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:
SCHEDULE OF INCOME TAX EXPENSES FOR
PRESENTED JURISDICTIONS
| | |
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:
SCHEDULE OF CURRENT AND DEFERRED PORTIONS OF INCOME TAX EXPENSE INCLUDE IN THE CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| | |
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:
SCHEDULE OF RECONCILIATION OF DIFFERENCES BETWEEN STATUTORY TAX RATE AND THE EFFECTIVE TAX RATE
| | |
Amount | | |
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 (ii) | |
| 1,221 | | |
| (0.5 | )% |
| Other jurisdictions (ii) | |
| 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:
SCHEDULE OF SIGNIFICANT COMPONENTS OF THE DEFERRED TAX ASSETS AND LIABILITIES
| | |
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 SCHEDULE OF 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 | ) |
|