v3.26.1
Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
CNY (¥)
Mar. 31, 2024
CNY (¥)
Cash flows used in operating activities:        
Net loss ¥ (199,334) $ (37,533) ¥ (262,500) ¥ (369,542)
Adjustments to reconcile net loss to net cash generated from operating activities:        
Shared-based compensation 84,927 6,375 44,583 75,806
Depreciation and amortization of property, equipment and software 8,248 1,379 9,646 12,264
Amortization of right-of-use assets 34,360 7,517 52,570 28,557
(Gains)/loss from disposal of property, equipment and software 417 8 56 512
Equity in (income)/loss of affiliates (2,429) 5,951
Gains from disposal of subsidiaries, net (6,626) (1,120) (7,829)
Impairment loss for equity investments accounted for using measurement alternative (Note 7) 3,461
Inventory valuation adjustments 9,950 3,579 25,029 9,310
Reversal of credit losses (285) (66) (463) (2,631)
Discounting impact of non-current consideration payables 833 102 712 3,761
Fair value impact of the issuance of senior convertible preferred shares (Note 11, 16) 11,776
Gains from waiver of operating payables (Note 12) (9,703) (6,490) (45,383) (10,604)
Losses from extinguishment of debt (35,222)
Changes in operating assets and liabilities:        
Receivables, prepaid expenses and other current assets (10,111) (6,419) (44,900) (15,312)
Loans recognized as a result of payments under guarantees 285 66 463 2,342
Inventory (105,838) (52,121) (364,488) (11,622)
Payables, accruals and other current liabilities net of discounting impact 46,724 13,223 92,455 33,030
Deferred revenue 12,324 3,670 25,665 495
Consideration payable to WeBank, net of discounting impact (22,500) (4,290) (30,000) (40,000)
Net cash used in operating activities (193,980) (72,120) (504,400) (262,446)
Cash flows used in investing activities:        
Proceeds from disposal of property, equipment and software 336 46 323 1,354
Purchase of property, equipment and software (5,163) (3,071) (21,475) (12,693)
Proceeds from disposal of an equity investment under the equity method 2,429
Net cash used in investing activities (2,398) (3,025) (21,152) (11,339)
Cash flows from financing activities:        
Proceeds from borrowings 165,211 39,374 275,343 78,181
Repayment of borrowings (14,433) (13,850) (96,851) (20,000)
Payments to shareholders for the reimbursement of ADS conversion fee (2,308) (512) (3,578)
Proceeds from exercise of share options 3 4
Proceeds from non-controlling shareholders 5,505 38,500
Proceeds from the issuance of senior convertible preferred shares 49,837 147,116
Proceeds from the issuance of senior convertible preferred shares 52,641 368,125
Net cash generated from financing activities 198,310 83,158 581,539 205,301
Effect of exchange rate changes on cash, cash equivalents and restricted cash 14 166 1,163 (914)
Net decrease in cash, cash equivalents and restricted cash 1,946 8,179 57,198 (69,398)
Cash, cash equivalents and restricted cash at beginning of the period 23,933 3,701 25,879 93,331
Cash, cash equivalents and restricted cash at end of the period 25,879 11,880 83,077 23,933
Supplemental disclosure of cash flow information        
- Cash paid for income tax 52 6 40 288
- Cash paid for interest (Note 8) 6,584 1,917 13,404 2,586
Supplemental schedule of non-cash investing and financing activities        
- Settlement of finance lease liabilities with the issuance of redeemable non-controlling interests (Note 17) 18,267 127,746 147,090
-Net settlement of long-term debt with subscription receivable from preferred shareholders (Note 15)   417,223
- Net settlement of long-term debt and advisory expense with long-term investment (Note 8) ¥ 271,200