The prepayments and other current assets consist
of the following:
| | |
As of
March 31, | | |
As of
March 31, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | |
| | |
| | |
| |
| Prepayments for purchases of products (a) | |
| 60,581 | | |
| 56,209 | |
| Vendor rebate receivables (b) | |
| 6,446 | | |
| 10,615 | |
| Value-added tax (“VAT”) deductible (c) | |
| 872 | | |
| 903 | |
| Loan receivables (d) | |
| 4,532 | | |
| 4,826 | |
| Sales return assets | |
| 1,911 | | |
| 20 | |
| Deposits (e) | |
| 1,152 | | |
| 346 | |
| Others | |
| 14,971 | | |
| 14,717 | |
| Total | |
| 90,465 | | |
| 87,636 | |
| (a) | Prepayments for purchases of products represent cash prepaid
to the Company’s third-party brand partners for the procurement of products. |
| (b) | Vendor rebate receivables represent the rebates to be received
by the Company from its suppliers after certain levels of purchases are achieved. |
| (c) | VAT recoverable represents the balances that the Company can
utilize to deduct its value-added tax liabilities within the next 12 months. |
| (d) | The balance represents loan receivables due from certain third-party
companies and individuals. From April 2022 to March 2025, the Company entered into several loan agreements with aggregate principal amount
of RMB16.2 million. The maturity dates of these loans are from July 2023 to January 2027. The interest rates ranged from 0% to 4% per
annum. As of March 31, 2025 and 2026, the balances of loan receivables were RMB4.5 million and RMB 4.8 million, respectively. |
| (e) | Between September and November 2023, the Company’s Hong
Kong subsidiary wired to a financial advisor an aggregate of approximately US$4.1 million as a deposit pursuant to an agreement entered
into with this financial advisor for the Company’s future mergers and acquisitions. The full amount of the deposit has been returned
to the Company in June 2024. |
|