognition - continued

Credit facilitation

2. Summary of Significant Accounting Policies – continued

Revenue recognition – continued

Financing income

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

2. Summary of Significant Accounting Policies – continued

Revenue recognition - continued

Transaction services fee

Sales income

Educational services income

2. Summary of Significant Accounting Policies – continued

Revenue recognition - continued

Delivery services income

Cost of goods sold

Leases

Sales-type leases

Operating leases

2. Summary of Significant Accounting Policies - continued

Leases – continued

Operating leases - continued

Land lease right of use asset

Foreign currency translation and transactions

2. Summary of Significant Accounting Policies - continued

Foreign currency translation and transactions - continued

Restricted cash and cash equivalents

Short-term investments and structured deposits

2. Summary of Significant Accounting Policies - continued

Derivative instruments

Finance lease receivables

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

Allowance for finance lease receivables

2. Summary of Significant Accounting Policies - continued

Allowance for finance lease receivables - continued

Nonaccrual finance lease receivables

Contract Assets and Account Receivables

Long-term investments

2. Summary of Significant Accounting Policies - continued

Inventories

Borrowings

Treasury shares

Property and equipment, net


	Estimated	Estimated
Category	Useful Life	Residual
Office and electronic equipment	3-10 years	Nil%-5	%
Motor vehicles	4 years	5	%
Aircraft	10 years	5	%
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 improvements.

Intangible assets

2. Summary of Significant Accounting Policies - continued

Research and development

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

Employee defined contribution plan

Advertising costs

2. Summary of Significant Accounting Policies - continued

Government grants

Value added taxes

Goods and services tax (‘GST’)

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the Australian Tax Office.

Income taxes

2. Summary of Significant Accounting Policies - continued

Income taxes - continued

Segment information

Fair value measurements of financial instruments

Fair value measurements

2. Summary of Significant Accounting Policies – continued

Fair value measurements – continued

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

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

Earnings/(loss) per share

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

Share-based payments

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

2. Summary of Significant Accounting Policies – continued

Convenience translation for financial statements presentation

Investment in equity method investee

Significant risks and uncertainties

Currency convertibility risk

2. Summary of Significant Accounting Policies – continued

Significant risks and uncertainties - continued

Concentration of credit risk

Borrower default risk

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

Interest rate risk

Business and economic risk

2. Summary of Significant Accounting Policies – continued

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements: Issued but not effective

Subsequent events (Details)			12 Months Ended
Subsequent events (Details)	Apr. 26, 2024 CNY (¥) shares	Apr. 26, 2024 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares
Subsequent events
Treasury stock amount \| ¥			¥ 420,660,053		¥ 145,866,006
American Depositary Shares
Subsequent events
Repurchased shares, average price \| $ / shares				$ 1.996
Share repurchase program
Subsequent events
Treasury stock amount	¥ 259,921,668	$ 36,609,201	¥ 4,500,682,817	$ 654,180,148		¥ 15,528,092	$ 2,258,112
Share repurchase program \| Class A ordinary shares
Subsequent events
Number of shares repurchased \| shares	15,747,498	15,747,498	137,179,748	137,179,748		1,495,291	1,495,291
Share repurchase program \| American Depositary Shares
Subsequent events
Number of shares repurchased \| shares	15,747,498	15,747,498	137,179,748	137,179,748		1,495,291	1,495,291
Repurchased shares, average price \| $ / shares		$ 2.3308		$ 4.769			$ 1.510

Interest and investment income, net - Gain/(loss) on derivative instruments (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Interest and investment income, net
Unrealized investment income/(loss) of derivative instruments	¥ (149,741,836)	$ (21,090,696)	¥ (180,503,919)	¥ 17,375,517
Realized investment income of derivative instruments	303,576,774	42,757,894	110,083,438
Gain/(loss) on derivative instruments	¥ 153,834,938	$ 21,667,198	¥ (70,420,481)	¥ 17,375,517

Income Taxes - Summary of Principal Components of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables	¥ 19,785,153	$ 2,786,681	¥ 18,465,206
Allowance for finance lease receivable	7,706,311	1,085,411	8,944,994
Allowance for other current assets	30,286,267	4,265,731	53,566,319
Impairment loss from long-lived assets	539,153	75,938	22,131,541
Guarantee liabilities	3,517,157	495,381	100,082,625
Share-based compensation	33,692,676	4,745,514	35,798,102
Fair value change on investments	67,463,987	9,502,104	67,969,700
Fair value change on financial assets	82,220,720	11,580,546	34,319,462
Lease liabilities	18,156,568	2,557,299	1,675,482
Advertising cost	23,090,520	3,252,232	35,811,815
Uncollected revenue	4,798,460	675,849	4,501,793
Outside basis difference	19,604,247	2,761,200	44,907,609
Net operating loss carry forwards	775,049,194	109,163,396	746,950,201
Less: valuation allowance	(1,008,969,418)	(142,110,370)	(1,100,270,879)
Total non-current deferred tax assets net of valuation allowance	76,940,995	10,836,912	74,853,970
Non-current deferred tax liabilities
Right-of-use assets	(18,572,655)	(2,615,904)	(1,864,922)
Fair value change on financial assets	(58,368,340)	(8,221,008)	(63,732,300)
Unallocated revenue			(11,374,640)
Total non-current deferred tax liabilities	¥ (76,940,995)	$ (10,836,912)	(76,971,862)
Net non-current deferred tax liabilities			¥ (2,117,892)

Fair value measurements - Assets measured at fair value on a nonrecurring basis (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
Fair value measurements
Fair value of long-term investments	¥ 14,445,946	$ 2,034,669	¥ 30,045,542
Fair value, nonrecurring
Fair value measurements
Fair value of long-term investments			¥ 4,000,000	$ 1,000,000
Non-observable input (Level 3) \| Fair value, nonrecurring \| Measurement input, revenue multiple \| Minimum
Fair value measurements
Long term investments, measurement input			0.013	0.013
Non-observable input (Level 3) \| Fair value, nonrecurring \| Measurement input, revenue multiple \| Maximum
Fair value measurements
Long term investments, measurement input			0.021	0.021
Non-observable input (Level 3) \| Fair value, nonrecurring \| Discount for lack of marketability \| Minimum
Fair value measurements
Long term investments, measurement input			0.30	0.30
Non-observable input (Level 3) \| Fair value, nonrecurring \| Discount for lack of marketability \| Maximum
Fair value measurements
Long term investments, measurement input			0.33	0.33

Long-term Investments

12 Months Ended

Dec. 31, 2023

Long-term investments

Long-term investments

9. Long-term investments

The balance of long-term investments was RMB 217 million and RMB 211 million (US$ 30 million) as of December 31, 2022 and 2023, respectively. There were no observable price changes for all equity investments in 2022 and 2023. Impairment charges recognized on equity investment without readily determinable fair value were RMB 219 million, RMB 27 million, RMB 8 million (US$ 1 million) for the years ended December 31, 2021, 2022 and 2023, respectively.

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 to 9.02% in 2020. There was no observable price change for Changba in 2020. In 2021, the Company identified an observable price change in an orderly transaction for an identical investment of the same issuer 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.

The Company ceases equity method accounting for SECO and accounted for it as a long-term investment measured at fair value through profit or loss upon transfer of investment category in 2021. Changes in fair value of RMB 12 million (US$ 2 million) were recorded in the consolidated statement of comprehensive income/(loss) for the period from December 28 to December 31, 2021.The Company sold all Secoo Holding Limited Class A ordinary shares in February and March of 2023 and realized RMB 10 million (USD 1.5 million) investment loss. There was no balance of SECO shares at the end of 2023.

In 2022, the Company identified significant cumulative loss for some equity investments accounted for using the measurement alternative. The Company used unobservable inputs in the valuation methodologies to determine the fair value such as comparable companies’ multiples and discount for lack-of-marketability and recognized an impairment loss of RMB 27 million for the year ended December 31, 2022. In 2023 the Company identified significant deterioration in the business prospects of certain investees and recognized an impairment loss of RMB 8 million (US$ 1 million) for the year ended December 31, 2023

Share-based Compensation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2016 ¥ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2023 USD ($)
Share-based compensation
Share-based compensation expense	¥ 4,935,782	$ 695,190	¥ 24,053,760	¥ 35,344,620
Total intrinsic value of options exercised	3,056,001	430,429	2,023,265	13,862,597
Total fair value of shares vested	29,797,645	$ 4,196,911	50,943,916	¥ 55,458,785
Unrecognized compensation expense	¥ 107,762						$ 15,178
Weighted-average period is expected to be recognized	2 months 26 days	2 months 26 days
2016 Plan
Share-based compensation
Options expiration period					10 years	10 years
Total intrinsic value of options exercised \| ¥	¥ 3,601,562		¥ 2,037,155
Shares reserved for issuance \| shares					1,000,000	1,000,000
Exercise price, options per share. \| (per share)					¥ 0.0006	$ 0.0001
2016 Plan \| Minimum
Share-based compensation
Options vesting period					3 years	3 years
2016 Plan \| Maximum
Share-based compensation
Options vesting period					5 years	5 years

Income taxes

12 Months Ended

Dec. 31, 2023

Income taxes

Income taxes

16. Income taxes

Cayman Islands

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

British Virgin Islands

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

Hong Kong

Qudian HK, Qufenqi HK, Fast Horse HK, Qu Plus Plus (HK) Limited, WLM Kids (HK) Limited, Qudian Fresh (HK) Limited, Qudian Cuisine (HK) Limited, Qudian Daily Food (HK) Limited and Qudian Chief (HK) Limited are incorporated in Hong Kong and are subject to Hong Kong profits tax of 16.5% on their activities conducted in Hong Kong.

Australia

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

PRC

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

Xiamen Qudian Technology Co., Ltd. was qualified as High and New Technology Enterprise and was subject to a preferential statutory tax rate of 15% in 2020 and 2021.

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

16. Income taxes - continued

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


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Current income tax expenses	135,188,353	71,567,448	64,458,408	9,078,777
Deferred income tax expenses	125,293,714	20,860,679	(2,117,892)	(298,299)
Total income tax expenses	260,482,067	92,428,127	62,340,516	8,780,478

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


	As of December 31,
	2022	2023
	RMB	RMB	US$
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables	18,465,206	19,785,153	2,786,681
Allowance for finance lease receivable	8,944,994	7,706,311	1,085,411
Allowance for other current assets	53,566,319	30,286,267	4,265,731
Impairment loss from long-lived assets	22,131,541	539,153	75,938
Guarantee liabilities	100,082,625	3,517,157	495,381
Share-based compensation	35,798,102	33,692,676	4,745,514
Fair value change on investments	67,969,700	67,463,987	9,502,104
Fair value change on financial assets	34,319,462	82,220,720	11,580,546
Lease liabilities	1,675,482	18,156,568	2,557,299
Advertising cost	35,811,815	23,090,520	3,252,232
Uncollected revenue	4,501,793	4,798,460	675,849
Outside basis difference	44,907,609	19,604,247	2,761,200
Net operating loss carry forwards	746,950,201	775,049,194	109,163,396
Less: valuation allowance	(1,100,270,879)	(1,008,969,418)	(142,110,370)
Total non-current deferred tax assets net of valuation allowance	74,853,970	76,940,995	10,836,912
Net non-current deferred tax assets	—	—	—
Non-current deferred tax liabilities
Right-of-use assets	(1,864,922)	(18,572,655)	(2,615,904)
Fair value change on financial assets	(63,732,300)	(58,368,340)	(8,221,008)
Unallocated revenue	(11,374,640)	—	—
Total non-current deferred tax liabilities	(76,971,862)	(76,940,995)	(10,836,912)
Net non-current deferred tax liabilities	(2,117,892)	—	—

16. Income taxes - continued

The Company operates through its subsidiaries, VIEs and subsidiaries of the VIEs and valuation allowance is considered on an individual entity basis. The Company recorded full valuation allowance against deferred tax assets of those entities that were in a three-year cumulative financial loss and/or are not forecasting profits in the near future as of December 31, 2022 and 2023. 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 31,2022 and 2023, the Company had net operation loss (the “NOL”) of RMB 3,024 million and RMB 3,142 million (US$ 443 million), mainly from its PRC, Hong Kong and Australian subsidiaries, which can be carried forward to offset future taxable income. The PRC subsidiaries’ net operating losses will expire from years 2024 to 2028 if not utilized. Net operating losses from Hong Kong and Australian subsidiaries can be carried forward with no 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,
	2021		2022		2023
	RMB		RMB		RMB		US$
Profit (loss) before income tax	846,409,045		(269,623,829)		101,474,055		14,292,322
PRC statutory income tax rate	25	%	25	%	25	%	25	%
Income tax at statutory tax rate	211,602,261		(67,405,957)		25,368,514		3,573,081
Effect of different tax rates	(60,256,708)		12,944,788		(25,070,403)		(3,531,092)
Tax exempted income	—		—		(198,231)		(27,920)
Outside basis difference	—		(109,594,486)		(215,985,749)		(30,420,956)
Expenses not deductible for tax purposes	62,168,979		12,666,674		36,882,867		5,194,842
Adjustment on current income tax of the previous periods	8,525,032		(18,081,862)		(18,394,143)		(2,590,761)
Deferred only adjustment	26,769,243		—		—		—
Non-deductible guarantee liability:	—		—		93,833,446		13,216,164
Write-off of NOL and others due to liquidations:	—		—		252,778,471		35,603,103
Research and development super-deduction	(19,928,755)		—		—		—
Tax rate change	(105,024,051)		—		—		—
Withholding income tax	—		—		4,427,205		623,559
Changes in valuation allowance	136,626,066		261,898,970		(91,301,461)		(12,859,542)
Income tax expenses	260,482,067		92,428,127		62,340,516		8,780,478

As of December 31, 2023, the Company intends to permanently reinvest partial of the undistributed earnings from foreign subsidiaries to fund future operations. As of December 31, 2023, the total amount of undistributed earnings from its PRC subsidiaries as well as VIEs is RMB 11,574 million (US$ 1,630 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.

16. Income taxes - continued

Unrecognized Tax Benefit

As of December 31, 2022 and 2023, the Company recorded an unrecognized tax benefit of RMB nil and RMB nil (US$ nil) respectively, of which RMB nil and RMB nil (US$ nil) 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, 2023, unrecognized tax benefits of RMB nil (US$ nil), 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,
	2022	2023
	RMB	RMB	US$
Balance at beginning of the year	2,588,962	—	—
Additions	—	34,580,410	4,870,549
Decreases	(2,588,962)	(34,580,410)	(4,870,549)
Balance at end of the year	—	—	—

As of December 31, 2022 and 2023, the Company did not record any interest expense and penalty accrued in relation to the unrecognized tax benefit in income tax expense.

In general, the PRC tax authority has up to five years to conduct examinations of the Company’s tax filings. Accordingly, as of December 31, 2023, the tax years ended December 31, 2018 through the period ended as of December 31, 2023 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, 2017 through period ended December 31, 2023 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//740/tableOfContent

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Organization - Schedule of Operations of VIEs (Details)	12 Months Ended
Organization - Schedule of Operations of VIEs (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Revenues	¥ 126,338,353	$ 17,794,385	¥ 577,493,364	¥ 1,654,042,540
Net income/(loss)	39,133,539	5,511,844	(362,051,956)	585,926,978
Variable Interest Entity
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Revenues	47,770,942	6,728,396	578,002,415	1,600,712,429
Net income/(loss)	¥ (171,107,836)	$ (24,100,035)	¥ (221,602,406)	¥ 868,473,261

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Finance lease receivables - Future minimum lease payments (Details)	Dec. 31, 2022 CNY (¥)
Finance lease receivables
Finance lease receivables, Less than 1 year	¥ 1,414,453
Finance lease receivables, Total	¥ 1,414,453

Property and equipment, net - Additional information (Details)	1 Months Ended	12 Months Ended
	May 31, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property and equipment, net
Depreciation expense		¥ 14,000,000	$ 2,000,000	¥ 6,000,000	¥ 18,000,000
Interest costs incurred and capitalized		2,000,000	310,000	7,000,000	7,000,000
Charges of leasehold improvements		0		158,713,927
Disposals		2,817,196	396,794	9,611,937
Loss on disposal of property and equipment		2,568,274	$ 361,734	8,227,046	¥ 256,289
Property and equipment, net		1,308,337,725		¥ 773,886,342		$ 184,275,514
Aircraft
Property and equipment, net
Depreciation expense		9,000,000
Purchase an aircraft	¥ 175,000,000
Property and equipment, net		¥ 166,000,000

Finance lease receivables

12 Months Ended

Dec. 31, 2023

Finance lease receivables

Finance lease receivables

5. Finance lease receivables

5.1 Finance lease receivables consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Gross investment in finance lease receivables	1,414,453	—	—
Less: unearned income	(11,866)	—	—
Net investment in finance lease receivables	1,402,587	—	—
Less: allowance for finance lease receivables	(21,496)	—	—
Finance lease receivables, net	1,381,091	—	—

5.2 The following table presents nonaccrual finance lease receivables as of December 31, 2022 and 2023.


	As of December 31,
	2022	2023
	RMB	RMB	US$
Nonaccrual finance lease receivables	15,143	—	—
Less: allowance for nonaccrual financial lease receivables	(3,110)	—	—
Nonaccrual finance lease receivables, net	12,033	—	—

5.3 The following table presents the aging of past-due finance lease receivables as of December 31, 2022:

1-30

31-60

61-90

90-120

120-150

150-180

Total past

days

due

Current

Total

RMB

Finance lease receivables

78,279

29,943

9,352

—

3,920

11,223

132,717

1,269,870

1,402,587

As of December 31, 2022, all finance lease receivables which are past due 90 days or more are nonaccrual.

As of December 31, 2023, the amount of finance lease receivables was RMB nil.

5.4 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	RMB	RMB	RMB	RMB
As of December 31, 2022
Finance lease receivables	1,414,453	—	—	—	1,414,453

5. Finance lease receivables - continued

5.5 Movements of allowance for finance lease receivables for the years ended December 31, 2022 and 2023 are as follows:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Balance at the beginning of the year	5,142,488	21,496	3,117
Reverse	(5,086,116)	(4,954,732)	(697,860)
Charge-offs	(34,876)	(21,496)	(3,117)
Recovery	—	4,954,732	697,860
Balance at the end of the year	21,496	—	—
Evaluated for impairment on a portfolio basis	21,496	—	—

Cost of other revenues (Tables)

12 Months Ended

Dec. 31, 2023

Cost of other revenues

Schedule of cost of other revenues


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Delivery cost	—	—	131,685,885	18,547,569
Other costs*	220,193,581	56,202,270	711,777	100,252
	220,193,581	56,202,270	132,397,662	18,647,821

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

Organization - Schedule of Cash Flows of VIEs (Details)	12 Months Ended
Organization - Schedule of Cash Flows of VIEs (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Variable Interest Entity
Net cash provided by/ (used in) operating activities	¥ 352,019,561	$ 49,580,918	¥ 260,871,457	¥ 922,065,011
Net cash provided by/ (used in) investing activities	3,895,444,173	548,661,837	1,884,829,256	(246,579,999)
Net cash (used in)/provided by financing activities	(565,971,561)	(79,715,427)	(834,990,791)	(84,191,985)
Variable Interest Entity
Variable Interest Entity
Net cash provided by/ (used in) operating activities	1,132,978,031	159,576,618	(329,949,497)	747,408,333
Net cash provided by/ (used in) investing activities	1,449,584,102	204,169,651	489,498,990	645,957,049
Net cash (used in)/provided by financing activities	¥ (111,291,410)	$ (15,675,067)	¥ 575,109,678	¥ (571,156,011)

- Definition

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

+ References + Details

Finance lease receivables - Movement of allowance for finance lease receivables (Details) - Financial lease receivables	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Movement of allowance for loan principal and financing service fee receivables
Balance at the beginning of the year	¥ 21,496	$ 3,117	¥ 5,142,488
Reverse	(4,954,732)	(697,860)	(5,086,116)
Charge-offs	(21,496)	(3,117)	(34,876)
Recovery	¥ 4,954,732	$ 697,860
Balance at the end of the year			21,496
Evaluated for impairment on a portfolio basis			¥ 21,496

- Definition

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

+ References + Details

Expected credit loss/(reversal) for receivables and other assets - Summary of Receivables and Other Assets (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Expected credit loss/(reversal) for receivables and other assets
Reversal for loan principal and financing service fee receivables			¥ (209,396,631)	¥ (195,177,565)
Reversal for finance lease receivables	¥ (4,954,732)	$ (697,860)	(5,086,116)	(16,452,740)
Reversal for contract assets			(31,168)	(87,784)
Expected credit loss for accounts receivables	199,711	28,129
Expected credit loss/(reversal) for other current assets	29,314,107	4,128,806	(8,061,187)	59,901,259
Expected credit loss for other non-current assets	94,462	13,305	1,453,719
Provision for Doubtful Accounts	¥ 24,653,548	$ 3,472,380	¥ (221,121,383)	¥ (151,816,830)

Condensed financial information of the parent company - Condensed balance sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class A Ordinary shares
Condensed balance sheet
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	656,508,828	656,508,828
Ordinary shares, issued	201,304,881	201,304,881
Ordinary shares, outstanding	137,109,719	168,755,154
Class B Ordinary shares
Condensed balance sheet
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	63,491,172	63,491,172
Ordinary shares, issued	63,491,172	63,491,172
Ordinary shares, outstanding	63,491,172	63,491,172
Parent Company \| Reportable legal entity \| Class A Ordinary shares
Condensed balance sheet
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	656,508,828	656,508,828
Ordinary shares, issued	201,304,881	201,304,881
Ordinary shares, outstanding	137,109,719	168,755,154
Parent Company \| Reportable legal entity \| Class B Ordinary shares
Condensed balance sheet
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, authorized	63,491,172	63,491,172
Ordinary shares, issued	63,491,172	63,491,172
Ordinary shares, outstanding	63,491,172	63,491,172

Accounts Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivables

Schedule of accounts receivables


	As of December 31,
	2022	2023
	RMB	RMB	US$
Accounts receivables	—	26,082,307	3,673,617
Allowance for credit losses	—	(205,489)	(28,943)
Accounts receivables, net	—	25,876,818	3,644,674

Schedule of movements of allowance for accounts receivables


	As of December 31,
	2022	2023
	RMB	RMB	US$
Balance at the beginning of the year	—	—	—
Additions	—	205,489	28,943
Charge-offs	—	—	—
Balance at the end of the year	—	205,489	28,943

Interest and investment income, net (Tables)

12 Months Ended

Dec. 31, 2023

Interest and investment income, net

Schedule of interest and investment income, net


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Unrealized investment income/(loss) of short-term investments	8,078,064	(40,405,563)	(202,012,339)	(28,452,843)
Realized investment income of short-term investments	116,288,421	154,931,404	300,705,577	42,353,495
Unrealized investment (loss)/income of long-term investments	(24,635,329)	(58,356,978)	645,974,321	90,983,580
Realized investment (loss)/income of long-term investments	—	(8,550,287)	(659,477,110)	(92,885,408)
Investment income of structured deposits	6,026,140	3,815,277	59,394,774	8,365,579
Interest income	27,634,511	54,793,874	110,747,398	15,598,445
Income from the repurchase of convertible senior notes	12,046,522	10,028,456	—	—
Interest expense of convertible senior notes	(15,982,460)	(3,439,972)	—	—
	129,455,869	112,816,211	255,332,621	35,962,848

Schedule of gain/(loss) on derivative instruments


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Unrealized investment income/(loss) of derivative instruments	17,375,517	(180,503,919)	(149,741,836)	(21,090,696)
Realized investment income of derivative instruments	—	110,083,438	303,576,774	42,757,894
	17,375,517	(70,420,481)	153,834,938	21,667,198

Ordinary shares

12 Months Ended

Dec. 31, 2023

Ordinary shares

Ordinary shares

22. 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 a equal number of Class A ordinary shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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+ Details

Earnings/(loss) per share - Computation of basic earnings per share (Details) ¥ / shares in Units, $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Class A ordinary shares
Numerator:
Allocation of net income/(loss) attributable to Qudian Inc. for basic computation	¥ 27,698,446	$ 3,901,245	¥ (268,552,622)	¥ 441,499,980
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	153,790	153,790	182,530	189,950
Earnings/(loss) per share - basic \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.32
Class B ordinary shares
Numerator:
Allocation of net income/(loss) attributable to Qudian Inc. for basic computation	¥ 11,435,093	$ 1,610,599	¥ (93,411,501)	¥ 147,574,098
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	63,490	63,490	63,490	63,490
Earnings/(loss) per share - basic \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.32

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings/(loss) per share

12 Months Ended

Dec. 31, 2023

Earnings/(loss) per share

Earnings/(loss) per share

17. Earnings/(loss) per share

The following table sets forth the computation of basic earnings/(loss) per share for the years ended December 31, 2021, 2022 and 2023:


	For the years ended December 31,
	2021		2022		2023
	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/(loss) per share – basic:
Numerator:
Allocation of net income/(loss) attributable to Qudian Inc. for basic computation	441,499,980	147,574,098	(268,552,622)	(93,411,501)	27,698,446	3,901,245	11,435,093	1,610,599
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic	189.95	63.49	182.53	63.49	153.79	153.79	63.49	63.49
Denominator used for basic earnings per share	189.95	63.49	182.53	63.49	153.79	153.79	63.49	63.49
Earnings/(loss) per share – basic	2.32	2.32	(1.47)	(1.47)	0.18	0.03	0.18	0.03

17. Earnings/(Loss) per share - continued

The following table sets forth the computation of diluted earnings/(loss) per share for the years ended December 31, 2021, 2022 and 2023:


	For the years ended December 31,
	2021		2022		2023
	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/(loss) per share – diluted:
Numerator:
Interest charges applicable to the Convertible Senior Notes	12,171,824	3,810,636	—	—	—	—	—	—
Allocation of net income/(loss) attributable to Qudian Inc. for diluted computation	448,623,440	140,450,638	(268,552,622)	(93,411,501)	27,960,080	3,938,095	11,183,767	1,575,201
Reallocation of net income/(loss) attributable to Qudian Inc. as a result of conversion of Class B to Class A shares	144,261,274	—	(93,411,501)	—	11,183,767	1,575,201	—	—
Allocation of net income/(loss) attributable to Qudian Inc	605,056,538	144,261,274	(361,964,123)	(93,411,501)	39,143,847	5,513,296	11,183,767	1,575,201
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic	189.95	63.49	182.53	63.49	153.79	153.79	63.49	63.49
Conversion of Class B to Class A ordinary shares	63.49	—	63.49	—	63.49	63.49	—	—
Adjustments for dilutive share options	—	—	—	—	4.94	4.94	—	—
Conversion of the Convertible Senior Notes to Class A ordinary share	12.85	—	—	—	—	—	—	—
Denominator used for diluted earnings per share	266.29	63.49	246.02	63.49	222.22	222.22	63.49	63.49
Earnings/(loss) per share – diluted	2.27	2.27	(1.47)	(1.47)	0.18	0.03	0.18	0.03

The following table sets forth the computation of basic and diluted earnings per ADS for the years ended December 31, 2021, 2022 and 2023:


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
	Class A	Class A	Class A	Class A
Earnings/(loss) per share – ADS:
Denominator used for earnings per ADS – basic	46.74	182.53	153.79	153.79
Denominator used for earnings per ADS – diluted	49.11	182.53	158.73	158.73
Earnings/(loss) per ADS – basic	2.32	(1.47)	0.18	0.03
Earnings/(loss) per ADS – diluted	2.27	(1.47)	0.18	0.03

Expected credit loss/(reversal) for receivables and other assets

12 Months Ended

Dec. 31, 2023

Expected credit loss/(reversal) for receivables and other assets

Expected credit loss/(reversal) for receivables and other assets

14. Expected credit loss/(reversal) for receivables and other assets

Expected credit loss/(reversal) for receivables and other assets consists of the following:


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Reversal for loan principal and financing service fee receivables	(195,177,565)	(209,396,631)	—	—
Reversal for finance lease receivables	(16,452,740)	(5,086,116)	(4,954,732)	(697,860)
Reversal for contract assets	(87,784)	(31,168)	—	—
Expected credit loss for accounts receivables	—	—	199,711	28,129
Expected credit loss/(reversal) for other current assets	59,901,259	(8,061,187)	29,314,107	4,128,806
Expected credit loss for other non-current assets	—	1,453,719	94,462	13,305
	(151,816,830)	(221,121,383)	24,653,548	3,472,380

Finance lease receivables (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Finance lease receivables
Gross investment in finance lease receivables		¥ 1,414,453
Less: unearned income		(11,866)
Net investment in finance lease receivables		1,402,587
Less: allowance for finance lease receivables		(21,496)
Finance lease receivables, net	¥ 0	¥ 1,381,091

Other current assets

12 Months Ended

Dec. 31, 2023

Other current assets

Other current assets

6. Other current assets

Other current assets consist of the following:


		As of December 31,
		2022	2023
		RMB	RMB	US$
Prepayment		15,108,499	21,956,225	3,092,470
Inventory	6.1	116,711,168	10,383,964	1,462,551
Deposits in trust protection fund	6.2	13,501,146	—	—
Receivables from third party payment service providers	6.3	3,415,532	7,833,192	1,103,282
Receivables from Funding Partners and other service providers		34,738,492	25,848,011	3,640,616
Receivable from broker for derivative collateral	6.4	834,038,316	411,567,717	57,968,101
Deposits prepaid to securities companies	6.4	676,742,849	50,143,583	7,062,576
Receivables from trust companies	6.5	293,543,842	—	—
Others	6.6	374,641,182	259,404,811	36,536,404
Total		2,362,441,026	787,137,503	110,866,000
Less: Allowance for other current assets		(256,349,242)	(116,860,992)	(16,459,527)
		2,106,091,784	670,276,511	94,406,473

6. Other current assets - continued

6.5Receivables from trust companies are the funds to be distributed back by the trust companies due to the liquidation of the trust plans.

Other receivables as referred to in the “Fair value measurements of financial instruments” accounting policy consist of accounts receivables, deposits in trust protection fund, receivables from third party payment service providers, receivable from broker for derivative collateral, deposits prepaid to securities companies, receivables from trust companies and others.

Allowance for other current assets consists of the following:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Balance at the beginning of the year	201,242,068	256,349,242	36,106,036
Additions	72,112,392	29,879,226	4,208,401
Charge-offs	(17,005,218)	(169,367,476)	(23,854,910)
Balance at the end of the year	256,349,242	116,860,992	16,459,527

Leases - Additional information (Details)	12 Months Ended
Leases - Additional information (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Leases
Lease costs under operating leases	¥ 27,357,349	$ 3,863,541	¥ 56,019,089	¥ 80,884,049
Weighted average discount rate	6.52%		3.08%		6.52%
Weighted average remaining lease term	36 months		11 months		36 months
Over 5 years	¥ 934,146		¥ 0		$ 131,572

Other current assets (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Other current assets
Prepayment	¥ 21,956,225	$ 3,092,470	¥ 15,108,499
Inventory	10,383,964	1,462,551	116,711,168
Deposits in trust protection fund			13,501,146
Receivables from third party payment service providers	7,833,192	1,103,282	3,415,532
Receivables from Funding Partners and other service providers	25,848,011	3,640,616	34,738,492
Receivable from broker for derivative collateral	411,567,717	57,968,101	834,038,316
Deposits prepaid to securities companies	50,143,583	7,062,576	676,742,849
Receivables from trust companies			293,543,842
Others	259,404,811	36,536,404	374,641,182
Total	787,137,503	110,866,000	2,362,441,026
Less: Allowance for other current assets	(116,860,992)	(16,459,527)	(256,349,242)	$ (36,106,036)	¥ (201,242,068)
Other current assets	¥ 670,276,511	$ 94,406,473	¥ 2,106,091,784

Leases - Sales-type lease (Details) - Financing income - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales-type lease income
Financing income		¥ 337,355	¥ 5,502,703
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Fee Income, Loans and Leases	Interest and Fee Income, Loans and Leases	Interest and Fee Income, Loans and Leases

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Property and equipment, net


	As of December 31,
	2022	2023
	RMB	RMB	US$
Construction in progress	767,221,882	1,134,688,427	159,817,523
Leasehold improvements	28,943,095	13,615,929	1,917,763
Office and electronic equipment	9,965,437	7,774,324	1,094,991
Motor vehicles	10,572,823	13,313,052	1,875,104
Aircraft	—	175,367,530	24,700,000
Property and equipment, gross	816,703,237	1,344,759,262	189,405,381
Less accumulated depreciation	39,204,870	35,527,263	5,003,911
Less allowance	3,612,025	894,274	125,956
Property and equipment, net	773,886,342	1,308,337,725	184,275,514

Ordinary shares (Details)	Dec. 31, 2023 Vote
Class A ordinary shares
Ordinary shares
Number of votes per share	1
Class B ordinary shares
Ordinary shares
Number of votes per share	10

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

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

+ Details

Subsequent events

12 Months Ended

Dec. 31, 2023

Subsequent events

Subsequent events

26. Subsequent events

As of April 26, 2024 the Company repurchased an aggregate of 15,747,498 ADSs, representing 15,747,498 Class A ordinary shares, at an average price of US$ 2.3308 per ADS, for US$ 36,609,201 (RMB 259,921,668).

Property and equipment, net (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Property and equipment, net
Property and equipment, gross	¥ 1,344,759,262	$ 189,405,381	¥ 816,703,237
Less accumulated depreciation	35,527,263	5,003,911	39,204,870
Less allowance	894,274	125,956	3,612,025
Property and equipment, net	1,308,337,725	184,275,514	773,886,342
Construction in progress
Property and equipment, net
Property and equipment, gross	1,134,688,427	159,817,523	767,221,882
Leasehold improvements
Property and equipment, net
Property and equipment, gross	13,615,929	1,917,763	28,943,095
Office and electronic equipment
Property and equipment, net
Property and equipment, gross	7,774,324	1,094,991	9,965,437
Motor vehicles
Property and equipment, net
Property and equipment, gross	13,313,052	1,875,104	¥ 10,572,823
Aircraft
Property and equipment, net
Property and equipment, gross	175,367,530	$ 24,700,000
Property and equipment, net	¥ 166,000,000

Organization

12 Months Ended

Dec. 31, 2023

Organization

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 incorporated in mainland China and contractual arrangements with the variable interest entities based in mainland China.

As of December 31, 2023, the Company’s main subsidiaries and VIEs are as follows:


			Percentage of
			legal
			ownership by
		Place of	the
Entity	Date of incorporation	incorporation	Company		Principal activities
Subsidiaries
QD Data Limited (“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 Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC	100	%	Technology development and service, sale of products
Fast Horse Inc.(“Fast Horse Inc.”, formerly known as Qu Plus Plus Inc)	June 28, 2018	Cayman Islands	100	%	Investment holding
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC	100	%	Technology development and service
Fast Horse Expresss Limited (“Fast Horse BVI”, formerly known as Qu Plus Plus limited)	June 29, 2018	BVI	100	%	Investment holding
Fast Horse (HK) Limited. (“Fast Horse HK”, formerly known as Qu Plus (HK) limited)	May 12, 2020	HK	100	%	Investment holding
F&H EXPRESS INC. (“F&H EXPRESS INC.”)	September 29, 2022	USA	100	%	Delivery service
LAST MILE EXPRESS PTY LTD (“LAST MILE EXPRESS”)	October 17, 2022	Australia	100	%	Delivery service
F&H EXPRESS PTY LTD (“F&H EXPRESS PTY”)	December 9, 2022	Australia	100	%	Delivery service
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

1. Organization - continued

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

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

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

1. Organization - continued

The following is a summary of the VIE Agreements:

(1)	Power of Attorney Agreements:

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

(2)	Exclusive Call Option Agreements:

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

(3)	Exclusive Business Cooperation Agreements:

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

1. Organization - continued

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

(4)	Equity Interest Pledge Agreements

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

In addition, the Company entered into 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 WFOE to exercise its rights under the power of attorney agreements and the exclusive call option agreements when the Board of Directors or the Authorized Officer determines that such exercise is in the best interests of the Company and WFOE to do so.

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

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

1. Organization - continued

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

In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC laws or regulations, the Company could be subject to penalties, which could include, but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, temporary or permanent blocking of the Company’s 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 to 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 11, there was no other pledge or collateralization of the VIEs’ assets. Creditors of the VIEs have no recourse to the general credit of the Company, who is the primary beneficiary of the VIEs, through its WFOE. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The carrying amounts of the assets, liabilities and the results of operations of the VIEs and VIEs’ subsidiaries are presented in aggregate due to the similarity of the purpose and design of the VIEs and VIEs’ subsidiaries, the nature of the assets in these VIEs and VIEs’ subsidiaries and the type of the involvement of the Company in these VIEs and VIEs’ subsidiaries. The carrying amounts of the assets, liabilities and the results of operations of the VIEs and VIEs’ subsidiaries included in the Company’s consolidated balance sheets and statements of comprehensive (loss) income are as follows:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Amounts due from group companies	109,713,457	1,112,061,344	156,630,564
Other current assets	10,077,615,569	6,685,930,057	941,693,553
Total current assets	10,187,329,026	7,797,991,401	1,098,324,117
Total non-current assets	1,619,591,980	365,557,715	51,487,727
Total assets	11,806,921,006	8,163,549,116	1,149,811,844
Amounts due to group companies	96,930,129	344,028,011	48,455,332
Other current liabilities	569,593,872	130,226,166	18,341,972
Total current liabilities	666,524,001	474,254,177	66,797,304
Total non-current liabilities	118,782,810	39,083	5,505
Total liabilities	785,306,811	474,293,260	66,802,809

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


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Revenues	1,600,712,429	578,002,415	47,770,942	6,728,396
Net income/(loss)	868,473,261	(221,602,406)	(171,107,836)	(24,100,035)

1. Organization - continued

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

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


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Net cash provided by/ (used in) operating activities	747,408,333	(329,949,497)	1,132,978,031	159,576,618
Net cash provided by/ (used in) investing activities	645,957,049	489,498,990	1,449,584,102	204,169,651
Net cash (used in)/provided by financing activities	(571,156,011)	575,109,678	(111,291,410)	(15,675,067)

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

The amounts of the net assets of the VIEs were RMB 11,022 million and RMB 7,689 million (US$ 1,083 million) as of December 31, 2022 and 2023. 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.

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.

Accounts Receivables

12 Months Ended

Dec. 31, 2023

Accounts Receivables

Accounts Receivables

4. Accounts Receivables

4.1 Accounts receivables consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Accounts receivables	—	26,082,307	3,673,617
Allowance for credit losses	—	(205,489)	(28,943)
Accounts receivables, net	—	25,876,818	3,644,674

4.2 Movements of allowance for accounts receivables for the years ended December 31,2022 and 2023 are as follows:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Balance at the beginning of the year	—	—	—
Additions	—	205,489	28,943
Charge-offs	—	—	—
Balance at the end of the year	—	205,489	28,943

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Class A and B Ordinary shares

CNY (¥)

Treasury shares

CNY (¥)

Additional paid-in capital

CNY (¥)

Accumulated other comprehensive loss/foreign currency translation adjustment

CNY (¥)

Retained earnings

CNY (¥)

Total Qudian Inc. shareholders' equity

CNY (¥)

Non-controlling interests

CNY (¥)

USD ($)

Beginning balance at Dec. 31, 2020

¥ 175,888

¥ (371,551,131)

¥ 4,007,259,660

¥ (51,419,766)

¥ 8,315,379,200

¥ 11,899,843,851

¥ 10,000,000

¥ 11,909,843,851

Beginning balance (in shares) at Dec. 31, 2020 | shares

253,005,198

Exercise of share options

25,230,547

(25,229,307)

1,240

Exercise of share options (in shares) | shares

729,625

Share-based compensation

35,344,620

Other comprehensive income (loss)

(7,577,408)

Net income/(loss)

589,074,078

(3,147,100)

585,926,978

Ending balance at Dec. 31, 2021

¥ 175,888

(346,320,584)

4,017,374,973

(58,997,174)

8,904,453,278

12,516,686,381

6,852,900

12,523,539,281

Ending balance (in shares) at Dec. 31, 2021 | shares

253,734,823

Repurchase of ordinary shares

(145,866,006)

Repurchase of ordinary shares (in shares) | shares

(21,696,097)

Exercise of share options

5,231,637

(5,231,496)

141

Exercise of share options (in shares) | shares

207,600

Share-based compensation

24,053,760

Other comprehensive income (loss)

13,036,988

Net income/(loss)

(361,964,123)

(87,833)

(362,051,956)

Changes in subsidiaries' ownership

^[1]

(3,234,933)

¥ (6,765,067)

(10,000,000)

Ending balance at Dec. 31, 2022

¥ 175,888

(486,954,953)

4,036,197,237

(45,960,186)

8,539,254,222

12,042,712,208

Ending balance (in shares) at Dec. 31, 2022 | shares

232,246,326

Repurchase of ordinary shares

(420,660,053)

Repurchase of ordinary shares (in shares) | shares

(31,870,360)

Exercise of share options

7,987,486

(7,987,273)

213

Exercise of share options (in shares) | shares

224,925

Share-based compensation

4,935,782

Other comprehensive income (loss)

21,829,283

$ 3,074,590

Net income/(loss)

39,133,539

5,511,844

Ending balance at Dec. 31, 2023

¥ 175,888

¥ (899,627,520)

¥ 4,033,145,746

¥ (24,130,903)

¥ 8,578,387,761

¥ 11,687,950,972

$ 1,646,213,464

Ending balance (in shares) at Dec. 31, 2023 | shares

200,600,891

[1]	The subsidiary is Xiamen Beijing Wanlimu Yijie Growth Technology Co., Ltd.

Share-based Compensation - Summary of share option activity (Detail)	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Share-based compensation
Number of options, Exercised	(1,338,762)	(1,338,762)
Aggregate Intrinsic Value, Exercised	¥ 3,056,001	$ 430,429	¥ 2,023,265	¥ 13,862,597
2016 Plan
Share-based compensation
Number of options, Beginning balance	9,461,786	9,461,786	9,891,886
Number of options, Exercised	(274,925)	(274,925)	(357,600)
Number of options, Forfeited	(12,500)	(12,500)	(72,500)
Number of options, Ending balance	9,174,361	9,174,361	9,461,786	9,891,886
Number of options, Vested and expected to vest	9,142,477
Number of options, Exercisable	9,009,079
Weighted average grant date fair value, Beginning balance \| ¥ / shares	¥ 17.26		¥ 16.92
Weighted average grant date fair value, Exercised \| ¥ / shares	11.12		5.66
Weighted average grant date fair value, Forfeited \| ¥ / shares	19.86		28.76
Weighted average grant date fair value, Ending balance \| ¥ / shares	17.44		¥ 17.26	¥ 16.92
Weighted average grant date fair value, Vested and expected to vest \| ¥ / shares	33.09
Weighted average grant date fair value, Exercisable \| ¥ / shares	¥ 33.35
Weighted average remaining contractual term, Outstanding	4 years 3 months 25 days	4 years 3 months 25 days	5 years 3 months 21 days	6 years 3 months 18 days
Weighted average remaining contractual term, Vested and expected to vest	4 years 3 months 25 days	4 years 3 months 25 days
Weighted average remaining contractual term, Exercisable	4 years 3 months 14 days	4 years 3 months 14 days
Aggregate Intrinsic Value, Outstanding \| ¥	¥ 132,873,059		¥ 61,990,313	¥ 61,139,618
Aggregate Intrinsic Value, Exercised \| ¥	3,601,562		¥ 2,037,155
Aggregate Intrinsic Value, Vested and expected to vest \| ¥	132,411,282
Aggregate Intrinsic Value, Exercisable \| ¥	¥ 130,479,266

Earnings/(loss) per share - Computation of basic and diluted earnings per share (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 ¥ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 ¥ / shares shares	Dec. 31, 2021 ¥ / shares shares
Class A ordinary shares
Earnings/(loss) per share - ADS:
Weighted average number of ordinary share outstanding- basic	153,790	153,790	182,530	189,950
Weighted average number of ordinary share outstanding- diluted	222,220	222,220	246,020	266,290
Earnings/(loss) per share - basic \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.32
Earnings/(loss) per share - diluted \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.27
American Depositary Shares
Earnings/(loss) per share - ADS:
Weighted average number of ordinary share outstanding- basic	153,790	153,790	182,530	46,740
Weighted average number of ordinary share outstanding- diluted	158,730	158,730	182,530	49,110
Earnings/(loss) per share - basic \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.32
Earnings/(loss) per share - diluted \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.27
American Depositary Shares \| US [Member]
Earnings/(loss) per share - ADS:
Weighted average number of ordinary share outstanding- basic	153,790	153,790
Weighted average number of ordinary share outstanding- diluted	158,730	158,730

- Definition

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

+ References

+ Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related party balances and transactions

12 Months Ended

Dec. 31, 2023

Related party balances and transactions

19. 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 2021, 2022 and 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Related party balances and transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party balances and transactions
Related party transactions	$ 0	$ 0	$ 0
Luo Min
Related party balances and transactions
Relationship with the company	Founder, chief executive officer and controlling shareholder of the Company

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-based compensation

Share-based compensation

20. Share-based compensation

Stock options

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

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

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

The Company recognized compensation cost for the share options on a graded vesting basis. The total share-based compensation expenses recognized by the Company for the share option granted were RMB 35,344,620, RMB 24,053,760 and RMB 4,935,782 (US$ 695,190) for the years ended December 31, 2021, 2022 and 2023, respectively.

A summary of share option activities under the 2016 Plan for the years ended December 31, 2022 and 2023 is as follows:


				Weighted
				average
				remaining	Aggregated
		Weighted average	Weighted average	contractual	intrinsic
	Number of options	exercise price	grant date fair value	term	value
		RMB	RMB	Years	RMB
Balance, December 31, 2021	9,891,886	—	16.92	6.30	61,139,618
Exercised	(357,600)	—	5.66	—	2,037,155
Forfeited	(72,500)	—	28.76	—	—
Balance, December 31, 2022	9,461,786	—	17.26	5.31	61,990,313
Exercised	(274,925)	—	11.12	—	3,601,562
Forfeited	(12,500)	—	19.86	—	—
Balance, December 31, 2023	9,174,361	—	17.44	4.32	132,873,059
Vested and expected to vest as of December 31, 2023	9,142,477	—	33.09	4.32	132,411,282
Exercisable, December 31, 2023	9,009,079	—	33.35	4.29	130,479,266

20. Share-based compensation - continued

Stock options - continued

The aggregate intrinsic value in the table above represents the difference between the exercise price and the Company’s closing stock price on the last trading day in 2021, 2022 and 2023, respectively. The total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was RMB 13,862,597, RMB 2,023,265 and RMB 3,056,001 (US$ 430,429) respectively. The total fair value of shares vested during the years ended December 31, 2021, 2022 and 2023 was RMB 55,458,785, RMB 50,943,916 and RMB 29,797,645 (US$ 4,196,911), respectively.

As of December 31, 2023, the total unrecognized compensation expense relating to unvested share options was RMB 107,762 (US$ 15,178). The expense is expected to be recognized over a weighted-average period of 0.24 years.

For the years ended December 31, 2021, 2022 and 2023, the Company allocated share-based compensation expense as follows:


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Sales and marketing	1,726,837	527,537	265,862	37,446
General and administrative	29,684,217	21,102,104	4,649,664	654,891
Research and development	3,933,566	2,424,119	20,256	2,853
	35,344,620	24,053,760	4,935,782	695,190

Earnings/(loss) per share - Computation of diluted earnings per share (Details) ¥ / shares in Units, $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Class A ordinary shares
Numerator:
Interest charges applicable to the Convertible Senior Notes \| ¥				¥ 12,171,824
Allocation of net income/(loss) attributable to Qudian Inc. for diluted computation	¥ 27,960,080	$ 3,938,095	¥ (268,552,622)	448,623,440
Reallocation of net income/(loss) attributable to Qudian Inc. as a result of conversion of Class B to Class A shares	11,183,767	1,575,201	(93,411,501)	144,261,274
Allocation of net income/(loss) attributable to Qudian Inc	¥ 39,143,847	$ 5,513,296	¥ (361,964,123)	¥ 605,056,538
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	153,790	153,790	182,530	189,950
Conversion of Class B to Class A ordinary shares	63,490	63,490	63,490	63,490
Adjustments for dilutive share options	4,940	4,940
Conversion of the Convertible Senior Notes to Class A ordinary share				12,850
Weighted average number of ordinary share outstanding- diluted	222,220	222,220	246,020	266,290
Earnings/(loss) per share - diluted \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.27
Class B ordinary shares
Numerator:
Interest charges applicable to the Convertible Senior Notes \| ¥				¥ 3,810,636
Allocation of net income/(loss) attributable to Qudian Inc. for diluted computation	¥ 11,183,767	$ 1,575,201	¥ (93,411,501)	140,450,638
Allocation of net income/(loss) attributable to Qudian Inc	¥ 11,183,767	$ 1,575,201	¥ (93,411,501)	¥ 144,261,274
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	63,490	63,490	63,490	63,490
Weighted average number of ordinary share outstanding- diluted	63,490	63,490	63,490	63,490
Earnings/(loss) per share - diluted \| (per share)	¥ 0.18	$ 0.03	¥ (1.47)	¥ 2.27

Income Taxes - Summary of Current and Deferred Component of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Components of Income Tax Expense (Benefit), Continuing Operations
Current income tax expenses	¥ 64,458,408	$ 9,078,777	¥ 71,567,448	¥ 135,188,353
Deferred income tax expenses	(2,117,892)	(298,299)	20,860,679	125,293,714
Income tax expenses	¥ 62,340,516	$ 8,780,478	¥ 92,428,127	¥ 260,482,067

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Schedule of estimated useful lives of class of asset


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

Finance lease receivables (Tables)

12 Months Ended

Dec. 31, 2023

Finance lease receivables

Schedule of finance lease receivables


	As of December 31,
	2022	2023
	RMB	RMB	US$
Gross investment in finance lease receivables	1,414,453	—	—
Less: unearned income	(11,866)	—	—
Net investment in finance lease receivables	1,402,587	—	—
Less: allowance for finance lease receivables	(21,496)	—	—
Finance lease receivables, net	1,381,091	—	—

Schedule of nonaccrural finance lease receivables


	As of December 31,
	2022	2023
	RMB	RMB	US$
Nonaccrual finance lease receivables	15,143	—	—
Less: allowance for nonaccrual financial lease receivables	(3,110)	—	—
Nonaccrual finance lease receivables, net	12,033	—	—

Schedule of aging of past-due financing lease receivables

5.3 The following table presents the aging of past-due finance lease receivables as of December 31, 2022:

1-30

31-60

61-90

90-120

120-150

150-180

Total past

days

due

Current

Total

RMB

Finance lease receivables

78,279

29,943

9,352

—

3,920

11,223

132,717

1,269,870

1,402,587

Schedule of future minimum lease payments to be received


	Less than 1 year	1 – 2 years	2 – 3 years	3 – 4 years	Total
	RMB	RMB	RMB	RMB	RMB
As of December 31, 2022
Finance lease receivables	1,414,453	—	—	—	1,414,453

Schedule of movement of allowance for finance lease receivables


	As of December 31,
	2022	2023
	RMB	RMB	US$
Balance at the beginning of the year	5,142,488	21,496	3,117
Reverse	(5,086,116)	(4,954,732)	(697,860)
Charge-offs	(34,876)	(21,496)	(3,117)
Recovery	—	4,954,732	697,860
Balance at the end of the year	21,496	—	—
Evaluated for impairment on a portfolio basis	21,496	—	—

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME /(LOSS) (Parenthetical)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Changes in guarantee liabilities	¥ 0	$ 0	¥ 37,120,954	¥ 53,009,582
Changes in risk assurance liabilities	¥ 0	$ 0	¥ 66,870,069	¥ 148,592,603
Class A ordinary shares
Number of underlying shares represented by one ADS	1	1	1	1

Restricted net assets

12 Months Ended

Dec. 31, 2023

Restricted net assets

Restricted net assets

24. Restricted net assets

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

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

Under PRC law, the Company’s subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after tax profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and 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.

24. Restricted net assets - continued

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 reserve can only be used for specific purposes and not distributable as cash dividends.

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

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

Amounts restricted that include paid-in capital and statutory reserve funds, as determined pursuant to PRC GAAP, were RMB 4,345 million and RMB 4,417million (US$ 622 million) as of December 31,2022 and 2023, respectively.

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Property and equipment, net

10. Property and equipment, net


	As of December 31,
	2022	2023
	RMB	RMB	US$
Construction in progress	767,221,882	1,134,688,427	159,817,523
Leasehold improvements	28,943,095	13,615,929	1,917,763
Office and electronic equipment	9,965,437	7,774,324	1,094,991
Motor vehicles	10,572,823	13,313,052	1,875,104
Aircraft	—	175,367,530	24,700,000
Property and equipment, gross	816,703,237	1,344,759,262	189,405,381
Less accumulated depreciation	39,204,870	35,527,263	5,003,911
Less allowance	3,612,025	894,274	125,956
Property and equipment, net	773,886,342	1,308,337,725	184,275,514

Depreciation expense, for the years ended December 31, 2021, 2022 and 2023, was RMB 18 million, RMB 6 million and RMB 14 million (US$ 2 million), respectively.

For the years ended December 31, 2021, 2022 and 2023, the interest cost incurred and capitalized was RMB 7 million, RMB 7 million and RMB 2 million (US$ 0.31 million), respectively.

In May, 2023, the Company purchased an aircraft for RMB 175 million for business expansion purposes. The depreciation expense for the year was RMB 9 million, and the net value of the aircraft was 166 million at December 31, 2023.

For the years ended December 31, 2022 and 2023, the Company had respectively recorded a charge of RMB 158,713,927 and RMB nil of leasehold improvements in the consolidated statement of comprehensive income/(loss). According to the changes of the Company’s plan and executive management team that occurred during 2022, the Company has closed all of the educational service activity centers and written off all of leasehold improvements and construction in progress in connection with educational service.

Due to the termination of educational services and the wind-down of the ready-to-cook meal business, the Company disposed of equipments in 2022 and 2023. As of December 31, 2022 and 2023, the carrying amounts of the disposed property and equipment were RMB 9,611,937 and RMB 2,817,196 (US$ 396,794), respectively. The loss from disposal of property and equipment was RMB 8,227,046 and RMB 2,568,274 (US$ 361,734) for the years ended December 31, 2022 and 2023, respectively.

Restricted net assets (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	10.00%	10.00%
Percentage of loan principle balance allocate to statutory reserve	1.50%	1.50%
Amounts restricted include paid-in capital and statutory reserve funds	¥ 4,417	$ 622	¥ 4,345
Minimum
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	10.00%	10.00%
Maximum
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	50.00%	50.00%

Accounts Receivables (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accounts Receivables
Accounts receivables	¥ 26,082,307	$ 3,673,617
Allowance for credit losses	(205,489)	(28,943)	¥ 0
Accounts receivables, net	¥ 25,876,818	$ 3,644,674	¥ 0

Short-term investments (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Debt securities:
Wealth management products issued by banks or trust companies	¥ 350,164,305	$ 49,319,611	¥ 3,951,197,465
Equity securities:
Marketable equity securities	292,729,235	41,230,050	219,206,449
Short-term investments	¥ 642,893,540	$ 90,549,661	¥ 4,170,403,914

Investment in equity method investee (Details)		12 Months Ended
Investment in equity method investee (Details)	Jun. 03, 2020 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) Partnership	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 28, 2021 CNY (¥)
Schedule of equity method investments
Investment in equity method investee		¥ 137,000,000	$ 19,000,000	¥ 133,058,138
Secoo Holding Ltd
Schedule of equity method investments
Equity method investment, change in fair value \| ¥					¥ 251,634,432
Limited partnerships
Schedule of equity method investments
Number of limited partnerships in which investments made \| Partnership		4
Investment in equity method investee \| ¥		¥ 89,000,000		¥ 88,000,000
Limited partnerships \| Minimum
Schedule of equity method investments
Equity method investment, ownership percentage		3.02%	3.02%
Limited partnerships \| Maximum
Schedule of equity method investments
Equity method investment, ownership percentage		99.99%	99.99%
Class A ordinary shares \| Secoo Holding Ltd
Schedule of equity method investments
Equity method investment, ownership percentage	28.89%
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
Number of American depositary share ("ADS") representing ordinary share ("Share") \| shares	2

Leases - Supplemental lease cash flow (Details)	12 Months Ended
Leases - Supplemental lease cash flow (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Leases
Cash payments for operating leases	¥ 25,839,863	$ 3,639,469	¥ 49,405,583
Operating ROU assets released in exchange for operating lease liabilities	26,602,626	3,746,903	543,534,687
Operating ROU assets obtained in exchange for new operating lease liabilities	¥ 115,402,428	$ 16,254,092	¥ 375,303,436

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2022	2023
	RMB	RMB	US$
Accrued payroll	1,030,216	1,077,834	151,810
Tax payables	47,276,768	4,553,304	641,319
Payable to suppliers	52,627,693	109,331,440	15,399,011
Payable to external service providers	55,247,794	26,282,851	3,701,862
Payable to funding partner	84,635,053	79,295,374	11,168,520
Business deposits	7,959,080	6,282,315	884,846
Others	46,898,371	73,012,827	10,283,642
	295,674,975	299,835,945	42,231,010

Short-term investments

12 Months Ended

Dec. 31, 2023

Short-term investments

Short-term investments

3. Short-term investments

The following table presents short-term investments classification as of December 31, 2022 and 2023.


	As of December 31,
	2022	2023
	RMB	RMB	US$
Debt securities:
Wealth management products issued by banks or trust companies	3,951,197,465	350,164,305	49,319,611
Equity securities:
Marketable equity securities	219,206,449	292,729,235	41,230,050
Short-term investments	4,170,403,914	642,893,540	90,549,661

Condensed financial information of the parent company - Condensed statements of comprehensive income/(loss) (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed statements of comprehensive income/(loss)
Share-based compensation expense	¥ (4,935,782)	$ (695,190)	¥ (24,053,760)	¥ (35,344,620)
General and administrative	(273,588,744)	(38,534,169)	(287,457,156)	(443,275,523)
Interest and investment income, net	255,332,621	35,962,848	112,816,211	129,455,869
Foreign exchange loss, net	(2,931,704)	(412,922)	250,234	(51,356)
Income from the repurchase of convertible senior notes			10,028,456	12,046,522
Share of loss in subsidiaries	3,207,384	451,751	13,998,022	(221,798,009)
Net income/(loss) before income taxes	101,474,055	14,292,322	(269,623,829)	846,409,045
Income tax expense	62,340,516	8,780,478	92,428,127	260,482,067
Net income/(loss) attributable to Qudian Inc.'s shareholders	39,133,539	5,511,844	(361,964,123)	589,074,078
Foreign currency translation adjustment	21,829,283	3,074,590	13,036,988	(7,577,408)
Total comprehensive income/(loss) attributable to Qudian Inc.'s shareholders	60,962,822	8,586,434	(348,927,135)	581,496,670
Parent Company \| Reportable legal entity
Condensed statements of comprehensive income/(loss)
Share-based compensation expense	(4,935,782)	(695,190)	(24,053,760)	(35,344,620)
General and administrative	(19,070,062)	(2,685,962)	(26,199,820)	(9,973,856)
Interest and investment income, net	104,687,566	14,744,935	(13,148,315)	(22,506,569)
Other non-interest income	28,626,092	4,031,901	11,548,297	4,979,926
Foreign exchange loss, net	(545,948)	(76,895)	404,232	352,492
Income from the repurchase of convertible senior notes			10,028,456	12,046,522
Share of loss in subsidiaries	(244,411,613)	(34,424,656)	(121,864,519)	(292,443,982)
Contractual interests in VIEs and VIEs' subsidiaries	174,783,286	24,617,711	(198,678,694)	931,964,165
Net income/(loss) before income taxes	39,133,539	5,511,844	(361,964,123)	589,074,078
Net income/(loss) attributable to Qudian Inc.'s shareholders	39,133,539	5,511,844	(361,964,123)	589,074,078
Foreign currency translation adjustment	21,829,283	3,074,590	13,036,988	(7,577,408)
Total comprehensive income/(loss) attributable to Qudian Inc.'s shareholders	¥ 60,962,822	$ 8,586,434	¥ (348,927,135)	¥ 581,496,670

Fair value measurements

12 Months Ended

Dec. 31, 2023

Fair value measurements

Fair value measurements

18. Fair value measurements

Assets and liabilities disclosed at fair value

The cash and cash equivalents, restricted cash, short-term investments and time deposit are classified as Level 1 because their carrying values are the same as fair values using quoted market price. The Company’s other financial instruments included account receivables, short-term borrowing and certain amount of accrued expense and other liabilities as well as prepaid expense and other current asset. The carrying values of these financial instruments approximate to their fair values due to their short-term maturities and are classified within Level 3.

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, 2022, the Company measured part of long-term investments 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 ranging from 1.3 times to 2.1 times, and the discount for lack of marketability which was estimated ranging from 30% to 33%. The fair value of these long-term investment was RMB 4 million (US$ 1 million) as of December 31, 2022.

The fair value information is sensitive to changes in the unobservable inputs used to determine fair value and such changes could result in the fair value at the reporting date to be different from the fair value presented. When the Company’s assessment indicates that an impairment exists, the Company writes down the investment to its fair value.

18. Fair value measurements - continued

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 and derivative instruments, at fair value on a recurring basis. The Company measures its short-term investments at fair value using the redemption price of wealth management products (level 1) daily or net value (level 2) on a regular basis published by the banks or trust companies, quoted prices of marketable equity securities (level 1) and negotiable certificate of deposit in active markets (level 1). The fair value of derivative instruments is based on the change in the market value of the underlying ADSs and periodic interest (level 2). For equity investments in private equity funds, over which the Company do not have the ability to exercise significant influence, are measured using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), or NAV practical expedient. The Company did not transfer any assets or liabilities in or out of level 3 during the years ended December 31,2022 and 2023.

The following table summarizes the Company’s financial assets and liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2022 and 2023:


	As of December 31, 2022
	Active market	Observable	Non-observable
	(Level 1)	input (Level 2)	input (Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	2,118,365,856	2,052,038,058	—	4,170,403,914
Long-term investments with readily determinable fair values	25,833,155	—	—	25,833,155
Liabilities:
Derivative instruments	—	163,128,402	—	163,128,402


	As of December 31, 2023
	Active market	Observable	Non-observable
	(Level 1)	input (Level 2)	input (Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	612,857,046	30,036,494	—	642,893,540
Long-term investments without readily determinable fair value using NAV practical expedient¹	—	—	—	14,445,946
Liabilities:
Derivative instruments	—	312,870,238	—	312,870,238

18. Fair value measurements – continued

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


	As of December 31, 2023
	Active market	Observable	Non-observable
	(Level 1)	input (Level 2)	input (Level 3)	Total
	US$	US$	US$	US$
Assets:
Short-term investments	86,319,110	4,230,551	—	90,549,661
Long-term investments without readily determinable fair value using NAV practical expedient¹	—	—	—	2,034,669
Liabilities:
Derivative instruments	—	44,066,851	—	44,066,851

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

- Definition

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

+ References + Details

Cover	12 Months Ended
Cover	Dec. 31, 2023 shares
Document Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-38230
Entity Registrant Name	Qudian Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Tower A, AVIC Zijin Plaza
Entity Address, Address Line Two	Siming District
Entity Address, City or Town	Xiamen
Entity Address, Postal Zip Code	361000
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001692705
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Firm ID	1408
Auditor Location	Shanghai, The People’s Republic of China
Business Contact
Document Entity Information
Entity Address, Address Line One	Tower A, AVIC Zijin Plaza
Entity Address, Address Line Two	Siming District,
Entity Address, City or Town	Xiamen
Entity Address, Postal Zip Code	361000
Entity Address, Country	CN
Contact Personnel Name	Min Luo, Chairman and Chief Executive Officer
Country Region	86
City Area Code	592
Local Phone Number	5911580
Contact Personnel Email Address	ir@qudian.com
Class A ordinary shares
Document Entity Information
Title of 12(b) Security	Class A Ordinary Shares
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	137,109,719
Class B ordinary shares
Document Entity Information
Entity Common Stock, Shares Outstanding	63,491,172
American Depositary Shares
Document Entity Information
Title of 12(b) Security	American Depositary Shares
Trading Symbol	QD
Security Exchange Name	NYSE

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair value measurements

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


	As of December 31, 2022
	Active market	Observable	Non-observable
	(Level 1)	input (Level 2)	input (Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	2,118,365,856	2,052,038,058	—	4,170,403,914
Long-term investments with readily determinable fair values	25,833,155	—	—	25,833,155
Liabilities:
Derivative instruments	—	163,128,402	—	163,128,402


	As of December 31, 2023
	Active market	Observable	Non-observable
	(Level 1)	input (Level 2)	input (Level 3)	Total
	RMB	RMB	RMB	RMB
Assets:
Short-term investments	612,857,046	30,036,494	—	642,893,540
Long-term investments without readily determinable fair value using NAV practical expedient¹	—	—	—	14,445,946
Liabilities:
Derivative instruments	—	312,870,238	—	312,870,238


	As of December 31, 2023
	Active market	Observable	Non-observable
	(Level 1)	input (Level 2)	input (Level 3)	Total
	US$	US$	US$	US$
Assets:
Short-term investments	86,319,110	4,230,551	—	90,549,661
Long-term investments without readily determinable fair value using NAV practical expedient¹	—	—	—	2,034,669
Liabilities:
Derivative instruments	—	44,066,851	—	44,066,851

Income Taxes - Schedule of Unrecognized Tax Benefits (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Income taxes
Balance at beginning of the year	¥ 0		¥ 2,588,962
Additions	34,580,410	$ 4,870,549
Decreases	(34,580,410)	(4,870,549)	(2,588,962)
Balance at end of the year	¥ 0	$ 0	¥ 0

Cost of other revenues - Summary of Cost of Other Revenues (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cost of other revenues
Delivery cost	¥ 131,685,885	$ 18,547,569
Other costs	711,777	100,252	¥ 56,202,270	¥ 220,193,581
Total	¥ 132,397,662	$ 18,647,821	¥ 56,202,270	¥ 220,193,581

Leases - Future minimum rental payments for operating leases (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Leases
1 year (Including 1 year)	¥ 33,802,951	$ 4,761,045	¥ 7,217,720
1 year to 2 years (Including 2 years)	23,258,088	3,275,833	418,138
2 years to 3 years (Including 3 years)	14,737,167	2,075,687	33,840
3 years to 4 years (Including 4 years)	4,802,888	676,473	1,151
4 years to 5 years (Including 5 years)	3,982,687	560,950
Over 5 years	934,146	131,572	0
Total lease payments	81,517,927	11,481,560	7,670,849
Less: imputed interest	11,820,823	1,664,928	933,684
Present value of lease liabilities	¥ 69,697,104	$ 9,816,632	¥ 6,737,165

Short-term and Long-term borrowings (Details) - Term and revolving facility agreement ¥ in Thousands, $ in Thousands	1 Months Ended
	Nov. 30, 2019 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
Short and Long-term borrowings
Line of credit, maximum capacity	¥ 1,200,000
Debt instrument term	8 years
Carrying amount of collateral		¥ 95,650	$ 13,870
Loan Prime Rate
Short and Long-term borrowings
Spread on variable rate	0.295%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69C
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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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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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1F
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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Related party balances and transactions (Tables)

12 Months Ended

Dec. 31, 2023

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

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accrued expenses and other current liabilities
Accrued payroll	¥ 1,077,834	$ 151,810	¥ 1,030,216
Tax payables	4,553,304	641,319	47,276,768
Payable to suppliers	109,331,440	15,399,011	52,627,693
Payable to external service providers	26,282,851	3,701,862	55,247,794
Payable to funding partner	79,295,374	11,168,520	84,635,053
Business deposits	6,282,315	884,846	7,959,080
Others	73,012,827	10,283,642	46,898,371
Total	¥ 299,835,945	$ 42,231,010	¥ 295,674,975

Income Taxes - Summary of Reconciliation of Income Taxes Expenses (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Effective Income Tax Rate Reconciliation, Amount
Profit (loss) before income tax	¥ (101,474,055)	$ (14,292,322)	¥ 269,623,829	¥ (846,409,045)
PRC statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Income tax at statutory tax rate	¥ 25,368,514	$ 3,573,081	¥ (67,405,957)	¥ 211,602,261
Effect of different tax rates	(25,070,403)	(3,531,092)	12,944,788	(60,256,708)
Tax exempted income	(198,231)	(27,920)
Outside basis difference	(215,985,749)	(30,420,956)	(109,594,486)
Expenses not deductible for tax purposes	36,882,867	5,194,842	12,666,674	62,168,979
Adjustment on current income tax of the previous periods	(18,394,143)	(2,590,761)	(18,081,862)	8,525,032
Deferred only adjustment				26,769,243
Non-deductible guarantee liability:	93,833,446	13,216,164
Write-off of NOL and others due to liquidations:	252,778,471	35,603,103
Research and development super-deduction				(19,928,755)
Tax rate change				(105,024,051)
Withholding income tax	4,427,205	623,559
Changes in valuation allowance	(91,301,461)	(12,859,542)	261,898,970	136,626,066
Income tax expenses	¥ 62,340,516	$ 8,780,478	¥ 92,428,127	¥ 260,482,067

Organization - Schedule of Company's Subsidiaries, VIE and Subsidiaries of VIE (Details)	12 Months Ended
	Dec. 31, 2023
QD Data Limited ("Qudian HK")
Organization
Place of incorporation	Hong Kong (“HK”)
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
QD Technology Limited ("Qudian BVI")
Organization
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")
Organization
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")
Organization
Place of incorporation	HK
Percentage of legal ownership by the Company	0.00%
Principal activities	Employee benefits
Qufenqi (HK) Limited ("Qufenqi HK")
Organization
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service, sale of products
Fast Horse Inc.("Fast Horse Inc.", formerly known as Qu Plus Plus Inc)
Organization
Place of incorporation	Cayman Islands
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Xiamen Happy Time Technology Co., Ltd. ("Xiamen Happy Time")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	100.00%
Principal activities	Technology development and service
Fast Horse Expresss Limited ("Fast Horse BVI", formerly known as Qu Plus Plus limited
Organization
Place of incorporation	BVI
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
Fast Horse (HK) Limited. ("Fast Horse HK", formerly known as Qu Plus (HK) limited)
Organization
Place of incorporation	HK
Percentage of legal ownership by the Company	100.00%
Principal activities	Investment holding
F&H EXPRESS INC. ("F&H EXPRESS INC.")
Organization
Place of incorporation	USA
Percentage of legal ownership by the Company	100.00%
Principal activities	Delivery service
LAST MILE EXPRESS PTY LTD ("LAST MILE EXPRESS")
Organization
Place of incorporation	Australia
Percentage of legal ownership by the Company	100.00%
Principal activities	Delivery service
F&H EXPRESS PTY LTD ("F&H EXPRESS PTY")
Organization
Place of incorporation	Australia
Percentage of legal ownership by the Company	100.00%
Principal activities	Delivery service
Beijing Happy Time Technology Development Co., Ltd. ("Beijing Happy Time")
Organization
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")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	0.00%
Principal activities	Technology development service, sale of products and educational services

Earnings/(loss) per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings/(loss) per share

Schedule of computation of basic earnings per share


	For the years ended December 31,
	2021		2022		2023
	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/(loss) per share – basic:
Numerator:
Allocation of net income/(loss) attributable to Qudian Inc. for basic computation	441,499,980	147,574,098	(268,552,622)	(93,411,501)	27,698,446	3,901,245	11,435,093	1,610,599
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic	189.95	63.49	182.53	63.49	153.79	153.79	63.49	63.49
Denominator used for basic earnings per share	189.95	63.49	182.53	63.49	153.79	153.79	63.49	63.49
Earnings/(loss) per share – basic	2.32	2.32	(1.47)	(1.47)	0.18	0.03	0.18	0.03

Schedule of computation of diluted earnings per share


	For the years ended December 31,
	2021		2022		2023
	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/(loss) per share – diluted:
Numerator:
Interest charges applicable to the Convertible Senior Notes	12,171,824	3,810,636	—	—	—	—	—	—
Allocation of net income/(loss) attributable to Qudian Inc. for diluted computation	448,623,440	140,450,638	(268,552,622)	(93,411,501)	27,960,080	3,938,095	11,183,767	1,575,201
Reallocation of net income/(loss) attributable to Qudian Inc. as a result of conversion of Class B to Class A shares	144,261,274	—	(93,411,501)	—	11,183,767	1,575,201	—	—
Allocation of net income/(loss) attributable to Qudian Inc	605,056,538	144,261,274	(361,964,123)	(93,411,501)	39,143,847	5,513,296	11,183,767	1,575,201
Millions of Shares (denominator):
Weighted average number of ordinary share outstanding – basic	189.95	63.49	182.53	63.49	153.79	153.79	63.49	63.49
Conversion of Class B to Class A ordinary shares	63.49	—	63.49	—	63.49	63.49	—	—
Adjustments for dilutive share options	—	—	—	—	4.94	4.94	—	—
Conversion of the Convertible Senior Notes to Class A ordinary share	12.85	—	—	—	—	—	—	—
Denominator used for diluted earnings per share	266.29	63.49	246.02	63.49	222.22	222.22	63.49	63.49
Earnings/(loss) per share – diluted	2.27	2.27	(1.47)	(1.47)	0.18	0.03	0.18	0.03

Schedule of computation of basic and diluted earnings per share


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
	Class A	Class A	Class A	Class A
Earnings/(loss) per share – ADS:
Denominator used for earnings per ADS – basic	46.74	182.53	153.79	153.79
Denominator used for earnings per ADS – diluted	49.11	182.53	158.73	158.73
Earnings/(loss) per ADS – basic	2.32	(1.47)	0.18	0.03
Earnings/(loss) per ADS – diluted	2.27	(1.47)	0.18	0.03

Income Taxes - Additional Information (Details)	12 Months Ended
Income Taxes - Additional Information (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020	Dec. 31, 2023 USD ($)
Income Taxes
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Unrecognized tax benefits	¥ 0		¥ 0	¥ 2,588,962		$ 0
Operating loss carryforwards	3,142,000,000		3,024,000,000			443,000,000
Unrecognized tax benefits that would impact effective tax rate	0					0
Presented on a Net Basis Against the Deferred Tax Assets Related to Tax Loss Carry Forwards [Member]
Income Taxes
Unrecognized tax benefits	0		¥ 0			$ 0
Maximum
Income Taxes
Undistributed earnings from foreign subsidiaries	¥ 11,574,000,000	$ 1,630,000,000
PRC tax authority to conduct examinations, term	5 years	5 years
Domestic Tax Authority [Member] \| Maximum
Income Taxes
Operating loss carryforwards, Expiration year	2028	2028
Domestic Tax Authority [Member] \| Minimum
Income Taxes
Operating loss carryforwards, Expiration year	2024	2024
Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian") \| High and New Technology Enterprise
Income Taxes
Statutory income tax rate				15.00%	15.00%
Hong Kong
Income Taxes
Statutory income tax rate	16.50%	16.50%
PRC
Income Taxes
Statutory income tax rate	25.00%	25.00%
Withholding tax rate				10.00%	10.00%
AUSTRALIA
Income Taxes
Statutory income tax rate	30.00%	30.00%

Other current assets - Additional information (Details) - CNY (¥) ¥ in Thousands		12 Months Ended
	Aug. 15, 2023	Dec. 31, 2023	Dec. 31, 2022
Other current assets
Impairment charge for the inventory not expected to be sold		¥ 240	¥ 81,000
Percentage of capital to deposit to trust protection fund by consolidated trusts		1.00%
Receivables from individuals		¥ 76,000	85,000
Amount of allowance for receivables		¥ 30,000	¥ 7,000
Term of borrowings	2 years
Average effective interest rate on borrowings	6.80%
Minimum
Other current assets
Interest rates		0.00%
Maximum
Other current assets
Interest rates		5.50%

Expected credit loss/(reversal) for receivables and other assets (Tables)

12 Months Ended

Dec. 31, 2023

Expected credit loss/(reversal) for receivables and other assets

Schedule of provision for receivables and other assets


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Reversal for loan principal and financing service fee receivables	(195,177,565)	(209,396,631)	—	—
Reversal for finance lease receivables	(16,452,740)	(5,086,116)	(4,954,732)	(697,860)
Reversal for contract assets	(87,784)	(31,168)	—	—
Expected credit loss for accounts receivables	—	—	199,711	28,129
Expected credit loss/(reversal) for other current assets	59,901,259	(8,061,187)	29,314,107	4,128,806
Expected credit loss for other non-current assets	—	1,453,719	94,462	13,305
	(151,816,830)	(221,121,383)	24,653,548	3,472,380

Organization (Tables)

12 Months Ended

Dec. 31, 2023

Organization

Schedule of company's subsidiaries, VIE and subsidiaries of VIE


			Percentage of
			legal
			ownership by
		Place of	the
Entity	Date of incorporation	incorporation	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 Technology Co., Ltd. (“Xiamen Qudian”)	April 1, 2017	PRC	100	%	Technology development and service, sale of products
Fast Horse Inc.(“Fast Horse Inc.”, formerly known as Qu Plus Plus Inc)	June 28, 2018	Cayman Islands	100	%	Investment holding
Xiamen Happy Time Technology Co., Ltd. (“Xiamen Happy Time”)	September 5, 2018	PRC	100	%	Technology development and service
Fast Horse Expresss Limited (“Fast Horse BVI”, formerly known as Qu Plus Plus limited)	June 29, 2018	BVI	100	%	Investment holding
Fast Horse (HK) Limited. (“Fast Horse HK”, formerly known as Qu Plus (HK) limited)	May 12, 2020	HK	100	%	Investment holding
F&H EXPRESS INC. (“F&H EXPRESS INC.”)	September 29, 2022	USA	100	%	Delivery service
LAST MILE EXPRESS PTY LTD (“LAST MILE EXPRESS”)	October 17, 2022	Australia	100	%	Delivery service
F&H EXPRESS PTY LTD (“F&H EXPRESS PTY”)	December 9, 2022	Australia	100	%	Delivery service
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

Schedule of financial statements information of VIEs


	As of December 31,
	2022	2023
	RMB	RMB	US$
Amounts due from group companies	109,713,457	1,112,061,344	156,630,564
Other current assets	10,077,615,569	6,685,930,057	941,693,553
Total current assets	10,187,329,026	7,797,991,401	1,098,324,117
Total non-current assets	1,619,591,980	365,557,715	51,487,727
Total assets	11,806,921,006	8,163,549,116	1,149,811,844
Amounts due to group companies	96,930,129	344,028,011	48,455,332
Other current liabilities	569,593,872	130,226,166	18,341,972
Total current liabilities	666,524,001	474,254,177	66,797,304
Total non-current liabilities	118,782,810	39,083	5,505
Total liabilities	785,306,811	474,293,260	66,802,809


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Revenues	1,600,712,429	578,002,415	47,770,942	6,728,396
Net income/(loss)	868,473,261	(221,602,406)	(171,107,836)	(24,100,035)


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Net cash provided by/ (used in) operating activities	747,408,333	(329,949,497)	1,132,978,031	159,576,618
Net cash provided by/ (used in) investing activities	645,957,049	489,498,990	1,449,584,102	204,169,651
Net cash (used in)/provided by financing activities	(571,156,011)	575,109,678	(111,291,410)	(15,675,067)

- 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

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation

Summary of share option activity


				Weighted
				average
				remaining	Aggregated
		Weighted average	Weighted average	contractual	intrinsic
	Number of options	exercise price	grant date fair value	term	value
		RMB	RMB	Years	RMB
Balance, December 31, 2021	9,891,886	—	16.92	6.30	61,139,618
Exercised	(357,600)	—	5.66	—	2,037,155
Forfeited	(72,500)	—	28.76	—	—
Balance, December 31, 2022	9,461,786	—	17.26	5.31	61,990,313
Exercised	(274,925)	—	11.12	—	3,601,562
Forfeited	(12,500)	—	19.86	—	—
Balance, December 31, 2023	9,174,361	—	17.44	4.32	132,873,059
Vested and expected to vest as of December 31, 2023	9,142,477	—	33.09	4.32	132,411,282
Exercisable, December 31, 2023	9,009,079	—	33.35	4.29	130,479,266

Summary of allocated share-based compensation expense


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Sales and marketing	1,726,837	527,537	265,862	37,446
General and administrative	29,684,217	21,102,104	4,649,664	654,891
Research and development	3,933,566	2,424,119	20,256	2,853
	35,344,620	24,053,760	4,935,782	695,190

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets: (including amounts from the consolidated trusts of RMB 378,628,769, and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)
Cash and cash equivalents	¥ 7,207,343,478	$ 1,015,133,097	¥ 3,486,376,077
Restricted cash and cash equivalents	59,435,024	8,371,248	86,371,914
Short-term investments	642,893,540	90,549,661	4,170,403,914
Time and Structured deposits	1,554,120,849	218,893,343	1,207,901,521
Accounts receivables (net of allowance of RMB nil and RMB 205,489 (US$ 28,943) as of December 31, 2022 and 2023, respectively)	25,876,818	3,644,674	0
Short-term finance lease receivables (net of allowance of RMB 21,496 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively; including unearned revenue of RMB 11,866 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)			1,381,091
Other current assets (net of allowance of RMB 256,349,242 and RMB 116,860,992 (US$ 16,459,527) as of December 31, 2022 and 2023, respectively)	670,276,511	94,406,473	2,106,091,784
Total current assets	10,159,946,220	1,430,998,496	11,058,526,301
Non-current assets: (including amounts from the consolidated trusts of RMB nil and RMB nil (US$nil) as of December 31, 2022 and 2023, respectively)
Right-of-use assets	164,584,899	23,181,298	103,142,446
Investment in equity method investee	137,000,000	19,000,000	133,058,138
Long-term investments (including amounts measured at fair value of RMB 30,045,542 and RMB 14,445,946 (US$ 2,034,669) as of December 31, 2022 and 2023, respectively)	210,591,186	29,661,148	217,045,546
Property and equipment, net (net of allowance of RMB 3,612,025 and RMB 894,274 (US$ 125,956) as of December 31, 2022 and 2023, respectively)	1,308,337,725	184,275,514	773,886,342
Intangible assets	3,093,050	435,647	9,700,742
Other non-current assets (net of allowance of RMB 1,453,719 and RMB 1,548,480 (US$ 218,057) as of December 31, 2022 and 2023, respectively)	498,838,377	70,259,916	451,075,872
Total non-current assets	2,322,249,678	327,082,026	1,687,909,086
TOTAL ASSETS	12,482,195,898	1,758,080,522	12,746,435,387
Current liabilities:
Short-term borrowings and interest payables (including short-term borrowings and interest payables of the consolidated VIEs without recourse to the Company of RMB 29,062,344 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)			29,062,344
Short-term lease liabilities (including short-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB 6,226,324 and RMB 271,587 (US$ 38,252) as of December 31, 2022 and 2023, respectively)	29,937,993	4,216,678	6,311,201
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB 283,572,997 and RMB 48,612,158 (US$ 6,846,879) as of December 31, 2022 and 2023, respectively)	299,835,945	42,231,010	295,674,975
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB 87,603,805 and RMB 1,644,689 (US$ 231,650) as of December 31, 2022 and 2023, respectively)	111,841,639	15,752,565	90,753,024
Derivative instruments-liability (including derivative instruments-liability of the consolidated VIEs without recourse to the Company of RMB 163,128,402and RMB 79,697,733 (US$ 11,225,191) as of December 31, 2022 and 2023, respectively)	312,870,238	44,066,851	163,128,402
Total current liabilities	754,485,815	106,267,104	584,929,946
Non-current liabilities:
Long-term borrowings and interest payables (including long-term borrowings and interest payables of the consolidated VIEs without recourse to the Company of RMB 116,249,377 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)			116,249,377
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Company of RMB 2,107,470 and RMB nil (US$ nil) as of December 31, 2022 and 2023, respectively)			2,117,892
Long-term lease liabilities (including long-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB 425,964 and RMB 39,083 (US$ 5,505) as of December 31, 2022 and 2023, respectively)	39,759,111	5,599,954	425,964
Total non-current liabilities	39,759,111	5,599,954	118,793,233
Total liabilities	794,244,926	111,867,058	703,723,179
Commitments and contingencies
Equity:
Treasury shares	(899,627,520)	(126,709,886)	(486,954,953)
Additional paid-in capital	4,033,145,746	568,056,697	4,036,197,237
Accumulated other comprehensive loss	(24,130,903)	(3,398,767)	(45,960,186)
Retained earnings	8,578,387,761	1,208,240,647	8,539,254,222
Total Qudian Inc. shareholders' equity	11,687,950,972	1,646,213,464	12,042,712,208
Total equity	11,687,950,972	1,646,213,464	12,042,712,208
TOTAL LIABILITIES AND EQUITY	12,482,195,898	1,758,080,522	12,746,435,387
Class A Ordinary shares
Equity:
Ordinary shares	132,052	18,599	132,052
Class B Ordinary shares
Equity:
Ordinary shares	¥ 43,836	$ 6,174	¥ 43,836