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Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2025
CNY (¥)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
CNY (¥)
Mar. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (58,596) $ (8,076) ¥ (68,898) ¥ (105,976)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization expense 5,227 720 6,355 7,844
Provision for inventories obsolescence/(reversal) 154 21 (223) 35
Allowance for expected credit loss/(reversal) (332) (46) (116) 133
Interest expense of other debts 5,974 823 5,058 9,706
Interest receivable for issuance of ordinary shares (6,112)
Amortization of right-of-use assets 9,502 1,309 17,948 24,597
Interest of lease liabilities 318 44 199 1,777
Investment income/(loss) (61) (8) (1,820) 178
Share of results of equity investees 22 3 (50) 82
Discount on the ordinary shares issued by public offering 5,943
Loss/(gain) on disposal of property and equipment and intangible assets (463) (64) 46 (7)
Loss on disposal of other debts 1,425
Gain from disposal of a subsidiary [1] (49) [1] (3,597) [1]
Impairment of goodwill 40,684
Share-based compensation expense 81 11 679 (7,677)
Fair value change of derivative liabilities (5,716) (788) 1,034 2,266
Deferred tax expense (801) (110) (907) (989)
Changes in operating assets and liabilities, net of effects of businesses acquired:        
Accounts receivable 21,260 2,930 27,179 (27,455)
Inventories 15,135 2,086 26,540 30,583
Prepayments and other current assets (26,650) (3,671) 11,491 47,754
Amounts due from related parties (13,253) (1,826) 2,413 (3,839)
Operating lease liabilities (10,114) (1,394) (17,977) (26,397)
Accounts payable (4,635) (638) (31,501) (36,342)
Salary and welfare payable (1,056) (146) (3,893) 6
Accrued liabilities and other current liabilities (4,272) (589) (4,766) 2,701
Amounts due to related parties (471) 252
Contract liabilities 189 26 (2,892) (2,536)
Other non-current assets 1,255 173 1,825 (1,740)
Net cash used in operating activities (66,832) (9,210) (25,428) (54,069)
Cash flows from investing activities:        
Loan advanced to third parties (701) (97) (3,194) (7,864)
Repayments on loan receivables from third parties 2,898 399 4,206 1,096
Loan advanced to related parties (1,989) (274) (4,779) (4,120)
Repayments on loan receivables from related parties 1,952 269 3,196 3,874
Acquisition of subsidiaries, net of cash acquired (2,938)
Disposal of subsidiaries, net of cash and cash equivalents acquired (37)
Decrease/(increase) in short-term investments, net (4,000) (551) 69,797 58,287
Purchase of intangible assets (9) (1) (36) (50)
Purchase of property and equipment (3,299) (455) (527) (1,805)
Proceeds from disposal of property and equipment 357 49 213 16
Deposits to be used in connection with future acquisitions 29,090 4,009 (29,090)
Disposal of long-term investments 300 41 8,065
Net cash generated from investing activities 24,599 3,389 47,814 46,496
Cash flows from financing activities:        
Proceeds from short-term and long-term borrowings 31,510 4,342 15,000 110,553
Repayments of short-term and long-term borrowings (37,660) (5,190) (86,049) (187,234)
Proceeds from issuance of other debts, net of issuance costs 9,783 1,350 8,786 87,959
Repayments of other debts (10,000) (1,378) (6,818) (87,959)
Proceeds from exercise of share option 29 25
Proceeds from issuance of ordinary shares, net of issuance costs 14,517 2,000 35,920
Net cash flows (used in) /generated from financing activities 8,150 1,124 (33,132) (76,656)
Net decrease in cash, cash equivalents and restricted cash (34,083) (4,697) (10,746) (84,229)
Cash, cash equivalents and restricted cash at beginning of year 72,722 10,021 89,850 162,855
Effects of exchange rate changes on cash, cash equivalents and restricted cash 20 3 (6,382) 11,224
Cash, cash equivalents and restricted cash at end of year 38,659 5,327 72,722 89,850
Supplemental schedule of non-cash investing and financing activities:        
Accretion on redeemable non-controlling interests (841) (116) (766) (675)
Unpaid cash consideration for business acquisitions (2,938) (405) (2,938) (2,938)
Additional ASC 842 supplemental disclosure:        
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities 10,114 1,394 17,977 26,397
Right-of-use assets obtained in exchange for operating lease obligations ¥ 3,635 $ 501 ¥ 4,545 ¥ 8,384
[1] In August 2022, the Company disposed a subsidiary to a third-party investor and recognized an investment gain of RMB 3.6 million. In November 2023, the Company disposed a subsidiary and recognized an investment gain of RMB 0.05 million.