$MOGU

MOGU Inc.

CIK:0001743971|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2026 CNY (¥) ¥ / shares shares	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 CNY (¥) ¥ / shares shares	Mar. 31, 2024 CNY (¥) ¥ / shares shares
Revenues	¥ 125,432	$ 18,184	¥ 141,233	¥ 160,344
Cost of revenues (exclusive of amortization of intangible assets shown separately below, including transactions with related parties of RMB18,155, RMB14,373 and RMB14,917 for the years ended March 31, 2024, 2025 and 2026, respectively)	(89,578)	(12,986)	(84,762)	(91,191)
Sales and marketing expenses	(37,556)	(5,444)	(57,953)	(67,391)
Research and development expenses	(28,776)	(4,172)	(29,967)	(26,724)
General and administrative expenses	(49,390)	(7,160)	(56,675)	(55,148)
Amortization of intangible assets	(176)	(26)	(156)	(1,901)
Impairment of long-lived assets	0	0	(17,953)	(9,945)
Other income, net	7,832	1,135	5,093	12,784
Loss from operations	(72,212)	(10,469)	(101,140)	(79,172)
Interest income	2,282	331	5,905	12,719
Interest expense	(11)	(2)	(1)	(191)
Gain from investments, net	42,264	6,127	38,050	953
Fair value changes of crypto assets	(3,789)	(549)	0	0
Gain on deconsolidation of a subsidiary	36,909	5,351	0	0
(Loss)/income before income tax and share of results of equity method investees	5,443	789	(57,186)	(65,691)
Income tax benefits/(expenses)	(6,129)	(889)	(839)	1,618
Share of results of equity method investees	3,906	566	(2,548)	(2,886)
Net (loss)/income	3,220	466	(60,573)	(66,959)
Net (loss)/gain attributable to non-controlling interests	1,379	200	1,984	(7,674)
Net (loss)/income attributable to MOGU Inc.	1,841	266	(62,557)	(59,285)
Other comprehensive (loss)/income:
Foreign currency translation adjustments, net of nil tax	(2,695)	(391)	526	3,675
Unrealized securities holding gains/(losses), net of tax	(0)	(0)	(17,423)	3,496
Total comprehensive (loss)/income	525	75	(77,470)	(59,788)
Total comprehensive (loss)/income attributable to non-controlling interests	1,379	200	1,984	(7,674)
Total comprehensive loss attributable to MOGU Inc.	¥ (854)	$ (125)	¥ (79,454)	¥ (52,114)
Net (loss)/income per ordinary share
Basic \| (per share)	¥ 0	$ 0	¥ (0.02)	¥ (0.02)
Diluted \| (per share)	¥ 0	$ 0	¥ (0.02)	¥ (0.02)
Weighted average number of shares used in computing net (loss)/income per share
Basic	2,453,174,723	2,453,174,723	2,628,575,500	2,597,764,333
Diluted	2,637,344,662	2,637,344,662	2,628,575,500	2,597,764,333
ADS
Net (loss)/income per ordinary share
Basic \| (per share)	¥ 0.23	$ 0.03	¥ (7.14)	¥ (6.85)
Diluted \| (per share)	¥ 0.21	$ 0.03	¥ (7.14)	¥ (6.85)
Cost of Revenues
Share-based compensation expenses included in:
Share-based compensation expenses	¥ (1)	$ 0	¥ (68)	¥ (490)
General and Administrative Expenses
Share-based compensation expenses included in:
Share-based compensation expenses	(9)	(1)	(627)	(3,342)
Sales and Marketing Expenses
Share-based compensation expenses included in:
Share-based compensation expenses	(1)	0	(27)	(439)
Research and Development Expenses
Share-based compensation expenses included in:
Share-based compensation expenses	(5)	(1)	(117)	(319)
Commission Revenues
Revenues	65,847	9,546	74,697	109,742
Financing Solutions Revenues
Revenues	6,809	987	7,876	10,267
Technology Services Revenues
Revenues	26,941	3,906	51,236	33,288
Other Revenues
Revenues	¥ 25,835	$ 3,745	¥ 7,424	¥ 7,047

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2026 CNY (¥)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 CNY (¥)	Mar. 31, 2024 CNY (¥)
Cash flows from operating activities:
Net (loss)/income	¥ 3,220	$ 466	¥ (60,573)	¥ (66,959)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,465	1,662	11,606	9,992
Expected credit loss provisions/(reversals)	(17)	(2)	7,344	2,649
Gains on disposal of property and equipment	(10)	(1)	(241)	(118)
Foreign exchange (gain)/loss	1,727	250	183	(46)
Impairment of long-lived assets	0	0	17,953	9,945
Share-based compensation expenses	16	2	839	4,590
Deferred income tax benefit	0	0	0	(1,755)
Loss from investments, net	29,024	4,208	8,487	2,185
Gain on deconsolidation of a subsidiary	(36,909)	(5,351)	0	0
Fair value changes of crypto assets	3,789	549	0	0
Share of results of equity investees	(3,906)	(566)	2,548	2,886
Amortization of right-of-use assets and interest on lease liabilities	466	68	1,894	4,085
Changes in operating assets and liabilities:
Prepayments, receivables and other current assets	4,316	626	27,389	11,174
Short-term investment	(63,556)	(9,214)	(57,071)	0
Loan receivables - service fee	37	5	39	(23)
Inventories	(34)	(5)	84	46
Amounts due from related parties	(193)	(28)	(342)	31
Other non-current assets	239	35	(25,872)	0
Accounts payable	(951)	(138)	(2,362)	(1,317)
Salary and welfare payable	254	37	937	(6,614)
Taxes payable	6,279	910	1,793	(10,065)
Advances from customers	0	0	(150)	(38)
Advances to suppliers	(617)	(89)	(141)	920
Amounts due to related parties	2,664	386	(1,864)	1,145
Operating lease liabilities	(782)	(113)	(1,948)	(1,961)
Accruals and other current liabilities	(3,938)	(571)	1,552	(1,213)
Net cash used in operating activities	(47,417)	(6,874)	(67,916)	(40,461)
Cash flows from investing activities:
Prepayment and payment for purchase of property and equipment	(4,095)	(594)	(10,080)	(94,156)
Acquisition of crypto assets	(8,432)	(1,222)	0	0
Purchase of intangible assets	0	0	0	(245)
Dispose of crypto assets	1	0	0	0
Disposal of property and equipment	222	32	380	1,658
Cash received from long-term investments under equity method	150	22	6,136	2,144
Purchase of short-term investments	(193,000)	(27,979)	(360,321)	(306,386)
Proceeds from sale of short term investments	359,260	52,082	170,873	390,975
Purchase of gold	0	0	(5,004)	0
Disposal of gold	0	0	54,255	839
Cash paid for long-term investments	(102,044)	(14,793)	(12,243)	(15,192)
Cash paid for loan originations	(260,101)	(37,707)	(354,399)	(482,257)
Cash received from loan repayments	306,333	44,409	318,473	482,854
Cash paid for loan to investee	0	0	(16,000)	0
Net cash decrease from deconsolidation of a subsidiary	(3,397)	(493)	0	0
Dispose of long-term investments	4,437	643	0	0
Net cash (used in)/provided by investing activities	99,334	14,400	(207,930)	(19,766)
Cash flows from financing activities:
Proceeds from short-term borrowing	1	0	0	0
Cash received for sale of treasury stock	7	1	0	0
Cash payment for repurchase of ordinary shares (Note 16)	0	0	(822)	0
Net cash (used in)/provided by financing activities	8	1	(822)	0
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	(319)	(46)	(98)	2,514
Net (decrease)/increase in cash and cash equivalents and restricted cash	51,606	7,481	(276,766)	(57,713)
Cash and cash equivalents and restricted cash at beginning of year	82,532	11,965	359,298	417,011
Cash and cash equivalents and restricted cash at end of year	134,138	19,446	82,532	359,298
Supplemental disclosures of cash flow information:
Cash paid for income taxes	(17)	(2)	(61)	(7,470)
Cash paid for interest expenses	(11)	(2)	(1)	(191)
Supplemental schedule of non-cash investing and financing activities:
Payable related to purchase of property and equipment	¥ 178	$ 26	¥ 15,590	¥ 14,535

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Mar. 31, 2026 CNY (¥)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 133,627	$ 19,372	¥ 82,021
Restricted cash	511	74	511
Short-term investments	161,507	23,414	297,571
Inventories	46	7	11
Loan receivables, net	19,913	2,887	31,108
Prepayments, receivables and other current assets	11,602	1,682	59,208
Amounts due from related parties	14,916	2,162	15,131
Total current assets	342,122	49,598	485,561
Non-current assets:
Property and equipment, net	273,980	39,719	281,277
Intangible assets, net	536	78	718
Crypto assets	4,691	680	0
Right-of-use assets	1,054	153	941
Investments	165,008	23,921	49,971
Other non-current assets	39,520	5,729	39,759
Total non-current assets	484,789	70,280	372,666
Total assets	826,911	119,878	858,227
Current liabilities
Accounts payable	3,549	514	4,500
Salaries and welfare payable	7,909	1,147	7,873
Advances from customers	57	8	57
Taxes payable	9,105	1,320	3,144
Amounts due to related parties	5,407	784	3,477
Current portion of lease liabilities	529	77	620
Accruals and other current liabilities	291,992	42,331	301,204
Total current liabilities	318,548	46,181	320,875
Non-current liabilities
Non-current lease liabilities	239	35	352
Total non-current liabilities	239	35	352
Total liabilities	318,787	46,216	321,227
Commitments and contingencies (Note 22)
SHAREHOLDERS' EQUITY
Treasury stock (US$0.00001 par value; 287,717,500 shares as of March 31, 2025 and 287,595,100 shares as of March 31, 2026)	(138,262)	(20,044)	(138,269)
Additional paid-in capital	9,490,109	1,375,777	9,490,093
Statutory reserves	9,462	1,372	6,705
Accumulated other comprehensive income	69,975	10,144	72,670
Accumulated deficit	(8,923,341)	(1,293,613)	(8,922,425)
Total MOGU Inc. shareholders' equity	508,124	73,662	508,955
Non-controlling interests	0	0	28,045
Total shareholders' equity	508,124	73,662	537,000
Total liabilities and shareholders' equity	826,911	119,878	858,227
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	165	24	165
Class B Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	¥ 16	$ 2	¥ 16