The Company performed a test on the restricted net assets of consolidated subsidiaries, VIEs and VIEs’ subsidiaries in accordance with SEC Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the parent company only as the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, or guarantees as of March 31, 2025.

CONDENSED BALANCE SHEETS


	As of March 31,
	2024		2025
	RMB		RMB		US$ Note 2(f)
Cash and cash equivalents		1,875		954		131
Prepayments, receivables and other current assets		50		34,417		4,743
Short-term investments		—		2,777		383
Total current assets		1,925		38,148		5,257
Non-current assets:
Amounts due from subsidiaries		1,091,375		1,063,552		146,561
Investments in other investees		35,086		10,346		1,426
Total non-current assets		1,126,461		1,073,898		147,987
Total assets		1,128,386		1,112,046		153,244
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Amounts due to subsidiaries		104,015		104,015		14,334
Accruals and other current liabilities		879		967		133
Total current liabilities		104,894		104,982		14,467
Non-current liabilities:
Investment deficit of subsidiaries		433,800		498,109		68,641
Deferred tax liabilities		1,299		—		—
Total non-current liabilities		435,099		498,109		68,641
Total liabilities		539,993		603,091		83,108


	As of March 31,
	2024			2025
	RMB			RMB			US$ Note 2(f)
SHAREHOLDERS’ EQUITY
Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2024 and 2025; 2,433,963,400 and 2,436,575,800 shares issued as of March 31, 2024 and 2025,respectively; 2,161,569,300 and 2,148,858,300 shares outstanding as of March 31, 2024 and 2025,respectively)		165			165			23
Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2024 and 2025; 303,234,004 shares issued and outstanding as of March 31, 2024 and 2025)		16			16			2
Treasury stock (US$0.00001 par value; 272,394,100 and 287,717,500 shares as of March 31,2024 and 2025, respectively)		(137,446	)		(138,269	)		(19,054	)
Additional paid-in capital		9,489,254			9,490,093			1,307,770
Statutory reserves		3,331			6,705			924
Accumulated other comprehensive income		89,567			72,670			10,014
Accumulated deficit		(8,856,494	)		(8,922,425	)		(1,229,543	)
Total MOGU Inc. shareholders’ equity		588,393			508,955			70,136
Total liabilities and shareholders’ equity		1,128,386			1,112,046			153,244

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the year ended March 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(f)
General and administrative expenses		(3,249	)		(2,362	)		(3,183	)		(439	)
Amortization of intangible assets		(49,957	)		—			—			—
Other (expense)/income, net		(78,030	)		3,892			885			122
(Loss)/gain from operations		(131,236	)		1,530			(2,298	)		(317	)
Interest income		—			—			1,984			274
Loss from subsidiaries, VIEs and VIEs’subsidiaries		(38,453	)		(60,288	)		(54,268	)		(7,478	)
Loss from investments, net		(16,816	)		—			(8,062	)		(1,111	)
Loss before income tax and share of results of equity investee		(186,505	)		(58,758	)		(62,644	)		(8,632	)
Share of results of equity investee		99			(527	)		87			12
Net loss		(186,406	)		(59,285	)		(62,557	)		(8,620	)
Other comprehensive income/(loss):
Foreign currency translation adjustments, net of nil tax		14,264			3,675			526			72
Share of other comprehensive (loss)/income of subsidiaries, VIEs and VIEs’ subsidiaries, net of tax		(1,761	)		2,276			(1	)		—
Unrealized securities holding gains/(loss), net of tax		877			1,220			(17,422	)		(2,401	)
Total other comprehensive income/(loss)		13,380			7,171			(16,897	)		(2,329	)
Total comprehensive loss		(173,026	)		(52,114	)		(79,454	)		(10,949	)

CONDENSED STATEMENTS OF CASH FLOWS


	For the year ended March 31,
	2023			2024			2025
	RMB			RMB			RMB			US$ Note 2(f)
Net cash used in operating activities		(1,712	)		(10,577	)		(4,107	)		(566	)
Net cash provided by/(used in) investing activities		13,364			(2,216	)		4,008			552
Net cash used in financing activities		(1,333	)		—			(822	)		(113	)
Net increase/(decrease) in cash and cash equivalents		10,319			(12,793	)		(921	)		(127	)
Cash and cash equivalents at beginning of year		4,349			14,668			1,875			258
Cash and cash equivalents at end of year		14,668			1,875			954			131

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and VIEs’ subsidiaries.

For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and VIEs’ subsidiaries 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 “Investments in subsidiaries, VIEs and VIEs’ subsidiaries” and shares in the subsidiaries, VIEs and VIEs’ subsidiaries’ loss are presented as “Loss from subsidiaries, VIEs and VIEs’ subsidiaries” on the Condensed Statements of Operations and Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements.