9. Operating leases

The Group has several offices lease agreements with lease terms ranging from two to five years. The Group does not have any finance lease for the six months ended September 30, 2025 and the years ended March 31, 2025. Operating leases result in the recognition of ROU assets and lease liabilities on the balance sheet. ROU assets represent the Group’s right to use the leased asset for the lease term, and lease liabilities represent the obligation to make lease payments. The operating lease expenses were charged to selling expenses and general and administrative expenses. The Group used its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments and the discount rate was not changed on recalculating modified ROU assets and lease liabilities.

The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The weighted-average remaining lease term and the weighted-average discount rate of leases are as follows:

During the six months ended September 30, 2025 and 2024, the Group incurred total operating lease expenses of RMB1,392,307 (US$195,576) and RMB723,929, respectively.

The following table summarizes the maturity of operating lease liabilities as of September 30, 2025:

10. Operating leases

The Group has several offices lease agreements with lease terms ranging from two to five years. The Group does not have any finance lease for the years ended March 31, 2025 and 2024. Operating leases result in the recognition of ROU assets and lease liabilities on the balance sheet. ROU assets represent the Group’s right to use the leased asset for the lease term, and lease liabilities represent the obligation to make lease payments. The operating lease expenses were charged to selling expenses and general and administrative expenses. The Group used its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments and the discount rate was not changed on recalculating modified ROU assets and lease liabilities.

The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The weighted-average remaining lease term and the weighted-average discount rate of leases are as follows:

During the years ended March 31, 2025 and 2024, the Group incurred total operating lease expenses of RMB1,779,212 (US$249,924) and RMB872,173, respectively.

The following table summarizes the maturity of operating lease liabilities as of March 31, 2025: