v3.26.1
SCHEDULE OF BALANCE SHEET (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Mar. 31, 2026
CNY (¥)
Mar. 31, 2025
CNY (¥)
Mar. 31, 2024
CNY (¥)
Mar. 31, 2023
CNY (¥)
Current assets          
Cash and cash equivalents $ 37,957 ¥ 261,827,000 ¥ 109,213,000 ¥ 76,675,000  
Restricted Cash 42 288,000    
Accounts receivable, net 266 1,837,000    
Prepaid expenses and other current assets 15,369 106,027,000 45,535,000    
Inventories 556 3,832,000 6,351,000    
Prepaid tax 443 3,054,000    
Total current assets 59,401 409,752,000 161,665,000    
Non-current assets          
Property, plant and equipment, net 4,957 34,196,000 39,599,000    
Operating lease right-of-use assets, net 130 900,000 1,714,000    
Finance lease right-of-use assets, net 241 1,660,000 2,246,000    
Intangible assets, net 25 174,000 205,000    
Deferred loss on sale-leaseback 63 435,000 605,000    
Total non-current assets 5,416 37,365,000 44,369,000    
Total assets 64,817 447,117,000 206,034,000    
Current liabilities          
Accounts payable 14,656 101,097,000 138,504,000    
Short-term borrowings 8,388 57,860,000 57,600,000    
Current portion of government grants 263 1,812,000 1,812,000    
Lease liabilities 174 1,203,000 4,085,000    
Other payables and accrued liabilities 10,700 73,810,000 89,350,000    
Current liabilities related to discontinued operations 252 1,726,000 1,601,000    
Total current liabilities 42,040 289,982,000 333,739,000    
Non-current liabilities          
Long-term borrowings 722 4,980,000 6,000,000    
Government grants 104 717,000 2,530,000    
Due to related parties 1,906 13,150,000    
Lease liability - non-current 60 416,000 1,619,000    
Total non-current liabilities 2,792 19,263,000 10,149,000    
Total liabilities 44,832 309,245,000 343,888,000    
Shareholders’ equity          
Subscription Receivables (22,542) (155,495,000)    
Accumulated deficit (131,451) (906,751,000) (878,915,000)    
Accumulated other comprehensive income (799) (5,500,000) 13,317,000    
Total shareholders' equity 19,985 137,872,000 (137,854,000) ¥ 362,607,000 ¥ 40,732,000
Total liabilities and shareholders' equity 64,817 447,117,000 206,034,000    
Common Class A [Member]          
Shareholders’ equity          
Ordinary shares 846 5,839,000 26,000    
Common Class B [Member]          
Shareholders’ equity          
Ordinary shares [1]    
Related Party [Member]          
Current assets          
Due from related parties 4,768 32,887,000 566,000    
Current liabilities          
Due to related parties 6,803 46,928,000 40,787,000    
Interest payable to related party $ 21 146,000    
Non-current liabilities          
Due to related parties   13,150,000    
Variable Interest Entity, Primary Beneficiary [Member]          
Current assets          
Cash and cash equivalents   6,654,000 517,000    
Restricted Cash   288,000    
Accounts receivable, net   3,009,000    
Prepaid expenses and other current assets   51,580,000 11,640,000    
Inventories   3,832,000 6,351,000    
Prepaid tax   3,054,000    
Total current assets   101,304,000 19,074,000    
Non-current assets          
Property, plant and equipment, net   34,196,000 39,599,000    
Operating lease right-of-use assets, net   900,000 1,714,000    
Finance lease right-of-use assets, net   1,660,000 2,246,000    
Intangible assets, net   174,000 205,000    
Deferred loss on sale-leaseback   435,000 605,000    
Total non-current assets   37,365,000 44,369,000    
Total assets   138,669,000 63,443,000    
Current liabilities          
Accounts payable   101,099,000 138,504,000    
Short-term borrowings   57,860,000 57,600,000    
Short Term Portion of long term loan   5,400,000    
Current portion of government grants   1,812,000 1,812,000    
Lease liabilities   1,203,000 4,085,000    
Other payables and accrued liabilities   135,337,000 64,604,000    
Current liabilities related to discontinued operations   1,726,000 1,601,000    
Total current liabilities   330,928,000 285,155,000    
Non-current liabilities          
Long-term borrowings   4,980,000 6,000,000    
Government grants   717,000 2,530,000    
Lease liability - non-current   416,000 1,619,000    
Total non-current liabilities   19,263,000 10,149,000    
Total liabilities   350,191,000 295,304,000    
Variable Interest Entity, Primary Beneficiary [Member] | Related Party [Member]          
Current assets          
Due from related parties   32,887,000 566,000    
Current liabilities          
Due to related parties   26,345,000 16,949,000    
Interest payable to related party   146,000    
Non-current liabilities          
Due to related parties   13,150,000    
Parent Company [Member]          
Current assets          
Cash and cash equivalents   2,000 2,000    
Prepaid expenses and other current assets   26,516,000    
Non-current assets          
Total assets   201,706,000 (71,130,000)    
Current liabilities          
Other payables and accrued liabilities   36,987,000 38,951,000    
Non-current liabilities          
Total liabilities   58,643,000 61,533,000    
Inter-company receivable   432,580,000 466,289,000    
Investment in subsidiaries   (230,876,000) (563,937,000)    
Inter-company payable   862,000 (324,000)    
Shareholders’ equity          
Additional paid-in capital   1,204,970,000 732,909,000    
Subscription Receivables   (155,495)    
Accumulated deficit   (906,751,000) (878,915,000)    
Accumulated other comprehensive income   (5,500,000) 13,317,000    
Total shareholders' equity   143,063,000 (132,663,000)    
Total liabilities and shareholders' equity   201,706,000 (71,130,000)    
Parent Company [Member] | Common Class A [Member]          
Shareholders’ equity          
Ordinary shares   5,839,000 26,000    
Parent Company [Member] | Common Class B [Member]          
Shareholders’ equity          
Ordinary shares      
Parent Company [Member] | Related Party [Member]          
Non-current liabilities          
Due to related parties   ¥ 20,794,000 ¥ 22,906,000    
[1] On March 31, 2025, the Company effected a 10-for-1 consolidation of its ordinary shares; on November 21, 2025, the Company completed a 100-for-1 share consolidation of its Class A ordinary shares; on February 17, 2026, the Company effected a 5-for-1 sconsolidation of its ordinary shares; and on June 22, 2026, the Company effected a 10-for-1 consolidation of its ordinary shares. All share and per share information presented in the accompanying condensed consolidated financial statements have been retrospectively adjusted to reflect these share consolidation events.