| Leases |
As
of March 31, 2023 and 2024, the Company has operating leases recorded on its consolidated
balance sheet for certain office spaces and facilities that expire on various dates through 2027. The Company does not plan to cancel
the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term,
the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that
option. All of the Company’s leases qualify as operating leases.
| | | As of
March 31, | | | As of
March 31, | | | | | 2023 | | | 2024 | | | | | RMB | | | RMB | | | | | | | | | | | Assets | | | | | | | | Operating lease right-of-use assets | | | 22,354 | | | | 8,951 | | | | | | | | | | | | | Liabilities | | | | | | | | | | Operating lease liabilities, current | | | 9,220 | | | | 5,613 | | | Operating lease liabilities, non-current | | | 12,741 | | | | 3,115 | | | Total operating lease liabilities | | | 21,961 | | | | 8,728 | | | Weighted average remaining lease term (years) | | | 2.77 | | | | 1.65 | | | Weighted average discount rate | | | 5.38 | % | | | 4.93 | % |
Information
related to operating lease activity during the years ended March 31, 2022, 2023 and 2024 are as follows:
| | |
Year ended March 31, 2022 | | |
Year ended March 31, 2023 | | |
Year ended March 31, 2024 | |
| | |
RMB | | |
RMB | | |
RMB | |
| | |
| | |
| | |
| |
| Operating lease right-of-use assets obtained in exchange for lease obligations | |
| 21,038 | | |
| 8,384 | | |
| 4,545 | |
| | |
| | | |
| | | |
| | |
| Operating lease related expenses | |
| | | |
| | | |
| | |
| Amortization of right-of-use assets | |
| 11,705 | | |
| 24,597 | | |
| 17,948 | |
| Interest of lease liabilities | |
| 1,949 | | |
| 1,777 | | |
| 199 | |
| | |
| 13,654 | | |
| 26,374 | | |
| 18,147 | |
| | |
Year ended March 31, 2022 | | |
Year ended March 31, 2023 | | |
Year ended March 31, 2024 | |
| | |
RMB | | |
RMB | | |
RMB | |
| | |
| | | |
| | | |
| | |
| Operating lease payments (included in measurement of lease liabilities) | |
| 12,849 | | |
| 26,397 | | |
| 17,977 | |
Maturities
of lease liabilities were as follows:
| | |
Year ended March 31, 2024 | |
| | |
RMB | |
| For the year ending March 31, | |
| |
| 2025 | |
6,559 | |
| 2026 | |
| 2,808 | |
| 2027 | |
| 365 | |
| Total lease payments | |
| 9,732 | |
| Less: imputed interest | |
| (1,004 | ) |
| Total | |
| 8,728 | |
|