v3.26.1
Organization and Principal Activities (Tables)
12 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Major Subsidiaries, Consolidated VIEs and VIE's Subsidiaries

As of March 31, 2026, the Company’s major subsidiaries, the consolidated VIEs and VIE’s subsidiary are as follows:

 

Equity interest
held

 

Place and date of
incorporation

 

 

 

 

 

Subsidiaries:

 

 

 

 

MOGU Group Limited

 

100%

 

Hong Kong, China
June 23, 2011

Hangzhou Shiqu

 

100%

 

Hangzhou, China
November 16, 2011

Meilishuo (Beijing) Network Technology Co., Ltd.

 

100%

 

Beijing, China
November 23, 2010

 

 

 

 

 

 

 

 

Place and date of
incorporation

Consolidated VIEs:

 

 

 

 

Hangzhou Juangua

 

 

 

Hangzhou, China
April 13, 2010

Beijing Meilishikong Network and Technology Co., Ltd.

 

 

 

Beijing, China
July 6, 2010

 

 

 

 

 

 

 

 

 

Place and date of
incorporation

VIE's subsidiary

 

 

 

 

Shanghai Shiqu Commercial Factoring Co., Ltd.

 

 

 

Shanghai, China, October 2015

 

 

 

 

 

Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements With Intercompany Transactions Eliminated

The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents and restricted cash of the consolidated VIEs and their subsidiaries taken as a whole, which are included in the Group’s consolidated financial statements, with intercompany transactions eliminated:

 

As of March 31,

 

 

2025

 

 

2026

 

 

RMB

 

 

RMB

 

Cash and cash equivalents

 

 

45,486

 

 

 

37,220

 

Restricted cash

 

 

511

 

 

 

511

 

Short-term investments

 

 

231,247

 

 

 

58,633

 

Inventories

 

 

10

 

 

 

20

 

Loan receivables, net

 

 

31,108

 

 

 

19,913

 

Prepayments, receivables and other current assets

 

 

17,770

 

 

 

5,900

 

Amounts due from non-VIE subsidiaries of the Company(1)

 

 

71,849

 

 

 

164,004

 

Amounts due from related parties

 

 

502

 

 

 

 

Property and equipment, net

 

 

239,855

 

 

 

236,180

 

Intangible assets, net

 

 

119

 

 

 

74

 

Right-of-use assets

 

 

 

 

 

455

 

Investments

 

 

39,625

 

 

 

53,376

 

Other non-current assets

 

 

39,448

 

 

 

39,452

 

Total assets

 

 

717,530

 

 

 

615,738

 

 

 

As of March 31,

 

 

2025

 

 

2026

 

 

RMB

 

 

RMB

 

Amounts due to non-VIE subsidiaries of the Company(2)

 

 

1,449,088

 

 

 

1,318,994

 

Accounts payable

 

 

356

 

 

 

659

 

Salaries and welfare payable

 

 

3,013

 

 

 

3,944

 

Advances from customers

 

 

56

 

 

 

56

 

Taxes payable

 

 

2,551

 

 

 

8,096

 

Amounts due to related parties

 

 

1,581

 

 

 

1,414

 

Current portion of lease liabilities

 

 

 

 

 

177

 

Accruals and other current liabilities

 

 

242,575

 

 

 

232,361

 

Non-current lease liabilities

 

 

 

 

239

 

Total liabilities

 

 

1,699,220

 

 

 

1,565,940

 

Total shareholders’ deficit

 

 

(981,690

)

 

 

(950,202

)

 

 

Note 1: The amount due from non-VIE subsidiaries of the Company as of March 31, 2025 and 2026 mainly represent the receivables of the VIEs due from the Company’s wholly-owned subsidiaries for treasury management purposes and service charges.

Note 2: The amount due to non-VIE subsidiaries of the Company as of March 31, 2025 and 2026 mainly represent the payables resulting from technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements.

 

Year ended March 31,

 

 

2024

 

 

2025

 

 

2026

 

 

RMB

 

 

RMB

 

 

RMB

 

Third-party revenues

 

 

40,617

 

 

 

49,515

 

 

 

36,621

 

Inter-company revenues

 

 

13,145

 

 

 

14,528

 

 

 

16,026

 

Third-party costs and expenses

 

 

(92,427

)

 

 

(101,272

)

 

 

(63,622

)

Inter-company costs and expenses(3)

 

 

(10,954

)

 

 

(7,473

)

 

 

(6,785

)

Third-party other operating income

 

 

2,879

 

 

 

2,056

 

 

 

1,054

 

Inter-company other operating income(4)

 

 

5,500

 

 

 

72,600

 

 

 

 

Income from non-operating activities

 

 

5,952

 

 

 

32,902

 

 

 

83,333

 

(Loss)/income before income tax benefit/(expenses)

 

 

(35,288

)

 

 

62,856

 

 

 

66,627

 

Add: Income tax benefit/(expenses)

 

 

1,720

 

 

 

(772

)

 

 

(5,715

)

Net (loss)/income

 

 

(33,568

)

 

 

62,084

 

 

 

60,912

 

 

 

Year ended March 31,

 

 

2024

 

 

2025

 

 

2026

 

 

RMB

 

 

RMB

 

 

RMB

 

Inter-company payment for service charges(5)

 

 

(7,625

)

 

 

(6,068

)

 

 

 

Other operating activities with non-VIE subsidiaries(6)

 

 

41,036

 

 

 

29,826

 

 

 

(213,010

)

Operating activities with external parties

 

 

(15,636

)

 

 

19,211

 

 

 

853

 

Net cash provided by/(used in) operating activities

 

 

17,775

 

 

 

42,969

 

 

 

(212,157

)

Net cash (used in)/provided by investing activities

 

 

(108,068

)

 

 

(166,522

)

 

 

203,891

 

Net decrease in cash and cash equivalents and restricted cash

 

 

(90,293

)

 

 

(123,553

)

 

 

(8,266

)

 

Note 3: Inter-company costs and expenses are technical and consulting services fee charged by the Group’s relevant PRC subsidiaries to the VIEs in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive (Loss)/Income.

Note 4: Inter-company other operating income represents the write-off of the amounts among the Group’s non-VIE subsidiaries and the VIEs, all of which have been eliminated in the presentation of Consolidated Statements of Operations and Comprehensive (Loss)/Income.

Note 5: Inter-company payments for service charges represent the cash paid by the VIEs to the Group’s relevant PRC subsidiaries for technical and consulting services charges in accordance with exclusive consultation and service agreements, all of which have been eliminated in the presentation of Consolidated Statements of Cash flows.

Note 6: Other operating activities with non-VIE subsidiaries included cash receipts for treasury management purposes and service fees charged by the VIEs to the Group’s non-VIE subsidiaries, all of which have been eliminated in the presentation of Consolidated Statements of Cash flows.