v3.26.1
INCOME TAX EXPENSE (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
SCHEDULE OF INCOME TAX EXPENSES FOR PRESENTED JURISDICTIONS

Composition of loss before income tax expense for the periods presented by jurisdictions are as follows:

 

  

For the fiscal

year ended

March 31,

  

For the nine

months ended

December 31,

  

For the year

ended

December 31,

 
   2024   2024   2025 
   RMB   RMB   RMB 
             
Chinese Mainland   (387,755)   (200,527)   (257,362)
Other jurisdictions   17,505    (1,197)   (5,067)
Total   (370,250)   (201,724)   (262,429)
SCHEDULE OF CURRENT AND DEFERRED PORTIONS OF INCOME TAX EXPENSE INCLUDE IN THE CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

Composition of income tax expense for the periods presented are as follows:

 

  

For the fiscal

year ended

March 31,

  

For the nine

months ended

December 31,

  

For the year

ended

December 31,

 
   2024   2024   2025 
   RMB   RMB   RMB 
             
Current income tax expense   (311)   (39)   (39)
Deferred income tax expense   -    -    - 
Total income tax expense   (311)   (39)   (39)
SCHEDULE OF RECONCILIATION OF DIFFERENCES BETWEEN STATUTORY TAX RATE AND THE EFFECTIVE TAX RATE

In accordance with the updated requirements of ASU 2023-09, reconciliation between the statutory tax rate and the Group’s effective tax rate for the year ended December 31, 2025 is as follows:

 

      Percent 
   For the year ended December 31, 2025 
   Amount   Percent 
         
Loss before income tax expense   (262,429)     
Income tax expense computed at PRC statutory income tax rate of 25% (i)   (65,607)   25.0%
Effect of different tax rate (ii)          
Cayman    1,221    (0.5)%
Other jurisdictions    26    (0.0)%
Non-taxable or non-deductible items          
Effect of share-based compensation expenses   11,146    (4.2)%
Effect of additional deduction for qualified R&D expenditures   3,338    (1.3)%
Other   139    (0.0)%
Change of valuation allowance   49,776    (19.0)%
Income tax expense   39    (0.0)%

 

Reconciliations of the differences between the statutory income tax rate applicable to losses of the consolidated entities and the Group’s income tax expenses of the fiscal year ended March 31, 2024 and the nine months ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 presented are as follows:

 

  

For the fiscal

year ended

March 31,

   

For the nine

months ended

December 31,

 
   2024    2024 
          
Statutory income tax rate 25.0% (i)   25.0%    25.0%
Permanent differences   (1.1)%    (1.1)%
Effect of different tax rate (ii)   (5.5)%    23.2%
Change of valuation allowance   (18.3)%    (47.1)%
Effective tax rate   0.1%    0.0%

 

(i)The PRC statutory income tax rate was used because the majority of the Group’s operations are based in PRC.

 

(ii)The effect of different tax rate is attributed to varying rates in other jurisdictions where the Group is established, such as the Cayman Islands or Hong Kong, and the preferential tax rate certain entities in the Group enjoys.
SCHEDULE OF SIGNIFICANT COMPONENTS OF THE DEFERRED TAX ASSETS AND LIABILITIES

The following table sets forth the significant components of the deferred tax assets:

  

  

December 31,

2024

  

December 31,

2025

 
   RMB   RMB 
         
Deferred tax assets          
Net operating loss carry forwards   1,328,662    362,315 
Deductible advertising expense   93,960    1,302 
Leases   195,166    387,520 
Provision for credit losses and inventories   9,298    6,543 
Less: valuation allowance   (1,424,137)   (360,327)
Net deferred tax assets   202,949    397,353 

 

  

December 31,

2024

  

December 31,

2025

 
   RMB   RMB 
         
Deferred tax liabilities          
Leases   (202,949)   (397,353)
Total deferred tax liabilities   (202,949)   (397,353)
SCHEDULE OF MOVEMENT OF VALUATION ALLOWANCE

Movement of valuation allowance

 

  

For the fiscal

year ended

March 31,

  

For the nine

months ended

December 31,

  

For the year

ended

December 31,

 
   2024   2024   2025 
   RMB   RMB   RMB 
             
Balance at beginning of the period   (2,187,715)   (1,977,402)   (1,424,137)
Changes of valuation allowance   210,313    553,265    1,063,810 
Balance at end of the period   (1,977,402)   (1,424,137)   (360,327)