v3.26.1
SENIOR CONVERTIBLE PREFERRED SHARES AND WARRANTS (Tables)
12 Months Ended
Dec. 31, 2025
Senior Convertible Preferred Shares And Warrants  
SCHEDULE OF MOVEMENTS OF MEZZANINE EQUITY RELATED TO SENIOR CONVERTIBLE PREFERRED SHARES

The movement of mezzanine equity related to senior convertible preferred shares during the fiscal year ended March 31, 2024, the nine months ended December 31, 2024 and the year ended December 31, 2025 was as follows:

 

   Preferred shares 
   RMB 
     
Beginning balance as of March 31, 2023   695,647 
Issuance of senior convertible preferred shares   163,072 
Settlement of subscription receivable from preferred shareholders   442,195 
Conversion to Class A ordinary shares   (1,300,914)
Ending balance as of March 31, 2024, December 31, 2024 and 2025   - 
Conversion to Class A ordinary shares   -)
SCHEDULE OF ROLL FORWARD OF LEVEL 3 INVESTMENT WARRANT LIABILITIES

The roll forward of Level 3 financial instruments, including both warrant liabilities and forward contracts, during the fiscal year ended March 31, 2024, the nine months ended December 31, 2024 and the year ended December 31, 2025 was as follows:

 

   Warrant liabilities 
   RMB 
     
Fair value of Level 3 financial instruments as of March 31, 2023   8 
The change in fair value of financial instruments   11,776 
Settlement of warrants   (12,617)
Foreign currency translation   833 
Fair value of Level 3 financial instruments as of March 31, 2024, December 31, 2024 and 2025   - 
Foreign currency translation   - 
SCHEDULE OF COMPOSITION OF FAIR VALUE IMPACT OF ISSUANCE OF SENIOR CONVERTIBLE PREFERRED SHARES

The composition of the fair value impact of the issuance of senior convertible preferred shares during the fiscal year ended March 31, 2024, the nine months ended December 31, 2024 and the year ended December 31, 2025 was 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 
             
Fair value impact of the warrants   (11,776)       -        - 
Fair value impact of issuance of senior convertible preferred shares   (11,776)   -    - 
SCHEDULE OF ESTIMATED FAIR VALUE USING THE BLACK-SCHOLES OPTION PRICING MODEL

For the warrants, with the assistance from an independent valuation firm, the Company estimated its fair value using the Black-Scholes option pricing model using the following main assumptions:

 

  

For the fiscal

year ended

March 31,

 
   2024 
     
Risk-free interest rate   5.43%~5.55%
Expected volatility   37.35%~40.84%
Dividend yield   0%
Expected term (in years)   0.25~0.28 
Fair value of underlying senior convertible preferred share   US$0.05~US$0.06 
SCHEDULE OF VALUATION ASSUMPTIONS