10 PROPERTY AND EQUIPMENT, NET

Depreciation and amortization expense recognized for the years ended March 31, 2023, 2024 and 2025 were RMB5,312, RMB8,091 and RMB11,450, respectively. No impairment charges were recorded for the years ended March 31, 2023, 2024.

As of March 31, 2024 and 2025, the buildings represented the two commercial properties purchased by the Group, located in Hangzhou, China.

As of March 31, 2025, in accordance with ASC 360-10, the Group determined that there were two asset groups within the Group, which were live video broadcast (“LVB”) focused online business asset group and one leasing property. Considering the weaker-than-expected operating results and the market capitalization was below the Group’s net assets, the Group concluded that there were triggering events which required the Group to perform an impairment test on the two asset groups. As a result of the impairment test, the Group recorded an impairment charge of RMB17,953 against the LVB focused online business asset group for the year ended March 31, 2025. The charge was allocated to each asset within the asset group on a pro rata basis based upon respective carrying values and after giving consideration to the fair values of each individual asset. The fair value of each asset was determined using appropriate valuation methodologies, including the market approach for the building and vehicles and the replacement cost approach for the other property and equipment.

As of the report date, the Group has not obtained ownership certificates for the buildings.