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, 2026.

CONDENSED BALANCE SHEETS


	As of March 31,
	2025		2026
	RMB		RMB		US$ Note 2(f)
Cash and cash equivalents		954		12,838		1,861
Prepayments, receivables and other current assets		34,417		—		—
Short-term investments		2,777		—		—
Total current assets		38,148		12,838		1,861
Non-current assets:
Amounts due from subsidiaries, VIEs and VIEs’ subsidiaries		1,063,552		1,049,162		152,097
Investments in other investees		10,346		11,632		1,686
Total non-current assets		1,073,898		1,060,794		153,783
Total assets		1,112,046		1,073,632		155,644
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Amounts due to subsidiaries, VIEs and VIEs’ subsidiaries		104,015		106,765		15,478
Accruals and other current liabilities		967		752		109
Total current liabilities		104,982		107,517		15,587
Non-current liabilities:
Investment deficit of subsidiaries, VIEs and VIEs’ subsidiaries		498,109		457,991		66,395
Total non-current liabilities		498,109		457,991		66,395
Total liabilities		603,091		565,508		81,982


	As of March 31,
	2025			2026
	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, 2025 and 2026; 2,436,575,800 and 2,439,349,000 shares issued as of March 31, 2025 and 2026,respectively; 2,148,858,300 and 2,151,753,900 shares outstanding as of March 31, 2025 and 2026,respectively)		165			165			24
Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2025 and 2026; 303,234,004 shares issued and outstanding as of March 31, 2025 and 2026)		16			16			2
Treasury stock (US$0.00001 par value; 287,717,500 shares as of March 31, 2025 and 287,595,100 shares as of March 31,2026)		(138,269	)		(138,262	)		(20,044	)
Additional paid-in capital		9,490,093			9,490,109			1,375,777
Statutory reserves		6,705			9,462			1,372
Accumulated other comprehensive income		72,670			69,975			10,144
Accumulated deficit		(8,922,425	)		(8,923,341	)		(1,293,613	)
Total MOGU Inc. shareholders’ equity		508,955			508,124			73,662
Total liabilities and shareholders’ equity		1,112,046			1,073,632			155,644

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the year ended March 31,
	2024			2025			2026
	RMB			RMB			RMB			US$ Note 2(f)
General and administrative expenses		(2,362	)		(3,183	)		(2,503	)		(363	)
Other income/(expense), net		3,892			885			(3,357	)		(487	)
Income/(loss) from operations		1,530			(2,298	)		(5,860	)		(850	)
Interest income		—			1,984			870			126
(Loss)/income from subsidiaries, VIEs and VIEs' subsidiaries		(60,288	)		(54,268	)		6,374			924
Loss from investments, net		—			(8,062	)		(179	)		(26	)
(Loss)/income before income tax and share of results of equity method investees		(58,758	)		(62,644	)		1,205			174
Share of results of equity method investees		(527	)		87			636			92
Net (loss)/income		(59,285	)		(62,557	)		1,841			266
Other comprehensive income/(loss):
Foreign currency translation adjustments, net of nil tax		3,675			526			(2,695	)		(391	)
Share of other comprehensive income/(loss) of subsidiaries, VIEs and VIEs’ subsidiaries, net of tax		2,276			(1	)		—			—
Unrealized securities holding gains/(loss), net of tax		1,220			(17,422	)		—			—
Total other comprehensive income/(loss)		7,171			(16,897	)		(2,695	)		(391	)
Total comprehensive loss		(52,114	)		(79,454	)		(854	)		(125	)

CONDENSED STATEMENTS OF CASH FLOWS


	For the year ended March 31,
	2024			2025			2026
	RMB			RMB			RMB		US$ Note 2(f)
Net cash (used in)/provided by operating activities		(10,577	)		(4,107	)		519		75
Net cash (used in)/provided by investing activities		(2,216	)		4,008			11,357		1,647
Net cash (used in)/provided by financing activities		—			(822	)		8		1
Net (decrease)/increase in cash and cash equivalents		(12,793	)		(921	)		11,884		1,723
Cash and cash equivalents at beginning of year		14,668			1,875			954		138
Cash and cash equivalents at end of year		1,875			954			12,838		1,861

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.