Qudian (QD) 20-F28 Apr 232022 FY Annual report (foreign)Financial data

Company Profile

Cover

Cover	12 Months Ended
Cover	Dec. 31, 2022 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, 2022
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	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
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	2022
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	168,755,154
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets: (including amounts from the consolidated trusts of RMB 4,892,342,449, and RMB 378,628,769 (US$ 54,896,011) as of December 31, 2021 and 2022, respectively)
Cash and cash equivalents	¥ 3,486,376,077	$ 505,477,016	¥ 2,065,495,008
Restricted cash and cash equivalents	86,371,914	12,522,750	177,924,840
Short-term investments	5,378,305,435	779,780,989	5,926,600,761
Short-term loan principal and financing service fee receivables (net of allowance of RMB 267,039,108 and RMB nil (US$ nil) as of December 31, 2021 and 2022, respectively)	0		2,371,965,781
Short-term finance lease receivables (net of allowance of RMB 4,948,676 and RMB 21,496 (US$ 3,117) as of December 31, 2021 and 2022, respectively; including unearned revenue of RMB 1,215,118 and RMB 11,866 (US$ 1,720) as of December 31, 2021 and 2022, respectively)	1,381,091	200,239	31,462,237
Short-term contract assets (net of allowance of RMB 31,168 and RMB nil (US$ nil) as of December 31, 2021 and 2022, respectively)			27,964,852
Derivative instruments-asset			17,375,517
Other current assets (net of allowance of RMB 201,242,068 and RMB 256,349,242 (US$ 37,167,147) as of December 31, 2021 and 2022, respectively)	2,106,091,784	305,354,604	1,599,299,671
Total current assets	11,058,526,301	1,603,335,598	12,218,088,667
Non-current assets: (including amounts from the consolidated trusts of RMB nil and RMB nil (US$nil) as of December 31, 2021 and 2022, respectively)
Long-term finance lease receivables (net of allowance of RMB 193,812 and RMB nil (US$ nil) as of December 31, 2021 and 2022, respectively; including unearned revenue of RMB 71,896 and RMB nil (US$ nil) as of December 31, 2021 and 2022, respectively)			398,955
Right-of-use assets	103,142,446	14,954,249	300,607,320
Investment in equity method investee	133,058,138	19,000,000	85,581,620
Long-term investments (including amounts measured at fair value of RMB 234,425,472 and RMB 30,045,542 (US$ 4,356,194) as of December 31, 2021 and 2022, respectively)	217,045,546	31,468,646	286,065,467
Property and equipment, net (net of allowance of RMB 147,137,267 and RMB 3,612,025 (US$ 523,694) as of December 31, 2021 and 2022, respectively)	773,886,342	112,202,973	659,100,648
Intangible assets	9,700,742	1,406,475	11,011,807
Long-term contract assets (net of allowance of RMB 23,174 and RMB nil (US$nil) as of December 31, 2021 and 2022, respectively)			31,438
Deferred tax assets			87,285,917
Other non-current assets (net of allowance of RMB 2,982,978 and RMB 1,453,719 (US$ 210,769) as of December 31, 2021 and 2022, respectively)	451,075,872	65,399,854	442,953,334
Total non-current assets	1,687,909,086	244,723,814	1,873,036,506
TOTAL ASSETS	12,746,435,387	1,848,059,412	14,091,125,173
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 nil and RMB 29,062,344 (US$ 4,213,644) as of December 31, 2021 and 2022, respectively)	29,062,344	4,213,644
Short-term lease liabilities (including short-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB 37,083,335 and RMB 6,226,324 (US$ 902,732) as of December 31, 2021 and 2022, respectively)	6,311,201	915,038	37,470,431
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB 308,973,067 and RMB 283,572,997 (US$ 41,114,220) as of December 31, 2021 and 2022, respectively)	295,674,975	42,868,841	376,867,814
Guarantee liabilities and risk assurance liabilities (including amounts of guarantee liabilities of RMB 885,303 and RMB nil (US$ nil), risk assurance liabilities of RMB nil and RMB nil(US$nil) as of December 31, 2021 and 2022, respectively; including guarantee liabilities and risk assurance liabilities of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil(US$nil) as of December 31, 2021 and 2022, respectively)			885,303
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB 77,466,381 and RMB 87,603,805 (US$12,701,358) as of December 31, 2021 and 2022, respectively)	90,753,024	13,157,952	78,293,697
Derivative instruments-liability (including derivative instruments-liability of the consolidated VIEs without recourse to the Company of RMB nil and RMB 163,128,402 (US$ 23,651,395) as of December 31, 2021 and 2022, respectively)	163,128,402	23,651,395
Total current liabilities	584,929,946	84,806,870	493,517,245
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 145,311,721 and RMB 116,249,377 (US$ 16,854,575) as of December 31, 2021 and 2022, respectively)	116,249,377	16,854,575	145,311,721
Convertible senior notes			681,400,553
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Company of RMB 68,543,130 and RMB 2,107,470 (US$ 305,554) as of December 31, 2021 and 2022, respectively)	2,117,892	307,065	68,543,130
Long-term lease liabilities (including long-term lease liabilities of the consolidated VIEs without recourse to the Company of RMB 168,800,246 and RMB 425,964 (US$ 61,759) as of December 31, 2021 and 2022, respectively)	425,964	61,759	168,800,246
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to the Company of RMB 10,012,997 and RMB nil (US$ nil) as of December 31, 2021 and 2022, respectively)			10,012,997
Total non-current liabilities	118,793,233	17,223,399	1,074,068,647
Total liabilities	703,723,179	102,030,269	1,567,585,892
Commitments and contingencies
Equity:
Treasury shares	(486,954,953)	(70,601,832)	(346,320,584)
Additional paid-in capital	4,036,197,237	585,193,592	4,017,374,973
Accumulated other comprehensive loss	(45,960,186)	(6,663,601)	(58,997,174)
Retained earnings	8,539,254,222	1,238,075,483	8,904,453,278
Total Qudian Inc. shareholders' equity	12,042,712,208	1,746,029,143	12,516,686,381
Non-controlling interests			6,852,900
Total equity	12,042,712,208	1,746,029,143	12,523,539,281
TOTAL LIABILITIES AND EQUITY	12,746,435,387	1,848,059,412	14,091,125,173
Class A Ordinary shares
Equity:
Ordinary shares	132,052	19,146	132,052
Class B Ordinary shares
Equity:
Ordinary shares	¥ 43,836	$ 6,355	¥ 43,836

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares
Current assets	¥ 11,058,526,301	$ 1,603,335,598	¥ 12,218,088,667
Allowance for loan principal and financing service fee receivables, current	0	0	267,039,108
Allowance for finance lease receivable net current	21,496	3,117	4,948,676
Finance lease receivable unearned revenue current	11,866	1,720	1,215,118
Allowance for short term contract assets net current assets	0	0	31,168
Allowance for other current assets	256,349,242	37,167,147	201,242,068
Non-current assets	1,687,909,086	244,723,814	1,873,036,506
Allowance for finance lease receivable, non-current	0	0	193,812
Finance lease receivable unearned revenue non-current	0	0	71,896
Allowance of property and equipment, net	3,612,025	523,694	147,137,267
Allowance for long term contract assets net non-current assets	0	0	23,174
Allowance of other non-current assets	1,453,719	210,769	2,982,978
Short-term borrowings and interest payables (including short-term borrowings and interest payables	29,062,344	4,213,644
Short-term lease liabilities of the consolidated VIEs without recourse to the Company	6,311,201	915,038	37,470,431
Accrued expenses and other current liabilities of the consolidated VIE without recourse to the Company	295,674,975	42,868,841	376,867,814
Guarantee liabilities of the consolidated VIE without recourse to the Company	0	0	885,303
Risk assurance liabilities	0	0	0
Guarantee liabilities and risk assurance liabilities of the consolidated VIEs without recourse to the Company \| ¥			885,303
Income tax payable of the consolidated VIE without recourse to the Company	90,753,024	13,157,952	78,293,697
Derivative instruments	163,128,402	23,651,395
Long-term borrowings and interest payables of the consolidated VIEs without recourse to the Company	116,249,377	16,854,575	145,311,721
Deferred tax liabilities of the consolidated VIEs without recourse to the Company	2,117,892	307,065	68,543,130
Long-term lease liabilities of the consolidated VIEs without recourse to the Company	¥ 425,964	$ 61,759	168,800,246
Non-current liabilities \| ¥			¥ 10,012,997
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	168,755,154	168,755,154	190,243,651
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
SECO and Changba
Fair value of investments	¥ 30,045,542	$ 4,356,194	¥ 234,425,472
Variable Interest Entity
Current assets	10,187,329,026	1,477,023,868	11,767,368,363
Non-current assets	1,619,591,980	234,818,765	1,744,115,342
Short-term borrowings and interest payables (including short-term borrowings and interest payables	29,062,344	4,213,644	0
Short-term lease liabilities of the consolidated VIEs without recourse to the Company	6,226,324	902,732	37,083,335
Accrued expenses and other current liabilities of the consolidated VIE without recourse to the Company	283,572,997	41,114,220	308,973,067
Guarantee liabilities and risk assurance liabilities of the consolidated VIEs without recourse to the Company	0	0	0
Income tax payable of the consolidated VIE without recourse to the Company	87,603,805	12,701,358	77,466,381
Derivative instruments	163,128,402	23,651,395	0
Long-term borrowings and interest payables of the consolidated VIEs without recourse to the Company	116,249,377	16,854,575	145,311,721
Deferred tax liabilities of the consolidated VIEs without recourse to the Company	2,107,470	305,554	68,543,130
Long-term lease liabilities of the consolidated VIEs without recourse to the Company	425,964	61,759	168,800,246
Non-current liabilities	0	0	10,012,997
Consolidated trusts
Current assets	378,628,769	54,896,011	4,892,342,449
Non-current assets	¥ 0	$ 0	¥ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Revenues:
Financing income	¥ 308,716,991	$ 44,759,756	¥ 1,255,487,959	¥ 2,102,664,997
Guarantee income \| ¥			3,934,761	826,197,593
Loan facilitation income and other related income	18,809,073	2,727,059	39,531,049	131,633,096
Transaction services fee and other related income	113,790,389	16,498,056	151,693,310	(136,542,213)
Total revenues	577,493,364	83,728,668	1,654,042,540	3,687,973,887
Cost of revenues:
Cost of goods sold	(326,888,967)	(47,394,446)	(78,532,651)	(645,082,780)
Cost of other revenues	(56,202,270)	(8,148,563)	(220,193,581)	(217,271,212)
Total cost of revenues	(383,091,237)	(55,543,009)	(298,726,232)	(862,353,992)
Operating expenses:
Sales and marketing	(271,611,475)	(39,379,962)	(127,376,379)	(293,282,118)
General and administrative	(287,457,156)	(41,677,369)	(443,275,523)	(285,905,509)
Research and development	(58,275,392)	(8,449,138)	(141,263,820)	(170,690,876)
Changes in guarantee liabilities and risk assurance liabilities (including changes in guarantee liabilities amounts of RMB 22,265,996, RMB 53,009,582 and RMB 37,120,954 (US$ 5,382,032), change in risk assurance liabilities amounts of RMB (110,160,462), RMB 148,592,603 and RMB 66,870,069 (US$ 9,695,249) for the years ended December 31, 2020, 2021 and 2022, respectively).	103,991,023	15,077,281	201,602,185	87,894,466
Expected credit loss for receivables and other assets	(221,121,383)	(32,059,587)	(151,816,830)	1,621,362,182
Impairment loss from other assets	(268,926,952)	(38,990,743)	(156,394,433)	(20,000,000)
Total operating expenses	(561,158,569)	(81,360,344)	(514,891,140)	(2,303,346,219)
Other operating income	37,255,254	5,401,504	82,273,807	343,324,461
Income/(loss) from operations	(329,501,188)	(47,773,181)	922,698,975	865,598,137
Interest and investment income, net	112,816,211	16,356,814	129,455,869	708,250,666
(Loss)/gain from equity method investments	13,998,022	2,029,522	(221,798,009)	(370,038,652)
Gain/(loss) on derivative instruments	(70,420,481)	(10,210,010)	17,375,517
Foreign exchange (loss)/gain, net	250,234	36,281	(51,356)	(107,144)
Other income	19,832,854	2,875,493	5,213,254	26,357,832
Other expenses	(16,599,481)	(2,406,699)	(6,485,205)	(9,262,586)
Net income/(loss) before income taxes	(269,623,829)	(39,091,780)	846,409,045	1,220,798,253
Income tax expenses	(92,428,127)	(13,400,819)	(260,482,067)	(261,979,592)
Net income/(loss)	(362,051,956)	(52,492,599)	585,926,978	958,818,661
Less: net loss attributable to noncontrolling interests	(87,833)	(12,735)	(3,147,100)
Net income/(loss)	(361,964,123)	(52,479,864)	589,074,078	958,818,661
Other comprehensive income/(loss)
Foreign currency translation adjustment	13,036,988	1,890,186	(7,577,408)	(38,454,600)
Total comprehensive income/(loss)	(349,014,968)	(50,602,413)	578,349,570	920,364,061
Less: comprehensive loss attributable to noncontrolling interests	(87,833)	(12,735)	(3,147,100)
Total comprehensive income/(loss) attributable to Qudian Inc.'s shareholders	¥ (348,927,135)	$ (50,589,678)	¥ 581,496,670	¥ 920,364,061
Class A and Class B ordinary shares
Earnings/(loss) per share for Class A and Class B ordinary shares:
Basic \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.32	¥ 3.78
Diluted \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.27	¥ 3.59
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic	246,024,592	246,024,592	253,438,807	253,658,448
Diluted	246,024,592	246,024,592	266,292,869	274,333,161
American Depositary Shares
Earnings/(loss) per share for Class A and Class B ordinary shares:
Basic \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.32	¥ 3.78
Diluted \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.27	¥ 3.59
Sales commission fee
Revenues:
Revenues	¥ 115,042	$ 16,680	¥ 35,411,010	¥ 80,991,883
Penalty fee
Revenues:
Revenues	53,445,376	7,748,851	67,316,352	72,234,947
Sales income and others
Revenues:
Revenues	¥ 82,616,493	$ 11,978,266	¥ 100,668,099	¥ 610,793,584

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME /(LOSS) (Parenthetical)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Changes in guarantee liabilities	¥ 37,120,954	$ 5,382,032	¥ 53,009,582	¥ 22,265,996
Changes in risk assurance liabilities	¥ 66,870,069	$ 9,695,249	¥ 148,592,603	¥ (110,160,462)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY		Class A and B Ordinary shares CNY (¥) shares	Treasury shares CNY (¥)	Additional paid-in capital CNY (¥)	Accumulated other comprehensive loss/foreign currency translation adjustment CNY (¥)	Retained earnings/(accumulated deficit) CNY (¥)	Total Qudian Inc. shareholders' equity CNY (¥)	Non-controlling interests CNY (¥)	CNY (¥)	USD ($)
Beginning balance at Dec. 31, 2019		¥ 175,474	¥ (362,130,324)	¥ 3,967,733,108	¥ (12,965,166)	¥ 8,331,238,537	¥ 11,924,051,629		¥ 11,924,051,629
Beginning balance (in shares) at Dec. 31, 2019 \| shares		253,730,026
Adjustments due to the adoption of ASC 326						(974,677,998)	(974,677,998)		(974,677,998)
Issuance of shares by the Company's subsidiary	[1]							¥ 10,000,000	10,000,000
Repurchase of ordinary shares			(15,528,092)				(15,528,092)		(15,528,092)
Repurchase of ordinary shares (in shares) \| shares		(1,495,291)
Vesting of share options held by Share Based Payment Trust		¥ 389		(389)
Vesting of share options held by Share Based Payment Trust (in shares) \| shares		562,500
Exercise of share options		¥ 25	6,107,285	(6,106,879)			431		431
Exercise of share options (in shares) \| shares		207,963
Share-based compensation				45,633,820			45,633,820		45,633,820
Other comprehensive loss					(38,454,600)		(38,454,600)		(38,454,600)
Net income/(loss)						958,818,661	958,818,661		958,818,661
Ending 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
Ending balance (in shares) at Dec. 31, 2020 \| shares		253,005,198
Exercise of share options			25,230,547	(25,229,307)			1,240		1,240
Exercise of share options (in shares) \| shares		729,625
Share-based compensation				35,344,620			35,344,620		35,344,620
Other comprehensive loss					(7,577,408)		(7,577,408)		(7,577,408)
Net income/(loss)						589,074,078	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)				(145,866,006)		(145,866,006)
Repurchase of ordinary shares (in shares) \| shares		(21,696,097)
Exercise of share options			5,231,637	(5,231,496)			141		141
Exercise of share options (in shares) \| shares		207,600
Share-based compensation				24,053,760			24,053,760		24,053,760
Other comprehensive loss					13,036,988		13,036,988		13,036,988	$ 1,890,186
Net income/(loss)						(361,964,123)	(361,964,123)	(87,833)	(362,051,956)	(52,492,599)
Changes in subsidiaries' ownership						(3,234,933)	(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		¥ 12,042,712,208	$ 1,746,029,143
Ending balance (in shares) at Dec. 31, 2022 \| shares		232,246,326

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ (362,051,956)	$ (52,492,599)	¥ 585,926,978	¥ 958,818,661
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Expected credit loss for receivables and other assets	(221,121,383)	(32,059,587)	(151,816,830)	1,621,362,182
Impairment loss from other assets	268,926,952	38,990,743	156,394,433	20,000,000
Depreciation and amortization	7,946,648	1,152,156	21,619,246	10,424,113
Amortization of right-of-use assets	56,380,582	8,174,416	77,855,551	33,525,924
Loss on disposal of property and equipment	8,227,046	1,192,810	256,289
Gain on lease contract termination	(55,108,922)	(7,990,043)
Accrued interest of convertible senior notes	1,732,915	251,249	15,982,460	27,107,232
Income from the repurchase of convertible senior notes	(10,028,456)	(1,453,989)	(12,046,522)	(622,109,001)
Share-based compensation expense	24,053,760	3,487,467	35,344,620	45,633,820
Share of loss in subsidiaries	(13,998,022)	(2,029,522)	221,798,009	370,038,652
Unrealized investment (income)/losses of short-term investments	41,288,248	5,986,233	(17,213,203)	(45,478,742)
Unrealized investment losses of long-term Investments	58,356,978	8,460,966	24,635,329
Unrealized investment (income)/losses of derivative instruments	180,503,919	26,170,608	(17,375,517)
Foreign exchange loss/(gain), net	(250,234)	(36,281)	51,356	107,144
Changes in operating assets and liabilities:
Financing service fee receivables	44,040,204	6,385,229	31,940,278	77,321,929
Contract assets	27,996,290	4,059,080	133,132,960	2,899,485,965
Deferred tax assets and liabilities	20,860,679	3,024,514	125,293,714	132,655,274
Other current and non-current assets	254,556,401	36,907,210	(402,938,535)	438,899,289
Interest payables				(10,843,333)
Guarantee liabilities	(885,303)	(128,357)	(10,812,329)	(251,768,288)
Risk assurance liabilities			(168,294,292)	(2,328,042,357)
Operating lease liabilities	(29,219,868)	(4,236,483)	(77,467,656)	(26,406,203)
Other current and non-current liabilities	(41,335,021)	(5,993,014)	349,798,672	(879,020,326)
Net cash provided by operating activities	260,871,457	37,822,806	922,065,011	2,471,711,935
Cash flows from investing activities:
Proceeds from redemption of short-term investments	16,062,252,248	2,328,807,668	18,799,896,906	11,815,240,269
Proceeds from redemption of long-term investments				50,985,560
Proceeds from collection of loan principal	6,492,787,117	941,365,644	16,368,229,503	20,724,809,596
Principal collection of finance lease receivables	36,115,570	5,236,265	189,717,720	273,855,570
Proceeds from disposal of long-term assets	7,895,615	1,144,757	149,084
Purchases of short-term investments	(15,538,749,194)	(2,252,906,860)	(19,796,721,359)	(16,802,875,965)
Purchases of property and equipment, intangible assets and land lease right of use asset	(273,627,149)	(39,672,207)	(478,432,280)	(221,786,498)
Purchases of long-term investments	(4,161,298)	(603,331)	(63,185,197)	(76,403,621)
Purchases of equity method investment	(32,150,000)	(4,661,312)		(738,758,741)
Payments to originate loan principal	(3,955,464,909)	(573,488,504)	(14,636,496,696)	(18,294,941,866)
Deposit pledged as collateral or prepayment for derivative instruments	(880,068,744)	(127,597,974)	(629,737,680)
Payments of film investment as passive investor	(30,000,000)	(4,349,591)
Net cash provided by/(used in) investing activities	1,884,829,256	273,274,555	(246,579,999)	(3,269,875,696)
Cash flows from financing activities:
Proceeds from deposits to funding				235,245,240
Proceeds from borrowings			42,896,264	102,415,457
Proceeds from issuance of shares of subsidiary				10,000,000
Proceeds from exercise of share options	141	20	1,240	431
Repayment of borrowings				(1,038,727,000)
Repurchase of ordinary shares	(145,866,006)	(21,148,583)		(15,528,092)
Repurchase of convertible senior notes	(689,124,926)	(99,913,723)	(119,367,198)	(859,219,671)
Payments for interest of convertible senior notes			(7,722,291)	(25,457,967)
Net cash used in financing activities	(834,990,791)	(121,062,286)	(84,191,985)	(1,591,271,602)
Effect of exchange rate changes	18,618,221	2,699,388	(20,835,203)	(56,189,971)
Net increase/(decrease) in cash and cash equivalents, and restricted cash and cash equivalents	1,329,328,143	192,734,463	570,457,824	(2,445,625,334)
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	2,243,419,848	325,265,303	1,672,962,024	4,118,587,358
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	3,572,747,991	517,999,766	2,243,419,848	1,672,962,024
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheet
Cash and cash equivalents	3,486,376,077	505,477,016	2,065,495,008	1,537,557,823
Restricted cash and cash equivalents	86,371,914	12,522,750	177,924,840	135,404,201
Total cash and cash equivalents, and restricted cash and cash equivalents	3,572,747,991		2,243,419,848	1,672,962,024
Supplemental disclosures of cash flow information:
Income taxes paid	59,108,121	8,569,872	137,550,241	638,407,957
Interest expense paid	¥ 1,707,057	$ 247,500	¥ 7,722,291	¥ 26,083,616

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2022
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, 2022, 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 Qu Plus Plus Inc. (“Qu Plus Plus”) 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 Qu Plus Plus Limited (“Qu Plus Plus BVI”) June 29, 2018 BVI 100 % Investment holding Qu Plus (HK) Limited (“Qu Plus HK”) May 12, 2020 HK 100 % Investment holding Xiamen Youxiang Time Technology Service Co., Ltd. (“Xiamen Youxiang Time”) August 3, 2018 PRC 100 % Technology development and service, research and development 1. Organization - continued Percentage of legal ownership by Place of the Entity Date of incorporation incorporation Company Principal activities VIEs Beijing Happy Time Technology Development Co., Ltd. (“Beijing Happy Time”) April 9, 2014 PRC Nil Technology development and service, sale of products Ganzhou Qudian Technology Co., Ltd. (“Ganzhou Qudian”) November 25, 2016 PRC Nil Technology development service, sale of products and educational services Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”) April 1, 2017 PRC Nil Technology development and service, sale of products The Company, through Qufenqi Ganzhou and Xiamen Youxiang Time (collectively the “WFOEs”) entered into power of attorney and an exclusive call option agreement with the nominee shareholders of the VIEs that gave the WFOEs the power to direct the activities that most significantly affect the economic performance of the VIEs and acquire the equity interests in the VIEs when permitted by the PRC laws, respectively. Certain exclusive agreements have been entered into with the VIEs through the WFOEs, which obligate the WFOEs to absorb a majority of the risk of loss from the VIEs’ activities and entitle the WFOEs to receive a majority of their residual returns. In addition, the Company has entered into share pledge agreements for the equity interests in the VIEs held by the nominee shareholders of the VIEs. The Company agreed to provide unlimited financial support to the VIEs for their operations. In addition, pursuant to the resolutions of all shareholders of the Company and the resolutions of the board of directors of the Company (the “Resolutions”), the board of directors of the Company (the “Board of Directors”) or any officer authorized by the Board of Directors (the “Authorized Officer”) shall cause the WFOEs to exercise the rights under the power of attorney entered into among the WFOEs, the VIEs and the nominee shareholders of the VIEs and the WFOEs’ rights under the exclusive call option agreement between the WFOEs and the VIEs. As a result of the Resolutions and the provision of unlimited financial support from the Company to the VIEs, the Company has been determined to be most closely associated with the VIEs within the group of related parties and was considered to be the Primary Beneficiary. Despite the lack of 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 WFOEs, each nominee shareholder irrevocably appointed WFOEs as its attorney-in-fact to exercise on each shareholder’s behalf any and all rights that each shareholder has in respect of its equity interest in the VIEs (including but not limited to executing the exclusive right to purchase agreements, the voting rights and the right to appoint directors and executive officers of the VIEs). The agreements are effective and irrevocable as long as the nominee shareholder remains a shareholder of the VIEs. (2) Exclusive Call Option Agreements: Pursuant to the exclusive call option agreements entered into between the VIEs’ nominee shareholders and WFOEs, the nominee shareholders irrevocably granted WFOEs a call option to request the nominee shareholders to transfer or sell any part or all of its equity interests in the VIEs, or any or all of the assets of the VIEs, to WFOEs, or their designees. The purchase price of the equity interests in the VIEs shall be equal to the minimum price required by PRC law. As for the assets of the VIEs, the purchase price should be equal to the book value of the assets or the minimum price as permitted by applicable PRC law, whichever is higher. Without WFOEs’ prior written consent, the VIEs and their nominee shareholders shall not amend their articles of association, increase or decrease the registered capital, sell or otherwise dispose of their assets or beneficial interests, create or allow any encumbrance on their assets or other beneficial interests and provide any loans or guarantees, etc. The nominee shareholders cannot request any dividends or other form of assets. If dividends or other form of assets were distributed, the nominee shareholders shall transfer all received distribution to WFOEs or their designees. The agreements are not terminated until all of the equity interests of the VIEs have been transferred to WFOEs or the person(s) designated by WFOEs. None of the nominee shareholders have the right to terminate or revoke the agreements under any circumstance unless otherwise regulated by law. (3) Exclusive Business Cooperation Agreements: Pursuant to the exclusive business cooperation agreements entered into by WFOEs and the VIEs and their subsidiaries, WFOEs provides exclusive technical support and consulting services in return for fees based on 100% of the VIEs’ profit before tax, which is adjustable at the sole discretion of WFOEs. Without WFOEs’ consent, the VIEs and their subsidiaries cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from WFOEs. In addition, the profitable consolidated VIEs and their subsidiaries have granted WFOEs an exclusive right to purchase any or all of the business or assets of each of the profitable consolidated VIEs and their subsidiaries at the lowest price permitted under PRC law. The agreements are irrevocable or can only be unilaterally revoked/amended by WFOEs. 1. Organization - continued The following is a summary of the VIE Agreements: - continued (4) Equity Pledge Agreements: Pursuant to the equity interest pledge agreements, each nominee shareholder of the VIEs has pledged all of its respective equity interests in the VIEs to WFOEs as continuing first priority security interest to guarantee the performance of their and the VIEs’ obligations under the power of attorney agreements, the exclusive call option agreements and the exclusive business cooperation agreements. WFOEs is entitled to all dividends during the effective period of the share pledge except as it agrees otherwise in writing. If the VIEs or any of the nominee shareholder breaches its contractual obligations, WFOEs will be entitled to certain rights regarding the pledged equity interests, including receiving proceeds from the auction or sale of all or part of the pledged equity interests of the VIEs in accordance with PRC law. None of the nominee shareholders shall, without the prior written consent of WFOEs, assign or transfer to any third party, distribute dividends and create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIEs. The agreements are not terminated until all of the technical support and consulting and service fees have been fully paid under the exclusive business cooperation agreements and all of VIEs’ obligations have been terminated under the other controlling agreements. In addition, the Company entered into following agreements: (1) Financial support undertaking letters Pursuant to the financial support undertaking letters, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIEs, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. The Company will not request repayment of the loans or borrowings if the VIEs or their shareholders do not have sufficient funds or are unable to repay. (2) Resolutions of all shareholders and resolution of the board of directors of Qudian Inc. The shareholders and the Board of Directors resolved that the Board of Directors or any officer authorized by the Board of Directors shall cause WFOEs to exercise its rights under the power of attorney agreements and the exclusive call option agreements when the Board of Directors or the Authorized Officer determines that such exercise is in the best interests of the Company and WFOEs to do so. In the opinion of the Company’s legal counsel, (i) the ownership structure of the PRC subsidiaries and the VIEs, both currently does not violate applicable PRC laws and regulations; (ii) each of the VIE Agreements is valid, binding and enforceable in accordance with its terms and applicable PRC laws or regulations and will not violate applicable PRC laws or regulations and (iii) the financial support letters issued by the Company to the VIEs, does not violate the PRC laws and regulations However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found in violation of existing and/or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual arrangements. Furthermore, the nominee shareholders of the VIEs may have interests that are different than those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the contractual agreements with the VIEs. 1. Organization - 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 WFOEs. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIEs during the periods presented. The 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 income/(loss) are as follows: As of December 31, 2021 2022 RMB RMB US$ Short-term loan principal and financing service fee receivables 2,339,575,202 — — Amounts due from group companies 1,980,008,928 109,713,457 15,906,956 Other current assets 7,447,784,233 10,077,615,569 1,461,116,912 Total current assets 11,767,368,363 10,187,329,026 1,477,023,868 Total non-current assets 1,744,115,342 1,619,591,980 234,818,765 Total assets 13,511,483,705 11,806,921,006 1,711,842,633 Amounts due to group companies 915,529,107 96,930,129 14,053,548 Other current liabilities 423,522,783 569,593,872 82,583,349 Total current liabilities 1,339,051,890 666,524,001 96,636,897 Total non-current liabilities 592,668,094 118,782,810 17,221,888 Total liabilities 1,931,719,984 785,306,811 113,858,785 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, 2020 2021 2022 RMB RMB RMB US$ Revenues 3,549,458,230 1,600,712,429 578,002,415 83,802,474 Net income/(loss) 562,471,865 868,473,261 (221,602,406) (32,129,326) 1. Organization - 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, 2020 2021 2022 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 2,250,346,449 747,408,333 (329,949,497) (47,838,180) Net cash provided by/(used in) investing activities (2,252,529,599) 645,957,049 489,498,990 70,970,682 Net cash provided by/(used in) financing activities (1,429,389,722) (571,156,011) 575,109,678 83,383,065 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 11,580 million and RMB 11,022 million (US$ 1,598 million) as of December 31, 2021 and 2022. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and the subsidiaries of the VIEs. 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, valuation allowance for deferred tax assets, uncertain tax positions, estimate of risk assurance liabilities, fair value of guarantee liabilities and fair value of investments. Actual results could differ from these estimates, and as such, differences may be material to the consolidated financial statements. Revenue recognition The Company generates revenues primarily by providing borrowers with merchandise and cash installment credit services, credit facilitation services, transaction services, automobile financing services, e-commerce and ready-to-cook meal sales, and educational services. Under ASC 606, revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services, net of value-added tax. The Company determines revenue recognition through the following steps: ● Identify the contract(s) with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. 2. Summary of Significant Accounting Policies – continued Revenue recognition - continued 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 Guarantees Transfers and servicing of financial assets, respectively The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price 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 (32,908,294), RMB 37,028,082 and RMB 18,316,858 (US$ 2,655,695) for the years ended December 31, 2020, 2021 and 2022, respectively. The post-origination services fee recognized was RMB 164,541,390, RMB 2,502,967 and RMB 492,215 (US$ 71,364) for the years ended December 31, 2020, 2021 and 2022, respectively. 2. Summary of Significant Accounting Policies – continued Revenue recognition - continued Sales income The Company recognizes revenue from product sales through its platform of e-commerce and ready-to-cook meal business. 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 and 2022, estimated product returns were not material. Educational services The Company provides non-academic, junior art and sports educational services, and recognizes tuition revenues beginning in 2021. 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 and 2022, estimated tuition fee revenue was not material. 2. Summary of Significant Accounting Policies – continued Revenue recognition - continued 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 (168,120,830), RMB 131,475,605 and RMB 110,912,689 (US$ 16,080,828) for the years ended December 31, 2020, 2021 and 2022, respectively. The post-origination services fee recognized was RMB 31,578,617, RMB 20,217,705 and RMB 2,877,700 (US$417,227) for the years ended December 31, 2020, 2021 and 2022, 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 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. 2. Summary of Significant Accounting Policies - continued Revenue recognition – continued Penalty fee The Company charges borrowers and lessees penalty fee for late installment payments. The penalty fee is calculated based on the number of overdue days of unpaid outstanding balance of loan principals and lease receivables at the applicable late payment rate. The penalty fee is recognized on a cash basis, which coincides with the penalty fee being probable not to be reversed. Cost of goods sold Cost of goods sold primarily consists of the purchase price of products, packaging material and 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, and (ii) logistics expenses charged by third party couriers. 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. 2. Summary of Significant Accounting Policies - continued Leases – continued Operating leases - continued The Company records a lease liability and corresponding operating lease right-of-use (“ROU”) asset at lease commencement. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. The Company’s lease agreements include lease payments that are largely fixed, 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 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 2. Summary of Significant Accounting Policies - continued Foreign currency translation and transactions - continued Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at the rates of exchange prevailing at the balance sheet dates. Transaction gains and losses are recognized in the consolidated statements of comprehensive income/(loss) during the period or year in which they occur. Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. Restricted cash and cash equivalents Restricted cash 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 All highly liquid investments with original maturities of greater than three months but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. Short-term investments include wealth management products with the intention to sell in the near term which are classified as trading securities and measured at fair value. The realized investment income and changes in fair value are recognized in interest and investment income in the consolidated statements of comprehensive income/(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). As of December 31, 2021 and 2022, the amounts of wealth management products are RMB 5,408 million and RMB 5,159 million (US$ 748 million), respectively. In 2021 and 2022, the Company also holds marketable equity securities (level 1) in listed companies and measures them at fair value. The amount of marketable equity securities in listed companies is RMB 406 million and RMB 219 million (US$ 32 million) as of December 31, 2021 and 2022, respectively. Short-term investments also include negotiable certificates of deposit. The Company purchased negotiable certificates of deposit in 2021 for the purpose of generating trading revenue. The negotiable certificate of deposit was measured at fair value on a recurring basis using quoted prices in active markets (level 1). As of December 31, 2021, the amount of negotiable certificate of deposit is RMB 112 million. The Company sold all of the negotiable certificates of deposit in 2022. 2. Summary of Significant Accounting Policies - continued Derivative instruments In 2021 and 2022, the Company entered into total return swap contracts with CITIC Securities Company Limited (“CITIC”) and China International Capital Corporation Limited (“CICC”) respectively, for the purpose of generating return from Chinese public companies’ ADSs in the US stock markets. In exchange, the Company paid CITIC and CICC a periodic interest based on LIBOR plus 2.8% or SOFR plus 2.0% or fixed rate published by CICC. The Company net settles all total return swap contracts with CITIC and CICC. The total notional amount of the outstanding contracts was RMB 619,332,499 and RMB 834,038,316 (US$ 120,924,189) as of December 31, 2021 and 2022, 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 may expose the Company to credit risk to the extent that the counterparty may be unable to meet the terms of the arrangement. The Company mitigates this credit risk by transacting with counterparty with high credit ratings. The Company pledged cash collateral of RMB 619,332,499 and RMB 834,038,316 (US$ 120,924,189) to CITIC and CICC for its total return swap contracts as of December 31, 2021 and 2022, respectively. The Company also prepays RMB 10,405,181 and RMB 676,742,849 (US$ 98,118,490) as collateral prepaid to securities companies for new contracts to be entered into in the future as of December 31, 2021 and 2022 respectively. Guarantee deposits The Company is required to guarantee the recoverability of the loan principal and interest for loans originated by the Company that are transferred to certain Funding Partners. As a result, the Company may provide a cash deposit to the respective Funding Partners. The cash deposits are released only after the loan principal and interest are settled. Guarantee deposits represent cash that cannot be withdrawn without the permission of the Funding Partners. These guarantee deposits qualify as compensating balance arrangements under SEC Regulation S-X Rule 5-02 and are classified as other current assets in the consolidated balance sheets. The balance is immaterial as of December 31,2022. Loan principal and financing service fee receivables Loan principal and financing service fee receivables represent payments due from borrowers that utilize the Company’s credit services. Loan principal and financing service fee receivables are recorded at amortized cost, net of allowance for loan principal and financing service fee receivables. Deferred origination costs are netted against revenue and amortized over the financing term using the effective interest method. 2. Summary of Significant Accounting Policies - continued Allowance for loan principal and financing service fee receivables The Company considers the loans to be homogenous as they are all unsecured consumer loans of similar principal amounts. The profiles of the borrowers are also similar i.e. age, credit histories and employment status. The allowance for loan principal and financing service fee receivables losses is calculated based on historical loss experience with the entire loan portfolio, using a roll rate-based model. The roll rate-based model stratifies the loan principal and financing service fee receivables by delinquency stages (i.e., current, 1-30 days past due, and 31-60 days past due, etc.) and projected forward in one-month increments using historical roll rates. In each month of the simulation, losses on the loan principal and financing service fee receivables types are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a monthly rolling basis. The loss rate calculated for each delinquency stage is then applied to the respective loan principal and service fees receivables balance. The Company applies a consistent credit risk management framework to the entire portfolio of loans in accordance with Accounting Standards Update (“ASU”) No. 2016-13, Financial instruments – Credit Losses Measurement of Credit Losses on Financial Instruments For all the years presented, loan principal and financing service fee receivables are charged off when a settlement is reached for an amount that is less than the outstanding balance or when the Company determined the balance to be uncollectable. In general, the Company considers loan principal and financing service fee receivables meeting any of the following conditions as uncollectable and charged-off: (i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) loans that are 180 days past due. Nonaccrual loan principal The Company does not accrue financing service fee on loan principals that are considered impaired or are more than 90 days past due. A corresponding allowance is determined under ASC 326. After an impaired financing service fee receivable is placed on nonaccrual status, financing service fee will be recognized when cash is received on a cash basis cost recovery method by applying first to reduce principal and then to financing income thereafter. Financing service fee accrued but not received is generally reversed against financing income. Financing service fee receivables may be returned to accrual status after all of the borrower’s delinquent balances of loan principal and financing service fee have been settled and the borrower remains current for an appropriate period. Finance lease receivables Finance lease receivables are carried at amortized cost comprising original financing lease and direct costs, net of unearned income and allowance for finance lease receivables. 2. Summary of Significant Accounting Policies - continued 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 (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. Contract assets as of December 31,2021 and 2022 were RMB 27,996,290 and RMB nil (US$ nil) respectively, net of allowance of RMB 31,168 and RMB nil (US$ nil), respectively. Account receivables were RMB 204,791,835 and RMB nil (US$ nil) as of December 31,2021 and 2022 respectively, net of allowance of RMB 45,217,416 and RMB 8,208,679 (US$ 1,190,146), respectively, which are repayments the borrowers made directly to the Funding Partners and remitted to the Company on a periodic basis. The remaining unsatisfied performance obligations as of December 31,2021 and 2022, pertaining to post-origination services amounted to RMB 1,751,348 and RMB nil (US$ nil), respectively. 2. Summary of Significant Accounting Policies - continued 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 w

Short-term investments

Short-term investments	12 Months Ended
Short-term investments	Dec. 31, 2022
Short-term investments
Short-term investments	3. Short-term investments The following table presents short-term investments classification as of December 31, 2021 and 2022. As of December 31, 2021 2022 RMB RMB US$ Debt securities: Wealth management products issued by banks or trust companies 5,408,132,272 5,159,098,986 747,999,041 Negotiable certificates of deposit 112,173,645 — — Equity securities: Marketable equity securities 406,294,844 219,206,449 31,781,948 5,926,600,761 5,378,305,435 779,780,989

Loan principal and financing se

Loan principal and financing service fee receivables	12 Months Ended
Loan principal and financing service fee receivables	Dec. 31, 2022
Loan principal and financing service fee receivables
Loan principal and financing service fee receivables	4. Loan principal and financing service fee receivables 4.1 Loan principal and financing service fee receivables consist of the following: As of December 31, 2021 2022 RMB RMB US$ Short-term loan principal and financing service fee receivables: Loan principal and financing service fee receivables 2,639,004,889 — — Less: allowance for loan principal and financing service fee receivables (267,039,108) — — Short-term loan principal and financing service fee receivables, net 2,371,965,781 — — 4. Loan principal and financing service fee receivables – continued 4.2 The following table presents nonaccrual loan principal as of December 31, 2021 and 2022. As of December 31, 2021 2022 RMB RMB US$ Nonaccrual loan principal 91,016,662 — — Less: allowance for nonaccrual loan principal (89,311,940) — — Nonaccrual loan principal, net 1,704,722 — — 4.3 The following table presents the aging of past-due loan principal and financing service fee receivables as of December 31, 2021: 1-30 days 31-60 days 61-90 days 91-120 days 121-150 days 151-180 days Total past due Current Total RMB RMB RMB RMB RMB RMB RMB RMB RMB Domestic consumer loans (uncollateralized) – Loan principal 43,284,767 32,715,863 28,694,398 27,904,847 29,486,766 33,625,049 195,711,690 2,399,252,995 2,594,964,685 – Financing service fee receivables 650,524 821,076 926,548 — — — 2,398,148 41,642,056 44,040,204 43,935,291 33,536,939 29,620,946 27,904,847 29,486,766 33,625,049 198,109,838 2,440,895,051 2,639,004,889 As of December 31, 2021, all loans which are past due 90 days or more are nonaccrual. As of December 31, 2022, loan principal and financing service fee receivables were RMB nil. 4.4 Movements of allowance for loan principal and financing service fee receivables are as follows: As of December 31, 2021 2022 Financing Financing service fee service fee Loan principal receivables Total Loan principal receivables Total RMB RMB RMB RMB RMB RMB US$ Balance at the beginning of the year 837,075,499 12,159,437 849,234,936 263,685,104 3,354,004 267,039,108 38,717,031 Additions/ (reverse) (186,372,132) (8,805,433) (195,177,565) (206,042,627) (3,354,004) (209,396,631) (30,359,658) Charge-offs (387,018,263) — (387,018,263) (57,642,477) — (57,642,477) (8,357,373) Balance at the end of the year 263,685,104 3,354,004 267,039,108 — — — — Evaluated for impairment on a portfolio basis 263,685,104 3,354,004 267,039,108 — — — —

Finance lease receivables

Finance lease receivables	12 Months Ended
Finance lease receivables	Dec. 31, 2022
Finance lease receivables
Finance lease receivables	5. Finance lease receivables 5.1 Finance lease receivables consist of the following: As of December 31, 2021 2022 RMB RMB US$ Gross investment in finance lease receivables 38,290,695 1,414,453 205,076 Less: unearned income (1,287,015) (11,866) (1,720) Net investment in finance lease receivables 37,003,680 1,402,587 203,356 Less: allowance for finance lease receivables (5,142,488) (21,496) (3,117) Finance lease receivables, net 31,861,192 1,381,091 200,239 5.2 The following table presents nonaccrual finance lease receivables as of December 31, 2021 and 2022. As of December 31, 2021 2022 RMB RMB US$ Nonaccrual finance lease receivables 567,406 15,143 2,196 Less: allowance for nonaccrual financial lease receivables (114,169) (3,110) (451) Nonaccrual finance lease receivables, net 453,237 12,033 1,745 5.3 The following table presents the aging of 1-30 31-60 61-90 90-120 120-150 150-180 Total past days days days days days days due Current Total RMB RMB RMB RMB RMB RMB RMB RMB RMB Finance lease receivables 2,155,618 169,237 317,440 97,182 242,872 227,352 3,209,701 33,793,979 37,003,680 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 days days days days days due Current Total Total RMB RMB RMB RMB RMB RMB RMB RMB RMB US$ Finance lease receivables 78,279 29,943 9,352 — 3,920 11,223 132,717 1,269,870 1,402,587 203,356 As of December 31, 2021 and 2022, all finance lease receivables which are past due 90 days or more are nonaccrual. 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, 2021 Finance lease receivables 37,626,031 664,664 — — 38,290,695 Less than 1 year 1 – 2 years 2 – 3 years 3 – 4 years Total RMB RMB RMB RMB RMB As of December 31, 2022 Finance lease receivables 1,414,453 — — — 1,414,453 5. Finance lease receivables - continued Less than 1 year 1 – 2 years 2 – 3 years 3 – 4 years Total US$ US$ US$ US$ US$ As of December 31, 2022 Finance lease receivables 205,076 — — — 205,076 5.5 Movements of allowance for finance lease receivables for the years ended December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 RMB RMB US$ Balance at the beginning of the year 24,549,329 5,142,488 745,591 Reverse (16,452,740) (5,086,116) (737,418) Charge-offs (2,954,101) (34,876) (5,056) Balance at the end of the year 5,142,488 21,496 3,117 Evaluated for impairment on a portfolio basis 5,142,488 21,496 3,117

Other current assets

Other current assets	12 Months Ended
Other current assets	Dec. 31, 2022
Other current assets
Other current assets	6. Other current assets Other current assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ Prepaid expenses 36,116,886 15,108,499 2,190,526 Inventory 6.1 15,212,282 116,711,168 16,921,529 Deposits in trust protection fund 6.2 82,872,000 13,501,146 1,957,482 Guarantee deposits held by Funding Partners 63,977,048 1,690,507 245,100 Receivables from third party payment service providers 6.3 456,492,520 3,415,532 495,206 Receivables from Funding Partners and other service providers 270,647,297 34,738,492 5,036,608 Other account receivables 34,157,040 23,837,329 3,456,088 Receivable from broker for derivative collateral 6.4 619,332,499 834,038,316 120,924,189 Deposit prepayment 6.4 10,405,181 676,742,849 98,118,490 Receivables from trust companies 6.5 — 293,543,842 42,559,857 Others 6.6 211,328,986 349,113,346 50,616,676 Total 1,800,541,739 2,362,441,026 342,521,751 Less: Allowance for other current assets (201,242,068) (256,349,242) (37,167,147) 1,599,299,671 2,106,091,784 305,354,604 6.1 The Company’s inventory mainly consists of products and packing materials to be sold in ready-to-cook meal business. In 2022, the Company had purchased a large number of ingredients to support the development of the ready-to-cook meal business. Due to poor market response, this business had been wound down and the Company had recognized an impairment charge of RMB 74 million for the year ended December 31, 2022 for the inventory not expected to be sold. 6. Other current assets - continued 6.2 According to the relevant PRC regulations, the consolidated trusts are required to deposit 1 % of the trusts’ capital to the trust protection fund, which will be released when the trusts are liquidated. 6.3 The Company has accounts with third-party payment service providers mainly to grant and collect loans. The balance of receivables from third-party payment service providers is unrestricted as to withdrawal and use and readily available to the Company on demand. 6.4 Receivable 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 the collateral prepaid to securities companies for new contracts to be entered into in the future. 6.5 Receivables from trust companies are the funds to be distributed back by the trust companies due to the liquidation of the trust plans. 6.6 Others include borrowings to third-party individuals of RMB 92 million as of December 31, 2022. Maturity dates of these borrowings range from February 2, 2023 to December 1, 2023, and the interest rates range from 4.00% to 5.50%. The borrowings are partially secured by certain financial and real estate assets. Other receivables as referred to in the “Fair value measurements of financial instruments” accounting policy consist of deposits in trust protection fund, guarantee deposits held by Funding Partners, receivables from third party payment service providers, accounts receivables and others. Allowance for other current assets consists of the following: As of December 31, 2021 2022 RMB RMB US$ Balance at the beginning of the year 160,745,160 201,242,068 29,177,357 Additions 59,901,259 72,112,392 10,455,314 Charge-offs (19,404,351) (17,005,218) (2,465,524) Balance at the end of the year 201,242,068 256,349,242 37,167,147

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2022
Leases
Leases	7. Leases Sales-type leases Sales-type lease income recognized consists of the following: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Financing income 45,993,173 5,502,703 337,355 48,912 7. Lease - continued Operating lease arrangements The Company leases certain office premises, educational service activity centers and regional processing centers under non-cancelable leases, and an operating lease arrangement with the local government of Xiamen for land. Lease costs under operating leases for the years ended December 31, 2020, 2021 and 2022 were RMB 33,525,924, RMB 80,884,049 and RMB 56,019,089 (US$ 8,122,004), respectively. Future minimum lease payments under non-cancelable operating lease agreements consist of the following as of December 31, 2021 and 2022: As of December 31, 2021 2022 RMB RMB US$ 1 year (Including 1 year) 40,321,257 7,217,720 1,046,471 1 year to 2 years (Including 2 years) 28,953,101 418,138 60,624 2 years to 3 years (Including 3 years) 27,307,080 33,840 4,906 3 years to 4 years (Including 4 years) 26,593,652 1,151 167 4 years to 5 years (Including 5 years) 22,452,011 — — Over 5 years 108,101,711 — — Total lease payments 253,728,812 7,670,849 1,112,168 Less: imputed interest 47,458,135 933,684 135,371 Present value of lease liabilities 206,270,677 6,737,165 976,797 The Company’s operating lease commitments have no renewal options, rent escalation clauses and restriction or contingent rents as of December 31, 2020, 2021 and 2022. The weighted average discount rate as of December 31,2021 and 2022 is 4.01%, and 3.08%, respectively. The weighted average remaining lease term as of December 31, 2021 and 2022 is 103 months and 11 months, respectively. Lease payments of over 5 years were reduced from RMB 108,101,711 to RMB nil as of December 31, 2022 due to the early termination of lease contracts for educational services. Supplemental lease cash flow disclosures For the years ended December 31, 2021 2022 RMB RMB US$ Cash payments for operating leases 72,086,693 49,405,583 7,163,136 Operating ROU assets released in exchange for operating lease liabilities 352,298,094 543,534,687 78,805,122 Operating ROU assets obtained in exchange for new operating lease liabilities 522,578,298 375,303,436 54,413,883

Investment in equity method inv

Investment in equity method investee	12 Months Ended
Investment in equity method investee	Dec. 31, 2022
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 56 million and RMB 88 million as of December 31, 2021 and 2022. The carrying amounts of all investments in equity method investee were RMB 86 million and RMB 133 million (US$ 19 million) as of December 31, 2021 and 2022, 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 366,344,810 and RMB 251,634,432 were recorded in the consolidated statement of comprehensive income/(loss) for the year ended December 31, 2020 and for the period from January 1, 2021 to December 28, 2021, respectively.

Long-term Investments

Long-term Investments	12 Months Ended
Long-term Investments	Dec. 31, 2022
Long-term investments
Long-term investments	9. Long-term investments The balance of long-term investments was RMB 286 million and RMB 217 million (US$ 31 million) as of December 31, 2021 and 2022, respectively. There were no observable price changes for all equity investments in 2022 except for SECO. Impairment charges recognized on equity investment without readily determinable fair value were RMB nil, RMB 219 million, RMB 27 million (US$ 4 million) for the years ended December 31, 2020, 2021 and 2022, 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. 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 (US$4 million) for the year ended December 31, 2022. The Company ceases equity method accounting for SECO and accounted for it as a long-term investment measured at fair value through profit or loss upon transfer of investment category in 2021. Changes in fair value of RMB 12 million (US$ 2 million) were recorded in the consolidated statement of comprehensive income/(loss) for the period from December 28 to December 31, 2021. The fair value of SECO was RMB 62 million and RMB 26 million (US$ 4 million) as of December 31, 2021 and 2022 based on the last quoted share price, respectively.

Property and equipment, net

Property and equipment, net	12 Months Ended
Property and equipment, net	Dec. 31, 2022
Property and equipment, net
Property and equipment, net	10. Property and equipment, net As of December 31, 2021 2022 RMB RMB US$ Construction in progress 660,788,221 767,221,882 111,236,717 Leasehold improvements 169,217,493 28,943,095 4,196,354 Office and electronic equipment 9,856,959 9,965,437 1,444,853 Motor vehicles 10,204,623 10,572,823 1,532,915 Property and equipment, gross 850,067,296 816,703,237 118,410,839 Less accumulated depreciation 43,829,381 39,204,870 5,684,172 Less allowance 147,137,267 3,612,025 523,694 Property and equipment, net 659,100,648 773,886,342 112,202,973 Depreciation expense, for the years ended December 31, 2020, 2021 and 2022, was RMB 9 million, RMB 18 million and RMB 6 million (US$ 1 million), respectively. For the years ended December 31, 2020, 2021 and 2022, the interest cost incurred and capitalized was RMB 3 million, RMB 7 million and RMB 7 million (US$ 1 million), respectively. For the years ended December 31, 2021 and 2022, the Company had respectively recorded a charge of RMB 42,544,996 and RMB 158,713,927 of leasehold improvements, and RMB 104,592,271 and RMB nil of construction in progress 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. Thus the Company has written off RMB 201,258,922 of leasehold improvements and RMB 104,592,271 of 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 equipment in 2022. As of December 31, 2021 and 2022, the carrying amounts of the disposed property and equipment were RMB 405,376 and RMB 9,611,937 (US$ 1,393,600), respectively. the loss from disposal of property and equipment was RMB 256,289 and RMB 8,227,046 (US$1,192,810) for the years ended December 31, 2021 and 2022, respectively.

Short-term and Long-term borrow

Short-term and Long-term borrowings	12 Months Ended
Short-term and Long-term borrowings	Dec. 31, 2022
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 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”). The Company is required to comply with certain financial covenants, which had been met as of December, 31, 2022. As of December 31, 2021 and 2022, the aggregate amounts of unused lines of credit for such long-term loan were RMB 1,055 and RMB 1,055 million (US$ 153 million), respectively. 11.1 Short-term borrowings The following table presents short-term borrowings from banks mentioned above as of December 31, 2021 and 2022: As of December 31, Floating annual rate (%) Term* 2021 2022 RMB RMB US$ Banks LPR 4 to 10 months — 29,062,344 4,213,644 * All short-term borrowings are current portion of borrowings greater than 1 year. The weighted average interest rate for the outstanding borrowings was approximately 4.75% as of December 31, 2022. 11.2 Long-term borrowings The following table presents long-term borrowings from banks mentioned above as of December 31,2021 and 2022: As of December 31, Floating annual rate (%) Term 2021 2022 RMB RMB US$ Banks LPR 16 to 58 months 145,311,721 116,249,377 16,854,575 The weighted average interest rate for the outstanding borrowings was approximately 4.95% and 4.75% as of December 31, 2021 and 2022, respectively. The following table sets forth the contractual obligations which has not included the impact of discount of time value as of December 31, 2021 and 2022: Less than 1 year 1 – 2 years 2 – 3 years 3 – 4 years 4 – 5 years Greater than 5 years Total RMB RMB RMB RMB RMB RMB RMB As of December 31, 2021 Long-term borrowings and interest payables (RMB) 7,185,665 35,588,502 34,186,806 32,733,923 31,296,790 29,859,658 170,851,344 As of December 31, 2022 Long-term borrowings and interest payables (RMB) 6,262,209 33,979,547 32,585,427 31,206,419 29,827,410 — 133,861,012 Long-term borrowings and interest payables (US$) 907,935 4,926,571 4,724,443 4,524,505 4,324,568 — 19,408,022

Accrued expenses and other curr

Accrued expenses and other current liabilities	12 Months Ended
Accrued expenses and other current liabilities	Dec. 31, 2022
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, 2021 2022 RMB RMB US$ Accrued payroll 16,843,567 1,030,216 149,369 Tax payables 155,211,471 47,276,768 6,854,487 Payable to suppliers 32,100,134 52,627,693 7,630,298 Payable to external service providers 77,657,212 55,247,794 8,010,177 Payable to funding partner 22,694,769 84,635,053 12,270,929 Business deposits 8,828,980 7,959,080 1,153,958 Others 63,531,681 46,898,371 6,799,623 376,867,814 295,674,975 42,868,841

Guarantee liabilities and risk

Guarantee liabilities and risk assurance liabilities	12 Months Ended
Guarantee liabilities and risk assurance liabilities	Dec. 31, 2022
Guarantee liabilities and risk assurance liabilities
Guarantee liabilities and risk assurance liabilities	13. Guarantee liabilities and risk assurance liabilities 13.1 Guarantee liabilities The movements of guarantee liabilities are as follows: As of December 31, 2021 2022 RMB RMB US$ Balance at beginning of the year 11,697,633 885,303 128,357 Fair value of guarantee liabilities upon the inception of new loans 5,604,145 — — Collections 36,593,107 36,235,652 5,253,675 Change in fair value of guarantee liabilities (53,009,582) (37,120,955) (5,382,032) Balance at end of the year 885,303 — — As of December 31, 2021 and 2022, the maximum potential undiscounted future payment the Company would be required to make was RMB 37 million and RMB nil (US$ nil), respectively. 13. Guarantee liabilities and risk assurance liabilities - continued 13.2 Risk assurance liabilities The movements of risk assurance liabilities are as follows: As of December 31, 2021 2022 Contingent Non-contingent Total Contingent Non-contingent Total RMB RMB RMB RMB RMB RMB US$ Balance at the beginning of the year 15,766,928 3,934,761 19,701,689 — — — — Recognized as guarantee income — (3,934,761) (3,934,761) — — — — Collections 132,825,675 — 132,825,675 66,870,069 — 66,870,069 9,695,249 Change in fair value of risk assurance liabilities (148,592,603) — (148,592,603) (66,870,069) — (66,870,069) (9,695,249) Balance at end of the year — — — — — — — As of December 31, 2021 and 2022, the maximum potential undiscounted future payment that the Company would be required to make was RMB nil. The risk assurance liability has expired as of December 31, 2021.

Convertible senior notes

Convertible senior notes	12 Months Ended
Convertible senior notes	Dec. 31, 2022
Convertible senior notes
Convertible senior notes	14. Convertible senior notes On July 1, 2019, the Company issued US$300 million convertible senior notes (the “Notes”) to several initial purchasers and an additional US$45 million principal amount of the Notes pursuant to the initial purchaser’s option to purchase additional Notes. The Notes are senior, unsecured obligations of the Company, and interest is payable semi-annually in cash at a rate of 1.00% per annum on July 1 and January 1 of each year, beginning on January 1, 2020. The Notes will mature on July 1, 2026 unless repurchased, converted, or redeemed earlier prior to such date. The net proceeds from the issuance of the Notes were US$334 million (equivalent to RMB 2,290 million at the exchange rates in July 1, 2019), after deducting underwriting discounts and offering expenses of US$11 million (equivalent to RMB 73 million at the exchange rates on July 1, 2019) from the initial proceeds of US$345 million. The underwriting discounts and offering expenses are amortized at an effective interest rate of 2.07% to accrete the discounted carrying value of the Notes to their face value on July 1, 2022, the repurchase date of the Notes. In 2021 and 2022, the Company repurchased Notes with a principal amount of RMB 133 million and RMB 701 million (US$102 million), with an amortized cost of RMB 131 million and RMB 699 million (US$101 million), for a total cash consideration of RMB 119 million and RMB 689 million (US$100 million), respectively. As a result, the Company recognized a net gain of RMB 12 million and RMB 10 million (US$1 million) from the repurchase that is recorded as interest and investment income, net in the consolidated statements of comprehensive income/(loss). The Company has repurchased all the Notes on July 1, 2022. As of December 31, 2021 and 2022, the gross carrying amount of the Notes was RMB 685 million and RMB nil (US$ nil), net against unamortized debt discount and offering expenses were RMB 4 million and RMB nil (US$ nil), respectively. The net carrying amount of the liability was RMB 681 million and RMB nil (US$ nil), respectively.

Cost of other revenues

Cost of other revenues	12 Months Ended
Cost of other revenues	Dec. 31, 2022
Cost of other revenues
Cost of other revenues	15. Cost of other revenues Cost of other revenues consists of the following: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Interest expenses of borrowings 15,240,283 — — — Other costs* 202,030,929 220,193,581 56,202,270 8,148,563 217,271,212 220,193,581 56,202,270 8,148,563 * Other costs include commission expenses, salaries and cost of educational services.

Expected credit loss_(reversal)

Expected credit loss/(reversal) for receivables and other assets	12 Months Ended
	Dec. 31, 2022
Expected credit loss/(reversal) for receivables and other assets
Expected credit loss/(reversal) for receivables and other assets	16. 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, 2020 2021 2022 RMB RMB RMB US$ Expected credit loss/(reversal) for loan principal and financing service fee receivables 1,434,446,417 (195,177,565) (209,396,631) (30,359,658) Reversal for finance lease receivables (29,287,359) (16,452,740) (5,086,116) (737,418) Reversal for contract assets (3,089,153) (87,784) (31,168) (4,519) Expected credit loss/(reversal) for other current assets 219,292,278 59,901,259 (8,061,187) (1,168,762) Expected credit loss for other non-current assets — — 1,453,719 210,770 1,621,362,182 (151,816,830) (221,121,383) (32,059,587)

Interest and investment income,

Interest and investment income, net	12 Months Ended
Interest and investment income, net	Dec. 31, 2022
Interest and investment income, net
Interest and investment income, net	17.1 Interest and investment income, net Interest and investment income, net consists of the following: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Unrealized investment income/(loss) of short-term investments 45,478,742 17,213,203 (41,288,248) (5,986,233) Realized investment income of short-term investments 35,892,481 113,179,422 159,629,366 23,144,083 Unrealized investment loss of long-term investments — (24,635,329) (58,356,978) (8,460,966) Realized investment income/(loss) of long-term investments 4,472,410 — (8,550,287) (1,239,675) Interest income 27,405,264 27,634,511 54,793,874 7,944,365 Income from the repurchase of convertible senior notes 622,109,001 12,046,522 10,028,456 1,453,989 Interest expense of convertible senior notes (27,107,232) (15,982,460) (3,439,972) (498,749) 708,250,666 129,455,869 112,816,211 16,356,814 17.2 Gain/(loss) on derivative instruments For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Unrealized investment income/(loss) of derivative instruments — 17,375,517 (180,503,919) (26,170,608) Realized investment income of derivative instruments — — 110,083,438 15,960,598 — 17,375,517 (70,420,481) (10,210,010)

Income taxes

Income taxes	12 Months Ended
Income taxes	Dec. 31, 2022
Income taxes
Income taxes	18. Income taxes Cayman Islands Under the current laws of the Cayman Islands, the Company, Qu Plus Plus and WLM Kids are not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands Under the current laws of the BVI, Qudian BVI, Qu Plus Plus BVI and WLM Kids BVI are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no British Virgin Islands withholding tax will be imposed. Hong Kong Qudian HK, Qufenqi HK, Qu Plus HK, Qu Plus Plus (HK) Limited, WLM Kids HK, 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. 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 entities eligible for preferential tax rates. Xiamen Qudian Technology Co., Ltd. was qualified as High and New Technology Enterprise and was subject to a preferential statutory tax rate of 15% for three years 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. 18. 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, 2020 2021 2022 RMB RMB RMB US$ Current income tax expenses 129,397,492 135,188,353 71,567,448 10,376,305 Deferred income tax expenses 132,582,100 125,293,714 20,860,679 3,024,514 Total income tax expenses 261,979,592 260,482,067 92,428,127 13,400,819 The principal components of the deferred tax assets and liabilities are as follows: As of December 31, 2021 2022 RMB RMB US$ Non-current deferred tax assets Allowance for loan principal and financing service fee receivables 391,551,056 18,465,206 2,677,203 Allowance for finance lease receivable 10,216,523 8,944,994 1,296,902 Allowance for other current assets 66,008,093 53,566,319 7,766,386 Impairment loss from long-lived assets 39,083,895 22,131,541 3,208,773 Guarantee liabilities 186,637,271 100,082,625 14,510,617 Risk assurance liabilities 56,287,963 — — Share-based compensation 33,776,437 35,798,102 5,190,237 Fair value change on investments 2,691,614 67,969,700 9,854,680 Fair value change on financial assets 8,201,268 34,319,462 4,975,854 Lease liabilities 51,560,367 1,675,482 242,922 Advertising cost 1,787,054 35,811,815 5,192,225 Uncollected revenue — 4,501,793 652,699 Outside basis difference — 44,907,609 6,510,991 Net operating loss carry forwards 272,561,783 746,950,201 108,297,599 Less: valuation allowance (838,371,909) (1,100,270,879) (159,524,282) Total non-current deferred tax assets net of valuation allowance 281,991,415 74,853,970 10,852,806 Net non-current deferred tax assets 87,285,917 — — Non-current deferred tax liabilities Right-of-use assets (52,117,255) (1,864,922) (270,388) Fair value change on financial assets (3,629,878) (63,732,300) (9,240,315) Unallocated revenue (207,501,495) (11,374,640) (1,649,168) Total non-current deferred tax liabilities (263,248,628) (76,971,862) (11,159,871) Net non-current deferred tax liabilities (68,543,130) (2,117,892) (307,065) 18. 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, 2021 and 2022. 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, 2021 and 2022, the Company had net operation loss of RMB 1,098,237,738 and RMB 3,024,134,001 (US$ 438,458,215), respectively, from its PRC and Hong Kong subsidiaries, which can be carried forward to offset future taxable income. The PRC subsidiaries’ net operating losses will expire from years 2023 to 2027 if not utilized. Net operating losses from Hong Kong 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/(loss) before income taxes and the actual provision for income taxes is as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Profit/(loss) before income tax 1,220,798,253 846,409,045 (269,623,829) (39,091,780) PRC statutory income tax rate 25 % 25 % 25 % 25 % Income tax at statutory tax rate 305,199,563 211,602,261 (67,405,957) (9,772,945) Effect of different tax rates (272,361,568) (60,256,708) 12,944,788 1,876,818 Tax exempted income (350,121) — — — Outside basis difference — — (109,594,486) (15,889,707) Expenses not deductible for tax purposes 73,694,299 62,168,979 12,666,674 1,836,495 Adjustment on current income tax of the previous periods 24,502,181 8,525,032 (18,081,862) (2,621,623) Deferred only adjustment — 26,769,243 — — Research and development super-deduction (20,606,639) (19,928,755) — — Tax rate change (157,679,128) (105,024,051) — — Changes in valuation allowance 309,581,005 136,626,066 261,898,970 37,971,781 Income tax expenses 261,979,592 260,482,067 92,428,127 13,400,819 As of December 31, 2022, the Company intends to permanently reinvest the undistributed earnings from foreign subsidiaries to fund future operations. As of December 31, 2022, the total amount of undistributed earnings from its PRC subsidiaries as well as VIEs is RMB 12,481 million (US$ 1,810 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. 18. Income taxes - continued Unrecognized Tax Benefit As of December 31, 2021 and 2022, the Company recorded an unrecognized tax benefit of RMB 2,588,962 and RMB nil (US$ nil) respectively, of which RMB 2,588,962 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, 2022, 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, 2021 2022 RMB RMB US$ Balance at beginning of the year — 2,588,962 375,364 Additions 2,588,962 — — Decreases — (2,588,962) (375,364) Balance at end of the year 2,588,962 — — As of December 31, 2021 and 2022, 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, 2022, the tax years ended December 31, 2017 through the period ended as of December 31, 2022 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, 2016 through period ended December 31, 2022 remain open to examination by tax authorities.

Earnings_(loss) per share

Earnings/(loss) per share	12 Months Ended
Earnings/(loss) per share	Dec. 31, 2022
Earnings/(loss) per share
Earnings/(loss) per share	19. Earnings/(loss) per share The following table sets forth the computation of basic earnings/(loss) per share for the years ended December 31, 2020, 2021 and 2022: For the years ended December 31, 2020 2021 2022 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 718,824,602 239,994,059 441,499,980 147,574,098 (268,552,622) (38,936,470) (93,411,501) (13,543,395) Millions of Shares (denominator): Weighted average number of ordinary share outstanding – basic 190.17 63.49 189.95 63.49 182.53 182.53 63.49 63.49 Denominator used for basic earnings per share 190.17 63.49 189.95 63.49 182.53 182.53 63.49 63.49 Earnings/(loss) per share – basic 3.78 3.78 2.32 2.32 (1.47) (0.21) (1.47) (0.21) 19. Earnings/(Loss) per share - continued The following table sets forth the computation of diluted earnings/(loss) per share for the years ended December 31, 2020, 2021 and 2022: For the years ended December 31, 2020 2021 2022 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 20,833,583 6,273,649 12,171,824 3,810,636 — — — — Allocation of net income/(loss) attributable to Qudian Inc. for diluted computation 736,911,399 221,907,262 448,623,440 140,450,638 (268,552,622) (38,936,470) (93,411,501) (13,543,395) Reallocation of net income/(loss) attributable to Qudian Inc. as a result of conversion of Class B to Class A shares 228,180,911 — 144,261,274 — (93,411,501) (13,543,395) — — Allocation of net income/(loss) attributable to Qudian Inc 985,925,893 228,180,911 605,056,538 144,261,274 (361,964,123) (52,479,865) (93,411,501) (13,543,395) Millions of Shares (denominator): Weighted average number of ordinary share outstanding – basic 190.17 63.49 189.95 63.49 182.53 182.53 63.49 63.49 Conversion of Class B to Class A ordinary shares 63.49 — 63.49 — 63.49 63.49 — — Conversion of the Convertible Senior Notes to Class A ordinary share 20.67 — 12.85 — — — — — Denominator used for diluted earnings per share 274.33 63.49 266.29 63.49 246.02 246.02 63.49 63.49 Earnings/(loss) per share – diluted 3.59 3.59 2.27 2.27 (1.47) (0.21) (1.47) (0.21) The following table sets forth the computation of basic and diluted earnings per ADS for the years ended December 31, 2020, 2021 and 2022: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Class A Class A Class A Class A Earnings/(loss) per share – ADS: Denominator used for earnings per ADS – basic 181.84 46.74 182.53 182.53 Denominator used for earnings per ADS – diluted 196.67 49.11 182.53 182.53 Earnings/(loss) per ADS – basic 3.78 2.32 (1.47) (0.21) Earnings/(loss) per ADS – diluted 3.59 2.27 (1.47) (0.21)

Fair value measurements

Fair value measurements	12 Months Ended
Fair value measurements	Dec. 31, 2022
Fair value measurements
Fair value measurements	20. 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, 2021 and 2022, the Company measured long-term investments at fair value on a nonrecurring basis using valuation methodology under the market approach. In 2021, 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 2.5 times to 3.8 times, and the discount for lack of marketability which was estimated ranging from 30% to 33%. The fair value of the long-term investment was RMB 172 million (US$ 27 million) as of December 31, 2021. In 2022, 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 at 30%. The fair value of the long-term investments 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. 20. 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, derivative instruments, convertible senior notes and guarantee liabilities 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). As the Company’s guarantee liabilities are not traded in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of guarantee liabilities. Guarantee liabilities are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. The Company did not transfer any assets or liabilities in or out of level 3 during the years ended December 31, 2021 and 2022. The Company carries the convertible senior notes at face value less unamortized debt discount and issuance costs on its consolidated balance sheets and presents the fair value for disclosure purposes only. The fair value of the convertible senior notes is classified as Level 2 fair value measurements based on dealer quotes. For further information on the convertible senior notes, see Note 14. 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, 2021 and 2022: As of December 31, 2021 Active market Observable Non-observable (Level 1) input (Level 2) input (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments 2,412,379,263 3,514,221,498 — 5,926,600,761 Long-term investments with readily determinable fair values 62,425,472 — — 62,425,472 Derivative instruments — 17,375,517 — 17,375,517 Liabilities: Guarantee liabilities — — 885,303 885,303 Convertible senior notes — 611,000,109 — 611,000,109 As of December 31, 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 3,259,939,579 — 5,378,305,435 Long-term investments with readily determinable fair values 25,833,155 — — 25,833,155 Liabilities: Derivative instruments — 163,128,402 — 163,128,402 20. Fair value measurements – continued Assets and liabilities measured at fair value on a recurring basis - continued As of December 31, 2022 Active market Observable Non-observable (Level 1) input (Level 2) input (Level 3) Total US$ US$ US$ US$ Assets: Short-term investments 307,134,179 472,646,810 — 779,780,989 Long-term investments with readily determinable fair values 3,745,455 — — 3,745,455 Liabilities: Derivative instruments — 23,651,395 — 23,651,395 As of December 31, 2021, the discounted cash flow methodology is used to estimate the fair value of guarantee liabilities. The significant unobservable inputs used in the fair value measurement of guarantee liabilities include the discount rate and expected delinquency rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of guarantee liabilities; conversely a decrease in the discount rate can significantly increase the fair value of the guarantee liabilities. The discount rate is determined based on the market rates. Increase in the expected delinquency rates can significantly increase the fair value of guarantee liabilities; conversely a decrease in the expected delinquency rates can significantly decrease the fair value of guarantee liabilities. Significant Unobservable Inputs Range of Inputs Weighted - Average As of December 31, Financial Liabilities Unobservable Input 2021 2022 Guarantee liabilities Discount rates 6.04% Not applicable Expected delinquency rates 18.77% - 19.70% Not applicable Refer to Note 13.1 for additional information about Level 3 guarantee liabilities measured at fair value on a recurring basis for the years ended December 31, 2021 and 2022.

Related party balances and tran

Related party balances and transactions	12 Months Ended
Related party balances and transactions	Dec. 31, 2022
Related party balances and transactions
Related party balances and transactions	21. 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 2020, 2021 and 2022.

Share-based compensation

Share-based compensation	12 Months Ended
Share-based compensation	Dec. 31, 2022
Share-based compensation
Share-based compensation	22. 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 45,633,820, RMB 35,344,620 and RMB 24,053,760 (US$ 3,487,467) for the years ended December 31, 2020, 2021 and 2022, respectively. A summary of share option activities under the 2016 Plan for the years ended December 31, 2021 and 2022 is as follows: Weighted average remaining Aggregated Weighted average Weighted average contractual intrinsic Number of options exercise price grant date fair value term Years value RMB RMB RMB Balance, December 31, 2019 12,055,912 — 19.87 8.18 578,275,151 Granted 878,125 — 14.51 — — Exercised (797,463) — 13.45 — 10,316,855 Forfeited (1,066,563) — 52.22 — — Balance, December 31, 2020 11,070,011 — 16.79 7.31 99,672,691 Exercised (1,019,625) — 13.60 — 13,879,913 Forfeited (158,500) — 28.96 — — 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 Vested and expected to vest as of December 31, 2022 9,287,789 — 33.26 5.31 60,850,345 Exercisable, December 31, 2022 8,499,473 — 33.19 5.13 55,685,575 22. 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 2020, 2021 and 2022, respectively. The total intrinsic value of options exercised for the years ended December 31, 2020, 2021 and 2022 was RMB 10,723,410, RMB 13,862,597 and RMB 2,023,265 (US$ 293,346) respectively. The total fair value of shares vested during the years ended December 31, 2020, 2021 and 2022 was RMB 94,674,877, RMB 55,458,785 and RMB 50,943,916 (US$7,386,173), respectively. As of December 31, 2022, the total unrecognized compensation expense relating to unvested share options was RMB 5,265,997 (US$ 763,498). The expense is expected to be recognized over a weighted-average period of 0.87 years. For the years ended December 31, 2020, 2021 and 2022, the Company allocated share-based compensation expense as follows: For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Sales and marketing 1,912,318 1,726,837 527,537 76,486 General and administrative 40,894,564 29,684,217 21,102,104 3,059,517 Research and development 2,826,938 3,933,566 2,424,119 351,464 45,633,820 35,344,620 24,053,760 3,487,467

Commitments and contingencies

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2022
Commitments and contingencies
Commitments and contingencies	23. 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, 2021 and 2022 amounted to RMB 545,978,654 and RMB 596,929,756 (US$ 86,546,679) respectively. All of the commitments relating to the construction will be settled in installments.

Ordinary shares

Ordinary shares	12 Months Ended
Ordinary shares	Dec. 31, 2022
Ordinary shares
Ordinary shares	24. 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.

Treasury shares

Treasury shares	12 Months Ended
Treasury shares	Dec. 31, 2022
Treasury shares
Treasury shares	25. 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). 25. Treasury shares - continued The amount of treasury shares as of December 31, 2020, 2021 and 2022 was 371,551,131, 346,320,584 and 486,954,953 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, 2022, the Company repurchased an aggregate of 105,309,388 ADSs, representing 105,309,388 Class A ordinary shares under the share repurchase program, at an average price of $5.654 per ADS, for US$ 595,447,163 (RMB 4,080,022,764). As of December 31, 2022, 71,645,824 shares were canceled, and 1,113,837 shares were used for exercise of share options. The remaining balance of treasury shares represents 32,549,727 Class A ordinary shares, at an average price of US$2.154 per ADS, for US$ 69,775,108 (RMB 481,582,245). These shares were recorded at their purchase cost on the consolidated balance sheets and have not been cancelled as of December 31, 2022.

Restricted net assets

Restricted net assets	12 Months Ended
Restricted net assets	Dec. 31, 2022
Restricted net assets
Restricted net assets	26. 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. 26. 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 5,314 million and RMB 4,345 million (US$ 630 million) as of December 31, 2021 and 2022, respectively.

Condensed financial information

Condensed financial information of the parent company	12 Months Ended
Condensed financial information of the parent company	Dec. 31, 2022
Condensed financial information of the parent company
Condensed financial information of the parent company	27. 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, 2021 2022 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 558,271,954 559,373,169 81,101,486 Short-term investments 200,238,180 217,937,726 31,598,000 Short-term amounts due from related parties 1,595,236,014 868,168,614 125,872,617 Total current assets 2,353,746,148 1,645,479,509 238,572,103 Non-current assets: — — — Investment in subsidiaries 769,404,888 635,715,140 92,170,031 Contractual interests in VIEs and VIEs’ subsidiaries 10,081,286,481 9,770,421,610 1,416,577,976 Total non-current assets 10,850,691,369 10,406,136,750 1,508,748,007 TOTAL ASSETS 13,204,437,517 12,051,616,259 1,747,320,110 As of December 31, 2021 2022 RMB RMB US$ LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accrued expenses and other current liabilities 2,020,586 5,024,052 728,419 Short-term amounts due to related parties 4,329,997 3,879,999 562,548 Total current liabilities 6,350,583 8,904,051 1,290,967 Non-current liabilities Convertible senior notes 681,400,553 — — Total non-current liabilities 681,400,553 — — TOTAL LIABILITIES 687,751,136 8,904,051 1,290,967 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 190,243,651 shares outstanding, as of December 31, 2021; 656,508,828 shares authorized, 201,304,881 shares issued and 168,755,154 shares outstanding, as of December 31, 2022) 132,052 132,052 19,146 Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2021 and 2022) 43,836 43,836 6,355 Treasury shares (346,320,584) (486,954,953) (70,601,832) Additional paid-in capital 4,017,374,973 4,036,197,237 585,193,592 Accumulated other comprehensive loss (58,997,174) (45,960,186) (6,663,601) Retained earnings 8,904,453,278 8,539,254,222 1,238,075,483 Total shareholders’ equity 12,516,686,381 12,042,712,208 1,746,029,143 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 13,204,437,517 12,051,616,259 1,747,320,110 27. Condensed financial information of the parent company - continued Condensed statements of comprehensive income/(loss) For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Share-based compensation expense (45,633,820) (35,344,620) (24,053,760) (3,487,467) General and administrative (38,512,789) (9,973,856) (26,199,820) (3,798,617) Interest and investment income, net (15,718,860) (22,506,569) (13,148,315) (1,906,326) Other non-interest income 19,633,391 4,979,926 11,548,297 1,674,346 Foreign exchange loss, net 2,073,798 352,492 404,232 58,608 Income from the repurchase of convertible senior notes 622,109,001 12,046,522 10,028,456 1,453,989 Share of loss in subsidiaries (192,796,924) (292,443,982) (121,864,519) (17,668,694) Contractual interests in VIEs and VIEs’ subsidiaries 607,664,864 931,964,165 (198,678,694) (28,805,703) Net income/(loss) before income taxes 958,818,661 589,074,078 (361,964,123) (52,479,864) Income tax expense — — — — Net income/(loss) 958,818,661 589,074,078 (361,964,123) (52,479,864) Other comprehensive income/(loss) Foreign currency translation adjustment (38,454,600) (7,577,408) 13,036,988 1,890,186 Total comprehensive income/(loss) 920,364,061 581,496,670 (348,927,135) (50,589,678) Condensed statements of cash flows For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cash flows from operating activities: Net income/(loss) 958,818,661 589,074,078 (361,964,123) (52,479,864) Adjustments to reconcile net income/(loss) to net cash used in operating activities: Share of loss in subsidiaries 192,796,924 292,443,982 121,864,519 17,668,694 Contractual interests in VIEs and VIEs’ subsidiaries (607,664,864) (931,964,165) 198,678,694 28,805,703 Share-based compensation expense 45,633,820 35,344,620 24,053,760 3,487,467 Income from the repurchase of convertible senior notes (622,109,001) (12,046,522) (10,028,456) (1,453,989) Accrued interest of convertible senior notes 27,107,232 15,982,460 1,732,915 251,249 Unrealized investment income of short-term Investments — 4,264,330 67,907,228 9,845,623 Foreign exchange loss net (2,073,798) (352,492) (404,232) (58,608) Changes in operating assets and liabilities: Receivables from related party (221,873,465) (97,924) — — Payable to employees (176,326) (762) 66,077 9,580 Other current receivables 618,772 — — — Other current payables 5,651,200 (4,184,856) 2,937,392 425,882 Net cash provided by/(used in) operating activities (223,270,845) (11,537,251) 44,843,774 6,501,737 Net cash provided by/(used in) investing activities 1,497,130,562 (132,143,216) 908,576,201 131,731,166 Net cash used in financing activities (1,522,314,300) (127,088,249) (834,990,790) (121,062,285) Effect of exchange rate changes on cash and cash equivalents 84,221,631 15,864,881 (117,327,970) (17,010,957) Net (decrease)/increase in cash and cash equivalents (164,232,952) (254,903,835) 1,101,215 159,661 Cash and cash equivalents at beginning of the year 977,408,741 813,175,789 558,271,954 80,941,825 Cash and cash equivalents at end of the year 813,175,789 558,271,954 559,373,169 81,101,486 27. Condensed financial information of the parent company – continued Condensed statements of cash flows – 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.

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2022
Subsequent events
Subsequent events	28. Subsequent events As of April 21, 2023, the Company repurchased an aggregate of 8,854,900 ADSs, representing 8,854,900 Class A ordinary shares, at an average price of US$ 1.148 per ADS, for US$ 10,162,922 (RMB 69,283,273).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of presentation	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	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	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, valuation allowance for deferred tax assets, uncertain tax positions, estimate of risk assurance liabilities, fair value of guarantee liabilities and fair value of investments. Actual results could differ from these estimates, and as such, differences may be material to the consolidated financial statements.
Revenue recognition	Revenue recognition The Company generates revenues primarily by providing borrowers with merchandise and cash installment credit services, credit facilitation services, transaction services, automobile financing services, e-commerce and ready-to-cook meal sales, and educational services. Under ASC 606, revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services, net of value-added tax. The Company determines revenue recognition through the following steps: ● Identify the contract(s) with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. Credit facilitation The Company entered into credit facilitation arrangements with various Funding Partners. The Company: (i) matches borrowers with the Funding Partners which directly fund the credit drawdowns to the borrowers and (ii) provides post-origination services, such as short messaging reminder services throughout the term of the loans. For each successful match, the Company receives a recurring service fee throughout the term of the loans. When borrowers make instalment repayments directly to the Funding Partners, the Funding Partners will then remit the recurring service fees to the Company on a periodic basis. In addition, the Company provides a guarantee on the principal and accrued interest repayments of the defaulted loans to the Funding Partners. The Company considers the loan facilitation service, post-origination services and guarantee service as separate services, of which the guarantee service and the post origination service are accounted for in accordance with ASC 815, Derivatives and Hedging Guarantees Transfers and servicing of financial assets, respectively The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer, net of value-added tax. The transaction price 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 (32,908,294), RMB 37,028,082 and RMB 18,316,858 (US$ 2,655,695) for the years ended December 31, 2020, 2021 and 2022, respectively. The post-origination services fee recognized was RMB 164,541,390, RMB 2,502,967 and RMB 492,215 (US$ 71,364) for the years ended December 31, 2020, 2021 and 2022, respectively. Sales income The Company recognizes revenue from product sales through its platform of e-commerce and ready-to-cook meal business. 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 and 2022, estimated product returns were not material. Educational services The Company provides non-academic, junior art and sports educational services, and recognizes tuition revenues beginning in 2021. 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 and 2022, estimated tuition fee revenue was not material. Transaction services fee The Company entered into credit transaction arrangements with certain Funding Partners. The Company refers borrowers to the Funding Partners which directly fund the credit drawdowns to the borrowers and provides post-origination services, such as short messaging reminder services throughout the term of the loans. For each successful transaction, the Company typically receives a pre-agreed recurring service fee throughout the term of the loans. When borrowers make installment repayments directly to the Funding Partners, the Funding Partners will remit the recurring transaction services fees to the Company on a periodic basis. The referral services are considered to be the performance obligations in the arrangement. The transaction price is the amount of consideration to which the Company expects to be entitled to in exchange for transferring the promised service to the customer, net of value-added tax. The transaction price allocated to the referral services and post origination services includes variable service fees which are contingent on the borrower making timely repayments to the Funding Partners. Variable consideration is estimated using the expected value method based on historical default rate, current and forecasted borrower repayment trends and is limited to the amount of variable consideration that is probable not to be reversed in future periods. The Company will update its estimate of the variable consideration at the end of each reporting period. The estimation of variable consideration (including the amount of variable consideration constrained) involves significant 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 (168,120,830), RMB 131,475,605 and RMB 110,912,689 (US$ 16,080,828) for the years ended December 31, 2020, 2021 and 2022, respectively. The post-origination services fee recognized was RMB 31,578,617, RMB 20,217,705 and RMB 2,877,700 (US$417,227) for the years ended December 31, 2020, 2021 and 2022, 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 Incentives are provided to certain borrowers and can only be applied as a reduction to the borrower’s repayments and cannot be withdrawn by the borrowers in cash. These incentives are recorded as a reduction in financing service fees using the effective interest method. Sales commission fees In addition to financing income, the Company earns a margin from its merchandise installment credit services on the products purchased from suppliers on behalf of the borrowers. The margin earned is fixed based on the retail sales price without considering the financing terms chosen by the borrower. Sales commission fees are recognized and recorded net of the related cost on delivery date, as the Company is an agent and arranges for the goods to be provided by the suppliers. Penalty fee The Company charges borrowers and lessees penalty fee for late installment payments. The penalty fee is calculated based on the number of overdue days of unpaid outstanding balance of loan principals and lease receivables at the applicable late payment rate. The penalty fee is recognized on a cash basis, which coincides with the penalty fee being probable not to be reversed.
Cost of goods sold	Cost of goods sold 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, and (ii) logistics expenses charged by third party couriers.
Lease	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
Foreign currency translation and transactions	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 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.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents primarily consist of cash and demand deposits which are highly liquid. The Company considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use.
Restricted cash and cash equivalents	Restricted cash 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	Short-term investments All highly liquid investments with original maturities of greater than three months but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. Short-term investments include wealth management products with the intention to sell in the near term which are classified as trading securities and measured at fair value. The realized investment income and changes in fair value are recognized in interest and investment income in the consolidated statements of comprehensive income/(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). As of December 31, 2021 and 2022, the amounts of wealth management products are RMB 5,408 million and RMB 5,159 million (US$ 748 million), respectively. In 2021 and 2022, the Company also holds marketable equity securities (level 1) in listed companies and measures them at fair value. The amount of marketable equity securities in listed companies is RMB 406 million and RMB 219 million (US$ 32 million) as of December 31, 2021 and 2022, respectively. Short-term investments also include negotiable certificates of deposit. The Company purchased negotiable certificates of deposit in 2021 for the purpose of generating trading revenue. The negotiable certificate of deposit was measured at fair value on a recurring basis using quoted prices in active markets (level 1). As of December 31, 2021, the amount of negotiable certificate of deposit is RMB 112 million. The Company sold all of the negotiable certificates of deposit in 2022.
Derivative instruments	Derivative instruments In 2021 and 2022, the Company entered into total return swap contracts with CITIC Securities Company Limited (“CITIC”) and China International Capital Corporation Limited (“CICC”) respectively, for the purpose of generating return from Chinese public companies’ ADSs in the US stock markets. In exchange, the Company paid CITIC and CICC a periodic interest based on LIBOR plus 2.8% or SOFR plus 2.0% or fixed rate published by CICC. The Company net settles all total return swap contracts with CITIC and CICC. The total notional amount of the outstanding contracts was RMB 619,332,499 and RMB 834,038,316 (US$ 120,924,189) as of December 31, 2021 and 2022, 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 may expose the Company to credit risk to the extent that the counterparty may be unable to meet the terms of the arrangement. The Company mitigates this credit risk by transacting with counterparty with high credit ratings. The Company pledged cash collateral of RMB 619,332,499 and RMB 834,038,316 (US$ 120,924,189) to CITIC and CICC for its total return swap contracts as of December 31, 2021 and 2022, respectively. The Company also prepays RMB 10,405,181 and RMB 676,742,849 (US$ 98,118,490) as collateral prepaid to securities companies for new contracts to be entered into in the future as of December 31, 2021 and 2022 respectively.
Guarantee deposits	Guarantee deposits The Company is required to guarantee the recoverability of the loan principal and interest for loans originated by the Company that are transferred to certain Funding Partners. As a result, the Company may provide a cash deposit to the respective Funding Partners. The cash deposits are released only after the loan principal and interest are settled. Guarantee deposits represent cash that cannot be withdrawn without the permission of the Funding Partners. These guarantee deposits qualify as compensating balance arrangements under SEC Regulation S-X Rule 5-02 and are classified as other current assets in the consolidated balance sheets. The balance is immaterial as of December 31,2022.
Loan principal and financing service fee receivables	Loan principal and financing service fee receivables Loan principal and financing service fee receivables represent payments due from borrowers that utilize the Company’s credit services. Loan principal and financing service fee receivables are recorded at amortized cost, net of allowance for loan principal and financing service fee receivables. Deferred origination costs are netted against revenue and amortized over the financing term using the effective interest method.
Allowance for loan principal and financing service fee receivables	Allowance for loan principal and financing service fee receivables The Company considers the loans to be homogenous as they are all unsecured consumer loans of similar principal amounts. The profiles of the borrowers are also similar i.e. age, credit histories and employment status. The allowance for loan principal and financing service fee receivables losses is calculated based on historical loss experience with the entire loan portfolio, using a roll rate-based model. The roll rate-based model stratifies the loan principal and financing service fee receivables by delinquency stages (i.e., current, 1-30 days past due, and 31-60 days past due, etc.) and projected forward in one-month increments using historical roll rates. In each month of the simulation, losses on the loan principal and financing service fee receivables types are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a monthly rolling basis. The loss rate calculated for each delinquency stage is then applied to the respective loan principal and service fees receivables balance. The Company applies a consistent credit risk management framework to the entire portfolio of loans in accordance with Accounting Standards Update (“ASU”) No. 2016-13, Financial instruments – Credit Losses Measurement of Credit Losses on Financial Instruments For all the years presented, loan principal and financing service fee receivables are charged off when a settlement is reached for an amount that is less than the outstanding balance or when the Company determined the balance to be uncollectable. In general, the Company considers loan principal and financing service fee receivables meeting any of the following conditions as uncollectable and charged-off: (i) death of the borrower; (ii) identification of fraud, and the fraud is officially reported to and filed with relevant law enforcement departments or (iii) loans that are 180 days past due.
Nonaccrual loan principal	Nonaccrual loan principal The Company does not accrue financing service fee on loan principals that are considered impaired or are more than 90 days past due. A corresponding allowance is determined under ASC 326. After an impaired financing service fee receivable is placed on nonaccrual status, financing service fee will be recognized when cash is received on a cash basis cost recovery method by applying first to reduce principal and then to financing income thereafter. Financing service fee accrued but not received is generally reversed against financing income. Financing service fee receivables may be returned to accrual status after all of the borrower’s delinquent balances of loan principal and financing service fee have been settled and the borrower remains current for an appropriate period.
Finance lease receivables	Finance lease receivables 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	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 (iv) the vehicle is repossessed.
Nonaccrual finance lease receivables	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 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. Contract assets as of December 31,2021 and 2022 were RMB 27,996,290 and RMB nil (US$ nil) respectively, net of allowance of RMB 31,168 and RMB nil (US$ nil), respectively. Account receivables were RMB 204,791,835 and RMB nil (US$ nil) as of December 31,2021 and 2022 respectively, net of allowance of RMB 45,217,416 and RMB 8,208,679 (US$ 1,190,146), respectively, which are repayments the borrowers made directly to the Funding Partners and remitted to the Company on a periodic basis. The remaining unsatisfied performance obligations as of December 31,2021 and 2022, pertaining to post-origination services amounted to RMB 1,751,348 and RMB nil (US$ nil), respectively.
Long-term investments	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 Inventories are stated at the lower of cost or net realizable value. Cost is determined using the specific identification method for the vehicle sales business. Cost is determined using the average cost method for the e-commerce, ready-to-cook meal business, and educational services.
Borrowings	Borrowings The borrowings from banks are initially recognized equaling to the cash received from the beneficiary and measured subsequently at amortized cost using the effective interest method. Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for these assets have not been made.
Guarantee liabilities	Guarantee liabilities As part of the Company’s cooperation with various Funding Partners, the Company provides guarantee on the principal and accrued interest repayment of the defaulted loans to the Funding Partners, even if the loans are subsequently sold by the Funding Partners. The financial guarantee is accounted for as a credit derivative under ASC 815 because the scope exemption in ASC 815-10-15-58(c) is not met. The guarantee liabilities are remeasured at each reporting date. The change in fair value of the guarantee liabilities is recorded as changes in guarantee liabilities in the consolidated statements of comprehensive income/(loss). When the Company settles the guarantee liabilities through performance of the guarantee by making requisite payments on the respective defaulted loans, the Company records a corresponding deduction to the guarantee liabilities. Subsequent collection from the borrower through the Funding Partners will be recognized as a reversal of the deduction to guarantee liabilities.
Risk assurance liabilities	Risk assurance liabilities In April 2019, the Company and various Funding Partners entered into contracts to provide risk assurance on the principal and accrued interest repayment of loans facilitated through the platform the Company operates. The risk assurance liability is exempted from being accounted for as a derivative in accordance with ASC 815-10-15-58. The risk assurance liability consists of two components. The Company’s obligation to stand ready to make delinquent payments over the term of the arrangement (the non-contingent aspect) is accounted for in accordance with ASC 460. At inception, the Company recognizes the non-contingent aspect of the risk assurance liability at fair value, which considers the premium required by a third-party market participant to issue the same risk assurance in a standalone transaction. The non-contingent aspect of the risk assurance liability is subsequently recognized as guarantee income over the term of the arrangement as the Company is released from the stand ready obligation based on the borrower’s repayment of the loan principal. The contingent liability relating to the expected credit losses arising from the contingent aspect of the risk assurance liability is initially measured under a current expected credit loss model. The subsequent changes in the contingent aspect of the risk assurance liability is adjusted through earnings as changes in guarantee liabilities and risk assurance liabilities. The contingent loss is calculated based on the expected future payouts, adjusted for various qualitative factors that reflect current conditions and reasonable and supportable forecasts of future economic conditions. These factors may include gross-domestic product rates, consumer price indexes, per capita consumption expenditure and other considerations. The Company analyzes a combination of qualitative factors to the change in roll rate using a regression model. Factors that had a strong correlation and economic and commercial significance were selected for the model.
Treasury shares	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, net 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 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 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	Impairment of long-lived assets, including intangible assets with definite lives Long-lived assets and intangible assets with definite lives are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of the carrying amount or fair value less cost to sell.
Employee defined contribution plan	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 30,138,113, RMB 79,010,301 and RMB 29,871,441 (US$ 4,330,952) for the years ended December 31, 2020, 2021 and 2022, respectively.
Advertising costs	Advertising costs Advertising costs are expensed as incurred in accordance with ASC 720-35, Other Expense-Advertising costs
Government grants	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 76,912,252, and RMB19,472,671 (US$2,823,272) during the years ended December 31, 2021 and 2022, respectively, in other operating income, net in the consolidated statements of comprehensive income/(loss).
Value added taxes	Value added taxes Xiamen Youdun Technology Co., Ltd., and Xiamen Youqi Technology Co., Ltd. are small-scale VAT taxpayers with an applicable VAT rate of 3%. The other subsidiaries of the VIEs are all general VAT taxpayers (applicable tax rate: 6% or 13%). VAT is reported as a deduction to revenue when incurred and amounted to RMB 201,297,527, RMB 104,938,590 and RMB 80,085,288 (US$ 11,611,275) for the years ended December 31, 2020, 2021 and 2022, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Output VAT receivable net of input VAT payable is recorded in accrued expenses and other current liabilities on the consolidated balance sheets.
Income taxes	Income taxes The Company accounts for income taxes using the liability approach and recognizes deferred tax assets and liabilities for the expected future consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are recognized on the basis of the temporary differences that exist between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in earnings. Deferred tax assets are reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The components of the deferred tax assets and liabilities are classified as non-current. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefits to recognize in the consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that more-likely-than not to be realized upon ultimate settlement. The Company’s estimated liability for unrecognized tax benefits which is included in the income tax payable in the consolidated balance sheets is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive income/(loss). The Company did not recognize any income tax due to uncertain tax position nor incurred any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2020, 2021 and 2022.
Segment information	Segment information In accordance with ASC 280 Segment Reporting
Fair value measurements of financial instruments	Fair value measurements of financial instruments The fair values of cash and cash equivalents, restricted cash and cash equivalent, short-term investments, loan principal and financing service fee receivables, finance lease receivables, derivative instruments, other receivables (as defined in Note 6), borrowings, guarantee liabilities and risk assurance liabilities 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 loan principal and financing service fee receivables, long-term finance lease receivables, and long-term borrowings, approximate to their fair values due to the fact that the related interest rates approximate to the rates currently offered by Funding Partners for similar debt instruments of comparable maturities. The fair value of the guarantee liabilities was estimated using a discounted cash flow model based on expected payouts from the arrangement with the Funding Partners. The Company estimates its expected future payouts based on estimates of expected delinquency rate and a discount rate for time value.
Fair value measurements	Fair value 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: Ø Level 1-Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Ø 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 Ø Level 3-Unobservable inputs which are supported by little or no market activity
Earnings/(loss) per share	Earnings/(loss) per share Basic earnings/(loss) per share is computed by dividing the net income/(loss) 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	Share-based payments The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation 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	Convenience translation for financial statements presentation Translations of amounts from RMB into US$ for the convenience of the readers were calculated at the exchange rate of RMB 6.8972 per US$1.00 on December 30, 2022, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted into US$ at such rate.
Investment in equity method investee	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	Significant risks and uncertainties Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China (“PBOC”) or other authorized Funding Partners at exchange rates quoted 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. The Company has not made any foreign currency payments that are subject to approval by the PBOC or other institutions during the periods presented. 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, guarantee deposit, 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, guarantee deposits, 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. Two Chinese government banks represented 10% or more of the total financial assets for the year ended December 31, 2021, amounted to approximately RMB 2,349 million (US$ 369 million), representing 27% of the total balances from 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. Borrower default risk Financial assets that potentially expose the Company to borrower default risk consist primarily of loan principal and financing service fee receivables, finance lease receivables, and contract assets. Besides, the Company enters into guarantee arrangements with Funding Partners to facilitate borrowing transactions, under which the Company provides the Funding Partners protection against the borrower default risk on a set of loans invested by them. The Company will have to perform the guarantee obligation if a default event as defined under the contract occurs. The contractual or notional amounts of these liabilities represent the maximum potential amounts of future payments without consideration of possible recoveries under recourse provisions. The Company manages borrower default risk on their payment for loan principal and financing service fee receivables, and finance lease receivables by performing credit assessments on its borrowers and its ongoing monitoring of the outstanding balances. No receivables from a borrower represented 10% or more of the loan receivables, financing service fee receivables and finance lease receivables as of December 31, 2021 and 2022. The Company manages borrower default risk of contract assets, including guarantee liabilities and risk assurance liabilities ， 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	Recently Adopted Accounting Pronouncements In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU 2020-01 could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve the current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Company has adopted this guidance on its consolidated financial statements. The standard update did not have a material impact on the Company’s statement of financial position. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
Recent Accounting Pronouncements: Issued but not effective	Recent Accounting Pronouncements: Issued but not effective In March 2022, the 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 is currently in the process of evaluating the impact of adopting ASU 2022- 02 on its consolidated financial statements and related disclosure. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): 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.

Organization (Tables)

Organization (Tables)	12 Months Ended
Organization (Tables)	Dec. 31, 2022
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 Qu Plus Plus Inc. (“Qu Plus Plus”) 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 Qu Plus Plus Limited (“Qu Plus Plus BVI”) June 29, 2018 BVI 100 % Investment holding Qu Plus (HK) Limited (“Qu Plus HK”) May 12, 2020 HK 100 % Investment holding Xiamen Youxiang Time Technology Service Co., Ltd. (“Xiamen Youxiang Time”) August 3, 2018 PRC 100 % Technology development and service, research and development Percentage of legal ownership by Place of the Entity Date of incorporation incorporation Company Principal activities VIEs Beijing Happy Time Technology Development Co., Ltd. (“Beijing Happy Time”) April 9, 2014 PRC Nil Technology development and service, sale of products Ganzhou Qudian Technology Co., Ltd. (“Ganzhou Qudian”) November 25, 2016 PRC Nil Technology development service, sale of products and educational services Xiamen Qudian Technology Co., Ltd. (“Xiamen Qudian”) April 1, 2017 PRC Nil Technology development and service, sale of products
Schedule of financial statements information of VIEs	As of December 31, 2021 2022 RMB RMB US$ Short-term loan principal and financing service fee receivables 2,339,575,202 — — Amounts due from group companies 1,980,008,928 109,713,457 15,906,956 Other current assets 7,447,784,233 10,077,615,569 1,461,116,912 Total current assets 11,767,368,363 10,187,329,026 1,477,023,868 Total non-current assets 1,744,115,342 1,619,591,980 234,818,765 Total assets 13,511,483,705 11,806,921,006 1,711,842,633 Amounts due to group companies 915,529,107 96,930,129 14,053,548 Other current liabilities 423,522,783 569,593,872 82,583,349 Total current liabilities 1,339,051,890 666,524,001 96,636,897 Total non-current liabilities 592,668,094 118,782,810 17,221,888 Total liabilities 1,931,719,984 785,306,811 113,858,785 For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Revenues 3,549,458,230 1,600,712,429 578,002,415 83,802,474 Net income/(loss) 562,471,865 868,473,261 (221,602,406) (32,129,326) For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 2,250,346,449 747,408,333 (329,949,497) (47,838,180) Net cash provided by/(used in) investing activities (2,252,529,599) 645,957,049 489,498,990 70,970,682 Net cash provided by/(used in) financing activities (1,429,389,722) (571,156,011) 575,109,678 83,383,065

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2022
Summary of Significant Accounting Policies
Schedule of estimated useful lives of class of asset	Estimated Estimated Category Useful Life Residual Office and electronic equipment 3-5 years Nil%-5 % Motor vehicles 4 years 5 % Leasehold improvements Over the shorter of the expected life of leasehold improvements or the lease term Nil %

Short-term investments (Tables)

Short-term investments (Tables)	12 Months Ended
Short-term investments (Tables)	Dec. 31, 2022
Short-term investments
Short-term Investments	As of December 31, 2021 2022 RMB RMB US$ Debt securities: Wealth management products issued by banks or trust companies 5,408,132,272 5,159,098,986 747,999,041 Negotiable certificates of deposit 112,173,645 — — Equity securities: Marketable equity securities 406,294,844 219,206,449 31,781,948 5,926,600,761 5,378,305,435 779,780,989

Loan principal and financing _2

Loan principal and financing service fee receivables (Tables)	12 Months Ended
	Dec. 31, 2022
Loan principal and financing service fee receivables
Schedule of loan principal and financing service fee receivables	As of December 31, 2021 2022 RMB RMB US$ Short-term loan principal and financing service fee receivables: Loan principal and financing service fee receivables 2,639,004,889 — — Less: allowance for loan principal and financing service fee receivables (267,039,108) — — Short-term loan principal and financing service fee receivables, net 2,371,965,781 — —
Schedule of nonaccrual loan principal	As of December 31, 2021 2022 RMB RMB US$ Nonaccrual loan principal 91,016,662 — — Less: allowance for nonaccrual loan principal (89,311,940) — — Nonaccrual loan principal, net 1,704,722 — —
Schedule of aging of past-due loan principal and financing service fee receivables	1-30 days 31-60 days 61-90 days 91-120 days 121-150 days 151-180 days Total past due Current Total RMB RMB RMB RMB RMB RMB RMB RMB RMB Domestic consumer loans (uncollateralized) – Loan principal 43,284,767 32,715,863 28,694,398 27,904,847 29,486,766 33,625,049 195,711,690 2,399,252,995 2,594,964,685 – Financing service fee receivables 650,524 821,076 926,548 — — — 2,398,148 41,642,056 44,040,204 43,935,291 33,536,939 29,620,946 27,904,847 29,486,766 33,625,049 198,109,838 2,440,895,051 2,639,004,889
Schedule of movement of allowance for loan principal and financing service fee receivables	As of December 31, 2021 2022 Financing Financing service fee service fee Loan principal receivables Total Loan principal receivables Total RMB RMB RMB RMB RMB RMB US$ Balance at the beginning of the year 837,075,499 12,159,437 849,234,936 263,685,104 3,354,004 267,039,108 38,717,031 Additions/ (reverse) (186,372,132) (8,805,433) (195,177,565) (206,042,627) (3,354,004) (209,396,631) (30,359,658) Charge-offs (387,018,263) — (387,018,263) (57,642,477) — (57,642,477) (8,357,373) Balance at the end of the year 263,685,104 3,354,004 267,039,108 — — — — Evaluated for impairment on a portfolio basis 263,685,104 3,354,004 267,039,108 — — — —

Finance lease receivables (Tabl

Finance lease receivables (Tables)	12 Months Ended
Finance lease receivables (Tables)	Dec. 31, 2022
Finance lease receivables
Schedule of finance lease receivables	As of December 31, 2021 2022 RMB RMB US$ Gross investment in finance lease receivables 38,290,695 1,414,453 205,076 Less: unearned income (1,287,015) (11,866) (1,720) Net investment in finance lease receivables 37,003,680 1,402,587 203,356 Less: allowance for finance lease receivables (5,142,488) (21,496) (3,117) Finance lease receivables, net 31,861,192 1,381,091 200,239
Schedule of nonaccrural finance lease receivables	As of December 31, 2021 2022 RMB RMB US$ Nonaccrual finance lease receivables 567,406 15,143 2,196 Less: allowance for nonaccrual financial lease receivables (114,169) (3,110) (451) Nonaccrual finance lease receivables, net 453,237 12,033 1,745
Schedule of aging of past-due financing lease receivables	5.3 The following table presents the aging of 1-30 31-60 61-90 90-120 120-150 150-180 Total past days days days days days days due Current Total RMB RMB RMB RMB RMB RMB RMB RMB RMB Finance lease receivables 2,155,618 169,237 317,440 97,182 242,872 227,352 3,209,701 33,793,979 37,003,680 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 days days days days days due Current Total Total RMB RMB RMB RMB RMB RMB RMB RMB RMB US$ Finance lease receivables 78,279 29,943 9,352 — 3,920 11,223 132,717 1,269,870 1,402,587 203,356
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, 2021 Finance lease receivables 37,626,031 664,664 — — 38,290,695 Less than 1 year 1 – 2 years 2 – 3 years 3 – 4 years Total RMB RMB RMB RMB RMB As of December 31, 2022 Finance lease receivables 1,414,453 — — — 1,414,453 5. Finance lease receivables - continued Less than 1 year 1 – 2 years 2 – 3 years 3 – 4 years Total US$ US$ US$ US$ US$ As of December 31, 2022 Finance lease receivables 205,076 — — — 205,076
Schedule of movement of allowance for finance lease receivables	As of December 31, 2021 2022 RMB RMB US$ Balance at the beginning of the year 24,549,329 5,142,488 745,591 Reverse (16,452,740) (5,086,116) (737,418) Charge-offs (2,954,101) (34,876) (5,056) Balance at the end of the year 5,142,488 21,496 3,117 Evaluated for impairment on a portfolio basis 5,142,488 21,496 3,117

Other current assets (Tables)

Other current assets (Tables)	12 Months Ended
Other current assets (Tables)	Dec. 31, 2022
Other current assets
Schedule of other current assets	As of December 31, 2021 2022 RMB RMB US$ Prepaid expenses 36,116,886 15,108,499 2,190,526 Inventory 6.1 15,212,282 116,711,168 16,921,529 Deposits in trust protection fund 6.2 82,872,000 13,501,146 1,957,482 Guarantee deposits held by Funding Partners 63,977,048 1,690,507 245,100 Receivables from third party payment service providers 6.3 456,492,520 3,415,532 495,206 Receivables from Funding Partners and other service providers 270,647,297 34,738,492 5,036,608 Other account receivables 34,157,040 23,837,329 3,456,088 Receivable from broker for derivative collateral 6.4 619,332,499 834,038,316 120,924,189 Deposit prepayment 6.4 10,405,181 676,742,849 98,118,490 Receivables from trust companies 6.5 — 293,543,842 42,559,857 Others 6.6 211,328,986 349,113,346 50,616,676 Total 1,800,541,739 2,362,441,026 342,521,751 Less: Allowance for other current assets (201,242,068) (256,349,242) (37,167,147) 1,599,299,671 2,106,091,784 305,354,604 6.1 The Company’s inventory mainly consists of products and packing materials to be sold in ready-to-cook meal business. In 2022, the Company had purchased a large number of ingredients to support the development of the ready-to-cook meal business. Due to poor market response, this business had been wound down and the Company had recognized an impairment charge of RMB 74 million for the year ended December 31, 2022 for the inventory not expected to be sold. 6. Other current assets - continued 6.2 According to the relevant PRC regulations, the consolidated trusts are required to deposit 1 % of the trusts’ capital to the trust protection fund, which will be released when the trusts are liquidated. 6.3 The Company has accounts with third-party payment service providers mainly to grant and collect loans. The balance of receivables from third-party payment service providers is unrestricted as to withdrawal and use and readily available to the Company on demand. 6.4 Receivable 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 the collateral prepaid to securities companies for new contracts to be entered into in the future. 6.5 Receivables from trust companies are the funds to be distributed back by the trust companies due to the liquidation of the trust plans. 6.6 Others include borrowings to third-party individuals of RMB 92 million as of December 31, 2022. Maturity dates of these borrowings range from February 2, 2023 to December 1, 2023, and the interest rates range from 4.00% to 5.50%. The borrowings are partially secured by certain financial and real estate assets.
Schedule of allowance for other current assets	As of December 31, 2021 2022 RMB RMB US$ Balance at the beginning of the year 160,745,160 201,242,068 29,177,357 Additions 59,901,259 72,112,392 10,455,314 Charge-offs (19,404,351) (17,005,218) (2,465,524) Balance at the end of the year 201,242,068 256,349,242 37,167,147

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases
Schedule of sales-type lease income	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Financing income 45,993,173 5,502,703 337,355 48,912
Schedule of future minimum rental payments for operating leases	As of December 31, 2021 2022 RMB RMB US$ 1 year (Including 1 year) 40,321,257 7,217,720 1,046,471 1 year to 2 years (Including 2 years) 28,953,101 418,138 60,624 2 years to 3 years (Including 3 years) 27,307,080 33,840 4,906 3 years to 4 years (Including 4 years) 26,593,652 1,151 167 4 years to 5 years (Including 5 years) 22,452,011 — — Over 5 years 108,101,711 — — Total lease payments 253,728,812 7,670,849 1,112,168 Less: imputed interest 47,458,135 933,684 135,371 Present value of lease liabilities 206,270,677 6,737,165 976,797
Schedule of operating lease supplemental cash flow information	For the years ended December 31, 2021 2022 RMB RMB US$ Cash payments for operating leases 72,086,693 49,405,583 7,163,136 Operating ROU assets released in exchange for operating lease liabilities 352,298,094 543,534,687 78,805,122 Operating ROU assets obtained in exchange for new operating lease liabilities 522,578,298 375,303,436 54,413,883

Property and equipment, net (Ta

Property and equipment, net (Tables)	12 Months Ended
Property and equipment, net (Tables)	Dec. 31, 2022
Property and equipment, net
Property and equipment, net	As of December 31, 2021 2022 RMB RMB US$ Construction in progress 660,788,221 767,221,882 111,236,717 Leasehold improvements 169,217,493 28,943,095 4,196,354 Office and electronic equipment 9,856,959 9,965,437 1,444,853 Motor vehicles 10,204,623 10,572,823 1,532,915 Property and equipment, gross 850,067,296 816,703,237 118,410,839 Less accumulated depreciation 43,829,381 39,204,870 5,684,172 Less allowance 147,137,267 3,612,025 523,694 Property and equipment, net 659,100,648 773,886,342 112,202,973

Short-term and Long-term borr_2

Short-term and Long-term borrowings (Tables)	12 Months Ended
Short-term and Long-term borrowings (Tables)	Dec. 31, 2022
Short-term and Long-term borrowings
Schedule of short-term borrowings	As of December 31, Floating annual rate (%) Term* 2021 2022 RMB RMB US$ Banks LPR 4 to 10 months — 29,062,344 4,213,644 * All short-term borrowings are current portion of borrowings greater than 1 year.
Schedule of long-term borrowings	As of December 31, Floating annual rate (%) Term 2021 2022 RMB RMB US$ Banks LPR 16 to 58 months 145,311,721 116,249,377 16,854,575
Schedule of contractual obligations	Less than 1 year 1 – 2 years 2 – 3 years 3 – 4 years 4 – 5 years Greater than 5 years Total RMB RMB RMB RMB RMB RMB RMB As of December 31, 2021 Long-term borrowings and interest payables (RMB) 7,185,665 35,588,502 34,186,806 32,733,923 31,296,790 29,859,658 170,851,344 As of December 31, 2022 Long-term borrowings and interest payables (RMB) 6,262,209 33,979,547 32,585,427 31,206,419 29,827,410 — 133,861,012 Long-term borrowings and interest payables (US$) 907,935 4,926,571 4,724,443 4,524,505 4,324,568 — 19,408,022

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	12 Months Ended
Accrued expenses and other current liabilities (Tables)	Dec. 31, 2022
Accrued expenses and other current liabilities
Schedule of accrued expenses and other current liabilities	As of December 31, 2021 2022 RMB RMB US$ Accrued payroll 16,843,567 1,030,216 149,369 Tax payables 155,211,471 47,276,768 6,854,487 Payable to suppliers 32,100,134 52,627,693 7,630,298 Payable to external service providers 77,657,212 55,247,794 8,010,177 Payable to funding partner 22,694,769 84,635,053 12,270,929 Business deposits 8,828,980 7,959,080 1,153,958 Others 63,531,681 46,898,371 6,799,623 376,867,814 295,674,975 42,868,841

Guarantee liabilities and ris_2

Guarantee liabilities and risk assurance liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Guarantee liabilities and risk assurance liabilities
Schedule of movement of guarantee liabilities	As of December 31, 2021 2022 RMB RMB US$ Balance at beginning of the year 11,697,633 885,303 128,357 Fair value of guarantee liabilities upon the inception of new loans 5,604,145 — — Collections 36,593,107 36,235,652 5,253,675 Change in fair value of guarantee liabilities (53,009,582) (37,120,955) (5,382,032) Balance at end of the year 885,303 — —
Schedule of movement of risk assurance liabilities	As of December 31, 2021 2022 Contingent Non-contingent Total Contingent Non-contingent Total RMB RMB RMB RMB RMB RMB US$ Balance at the beginning of the year 15,766,928 3,934,761 19,701,689 — — — — Recognized as guarantee income — (3,934,761) (3,934,761) — — — — Collections 132,825,675 — 132,825,675 66,870,069 — 66,870,069 9,695,249 Change in fair value of risk assurance liabilities (148,592,603) — (148,592,603) (66,870,069) — (66,870,069) (9,695,249) Balance at end of the year — — — — — — —

Cost of other revenues (Tables)

Cost of other revenues (Tables)	12 Months Ended
Cost of other revenues (Tables)	Dec. 31, 2022
Cost of other revenues
Schedule of cost of other revenues	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Interest expenses of borrowings 15,240,283 — — — Other costs* 202,030,929 220,193,581 56,202,270 8,148,563 217,271,212 220,193,581 56,202,270 8,148,563 * Other costs include commission expenses, salaries and cost of educational services.

Expected credit loss_(reversa_2

Expected credit loss/(reversal) for receivables and other assets (Tables)	12 Months Ended
	Dec. 31, 2022
Expected credit loss/(reversal) for receivables and other assets
Schedule of provision for receivables and other assets	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Expected credit loss/(reversal) for loan principal and financing service fee receivables 1,434,446,417 (195,177,565) (209,396,631) (30,359,658) Reversal for finance lease receivables (29,287,359) (16,452,740) (5,086,116) (737,418) Reversal for contract assets (3,089,153) (87,784) (31,168) (4,519) Expected credit loss/(reversal) for other current assets 219,292,278 59,901,259 (8,061,187) (1,168,762) Expected credit loss for other non-current assets — — 1,453,719 210,770 1,621,362,182 (151,816,830) (221,121,383) (32,059,587)

Interest and investment incom_2

Interest and investment income, net (Tables)	12 Months Ended
Interest and investment income, net (Tables)	Dec. 31, 2022
Interest and investment income, net
Schedule of interest and investment income, net	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Unrealized investment income/(loss) of short-term investments 45,478,742 17,213,203 (41,288,248) (5,986,233) Realized investment income of short-term investments 35,892,481 113,179,422 159,629,366 23,144,083 Unrealized investment loss of long-term investments — (24,635,329) (58,356,978) (8,460,966) Realized investment income/(loss) of long-term investments 4,472,410 — (8,550,287) (1,239,675) Interest income 27,405,264 27,634,511 54,793,874 7,944,365 Income from the repurchase of convertible senior notes 622,109,001 12,046,522 10,028,456 1,453,989 Interest expense of convertible senior notes (27,107,232) (15,982,460) (3,439,972) (498,749) 708,250,666 129,455,869 112,816,211 16,356,814
Schedule of gain/(loss) on derivative instruments	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Unrealized investment income/(loss) of derivative instruments — 17,375,517 (180,503,919) (26,170,608) Realized investment income of derivative instruments — — 110,083,438 15,960,598 — 17,375,517 (70,420,481) (10,210,010)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income taxes
Schedule of Current and Deferred Component of Income Tax Expense	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Current income tax expenses 129,397,492 135,188,353 71,567,448 10,376,305 Deferred income tax expenses 132,582,100 125,293,714 20,860,679 3,024,514 Total income tax expenses 261,979,592 260,482,067 92,428,127 13,400,819
Schedule of Principal Components of Deferred Tax Assets and Liabilities	As of December 31, 2021 2022 RMB RMB US$ Non-current deferred tax assets Allowance for loan principal and financing service fee receivables 391,551,056 18,465,206 2,677,203 Allowance for finance lease receivable 10,216,523 8,944,994 1,296,902 Allowance for other current assets 66,008,093 53,566,319 7,766,386 Impairment loss from long-lived assets 39,083,895 22,131,541 3,208,773 Guarantee liabilities 186,637,271 100,082,625 14,510,617 Risk assurance liabilities 56,287,963 — — Share-based compensation 33,776,437 35,798,102 5,190,237 Fair value change on investments 2,691,614 67,969,700 9,854,680 Fair value change on financial assets 8,201,268 34,319,462 4,975,854 Lease liabilities 51,560,367 1,675,482 242,922 Advertising cost 1,787,054 35,811,815 5,192,225 Uncollected revenue — 4,501,793 652,699 Outside basis difference — 44,907,609 6,510,991 Net operating loss carry forwards 272,561,783 746,950,201 108,297,599 Less: valuation allowance (838,371,909) (1,100,270,879) (159,524,282) Total non-current deferred tax assets net of valuation allowance 281,991,415 74,853,970 10,852,806 Net non-current deferred tax assets 87,285,917 — — Non-current deferred tax liabilities Right-of-use assets (52,117,255) (1,864,922) (270,388) Fair value change on financial assets (3,629,878) (63,732,300) (9,240,315) Unallocated revenue (207,501,495) (11,374,640) (1,649,168) Total non-current deferred tax liabilities (263,248,628) (76,971,862) (11,159,871) Net non-current deferred tax liabilities (68,543,130) (2,117,892) (307,065)
Schedule of Reconciliation of Income Taxes Expense	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Profit/(loss) before income tax 1,220,798,253 846,409,045 (269,623,829) (39,091,780) PRC statutory income tax rate 25 % 25 % 25 % 25 % Income tax at statutory tax rate 305,199,563 211,602,261 (67,405,957) (9,772,945) Effect of different tax rates (272,361,568) (60,256,708) 12,944,788 1,876,818 Tax exempted income (350,121) — — — Outside basis difference — — (109,594,486) (15,889,707) Expenses not deductible for tax purposes 73,694,299 62,168,979 12,666,674 1,836,495 Adjustment on current income tax of the previous periods 24,502,181 8,525,032 (18,081,862) (2,621,623) Deferred only adjustment — 26,769,243 — — Research and development super-deduction (20,606,639) (19,928,755) — — Tax rate change (157,679,128) (105,024,051) — — Changes in valuation allowance 309,581,005 136,626,066 261,898,970 37,971,781 Income tax expenses 261,979,592 260,482,067 92,428,127 13,400,819
Schedule of Unrecognized Tax Benefits	For the years ended December 31, 2021 2022 RMB RMB US$ Balance at beginning of the year — 2,588,962 375,364 Additions 2,588,962 — — Decreases — (2,588,962) (375,364) Balance at end of the year 2,588,962 — —

Earnings_(loss) per share (Tabl

Earnings/(loss) per share (Tables)	12 Months Ended
Earnings/(loss) per share (Tables)	Dec. 31, 2022
Earnings/(loss) per share
Schedule of computation of basic earnings per share	For the years ended December 31, 2020 2021 2022 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 718,824,602 239,994,059 441,499,980 147,574,098 (268,552,622) (38,936,470) (93,411,501) (13,543,395) Millions of Shares (denominator): Weighted average number of ordinary share outstanding – basic 190.17 63.49 189.95 63.49 182.53 182.53 63.49 63.49 Denominator used for basic earnings per share 190.17 63.49 189.95 63.49 182.53 182.53 63.49 63.49 Earnings/(loss) per share – basic 3.78 3.78 2.32 2.32 (1.47) (0.21) (1.47) (0.21)
Schedule of computation of diluted earnings per share	For the years ended December 31, 2020 2021 2022 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 20,833,583 6,273,649 12,171,824 3,810,636 — — — — Allocation of net income/(loss) attributable to Qudian Inc. for diluted computation 736,911,399 221,907,262 448,623,440 140,450,638 (268,552,622) (38,936,470) (93,411,501) (13,543,395) Reallocation of net income/(loss) attributable to Qudian Inc. as a result of conversion of Class B to Class A shares 228,180,911 — 144,261,274 — (93,411,501) (13,543,395) — — Allocation of net income/(loss) attributable to Qudian Inc 985,925,893 228,180,911 605,056,538 144,261,274 (361,964,123) (52,479,865) (93,411,501) (13,543,395) Millions of Shares (denominator): Weighted average number of ordinary share outstanding – basic 190.17 63.49 189.95 63.49 182.53 182.53 63.49 63.49 Conversion of Class B to Class A ordinary shares 63.49 — 63.49 — 63.49 63.49 — — Conversion of the Convertible Senior Notes to Class A ordinary share 20.67 — 12.85 — — — — — Denominator used for diluted earnings per share 274.33 63.49 266.29 63.49 246.02 246.02 63.49 63.49 Earnings/(loss) per share – diluted 3.59 3.59 2.27 2.27 (1.47) (0.21) (1.47) (0.21)
Schedule of computation of basic and diluted earnings per share	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Class A Class A Class A Class A Earnings/(loss) per share – ADS: Denominator used for earnings per ADS – basic 181.84 46.74 182.53 182.53 Denominator used for earnings per ADS – diluted 196.67 49.11 182.53 182.53 Earnings/(loss) per ADS – basic 3.78 2.32 (1.47) (0.21) Earnings/(loss) per ADS – diluted 3.59 2.27 (1.47) (0.21)

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
Fair value measurements (Tables)	Dec. 31, 2022
Fair value measurements
Summary of financial assets and liabilities measured at fair value on a recurring basis	As of December 31, 2021 Active market Observable Non-observable (Level 1) input (Level 2) input (Level 3) Total RMB RMB RMB RMB Assets: Short-term investments 2,412,379,263 3,514,221,498 — 5,926,600,761 Long-term investments with readily determinable fair values 62,425,472 — — 62,425,472 Derivative instruments — 17,375,517 — 17,375,517 Liabilities: Guarantee liabilities — — 885,303 885,303 Convertible senior notes — 611,000,109 — 611,000,109 As of December 31, 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 3,259,939,579 — 5,378,305,435 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, 2022 Active market Observable Non-observable (Level 1) input (Level 2) input (Level 3) Total US$ US$ US$ US$ Assets: Short-term investments 307,134,179 472,646,810 — 779,780,989 Long-term investments with readily determinable fair values 3,745,455 — — 3,745,455 Liabilities: Derivative instruments — 23,651,395 — 23,651,395
Summary of significant unobservable inputs	Range of Inputs Weighted - Average As of December 31, Financial Liabilities Unobservable Input 2021 2022 Guarantee liabilities Discount rates 6.04% Not applicable Expected delinquency rates 18.77% - 19.70% Not applicable

Related party balances and tr_2

Related party balances and transactions (Tables)	12 Months Ended
Related party balances and transactions (Tables)	Dec. 31, 2022
Related party balances and transactions
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

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
Share-based compensation (Tables)	Dec. 31, 2022
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 Years value RMB RMB RMB Balance, December 31, 2019 12,055,912 — 19.87 8.18 578,275,151 Granted 878,125 — 14.51 — — Exercised (797,463) — 13.45 — 10,316,855 Forfeited (1,066,563) — 52.22 — — Balance, December 31, 2020 11,070,011 — 16.79 7.31 99,672,691 Exercised (1,019,625) — 13.60 — 13,879,913 Forfeited (158,500) — 28.96 — — 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 Vested and expected to vest as of December 31, 2022 9,287,789 — 33.26 5.31 60,850,345 Exercisable, December 31, 2022 8,499,473 — 33.19 5.13 55,685,575
Summary of allocated share-based compensation expense	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Sales and marketing 1,912,318 1,726,837 527,537 76,486 General and administrative 40,894,564 29,684,217 21,102,104 3,059,517 Research and development 2,826,938 3,933,566 2,424,119 351,464 45,633,820 35,344,620 24,053,760 3,487,467

Condensed financial informati_2

Condensed financial information of the parent company (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed financial information of the parent company
Schedule of condensed financial information of the parent company - condensed balance sheets	As of December 31, 2021 2022 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 558,271,954 559,373,169 81,101,486 Short-term investments 200,238,180 217,937,726 31,598,000 Short-term amounts due from related parties 1,595,236,014 868,168,614 125,872,617 Total current assets 2,353,746,148 1,645,479,509 238,572,103 Non-current assets: — — — Investment in subsidiaries 769,404,888 635,715,140 92,170,031 Contractual interests in VIEs and VIEs’ subsidiaries 10,081,286,481 9,770,421,610 1,416,577,976 Total non-current assets 10,850,691,369 10,406,136,750 1,508,748,007 TOTAL ASSETS 13,204,437,517 12,051,616,259 1,747,320,110 As of December 31, 2021 2022 RMB RMB US$ LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accrued expenses and other current liabilities 2,020,586 5,024,052 728,419 Short-term amounts due to related parties 4,329,997 3,879,999 562,548 Total current liabilities 6,350,583 8,904,051 1,290,967 Non-current liabilities Convertible senior notes 681,400,553 — — Total non-current liabilities 681,400,553 — — TOTAL LIABILITIES 687,751,136 8,904,051 1,290,967 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 190,243,651 shares outstanding, as of December 31, 2021; 656,508,828 shares authorized, 201,304,881 shares issued and 168,755,154 shares outstanding, as of December 31, 2022) 132,052 132,052 19,146 Class B Ordinary shares (US$0.0001 par value; 63,491,172 shares authorized, 63,491,172 shares issued and outstanding, as of December 31, 2021 and 2022) 43,836 43,836 6,355 Treasury shares (346,320,584) (486,954,953) (70,601,832) Additional paid-in capital 4,017,374,973 4,036,197,237 585,193,592 Accumulated other comprehensive loss (58,997,174) (45,960,186) (6,663,601) Retained earnings 8,904,453,278 8,539,254,222 1,238,075,483 Total shareholders’ equity 12,516,686,381 12,042,712,208 1,746,029,143 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 13,204,437,517 12,051,616,259 1,747,320,110
Schedule of condensed financial information of the parent company - condensed statements of comprehensive income	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Share-based compensation expense (45,633,820) (35,344,620) (24,053,760) (3,487,467) General and administrative (38,512,789) (9,973,856) (26,199,820) (3,798,617) Interest and investment income, net (15,718,860) (22,506,569) (13,148,315) (1,906,326) Other non-interest income 19,633,391 4,979,926 11,548,297 1,674,346 Foreign exchange loss, net 2,073,798 352,492 404,232 58,608 Income from the repurchase of convertible senior notes 622,109,001 12,046,522 10,028,456 1,453,989 Share of loss in subsidiaries (192,796,924) (292,443,982) (121,864,519) (17,668,694) Contractual interests in VIEs and VIEs’ subsidiaries 607,664,864 931,964,165 (198,678,694) (28,805,703) Net income/(loss) before income taxes 958,818,661 589,074,078 (361,964,123) (52,479,864) Income tax expense — — — — Net income/(loss) 958,818,661 589,074,078 (361,964,123) (52,479,864) Other comprehensive income/(loss) Foreign currency translation adjustment (38,454,600) (7,577,408) 13,036,988 1,890,186 Total comprehensive income/(loss) 920,364,061 581,496,670 (348,927,135) (50,589,678)
Schedule of condensed financial information of the parent company - condensed statements of cash flows	For the years ended December 31, 2020 2021 2022 RMB RMB RMB US$ Cash flows from operating activities: Net income/(loss) 958,818,661 589,074,078 (361,964,123) (52,479,864) Adjustments to reconcile net income/(loss) to net cash used in operating activities: Share of loss in subsidiaries 192,796,924 292,443,982 121,864,519 17,668,694 Contractual interests in VIEs and VIEs’ subsidiaries (607,664,864) (931,964,165) 198,678,694 28,805,703 Share-based compensation expense 45,633,820 35,344,620 24,053,760 3,487,467 Income from the repurchase of convertible senior notes (622,109,001) (12,046,522) (10,028,456) (1,453,989) Accrued interest of convertible senior notes 27,107,232 15,982,460 1,732,915 251,249 Unrealized investment income of short-term Investments — 4,264,330 67,907,228 9,845,623 Foreign exchange loss net (2,073,798) (352,492) (404,232) (58,608) Changes in operating assets and liabilities: Receivables from related party (221,873,465) (97,924) — — Payable to employees (176,326) (762) 66,077 9,580 Other current receivables 618,772 — — — Other current payables 5,651,200 (4,184,856) 2,937,392 425,882 Net cash provided by/(used in) operating activities (223,270,845) (11,537,251) 44,843,774 6,501,737 Net cash provided by/(used in) investing activities 1,497,130,562 (132,143,216) 908,576,201 131,731,166 Net cash used in financing activities (1,522,314,300) (127,088,249) (834,990,790) (121,062,285) Effect of exchange rate changes on cash and cash equivalents 84,221,631 15,864,881 (117,327,970) (17,010,957) Net (decrease)/increase in cash and cash equivalents (164,232,952) (254,903,835) 1,101,215 159,661 Cash and cash equivalents at beginning of the year 977,408,741 813,175,789 558,271,954 80,941,825 Cash and cash equivalents at end of the year 813,175,789 558,271,954 559,373,169 81,101,486

Organization - Schedule of Comp

Organization - Schedule of Company's Subsidiaries, VIE and Subsidiaries of VIE (Details)	12 Months Ended
	Dec. 31, 2022
QD Data Limited ("Qudian HK")
Organization
Place of incorporation	Hong Kong (“HK”)
Percentage of legal ownership by the Company	100%
Principal activities	Investment holding
QD Technologies Limited ("Qudian BVI")
Organization
Place of incorporation	British Virgin Islands (“BVI”)
Percentage of legal ownership by the Company	100%
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%
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%
Principal activities	Employee benefits
Qufenqi (HK) Limited ("Qufenqi HK")
Organization
Place of incorporation	HK
Percentage of legal ownership by the Company	100%
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%
Principal activities	Technology development and service
Qu Plus Plus Inc. ("Qu Plus Plus")
Organization
Place of incorporation	Cayman Islands
Percentage of legal ownership by the Company	100%
Principal activities	Investment holding
Qu Plus Plus Limited ("Qu Plus Plus BVI")
Organization
Place of incorporation	BVI
Percentage of legal ownership by the Company	100%
Principal activities	Investment holding
Qu Plus (HK) Limited ("Qu Plus HK")
Organization
Place of incorporation	HK
Percentage of legal ownership by the Company	100%
Principal activities	Investment holding
Xiamen Youxiang Time Technology Service Co., Ltd. ("Xiamen Youxiang Time")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	100%
Principal activities	Technology development and service, research and development
Beijing Happy Time Technology Development Co., Ltd. ("Beijing Happy Time")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	0%
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%
Principal activities	Technology development service, sale of products and educational services
Xiamen Qudian Technology Co., Ltd. ("Xiamen Qudian")
Organization
Place of incorporation	PRC
Percentage of legal ownership by the Company	0%
Principal activities	Technology development and service, sale of products

Organization - Schedule of Asse

Organization - Schedule of Assets and Liabilities of VIEs (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Organization
Total current assets	¥ 11,058,526,301	$ 1,603,335,598	¥ 12,218,088,667
Total non-current assets	1,687,909,086	244,723,814	1,873,036,506
Total assets	12,746,435,387	1,848,059,412	14,091,125,173
Total current liabilities	584,929,946	84,806,870	493,517,245
Total non-current liabilities	118,793,233	17,223,399	1,074,068,647
Total liabilities	703,723,179	102,030,269	1,567,585,892
Variable Interest Entity
Organization
Total current assets	10,187,329,026	1,477,023,868	11,767,368,363
Total non-current assets	1,619,591,980	234,818,765	1,744,115,342
Total assets	11,806,921,006	1,711,842,633	13,511,483,705
Total current liabilities	666,524,001	96,636,897	1,339,051,890
Total non-current liabilities	118,782,810	17,221,888	592,668,094
Total liabilities	785,306,811	113,858,785	1,931,719,984
Variable Interest Entity \| Short-term loan principal and financing service fee receivables
Organization
Total current assets			2,339,575,202
Variable Interest Entity \| Amounts due from group companies
Organization
Total current assets	109,713,457	15,906,956	1,980,008,928
Variable Interest Entity \| Other current assets
Organization
Total current assets	10,077,615,569	1,461,116,912	7,447,784,233
Variable Interest Entity \| Amounts due to group companies
Organization
Total current liabilities	96,930,129	14,053,548	915,529,107
Variable Interest Entity \| Other current liabilities
Organization
Total current liabilities	¥ 569,593,872	$ 82,583,349	¥ 423,522,783

Organization - Schedule of Oper

Organization - Schedule of Operations of VIEs (Details)	12 Months Ended
Organization - Schedule of Operations of VIEs (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2019 CNY (¥)
Organization
Revenues	¥ 578,002,415	$ 83,802,474	¥ 1,600,712,429	¥ 3,549,458,230
Net income/(loss)	¥ (221,602,406)	$ (32,129,326)	¥ 868,473,261	¥ 562,471,865

Organization - Schedule of Cash

Organization - Schedule of Cash Flows of VIEs (Details)	12 Months Ended
Organization - Schedule of Cash Flows of VIEs (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Variable Interest Entity
Net cash provided by/(used in) operating activities	¥ 260,871,457	$ 37,822,806	¥ 922,065,011	¥ 2,471,711,935
Net cash provided by/(used in) investing activities	1,884,829,256	273,274,555	(246,579,999)	(3,269,875,696)
Net cash provided by/(used in) financing activities	(834,990,791)	(121,062,286)	(84,191,985)	¥ (1,591,271,602)
Variable Interest Entity
Variable Interest Entity
Net cash provided by/(used in) operating activities	(329,949,497)	(47,838,180)	747,408,333		¥ 2,250,346,449
Net cash provided by/(used in) investing activities	489,498,990	70,970,682	645,957,049		(2,252,529,599)
Net cash provided by/(used in) financing activities	¥ 575,109,678	$ 83,383,065	¥ (571,156,011)		¥ (1,429,389,722)

Organization - Additional Infor

Organization - Additional Information (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Organization
Net asset of VIE, not pledged	¥ 12,746,435,387	$ 1,848,059,412	¥ 14,091,125,173
Variable Interest Entity
Organization
Net asset of VIE, not pledged	11,806,921,006	1,711,842,633	13,511,483,705
Asset not pledged as collateral \| Variable Interest Entity
Organization
Net asset of VIE, not pledged	¥ 11,022,000,000	$ 1,598,000,000	¥ 11,580,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Estimated useful lives of class of asset (Details)	12 Months Ended
	Dec. 31, 2022
Office and electronic equipment \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Life	3 years
Estimated Residual	0%
Office and electronic equipment \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Life	5 years
Estimated Residual	5%
Motor vehicles
Summary of Significant Accounting Policies
Estimated Useful Life	4 years
Estimated Residual	5%
Leasehold improvements
Summary of Significant Accounting Policies
Estimated Residual	0%
Estimated Useful Life	Over the shorter of the expected life of leasehold improvements or the lease term

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional information (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) segment $ / ¥	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 CNY (¥) item	Dec. 31, 2020 CNY (¥) segment	Dec. 31, 2022 USD ($) $ / ¥	Dec. 31, 2021 USD ($)	May 31, 2015 CNY (¥)
Summary Of Significant Accounting Policies
Land use right, term	35 years	35 years
Wealth management products	¥ 5,159,098,986		¥ 5,408,132,272		$ 747,999,041
Marketable equity securities	219,206,449		406,294,844		31,781,948
Negotiable certificate of deposit			112,173,645
Derivative Asset, Notional Amount	834,038,316		619,332,499		120,924,189
Unrealized gain on comprehensive income/(loss)	163,128,402	$ 23,651,395	17,375,517
Derivative, Collateral, Right to Reclaim Cash	834,038,316		619,332,499		120,924,189
Contract assets	0		27,996,290		0
Allowance for contract assets, net	0		31,168		0
Account receivables	0		204,791,835		0
Allowance for account receivables, net	8,208,679		45,217,416		1,190,146
Remaining unsatisfied performance obligations pertaining to post-origination services	0		1,751,348		$ 0
Defined contribution plan expensed incurred	29,871,441	4,330,952	79,010,301	¥ 30,138,113
Advertising costs	207,905,890	30,143,521	19,047,468	153,327,392
Government grants	19,472,671	2,823,272	76,912,252
VAT incurred	¥ 80,085,288	$ 11,611,275	¥ 104,938,590	¥ 201,297,527
Number of reportable segments \| segment	1	1		2
Exchange rate \| $ / ¥	6.8972				6.8972
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%	12.02%	27%
Lender concentration risk
Summary Of Significant Accounting Policies
Principal amount of convertible debt	¥ 1,329,000,000		¥ 2,349,000,000		$ 193,000,000	$ 369,000,000
Number of borrower represents 10% or more \| item			2
Xiamen Youdun Technology Co. Ltd
Summary Of Significant Accounting Policies
Applicable tax rate	3%	3%
Computer software
Summary Of Significant Accounting Policies
Research and development costs capitalized	¥ 0
Minimum
Summary Of Significant Accounting Policies
Intangible assets estimated useful lives	1	1
Minimum \| Other Subsidiaries
Summary Of Significant Accounting Policies
Applicable tax rate	6%	6%
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%	13%
Swap
Summary Of Significant Accounting Policies
Derivative, Collateral, Right to Reclaim Cash	¥ 834,038,316		¥ 619,332,499		120,924,189
CITIC \| Concentration of credit risk \| Funding partners and banks
Summary Of Significant Accounting Policies
Concentration risk, percentage	12.24%	12.24%
CITIC \| Lender concentration risk
Summary Of Significant Accounting Policies
Principal amount of convertible debt	¥ 1,354,000,000				$ 196,000,000
CITIC \| Swap
Summary Of Significant Accounting Policies
Derivative collateral right to reclaim prepaid cash	¥ 676,742,849	$ 98,118,490	10,405,181
CITIC \| LIBOR interest rate
Summary Of Significant Accounting Policies
Debt instrument interest rate during period	2.80%				2.80%
CITIC \| SOFR
Summary Of Significant Accounting Policies
Debt instrument interest rate during period	2%				2%
Installment credit services
Summary Of Significant Accounting Policies
Revenue from providing loan facilitation service	¥ 18,316,858	2,655,695	37,028,082	¥ (32,908,294)
Revenue from post origination services and other	492,215	71,364	2,502,967	164,541,390
Transaction services
Summary Of Significant Accounting Policies
Revenue from providing loan facilitation service	110,912,689	16,080,828	131,475,605	(168,120,830)
Revenue from post origination services and other	¥ 2,877,700	$ 417,227	¥ 20,217,705	¥ 31,578,617

Short-term investments (Details

Short-term investments (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Debt securities:
Wealth management products issued by banks or trust companies	¥ 5,159,098,986	$ 747,999,041	¥ 5,408,132,272
Negotiable certificate of deposit			112,173,645
Equity securities:
Marketable equity securities	219,206,449	31,781,948	406,294,844
Short-term investments	¥ 5,378,305,435	$ 779,780,989	¥ 5,926,600,761

Loan principal and financing _3

Loan principal and financing service fee receivables (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Short-term loan principal and financing service fee receivables:
Loan principal and financing service fee receivables			¥ 2,639,004,889
Less: allowance for loan principal and financing service fee receivables	¥ 0	$ 0	(267,039,108)
Short-term loan principal and financing service fee receivables, net	¥ 0		¥ 2,371,965,781

Loan principal and financing _4

Loan principal and financing service fee receivables - Nonaccrual loan principal (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Loan principal and financing service fee receivables
Nonaccrual loan principal	¥ 15,143	$ 2,196	¥ 567,406
Less: allowance for nonaccrual loan principal	(3,110)	(451)	(114,169)
Nonaccrual loan principal, net	¥ 12,033	$ 1,745	453,237
Loan principal
Loan principal and financing service fee receivables
Nonaccrual loan principal			91,016,662
Less: allowance for nonaccrual loan principal			(89,311,940)
Nonaccrual loan principal, net			¥ 1,704,722

Loan principal and financing _5

Loan principal and financing service fee receivables - Aging of past-due loan principal and financing service fee receivables (Details) - Domestic consumer loans - Uncollateralized	Dec. 31, 2021 CNY (¥)
Aging of past-due loan principal and financing service fee receivables
Total past due	¥ 198,109,838
Current	2,440,895,051
Total	2,639,004,889
1-30 days
Aging of past-due loan principal and financing service fee receivables
Total past due	43,935,291
31-60 days
Aging of past-due loan principal and financing service fee receivables
Total past due	33,536,939
61-90 days
Aging of past-due loan principal and financing service fee receivables
Total past due	29,620,946
91-120 days
Aging of past-due loan principal and financing service fee receivables
Total past due	27,904,847
121-150 days
Aging of past-due loan principal and financing service fee receivables
Total past due	29,486,766
151-180 days
Aging of past-due loan principal and financing service fee receivables
Total past due	33,625,049
Loan principal
Aging of past-due loan principal and financing service fee receivables
Total past due	195,711,690
Current	2,399,252,995
Total	2,594,964,685
Loan principal \| 1-30 days
Aging of past-due loan principal and financing service fee receivables
Total past due	43,284,767
Loan principal \| 31-60 days
Aging of past-due loan principal and financing service fee receivables
Total past due	32,715,863
Loan principal \| 61-90 days
Aging of past-due loan principal and financing service fee receivables
Total past due	28,694,398
Loan principal \| 91-120 days
Aging of past-due loan principal and financing service fee receivables
Total past due	27,904,847
Loan principal \| 121-150 days
Aging of past-due loan principal and financing service fee receivables
Total past due	29,486,766
Loan principal \| 151-180 days
Aging of past-due loan principal and financing service fee receivables
Total past due	33,625,049
Financing service fee receivables
Aging of past-due loan principal and financing service fee receivables
Total past due	2,398,148
Current	41,642,056
Total	44,040,204
Financing service fee receivables \| 1-30 days
Aging of past-due loan principal and financing service fee receivables
Total past due	650,524
Financing service fee receivables \| 31-60 days
Aging of past-due loan principal and financing service fee receivables
Total past due	821,076
Financing service fee receivables \| 61-90 days
Aging of past-due loan principal and financing service fee receivables
Total past due	¥ 926,548

Loan principal and financing _6

Loan principal and financing service fee receivables - Movement of allowance for loan principal and financing service fee receivables (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Movement of allowance for loan principal and financing service fee receivables
Balance at the beginning of the year	¥ 267,039,108	$ 38,717,031	¥ 849,234,936
Additions/ (reverse)	(209,396,631)	(30,359,658)	(195,177,565)
Charge-offs	(57,642,477)	$ (8,357,373)	(387,018,263)
Balance at the end of the year			267,039,108
Evaluated for impairment on a portfolio basis			267,039,108
Loan principal
Movement of allowance for loan principal and financing service fee receivables
Balance at the beginning of the year	263,685,104		837,075,499
Additions/ (reverse)	(206,042,627)		(186,372,132)
Charge-offs	(57,642,477)		(387,018,263)
Balance at the end of the year			263,685,104
Evaluated for impairment on a portfolio basis			263,685,104
Financing service fee receivables
Movement of allowance for loan principal and financing service fee receivables
Balance at the beginning of the year	3,354,004		12,159,437
Additions/ (reverse)	¥ (3,354,004)		(8,805,433)
Balance at the end of the year			3,354,004
Evaluated for impairment on a portfolio basis			¥ 3,354,004

Finance lease receivables (Deta

Finance lease receivables (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Finance lease receivables
Gross investment in finance lease receivables	¥ 1,414,453	$ 205,076	¥ 38,290,695
Less: unearned income	(11,866)	(1,720)	(1,287,015)
Net investment in finance lease receivables	1,402,587	203,356	37,003,680
Less: allowance for finance lease receivables	(21,496)	(3,117)	(5,142,488)
Finance lease receivables, net	¥ 1,381,091	$ 200,239	¥ 31,861,192

Finance lease receivables - Non

Finance lease receivables - Nonaccrual finance lease receivables (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Finance lease receivables
Nonaccrual finance lease receivables	¥ 15,143	$ 2,196	¥ 567,406
Less: allowance for nonaccrual financial lease receivables	(3,110)	(451)	(114,169)
Nonaccrual finance lease receivables, net	¥ 12,033	$ 1,745	¥ 453,237

Finance lease receivables - Agi

Finance lease receivables - Aging of past-due finance lease receivable (Details) - Financial lease receivables	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Finance lease receivables
Total past due	¥ 132,717		¥ 3,209,701
Current	1,269,870		33,793,979
Total	1,402,587	$ 203,356	37,003,680
1-30 days
Finance lease receivables
Total past due	78,279		2,155,618
31-60 days
Finance lease receivables
Total past due	29,943		169,237
61-90 days
Finance lease receivables
Total past due	9,352		317,440
90 to 120 Days
Finance lease receivables
Total past due			97,182
120 To 150 Days
Finance lease receivables
Total past due	3,920		242,872
150 To 180 Days
Finance lease receivables
Total past due	¥ 11,223		¥ 227,352

Finance lease receivables - Fut

Finance lease receivables - Future minimum lease payments (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Finance lease receivables
Finance lease receivables, Less than 1 year	¥ 1,414,453	$ 205,076	¥ 37,626,031
Finance lease receivables, 1 - 2 years			664,664
Finance lease receivables, Total	¥ 1,414,453	$ 205,076	¥ 38,290,695

Finance lease receivables - Mov

Finance lease receivables - Movement of allowance for finance lease receivables (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Movement of allowance for loan principal and financing service fee receivables
Balance at the beginning of the year	¥ 267,039,108	$ 38,717,031	¥ 849,234,936
Reverse	(209,396,631)	(30,359,658)	(195,177,565)
Charge-offs	(57,642,477)	(8,357,373)	(387,018,263)
Balance at the end of the year			267,039,108
Evaluated for impairment on a portfolio basis			267,039,108
Financial lease receivables
Movement of allowance for loan principal and financing service fee receivables
Balance at the beginning of the year	5,142,488	745,591	24,549,329
Reverse	(5,086,116)	(737,418)	(16,452,740)
Charge-offs	(34,876)	(5,056)	(2,954,101)
Balance at the end of the year	21,496	3,117	5,142,488
Evaluated for impairment on a portfolio basis	¥ 21,496	$ 3,117	¥ 5,142,488

Other current assets (Details)

Other current assets (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Other current assets
Prepaid expenses	¥ 15,108,499	$ 2,190,526	¥ 36,116,886
Inventory	116,711,168	16,921,529	15,212,282
Deposits in trust protection fund	13,501,146	1,957,482	82,872,000
Guarantee deposits held by Funding Partners	1,690,507	245,100	63,977,048
Receivables from third party payment service providers	3,415,532	495,206	456,492,520
Receivables from Funding Partners and other service providers	34,738,492	5,036,608	270,647,297
Other account receivables	23,837,329	3,456,088	34,157,040
Receivable from broker for derivative collateral	834,038,316	120,924,189	619,332,499
Deposit prepayment	676,742,849	98,118,490	10,405,181
Receivables from trust companies	293,543,842	42,559,857
Others	349,113,346	50,616,676	211,328,986
Total	2,362,441,026	342,521,751	1,800,541,739
Less: Allowance for other current assets	(256,349,242)	(37,167,147)	(201,242,068)	$ (29,177,357)	¥ (160,745,160)
Other current assets	¥ 2,106,091,784	$ 305,354,604	¥ 1,599,299,671

Other current assets - Allowanc

Other current assets - Allowance for other current assets (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Other current assets
Balance at the beginning of the year	¥ 201,242,068	$ 29,177,357	¥ 160,745,160
Additions	72,112,392	10,455,314	59,901,259
Charge-offs	(17,005,218)	(2,465,524)	(19,404,351)
Balance at the end of the year	¥ 256,349,242	$ 37,167,147	¥ 201,242,068

Other current assets - Addition

Other current assets - Additional information (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Other current assets
Percentage of capital to deposit to trust protection fund by consolidated trusts	1%
Impairment loss on disposal of business	¥ 74
Borrowings to third-party individuals	¥ 92
Minimum
Other current assets
Interest rates	4%
Maximum
Other current assets
Interest rates	5.50%

Leases - Sales-type lease (Deta

Leases - Sales-type lease (Details) - Financing income	12 Months Ended
Leases - Sales-type lease (Details) - Financing income	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Sales-type lease income
Financing income	¥ 337,355	$ 48,912	¥ 5,502,703	¥ 45,993,173
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	Interest and Fee Income, Loans and Leases

Leases - Future minimum rental

Leases - Future minimum rental payments for operating leases (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Leases
1 year (Including 1 year)	¥ 7,217,720	$ 1,046,471	¥ 40,321,257
1 year to 2 years (Including 2 years)	418,138	60,624	28,953,101
2 years to 3 years (Including 3 years)	33,840	4,906	27,307,080
3 years to 4 years (Including 4 years)	1,151	167	26,593,652
4 years to 5 years (Including 5 years)			22,452,011
Over 5 years	0		108,101,711
Total lease payments	7,670,849	1,112,168	253,728,812
Less: imputed interest	933,684	135,371	47,458,135
Present value of lease liabilities	¥ 6,737,165	$ 976,797	¥ 206,270,677

Leases - Supplemental lease cas

Leases - Supplemental lease cash flow (Details)	12 Months Ended
Leases - Supplemental lease cash flow (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Leases
Cash payments for operating leases	¥ 49,405,583	$ 7,163,136	¥ 72,086,693
Operating ROU assets released in exchange for operating lease liabilities	543,534,687	78,805,122	352,298,094
Operating ROU assets obtained in exchange for new operating lease liabilities	¥ 375,303,436	$ 54,413,883	¥ 522,578,298

Leases - Additional information

Leases - Additional information (Details)	12 Months Ended
Leases - Additional information (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Leases
Lease costs under operating leases	¥ 56,019,089	$ 8,122,004	¥ 80,884,049	¥ 33,525,924
Weighted average discount rate	3.08%	3.08%	4.01%
Weighted average remaining lease term	11 months	11 months	103 months

Investment in equity method i_2

Investment in equity method investee (Details)		12 Months Ended
Investment in equity method investee (Details)	Jun. 03, 2020 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) Partnership	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 28, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Schedule of equity method investments
Investment in equity method investee		¥ 133,058,138	$ 19,000,000	¥ 85,581,620
Secoo Holding Ltd
Schedule of equity method investments
Equity method investment, change in fair value \| ¥					¥ 251,634,432	¥ 366,344,810
Limited partnerships
Schedule of equity method investments
Number of limited partnerships in which investments made \| Partnership		4
Investment in equity method investee \| ¥		¥ 88,000,000		¥ 56,000,000
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

Long-term investments (Details)

Long-term investments (Details)			12 Months Ended
Long-term investments (Details)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 CNY (¥)
Long-term investments
Long-term investments	¥ 286,000,000		¥ 217,000,000		¥ 286,000,000			$ 31,000,000
Impairment charge			27,000,000	$ 4,000,000	219,000,000		¥ 0
Investment in equity method investee	85,581,620		133,058,138		85,581,620			19,000,000
Marketable securities, unrealized gain (loss)					182,000,000	$ 29,000,000
Unrealized investment losses of long-term Investments			58,356,978	8,460,966	24,635,329
Fair value	62,000,000		26,000,000		62,000,000			$ 4,000,000
Changes in fair value of investments	12,000,000	$ 2,000,000
Beijing Changba Technology Co., Ltd.
Long-term investments
Impairment charge			¥ 27,000,000	$ 4,000,000	195,000,000
Investment in equity method investee										¥ 185,000,000
Equity ownership percentage							9.02%			9.24%
Unrealized investment losses of long-term Investments					13,000,000	$ 2,000,000
Fair value	¥ 172,000,000				¥ 172,000,000				$ 27,000,000

Property and equipment, net (De

Property and equipment, net (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Property and equipment, net
Property and equipment, gross	¥ 816,703,237	$ 118,410,839	¥ 850,067,296
Less accumulated depreciation	39,204,870	5,684,172	43,829,381
Less allowance	3,612,025	523,694	147,137,267
Property and equipment, net	773,886,342	112,202,973	659,100,648
Construction in progress
Property and equipment, net
Property and equipment, gross	767,221,882	111,236,717	660,788,221
Leasehold improvements
Property and equipment, net
Property and equipment, gross	28,943,095	4,196,354	169,217,493
Office and electronic equipment
Property and equipment, net
Property and equipment, gross	9,965,437	1,444,853	9,856,959
Motor vehicles
Property and equipment, net
Property and equipment, gross	¥ 10,572,823	$ 1,532,915	¥ 10,204,623

Property and equipment, net - A

Property and equipment, net - Additional information (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Property and equipment, net
Depreciation expense	¥ 6,000,000	$ 1,000,000	¥ 18,000,000	¥ 9,000,000
Interest costs incurred and capitalized	7,000,000	1,000,000	7,000,000	¥ 3,000,000
Charges of leasehold improvements	158,713,927		42,544,996
Charges of construction in progress	0		104,592,271
Leasehold improvements written off	201,258,922
Construction in progress written off	104,592,271
Disposals	9,611,937	1,393,600	405,376
Loss on disposal of property and equipment	¥ 8,227,046	$ 1,192,810	¥ 256,289

Short-term and Long-term borr_3

Short-term and Long-term borrowings - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended
	Nov. 30, 2019 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Short and Long-term borrowings
Weighted average interest rate		4.75%	4.75%	4.95%
Term and revolving facility agreement
Short and Long-term borrowings
Line of credit, maximum capacity	¥ 1,200,000	¥ 95,650	$ 13,870
Debt instrument term	8 years
Line of credit, unused capacity		¥ 1,055,000	$ 153,000	¥ 1,055,000

Short-term and Long-term borr_4

Short-term and Long-term borrowings (Details) - Banks - LPR+0.295%	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Short-term borrowings
Short and Long-term borrowings
Short term borrowings	¥ 29,062,344	$ 4,213,644
Long-term borrowings
Short and Long-term borrowings
Long-term borrowings	¥ 116,249,377	$ 16,854,575	¥ 145,311,721
Minimum \| Short-term borrowings
Short and Long-term borrowings
Term	4 months
Minimum \| Long-term borrowings
Short and Long-term borrowings
Term	16 months
Maximum \| Short-term borrowings
Short and Long-term borrowings
Term	10 months
Maximum \| Long-term borrowings
Short and Long-term borrowings
Term	58 months

Short-term and Long-term borr_5

Short-term and Long-term borrowings - Contractual obligations (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Contractual obligation fiscal year maturity
Less than 1 year	¥ 6,262,209	$ 907,935	¥ 7,185,665
1 - 2 years	33,979,547	4,926,571	35,588,502
2 - 3 years	32,585,427	4,724,443	34,186,806
3 - 4 years	31,206,419	4,524,505	32,733,923
4 - 5 years	29,827,410	4,324,568	31,296,790
Greater than 5 years			29,859,658
Total	¥ 133,861,012	$ 19,408,022	¥ 170,851,344

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Accrued expenses and other current liabilities
Accrued payroll	¥ 1,030,216	$ 149,369	¥ 16,843,567
Tax payables	47,276,768	6,854,487	155,211,471
Payable to suppliers	52,627,693	7,630,298	32,100,134
Payable to external service providers	55,247,794	8,010,177	77,657,212
Payable to funding partner	84,635,053	12,270,929	22,694,769
Business deposits	7,959,080	1,153,958	8,828,980
Others	46,898,371	6,799,623	63,531,681
Total	¥ 295,674,975	$ 42,868,841	¥ 376,867,814

Guarantee liabilities and ris_3

Guarantee liabilities and risk assurance liabilities - Summary of Movement of Guarantee Liabilities (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Guarantee liabilities and risk assurance liabilities
Balance at beginning of the year	¥ 885,303	$ 128,357	¥ 11,697,633
Fair value of guarantee liabilities upon the inception of new loans			5,604,145
Collections	36,235,652	5,253,675	36,593,107
Change in fair value of guarantee liabilities	(37,120,955)	(5,382,032)	(53,009,582)
Balance at end of the year	¥ 0	$ 0	¥ 885,303

Guarantee liabilities and ris_4

Guarantee liabilities and risk assurance liabilities - Summary of movement of risk assurance liabilities (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Guarantee liabilities and risk assurance liabilities
Balance at the beginning of the year	¥ 0		¥ 19,701,689
Recognized as guarantee income			(3,934,761)
Collections	66,870,069	$ 9,695,249	132,825,675
Change in fair value of risk assurance liabilities	(66,870,069)	(9,695,249)	(148,592,603)
Balance at end of the year	0	$ 0	0
Contingent
Guarantee liabilities and risk assurance liabilities
Balance at the beginning of the year			15,766,928
Collections	66,870,069		132,825,675
Change in fair value of risk assurance liabilities	¥ (66,870,069)		(148,592,603)
Non-contingent
Guarantee liabilities and risk assurance liabilities
Balance at the beginning of the year			3,934,761
Recognized as guarantee income			¥ (3,934,761)

Guarantee liabilities and ris_5

Guarantee liabilities and risk assurance liabilities - Additional Information (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Guarantee liabilities and risk assurance liabilities
Risk assurance liabilities maximum exposure	¥ 0		¥ 0
Maximum potential undiscounted future payment	¥ 0	$ 0	¥ 37

Convertible senior notes - Addi

Convertible senior notes - Additional Information (Details) ¥ in Millions, $ in Millions			12 Months Ended
	Jul. 01, 2019 CNY (¥)	Jul. 01, 2019 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2019 USD ($)
Convertible senior notes
Effective interest rate	2.07%	2.07%
Repurchase of convertible senior notes			¥ 701	$ 102	¥ 133
Principal amount of convertible notes			699	101	131
Convertible senior notes amortized cost			689	100	119
Income from the repurchase of convertible senior notes			10	$ 1	12
Convertible Senior Notes
Convertible senior notes
Principal amount of convertible debt								$ 300
Debt interest rate	1%							1%
Debt maturity	Jul. 01, 2026	Jul. 01, 2026
Proceeds from convertible debt net	¥ 2,290	$ 334
Debt issuance cost	¥ 73							$ 11
Proceeds from convertible debt gross		$ 345
Debt carrying amount gross			0		685	$ 0
Debt unamortized expenses			0		¥ 4	0
Debt carrying amount net			¥ 0			$ 0	$ 681
Convertible Senior Notes \| Additional Notes
Convertible senior notes
Principal amount of convertible debt								$ 45

Cost of other revenues - Summar

Cost of other revenues - Summary of Cost of Other Revenues (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cost of other revenues
Interest expenses of borrowings				¥ 15,240,283
Other costs	¥ 56,202,270	$ 8,148,563	¥ 220,193,581	202,030,929
Total	¥ 56,202,270	$ 8,148,563	¥ 220,193,581	¥ 217,271,212

Expected credit loss_(reversa_3

Expected credit loss/(reversal) for receivables and other assets - Summary of Receivables and Other Assets (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Expected credit loss/(reversal) for receivables and other assets
Expected credit loss/(reversal) for loan principal and financing service fee receivables	¥ (209,396,631)	$ (30,359,658)	¥ (195,177,565)	¥ 1,434,446,417
Reversal for finance lease receivables	(5,086,116)	(737,418)	(16,452,740)	(29,287,359)
Reversal for contract assets	(31,168)	(4,519)	(87,784)	(3,089,153)
Expected credit loss/(reversal) for other current assets	(8,061,187)	(1,168,762)	59,901,259	219,292,278
Expected credit loss for other non-current assets	1,453,719	210,770
Provision for Doubtful Accounts	¥ (221,121,383)	$ (32,059,587)	¥ (151,816,830)	¥ 1,621,362,182

Interest and investment incom_3

Interest and investment income, net - Summary of Interest and Investment Income, Net (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Interest and investment income, net
Unrealized investment income/(loss) of short-term investments	¥ (41,288,248)	$ (5,986,233)	¥ 17,213,203		¥ 45,478,742
Realized investment income of short-term investments	159,629,366	23,144,083	113,179,422		35,892,481
Unrealized investment loss of long-term investments	(58,356,978)	(8,460,966)	(24,635,329)
Realized investment income/(loss) of long-term investments	(8,550,287)	(1,239,675)			4,472,410
Interest income	54,793,874	7,944,365	27,634,511		27,405,264
Income from the repurchase of convertible senior notes	10,028,456	1,453,989	12,046,522	¥ 622,109,001	622,109,001
Interest expense of convertible senior notes	(3,439,972)	(498,749)	(15,982,460)		(27,107,232)
Net investment income	¥ 112,816,211	$ 16,356,814	¥ 129,455,869		¥ 708,250,666

Interest and investment incom_4

Interest and investment income, net - Gain/(loss) on derivative instruments (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Interest and investment income, net
Unrealized investment income/(loss) of derivative instruments	¥ (180,503,919)	$ (26,170,608)	¥ 17,375,517
Realized investment income of derivative instruments	110,083,438	15,960,598
Gain/(loss) on derivative instruments	¥ (70,420,481)	$ (10,210,010)	¥ 17,375,517

Income Taxes - Summary of Curre

Income Taxes - Summary of Current and Deferred Component of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Components of Income Tax Expense (Benefit), Continuing Operations
Current income tax expenses	¥ 71,567,448	$ 10,376,305	¥ 135,188,353	¥ 129,397,492
Deferred income tax expenses	20,860,679	3,024,514	125,293,714	132,582,100
Total income tax expenses	¥ 92,428,127	$ 13,400,819	¥ 260,482,067	¥ 261,979,592

Income Taxes - Summary of Princ

Income Taxes - Summary of Principal Components of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Non-current deferred tax assets
Allowance for loan principal and financing service fee receivables	¥ 18,465,206	$ 2,677,203	¥ 391,551,056
Allowance for finance lease receivable	8,944,994	1,296,902	10,216,523
Allowance for other current assets	53,566,319	7,766,386	66,008,093
Impairment loss from long-lived assets	22,131,541	3,208,773	39,083,895
Guarantee liabilities	100,082,625	14,510,617	186,637,271
Risk assurance liabilities			56,287,963
Share-based compensation	35,798,102	5,190,237	33,776,437
Fair value change on investments	67,969,700	9,854,680	2,691,614
Fair value change on financial assets	34,319,462	4,975,854	8,201,268
Lease liabilities	1,675,482	242,922	51,560,367
Advertising cost	35,811,815	5,192,225	1,787,054
Uncollected revenue	4,501,793	652,699
Outside basis difference	44,907,609	6,510,991
Net operating loss carry forwards	746,950,201	108,297,599	272,561,783
Less: valuation allowance	(1,100,270,879)	(159,524,282)	(838,371,909)
Total non-current deferred tax assets net of valuation allowance	74,853,970	10,852,806	281,991,415
Net non-current deferred tax assets			87,285,917
Non-current deferred tax liabilities
Right-of-use assets	(1,864,922)	(270,388)	(52,117,255)
Fair value change on financial assets	(63,732,300)	(9,240,315)	(3,629,878)
Unallocated revenue	(11,374,640)	(1,649,168)	(207,501,495)
Total non-current deferred tax liabilities	(76,971,862)	(11,159,871)	(263,248,628)
Net non-current deferred tax liabilities	¥ (2,117,892)	$ (307,065)	¥ (68,543,130)

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Income Taxes Expenses (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Effective Income Tax Rate Reconciliation, Amount
Profit/(loss) before income tax	¥ 269,623,829	$ 39,091,780	¥ (846,409,045)	¥ (1,220,798,253)
PRC statutory income tax rate	25%	25%	25%	25%
Income tax at statutory tax rate	¥ (67,405,957)	$ (9,772,945)	¥ 211,602,261	¥ 305,199,563
Effect of different tax rates	12,944,788	1,876,818	(60,256,708)	(272,361,568)
Tax exempted income				(350,121)
Outside basis difference	(109,594,486)	(15,889,707)
Expenses not deductible for tax purposes	12,666,674	1,836,495	62,168,979	73,694,299
Adjustment on current income tax of the previous periods	(18,081,862)	(2,621,623)	8,525,032	24,502,181
Deferred only adjustment			26,769,243
Research and development super-deduction			(19,928,755)	(20,606,639)
Tax rate change			(105,024,051)	(157,679,128)
Changes in valuation allowance	261,898,970	37,971,781	136,626,066	309,581,005
Total income tax expenses	¥ 92,428,127	$ 13,400,819	¥ 260,482,067	¥ 261,979,592

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Income taxes
Balance at beginning of the year	¥ 2,588,962		¥ 2,588,962	$ 375,364
Additions			2,588,962
Decreases	(2,588,962)	$ (375,364)
Balance at end of the year	¥ 0	$ 0	¥ 2,588,962

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	12 Months Ended
Income Taxes - Additional Information (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Income Taxes
Statutory income tax rate	25%	25%	25%	25%
Withholding tax rate	10%	10%
Unrecognized tax benefits	¥ 0		¥ 2,588,962	¥ 2,588,962	$ 0	$ 375,364
Operating loss carryforwards	3,024,134,001		1,098,237,738		438,458,215
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		¥ 2,588,962		$ 0
Maximum
Income Taxes
Undistributed earnings from foreign subsidiaries	¥ 12,481,000,000	$ 1,810,000,000
PRC tax authority to conduct examinations, term	5 years	5 years
Variable Interest Entity, Subsidiaries [Member]
Income Taxes
Statutory income tax rate	25%	25%
QD Data Limited ("Qudian HK")
Income Taxes
Statutory income tax rate	16.50%	16.50%
High and New Technology Enterprise [Member] \| Variable Interest Entity, Subsidiaries [Member]
Income Taxes
Statutory income tax rate			15%
Domestic Tax Authority [Member] \| Maximum
Income Taxes
Operating loss carryforwards, Expiration year	2027	2027
Domestic Tax Authority [Member] \| Minimum
Income Taxes
Operating loss carryforwards, Expiration year	2023	2023

Earnings_(loss) per share - Com

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, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Class A ordinary shares
Numerator:
Allocation of net income attributable to Qudian Inc. for basic computation	¥ (268,552,622)	$ (38,936,470)	¥ 441,499,980	¥ 718,824,602
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	182,530	182,530	189,950	190,170
Earnings/(loss) per share - basic \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.32	¥ 3.78
Class B ordinary shares
Numerator:
Allocation of net income attributable to Qudian Inc. for basic computation	¥ (93,411,501)	$ (13,543,395)	¥ 147,574,098	¥ 239,994,059
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)	¥ (1.47)	$ (0.21)	¥ 2.32	¥ 3.78

Earnings_(loss) per share - C_2

Earnings/(loss) per share - Computation of diluted earnings per share (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Class A ordinary shares
Numerator:
Interest charges applicable to the Convertible Senior Notes \| ¥			¥ 12,171,824	¥ 20,833,583
Allocation of net income attributable to Qudian Inc. for diluted computation	¥ (268,552,622)	$ (38,936,470)	448,623,440	736,911,399
Reallocation of net income attributable to Qudian Inc. as a result of conversion of	(93,411,501)	(13,543,395)	144,261,274	228,180,911
Allocation of net income attributable to Qudian Inc	¥ (361,964,123)	$ (52,479,865)	¥ 605,056,538	¥ 985,925,893
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	182,530,000	182,530,000	189,950,000	190,170,000
Conversion of Class B to Class A ordinary shares	63,490,000	63,490,000	63,490,000	63,490,000
Conversion of the Convertible Senior Notes to Class A ordinary share			12,850,000	20.67
Weighted average number of ordinary share outstanding- diluted	246,020,000	246,020,000	266,290,000	274,330,000
Earnings/(loss) per share - diluted \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.27	¥ 3.59
Class B ordinary shares
Numerator:
Interest charges applicable to the Convertible Senior Notes \| ¥			¥ 3,810,636	¥ 6,273,649
Allocation of net income attributable to Qudian Inc. for diluted computation	¥ (93,411,501)	$ (13,543,395)	140,450,638	221,907,262
Allocation of net income attributable to Qudian Inc	¥ (93,411,501)	$ (13,543,395)	¥ 144,261,274	¥ 228,180,911
Weighted average number of Class A and Class B ordinary shares outstanding:
Weighted average number of ordinary share outstanding- basic	63,490,000	63,490,000	63,490,000	63,490,000
Weighted average number of ordinary share outstanding- diluted	63,490,000	63,490,000	63,490,000	63,490,000
Earnings/(loss) per share - diluted \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.27	¥ 3.59

Earnings_(loss) per share - C_3

Earnings/(loss) per share - Computation of basic and diluted earnings per share (Details) - Class A ordinary shares	12 Months Ended
	Dec. 31, 2022 ¥ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 ¥ / shares shares	Dec. 31, 2020 ¥ / shares shares
Earnings/(loss) per share - ADS:
Weighted average number of ordinary share outstanding- basic	182,530,000	182,530,000	189,950,000	190,170,000
Weighted average number of ordinary share outstanding- diluted	246,020,000	246,020,000	266,290,000	274,330,000
Earnings/(loss) per share - basic \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.32	¥ 3.78
Earnings/(loss) per share - diluted \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.27	¥ 3.59
ADS
Earnings/(loss) per share - ADS:
Weighted average number of ordinary share outstanding- basic	182.53	182.53	46.74	181.84
Weighted average number of ordinary share outstanding- diluted	182.53	182.53	49.11	196.67
Earnings/(loss) per share - basic \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.32	¥ 3.78
Earnings/(loss) per share - diluted \| (per share)	¥ (1.47)	$ (0.21)	¥ 2.27	¥ 3.59
ADS \| US [Member]
Earnings/(loss) per share - ADS:
Weighted average number of ordinary share outstanding- basic	182.53	182.53
Weighted average number of ordinary share outstanding- diluted	182.53	182.53

Fair value measurements - Asset

Fair value measurements - Assets measured at fair value on a nonrecurring basis (Details) - Fair value, nonrecurring ¥ in Millions, $ in Millions	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Long term investments
Fair value measurements
Fair value of investments	¥ 4	$ 1	¥ 172	$ 27
Non-observable input (Level 3) \| Measurement input, revenue multiple \| Minimum
Fair value measurements
Long term investments, measurement input	1.3	1.3	2.5	2.5
Discount rate	1.3	1.3	2.5	2.5
Non-observable input (Level 3) \| Measurement input, revenue multiple \| Maximum
Fair value measurements
Long term investments, measurement input	2.1	2.1	3.8	3.8
Discount rate	2.1	2.1	3.8	3.8
Non-observable input (Level 3) \| Discount for lack of marketability
Fair value measurements
Long term investments, measurement input	0.30	0.30
Discount rate	0.30	0.30
Non-observable input (Level 3) \| Discount for lack of marketability \| Minimum
Fair value measurements
Long term investments, measurement input			0.30	0.30
Discount rate			0.30	0.30
Non-observable input (Level 3) \| Discount for lack of marketability \| Maximum
Fair value measurements
Long term investments, measurement input			0.33	0.33
Discount rate			0.33	0.33

Fair value measurements - Ass_2

Fair value measurements - Assets and liabilities measured at fair value on a recurring basis (Detail)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Assets:
Short-term investments	¥ 5,378,305,435	$ 779,780,989	¥ 5,926,600,761
Long-term investments	217,000,000	31,000,000	286,000,000
Derivative instruments			17,375,517
Liabilities:
Derivative instruments	163,128,402	23,651,395
Fair value, recurring
Assets:
Short-term investments	5,378,305,435	779,780,989	5,926,600,761
Long-term investments with readily determinable fair values	25,833,155	3,745,455	62,425,472
Derivative instruments			17,375,517
Liabilities:
Guarantee liabilities			885,303
Convertible senior notes			611,000,109
Derivative instruments	163,128,402	23,651,395
Active market (Level 1) \| Fair value, recurring
Assets:
Short-term investments	2,118,365,856	307,134,179	2,412,379,263
Long-term investments with readily determinable fair values	25,833,155	3,745,455	62,425,472
Observable input (Level 2) \| Fair value, recurring
Assets:
Short-term investments	3,259,939,579	472,646,810	3,514,221,498
Derivative instruments			17,375,517
Liabilities:
Convertible senior notes			611,000,109
Derivative instruments	¥ 163,128,402	$ 23,651,395
Non-observable input (Level 3) \| Fair value, recurring
Liabilities:
Guarantee liabilities			¥ 885,303

Fair value measurements - Summa

Fair value measurements - Summary of Significant Unobservable Inputs (Details) - Discounted cash flows - Guarantees	Dec. 31, 2021
Discount rates \| Weighted Average
Fair value measurements
Unobservable input, rates	0.0604
Expected delinquency rates \| Minimum
Fair value measurements
Unobservable input, rates	0.1877
Expected delinquency rates \| Maximum
Fair value measurements
Unobservable input, rates	0.1970

Related party balances and tr_3

Related party balances and transactions (Details) - USD ($)	12 Months Ended
Related party balances and transactions (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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 - Addi

Share-based Compensation - Additional Information (Detail)	12 Months Ended
Share-based Compensation - Additional Information (Detail)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2016 ¥ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2022 USD ($)
Share-based compensation
Share-based compensation expense	¥ 24,053,760	$ 3,487,467	¥ 35,344,620	¥ 45,633,820
Total intrinsic value of options exercised	2,023,265	293,346	13,862,597	10,723,410
Total fair value of shares vested	50,943,916	$ 7,386,173	55,458,785	¥ 94,674,877
Unrecognized compensation expense	¥ 5,265,997						$ 763,498
Weighted-average period is expected to be recognized	10 months 13 days	10 months 13 days
2016 Plan
Share-based compensation
Number of share options granted				878,125
Options expiration period					10 years	10 years
Total intrinsic value of options exercised \| ¥	¥ 2,037,155		¥ 13,879,913	¥ 10,316,855
Shares reserved for issuance					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

Share-based Compensation - Summ

Share-based Compensation - Summary of share option activity (Detail)	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Share-based compensation
Number of options, Exercised	(1,113,837)	(1,113,837)
Aggregate Intrinsic Value, Exercised	¥ 2,023,265	$ 293,346	¥ 13,862,597	¥ 10,723,410
2016 Plan
Share-based compensation
Number of options, Beginning balance	9,891,886	9,891,886	11,070,011	12,055,912
Number of options, Granted				878,125
Number of options, Exercised	(357,600)	(357,600)	(1,019,625)	(797,463)
Number of options, Forfeited	(72,500)	(72,500)	(158,500)	(1,066,563)
Number of options, Ending balance	9,461,786	9,461,786	9,891,886	11,070,011	12,055,912
Number of options, Vested and expected to vest	9,287,789
Number of options, Exercisable	8,499,473
Weighted average grant date fair value, Beginning balance \| ¥ / shares	¥ 16.92		¥ 16.79	¥ 19.87
Weighted average grant date fair value, Granted \| ¥ / shares				14.51
Weighted average grant date fair value, Exercised \| ¥ / shares	5.66		13.60	13.45
Weighted average grant date fair value, Forfeited \| ¥ / shares	28.76		28.96	52.22
Weighted average grant date fair value, Ending balance \| ¥ / shares	17.26		¥ 16.92	¥ 16.79	¥ 19.87
Weighted average grant date fair value, Vested and expected to vest \| ¥ / shares	33.26
Weighted average grant date fair value, Exercisable \| ¥ / shares	¥ 33.19
Weighted average remaining contractual term, Outstanding	5 years 3 months 21 days	5 years 3 months 21 days	6 years 3 months 18 days	7 years 3 months 21 days	8 years 2 months 4 days
Weighted average remaining contractual term, Vested and expected to vest	5 years 3 months 21 days	5 years 3 months 21 days
Weighted average remaining contractual term, Exercisable	5 years 1 month 17 days	5 years 1 month 17 days
Aggregate Intrinsic Value, Outstanding \| ¥	¥ 61,990,313		¥ 61,139,618	¥ 99,672,691	¥ 578,275,151
Aggregate Intrinsic Value, Exercised \| ¥	2,037,155		¥ 13,879,913	¥ 10,316,855
Aggregate Intrinsic Value, Vested and expected to vest \| ¥	60,850,345
Aggregate Intrinsic Value, Exercisable \| ¥	¥ 55,685,575

Share-based Compensation - Shar

Share-based Compensation - Share-based compensation expense (Detail)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Share-based compensation
Share-based compensation expense	¥ 24,053,760	$ 3,487,467	¥ 35,344,620	¥ 45,633,820
Sales and marketing
Share-based compensation
Share-based compensation expense	527,537	76,486	1,726,837	1,912,318
General and administrative
Share-based compensation
Share-based compensation expense	21,102,104	3,059,517	29,684,217	40,894,564
Research and development
Share-based compensation
Share-based compensation expense	¥ 2,424,119	$ 351,464	¥ 3,933,566	¥ 2,826,938

Commitments and contingencies (

Commitments and contingencies (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Commitments and contingencies
Total capital commitments	¥ 596,929,756	$ 86,546,679	¥ 545,978,654

Ordinary shares (Details)

Ordinary shares (Details)	Dec. 31, 2022 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

Treasury shares (Details)

Treasury shares (Details)					12 Months Ended
Treasury shares (Details)	Jun. 11, 2022 USD ($) CNY (¥) $ / shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Jan. 16, 2020 USD ($) CNY (¥) $ / shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 CNY (¥)
Treasury shares
Treasury stock amount		¥ 481,582,245	$ 69,775,108
Treasury Stock, Value					¥ 486,954,953		¥ 371,551,131		$ 70,601,832	¥ 346,320,584
Cancelled shares		71,645,824	71,645,824
Exercise of stock options					1,113,837	1,113,837
Class A ordinary shares
Treasury shares
Remaining balance of treasury shares		32,549,727	32,549,727
Common stock, par value \| $ / shares			$ 0.0001						$ 0.0001
Share Repurchase Program
Treasury shares
Treasury stock amount					¥ 4,080,022,764	$ 595,447,163	¥ 15,528,092	$ 2,258,112
Period	24 months			24 months
Share Repurchase Program \| Class A ordinary shares
Treasury shares
Number of shares repurchased					105,309,388	105,309,388	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 \| ADS
Treasury shares
Authorized share to be repurchased, maximum aggregate value \| $	$ 200,000,000			$ 400,000,000
ADS
Treasury shares
Repurchased shares, average price \| $ / shares			$ 2.154
ADS \| Share Repurchase Program
Treasury shares
Number of shares repurchased					105,309,388	105,309,388	1,495,291	1,495,291
Repurchased shares, average price \| $ / shares						$ 5.654		$ 1.510

Restricted net assets (Details)

Restricted net assets (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	10%	10%
Percentage of loan principle balance allocate to statutory reserve	1.50%	1.50%
Amounts restricted include paid-in capital and statutory reserve funds	¥ 4,345	$ 630	¥ 5,314
Minimum
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	10%	10%
Maximum
Restricted assets
Required percentage to allocate after tax profits to statutory reserve	50%	50%

Condensed financial informati_3

Condensed financial information of the parent company - Condensed balance sheets (Details)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 3,486,376,077	$ 505,477,016	¥ 2,065,495,008	¥ 1,537,557,823
Short-term investments	5,378,305,435	779,780,989	5,926,600,761
Total current assets	11,058,526,301	1,603,335,598	12,218,088,667
Non-current assets:
Investment in subsidiaries	133,058,138	19,000,000	85,581,620
Total non-current assets	1,687,909,086	244,723,814	1,873,036,506
TOTAL ASSETS	12,746,435,387	1,848,059,412	14,091,125,173
Current liabilities:
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB 308,973,067 and RMB 283,572,997 (US$ 41,114,220) as of December 31, 2021 and 2022, respectively)	295,674,975	42,868,841	376,867,814
Total current liabilities	584,929,946	84,806,870	493,517,245
Non-current liabilities			10,012,997
Convertible senior notes			681,400,553
Total non-current liabilities	118,793,233	17,223,399	1,074,068,647
Total liabilities	703,723,179	102,030,269	1,567,585,892
Commitments and contingencies
Shareholders' equity
Treasury shares	(486,954,953)	(70,601,832)	(346,320,584)	¥ (371,551,131)
Additional paid-in capital	4,036,197,237	585,193,592	4,017,374,973
Accumulated other comprehensive loss	(45,960,186)	(6,663,601)	(58,997,174)
Retained earnings	8,539,254,222	1,238,075,483	8,904,453,278
Total Qudian Inc. shareholders' equity	12,042,712,208	1,746,029,143	12,516,686,381
TOTAL LIABILITIES AND EQUITY	12,746,435,387	1,848,059,412	14,091,125,173
Class A Ordinary shares
Shareholders' equity
Common stock	132,052	19,146	132,052
Class B Ordinary shares
Shareholders' equity
Common stock	43,836	6,355	43,836
Parent Company
Current assets:
Cash and cash equivalents	559,373,169	81,101,486	558,271,954
Short-term investments	217,937,726	31,598,000	200,238,180
Short-term amounts due from related parties	868,168,614	125,872,617	1,595,236,014
Total current assets	1,645,479,509	238,572,103	2,353,746,148
Non-current assets:
Investment in subsidiaries	635,715,140	92,170,031	769,404,888
Contractual interests in VIEs and VIEs' subsidiaries	9,770,421,610	1,416,577,976	10,081,286,481
Total non-current assets	10,406,136,750	1,508,748,007	10,850,691,369
TOTAL ASSETS	12,051,616,259	1,747,320,110	13,204,437,517
Current liabilities:
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB 308,973,067 and RMB 283,572,997 (US$ 41,114,220) as of December 31, 2021 and 2022, respectively)	5,024,052	728,419	2,020,586
Short-term amounts due to related parties	3,879,999	562,548	4,329,997
Total current liabilities	8,904,051	1,290,967	6,350,583
Convertible senior notes			681,400,553
Total non-current liabilities			681,400,553
Total liabilities	8,904,051	1,290,967	687,751,136
Commitments and contingencies
Shareholders' equity
Treasury shares	(486,954,953)	(70,601,832)	(346,320,584)
Additional paid-in capital	4,036,197,237	585,193,592	4,017,374,973
Accumulated other comprehensive loss	(45,960,186)	(6,663,601)	(58,997,174)
Retained earnings	8,539,254,222	1,238,075,483	8,904,453,278
Total Qudian Inc. shareholders' equity	12,042,712,208	1,746,029,143	12,516,686,381
TOTAL LIABILITIES AND EQUITY	12,051,616,259	1,747,320,110	13,204,437,517
Parent Company \| Class A Ordinary shares
Shareholders' equity
Common stock	132,052	19,146	132,052
Parent Company \| Class B Ordinary shares
Shareholders' equity
Common stock	¥ 43,836	$ 6,355	¥ 43,836

Condensed financial informati_4

Condensed financial information of the parent company - Condensed balance sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	168,755,154	190,243,651
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 \| 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	168,755,154	190,243,651
Parent Company \| 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

Condensed financial informati_5

Condensed financial information of the parent company - Condensed statements of comprehensive income/(loss) (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Condensed statements of comprehensive income/(loss)
Share-based compensation expense	¥ (24,053,760)	$ (3,487,467)	¥ (35,344,620)	¥ (45,633,820)
General and administrative	(287,457,156)	(41,677,369)	(443,275,523)	(285,905,509)
Interest and investment income, net	112,816,211	16,356,814	129,455,869	708,250,666
Foreign exchange loss, net	250,234	36,281	(51,356)	(107,144)
Income from the repurchase of convertible senior notes	10,028,456	1,453,989	12,046,522	622,109,001	¥ 622,109,001
Share of loss in subsidiaries	13,998,022	2,029,522	(221,798,009)	(370,038,652)
Net income/(loss) before income taxes	(269,623,829)	(39,091,780)	846,409,045	1,220,798,253
Income tax expense	92,428,127	13,400,819	260,482,067	261,979,592
Net income/(loss)	(361,964,123)	(52,479,864)	589,074,078	958,818,661
Foreign currency translation adjustment	13,036,988	1,890,186	(7,577,408)	(38,454,600)
Total comprehensive income/(loss) attributable to Qudian Inc.'s shareholders	(348,927,135)	(50,589,678)	581,496,670	920,364,061
Parent Company
Condensed statements of comprehensive income/(loss)
Share-based compensation expense	(24,053,760)	(3,487,467)	(35,344,620)	(45,633,820)
General and administrative	(26,199,820)	(3,798,617)	(9,973,856)	(38,512,789)
Interest and investment income, net	(13,148,315)	(1,906,326)	(22,506,569)	(15,718,860)
Other non-interest income	11,548,297	1,674,346	4,979,926	19,633,391
Foreign exchange loss, net	404,232	58,608	352,492	2,073,798
Income from the repurchase of convertible senior notes	10,028,456	1,453,989	12,046,522	622,109,001
Share of loss in subsidiaries	(121,864,519)	(17,668,694)	(292,443,982)	(192,796,924)
Contractual interests in VIEs and VIEs' subsidiaries	(198,678,694)	(28,805,703)	931,964,165	607,664,864
Net income/(loss) before income taxes	(361,964,123)	(52,479,864)	589,074,078	958,818,661
Net income/(loss)	(361,964,123)	(52,479,864)	589,074,078	958,818,661
Foreign currency translation adjustment	13,036,988	1,890,186	(7,577,408)	(38,454,600)
Total comprehensive income/(loss) attributable to Qudian Inc.'s shareholders	¥ (348,927,135)	$ (50,589,678)	¥ 581,496,670	¥ 920,364,061

Condensed financial informati_6

Condensed financial information of the parent company - Condensed statements of cash flows (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ (361,964,123)	$ (52,479,864)	¥ 589,074,078	¥ 958,818,661
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Share of loss in subsidiaries	(13,998,022)	(2,029,522)	221,798,009	370,038,652
Share-based compensation expense	24,053,760	3,487,467	35,344,620	45,633,820
Income from the repurchase of convertible senior notes	(10,028,456)	(1,453,989)	(12,046,522)	(622,109,001)	¥ (622,109,001)
Unrealized investment (income)/losses of short-term investments	41,288,248	5,986,233	(17,213,203)	(45,478,742)
Foreign exchange loss net	(250,234)	(36,281)	51,356	107,144
Changes in operating assets and liabilities:
Net cash provided by operating activities	260,871,457	37,822,806	922,065,011	2,471,711,935
Net cash provided by /(used in) investing activities	1,884,829,256	273,274,555	(246,579,999)	(3,269,875,696)
Net cash used in financing activities	(834,990,791)	(121,062,286)	(84,191,985)	(1,591,271,602)
Effect of exchange rate changes on cash and cash equivalents	18,618,221	2,699,388	(20,835,203)	(56,189,971)
Net increase/(decrease) in cash and cash equivalents, and restricted cash and cash equivalents	1,329,328,143	192,734,463	570,457,824	(2,445,625,334)
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	2,243,419,848	325,265,303	1,672,962,024	4,118,587,358
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	3,572,747,991	517,999,766	2,243,419,848	1,672,962,024	4,118,587,358
Parent Company
Cash flows from operating activities:
Net income/(loss)	(361,964,123)	(52,479,864)	589,074,078	958,818,661
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Share of loss in subsidiaries	121,864,519	17,668,694	292,443,982	192,796,924
Contractual interests in VIEs and VIEs' subsidiaries	198,678,694	28,805,703	(931,964,165)	(607,664,864)
Share-based compensation expense	24,053,760	3,487,467	35,344,620	45,633,820
Income from the repurchase of convertible senior notes	(10,028,456)	(1,453,989)	(12,046,522)	(622,109,001)
Accrued interest of convertible senior notes	(1,732,915)	(251,249)	(15,982,460)	(27,107,232)
Unrealized investment (income)/losses of short-term investments	67,907,228	9,845,623	4,264,330
Foreign exchange loss net	(404,232)	(58,608)	(352,492)	(2,073,798)
Changes in operating assets and liabilities:
Receivables from related party			(97,924)	(221,873,465)
Payable to employees	(66,077)	(9,580)	762	176,326
Other current receivables				618,772
Other current payables	2,937,392	425,882	(4,184,856)	5,651,200
Net cash provided by operating activities	44,843,774	6,501,737	(11,537,251)	(223,270,845)
Net cash provided by /(used in) investing activities	908,576,201	131,731,166	(132,143,216)	1,497,130,562
Net cash used in financing activities	(834,990,790)	(121,062,285)	(127,088,249)	(1,522,314,300)
Effect of exchange rate changes on cash and cash equivalents	(117,327,970)	(17,010,957)	15,864,881	84,221,631
Net increase/(decrease) in cash and cash equivalents, and restricted cash and cash equivalents	1,101,215	159,661	(254,903,835)	(164,232,952)
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of the year	558,271,954	80,941,825	813,175,789	977,408,741
Cash and cash equivalents, and restricted cash and cash equivalents at end of the year	¥ 559,373,169	$ 81,101,486	¥ 558,271,954	¥ 813,175,789	¥ 977,408,741

Subsequent events (Details)

Subsequent events (Details)					12 Months Ended
Subsequent events (Details)	Apr. 21, 2023 USD ($) $ / shares shares	Apr. 21, 2023 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares
Subsequent events
Treasury stock amount			$ 69,775,108	¥ 481,582,245
ADS
Subsequent events
Repurchased shares, average price \| $ / shares			$ 2.154
Share repurchase program
Subsequent events
Treasury stock amount					$ 595,447,163	¥ 4,080,022,764	$ 2,258,112	¥ 15,528,092
Share repurchase program \| Class A ordinary shares
Subsequent events
Number of shares repurchased					105,309,388	105,309,388	1,495,291	1,495,291
Share repurchase program \| ADS
Subsequent events
Number of shares repurchased					105,309,388	105,309,388	1,495,291	1,495,291
Repurchased shares, average price \| $ / shares					$ 5.654		$ 1.510
Subsequent event \| Share repurchase program \| Class A ordinary shares
Subsequent events
Number of shares repurchased	8,854,900	8,854,900
Subsequent event \| Share repurchase program \| ADS
Subsequent events
Number of shares repurchased	8,854,900	8,854,900
Repurchased shares, average price \| $ / shares	$ 1.148
Treasury stock amount	$ 10,162,922	¥ 69,283,273