v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2026
Fair Value Measurements [Line Items]  
Schedule of Financial Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table summarizes the Company's financial assets and liabilities measured and recorded at fair value on recurring basis as of March 31, 2025 and 2026:

 

       Fair value measurement at reporting date using 
Description  Fair value
as of
March 31,
2025		   Quoted price
in active
markets
for identical
assets
(Level 1)		   Significant other
observable
Inputs
(Level 2)		   Significant
unobservable
Inputs
(Level 3)		 
   RMB   RMB   RMB   RMB 
                 
Assets:                
Short-term investments   4,000    
-
    4,000    
-
 
Available-for-sale investments   59,624    
-
    
-
    59,624 
Equity securities with readily determinable fair values   12    12    
-
    
-
 
Total assets   63,636    12    4,000    59,624 
                     
Liabilities:                    
Derivative liabilities   5    
-
    
-
    5 

 

   Fair value measurement at reporting date using 
Description  Fair value
as of
March 31,
2026		   Quoted price
in active
markets
for identical
assets
(Level 1)		   Significant other
observable
Inputs
(Level 2)		   Significant
unobservable
Inputs
(Level 3)		 
   RMB   RMB   RMB   RMB 
                 
Assets:                
Available-for-sale investments   30,490    
    -
    
          -
    30,490 
Equity securities with readily determinable fair values   1    1    
-
    
-
 
Total assets   30,491    1    
-
    30,490 
Schedule of Roll Forward of Major Level 3 Investments

The roll forward of major Level 3 investments are as following:

 

   Derivative liabilities   Available-for-sale
investments		 
Fair value of Level 3 investments as at March 31, 2023   10,701    68,011 
Reclassification of forward exchange contracts   (6,014)   
-
 
Unrealized fair value change of the derivative liabilities   1,034    
-
 
Unrealized fair value change of the available-for-sale investments   
-
    (3,546)
Disposal of available-for-sale investments   
-
    (6,000)
Fair value of Level 3 investments as at March 31, 2024   5,721    58,465 
Reclassification of forward exchange contracts   
 
    
 
 
Unrealized fair value change of the derivative liabilities   (5,716)   
-
 
Unrealized fair value change of the available-for-sale investments   
-
    1,159 
Disposal of available-for-sale investments   
-
    
-
 
Fair value of Level 3 investments as at March 31, 2025   5    59,624 
Disposal of the derivative liabilities   (5)   
-
 
Unrealized fair value change of the available-for-sale investments   
-
    (12,669)
Disposal of available-for-sale investments   
-
    (16,465)
Fair value of Level 3 investments as at March 31, 2026   
-
    30,490 
Derivative Liabilities [Member]  
Fair Value Measurements [Line Items]  
Schedule of Significant Unobservable Inputs The significant unobservable inputs adopted in the valuation as of March 31, 2025 and 2026 are as follows:
   As of
March 31,		  As of
March 31,
   2025  2026
       
Spot price (US$)  1.64 
n.a.
Risk-free rate  4.03% 
n.a.
Expected volatility  69.30% 
n.a.
Expected expiry years (in years)  0.56 
n.a.
Available-for-Sale Debt Investments [Member]  
Fair Value Measurements [Line Items]  
Schedule of Significant Unobservable Inputs The significant unobservable inputs adopted in the valuation as of March 31, 2025 and 2026:
   As of
March 31,		  As of
March 31,
   2025  2026
       
Implied price to sales after discount for lack of marketability  0.77x  0.69x
Weighted average cost of capital 
n.a.
 
n.a.
Lack of marketability discount  20%, 24%, 31%  20%, 29%
Risk-free rate  1.56%, 1.60%, 1.65%  1.26%, 1.54%
Expected volatility  43.70%, 40.97%, 42.40%  35.88%, 39.03%
Probability  Liquidation scenario: 40%, 35%
Redemption scenario: 40%, 35%
IPO scenario: 20%, 30%		  Liquidation scenario: 45%
Redemption scenario: 45%
IPO scenario: 10%