Intangible Assets, Net (Tables)

12 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the Group’s intangible assets, net:


	As of March 31, 2025
	Gross carrying amount		Accumulated amortization			Accumulated impairment amount			Net carrying amount
	RMB		RMB			RMB			RMB
Domain name		12,904		(3,775	)		(8,921	)		208
Trademarks		1,482		(972	)		—			510
Insurance agency license		2,848		(748	)		(2,100	)		—
Broadcasting license		86,667		(47,977	)		(38,690	)		—
Buyer and customer relationship(1)		39,500		(14,562	)		(24,938	)		—
Technology(1)		9,900		(3,660	)		(6,240	)		—
Total		153,301		(71,694	)		(80,889	)		718


	As of March 31, 2026
	Gross carrying amount		Accumulated amortization			Accumulated impairment amount			Net carrying amount
	RMB		RMB			RMB			RMB
Domain name		12,546		(3,450	)		(8,921	)		175
Trademarks		1,482		(1,121	)		—			361
Insurance agency license		2,848		(748	)		(2,100	)		—
Broadcasting license		86,667		(47,977	)		(38,690	)		—
Total		103,543		(53,296	)		(49,711	)		536

(1)

Buyer and customer relationship and technology were acquired through the Group’s acquisitions with Ruisha Technology during the year ended March 31, 2022, which were measured at fair value upon the completion of acquisition. The Group deconsolidated Ruisha Technology since August 31, 2025 and the carrying amount, accumulated amortization amount and accumulated impairment amount of buyer and customer relationship and technology was derecognized.

Schedule of Amortization Expense

As of March 31, 2026, amortization expense related to the intangible assets for future periods are estimated to be as follows:


For the years ended March 31,	RMB
2027		155
2028		127
2029		102
2030		59
2031		37
Thereafter		56
		536